Eliminate Debt While Building Your Wealth | Chris Naugle
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- čas přidán 25. 08. 2024
- On todays webinar Chris Naugle explains how to pay off debts by creating your own Privatized Banking system. He discusses how to pay off debt and flow that money back through your Infinite Banking Policy to continuously earn compound interest.
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The material shared in this webinar has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, investment or accounting advice. You should consult your own tax, legal, investment and accounting advisors before engaging in any transaction.
So well explained! Chris, you are an excellent teacher!
This was great! I need this!!
Will you PLEASE do a video on paying off your mortgage? If that is the only loan I have at 3.25%?
Thanks Chris , for such a good explanation,
I am trying to open, IBC concept, just for Retirement supplement,
Using high cash value next 11 years .
That was an excellent explanation of how to use the IBC System!!!
So when you repay the 300 to the policy do you also pay it for the same amount of time (months) you would have paid the debt to bring it down to zero or just till the policy loan was paid off to zero.
Will this work if we get insurance on my 40 yr old?
Chris, new follower and love you stuff! One request. Please make shorter videos ha. Busy professional, I don’t have enough time to consume all of this BUT I want to!!!! I’m sure I’m not alone
Then schedule a time to Video chat and then have all your questions repaired period you can always watch the videos in segments..
Great information Chris .. but one must be strict with oneself with your own Bank .. something I lacked .. thanks Paul Dublin Ireland
Well done, Chris! We need to connect at some point. ~ JTB
Do you work with Brent Kesler?
I am 69, my husband is 66 will this work for us? I like the concept of being my own bank however, I know whole life policy for someone my age will be very expensive...is there a way we could do this. We don't have much debt mainly mortgages.
The cost of insurance will be higher as you age, but the infinite banking process can still work. You can look at insuring yourself or others who you have an insurable interest on.
I don't have a HELOC but have lots of equity in home- does your company offer those with the money multiplier as a simple interest loan? I don't know if I should use my chunk saved to invest here and pay off debt here or do Velocity and wait - I'm working but also have retirement income. I believe in this - I also have 2 insurance licenses and know about these but have not found one structured correctly! I also need more money for retirement!!Help!! Thanks!!
Should we also cancel our current Term/ Wholelife policies and use that money towards IBC?
I understand Dave Ramsey recommending the debt snowball method. I think that’s more geared towards his audience and is a bigger moral boost.
But why doesn’t anyone discuss the debt avalanche method? When already discussing less common finance practices, such as IBC, the avalanche method seems like it would fit in. Or using a combination of the two methods? The avalanche method does take commitment to keep up with it originally. But that can be said for any method to get out of debt.
I got that I need to take care of my dad can you help me
🔥🔥🔥
Can't wait to talk to you all tomorrow cause I don't understand that how are you paying $300 a month on the 16,000 then turn around in the same or next month and payin $300 a month on the 63000 then on top of that taking out a $10000 loan??
Where do you get that cool whiteboard?
Hi. How could I get Information please
You can reach out to my guy craig@themoneymultiplier.com for help.
Hey Chris, so I only have debt in a house payment that is 1450 a month, my rate is 3%.
By being my own bank and paying back at 5%, that means I will have to pay more in my monthly payment?
5% on the 1450 to be 1522 a month.
I am trying to understand, maybe I need more information.
Or an average Joe that lives paycheck lives paycheck through paycheck.
Many focus on the rates not the volumes of interest and not where that interest is getting paid. How much of your $1450 payment per month goes to the bank and how much goes to pay down principal? If you understand that problem, then the rest will start to make sense. Policy loans are simple interest so 5% is not going to always be 5% as each payment goes 100% to principal, which buys down the total interest charge AND your full amount of premium deposits continue to compound uninterrupted.
how much interest does the insurance company charge to use their money?
5% in his example
Why is snowball better than avalanche?
Likely because you would pay yourself more interest back into your own bank using the snowball method. Interest isn’t a bad thing when funding your bank
@@TheKwill32 But doesnt going avalanche mean that the interest is going to your bank instead of someone else's bank quicker?
@@jag519 you will likely pay less interest with the avalanche. I believe that’s the point of it if I’m not mistaken
Banking system is going to fail don't pay anything