Why I'm Skeptical About "Becoming Your Own Bank" | MR. BRRRR
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- Опубліковано 4 жов 2024
- WATCH THE FULL INTERVIEW: • How I Used Whole Life ...
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If you enjoyed this conversation you can watch the full interview here: ua-cam.com/video/Iq9D_e-sNmw/v-deo.html
is it only in the USA ? or you can do it in Canada too.
I agree Caleb not everyone is built like us. The toughest thing I am seeing for myself and when communicating with clients is my strategy for myself simply doesn’t apply to the majority of people.
I think that's where a lot of people get deceived also. People will sell what's working for themselves without considering their clients situation and what they actually need. Appreciate you man!
The "not interrupting the compounding" argument is a half truth IMHO. When you access the money right away, it's a policy loan which _does_ compound, in the opposite direction, at the same compounding frequency as I understand it. Net zero. It's a Roth with no limit or caps that can only invest in above average bonds. A tax dodge that makes better sense if you're going to remain in a high tax bracket.
@@jaycox1836my understanding is that you are not borrowing directly fron the policy. The cash value of the policy is the collateral which allows you to borrow from the insurance company. The cash value continues to grow per your contract.
Here's a fun exercise: go to your bank and ask for a loan that is available for the rest of your life, where the max amount you can borrow goes up every month, you never have to make a minimum payment, you never pay any fees, the interest rate is lower than a home loan, you don't need to show any income to qualify and they can never take it away. If you find a bank doing that, let me know!
@@arthurb3780 but first open an account to use as collateral and deposit more than the size of your loan...
This show has some excellent content. Thanks for the collaboration.
Thanks for always watching!
Earning 5% in a policy and a policy loan at 5% I’m still coming out ahead. I don’t need to pay back 7% to come out ahead. 30k growing at 5% in 5 years is 38k. A 30k loan at 5% paid in 5 years only costs 34k. That’s PLUS 4k!!!
Here to learn more!!
@@northupupgrages09 Glad you’re here! Let me know if you have any specific questions.
Excellent video, helped me to explain life insurance to my prospects better.
Love that!
This is phenomenal content. 👒 off!
Thank you!
6:40 nice...premium is "post" tax so it functions like ROTH , secured by human life value. Nothing like it!
Sadly, the state of Washington does not offer asset protection for life insurance, but I enjoy Federal protection of my employer-sponsored 401k accounts due to ERISA...
Yes Washington state absolutely does.
@@brettbly4571 can you share some references?
I haven’t had a chance to actually watch this discussion yet, but will as soon as I can. However, seeing it pop up on my feed, my first thought was “of course anyone into BRRRR wouldn’t be into banking on yourself”. The whole premise of BRRRR is sort of antithetical to infinite banking. BRRRR relies on a fractional reserve banking system to (over) leverage. The idea of capitalizing is sort of a foreign concept to BRRRR.
Definitely watch the episode as it’s not on the BRRRR method and Caleb is the one questioning the concept.
@@joelrobertsonmusic great! Looking forward to it.
Sirs...Its Becoming Your Own Banker...not bank...if you think about this phrase not becoming your own bank....
Becoming....you have never arrived
Your Own....you are responsible its a personal lifestyle
Banker....you are in full control of your future finances
Love your videos and very complete on insurance...but the process is not about insurance...hope this helps...there is a product which is all we hear about...but very few really understand the IBC process
I appreciate your feedback! The point of the video was to address this very issue. As you’ll see in the title, “becoming your own bank” is in quotation marks because that is the idea in question. People have hijacked Nelson’s original vision of taking back the banking function and turned it into something it’s not. The hope is to repair the damage that’s been to the concept and broaden people’s understanding of life insurance as well. I hope that fills in some gaps. I agree and appreciate your input and will try to include those points next time.
@Death360CKPAT haha...yeah but that would be their banker...not your own banker LOL
People get way too wrapped into these whole life policy strategies. It’s an underperforming vehicle and all the benefits can be achieved with other better performing vehicles. Do your own research. People who sell these policies are the ones who make all the money. I’m all for people making money. But a lot of this stuff is just smoke and mirrors.
I'm trying to have conversations with people who either don't like whole life or disagree with me about any of it's functions. If you're interested, I'd love to potentially have you on the show so we can discuss some of these points you made directly. Let me know :)
What would you recommend as a superior financial vehicle?
Some of us need to know how the policy becomes a bank, how does it work or is this just about loans, big and small depending on what you need to buy?
@@sandralima3171 please read Becoming Your Own Banker(not bank) by R Nelson Nash at least twice
Page 85 twice
Pages 3-4 twice
Pages 5-50
Then read the grocery store example one more time....probably couple hrs read and will help us think a different way...not insurance....process
The cash value of your policy is your collateral. The insurance company will loan you money against your built up collateral. You are borrowing the insurance company's money and paying interest to them while your cash value continues to grow per your contract.
When you put your money in the bank(insurance policy) say $100k. If you need a loan instead of going to Bank of America you borrow from your insurance policy(bank). You still have to pay it back + interest. Instead of paying BOFA the interest, you pay yourself essentially. Bonus no credit check.
And when and if you pass away your family gets a check.
It's a win - win
@@The_vincepryoryou will die , there is no if.
Your whole life policy is your collateral. You borrow directly from the insurance company and pay back the company with interest. Never does the loan come from the policy. If you die before the loan is paid back then the loan is repaid from the death benefit.
@@brianmason5500 You are correct. I was trying to offer a simple explanation. Your explanation is much better or at least another reference point. People learn things differently. So AND🫣😆🤫
It is my assumption you did not learn sarcasm or humor IF you learned anything at all specifically and especially about life🤫😎😘🤔🤭😆🤪😛 I am dying over here.😁
Love it
Thank you! If you haven't seen the full interview it's definitely worth watching :)
@@BetterWealth Definitely will watch the full interview. Thank you for providing excellent content!
@@mardelascott7936 Thanks for watching!
$29 million less cash value, correct?
Referencing his $29 million in death benefit on himself.
@@brockdemere3163Do you mean $29M less outstanding loan amounts?
@@brianmason5500 No Sir. It is my understanding that, for whole life policies, upon your death, the death benefit is paid out less your accumulated cash value of the policy. Whether there is debt against the cash surrender value or not.
Am I incorrect in this? What are your thoughts?
@@brockdemere3163 Yes, the cash value is lost but I think they will still have the payout of $29M. So hypothetically if he paid in $20M and has cash value of $20M he will get $29M in the end. So he still will get $29M but only made $9M. @BetterWealth is that roughly correct in this rough scenario?
like next crash market is 2025 or 2029. mark my words :)
i can explain why if you want to know.