How to use Whole Life Insurance to Get Rich (Become your own Bank)
How to use Whole Life Insurance to Get Rich (Become your own Bank)
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I want to teach how to become your own bank.
Forget groveling to Wells Fargo when you need a home or car loan.
Don’t run to JP Morgan or Bank of America
And get on bended knee to beg for a loan to buy a business.
Take control of your life.
It’s time to start the “Bank of You”.
In this video I will explain how to harness the power of life insurance
To build real wealth.
To build your own bank.
So you can control your time and what you do with it.
And at the end of the video, it will become clear to you,
Maybe for the first time, that a clear path exists for you to become rich.
The content on this channel is for entertainment purposes only and should not be taken as financial advice. Please do your own research and consult with a financial professional before making any financial decisions. The creator of this channel does not assume any responsibility for any errors or omissions in the content.
I need Dave Ramsey to react to this
Life insurance is not an investment product stop lying you can buy a term policy and put all the money yall are asking in a Roth IRA fixed interest of 8% and you will have more coverage and millions of Dollars way before you reach that goal with IULs. I will put 10k up if someone IUL plan can beat what I just described don’t let them lie to you. You cleave to borrow your own money. I would never borrow my own money.
Again! Where do I find someone that can draw one of these up ?
401k has loans also lol. Its not only taking a withdrawl. You liteally could bet both benifits seperatly and you will end up with more. Are also going to tell em they earn nothing the first 3 years?
People are living a life of borrowing lol and everyone who is selling "their" investment vehicle will say "this" vehicle is the best😂
You work for 42yrs to have $2m in your retirement, Meanwhile some people are putting just $20k in a meme coin for just few months and now they are multi millionaires I pray that anyone who reads this will be successful in life
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
I want to know more about these policies how it works
There’s no search thing as a guaranteed return.
The only way that Whole life insurance making people rich is selling it! Selling to the stupid people that buy them!
🤝📈
Here are some facts about whole life insurance in my country. The cash value of your policy in the first 5 years is practically zero. The cash value after 20 years is about the same as the total premiums paid. Whole life insurance is the best thing if the worst thing happens to you early in your life. Let us not forget that life insurance is a business. Like any business, it has to make money.
Found the insurance salesman.
1. Saying investing in a Roth or Traditional IRA is giving money away to someone else but buying a whole life insurance policy isn’t? Total red flag.
2. Borrowing from your retirement investment is not advised by any financial advisor or planner. That is meant for your retirement. However, if you have to take out a loan on your insurance policy and treat it like your own "bank", you can also withdraw your Roth IRA contribution (not earned interest) tax free.
There are many misleading information in this video but those are the two lies I want to bring up most. Don’t fall for this because it doesn’t benefit the rich and wealthy to do this. I would advise doing the steps below
1. Max out your 401k or retirement plan at work to whatever percent they are matching.
2. Build a 6 months emergency plan and have that money in a high yield savings account.
3. Open a Roth or Traditional IRA. Both have different tax benefits so do your own research. And get a term life insurance plan with this step. It’s much cheaper than these falsely advertised Whole life.
4. If you still have money left over, open a taxed investment account and buy either ETFs or stocks/funds than have high dividend yield.
Y wldnt i just invest into a brokerage fund and take out the money wen I need it issue free? This way I have my money instead of giving it to an insurance company? Y is any1 goin to trust an insurance company 😂?
This is complete BS. "Borrowing from yourself" is ridiculous. You’ll need to contribute to a policy that earns about 1.5% after the first three years, then use that as collateral to borrow at about 8%. If you want to use money to invest, then just invest what your original premium was, you’re already 6.5% ahead. Complete BS.
This video is ridiculous – whole life insurance policies are a giant scam. The only person who really benefits from them is the salesman who sold them to the sucker who bought them. Learn how much the insurance salesman makes selling these before buying one yourself. Whole life insurance policies are far less popular now than they were 25 years ago because more people are onto the scam and they instead get term life insurance policies if they really want life insurance.
I had an insurance salesman attempt to sell me whole life insurance 20 years ago when I was young and unmarried. I am have advanced degrees from top schools, and am very good at math and knowledgeable about the stock market. However, the insurance salesman kept going on and on about "cash value" without explaining what it even was. I did not know what the hell he was talking about, so after speaking with him, I did some research of my own and came to the conclusion that the insurance salesman was trying to scam me. Suze Orman, for example, has written many articles about how whole life insurance policies are a total ripoff.
You can’t get rich off these bs whole life insurance. Don’t fall for these gutter scam agent’s scam
Message me for some insurance!!
Add number 6….. LIVING BENEFITS
Do all life insurance Allows you to borrow for investments?
If something sounds to good to be true….. This scheme has a lot of moving parts and seems shady. All I can say is good luck to anyone that chooses to dive in.
This is laughable….
The only question I have for you is this, how do you sleep at night pushing this crap? A whopping 3% return and borrowing my own money? LOL What about investing in an index fund that returns 13% and never borrowing money ever again.
5%=6,000
100%=6,000/5%
100%=120,000
Loan1=120,000 Yield=5%=6,000
Loan1(30 Year)=120,000*1.05^30
Loan1(30 Year)=520,000
Note: No Pay Loans.
Premium=120,000 Yield(30 Year)=1,000%
Payout(30 Year)=120,000*1,000%
Payout(30 Year)=1,200,000
{
Loan1(30 Year)=520,000
Loan2(30 Year)=650,000
Income(30 Year)=30,000
}
Loan2(30 Year)=650,000
MaxLoan=? Yield=5% Year=30
MaxLoan=650,000/1.05^30
MaxLoan=150,000
Thank you.
how do I apply Boli, where do I go or sign up for this stuff.
They give you 3% while they collect 7-14%. Why do you think all the high rises have insurance and bank company logos on them?
See a lot of videos of how to be your own bank but no lists of the insurance companies that do this
Whole life is a scam. People, please don’t buy while life insurance. Scam.
How soon can you borrow against your policy
"Bank of you" is your big scam buzzword. Whole life is the worst product! You salesman love those commissions equal to a years premiums on a sold policy. Who grovels for a mortgage??
3% guaranteed return?
Maybe I’m missing something?
VTSAX spanked that last year, even when averaged over a bear market.
Oh, 09:00.
Wonder how much some whole life insurance company paid to have this video made. Do your research! In very rare cases would this make more sense then to invest your money just about anywhere else than do this and get no “cash value” aka returns for the first couple years of the policy then horrible returns for the rest of it then if you die they keep that “cash value” for themselves. Again, do major research before having some insurance salesperson who gets insane commission off whole life to convince you to sign up for whole life insurance.
Well, you can borrow against your 401k balance and the interest from the loan goes back to your account. So you’re basically paying yourself. If anythings, a lot of companies provides the employer match, which basically means free money and the 401k amount are tax deferred. If anything the interest you pay on the loan goes back to your own account instead of going to the bank. I think borrowing agains’t a 401k or roth is better.
THE BIGGEST ISSUE TRULY IS THAT CHILDREN ARE NOT TAUGHT FINANCIAL LITERACY. ME AS A CHILD MY PARENTS DIDNT KNOW AND THEIR PARENTS DIDNT KNOW ANYTHING DEALING WITH INVESTMENTS AND HOW TO ACCUMULATE ASSETS. IM GRINDING NOW FOR MY CHILDREN TO BE A BETTER GENERATION THAN MINE WAS FINANCIALLY
Exactly. The cash value growth is usually steady but slow, and the premiums can be expensive compared to term life insurance. Some people use it as a way to diversify their retirement savings, but it’s not a replacement for traditional investments like stocks or real estate
I can’t imagine anyone not seeing what a scam artist you are. Whole life is the number 1 WORST investment. It’s a salesmans dream for commissions! A whole life customer is an ignorant investor. You almost have yourself convinced!
Can you do this with term life insurance policies also?
The BIGGEST LIE You’ve Been Told About Money is that it doesn’t grow on TREES!! 😆
Your claim at 1:50 about not being able to borrow against your 401K is bullshit. You CAN borrow against your account for anything at any time without penalties and you pay yourself back. I am repaying myself for a loan right now. And don’t have to put up with your b.s. fees. And get a MUCH better rate of return than your bs guaranteed "safe" 2-3%. Fidelity is way better than you.
Ethically, it’s best to avoid selling your clients on the idea of using life insurance as an investment vehicle. Life insurance should really be sold as a means of protecting your wealth and the investment aspect as a bonus on top. Most people who benefit from the "infinite banking strategy" are already high net worth individuals that can afford to over fund a policy.
I believe that life insurance is a necessity especially in todays economy, but it shouldn’t be looked at as anything other than what it actually is.
1:26 if you told me that i would tell you you’re a con artist and an idiot. Lol.
This is called infinite baking.It’s one of the biggest scamps going these days.
Believe that Jesus Christ died and resurrected for you by God The Father, and love one another: you shall have eternal life in the world that is to come.
Didnt talk about any potential cons. Thumbs down bad video
😂😂😂😂 see the use of words. Take a loan vs withdraw. Let me borrow my own money instead of withdrawing it. Lol. What happens to your death benefit if you don’t pay back that loan? What about the interest on the loan?
ira and 401 k is a retiremnt vehicle, there are more millionaires in retirement accnt and besides you failed to mention roth ira, which you can access without waiting on certain age to access it, your 401k has free money from employers contribution,the question is what of your loan from the whole life did not pan out? you can have both but put your money 1st to your retirement accnt.
live off dividends and it can definitely improve your wealth if you reinvest them to buy more shares, creating a snowball effect that allows your investments to compound over time. It’s one of the most passive and effective ways to build an income stream. Steady growth can be truly inspiring! Seeking best possible ways to grow $500k into $1m+ before retirement in 5 years
Why is there a phone ring tone buried in the audio of this?
What percentage interest there is in borrowing from the bank of you
It’s probably too late to do this in your fifties