SECTIONS CLOSE
  • Home
  • Directory
    • Artists
    • Black Youth & Family Services
    • Books
    • Business
    • Films
    • Politicians
  • News
  • Opinion
  • Entertainment
    • Books
    • Film & TV
    • Music
    • Stage
  • The Experts
    • Fashion
    • Food
    • Health
    • Legal
    • Marketing
    • Money
    • Motivation
    • Parenting
    • Real Estate
    • Sex & Relationships
    • Technology
    • Travel
  • Profiles
    • Artists
    • Business
    • NFP/Charities
    • Personalities
    • Food & Drink
    • Sponsored Profiles
  • The Father Project
    • Fathers Responses
  • Archive
  • Newsletter Archive
    • Subscribe to our Newsletter
  • PCA
    • 2024 ByBlacks.com PCA Winners List
    • 2023 ByBlacks.com PCA Winners List
    • 2022 ByBlacks.com PCA Winners List
    • 2021 ByBlacks.com PCA Winners List
    • 2020 ByBlacks.com PCA Winners List
    • 2019 ByBlacks.com PCA Winners List
    • 2018 ByBlacks.com PCA Winners List
  • Restaurant Week
    • Prix Fixe Menus
      • Prix Fixe Menus - AB
      • Prix Fixe Menus - BC
      • Prix Fixe Menus - NS
      • Prix Fixe Menus - NB
      • Prix Fixe Menus - ON
      • Prix Fixe Menus - PEI
  • Jobs
  • About Us
  • Advertise
  • FAQs
  • Editorial
  • General
  • Press
  • Privacy
  • Sales
  • User Login

ByBlacks.com | #1 online magazine for Black Canadians

Money

Wealth Or The Absence Thereof Is A Choice

Wealth Or The Absence Thereof Is A Choice
By
Published on Sunday, February 28, 2016 - 15:37
Recently I met with a couple to discuss their insurance and retirement goals and surprisingly the husband said he didn’t believe in life insurance or leaving money for anyone else to spend when he passed away.

My mind immediately wandered to a meeting I had years ago when I met with a business owner who told me that “Wealth or the absence thereof is a choice.”

Almost 20 years ago when I met with this business owner to go over his business insurance needs (I didn’t sell life insurance at the time), he was happy to get his business insurance sorted out; however he was more excited about meeting with his life insurance agent the following day so I asked him why.

This was his response:
“Many people view life insurance as another bill they have to pay, my family views life insurance as a wealth creation and transfer tool because wealth or the absence thereof is a choice.” He went on to explain what he meant by telling a story of three generations of his family and their philosophy on wealth.
His grandfather borrowed money from the bank and started the business which got passed down through his father to him, and the strategy was simple. His grandfather operated the business, paid down the loan, and bought life insurance with a face value that was over 3 times the initial sum of money he borrowed. When his grandfather passed, the life insurance proceeds were used by his father (who inherited the business) to pay off the loan and expand the business. His father purchased life insurance and when he (the father) passed, the son inherited the business (debt free) plus had the life insurance proceeds, to further expand the business debt free.

In fact some of the proceeds that he got from his father’s policy were being used to open yet another location of his business that I was in the process of insuring for him. Why was he excited about seeing his life insurance agent? Because he was excited not only about expanding the business, he was equally excited about making sure that the wealth his grandfather accumulated and passed down to his generation, will be passed to his own son, who incidentally was seated at the table at our meeting.

I explained to the client who I recently met with and said “insurance is not another bill, it is a wealth creation tool. So not having it means you are comfortable with perpetuating a cycle of poverty and struggle for your family.”

Wealth or the absence thereof is a choice, decisions made today will impact your family for generations to come – We advise you decide!

Last modified on Sunday, February 28, 2016 - 15:43

Featured Directory Listings

  • Becoming Institute Inc.
    Becoming Institute...https:/...Name: Becoming Institute Inc.
  • Hudson Law Office Professional Corporation
    Hudson Law Office...Name: Hudson Law Office Professional Corporation
  • Oya Black Arts Coalition (OBAC)
    Oya Black Arts...https:/...Name: Oya Black Arts Coalition (OBAC)
  • GMS Professional Corporation Chartered Professional Accountants
    GMS Professional...https://gmscpa.ca/Name: GMS Professional Corporation Chartered Professional Acc...
  • Frontlines TO
    Frontlines TOfrontlines.toName: Frontlines TO
  • SEE ALL LISTINGS
  • WEALTH
By

Latest from

  • How To Get Guaranteed Income For Life
  • Spring Into These Tax Advantages
  • The Top Five Financial Products Every Business Owner Should Own
  • Why An RESP Alone Won't Cut It
  • How To Minimize Probate Fees and Taxes Upon Death

MORE IN THIS CATEGORY

The Top Five Financial Products Every Business Owner Should Own
The Top Five Financial Products Every Business Owner Should Own 01 February 2016
8 Reasons You're Having A Tough Time With The Taxman 17 March 2016
8 Reasons You're Having A Tough Time With The Taxman

RELATED STORIES

How To Grow Your Skills As A Real Estate Investor

How To Grow Your Skills As A Real Estate Investor

03 September 2022
4 Ways You're Losing Money In Your Sleep

4 Ways You're Losing Money In Your Sleep

05 April 2022
Passive Income—An (Often) Overlooked Wealth-Building Secret Weapon!

Passive Income—An (Often) Overlooked Wealth-Building Secret Weapon!

04 March 2022
ByBlacks.com | #1 online magazine for Black Canadians
Magazines Canada
  • About Us
  • Advertise
  • FAQs
  • Editorial
  • General
  • Press
  • Privacy
  • Sales
  • User Login
Copyright © 2013 - 2025 ByBlacks.com, Inc. All rights reserved.
developed by Nuevvo