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Missed Fortune Tips and TrainingThe 'Insider Secrets' To Success With...

The Missed Fortune Concept

...Even In Today's Troubled Economy

 

A while back, Douglas Andrews wrote a book called ‘Missed Fortune’ and it took the life insurance sales industry by storm. This book explains, in great detail and refines in today’s terms, an extraordinary smart money management concept that has been used by the wealthy for generations to accumulate large sums of money.

Understanding the Basic 'Missed Fortune' Concept
The premise is that many people have large amounts of equity tied up in their home that is just sitting there doing nothing. The idea is to harvest that stagnant home equity to over-fund a life insurance policy up to the MEC guidelines. (The 7 Pay Test) The goal is to make the life insurance policy, what they call ‘Investment Grade Life Insurance.’ The over-funded life insurance policy can now be used as a college funding vehicle, a non-regulated retirement plan, or a family bank (The Infinite Banking Concept), while providing families the valuable protection they need!  

And, yes it still works today, (when done properly and ethically) even with the problems with home mortgages and shrinking home values.  

Using this Missed Fortune concept, with the right tools and training, insurance agents and financial advisors can help families to:

  • Become debt free

  • Improve their cash flow

  • Reduce income taxes

  • Protect the people they love

  • Fund a college education for their children

  • Plus, have the retirement of their dreams

And, in many cases these families can do it all without spending any additional money or changing their current lifestyle.

When done properly, using the ‘Missed Fortune’ concept, advisors can dramatically enhance a family’s situation almost overnight, without these families taking extraordinary risks. In fact, as you’ll discover while reading the book, by using this concept you are actually helping families to significantly reduce the risk in their financial lives.

Using Home Ownership As A Strategic Investment
In a recent
Morgan Stanley
article, they state: “The decision to invest in a home is not only a practical decision in terms of meeting lifestyle and family needs, it can also serve as a means of accumulating wealth through property appreciation.  Additionally, the favorable tax treatments of mortgage interest and capital gains have made home ownership a strategic investment decision.  Along with the deductibility of mortgage interest and the special treatment of capital gains, there are unique benefits associated with leveraging an investment that is a relatively stable asset.  The wealth accumulation benefits associated with a tax-advantaged, highly leveraged purchase, such as a home mortgage, can be substantial.  Thus, a properly financed home can enhance an individual's overall investment strategy.”

The Investment Plan For The Future
In order to take advantage of the unique benefits of leveraging a home, you need to guarantee that you are not putting the client’s home at risk.  The new and old unique features of fixed cash value life insurance make them the investment product of choice.  Consider cash value life insurance can be over-funded up to the MEC guidelines giving clients an opportunity to receive solid investment returns, while protecting their family by repaying the mortgage in the event of death.  In addition, the money inside life insurance grows tax deferred and generally can be taken out tax-free.

How This Refined Smart Money Management Concept Works
In a nutshell, the flexibility of new, innovative mortgage products have expanded over time and now include products featuring ‘Interest Only’ payments rather than the combined principal and interest payments of a traditional mortgage. These new products can help families to free up money that they typically would have put toward the reduction of their mortgage principal. This freed up money can now be used to quickly reduce or eliminate debt and create an safe investment plan for the future.

Accordingly, if you could borrow out the equity in your home and make more on that money than it’s costing you, aren’t you much better off? The ‘Missed Fortune’ book recommends you refinance your home to remove as much equity as you can. They recommend using an interest only mortgage loan, which in many cases would mean your total mortgage payment would be less than you are paying today. Then you invest your home equity into an ‘Investment Grade Life Insurance Policy.’ (Note the cautions below)

A simplistic example:
If you have $100,000 of equity in your home and you could borrow it out using a 4% interest only loan, it would cost you about $4,000 per year. If you can write-off the interest on your income taxes, then your net cost for the loan is about $3,000 per year. In thirty years, your total after tax payments would equal $90,000.  

If you invest the $100,000 into an investment grade life insurance policy and you earned 4.8% after expenses, tax deferred, in thirty years you would have $400,000.

If you then paid off the original $100,000 mortgage on the home, you would have $300,000 left in the life insurance policy to generate a tax-free income. In effect, you’ve spent $90,000 to make $300,000.

Caution
We believe there are some debatable mathematics, and inaccuracies in the Missed Fortune book. And, there are also some questions about the validity of writing off the mortgage interest, if you put the home equity into a tax deferred vehicle or life insurance.

However, whether or you can write off the interest or not, the overall concept is still very valid. And, when done properly, the ‘Missed Fortune’ concept can help many people to accumulate exceptional wealth. (In the above example, even if you can’t write-off the interest, you would spend $120,000 to make $300,000)

Extreme Caution
We believe this approach can be used to help many people. However, when taken to extremes it can also cause serious financial harm. They only time you should use any type of Adjustable Rate Mortgage is when you are able to put the difference in payments, between a conventional fixed rate mortgage and the adjustable rate mortgage, away each month! People must have the money, from existing income, to cover any increase in the adjustable rate mortgage payments, when mortgage interest rates rise.

The ‘Missed Fortune Concept’ Isn’t New...
Harvesting home equity and investing it into a conservative, safe investment vehicle isn’t a new concept. It’s a time tested, proven concept the wealthy have used for generations to keep their money liquid, so they can take advantage of investment opportunities as they come along. It’s what has enabled the wealthy to accumulate vast fortunes even during the stock market crashes, recessions and the ‘Great Depression!

The key to making ‘Equity Harvesting’ work for you, is selecting the right type of home mortgage for your situation and your comfort zone. You want a mortgage with the lowest interest rates and fees you can find and you are comfortable with. Then it’s selecting a competitive cash value life insurance policy. You don’t choose a life insurance policy based solely on current company illustrations. You’ll want to find a company that has solid financial rating and a proven, documented long-term history of above average product performance.

Equity Harvesting’, when done properly, is truly an invaluable financial concept when it comes to accumulating wealth. However, it doesn’t stop there. Use your home equity to reduce and eliminate your debt. You’ll free up your current income, so you are able to put even more money away. And, you’ll be on the way to securing the financial future you have always dreamed of for you and your family! 

I’ve been personally using and training agents to use this safe money concept for over 30 years. And, it works! 

Why Use Cash Value Life Insurance?
The reason you use an overfunded cash value life insurance policy is that it offers several unique benefits, the other investment vehicles don’t offer... 

  1. It builds a liquid cash reserve of safe money.  Generally, it can be accessed within 5 to 10 business days.   

  2. Cash Value Life Insurance guarantees your investment principle, and offers you minimum growth guarantees for the life of the contract.

  3. You can put in as much money as you want... limited only by the size of the life insurance policy, which you can make as large as you need. (Not so, with qualified plans)  

  4. All of the money you put into a cash value life insurance policy builds tax-deferred.  You avoid paying income taxes every year, so your money builds faster.

  5. You can borrow the money from the policy tax free, without having to qualify for the loan and without contractual withdrawal penalties.  

  6. There are no early withdrawal penalties from the Federal Government. (Not so, with qualified plans or annuities)   

  7. In some policies the loans against the policy come from the general assets of the insurance company, and not from the policy cash values.  In many cases, you can actually be earning more on your money than the loan is costing you.    

  8. The policy is self-completing, because you have a disability waiver of premium rider that will continue to put the money in for you, if you ever become disabled.  (Only life insurance offers this unique benefit)  

  9. Life insurance provides a death benefit that gives your family the money you intended to save; in the event you can’t be there.  

  10. In most states, life insurance is not attachable by creditors.   

  11. Life insurance cash values don’t count as an asset when applying for college financial aid.

The Problems With Using The ‘Missed Fortune Concept’ With Your Prospects...
There are several problems that most agents struggle with, using the ‘Missed Fortune Concept’… 

  1. The first problem is finding and attracting the people who have equity in their home and  have a good credit score.  The prospects must be willing and able to refinance their home or take out a 'Home Equity Line Of Credit.'  Unfortunately, this severely limits the amount of prospects available to you.  

  2. They'll tell you the ‘Missed Fortune Concept’ only works with a good indexed universal   life policy!  (Possibly, because they want to recruit you to sell their products.)  The truth is, this concept works equally well with a good participating Whole Life Policy.  (And, it has more guarantees)        

  3. The ‘Missed Fortune Concept’ is a great strategy, but it's just a sales strategy, to be used once you are in front of the 'right' prospects. Missed Fortune is not really a marketing or lead generation program to attract the right prospects to you. Nor, does it teach you how to set the appointment, or how to do a good fact-find to help you to help the prospect to identify and understand their problems so they want to take action.       

  4. Most of the organizations that are promoting and training agents on the Missed Fortune  Concept are charging $4,000 or more upfront, plus an annual fee, and they want you to contract with their companies. (with reduced commissions)

The Secrets To Making The Concept Work For You...
The beauty of the ‘Missed Fortune Concept’ is that with some small modifications, and the right training, almost everyone can use this concept... to truly help their prospects.

As stated earlier, the Missed Fortune idea is to remove as much equity as you can and funnel it into a good cash value life insurance policy. (Participating Whole Life or Universal Life)  However, even if they don't have large amount of equity or any equity, you can still help them to improve their financial position, start saving for the future and make a sale.

You can help them do that by: 

  1. Helping them to first eliminate their debt.  Can you show them the logic behind refinancing their home for as long as they can, or taking out an home equity loan to pay off any debts, to free up those monthly payments, to funnel into a life insurance policy?

  2. Showing them how and why to increase all their deductibles and delete any unnecessary riders on their existing insurance policies.  Do they have any unneeded policies?  Can they use their dividends to reduce or eliminate their debt, to free up those monthly payments, to funnel into a life insurance policy? 

  3. Stopping the contributions to all their qualified plans, except for any amounts that are being matched by their employers, and funnel that money into a life insurance policy? 

  4. Finally, can you help them look for other ways to cut their expenses?  Can they get a better long distance carrier for their phone service, etc.? 

Learn the Missed Fortune Concept.  Use it yourself.  Then, help your prospects to ‘Find The Money’ to implement the concept to reduce (or eliminate) debt and start saving for their future.  They’ll be your clients for life... And, you’ll get tons of referrals!

Attracting The Right Prospects To You...
We highly recommend you read and study 'Missed Fortune.'  And, then take a look at our affordable and proven
Found Money Management Advanced Life Insurance Sales System (below) and our 'Trusted Advisor Success Training' DVDs. Using our Found Money Management program, with our training, within 30 to 60 days you’ll be attracting more of the right prospects, and be selling much larger cash value life insurance policies. (Participating whole life or universal life) 

And, you'll be really helping your prospects to 'Live Debt Free and Truly Wealthy!'  You'll be putting them on the road to true financial freedom!  

We’ve been using and training agents on variations of the ‘Missed Fortune Concept’ for over 30 years to help prospects qualify for college financial aid, reduce debt and accumulate great wealth.

And, you can too...  

Yours in success,
Jeremy Will & Lew Nason
The 9 Out Of 10 Guys...

P.S. Check out our systems below, because during the past decade we've helped over a thousand insurance agents, financial advisors and planners EACH YEAR to double and triple their incomes within 60-180 days ...even in this recession!

The top advisors, we worked with last year, earned over $1,000,000 and many others who were earning $50,000-$70,000 per year, now earn $150,000-$350,000 per year. And with our ongoing one-on-one help, you can do the same. And we’ll be by your side every step of the way.

 

 

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and Setting Quality Appointments For The
'Missed Fortune'
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"Per our conversation this morning I wanted to let you know how the (Found Money Management™) program is working for me so far.  I got the CD package on or around May 1st.  Today is May 24th and I have set a total of 5 appointments by loosely following the word track on the appointment setting CD.  Of those 5 appointments, I have already had 3 of them, and we have started the underwriting process on all 3...  $67,000 of annual life premiums." (In less than a month)
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"Lew and Jeremy, Thank you so much for everything.  I don't know where or how to begin to thank you for all you have done for me.  As you know, I have been in this business for 4 years.  I was working with another advisor in his office, and have had an average amount of success in helping people.  Last year, when I began to work on my own, I knew I needed additional training, knowledge, and support in order to help more people, and to become an excellent advisor.  Finding the two of you, and working with the two of you, was the best thing that could have ever happened to me and my clients.  I have learned more from the two of you in 3 months than I did in 3 years working with the other advisor in his office (and you are all the way across the country)."

"After doing my first workshop at the end of September, and after getting back in touch with my current clients (through your newsletters) I have submitted over $30,000 of business…. IN JUST ONE MONTH!  Although the additional income is nice, without a doubt, the best part of your whole system is the simplicity in helping clients.  I finally feel that I am offering clients more than just retirement planning.  I know that my clients will be better off after meeting with me than they were before.  Your system is so easy to understand, to explain to clients, and to implement, that it's almost ridiculous I am so glad I found you when I did, so early in my career.  I look forward to many years of working with the two of you!  Thanks Again!"
Bryan Schurter,
FMM, RFC - CA, (4 years in this business)

"I've written over $270,000 of life premiums
in the past two months..."
  

"Thanks for everything. I've written over $270,000 of life premiums in the past two months since attending the boot camp in December... ($190,000 in commissions)  Freedom Equity Group has asked me to do a teleconference to explain how I've accomplished this dramatic increase in my business.  I'll be recommending your Found Money Management™ system and your boot camp to everyone on the call."
Randy Delph, RFC, LUTCF, FMM - IN, (Freedom Equity Group)
(35 years in the business)

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