SINGWa

SINGWa is a Lifeinsurancepronto acronym for a platform to personal financial freedom. It is a great mindset to teach our children early so they can grow into it. It gives you a simple way to structure your income and if done right you can spend more time living life and enjoying what money can do, rather than worrying about money. Adults can practice this too. The mindset is to first think of our income into defined categories and prioritize distribution in order:

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S - Save first. I - Invest second. N - Needs third. G - Give fourth. Wa - Wants fifth

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To implement this, a bank account should be structured into three subaccounts: A Save/Invest account,  Needs account and a Give/Wants. How you distribute your income (percentages/amounts) into these 3 is your personal choice and depends on how you set your goals. The names are intuitive what should go where. For example all your bills should be in the Needs account. Connect with us if you have any questions about what goes where.

 

Lets take a moment to focus on the on the S/I account and point that one of the best vehicles that can be added to this (among other opportunities you may engage in) is an IUL plan. IUL is Indexed Universal Life insurance that gives you best of both worlds: a death benefit and cash value that you can access at anytime to spend as you wish and the premiums are flexible. An IUL is a great vehicle to build generational wealth. You can learn more here. Please connect with us to discuss further how this can be setup for you or your loved one.