The Infinite Banking Concept

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Listen Money Matters

Careers, Business, Investing, Education

4.4 • 2.3K Ratings

🗓️ 1 April 2019

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you’ve ever heard of using your whole life insurance policy (whole life as opposed to term life insurance) like a savings account to borrow against for personal use, then you’ve heard of the Infinite Banking Concept (IBC) - whether you realized it or not. The idea behind it advocates becoming your own bank by leveraging your whole life policy for easy access to cash while sidestepping high-interest payments from lenders in the form of loans. The main point of the IBC is that you lose money to creditors on the various loans you take out over your life. Things like:MortgagesCar loansCredit cardsCollege loansAll of the above examples will deplete your wealth over your lifetime in the form of interest payments. What the IBC advocates is by aggressively saving your money in whole life insurance, you could use that money to fund big-ticket items like a house or college tuition with your policy and not lose money to interest payments. It’s like an interest-free loan. In essence ~ Be your own bank. Full Article Here Show Notes https://www.ommegang.com/beers/game-of-thrones/ https://infinitebanking.org/about/ https://www.whitecoatinvestor.com/a-twist-on-whole-life-insurance/ https://www.whitecoatinvestor.com/debunking-the-myths-of-whole-life-insurance/ https://www.investopedia.com/terms/w/wholelife.asp https://www.insuranceandestates.com/pros-and-cons-of-the-infinite-banking-concept/ https://www.m1finance.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey guys, I wanted to share something new I've been working on.
0:05.7	It's called Seeking Profit and it's a podcast where we talk about the second phase of my
0:10.2	personal finance journey building online businesses.
0:13.9	These businesses earn money while I sleep and have detached my time from my income.
0:19.2	Since 2013, I've generated millions in revenue with these websites.
0:24.2	I felt it was long overdue to create a show in Listen Money Matter Spirit that taught the
0:29.6	ins and outs of online business building.
0:31.5	This is my biggest passion and if you're interested in coming along for the ride,
0:35.7	just head over to SeekingProfitShow.com or search for Seeking Profit on YouTube or your favorite podcast app.
0:43.4	We're Seeking Profit!
0:50.1	Hey everybody and welcome to Listen Money Matters.
0:52.6	Business is the art of extracting money from another man's pocket without resorting to violence.
0:56.8	My name is Matt and I'm here as always with Andrew Andrew.
0:59.6	How are you and what are you drinking?
1:02.2	Dude, I am so good.
1:05.3	I am feeling like a baller because it was online,
1:11.1	soaring my beer, you know, like running out of like local craft brew and I found
1:17.4	the Royal Reserve collection of Game of Thrones,
1:22.4	King in the North, Barrel-aged Imperial Stout, all the words that I love most and the bottle
1:30.5	is like a wine bottle of beer.
1:33.8	No, I have that beer.
1:35.2	You do?
	...

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