Denzel Rodriguez argues for funding whole life insurance instead of aggressively paying down debt. It takes longer to eliminate debt this way, but builds more total net worth over time. The trade-off: slower debt payoff versus bigger long-term wealth.
So that's another monkey wrench that I just kind of threw in here we could look at is funding a.
Whole life insurance contract, either one or two, one on you, one on wife, and taking the same amount of money that you normally would apply toward paying this debt off, and you would send it to your life insurance contract for first, have the money build up in there. This process takes longer, for sure. No doubt about it. Takes longer than velocity banking. Velocity banking. Extra payments takes longer than just making extra payments as well. It takes longer. But in the end, you end up with more wealth. So the thing that you'll have to wrestle with here is, do I value speed more than total, say, net worth? In some cases, people value speed more. In some cases, people value net worth more. And then I would say that in between, call it efficiency.
