Back in the 70s when you could get a whole life insurance policy for next to nothing those are the people that after fifty years half a 400k cash value in their policy they can take a “loan” on. I think whole life is a great strategy for saving money long term. The problem is that by the time you need the money and try to take a loan out instead of cashing out the policy the company sends their customer service reps to convince you that you owe money that you don’t because you borrowed from your own policy.
There is what is called IUL with living benefits.The money accumulates and you can still either withdraw it or take a loan whatever you want as long you leave some there to continue growing on autopilot.
You know you can take loans out on your whole life insurance and pay yourself back with interest rate at a super low interest rate so that’s the concept. Yes, you need to have money to put into it but me alone you can take out with his low interest rates that you can on your whole life insurance.
Also the difference between rich and wealthy is learning how to play debt that is not necessarily a bad thing if you know how to use your debt just saying read rich dad poor dad
I wouldn’t say this is a millionaire cheat code but I believe if managed properly and done right you can and will become a millionaire from this
This is a great concept for private banking and tax avoidance.
Back in the 70s when you could get a whole life insurance policy for next to nothing those are the people that after fifty years half a 400k cash value in their policy they can take a “loan” on. I think whole life is a great strategy for saving money long term. The problem is that by the time you need the money and try to take a loan out instead of cashing out the policy the company sends their customer service reps to convince you that you owe money that you don’t because you borrowed from your own policy.
There is what is called IUL with living benefits.The money accumulates and you can still either withdraw it or take a loan whatever you want as long you leave some there to continue growing on autopilot.
You know you can take loans out on your whole life insurance and pay yourself back with interest rate at a super low interest rate so that’s the concept. Yes, you need to have money to put into it but me alone you can take out with his low interest rates that you can on your whole life insurance.
Also the difference between rich and wealthy is learning how to play debt that is not necessarily a bad thing if you know how to use your debt just saying read rich dad poor dad
Why would I charge myself any interest?