I just read an article on yahoo finance about compound interest. The article was rather straight forward and basic. Don’t get me wrong, there is a need for such articles as so many people have almost zero financial education. In fact, I applaud them for the article. There are a few points that I would like to add to the article.
For starters, invoking the name of Warren Buffet gets over done. I did the same thing didn’t I? It is a way to get people’s attention. That is a minor point.
The main thing I want to add to the article is the best place to get compounding interest. Drum roll please. You guest it, Cash Flow Life Insurance. That is the only place you can store money to take advantage of compound interest AND have the ability to use the money for major purchases.
You just have to learn about this strategy. It goes by different names but here are a few:
- Infinite Banking Concept
- Bank on Yourself
- Family Banking System
- Income for Life
- The 770 account
- The Private Reserve System
Doesn’t matter much what you call it. What matters is if you know about it, understand it, and have it running in your life. In our opinion the ultimate for compound interest.
Time to do some digging.