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It's literally what all wealthy people do. It's how they build generational wealth.

@@CailinnNoT lol I think the average wealthy person doesn't fall for a scam like this, but I could be wrong! I've been in wealthy people circles and no one has ever brought this BS up lol

@@tuxsito5704 So have I and still am. Wealthy people do not spend their money like common middle class people. They literally make themselves their own bank to create generational wealth

That's what your bank is probably to as part of what they do with the money you put in your local bank. You should really research this concept before you become like me and Many others at my age that said I wish I knew about this a Long Time ago.

You are incorrect. It’s people like you have have zero clue that cause many millions of people reading your comment to sit out completely. The pool of insured people becomes older and smaller as people are no longer insurable or have passed away. Just like the Stock market, pensions, you need new younger people to dilute risk exposure. You’ll probably never read this comment. I hope people understand, there are many arrogantly ignorant people out there. I wish I’d bought one of these when I was younger. I too was swayed by the ignorance of those I looked up to. Funny thing is, my mum and dad had these accounts in England. It’s what they used to send us to America and buy our 1st property in the Bay Area.

I’ll try and explain via text. Yes, when you want to access cash, you take a loan from the insurance company. You don’t use your own money so ALL of your cash stays in your account earning dividends. Now your next question is probably “why”? The loan won’t create a taxable event, AND this is how you LEVERAGE your money giving your dollar more than 1 job. Your dollar stays in there earning dividends and your leveraging it to pay for something or get out of debt. This is the toughest part to understand. I actually built a calculator to show real life examples.

Comparing to saving cash and paying cash, you’re probably not earning anything on those dollars and once use cash to pay for something it’s no longer in your possession earning you interest or dividends (lost opportunity cost). The LEVERAGING part of this is what makes it so unique and powerful.

Basic math is a scam???? Getting interest on a number that’s getting bigger DOESNT earn more than paying interest on a number that’s getting smaller??? 🤦‍♂️

What about him? He lies. It’s proven.

@@firecraig Dave Ramsey!

@@mathew3267 good response. 🤦‍♂️ run along 🐑

@@firecraig Dave Ramsey!

Are you slow? You keep saying the same lies that I proved you wrong.

@firecraig You haven't proven anything. Every one of your talking points is misleading or an outright lie. I get it. You're a WL insurance salesman. It's your job. You must not be selling many policies though, considering that you spend all your time insulting anyone that comments negatively about WL. Why not get a real job where you actually help people and earn respect, like selling used cars?

@@markf.2050 my clients would laugh at you!! You said you can only take loans, FALSE. You said they keep your cash value, FALSE. you said it can’t get 5%, FALSE. You said whole life and universal work the same, FALSE. You said you can’t more in dividends than paid in, FALSE. Like I said. Proved you wrong. 😀

@firecraig Your saying so doesn't make it so. You have no concept of what it means to prove your point. The fact that about 80% surrender their WL policies early is testament enough that WL is crap relative to alternatives. I don't think those 80% are laughing.

@@markf.2050did you just make up that 80% number???? Sadly too many had good policies but they listened to an ignorant person like you. Not all whole life policies are the same. Yet another fact you don’t admit. Mostly it just sounds like you are trying to justify your bad financial moves. 😀

Good luck!

dont understand the concept do ya? its not about the rate of return. Its about the ability to use your money and all of it keeps growing

@@firecraig I understand the concept. It’s just a crappy concept for anyone who has a decent risk tolerance. Even in a basic brokerage account if you DCA into an S&P500 ETF you have the ability to use your money whenever you want if you sell shares. The rate of return is not guaranteed, but is still very predictable based on historic trends. In the long term you will come out very much ahead even with taxes accounted for. It’s even better if you use a tax advantaged account. I can take a loan on my 401k whenever I want. The ability to use my money is not an issue. You typically can’t borrow against your life insurance policy until after several years when the cash value actually starts to accumulate. As I said, whole life is wonderful for people who don’t have the stomach to ever see their account balance drop at any point in time, and for people who don’t mind their agent making a large commission off of them.

@@dadbodgamesquadyou don’t understand it because you keep talking about rate of return. Infinite banking isn’t a product, it’s a math concept. It could be done with a savings account or cd and a bank loan. It’s just best with dividend paying WL. Why? Better growth, tax free, no application or credit check loans, and no payment schedule. It’s about allowing your money to continue growing even when you use it. It’s a better savings account/ money market/ or even bond fund. Not to mention it has a higher death benefit than the cash value. There’s a reason 2/3 of ALL US BANKS have millions/billions in it. Are they just not as smart as you???

@@dadbodgamesquadthe “large commission” point always makes me laugh. Traditional advisors can make a % of what you put in PLUS 1-2% of whatever your account balance is! With WL, the agent only ever gets a % of premiums paid. Not a dime of the cash value. Educate yourself before you spew nonsense.

@@firecraig Well then you are “infinitely banking” with fewer dollars than you would have utilizing other strategies. There’s such a thing as opportunity cost. The first 5 seconds of the video talks about “how to control your wealth”. How about controlling your wealth by being 10x richer 30 years later by DCAing into the s&p 500 rather than wasting your money on this crap.

just a basic math concept. or do you think a HELOC is a scam????

@@firecraig it is not basic at all. And like I said above, it lacks details.

@@joshuaborem7063 what details do you want? Whole life is an asset that the equity(cash value) is guaranteed to go up every single year. You can use a % of that cash value as collateral for a loan. That way all the cash value keeps growing. Here’s an example. 100k growing at 5% in 5 years is 128k A 100k loan at 5% paid in 5 years only costs 113k. That’s plus 15k because you took a loan instead of what withdrawing.

​@firecraig BS. Your cash value will not grow at 5%. All that cash value used to be cash in your pocket, but you gave it all and much more to an insurance company. And now, to access it, you need to take out a loan and pay interest. Your calculation needs to include the scenario where that cash is still yours in an investment, making say 8%. You borrow from yourself and pay it back to yourself at the same rate (period & $/mo) you would pay back a policy loan. You come out ahead because the interest portion goes to you and not the insurance company and because compounding growth is not a unique feature of cash values.

@@markf.2050 4-5% is definitely attainable but let’s use 4%. 100k growing at 4% in 5 years is 122k A 100k loan at 5% paid in 5 years costs 113k. That’s still PLUS 9k. Not sure how that’s a hard concept to grasp??? Better yet, what I took that 100k loan and put it into real estate and over 5 years made 10%!! Now I made money in two places!!!You refuse to acknowledge facts because someone lied to you and told you whole life was bad.

a basic math concept is a scam????? Its clear you are ignorant on this subject as your try to compare whole life, a fixed product with guarantees, to investing in the market. 😆

Better look up “safe withdrawal rate”. 😂

​@@firecraig Basic math concepts cannot be scams????? OK. Here's a simple and basic math concept you should agree is not a scam: You give me $100,000 I take and keep 20% of that. I then allow you to borrow up to $80,000 if you pay it back at 5% apr. If you should die, I keep everything. Sounds great, and definitely not a scam, right?

@@markf.2050 if my cash value is 100k, I can get a guaranteed loan of 96k. I can pay it back whenever I want but let’s say I did it in 5 years. Because I took a loan and didn’t withdraw that money, all 100k keeps growing. 100k at 4% in 5 years is 122k. That 96k loan at 5% paid in 5 years costs me 109k. That’s still PLUS 13k!!! How is this hard???

how

How so?

such a scam that 2/3 of ALL US BANKS have millions/billions in them

basic math is a scam??????

🤦‍♂️nope. It’s just basic math.

If you funded it properly, policy loans against the cash value can pay the premiums.

More likely they terminate the policy because you are no longer paying into it.

No ,its a scam dont do that.

How is it a scam? Researching this concept and genuinely want to know.​@@MrJcl666

@@MrJcl666it’s basic math dummy. Tell me how that’s a scam. 🤦‍♂️

“100% taken away”???? 🤦‍♂️🤦‍♂️🤦‍♂️🤦‍♂️🤦‍♂️Did you feel like your equity was taken away when you sold your house? No? Why not??same concept ding dong

No answer? Turns out your talking points are nonsense.

Don’t really know how whole life works do ya?🤦‍♂️

​@@firecraig Do you say that to every one?

@@markf-2051 if the shoe fits. Now, let’s hear what the cash value is in whole life? Whats a policy loan? What kind of growth rate in cash value from top mutual dividend paying companies? Explain IBC. Now, let’s see if it’s appropriate. 😀

@@markf-2051can’t answer a single one of those questions can ya? 😀

You are correct! Say it takes you 7 years and $100,000 to finally have $100,000 in your cash value. (You finally broke even!) You borrow $50,000 to buy a car and pay it back in 4 years. After those 4 years, about $155,270 after tax PLUS the ongoing premiums during those 4 years has left your pocket and you have a 4 year old $50K car to show for it. That's IBC in a nutshell.

you cant. at least not as efficiently

​@firecraig You mean to say there's a policy less efficient than whole life with which to practice IBC? Please tell us about how much money a client would need to pour in before they have $50k available to borrow. Assuming the monthly premium is $500, how much time as well. I'll bet you don't answer with real numbers. That would be too embarrassing for you. Better to just respond with insults, right?

@@markf.2050 so I own 10 policies, can illustrate them, work/worked with two of the top companies but you, have never seen one, don’t own one, but think you know how they work?? Hahaha. I’ll run some real numbers. See I have zero to hide. Why? I’ve seen how they ACTUALLY work. You? Nope.

@@markf.2050 now, let’s see you run the same with a savings account. Show me one that keeps growing when you take the money out and provides a death benefit WAY higher than the balance. 😂😂😂😂

@@markf.2050 between year 7 and 8 at current dividend rate. Same as a savings account 😂 Difference is, you pull that 50k out of the savings it earns ZERO!!! I take a 50k loan at 5% and ALL my money keeps growing!!! If you try that same concept at the bank, you have to qualify for the loan , must make monthly payments, and it definitely won’t be 5% right now!!! Hahahaha.

@@firecraigThink about what you just said... You borrow money, the company keeps YOUR CASH as collateral.

@@markf.2050 let’s go back to your recommendation. Savings account, taxable at your income tax bracket. Bank loan. Must be qualified for and must make monthly payments. VS whole life policy Cash value growth TAX FREE. Policy loan. No qualifications and pay back whenever you want. 😀 Good thing you aren’t a financial advisor!!!

@@markf.2050 see how you dont have a response. your recommendation is terrible

@firecraig How about you educate me? Tell me how borrowing with a policy loan is better than a bank loan or just spending and replenishing money from a high yield savings account. Don't gloss over the fact that the money in that cash value used to be after-tax cash in your pocket but you gave it all and much more (commissions and fees) to an insurance company. Now, if you want "access" to that money, you need to take out a LOAN! You wouldn't tolerate it if a bank did that, but you love it when an insurance company does that?

@@markf.2050 not sure you actually want to be educated but here goes. Its a real simple math concept. By taking a loan rather than withdrawing, it keeps ALL your money growing. Not to mention a policy doesn’t require an application, credit check, or payment schedule. That high yield savings account, that only became high yield the last year or so, is taxed at your income tax level and the second you pull it out, it earns ZERO. You are incorrect that the only way is a loan, you can also withdraw. Perhaps you need some basic math. 100k growing at 5% in 5 years is 128k A 100k loan at 5% paid in 5 years only costs 113k. Last I checked that’s PLUS 15k. Sometimes the best things in life take patience.

Tell me you don't understand the economics of life insurance without telling me you don't understand the economics of life insurance. Cash value is the net present value of the death benefit. They're not separate values. The cash value is the amount of death benefit you get access to today. When you die, the insurance company gives you the future value of the asset. No other asset works this way. If I buy a house today with a 30 year mortgage, die tomorrow, the mortgage company doesn't give me the house free and clear but that's exactly how life insurance works. What's an incredible benefit is discussed as a negative from people who don't understand what they're talking about.

That’s as stupid as saying the mortgage company keeps your equity when you sell your house. 🤦‍♂️

@@firecraig It's even worse than that. It's like saying, when you die the mortgage company doesn't give you both the house fully paid off and the equity you've built up over the years.

A house is a poor analogy for a whole life policy. You can't live in an insurance policy - not even a specially designed and engineered one. A better analogy would be the combination of a term policy and a good index fund investment. With that, your heirs CAN expect to get multiple checks upon your death instead of just 1 (one) with a whole life policy. And the total will far exceed the whole life policy.

@@markf.2050 nope. A house is a good comparison. It’s an asset that builds equity over time. You can take loans against that equity. Now as far as comparing whole life, a permanent fixed product with guarantees, to a term and investing in the market is just ignorant. The best and most accurate is whole life vs a term that never ends and a savings account earning 4-5% tax free. Let me know when you find either. By all means keep commenting showing your ignorance. 🤦‍♂️

You think they keep your cash value???? Hahaha