“A penny saved is a penny earned” – Benjamin Franklin
Every July 4, we shoot fireworks, cook burgers and sport our favorite America-themed attire in order to celebrate our “more perfect union” as we bask in the summer glory of our nation’s independence and the many freedoms we enjoy. But as you go through life, you’ll find out how important it is to work towards another type of freedom — financial freedom. Kensington Financial Associates offers the cash value lending solutions you may need to help you work towards your own Financial Independence Day. Achieving financial independence is no easy feat, but let’s face it, winning the American revolution wasn’t either.
A few years ago, I met with a friend, let’s call him George Washington, who had recently purchased a whole life insurance policy as a high school graduation present for his 18-year-old grandson. Immediately I applauded his efforts to protect his grandson’s future and provide him with a graduation gift that would keep on giving. Although George is a jolly man in his late 70s, he took a serious tone when he explained that 50 years ago, he had done the same thing for his children. I leaned in as he shared his story. Back then, he had only just started his career, and with two young kids, money was tight. However, George understood the importance of a secure financial plan, and he saw his life insurance premiums as a necessary expense. I was struck by George’s generosity in giving his children, and now his grandson, the gift of financial independence.
I began exploring George’s strategy, and soon, I began to see the impact that purchasing and eventually leveraging the cash value of life insurance could have on a family’s financial well-being. Not only were these younger policy holders locking in lower rates for the duration of their lives, but they also had access to cash-value that could eventually help them finance their college education, purchase a home, and even fund business opportunities.
This 4thof July, as you reflect on the meaning of freedom over perfectly grilled burgers and awe-inspiring fireworks, consider the legacy of financial independence that you and your clients can bequeath to future generations. Our founding fathers created a nation that allows the privilege of life, liberty, and the pursuit of happiness—and I am grateful for their sacrifices which allowed us to partake in these freedoms.
From our Kensington family to yours, we wish you a safe and happy Independence Day!