The Truth About Wealth Beyond Wall Street

The name is catchy—”Wealth Beyond Wall Street.” Most people want to find wealth beyond Wall Street to avoid risk. Who wouldn’t want to be a safe money millionaire?

In this article, we share what’s actually going on with the main theories behind Wealth Beyond Wall Street and Safe Money Millionaire.

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What is Wealth Beyond Wall Street & Safe Money Millionaire?

As far as I can tell, these terms originated with Brett Kitchen and Ethan Kap who have written two books named after the theories described in the books:

  1. Safe Money Millionaire
  2. Wealth Beyond Wall Street 

The product promoted in these books is Indexed Universal Life Insurance, IUL for short. There are many risks associated with Indexed universal life (IUL) that are important to know.

My number one criticism of Wealth Beyond Wall Street is this:

IUL is BASED on Wall Street performances and IS NOT beyond Wall Street.

Using indexed universal life (IUL) to accumulate wealth beyond Wall Street is really more like wealth ON Wall Street and requires you to rely on Wall Street performances to make your wealth. While the theory is named “Wealth Beyond Wall Street, the truth is that it relies heavily on Wall Street to work. That’s where the risks with IUL come in. If you have a policy based on Wall Street performances, poor performances can cause your policy value to go down. If your cash value is going down you aren’t accumulating wealth beyond Wall Street. This is the major problem with indexed universal life products. 

So is Wealth Beyond Wall Street a scam? Here are seven things you should know about IUL policies the foundation suggested for Wealth Beyond Wall Street and being a Safe Money Millionaire.

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Reasons for NOT choosing IUL for your future needs:

The owners of IUL policies can lose money when the index mirrored by the policy goes down, trades laterally, or even when it goes up marginally. IUL risks affect your path to becoming a “safe money millionaire” or accumulating “wealth beyond Wall Street.”

News reports document that premiums have increased for thousands of IUL policy owners. IUL premiums are not fixed. During the time you own an Indexed universal life insurance policy, your premiums can increase, with no increase in benefits. While you could pay extra for a guaranteed level premium this would defeat the purpose of the wealth beyond Wall Street theory.

IUL Illustrations are used to sell IUL polices and regulators in all states have now mandated insurance companies stop using the high rates of return they had been using in their IUL illustrations. There is no certainty in future market performance, and indexed universal life insurance is based on market performance. Pathetically, even these lower rates of return are still well beyond actual growth rates.

IUL policies illustrate guaranteed cash values dropping to zero prior to the life expectancy of the insured which means the policy will probably lapse or require higher premiums. This happens because all IUL policy death benefits are provided through purchasing renewable term insurance and the cost of renewable term insurance always goes up over time.

IUL policies have multiple risks, by actual count, we have found 25 specific risks that the owner of an IUL policy will assume when they purchase the policy. Assuming these risks can cause the IUL owner to lose money, lose the policy, pay more in taxes, and limit their cash value growth. Sailing under the flag of “Safe Money Millionaire” doesn’t make the risks of owning IUL disappear.

In an attempt to tide the policy over when the index performs poorly, IUL contracts illustrate a guaranteed interest rate. Insurance companies who sell IUL can choose to credit this interest annually, every 5 to 10 years, after your policy is terminated or even after a death claim is filed. This ability to defer interest payments can be costly to the IUL policy owner because interest paid late will delay the compounding effect at the policy owner’s expense.

Finally, the insurance company uses a “cap” and a “particiaption rate” to control how much gain of the mirrored index is actually shared with the policy owner. This is another instance of how Wealth Beyond Wall Street is more like wealth on  Wall Street.

Start Accumulating Wealth (Without Wall Street) 

If an agent tries to sell you an IUL and “Wealth Beyond Wall Street,”  you now know seven reasons you don’t want IUL.

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Why should you expose yourself to these 7 risks? That’s not a way to accumulate wealth beyond Wall Street, and it’s not the way to become a true safe money millionaire. If you truly want safe money, and wealth beyond Wall Street, then you should use methods that don’t depend on the stock market, methods that allow you to accumulate wealth and create a financial legacy to pass on. It’s your money, your life, and your policy. Why allow somebody else to control it? 

At McFie Insurance, we sell properly designed whole life insurance polices to help you keep more of the money you make, grow your wealth and have financial peace of mind. Properly designed Whole life insurance is the best policy to build wealth beyond Wall Street. 

Schedule a strategy session we can help you with your life insurance.

Some people believe they bought properly designed whole life insurance but were actually sold IUL. If you own life insurance already, get an independent life insurance review through our office so you can understand your policy and what you own. It is always better to know sooner than later because time is not in your favor. Call our office to schedule your independent life insurance review 702-660-7000.

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