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Here we potentially have a system that is highly tax-efficient, delivers a competitive interest rate for how stable it is, can never decrease in value, and not only that, but in it, my money will continue to work for me inside the policy while I am using it elsewhere!
In my mind, I was thinking that this seemed like a perfect option for saving money in a stable way that allowed me to have tax-free access to my cash.
Indeed, I think that the reason most people get in trouble with whole life insurance policies is that they simply go along with whatever the insurance agent recommends, which is a bad idea because the insurance agent does not have a fiduciary responsibility to help the client accumulate the most money.
At this point, you may be thinking, “That doesn’t sound too hard.” In my experience, it SHOULDN’T be hard to obtain, but it is.
The reason for this is because you essentially have to trust an insurance agent, someone who does not have an incentive to act in your best interest, to directly reduce the amount of money he or she gets paid in commissions in exchange for you being able to accumulate more money in the long run.
Of course, one big difference between how a bank operates and how the Infinite Banking Concept works is that banks utilize other people’s money, whereas here, you will only be using your own money.
In reading the general description of the Infinite Banking Concept above, you might be able to imagine why I became so interested in it.
First, you are potentially able to mimic the way a bank operates by borrowing money at one (lower) interest rate, putting it to use, and then earning a return at another (higher) interest rate.