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Become Your Own Banker
What if there was a way you didn't have to use a bank or credit card anymore?
What if you could finance all of your own projects and purchases? What if you could finance other people's projects? Other businesses? And earn interest income from it?
There is a way to become your own banker. This process is a major paradigm shift for most people. It will require several thorough readings or discussions for a full understanding. The concept is not complicated, it is just different from the way most of us think. In fact, it is very simple. Like many good things, education is an on-going process and there is no such thing as having "arrived" in knowledge.
Whole life insurance provides death benefit protection. This is a fact that many people understand and use. It is sometimes necessary to get this type of insurance for the death benefit protection alone.
However, your need for finance during your life, is much greater than your need for protection. Solve for this need through this instrument and you will end up with more life insurance than the companies will issue on you. Most everyone is familiar with the fact that one can borrow from a whole life policy, but because of how little premiums they pay, there is limited access to money to finance major items needed during a lifetime. Yet, the need for financing for the typical person is extensive.
Essentially, if structured properly - differently from the typical whole life insurance program setup, you can use a certain type of whole life insurance to become your own bank. It isn't an overnight, get rich system but with some planning, you can have small or large amounts available for financing.
Use the whole life insurance policy in such a way so that you can basically borrow against it, then repay yourself with interest. Pay off credit card debt and then pay yourself the interest, if you wish. Or provide a loan to someone else and collect payments and interest back. You can make interest income just like a bank.
The whole idea is to recapture the interest that we all pay to banks and finance companies for the major items that we need during a lifetime. Think about all the interest you have paid on your cars, houses, boats, electronics, credit cards, etc. A $25,000 car loan for five years at 6.0% will cost you $29,000 plus the closing costs and bank fees. A $200,000 mortgage at 5.0% for thirty years will cost you over $386,500.
This concept will give you a new perspective on the idea of "retirement." I prefer to use the term, "passive income." In other words, money coming in that you can count on and you don't do anything to earn it at that time. If structured correctly, very high premium, dividend-paying, whole life insurance is the ultimate vehicle to produce such income.
Author Resource:-
Jim is a former VP of a bank & now a commercial loan broker, speaker, author. Jim enjoys helping entrepreneurs find ways to finance projects. Get his free ebook at http://www.doughforthedream.com, read free info at doughforthedreamblog.com or listen to audio http://www.doughforthedream.podomatic.com
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2010-03-21 19:34:47 By:
Jim Frey Article Read 72 Times Article From Article Listed
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