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The Wealth Without Wall Street Podcast

By Russ Morgan CFP® & Joey Muré

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Buying Life Insurance Policies On My Kids

• 30 min

What This Episode Is About Our last guest, Dr. Jim Smith, talked about the importance of educating his children and grandchildren on the way he set up life insurance policies in their name. We thought it would be great to expand on that. How do we build legacies and create future wealth for our kids? How can we teach them about money when they are young? On this episode, we give you the nuts & bolts on the strategy of buying policies for our kids.     Mentioned In This Episode: Why we should always be prepared for the unknown * How we can teach our kids about money and how it works * Why it’s important to buy your own policy before your kid’s * The responsibility we have for our kids lives to educate them and help them navigate the financial world with better understanding * How creating these policies is a powerful way to set up financial futures for our kids     Free Tax Strategy Webinar: If you want to learn more about the tax strategies discussed in this podcast, register for this free webinar. We’ll take a deep-dive into the various ideas shared and even show you how to factor your estimated tax savings. You won’t want to miss it! Click HERE to register.   Resources: * Family Banking Case Study * The Tax Train is Coming to Birmingham! Thursday, November 29th – 6:30 PM CST at AMC Vestavia Hills 10 * Schedule a Call with Us * Don’t run out of money webinar coming soon! * Ibbotson Study on How Much Can You Safely Withdrawal In Retirement * William Bengen study October 1994 “Determining withdrawal rates using Historical Data”  * Wade Pfau’s White Paper on Using Life Insurance In Retirement * Wade Pfau’s Research on the 4% Rule * Mike Michalowicz’s book Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine   *We use affiliate links and if you choose to buy things we might receive compensation from those companies

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