Infinite Banking Concept: The Pros and Cons You Need to Know
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- čas přidán 25. 08. 2024
- Are you curious about infinite banking and what it could do for your finances? In this step-by-step video, we'll explore the basics of infinite banking, provide real-life examples, and dive into the pros and cons of this financial strategy. You'll learn how infinite banking works, how it can potentially help you build wealth and achieve financial freedom, and some of the potential drawbacks to consider.
Key takeaways from this video include:
-Understanding the basic principles of infinite banking
-Examples of how infinite banking can be used to build wealth
-The potential downsides to consider when using this strategy
If you're interested in learning more about infinite banking and whether it could be a good fit for you, be sure to watch this video and let us know your thoughts in the comments below. Don't forget to subscribe to our channel for more informative videos on personal finance and investing!
Please note that this video is for informational and entertainment purposes only and is not financial advice. Before making any decisions about your finances, it's important to consult with a qualified financial professional who can help you determine the best strategy for your individual needs and goals.
Great vid, for informative
Is infinite banking just a fancy term for life Insurance?
Huge cons not mentioned:
You have to pour your money in before you can borrow or withdraw. (Had you just kept or invested the money you wouldn't need to borrow or withdraw.)
Your cash value can take years to break even due to fat commissions and fees.
If and when you die, the insurance company keeps 100% of your cash value and only pays the death benefit.
As insurance, it is expensive - about 20 times the cost of term insurance.
As in investment, its growth may be guaranteed, but the effective rate of growth is pathetic due to all the fees.
Pros not mentioned:
Insurance companies and salesmen love it.
It makes you feel good when they fool you into thinking that you are your own bank.
someone listened to dave ramsey too much.
@hunterstobaugh4174
No, I'd say someone has common sense. You're resorting to the standard WL salesman tactic, which is to attack the person rather than offer a reasonable counterpoint. Could it be that there are no reasonable counterpoints?
@@markf.2050 nobody is out to get you bro😅
@@hunterstobaugh5856
Yeah, except that I only listen to Dave Ramsey too much. I hardly think you meant it as a compliment. You still fail to offer any reasonable counterpoint.
Meaning of Life is earning saving to give money away at death ?