Debt 101

Is it too late to fix your debt?

Step one is to find out how much your debt will cost you. Using the financial tools on the Thrive calculator page can give you a good indication of a needed foundation for your future wealth strategies. Step two is to look over the numbers. Do you have any large expenses coming up over the next few years that will add substantially to your debt? How about retirement? This is the point to take a look at the realistic numbers and make actual decisions that are best for your future and not those best for your creditors. Step three is to make a decision. The point is, you need to do something because your debt is working against you every day. If you want to get ahead, keep reading this information provided to help you make smarter choices with your money.

Premium Finance

You need a large amount of life insurance to pay estate taxes or to protect your business, but you don’t want to deplete your cash reserves, use personal income, or business profits to pay for it. In addition, liquidating quickly can lead to higher sales fees and taxes. What’s the solution? Let a finance company fund the insurance on your behalf through a family trust and let that trust pay off the loan with a portion of the insurance proceeds without any income or estate taxation. Premium Financing allows those with a higher net worth but illiquid assets to secure large amounts of life insurance with little or no outlay because their payments are made directly from the financial firm to the insurance company. After approval, instead of paying for insurance, you only pay interest, or nothing at all. Premium Financing can be a very efficient way to purchase life insurance without high outlay or liquidating assets.

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