Oct 25, 2022
The #1 Way To Pay Off Consumer Debt!
I spoke with someone yesterday about setting up a Sacred Account to pay off their debt.
What is a Sacred Account?
It is High Early Cash Value Dividend Paying Whole Life Insurance that can be funded and immediately borrowed against to do things like pay off debt, make large purchases, and invest for passive income.
Here is a quick breakdown on how it works!
If I put $10,000 into the account, that $10,000 will on average grow at 3–5% annually, tax free.
It has the following benefits:
- It is guaranteed against loss
- It is guaranteed to grow
- It cannot be taxed
- It is protected from creditors
- It is protected from lawsuits
- It has completely private
- Your account is insured (a higher amount even than FDIC insurance!)
- You can borrow against your account and your money will still grow like it never left
So, for this person, he had about $15,000 in credit cards and I explained to him how this would assist him in paying off his debt. I’ll explain the same to you here!
Option #1 is just pay debt off with cash. The problem with that is, we pay off the debt, but we also lose the cash and the potential use of that cash forever.
In the end, we end up debt free, but broke. And this is why so many people never get out of debt. The root cause of debt is a lack of income and savings and paying off debt does not solve those problems. It only handles a symptom; the debt itself.
Instead, I told him to do the following:
- Setup a Sacred Account
- Contribute as much as he possibly can
- Line up debts from smallest balance to largest balance and only make minimum payments
- Build up enough money in his Sacred Account so that he can pay off his smallest debt
- Take a loan against his Sacred Account and pay off his smallest debt balance
- Take the old minimum payment from that debt and pay back his Sacred Account instead
- Build up enough to repeat steps 2–6 with the next smallest debt and until all debts are gone
The result of this is he will be debt free, but all of the money he put in his Sacred Account was still there growing the whole time like it never left.
This means he is debt free and potentially has more money than he started with!
This is a strategy my company has used over and over successfully with clients.
To learn more about it grab a free copy of my book Blueprint To Financial Freedom by clicking here!
To Purpose, Wealth & Freedom,
Jerry Fetta
Jerry Fetta is the CEO and Founder of Wealth DynamX. He is a nationally recognized financial expert featured in Forbes, Yahoo Finance, Fox, Chicago Weekly News, New York Finance, interviewed on over 45 podcasts with world renowned experts, earning endorsements and affiliations throughout his career with names like Kevin O’Leary, Grant Cardone, Dave Ramsey, and Pamela Yellen.
Jerry’s mission in life is to help create millions of financially educated and solvent families achieving greater financial freedom and sharing the truth about money with those around them.
Learn more at www.WealthDynamX.com
(DISCLAIMER: The information in this content should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Wealth DynamX can and does not provide advice unless/until engaged by you.)
