Buy term and invest the difference is a piece of financial advice most people would be wise to ignore. Years after being discredited by most many financial advisors and educators, “buy term and invest the difference,” or BTID, is still going strong in some circles. It’s one of those pieces of dubious financial wisdom that seems, on a superficial level, to be self-evident.

“Rich Dad Poor Dad” author Robert Kiyosaki maintains that the real key to financial freedom and wealth is your ability to take the money you’ve earned and turn it into income. In today’s chaotic economy, income reigns supreme. Some say that the act of planning is a way of bringing your future into the present so you can do something about it right NOW.