John D. Rockefeller was the epitome of the American Dream. Born to a con artist father, Rockefeller decided to pursue a legal career in business. He started from the bottom and made it to the top with a combination of hard work, investments, entrepreneurship and asset protection.
How does one create wealth with 'The Rockefeller Formula'? Rockefeller utilized an wealth tool that many don't know about and most are afraid of, life insurance, permanent life insurance that is. There is a book comparing Rockefeller to Vanderbilt that goes into detail on how the Rockefellers have overfunded life insurance policies for years accumulating cash value with the power of compound interest.
Properly structured permanent life insurance policies have a benefit that only one investment tool the ROTH IRA has, it is TAX FREE. Individuals are able to borrow or pull money from their cash value, utilize it in life and never have to report the money to the IRS.
Rockefeller, unlike Vanderbilt, was also wise enough to leave his money to his heirs in the form of a trust. To this day about 150 Rockefeller heirs receive payments and distributions from the trust fund. Vanderbilt's heirs have since run out of money.
Now is the perfect time to consult with a financial services professional and ensure your affairs are in order. There are many that recommend term life insurance. This is not an attempt to tell you which type of insurance you should have, any life insurance is better than none. Nevertheless, if your goal is to leave a legacy and create generational wealth, contact a professional and come up with a solid plan that works for you and your family.