Let me tell you a little history about myself.
My House. I bought the house I wanted and then paid for it. I did not buy it brick by brick until I had a house.
My Car. I bought the car I wanted and then paid for it. I did not buy it part by part until I had the car I wanted.
Rental properties. I have purchase rental properties and hope to buy more. Once I purchased them I (tenants) then paid for them. I did not buy the properties brick by brick until I had an income property.
I hope that makes sense to you. Why shouldn’t it, isn’t that they way 99.9% of people do it?
Let change topics now and talk about inheritances. Some of us will get one some of will not. Those that are fortunate to get one, do not know what or when they are getting. But here is the thing, most of us, whether we think we will get on or not, can get one. How do you? You buy it. Yes, that is right, you buy it.
Just like the cars, houses, vacations, etc above; you can buy your inheritance and then pay for it.
When thinking of accumulating wealth we think in terms of contributions, compounding and accumulation. Guess what? All those are time dependent. You need time and often you need a lot of time to get where you dream to be. REMOVE TIME. Make it happen today – then pay for it.
There a a few ways to do this, but leverage is going to be one of the most important factors. Leverage allows you to remove times from the equation. How can you create dollars with dimes? If you have been a student of this blog for very long, you know the answer. You can create your inheritance by creating a life insurance contract tied to your parents. This is not a new idea for sure, see our video about legacy here.
Oh, no that is terrible, you say almost out loud. Wait a second, let’s have a big person discussion. How many people die to end their life on this earth? Is it possible/likely that your parents will die before you? You have an opportunity to leverage your parent’s time (life) to create your inheritance.
Remember no all insurance contracts are created equal, be careful some will actually hurt you if your parents live as long as you are hoping they will.