Q: What does “above the line” mean?
Missed Fortune: Remaining “above the line” means acting with responsibility and accountability. When people respond in this manner, there tends to be significant progress. Meanwhile, staying “below the line” is to operate within the dangerous zones of shame, blame and justification.
Q: Where do people generally falter in their efforts?
Missed Fortune: Everyone encounters failure on occasion, but it’s a person’s reactions to failure that truly matter in the end. The important thing is not to justify mistakes or blame others, but to take responsibility and learn from these errors.
Q: What’s the number one reason people make poor choices regarding retirement income?
Missed Fortune: Many people won’t make the effort to get educated. This is a recipe for financial misery and the root of careless errors. Plus, most insurance agents don’t handle enough max-funded, tax-advantaged insurance contracts to be an expert on the subject. These policies consist of several moving parts, and structuring them correctly requires education and in-depth study.
Missed Fortune offers an effective strategy that helps consumers build wealth and ensure long-term financial security. Through his Missed Fortune books and website, Douglas Andrew imparts what he’s learned to savvy investors throughout the country.
While gaining wealth is an important goal for many Americans, the Missed Fortune strategy recognizes that true wealth is about much more than money. Douglas Andrew states that by optimizing all the assets on the family balance sheet, true, authentic wealth can be achieved.
According to Missed Fortune founder Douglas Andrew, life insurance–specifically indexed universal life–can be used in retirement as a tax-free vehicle to generate income tax free under certain sections of the tax code. It can be very safe, protected, and with real low cost over the life of the policy, says the founder of Missed Fortune.
First of all, says Missed Fortune, it is important to understand that in the early 1980s insurance companies created policies where cash value could be accumulated safely, earning a good rate of return. Under Section 72(e) of the tax code, cash value inside of life insurance grows tax deferred. Under Section 7702, individuals can access those gains tax free via tax-free policy loans–zero cost loans [Andrew speaks about this in another Missed Fortune YouTube video]. And under Section 101(a) the death benefit transfers tax-free. Back then, says Andrew, people were buying a $50,000 policy to put in a half million dollars. They were getting tax advantages by having a small policy, according to Missed Fortune ’s Andrew.