Jason and Kyle discuss what the major problem is and how you can solve it. Top points discussed: 1. Your need for finance is huge. 2. The banking function is being practiced, you might as well be the one controlling it. 3. You want to practice the banking function in the most efficient vehicle possible. 4. Do your actions align with your goals?
Jason and Kyle breakdown why they do not use Universal Life Insurance to practice the Infinite Banking Concept. Top points discussed: 1. Universal Life Insurance guarantees 2. UL is neither good nor bad, it's just a tool 3. Brief history of UL 4. Why we only use dividend paying whole life insurance to practice the IBC.
Jason and Kyle share some of the frequently asked question they've been getting. Top points discussed: 1. What does it cost to work with you? 2. What if I can't pay the total premium? 3. Am I too old to start a policy? 4. Am I paying myself interest? 5. Direct recognition vs. non-direct recognition. 6. Does your policy grow more with one large policy vs. numerous smaller policies?
Jason and Kyle breakdown why laddering polices is usually not a good idea and should be avoided. Top points discussed: 1. Laddering policies is a scheme used by some agents to sell more policies. 2. Constantly starting policies forces you to operate in the most expensive period of the policies. 3. When to start new policies. 4. The longer you fund the policies, the better off you are.
Jason and Kyle wrap up their Becoming Your Own Banker book review by going over some of the best topics discussed. Top points discussed: -There are only two types of income, people at work or money at work -The two biggest eroders of wealth -Owning equity in business gives you tax advantages -Start directing your cash flow to a system you own and control -Teaching the next generation about banking is crucial -Self-education is key -Do not give up control of your cash! -Wealth must reside somewhere
Do you have to choose between the stock market and IBC? Jason and Kyle explain how IBC policies are AND assets not either/or assets. You can do both! Top points discussed: 1. Life insurance policies allow you to have money working in two places if you choose 2. Premiums should be seen as deposits instead of expenses 3. IBC is all about financing things, not about competing with the market for rate of return 4. Rate of return is important in the IBC policy, but not the most important part of IBC 5. IBC allows you to decide what you want to do without penalties 6. You finance EVERYTHING you do