How to Become a Master Family Banker in 3 Steps

Join Nate in this episode as he discusses the concept of family banking and reveals the three crucial steps to becoming a master family banker. Family banking involves keeping money within the family and mimicking the strategies used by wealthy families to create generational wealth.
The first step is to store capital, which can be done through dividend-paying whole life insurance policies. The second step is to establish a loan underwriting process, ensuring that loans within the family are handled professionally. The third step is to seek out win-win scenarios, creating mutually beneficial deals for both the family banker and the borrower. Family banking offers the opportunity to build wealth and keep money within the family for future generations.
Get the free resources mentioned in this episode here:
livingwealth.com/e228
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Key Takeaways:
Family banking involves keeping money within the family and mimicking the strategies used by wealthy families to create generational wealth.
The first step to becoming a master family banker is to store capital, which can be done through dividend-paying whole life insurance policies.
The second step is to establish a loan underwriting process, ensuring that loans within the family are handled professionally.
The third step is to seek out win-win scenarios, creating mutually beneficial deals for both the family banker and the borrower.
Chapters
00:00 Introduction to Family Banking
03:34 Step 1: Store Capital
09:05 Step 2: Loan Underwriting Process
20:46 Step 3: Seek Out Win-Win Scenarios
27:43 Conclusion: Benefits of Family Banking

[@northupupgrages09]

Here to learn more thanks!!

[@JoseSalloum]

I LOVE your used bible behind you.

[@milind526]

Isn't the $2M going to incur loan cost from insurance company? So in that case you will have to deduct that out of the $13k

[@thelivingwealth]

Yes but the $2mil cash value will also be earning interest. I essentially did a short hand calculation of a more complicated equation which will give you a very close estimate of Future Value. I can share the details if you love math analytics ;)

[@stevenvarani1823]

Are you using any of that 13,000 to pay back the loan?

[@thelivingwealth]

Yes a chunk of it will be paying back the policy loan and any excess would be used as additional premium. The $2mil of cash value would continue to compound as I paid the loan back. As I mentioned in another comment, my quick calculation is short hand for a more complex equation but gets you a very close estimate of Future Value.