Have you ever been at an industry conference or in a room with people that do the same things as you, only to realize some of these people don't know what you know?
Recently I volunteered to help my son's school with an outside activity. Towards the end of the day I was speaking with another student's mother that I have known for 3 years. She was asking me a few money questions and I was answering them. We got on the topic of taxes, safety and loans.
I was sharing with her about these incredible insurance contracts that can be used to build a tax-free retirement, how they are protected against market loss, grow every year and how she could use the money to be her own source of financing for real estate and cars. If you've read my books and the other articles on my blog, you know I am talking about a properly designed cash value insurance contract.
I started sharing how the loans works and how my wife and I have used them for real estate and for our cars. She was fascinated by the whole thing and had several really great questions. She asked me to drop off a copy of my best-selling book so she and her husband could read it over.
About this time, another dad we had been volunteering with interrupted to ask me a question about being his own source of financing on cars. As we talked and I shared more information, I could see how interested and curious he was becoming. He had some great questions, too.
Then the big shocker happened. I told him this was a specially designed permanent insurance contract. He looked at my like a deer in head lights. He said he had never heard of this before and had no idea these types of plans could work this way. He even confessed to owning one but wondered if it had been structured correctly when it was set up.
I then asked him what he did for work. He told me he sells life insurance. I could feel my eyes get wide as I processed the information but also tried not to look at this gentleman like he was a total idiot. I asked him how long he had been in the industry. He told me for almost a decade.
I dug a little deeper on the groups he was working with. Yep, they have this type of plan. I asked him about training, books he had read and how he built plans. He had read no books and had no training.
Here I was standing face to face with the very type of agent I try to educate people to avoid. Here was the agent that made other agents look bad because he knew only enough to be dangerous but look helpful. Here I was shocked that he was doing as well as he was while unknowingly leading his clients down the wrong path or at least the longer path.
Who you work with matters. Who you choose as a mentor matters. How a plan is built matters. The company that honors the contract and will be your lifelong partner matters. Most people don't know what they don't know so they either sign up with this guy and find out later they have an inferior plan. Or they never find out and don't know the difference. Worse is that this guy presents plans that look bad and perform worse and make those of us that have worked hard to build great plans look bad by association.
If the agent you are working with doesn't own these type of contracts or understand them inside and out, please walk away. You are being blindly lead by the blind. Let me show you how I build a superior contract and how to use your contract to your advantage.
Don't get caught with the deer in head lights look when you find out the mentor you chose doesn't understand how to use these contracts, doesn't personally own these contracts and has no real world experience with the lending power of these contracts.