How To Use Infinite Banking- Car Purchase | Wealth Nation
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- Опубліковано 7 лют 2025
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Cash deals should almost always result in a discount on price. Don't let a dealer or salesman take advantage of you. Say, "Is that the best you can do? I'm paying cash and I expect a lower price. Can you make this happen? If not, I understand but then we don't have a deal" Then walk away. Say "if you change your mind give me a call but I can't guarantee we will not buy elsewhere." This should prompt a change in attitude especially if sales have been slow.
Honestly never tell a dealer your paying cash for a car.They don't make money selling new cars for cash.
@@MrRepsMrReps Sometime the salesman will ask you early on if you plan on paying with cash. I wouldn't say yes even if you were planning on cash. First get the price down as low as possible and then say "Well, I have cash and I would like a discount and let them know that cash money now is worth more than money later.
@@LAStreetPreacher Understood but there is a better way to become your own bank other than Infinite Banking
@@MrRepsMrReps Please share and explain.
@@LAStreetPreacher 20 years ago an agent attempted to sell me a plan. After doing the math I chose to fund an investment portfolio with the premiums I would have paid the insurance company. The portfolio allowed me to borrow on margin which means 35% of the portfolio was available to borrow from. Now 20 years later with six figures invested I have five figures available to borrow from at 2%. Should I borrow I pay my self back with interest. That's how you become your own banker with out an insurance company extorting you for premiums
This is my first time seeing a video from y'all, being that I've been married going on 8 years,
3 children and just turning 27 and learning financial literacy I know it's about to change the whole dynamic of my family name.
And I really vibe how y'all sync!
One of the things that I see out there concerning personal or household finances is a lack of knowledge and historical perspective. I love that you're offering education, straight forward math, and strategy to better use one's own finances.
I guess, if my understanding is correct, the difference between buying a car through the dealer ship at 2-3% vs buying by loan from the CV Whole Life policy and paying yourself 6-7%, is that you may pay more and for longer period of time, but, you are paying yourself instead of the dealership, the financial institution that financed the loan, and all other "in-house" associated fees. What works best for each individual varies from person to person. But your information is very valuable and helps us make better and wiser decisions when it comes to our money.
Your understanding is incorrect. That 6-7% is going to the insurance company. You're not "paying yourself" that interest. Every penny of it goes to the insurance company. If you choose to pay more than they are charging while pretending those extra dollars are interest, go for it. But the reality is those extra payments are simply you choosing to save more of your own money.
This is great stuf. You are amazing and I like how smooth you laid it all out. I wish that I would have known this years ago. But is never too late here I come.
What’s the best whole life insurance policy?
I just love watching you guys!! I started my journey at 23 years old. I'll be 30 in two months!!
So if I did this and got a dealers liscsen. Then I can buy them wholesale dirt cheap.
So how would you write it off if I used it as a business vehicle or personal vehicle vs. Just selling it to a customer?
Would I have to sell it to myself at a retail cost value or could I get it at cost?
I seen I can but brand new for a few thousand $!
( value difference from wholesale vs. Retail value)
I was looking at a 2023 corvette stingray convertible for $2,000.00 that is valued at $99,000.00 retail!
Plus, nice thing is if I was unable to make a payment on the life insurance policy. I could always take a title loan on the car or sell it cheaper & faster on the internet.
Could I also write off the difference on my taxes selling it at a loss?😮
I am sure it works on motorcycles the same as cars.😮❤❤❤
This education was 2 years ago, but I'm just getting in the loop if this. Which I feel I'm right on time. I love how you explain in Lehman terms language. My inner voice yelled, "They smart you stupid." Sheesh thats genius. My wife and I currently reside in Canada. Do you do video meetings? We have a schedule appointment with a broker here to discuss whole life, but would like more ammo goin into this meeting that's beneficial for us, instead of just being a yes-man, sucker. If you do take on Canadian clients, we would love some forever consultation goin into this meeting.
Thank you for an amazing channel and helping me understand this concept at a deeper level !
I just found your video. I'm trying to educate myself in order to create money and save it. We all need to be educated on money. I would love your help!
I'm so full of energy that I found this channel today.
Thank you both! And may your blessing continue to have compound interest 😁💕🌸
Good stuff, I'll look into this more
That was a BOSS move!
Listening to you guys I know Im going to be good this year
My new favorite channel!! Thank you for the information.
It gets no better than this. The best example of Infinite Banking in action yet. Great job guys!
Thank You for better understanding of the right type of Whole Like Insurance
I almost fell for this IBC, did a ton of research. I’ll stick to my real estate and dividend paying stocks.
Sounds like you are confusing it with investing
Yeah...me too. Way too many red flags
I have a lot about infinite banking, but nobody has expalined the way you guys has dropped this knowledge
This is the best thing on youtube!!!! Thank you guys for so much info!!!!!
I love it. I need to catch up with you guys so many videos to watch. You can also buy a house with it! We did that. So awesome! Keep rocking it guys!
This is awesome! Yall are amazing!
Props on getting a new car and showing restraint against buying a Tesla. The only thing I want to say is if you have excellent credit and you get your car loan at 2% you can use the 50k or however much you paid for the car on something else that will give you a higher return than 10%.
Love the presentation
Good morning I have come across your video a week ago I am so impressed with the work that you guys are doing the information that you’re putting out and I am just taking notes right now and watching your videos and definitely started giving myself money to invest so again I appreciate the contacts and I’ve learned a lot I’m going to pass it on to my children and my family and keep doing what you do
I just finished looking at this video and it caught my interest on how much of policy to purchase?
Y’all right on time cause for the past month I been thinking about buying a used Model X for 65k
Love your channel, it will be informative if you did a video on Trusts.
Love this!!.
Only wish I knew about this system when I was younger.
Where do we start or open a whole life insurance? And how many fee’s and commissions are in having a this insurance?
Problem, when the government and the one percent utilize this practice, how is this different from what you are stating. Health requirements, etc
Can y’all do a review of the best whole life insurance companies
Life insurance on a baby or very young children is great because it's so cheap. You can add more money per mth where the company will refuse to take your money as the interest earned is paying the premium.
What companies do you recommend for life insurance
Thanks for talking actual numbers, I’ve just started watching your videos and that’s all I’ve been waiting to hear, actual numbers, great video. I am wondering however, how you end up with $11k. You said you paid yourself back with 10% interest, if your whole life policy charges you 5% interest, you’re only earning an extra 5% interest so I wouldn’t think you end up pocketing an extra $11k after 5 years.
$11k is "outside" of the policy. The $11k is the amount they paid themselves back of $872 mo for 5 years (the amount they would have paid the dealer for car), plus interest.
Always great information on this channel. Thank you very much.
My Favorite Financially Savy Couple
Thank you so much for the kind words😁
CV earns the uninterrupted interest regardless of a loan, if you keep making premium payments. Paying higher than norm interest is just buying mini paid up insurance, which increases CV on 1:1 ratio.
Why do a lot of people say that when you pay your life insurance loan back that the interest rate goes to the insurance company and not towards your life insurance amount? Is this true?
What do you think about annuities?
I have been very curious about this "infinite banking" concept and what it was all about...I mean, how could I not be interested in an "infinite" source of funds? But after watching many videos I noticed that they gloss over a lot of the details...mostly talking about concepts and how doing this will make you wealthy. I thought I knew what the idea was, but now I am sure...what it is, is an insurance policy with an eventual, 5-7 years away, cash value that you can "borrow" against to do things like this video discusses such as paying cash for a car...
What I wish you would discuss is more real numbers. You obviously sell these policies for a living, so you have access to the figures, so it would be refreshing to see a video showing a sample policy of say $500 per month, how it grows, how long before you can borrow against it and how much that would be over say 5, 10, 15 and the end of the term.
Cash value life insurance has it's place in planning for your future, but let's be honest, it is not the vehicle that is going to make the average 9-5 worker wealthy. The wealthy certainly use this tool as one of their investments, it's a great hedge against inflation, offers a locked in guaranteed rate of return and if you are in a pinch then you can borrow against it.
To be clear, when you 'borrow" money against your policy, you will be paying the Insurance company interest on this loan, NOT YOURSELF. The benefit is that the money you are borrowing against continues to grow at the 3-4% promised in the contract. The example in the video is very misleading, the claim that after paying $800+ per month for 5 yrs I assume, that they then would have an additional $52k plus the car, is false. They borrowed $41k or so from the Insurance co, that they paid back, made higher than normal payments, leaving them with an additional $11k? Well that was their own money they paid themselves. This is like claiming I made $11k in profit, when all I did was transfer the $$ from my checking to my savings...I didn't earn that money, well I did by doing other work, but by transferring it to another account, all I did was "SAVE" the money...
A Cash value policy can be a great forced savings account, but it is not and "infinite bank". You can only get out what you put in, plus the interest the money will earn over the life of the policy.
Now. I am by no means any kind of an expert, matter of fact, I have more questions than I have answers. For example...
When I borrow against my policy, are there any fees involved other than the interest being paid to the Insurance company?
When I am paying the loan back, like in your example where you borrowed $40k and paid back $800+ per month, do I still have to pay the monthly policy premiums?
How much are the average annual fees on this investment? Since it's an insurance policy, I am sure there are annual premium fees collected by the insurance co, if so then how much and how does this affect the true annual APR that my funds earn?
Is the eventual value of the policy TAX FREE? If I complete the policy, pay it off and then cash it in, do I owe any taxes? If, not this is a huge benefit, maybe one that deserves to be focused on more in videos.
I suspect that when you borrow against your policy to buy a car or whatever, that you do have to continue paying the monthly premium. So to use the example in this video, if they were paying the LOAN back at a rate of $800+ per month and their monthly premium was $500, then their monthly obligation is $1,300+ per month...I could be wrong about this and if I am please let me know. But if I am not, then this is another point that gets glossed over in all these videos. These type videos offer examples where you can buy cars or Real Estate to then earn money on your money...I mean it' s a sexy concept that sounds great on paper, but fades quickly when the reality of the concept is tested in the real world. One example is Real Estate. If you were to decide to buy a home and you thought, hey I could borrow the down payment from my "infinite bank", take out say, $30k...well lenders do not allow your down payment to be borrowed. Maybe, because you own the policy and it's cash value it would be allowed, but most likely they would require you to SURRENDER the policy for it's cash value. If they did allow you to use the borrowed money and keep the policy, no doubt they would factor in the cost of the monthly payments back to the insurance co as debt which then lowers how much you qualify for based on your new debt to income ratios...
I do think that this concept can be valuable, but not the way it is presented in this and most other videos and it's definitely not an infinite bank.
The Wealth Nation are obviously a very polished and educated couple who have the ability to produce a great video. I would just love to see one with more specific information. Numbers, not concepts or ideas. Actual real life scenarios. There is no reason why a sample policy could not be discussed. I for one would be all ears....and eyes...
Good comment...also I see Wealthy Nation has not responded to your comment. They should be able to give a real life example...more than likely they are holding the real information hostage for pay 🤷🏾♂️
@@cedmac3366 their non response speak volumes, perhaps they don't have to respond to me directly but instead post a link where all the questions being asked are answered. I get the feeling that they are good at selling policies to those who are taken in by this "concept" who only later on find out it's not what it was made out to be...I also think that this concept was a passing fad, as it was all the rage on social media. over time people get taken in and word spreads that social media vs reality are not one in the same.
I have an underlined condition so can I still get a cash value whole life insurance policy?
You can place life insurance into a trust to really protect you
I love this concept. What is your advice if a household has a $6000 per month budget and $50,000 in savings. Is there a strategy for running that $6000 per month thru their policy or policies before giving it away to bill collectors?
Negotiate by walking away. Buying the car at the end of the month gives you more leverage. Asking for the salesperson who needs to make their quota gives you additional leverage. Because selling units is more important than the money at the end of the month. Now use Cash Value to buy. You will hold the cards.
Very important: Team/Accountant leave it to the experts in order to make sound financial decision......I love how you guys have meetings with each other......I'm so grateful for your channel..... Cash/Check is KING💚🤗
Love your videos! I'm planning on using my cash value on my policy to buy an engagement ring.
so how do you start the banking system?
Great info. What about to create a new policy to pay for the financing car? Is it possible? Paying the quote to the insurance and at the same time borrow it from the insurance company to pay the financing company. If possible strategy may be use also to pay mortgage .
How are you paying back the life insurance loan?
What whole life insurance do you guys have? And which policy?
Ok I have a good question. How long does it take paying on your policy does it take before you can actually borrow from yourself to make an investment such as a rental property
How many years until you can use money from your policy?
I love the content on your channel so much information. However I’m a more visual person and was wondering if you could do a transaction like your car purchase on a whiteboard or on a spreadsheet. Thanks again
Thanks for sharing
Why don't yall have "Marko white board finance" on your next whole life insurance episode? We the people would love to see that episode
Can you loose your insurance policy if you miss a payment?
hi I 'm new to your channel. I have no investment ,little to no money in savings. The question is how can i start now at 50 years of age in buying whole life insurance that can borrow to invest in my future aswell as my family. keep up the good work.
What happen to the extra money that you paid into your Guaranteed Cash Value when the owner pass?
What does paying higher than normal interest is just buying mini paid up insurance mean?
Can i make a loan(thru whole life),& pay a existing car loan out?
Let me preface by saying I really do appreciate the quality of your efforts in these videos and as a whole, the things you are saying are sound. I will also preface to say I am a long time user of, believer in and proponent of Cash Value Whole Life for the role it can play in a holistic financial plan. I have an honest interest in your feedback to my comments below.
I think the way you've presented this car buying saga is quite misleading, and frankly is part of why so many smart and well-intentioned folks immediately dismiss it as a scam. Take for example around the 16:30 mark, where you point out that you now have the car AND the 52k, and Carmen says "say whaat?!" as if somehow this money came back to you while you get to keep the car too. Then at 17:30 when you say "now outside the policy we are paying $872 every single month for 5 years which is going to *give us 52k back*". Emphasis added on your use of the words "give us back".
That is not how this works and you haven't gotten anything "back" and I'm sure you must realize as much.
All you've done is replenish your savings with new money as quickly as you could after you paid the dealer cash for a car. It's disingenuous to say that "outside the policy we earned 11k".. No, you didn't. You bought a $40k car with cash that you borrowed from the insurance company, repaid them with interest and then SAVED an additional $11k on top of that from new money you earned elsewhere. This isn't money that "came back to you." It's just new savings, plain and simple. Making a promissory note to yourself to pretend that you're actually your own bank is nothing but a psychological tool to help you organize, I suppose, but is completely unnecessary. You are not your own bank here, the life insurance company is. It took me a long time in my own journey to really realize this.
It's also disingenuous to imply that you recover all the interest expenses. Also not true.
Here's what actually happened (in rough numbers).
You borrowed $40k from the life insurance company so you could pay cash to the dealer. You paid the insurance company back at somewhere between 6-8% interest while your collateralized CV was growing internally somewhere around 4.5%. This means your net interest expense for the car purchase was somewhere around 2-3%. Had the car company offered you a 0.9% financing for the same 5 years, you would have the car and would have paid only ~$900 total interest. Instead, you used "infinite banking". After 5 years, you owned the car, but you spent ~$2k on interest rather than only $900! Did you gain flexibility and control during the payback period? Yes, and that does have value. Worth spending an extra grand on interest? Maybe not so much.. Technically you paid back the insurance company a bit quicker than 5 years, but let's keep numbers round.
The fact that you "now have 52k" is immaterial to "also having the car". $40k of that you had all along - inside your CV which you never touched, and the $11k additional is just new money you saved after having paid for the car. You could have gotten there quicker had you taken the cheaper loan from the dealer.
CV whole life insurance is a great tool for maintaining "Access, Liquidity and Control". You don't have to qualify for a loan, or go through a credit check, and you have full control to decide how, when, or even IF you pay it back. Because the loan is collateralized against an asset that keeps growing, your net interest expense is low. This is where the real value lies. The plannable guarantees baked into the contract afford for inexpensive and flexible access to your capital, on your own terms while you're alive and a DB once you're gone. All good and important things.
The distinct benefit of borrowing against your CV is that the CV continues to grow in value despite a loan against it. Just like a home equity loan. Whereas, if that $40k had been growing at 8% in the stock market, and you sold out to buy the car, you've just experienced an opportunity cost of 8% - the compounded gains that $40k will no longer earn. CV loans have no opportunity cost which is whey they are such a great savings vehicle. When you pay back a CV Loan, the cash-value is right back where it was before the loan, because in fact you never actually touched the CV in the first place.
In todays world where things like cars and houses can be had for historically low interest rates, yet CV loans tend to be in the 6-8% range (2-3% net), borrowing from CV is not always going to be the most economically beneficial from a numbers standpoint. In fact, these days, I don't even use CV loans at all. Rather, I use what many banks are offering now, "Cash Value Line of Credit" - a LOC from a bank, collateralized against your cash value, usually the rates are pegged to prime (so ~3.5% rather than ~7%) You give up some control, but for a less expensive cost of capital.
Don't mean to sound like a naysayer, I'm not, I just think it's important these things are made clear. There is no magic here. Savings is savings, pure and simple and I like that you essentially opened the video with that. The key is to replenish your savings "with interest" by recognizing, again as you pointed out, that your personal finances is a business.
keep up the great content!
edit: I just now watched your other video where you explain not ever paying back your loans -rather, make those payments into a segregated checking account. Unless that account is earning more than the 6-7% interest the insurance company is charging you, you're still not coming out ahead. This isn't happening unless you're INVESTING it (not saving) which creates risk. This is no different than using a home equity line of credit to cashflow your lifestyle. Call it "velocity banking".. lots of hoops to jump through... take a step back and look at the forest through the trees and you'll see you can accomplish the same ends with much less complexity!
Thanks Paul for sharing this additional information. Other great points to consider and another angle to look at. I read every word and even print it for review over again. I guess, if my understanding is correct, the difference between buying a car through the dealer ship at 2-3% vs buying by loan from the CV Whole Life policy and paying yourself 6-7%, is that you may pay more and for longer period of time, but, you are paying yourself instead of the dealership, the financial institution that financed the loan, and all other "in-house" associated fees. What works best for each individual varies from person to person.
@@thetrumpetplayer1109 Glad I could help!
You wrote: "if my understanding is correct, the difference between buying a car through the dealer ship at 2-3% vs buying by loan from the CV Whole Life policy and paying yourself 6-7%, is that you may pay more and for longer period of time, but, you are paying yourself instead of the dealership"
I'm afraid your understanding is not correct. This is where this all gets very misleading in the way it's being presented by the folks in the video. You are never paying *yourself* interest. The interest you pay, ALL of it, goes to whomever lent you the money. Period. The dealership or bank if you finance through them, or to the Insurance Company if you borrow against your cash value. The insurance company is very much the bank in this case - they are the lender and every penny of interest you pay on the loan goes back to THEM, not you.
There are no two ways about this, it's just how it works and anybody who says otherwise is misleading you.
From a purely numbers standpoint, if a dealership or bank will lend you money for the car at 3% while your insurance company will lend you money at 6%, go with the dealership. You will pay less interest overall and therefore have more money left to save or invest. However, it's not always about numbers. Maybe you can't qualify for a bank loan, or you don't want a fixed repayment schedule, to remain flexible. You can do this when you use CV loans, as repayment is on your own terms. You can't get this level of control from any other kind of lender. There may be great value (preventing missed opportunity) in paying more interest to keep this level of flexibility. That's a decision you need to make based on your own circumstances and goals.
That being said, where then does this whole idea of "paying yourself with interest" come from that seems to permeate this IBC space?
Consider if instead the tables were turned and we were in an interest rate environment very much unlike we see today, but have seen in the past and will again in the future. Let's say the dealership or credit union offered you a loan at 9%, but your CV loan only costs 6%. You choose the CV loan of course and you pay the insurance company the 6% they charge.
What then? Here is where the folks in the video start playing games with semantics. They may say, I'm taking the CV loan at 6%, but I'm going to *pretend* that I'm paying the higher rate I would have been stuck with if I hadn't had the policy loan to choose from.
Stop and think about this for a minute if it's not clear. The CV offers the best rate, but let's pretend we didn't have access to it, and pretend we're actually paying the bank at the higher rate.
So they make payments to the insurance company based on a 9% amortization (like they would have with the bank.) Are they really paying 9% interest though? No. All they're actually doing is choosing to make extra payments. That's all it is, choosing to make extra payments. Where do those extra funds come from? New, outside income presumably.
What then becomes of these extra payments which they are calling interest when it's really not? If you were paying a bank, the end result is simply that you pay down the loan faster and save on interest. If you are paying the insurance company, and your policy was designed properly for this strategy, you have a choice of where those extra dollars go. You can either choose to pay down the loan balance faster, in which case, as above, you save on interest expense (but your CV balance remains unchanged) OR, you choose to direct those extra payments to what are called Paid Up Additions (PUAs). These are essentially small, standalone whole life policies with their own DB/CV which get tacked onto your main policy. This mini policy is fully paid up all at once with that extra payment you made. You've basically said "I'm going to take this extra money I have and save it by purchasing more life insurance."
In this case, that extra payment (which is new savings, not interest) does cause your CV to go up, but that's only because you chose to buy more death benefit and has nothing to do with how, when or even IF you took out a loan at all.
See how that works?
@@Paul-jp8zz Thank you Paul for your through explanation that hit the concept on the head. I also don't understand why people have the idea that somehow you are paying interest to yourself. It all goes to the insurance company. Outside of outright lies the only rational reason I've heard that you 'should' go with a CV loan vs traditional loan is if you are worried about the bank calling the loan for whatever reason. Unsure how likely this is to be honest but it has happened in the past and those instances were much larger amounts than what 99% of vehicles would cost. I see IBC as a great way to save, or bankroll a business but for buying vehicles in this current low interest rate climate I just don't see the value.
@@nonya613 Exactly. CV is great if you are worried about qualifying for a loan when you need the access, or worried the loan might get called due (for any number of reasons) or would like to have the flexibility to pay it back on your own terms, or in an interest rate environment where the net cost of the CV loan is less than the going rate from a traditional lender. All good things. The "paying yourself with interest" is just a weird way of saying "save more"
Doing your own math clears away much of the confusion. A lot of people won't do that or maybe just don't know how to approach the math yet. It is my sincere hope that all people educate themselves on the math and history of money matters.
How are taxes as it pertains to using whole life insurances?
What about the interest paying back to the insurance company for the 40k? Is the real value the difference between your ammortorized payments and the payments back to insurance company. Of course pure benefit of using it all again but jist trying to clarify before I do the same with my policy.
FYI love u guys
I have a paid for vehicle and I rent an office only. How can whole life insurance and infinite banking help me. I an a senior with no chikren or family to leave a death benefit to.
Do you guys ever state what life insurance companies you use??
Can one take funds from Thrift account and buy a whole life insurance policy without penalty?
I would love to be a client but I'm broke 💵🚫. Can you recommend a Life insurance Co for NY State residents?
How long does it take for you to get your cash flow if you invest $10k upfront 300-$400 monthly
How long had you been building the whole life policy at that point?
Can you start writing numbers out and where they were coming from and how you put it back
I have a IUL policy and looking to get my wife one. Who do did you guys use for your life insurance policy?
Also I would ask what are your thoughts on how to tell a good whole life insurance company like a reliable one from to one to stay away from.
31:33 Hi Richard, I would just recommend what are known as "Mutual Insurance" companies as opposed to other insurance companies which are traded on the stock market. Therefore stock traded companies are beholden to the stock holders or whims of the upper management. Also many of the better Mutual companies have been around the longest. Just my 2cents :-)
I'm confused, when you take a loan out from ins company and pay it back, you don't have any more than you would have had if you didn't take the loan and just deposited the interest amount into your account. Make sense?
Wait a minute car insurance is not part of a car loan. Sure you can purchase it through a dealer. But why would you add it as part of the price of the car? If you had paid cash for the car would you be adding the insurance and saying we still have a car payment but it's insurance?
So I have financed down payments for real estate and cars with cash value in whole life insurance policies. After doing this a couple times, why can't I just borrow against my E-Trade Brokerage Account? Isn't it the same thing minus the death benefit?
I’m so confused , but my wife and I are going to look at the older videos to see if we can figure this out.
So basically you took out a loan with the insurance company and used your cash value as collateral.
Used the death benefit as collateral
Could a person use their life insurance policy that they receive through their job in that same way
no. it wont be set up properly
I’ve been trying to figure out, when you say the amount of cash flow you have with your insurance are you talking about the amount you pay monthly that accumulated or something different, can you please specify so I have a better understanding of what I need to have to borrow from my insurance
My family is from rembert sc. small world
How can i buy and sell the insurance
So you have a recommendation for an accountant
Can you show the numbers how you get money back from your Kia purchase? This is one of the things that keep me from buying a max cash value policy.
Great video. Were you able to pay more interest than what was required by the insurance company because you have not maximized your premium and room for over contribution to the policy? Thanks
Do the amount of money you can pull out of a policy increase each year when paid at the beginning of the year
Yes, every year when you pay your premium there is more cash value available.
What about taking the loan from the dealership so you can have the lower msrp and then paying it off in a day or 2 using your CVLI? Thats something im kind of floating around as a way to build relationship with the dealer so everyones happy and we all get what we want. I would check first and see if the presented loan has any prepayment penalties or limits. I would go for the one that doesnt have the penalty even though its a higher interest. As long as you pay it in a few days, youre looking at probably $3-5/day in interest at the worst. This is just me theorizing based on what i learned from buying new cars from the dealership twice
How do you become an agent?
I use security mutual life insurance
Most of the time cash gets you a lower price.. so thats amazing they wanted more.. so why not take financing at the lower price and immediately pay of the loan.
How can I find the right whole life insurance company to start my infinite banking.
IBC global inc is the best! Use a guardian policy.
If the dealership charged you a fee for paying cash, why didn’t y’all just financed it and paid it in full on the first payment ?
I just learned about that in a video on car buying... That would've been the smarter thing to do.
Great question! We mentioned in the video there was a fee but we were able to negotiate and get it waived. 🙌🏾
If you’re paying cash, negotiate a lower price. A fee is rubbish.
What policies are you using and where do you find them
What sphere is that btw? Thanks.
I still don't understand. You bought the car from your policy, which came from your money/savings. Then you paid the money back, you are buying one car twice. So, you still have to work to pay for this lifestyle. How do you use that money to make money so it's paying for your lifestyle and still get the car?
I'm looking to get a whole life insurance policy with Farmers. They were telling me that policy would be universal/ whole life. That didn't sound right to me. I thought it would be one or the other. Was I correct in that thinking?
Inquire if the policy have a Guaranteed Cash Value? If so, it will build cash value that you can borrow or withdraw without paying back.
Does whole life insurance give interest?
Security mutual life insurance
So you took 41k out your policy paid them back all while paying yourself the interest payment?