The life insurance company cannot place a limit or restriction on what is done with loan proceeds. The loan is a contractual right of the owner and a private transaction in general. The only limit is how much loan value is available. The greatest limit lies between our ears.
What about a person just past 50 who only has minimal savings, some home equity and trying to finally build for retirement after losing so much during the crash of 2008? Thoughts on how this can help at least get something set in place for the 62-65 mark?
Yes. The concept works for everyone. The key is to stop thinking about whole life insurance as insurance and start thinking about it as a wealth accumulation and capital preservation tool to take over the banking functions in your personal economy. It works.
I have a question, what if i deposit 100k in the policy, do i have 100 percent availability of that money, the know the payments i only have 70 percent
Using lines of credit and zeroing out those lines of credit, while using them to boost capital access (by the ever increasing size of lines offered to you) and get rid of bad debt extremely fast. Using lines then to create cash flow assets, increasing overall cash flow. Use the banks tool of simple interest lines to fund your life and buuld wealth. Lastly your home is NOT an asset, if its not putting money in your pocket, its a liability.
Tom, that works as long as your home continues to increase in value and as long as the banks don't pull your lines of credit, both things happened in 2008.
Best way for real estate beginners is to start with a single family home, it involves less overhead, fewer things to go wrong and just less risky when mistake inevitably happen.
Mr. James are you still in Fort worth? I was hoping if its ok if i send you an email? Just to pick your brain on a personal matter that im sure you'll understand being from Fort worth OG Funkytown.... lol in hopes that it could shed some light on my situation. I recently created my business "Love Thy Neighbor Property Group" llc on 6/19/2020 and still working hard trying get the ball rolling Its been challenging. But one of the proudest moments of my life.
Whats the least amount we need to start and how much we got to put in each month. Im so low income i qualify for all welfare benefits. So intact im even lower income then that cuz I refuse to take any welfare. Any extra money I would have is all gona be spent buying medical insurance. I'm self employed. . Corona isnt going to take my business. Im not giving up.
im from fort worth sir .. good too see a great mentor i never new about you unti now you better believe fort worth will know you know im sharing all your content.. thank so much for your teaching and educating us.. god bless you and your family..
I'm new to the ibc concept, I just don't understand how this works, I'm so confused. I get the being your own banker, I don't understand how the policy works? So I have a big lump sum of money coming..... trying to figure out what to do
OMGsh! Might I strongly suggest that you get somebody who can do some plain english graphics and overlay them so that there's NO CONFUSION! Build it toward an audience of 7th graders (the average American reads/comprehends on the 7th grade). Unfortunately, the way it was done creates confusion which creates distrust in the idea. No one buys if they're confused and this seems far too valuable to leave it improperly illustrated and explained.
Why is the Infinite Banking Concept never clear? It's always an hour long video with no clarity. Honesty is brief and to the point. I'm not a fan of Dave Ramsey, but he can explain IBC in one sentence.
David, the problem is it is simple and clear, but the mindset problem of typical financial planning and thoughts about money is why people cannot understand the concept. Dave Ramsey does not understand the concept. It is easily proved by the fact when he says, "Why would you want to borrow your own money?" You are not borrowing your own money, you are borrowing from the cash reserves of the insurance company, thus your money is still in the contract and compounds with guarantees. This is just one of his fallacies, of course, if you question him, he just belittles you like the good Christian he is.
One hour is troubling? It's the *_Infinite_* Banking Concept. One hour to explore possibilities and applications is peanuts compared to decades of scarcity and eating beans & rice. And no, despite two decades of opportunity to learn --in his own neighborhood--, Dave Ramsey still continues to speak without truth about I.B.C. It's a reminder of the aphorism, "It is difficult to get a man to understand something when his salary depends upon his not understanding it."
David, IBC is a process not a product. If you want a Just add water and stir solution to your financial plan then it’s not for you. Frankly, don’t waste your time. I’ve spent years learning and going down the rabbit hole on IBC, and have come to understand that the majority of people are not going to get it. But for those who do, study it and reap the benefits for generations.
But I need to wait 6 years to access enough cash to buy real estate. With a 20k a year premium I could use that as a down payment and still have the asset. I get that this is a long term strategy but the younger generations will struggle to have a 20000 excess cash for an annual premium
Well we understand that the qualified plans are shit, but beyond the shit I have one question? Are the Permanent Whole Life Insurance premiums that I am paying are they tax deductible each year from your 1040 Tax Form filing each year. We all understand everyone has his own agenda. It seems everyone talking about the Infinite Banking system seems to leave out the important details.
@@larrytompkins5719 I'm sorry but I'm asking a question, do you know what a question is? Do you see the question mark at the end of my statement, it means it's a question. I see nowhere in my question whether I said the man was right or wrong.
Thank you for sharing your knowledge. I wish i have known about this when i was i my 20s. Thank you.
When will you coming to Houston, Texas?
I am from India is this possible in my country?. 🙏
James talks about practicing outside of the US in this Q&A: ua-cam.com/video/_6g5jEl33Bg/v-deo.html
It's question number 3. I hope that helps!
Always use your Dividends (Actually Return of Premium) to purchase Paid-up Additional Insurance. Keep rolling the snowball down the hill.
Nice!
i understand everything he is talking about,i am already about a millionaire next yr
Great video
Is there a limit to what you can buy with the loan? Can I buy Bitcoin!?
The life insurance company cannot place a limit or restriction on what is done with loan proceeds. The loan is a contractual right of the owner and a private transaction in general. The only limit is how much loan value is available. The greatest limit lies between our ears.
@@JamesNeathery Does this work the same for a universal life insurance policy?
@@acurry James answers your question in Q&A #15 question #4. ua-cam.com/video/NlwPRMEd4aY/v-deo.html
Do you have seminars information for those over 70 yrs old for infinite banking?
Sorry for the late response. Not yet. James is going to talk more about this in a future Q&A.
What about a person just past 50 who only has minimal savings, some home equity and trying to finally build for retirement after losing so much during the crash of 2008? Thoughts on how this can help at least get something set in place for the 62-65 mark?
Yes. The concept works for everyone. The key is to stop thinking about whole life insurance as insurance and start thinking about it as a wealth accumulation and capital preservation tool to take over the banking functions in your personal economy. It works.
This was a great video!!
With 60 years ahead of you, the compound interest rate is a great discovery.
I have a question, what if i deposit 100k in the policy, do i have 100 percent availability of that money, the know the payments i only have 70 percent
James answers your question in Q&A #14 (question #1)
ua-cam.com/video/5LpJ4lx6PFU/v-deo.html
Enjoyed the video... Your content is a must click...
Using lines of credit and zeroing out those lines of credit, while using them to boost capital access (by the ever increasing size of lines offered to you) and get rid of bad debt extremely fast. Using lines then to create cash flow assets, increasing overall cash flow. Use the banks tool of simple interest lines to fund your life and buuld wealth.
Lastly your home is NOT an asset, if its not putting money in your pocket, its a liability.
Hi Tom Vogt..would you be willing to speak via email and or phone? Your reply has peaked my interest and could use some help. Thanks
My home is an asset. It is a farm that feeds me and my family 80-90 of what we eat and makes money from products and goods we have.
@@gainerspot You are the minority....the smart minority
Tom, that works as long as your home continues to increase in value and as long as the banks don't pull your lines of credit, both things happened in 2008.
Best way for real estate beginners is to start with a single family home, it involves less overhead, fewer things to go wrong and just less risky when mistake inevitably happen.
Is this a MEC?
Mr. James are you still in Fort worth? I was hoping if its ok if i send you an email? Just to pick your brain on a personal matter that im sure you'll understand being from Fort worth OG Funkytown.... lol in hopes that it could shed some light on my situation. I recently created my business
"Love Thy Neighbor Property Group" llc on 6/19/2020 and still working hard trying get the ball rolling Its been challenging. But one of the proudest moments of my life.
That's awesome Reginal Wilson! Email James at james@bankingwithlife.com and he will get back to you.
You just opened my eyes 👀 i am calling my life Insurance guy unless you are doing insurance
Who can help me set this up?
Check the description for the links.
Great info.
Never found a bank that would do a fixed HELOC loan
Hi ya, I'm in midlothian do yal have local meetings?
Yes, from time to time. The last one scheduled (May 4th & 5th 2020) had to be postponed.
Whats the least amount we need to start and how much we got to put in each month.
Im so low income i qualify for all welfare benefits. So intact im even lower income then that cuz I refuse to take any welfare. Any extra money I would have is all gona be spent buying medical insurance. I'm self employed. . Corona isnt going to take my business. Im not giving up.
Banking With Life Q&A - Episode #17 - Question #2 answers this directly. ua-cam.com/video/Q7AZdGLKsqk/v-deo.html
42.20
Would this be possible for non US Residents/citizens?
If life insurance companies do business in the country you live in, you can practice this concept.
This wealth of information! Thank you, Sir, GOD bless you!
Thank you SuperModelJaz.
im from fort worth sir .. good too see a great mentor i never new about you unti now you better believe fort worth will know you know im sharing all your content.. thank so much for your teaching and educating us.. god bless you and your family..
I think your math is wrong , if you divide $ 100,000 and loan the money at 6-9 % , it is not the same as you would lend the whole $ 100 000 at 44% ?
Thanks for the comment Roman, I'll stand by my conservative example and the math.
I'm new to the ibc concept, I just don't understand how this works, I'm so confused. I get the being your own banker, I don't understand how the policy works? So I have a big lump sum of money coming..... trying to figure out what to do
James answered your question directly in Q&A #16 question #5. ua-cam.com/video/zPHyFwxsj_w/v-deo.html
OMGsh! Might I strongly suggest that you get somebody who can do some plain english graphics and overlay them so that there's NO CONFUSION! Build it toward an audience of 7th graders (the average American reads/comprehends on the 7th grade). Unfortunately, the way it was done creates confusion which creates distrust in the idea. No one buys if they're confused and this seems far too valuable to leave it improperly illustrated and explained.
Why is the Infinite Banking Concept never clear? It's always an hour long video with no clarity. Honesty is brief and to the point. I'm not a fan of Dave Ramsey, but he can explain IBC in one sentence.
David, the problem is it is simple and clear, but the mindset problem of typical financial planning and thoughts about money is why people cannot understand the concept. Dave Ramsey does not understand the concept. It is easily proved by the fact when he says, "Why would you want to borrow your own money?" You are not borrowing your own money, you are borrowing from the cash reserves of the insurance company, thus your money is still in the contract and compounds with guarantees. This is just one of his fallacies, of course, if you question him, he just belittles you like the good Christian he is.
One hour is troubling? It's the *_Infinite_* Banking Concept. One hour to explore possibilities and applications is peanuts compared to decades of scarcity and eating beans & rice.
And no, despite two decades of opportunity to learn --in his own neighborhood--, Dave Ramsey still continues to speak without truth about I.B.C. It's a reminder of the aphorism, "It is difficult to get a man to understand something when his salary depends upon his not understanding it."
Hey David,
James directly answers this question on this Q&A
ua-cam.com/video/PYtMqSSBaZQ/v-deo.html
David, IBC is a process not a product. If you want a Just add water and stir solution to your financial plan then it’s not for you. Frankly, don’t waste your time. I’ve spent years learning and going down the rabbit hole on IBC, and have come to understand that the majority of people are not going to get it. But for those who do, study it and reap the benefits for generations.
He's a genius.
I get it!!!
But I need to wait 6 years to access enough cash to buy real estate. With a 20k a year premium I could use that as a down payment and still have the asset. I get that this is a long term strategy but the younger generations will struggle to have a 20000 excess cash for an annual premium
Philip McCleary you missed the point
Which is????
if he missed the point at least have the decency to correct him.
The answer to that is a high cash value whole life insurance policy.
Thank you for this great education Sir.
Well we understand that the qualified plans are shit, but beyond the shit I have one question? Are the Permanent Whole Life Insurance premiums that I am paying are they tax deductible each year from your 1040 Tax Form filing each year. We all understand everyone has his own agenda. It seems everyone talking about the Infinite Banking system seems to leave out the important details.
Dentists graduate 1M in debt..
Will Trump’s new tax laws affect life insurance in terms of taking out loans?
gp5 if he missed the point, at least have the decency to correct him.
@@larrytompkins5719 I'm sorry but I'm asking a question, do you know what a question is? Do you see the question mark at the end of my statement, it means it's a question. I see nowhere in my question whether I said the man was right or wrong.
my bad I responded to the wrong message that comment wasn't intended for you.
No
Pretty sure it wont effect it.
Really 🙃 learn something new