7 Phases Of Financial Success - Episode 037

Kim Butler and Todd Strobel dive into an old article of Kim’s entitled, “7 Phases of Financial Success.” Whether you started saving in your 20’s or whether you’re just starting in your 50’s or 60’s, you can adapt these phases for you. Kim explains each phase of life and it’s accompanying financial goals. Todd breaks down effective ways to reach those goals. Finally, the importance of life insurance (and later converting it to whole life insurance) is analyzed as the backbone of your financial success through each phase.

Which financial phase are you in and is it too late to be successful now? Find out on today’s episode of the Prosperity Podcast.

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Show Notes:

[0:00] Prologue

[0:19] Intro to the phases of financial success

[0:48] Phase 1: Leaving School, Entering Workforce (20s)

[4:17] Savings Before Debt

[5:41] Paying the Minimums

[6:22] Completing a Will

[7:03] Life Insurance and “Human Life Value”

[8:43] Insurance Outside of Your Employer

[9:35] Phase 2: Building a Prosperity Flow Through Account (30s)

[10:49] Converting Term to Whole Life Insurance

[12:14] Advantages of Life Insurance Over Banks

[12:59] Mortgages

[13:59] Phase 3: Conversions & Upgrades (40s)

[15:39] Rates of Returns

[17:28] Non-Correlated Assets

[18:11] Whole Life Insurance Interest Rates

[19:28] Aggressive Risks

[20:41] Phase 4: Paying Off Life Insurance Loans (50s)

[22:20] Phase 5: Don’t Retire, Yet (60s)

[25:22] Phase 6: Taking Dividends & Stopping Premium Payment (70s)

[26:49] Reverse Mortgages

[28:08] Phase 7: Focusing on the Death Benefit (80+)

[29:38] Financial Planning Has Failed

[30:37] Outro