In this episode of Living Wealthy, Nick tackles a common financial dilemma: “Should I pay off debt first or should I save/invest first?” Most financial advice treats these as competing priorities, but Nick explains why that’s the wrong question.

He breaks down how a properly designed whole life insurance policy allows you to do both at the same time, building savings and eliminating debt without sacrificing compound growth or liquidity.

Nick explains the step-by-step process:

1. Build savings first inside a policy that grows guaranteed, earns consistent dividends, and provides contractual access to capital.

2. Use policy loans to eliminate debt while your full cash value continues compounding uninterrupted.

3. Recapture debt payments into your own system, restoring liquidity and strengthening your personal financial ecosystem instead of sending cash flow to third-party lenders.

This strategy transforms debt from something that controls you into something you solve strategically within your own wealth-building system. Unlike traditional debt-snowball approaches, you keep liquidity, control, and compounding working in your favor.

Nick concludes by emphasizing that the real answer isn’t pay off debt OR save, it’s save first AND use your system to eliminate debt, creating long-term stability and control.
To explore how this approach can help you build wealth while eliminating debt, book a free 15-minute intro call at fwstrategies.com or email Nick directly at nick@fwstrategies.com.