In this podcast we are talking about the problems with the infinite banking concept.
The infinite banking concept is an idea not a product. The infinite banking concept is a way of thinking about money and finance in a way that allows you to keep more of the money you make, grow your wealth and have financial peace of mind.
Some people think the infinite banking concept is a life insurance policy. Or that a life insurance policy is an infinite bank. It is not. The only reason life insurance is associated with Infinite Banking at all, is because life insurance has tax preferred treatment, gives the owner reasonable growth on their money, provides protection and lets the owner leverage their money without giving up policy growth or guarantees.
Some big problems we see when people try and get set up with the Infinite Banking Concept are:
• Too big of premiums
• Borrowing to pay premiums
• Borrowing and repaying loans just because
You can avoid these problems and be successful with the infinite banking concept by learning how it works and implementing it correctly. We will cover that in this podcast too.
If you have a question about the Infinite Banking Concept, ask your question in the comments, or send an email to producer@wealthtalks.com so we can answer your questions right here in the studio.
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If you wonder how much life insurance you need? Or how much life insurance you need for infinite banking? This is your podcast.
The most honest answer to the question of, “How much life insurance do I need?” is, “Nobody knows”. And the shortest answer to the question of “how much life insurance should I have” is probably, "MORE!" ... let us explain
A lot of people settle for the life insurance they’re offered through work or from a friend, some people don’t have any life insurance at all, but people who understand how life insurance works want it and they want specific policies and certain amounts.
We are going to talk about how to get the life insurance you want, how to use the cash value while you’re alive and how to provide financial peace of mind for your family when you die.
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This podcast will be helpful to those who want to keep more of the money they make, grow their wealth and have financial peace of mind.
On a side note... We have Jasper here in the studio with us this morning. He’s 9 weeks old German Shepherd Puppy. Jasper is our up and coming guard dog. We have a guard dog up at our house already, her name is Lulu, she’s a german shepherd also and does a great job, She patrols around our house, but Jasper’s duties will be to guard the barn area.
German Shepherds and Life Insurance go hand in hand in our family. Listen to hear the story on todays episode of Wealth Talks Podcast.
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As we teach people about whole life insurance, how to manage money and the infinite banking concept, time and time again people tell us “I wish I would have known about this sooner”, or, “they should teach this in high school”.
When you find something that works so well, it’s hard not to look back and wish you had that knowledge or that product earlier in life.
In this episode, Episode 477 of the Wealth Talks Podcast we are going to talk about the things we wish we knew about finances before age 18. That covers high school also, yes, some of these things we talk about today, should be taught in high school.
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Today we answer 9 questions we received about life insurance, cash value, money, interest rates, and dividends.
These questions and their answers will be helpful to anyone who uses, or plans to use life insurance cash values and the Infinite Banking concept.
The questions are:
1. Do I get to choose the interest rate I pay on a policy loan?
2. If the dividend rate is 5% and my policy loan interest rate is 4% am I making 1% on the difference?
3. When I pay back my policy loan with interest am I paying myself back principle and interest?
4. Does the interest I owe on a policy loan change every month if I am making principle and interest payments monthly back to the policy?
5. What is the interest rate that the guaranteed cash values compound at?
6. How is the dividend rate determined?
7. Is the dividend rate the same as the compounding growth rate of the policy cash values?
8. Can the insurance company alter my life insurance contract if I start flight lessons?
9. When I borrow money from my policy how does it affect the guaranteed growth of my policy? How does it affect the dividends? How does it affect the face value?
Follow the Wealth Talks Podcast on:
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Listen to the Wealth Talks Podcast on:
Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163
Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8
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Watch on YouTube: https://www.youtube.com/@wealth-talks-podcast