This guide will help you find a great last minute gift without leaving your home. Each of these gifts is practical in nature, but helpful for building wealth.
Last Pass
Password protect all accounts with complex 16 digit phrases. Don’t worry about saving them because they’re all added to your personal account. You can provide access to the login data with or without the participant viewing the credentials. There’s also a great feature to share sensitive information between parties. Last Pass is accessed on your phone and desktop and is a great stocking stuffer.
Power of Attorney
Your Power of Attorney is a legal document that allows a third party to control the account. You can specify what rights they have and when they can take control. Your power of attorney is helpful for managing your bank and investment accounts. It’s also required for sharing healthcare information. A Power of Attorney can be created free at GivingDocs.com. However, you should speak with a professional about your specific situation.
Bitcoin Wallet
Bitcoin looks like it’s here to stay. At least now that Elon Musk is tweeting about it right? So, if you want to school that boomer the next time they ask you to pay in Bitcoin, create a free account at Coinbase. This is the “easy way” to create a wallet, but beware, thanks to some new proposed FinCEN laws, you’ll face additional bureaucracy on transactions above $3k. The referenced article also provides context to the benefits of “self hosting” and managing your property yourself. Bitcoin offers a diversified way to manage digital assets and transact. As the dollar and euro are impacted by money printing by Central Banks Bitcoin may become an asset of choice for preserving value.
Life Insurance
Term life insurance can replace 10x or more of your annual income. If parents are dying at the rate they’re perceived to in Disney movies, your return on capital could be astounding. Consider that term insurance companies are betting that you’ll live longer than you think you will. That means they’re charging you the lowest amount they can to offer you the highest payout during a short period with diminishing odds.
The benefits of life insurance go beyond the sweet premium arbitrage.
Life insurance proceeds can transfer tax free. Consider that assets in IRAs can be transferred, but also have to be taxed when they are withdrawn from the account payable at the beneficiaries personal rate.
Alternatively, the IRA could be converted into a Roth and the distributions used to purchase life insurance. The transaction makes a purchase with after tax dollars that pays out tax free dollars.
The term is: That’s how the rich stay rich. To get your free life insurance quote click here.
