Hello all. I'm starting a thread on infinite banking to explain the concept and answer any questions you may have. I consider myself a master on the subject and it is part of what I do for a living. I absolutely LOVE this concept and love to share.
So, first things first. What is infinite banking? It's a concept. It's a concept you can put to use to give your dollar more than one job, like a bank does...hence the coined phrase "infinite banking". By utilizing section 7702 of the IRS tax code, you can build cash value inside of a permanent life insurance insurance policy that will grow tax-free, can be utilized tax-free, and when you die - your death benefit and cash value is passed down to your beneficiaries tax-free. By doing so, you have the opportunity to LEVERAGE your dollar, to pay off debt, self-finance debt, grow tax-free retirement, increase cash flow, etc...all on the same dollar, giving each dollar multiple jobs.
P.S. Before someone says "but Dave Ramsey says it's a scam...Dave Ramsey is full of ****. I'm not sure if he is lying to people on purpose, or if he just doesn't understand life insurance. I know he is in the business accepting royalties for the company he represents and they only offer term life. We also offer term.
Ask away!
So, first things first. What is infinite banking? It's a concept. It's a concept you can put to use to give your dollar more than one job, like a bank does...hence the coined phrase "infinite banking". By utilizing section 7702 of the IRS tax code, you can build cash value inside of a permanent life insurance insurance policy that will grow tax-free, can be utilized tax-free, and when you die - your death benefit and cash value is passed down to your beneficiaries tax-free. By doing so, you have the opportunity to LEVERAGE your dollar, to pay off debt, self-finance debt, grow tax-free retirement, increase cash flow, etc...all on the same dollar, giving each dollar multiple jobs.
P.S. Before someone says "but Dave Ramsey says it's a scam...Dave Ramsey is full of ****. I'm not sure if he is lying to people on purpose, or if he just doesn't understand life insurance. I know he is in the business accepting royalties for the company he represents and they only offer term life. We also offer term.
Ask away!