Infinite Banking Strategy - Be Your Own Bank

This is the very popularized Infinite Banking Strategy! While there are a lot more nuances that go into actually executing this strategy, but this is the gist of it. Let me know what you guys think!

If you want to know more about this strategy - message me directly. I can refer you to a few of my colleagues that offer these products.

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This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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#taxes #business #s-corp

[saeedahrabi]

Even if you borrow from the bank, the IRS won’t consider that an “income” and you never pay tax on that 🙈

[omarfarique]

In short you borrow money from your savings and you pay the insurance company an interest. You are better off saving that money and withdrawing them when you want.

[goat]

Which policy do I use and how do I structure the policy

[xzaclee]

What interest rate do you pay to borrow the money from the insurance plan?

[All.Things.Fitness]

But what is the interest rate when you borrow against yourself? No life insurance agent is ever able to tell me

[RobHealy]

If you socked enough money away to collateralize your loan in your whole life policy you probably don't need to take out a loan. This is a BS sales pitch from people who sell policies.

[dcpugh]

Ask what happens if you can't pay a premium.

[joserpd]

Saying your paying your self back is misleading, the interest you pay back goes to the insurance company not the insured!

[IGotsToKnow]

The borrowed money is not taxed but the interest on the load is the same as tax.
Also, you are paying hundreds of dollars each month more than term insurance to make borrowing profitable for the insurance company - exactly the same as borrowing from a bank.

[GG]

Upgrade process ni own bank red flag don't patronise I think konti p tulfo n to

[iant]

A. You get a death benifit
B. your kids get your money tax free
C. the money you borrow from your policy is the same as CASH, meaning you can use it as a downpayment
D. Your money is compunding in your policy, and you get dividens
E. You own your policy, meaning your money is garanteed by the fed.

It's not a get rich quick scam, its a way I can transfer my wealth to future generations, my kids can get business loans/ etc.. without ever needing a credit score or banks...

[onaruvelasquez]

How does a normal joe do this without being a millionaire? And why are their so many other people calling this a scam seriously curious

[handyman]

I dont have life insurance I do have $800K in real estate can I start a bank with that ?

[jennifercrisp]

So even with all the fees and all the rest do you believe it is worth it to use the policy for infinite banking

[vegan-vrking]

None of your clowns actually explain how to start the process of this scam