Infinite Banking Simplified | Explain the IBC To A 10 Year Old
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- Опубліковано 31 лип 2024
- Infinite Banking is made more complicated than it needs to be. Infinite Banking can be misleading and there are a lot of people talking about how you can get rich using Infinite Banking. In this video, Chris breaks down the difference between a whole life insurance policy that is properly designed and Infinite Banking.
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📖 Chapter Timestamps Here ⏰
0:00 Intro to The Infinite Banking Concept Simplified
1:30 Infinite Banking Is More Than A Whole Life Insurance Policy
3:15 Focus On Financial Efficiency
5:05 Dave Ramsey vs Average In Debt American
6:15 The Problems With Using Debt
8:20 The Problem With Paying Cash For Everything (Dave Ramsey)
11:00 Understand Opportunity Cost To Make Better Financial Decisions
13:40 When Does A Whole Life Insurance Policy Become Infinite Banking?
16:00 You Won't Get Rich Buying Cars
18:00 Cashflow Hacking is Using Infinite Banking to Buy Cash Flow Assets
20:00 Learn How to Design Infinite Banking Policies
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VALUABLE CONTENT TO CONTINUE THE EDUCATIONAL JOURNEY:
How To Properly Structure A Whole Life Policy
• How to Properly Struct...
Indexed Universal Life vs Whole Life - Which is Better
• Indexed Universal Life...
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🤔 ABOUT LIFE180 😃
Chris Kirkpatrick launched LIFE180 as a solution to a problem. As the director of business development for a Fortune 1000 life insurance / broker dealer, he became disenchanted with the financial industry because of the lack of education provided to clients and how "financial advisors" were really just glorified sales people.
So... LIFE180 was launched to help give relevant financial education for people to create wealth. Along the journey, LIFE180 has evolved. Chris quickly realized he was passionate about not just helping entrepreneurs on how to leverage their money, but how to build their businesses.
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Get a whole life policy. Buy a cash flowing asset with the money you BORROW from the policy (assets like real estate, vending machine, cars for Turo, etc.). Pay your policy premium every month or year, depending on which you chose. Rinse and repeat.
Is that right ?
So, the only question we need now is how do we structure the policy for infinite banking?
No one on UA-cam actually explains that gem. I’m open to feedback. 😊
I have a video on how to properly structure a whole life policy in 2022. That'll cover it. I also have a video coming out early next week talking about the key variables to consider in a whole life policy design.
At the end of the day, it's about working with an agent who not only understands how to design a banking policy, but also your goals and objectives, then customizes the policy to meet those. Uf you want more clarity on what it could look like for you specifically, I suggest setting up a clarity call with my team. It'll give you a lot of insight. No sales pressure - if there is, lmk and I'll get after them for ya 😉
Calendly.com/_life180/claritycall
I'm still confused on how much we need to put into the policy before we can actually leverage it? For example, say u want to get a car with it like his example in the video, do I need the value of the car already in the policy? Or just enough for the down-payment? If it's the former, it would take years to even get 20k for a car
I have a question please someone answer
Pay no attention to other traditional methods of insurance (term) or savings and investments. Don't believe your lying calculator when it tells you you'd be far better off using those methods instead of infinite banking. Pay no attention to the fat commissions and fees we charge that push your break even point out for years or the pathetic rate or return your cash value earns. Remember, once you've payed us enough, we'll gladly lend you a percentage of your accumulated cash value. Don't worry about all those clients that cash out their policies early and lose big. We are sure your circumstances will never change and will faithfully continue paying into the policy for decades. Remember that we'll be paying you what we call "tax free dividends" because the IRS says these are merely a return of what we overcharged you for the insurance. Have faith in the magic of our "specially designed and engineered" whole life policies. And welcome to the Infinite Banking Cult.
Step number one is to dump a crapload of money into a whole life insurance policy and celebrate the measly cash value against which you can then borrow money from the insurance company.
Great video! Dont understand the obsession with using IUL's when WL is more simple and can do the same thong for IB
You're a good teacher
Thanks!
Thank you very much
You're welcome!
Do you have a video about how doing loans via this concept can help you? I don't understand how that works to one's benefit when you're paying insurance company 5% interest
I have a video on using policy loans for real estate that shows the power of policy loans.
As a small first generation farmer can this be used like a annual operation loan. Im looking for the opportunity to buy cattle on a 6 month to two year period, depending on best value at the time. Which gives a pretty good return when i have the feed and grazing on hand? Many operating loans don't cover the time frame opportunities i have had recently.
100%. Some of our best clients are farmers. Feel free to email Chris@life180.com if you want to chat
So, take out a loan with WL to pay rest of mortgage. Than save off of the interest you would of paid and apply it back to your loan within your policy? Or any other potential asset essentially? I'll do the text and followed. Interested in this concept, thanks
Yes, essentially, you save money inside the policy. Consider is a banking/savings account alternative.
Then you borrow against it. The insurance company will give you a loan up to 95% of the net cash value (90% if the policy is younger) in the policy. You will pay an interest rate on that money to the insurance company, but your money will be continually growing inside the policy, as well.
If you want to see what it could look like specifically for you, use this link to set up a call: calendly.com/_life180/claritycall
Hope this helped!
hey do you have a video on how to start credit for young adults? If so what is it called?
Maybe this will help? It's old...
ua-cam.com/video/ZU3TOcVLzEM/v-deo.html
However, I have an ebook on building credit. Email Chris@life180.com and I can get it for you
Is there a list of insurance providers you would recommend to structure a policy to get started?
It's all so variant on the individual. Use this link to set up a clarity call to get some help if you want.
Life180.com/clarity-call
Maybe a 10yo can understand this but I’m 30yo and in 17 min of video I got 0 knowledge of how infinite banking works.
I guess you should learn form Char GPT - less worlds and more on point.
Yeah, in a world where everyone is having a bot tell them what to say, I think I will stick to being me, thanks. Sorry you didn't take to the info. If this doesn't make sense in understanding the difference between being a debtor, saver, and then how to leverage the best of both (which is Infinite Banking, effectively), idk what to say....
Great video!! As always!! Question. What if you get a $1M windfall. How would this get put into your system, and what cash flow would it create immediately... Thanks!!
It varries by person, age, and other needs. Happy to talk through it with you if needed. Chris@life180.com.
Thanks! Will reach out to you today... keep up the great work!@@LIFE180
Could you use an IUL instead of a whole life policy to implement infinite banking?
Nope, watch this:
ua-cam.com/video/TE8RwfyakTc/v-deo.html
Good evening. I recently attended a money seminar presented by PHP. At the end, I was presented with getting started to own my business for $199.00. I do not have a background in insurance, however I have also had an interest in learning about money. After coming across your youtube videos, I am having second thoughts. What advice can you give me in order to make my final decision. Thank you,
If you really want to learn about money, the insurance biz is a good place. But do it with an IMO that is more focused on education and NOT recruiting like PHP or WFG or PFA or FFL.... Just my two cents... if you are serious about really dedicating to learning, you can follow this link: agent.LIFE180.com
Where can I buy the whole life policy with a high guaranteed rate?
Set up a call with my team and they can help guide you towards the best company that meets your goals:
Calendly.com/_life180/claritycall
Can you help someone in Canada or your team only assists people within the US?
I have partners in Canada I can connect you with. Email chris@life180.com and I can help you out
I watched this and have no idea what was just said. I need this explained like I’m a 4 year old…how are you getting money from a WL policy?
A whole life policy has cash value that you can access as described in the video. I have other videos that show that if you would like to see
Can premiums be monthly instead of annual?
Yes they can
Does putting money into your policy? Reduce your taxable income?
No...
Have no idea why I watched this whole thing.
Would I be correct to say I’d need more money than a college student earnings to start?
Depends. College students have a wide range. Need $300 per month to make sense, I would say to get started.
@@LIFE180 I’mma look into it, buying Infinite Banking by Nelson Nash
I'm going on 67, still working, and plan to retire in 4-5 years. Is this still a viable option for someone in their mid to late 60s, considering a WL policy is through the roof for folks my age? Thanks.
I can be possible, but it's also often oversold to people in your age group. If you would like to have a conversation to see if it could fit with everything else you have going on, feel free to email me: chris@life180.com
Don't do it. It's a slick way of selling whole life insurance.
For me the confusing part IS the whole life insurance. From my understanding I can do this with a brokerage account and use margin instead but, it won't be AS good because of taxes.
Correct. Plus doing it on margin injects a lot of risk. Doing with whole life is slow, steady and predictable
Open a cash account with your brokerage (IBK for example). Build it to $100k and take out an SBLOC (Securities Backed Line of Credit) for very low interest, against the account for 50% of its' value ($50k). Use that to fund a real estate deal and re-hypothecate that fund for the next deal. Or, use a HELOC to start the brokerage account. The SBLOC's can be accrued and paid later. As long as you acquire income generating investments, you will build wealth - not by purchasing cars.
The trouble with IBC is your premiums do not grow - you just get more death benefit. Look at the cash value after 10-years compared to the total premiums you paid. For that, you get to borrow from the insurance company and pay back the insurance company.
This IBC pitches are just word salad to get you to part with your money for a very expensive insurance policy.
Fantastic video. Subscribing now! Thank you.
Amazing
I understand the illustraitons, but not anything else lol. Is there an even simpler version
Question. How old is too old to start? My husband is 60 and I’m 56. Husband has a $250,000 universal life policy on himself for me can that be converted? Two questions actually 😊
60 is fine. You can typically get to 62-65 depending on health rating and how you want to leverage the policy.
Reach out if you would like to discuss
LIFE180.com/clarity-call
The universal life can be 1035 exchanged into a whole life policy, potentially.
There would be many options if you choose to go that route. But let us check it out first so you don't make a mistake in the process.
Creat Wealth by finding solution. Dont build wealth by taking cash out of you life insurance & pay high premium on it. Creat product and sale!!!!
Life insurance doesn't make you wealthy. It helps you stay wealthy. And once you begin creating wealth, it can help accelerate it. But, the policy on its own doesn't create wealth.
Didnt get it
What specific questions do you have?
🧐 I understand the diff between the D.R. (Dave Ramsey) philosophy & the D.I.E. Philosophy.
It's easy to see the differences. You left out the main point that the D.R. way saves you a lot of $ that would have gone to interest.
But I didn't see any real benefit of using expensive Whole Life Ins policy (compared to Term Ins.)
Whole Life (& Universal?) typically gains only 1-1.5% so how's that help the consumer?
Also, if the insured dies, what happens to the Cash Value part of the money anyway?
😳
I'm failing to see anything useful here.
I have videos that speak to every uneducated or half educated point here already.
so where do the inscurance company gets its money to secure you? ibc sounds like a ponzi
How does it sound like a Ponzi? Policy holders put their cash into the general fund of the life insurance company.
The company invests in bonds, real estate and other assets to create a return. Their GF functions more like a bond than an investment fund.
As a whole life policy holder with a participating Mutual company, you get a dividend share of the returns generated.
In addition, you share in the profitability of all the other products it sells....like term insurance. That's comes through as part of the dividend, as well.
It sounds like infinity banking is about investing in things, not really whole life insurance
It's about behavior with money, for sure. But with those principles in mind (if you agree with them), whole life insurance is the best place to store capital
Hello love to chat with 1 of your peop I ever
Feel free to email me personally and I can help you or connect you. Chris@LIFE180.com
Hey have that guy Dave Ramsey and your self ever had a debate on a neutral platform?
I have challenged/offered....but no response....
A car is not really an asset unless it is used to create a stream of income.
Don't disagree with this sentiment, but technically on a balance sheet, you look at assets minus liabilities. If I paid cash for a car, and it is worth $30k, and I have no liabilities (loans) owed for it, it is an asset that is added to my net worth.
Plus, the purpose of this video is to show how IF you are going to make any purchase, you want to make sure you flow the money as efficiently as possible. I used a car as the example because it is a purchase everyone makes at some point.
An asset is anything that has value.
Maybe I should clarify and be more precise on my statement. I personally do not consider a car an asset to my financial plan. Yes, it is an asset on my balance sheet, but I consider a Asset to be something that puts money into my pockets, not taking money out of my pocket.
@@Paka6267if it is paid off, it's not taking money out of your pocket. If you rent it out it also can make you money.
It gets me to work
This is not wealth creation. What you do with the policy loans are wealth creation. The policy premiums themselves are wealth destruction. Buy term and invest the rest. You will be so much further ahead in 30-years. To buy an insurance policy to enable opportunity is a false goal.
Policy loans and WL policy are two separate conversations and is being grossly misleading in these sales pitches as both belonging to you.
This shows that you really are not thinking the entire process through. You're not entirely wrong. But it's a matter of looking at total financial behavior. I'd be happy to talk it through with you. It's not just a sales pitch. Buy Term and investing the difference is horrible long term. Unless you tell me that you have 100% disregard for the future of your family and controlling a legacy plan....
@@LIFE180 Never criticize a person on a personal level. I have thought the process through, and it is a big sales pitch that financially is not in the best interests of the consumer. Do you hold a fiduciary towards your clients? - no you don't. WL insurance is not investing - it's insurance. Just buy it cost effectively and be a smart investor. You will have 20X more $$ benefit in your lifetime. I had a mutual whole life policy presented to me. It has a face value of $250k and premiums that amounted to $250k over 20-years. So, I am saving for my own death benefit with the added benefit of paying the insurance company to borrow that money back. Time to evolve the industry.
11 minutes I don’t know what he is saying
What's confusing?
Why don’t you explain that it’s not just leveraging with a few thousand dollars? It’s leveraging when you have hundreds of thousands or millions in the “whole life insurance.” So it’s ether years of putting money into an account that gives you no payout other than what you put in at death, you you drop all the money in it at one as a way to barrow your own money.
And also, if the Feds themselves don’t define the payouts you receive as “dividends” because they aren’t taxed like a real growth income, where are all these “profits” coming from?
So it’s not like get a life insurance and pay into it for a year maybe spending 5-7 thousand then it unlocks u to be able to get loans and access money? Lol I’m sorry I’m just confused on how this works and what are the benefits
Your whole joke about the Titanic is more ironic than you might know, given the presence on board of financial moguls of the time who were opposed to the fractional reserve system. How convenient
wow, ironic indeed....hadn't thought about that point....
This video was horrible.. It gave me a headache.
A headache? Wow, amazing feedback