The Best Method to save money if you’re a DISCIPLINED saver is by far Participating in dividend-paying whole life insurance. If you qualify for dividend-paying whole life insurance, it’s the best savings tool in the world.
Before you become an investor(which is risky), you need to be saving money; that’s what most people with common sense do. Most of us don’t say it out loud because it not only attacks the wrong type of attention, but it’s also not easy for most people to understand because what’s more boring than Life Insurance?
Why Dividend-paying whole life insurance is the best savings tool because it works in reverse. The moment you purchase a whole life insurance plan, your death benefits, as long as you make the MINIMUM payments, are FIXED.
So if you purchase a million dollar whole life insurance policy and you die tomorrow, your beneficiary gets $1 million dollars, and maybe you only paid $5000 into the policy. It gets better, because you can also boring against your policy, and because these are collateralized policy loans, the INTEREST in your whole life insurance savings account will continue to grow and compound. If you opt for paid-up additions, these savings also compound even if you borrow from the policy.
What this means is that your $1 million dollar insurance policy could turn into $3 million, even as you’re borrowing money from it. If all of this sounds backward, sorry, I’m not an expert at explaining it; what I can tell you is that it’s the best way to save money. This only applies in Canada and the USA, I don’t know about other countries.