Willie Sutton’s Law is the second of five laws/rules that Nelson Nash covers in Becoming Your Own Banker. These laws boil down to human tendencies, which must be overcome daily for you to be successful practicing the IBC.
Who was Willie Sutton?
Mr. Sutton was a notorious bank robber during the 1920’s and 1930’s. He was asked why he continued to rob banks and his famous reply was “That’s where they keep the money.” So, Nelson’s take on Willie Sutton’s Law is “wherever wealth is accumulated someone will try to steal it.”
Keep more of what you make!
If you have conquered Parkinson’s Law you have probably accumulated some wealth.
It is important to look after and guard that wealth. This means protecting it from those who want a piece of it like the IRS! There are many places to store capital, but only one place that gives you the control, liquidity, guarantees, safety and tax efficiency you need and that is dividend paying whole life insurance!
Taxes are one of the largest (probably the largest) eroders of wealth.
If you think about how taxation works, it really is there to take wealth from one group of people and redistribute it to another group.
When the people start to get fed up with paying too much in taxes the government comes out with a new tax credit or sponsored program. This includes being able to deduct certain expenses from your gross income or putting money in qualified retirement plans. It is the government who is responsible for the onerous taxation and instead of cutting spending or finding other ways to lower taxes, they create exceptions to their own rules.
Do you want to deal with the never ending rule changes and problem they have created?
The government can and has changed the rules for these plans whenever they want to. Nelson describes qualified plans as “the fox guarding the hen house.” There was around $29 trillion in US retirement asset accounts in 2019. Right now, the U.S. is over $20 trillion in debt.
If Willie Sutton’s Law remains true, where will the government get the money it needs to cover its debt?
A time tested and proven product that offers a solution.
Dividend paying whole life insurance is the ideal place to store your capital and keep it safe from those seeking to take.
It has stood the test of time being around for over 200 years and was also around long before the US income tax was created. Dividend paying whole life insurance is a contract between free individuals, not a government sponsored program!
Book an IBC discovery call today to find out how to keep your capital safe from the Willie Sutton’s of the world.