@@DoctorMcFarlandStudios "A few years?" Nah dude, it takes a loooooooong time to build-up any significant CV beccause the first 4 years is direct commission for the weasels selling it? And, before you say "PUAs," keep in mind it's just part of the same scam. The insurance company KEEPS all the cash value.
@@astroman30 A proper understanding of insurance would tell you that ALL the premium you pay belongs to the company but you have access to the cash value at any time through policy loans or withdrawals. When you pay back the loans (don't steal the peas) you get access to the cash value to be redeployed into whatever else you need it for whether that be for cars, homes, real estate and whatever else your mind can imagine. If you make a product I would assume you would want to get paid for the sale of that product.
@@DoctorMcFarlandStudios "Access?" Oh, that's right, you mean "borrow." Seriously, you believe BORROWING against your own money in which you have to pay back (plus 6% interest) only to lose all the cash value to the insurance company is a good idea? A product that is (at least) 20 times higher in premiums than term that only pays the face value of the death benefit? A product that even Motley Fool here on youtube is telling people not to buy?
@@BonusCrook All it amounts to is borrowing against your money in your whole life insurance policy. Thus, whole life insurance is a ripoff because you are charged (at least) 20 times higher in premiums than just a standard term policy. Oh sure, you're promised a cash value (works like savings account) that grows 1.5%.......garbage. Plus, if you want to BORROW against your own money, they charge you a 6% interest. Wait a minute, I have to BORROW against my own money AND pay them interest? Yep. Here's the kicker, when you die, the insurance company KEEPS your cash value.........scam.
I have been buying all my car's that way my dad sold life insurance and showed me how to do it he's gone now but he set up all his grandkids with a policy and IAM showing them how to do it
I’m 18 but from what I’m m understanding is I need a good bit of money (30k) saved up before I can even be able to turn myself into a bank right then and there, is there another way I can do it maybe I’d have to wait for the CV to accumulate over time in short words I’m in a budget and wondering if I could still do this
In a 401k retirement account you are able to borrow your own money, it’s not locked up. The interest from taking the loan is paid directly to yourself into your own 401k account and the payments are taken from your paycheck.
@@nickduran3516 - For a car purchase it’s not a good idea to take out of your 401k but if you need to buy a car borrowing from your 401k is a lot better then getting a loan or financing through someone else. The reason why it’s not a good idea is because you lose out of the potential money you’d gain if your money would still be in your 401k account.
It’s called a portfolio line of credit when you borrow against your stock account, but you can only borrow 30 to 70% of the value of your stock. That will depend on who is your broker. Ask who is managing your 401k about this.
I use to work at a car dealership and when people trade in there vehicles they are getting ripped off.Say they give you three grand for your vehicle towards a vehicle you want on there lot they will turn around and sell your old vehicle double or even triple the amount they gave you.
It actually is. A car is a depreciating asset. The moment you drive your car out the lot, it has already lost value. It is better to pay the minimum and invest the money in the stock market. For the example in the video, if you invested the $25,616 in stocks for 7% compound interest annually, you will have $35,928 in five years, which is more than the retail value of the car itself.
You talked about stock instead of cars ... that's what ppl are here for cars... cars will always cost you money ... what needs to be conveyed is different ways to make the progress easier and beneficial to the buyer
@@muhammadalhaarthy9023if it seems too good to be true, that means something isn't right. To prove my point, instead of trying to answer your question, the guy sent you a link to buy his book. Smh
The interest you pay goes to the insurance company. You aren’t actually borrowing “from your own bank.” You are borrowing from the insurance company and they are holding the same cash value in “your bank” as collateral for that loan. Paying interest to the insurance company doesn’t go back to you. It goes to them
You are borrowing against the money that YOU put in better known as cash value. You lying salesmen leave out the fact that the cash value is riddled with fees/commissions and the most you can borrow is up to 90% of YOUR cash value. Scam.
This is not an apples-to-apples comparison. In Life insurance case A) You neglected the interest that gets paid to the Life Insurance company and B) you need to first have at least $30000 already sitting in you policy as cash value that you can borrow against. So, you are essentially borrowing your own money. It is like having a $30000 CD in the bank and using that CD as collateral and borrowing against that CD, If you do not pay back, bank will liquidate your CD and make themselves whole but as long as you make interest payments on the loan the CD will continue to accrue interest too because bank will liquidate it only in case of defaulting on the loan. However, In first example of the bank on the left you are borrowing purely bank's money, so of course you have to pay it back with interest.
Sorry Stephen, I don’t understand. You borrow 30,000.00 then you pay it back and you still have 35,000.00 after you pay it back? Can’t get the gist of this. I’m going out but will rewatch after I come home to see if I can figure out what I missed. Love your blog and am member of the community. Wish you could help us. I’m 75 this month, my husband 77. My husband is a phenomenal psychotherapist but not a businessman.Weve raised three children was never able to get ahead with money so no pension, no savings, and only 1998.00 Social security between the both of us. All he has to hear is can I see you Doctor “ he is Ph.D”. but I don’t have a lot of money. Where most people are getting 200.00 a session he will let them pay 50.00. He has a heart of gold but not for business. He had an office in NY and a client was paying 150.00 a visit she asked him to reduce it to 100.00 and of course he did. When he told me I asked if he looked at her address on the check, no why? Philip she lives in a penthouse apartment on Fifth ave! He had no idea what that meant. So he lowered her fee in October and at Christmas she said she wouldn’t be around till May, she was going to spend the Holidays in Aspen then going to meet her boyfriend in Paris because April in Paris is “ just marvelous”... Trying not to sound bitter but it’s hard. No vacations in this house! Thank you Stephen for being the voice of reason on so many levels!
I thought of doing that , also if you work for a city job and are investing in a deferred compensation account (retirement) and take loan out you will be paying back on your loan as the same time earning interest . Rather get a bank loan u will never see it plus interest
You forgot to mention that in the option on the left you’re not making monthly payments and the option on the right you are. You can still do the left option and the monthly payments you would me making in the other option you just put it in your savings and after t years, you will still have that money.
This sound's a lot like the way we have bought our last few cars, and travel trailer taking a loan from my wife's 403b. The interest goes back to us instead of the bank and we hold the title to the vehicle, there are no liens against it.
i think ;you need to go back to elementary school to understand basic math. so you pay from one pocket to another pocket but that other pocket needs to pay the car dealership. So the only thing that you can win (if you don't have the 30 k at hand) si the discrepancy on interest rates from one place to the other. if you do have the 30K already you can certainly invest that and get a 10% return on investment vs the 5% for the car loan interest.
This really seems no different than a secured loan against your own money. Only I don’t see how you are getting your own interest based off the comments I’ve been reading
These numbers seemed going benefits from the smart way life insurance. But how long and how much per month of the premiums, to accumulate the $30k? Some people it due to health issues , Don't even can't get life insurance or rated .
but you have to have the money there first to be able to use it and the money wont be avalible for 3-5 years.. this sounds good but theres a catch.. you are better off getting term life insurance which has low monthly cost or putting your money in an index fund and letting it grow over the years. This is a trap because really, we don't have all the information.
Amazing video. Bought one of his books after this. Wish he would create Audible books of his other books since that's what I and many others prefer nowadays to save time.
You can pay yourself back with interest surely. But if you try to replicate the compounding effect that happens behind the scenes this is where this strategy can beat yours. When you do this you are borrowing from the insurance company’s general fund while your $ earns interest and dividends. On a year to year basis it looks like not much but if you zoom out on one of these policies 5-10-20 years out you will see the compounding effect at work. Hope that helps. This will never be apples to apples as you just borrowing $ from your self and charging yourself interest. There is a bit more to it that he doesnt cover here. Look up Nelson Nash infinite banking and you’ll see the full picture. Good luck
Yes, it seems so. You accumulate the money and it's used to pay for your car, while you still pay every month into your insurance account for the same car, but eventually, that becomes your own money afterwards.
It same thing like buying something with your savings and every month you save some equivalent portion of said amount in a bank that gives you 4.4% interest rate. Don't see any other benefit
Lauren Nowosad that is very smart. It is a very similar to using the high cash value life policy. I would use the 401k to find the life policy, then use the policy to buy the car. Then, I would have my 401k still earning, the life policy still earning AND a death benefit that is a huge boost to your estate value when you pass away.
You can only borrow from what you put in there. Your paying the life insurance company to borrow your own money which doesn't even grow for the first two to three years. It's dumb. I guarantee he doesn't own one of these. He's just doing it for clicks.
Never seen this before and it sounds amazing but youre actually only making $5616 because in year 2000 you had 30K and borrowed it and in 5 years you just replenished it but with the interest added in 2005. Still a plus plus. But make a video on this cash value insurance things youre talking about.
Sounds great! We were told to buy term, and avoid whole life. Then we did the 20 years and now the price has jumped so much we can’t afford it!! Not sure what to do now.... 😳🥺
You did 20 years of term and now can't afford term or can't afford whole life? Are you worth $2.50 an hour? If so then you can save $100 a week of your paycheck to start a policy. Saving $5k a year is just $417 a month or roughly $100 per week. The better you get at saving then you will find other ways to save even more money to dump into your policy via PUA thus growing your policy even bigger which means more access to capitol when you need to buy cars, homes, vacations etc. The freedom and flexibility is up to you.
I was treated for depression years ago and can't get life insurance unless I pay way too much for it. I have a stash in a tax deferred account that has tanked so I can't touch it....
Or how about this. Just pay cash to buy the car with that $30,000. Then instead, put that $424 monthly saving in a savings or 401K and that will grow with compound interest. This “Banking on Yourself” idea makes this complicated for no reason.
You can sell it outright to an individual. You can also do it through car dealerships. Go to kelly blue book there is an option to get a quote to sell your car.
I do not understand, insurance company will give us 30.000$ to buy the car, than we will pay insurance every month 424$ and in the end of 7 years we have money plus car???
This is a scam! He conveniently "forgot" to mention 6 very important things : 1. You need to have paid enough premiums to your insurance company to borrow the $30 000. 2. The premiums include fees, so you have to pay more in premiums than $30 000. 3. There's also a limit to how much you can borrow. Usually it's 85% or 90% of the policy value at the time of the loan. 4. You have to pay interest to your insurance company to borrow _your own money_ from your life insurance. 5. The "dividends", or what you wrongly call interest, that your mutual life insurance company pays to you is actually a partial refund of the fees you pay to put your money in an account. In other words, you are the stockholder, so what ever dividend they make is out of your money that you pay them. Therefore, they just give you back part of the money you paid, keep some of it as a "fee". 6. You still have to pay the car dealership $30 000 to buy the car, so that money is gone! When you take all that into account and do the math properly, you end up with less money with the "infinite banking" or "be your own bank" scam!
I wish somebody would just straight up and tell you how to do it step-by-step instead of all this lingo That it's in his book So do I have to buy the book to find out
This is very interesting ! Now the top question is how do I get 40,000 cash to bank myself ? That where I am stuck cause one I don’t have cash unless I do it differently by building my cash flow then once I reach 40k then buy a car and charge interest . Is this what you trying to explain ?
@@StephenGardner1 I want to learn more about this because I also don’t have $40k in cash and I definitely don’t got the time to accumulate that since life insurance will go up %60 by the time I have that
You kinda left out a big point that you gotta FIRST accumulate the $35k in cash value before you use it. But it's a good way to pay for lots of stuff.
Yes this could take a few years to build capital.
@@DoctorMcFarlandStudios "A few years?" Nah dude, it takes a loooooooong time to build-up any significant CV beccause the first 4 years is direct commission for the weasels selling it? And, before you say "PUAs," keep in mind it's just part of the same scam. The insurance company KEEPS all the cash value.
@@astroman30 A proper understanding of insurance would tell you that ALL the premium you pay belongs to the company but you have access to the cash value at any time through policy loans or withdrawals. When you pay back the loans (don't steal the peas) you get access to the cash value to be redeployed into whatever else you need it for whether that be for cars, homes, real estate and whatever else your mind can imagine. If you make a product I would assume you would want to get paid for the sale of that product.
@@DoctorMcFarlandStudios "Access?" Oh, that's right, you mean "borrow." Seriously, you believe BORROWING against your own money in which you have to pay back (plus 6% interest) only to lose all the cash value to the insurance company is a good idea? A product that is (at least) 20 times higher in premiums than term that only pays the face value of the death benefit? A product that even Motley Fool here on youtube is telling people not to buy?
I’m 18 currently got 5k saved up how could I structure it in a way to turn myself in a bank would I need more $$ saved up before trying that
And no one teaches this to the kids in school. ..brilliant! Thank you!
yah they do
That's because it's a scam.
@@astroman30 can you explain what all this is? Ive got no clue what the video is about
@@BonusCrook All it amounts to is borrowing against your money in your whole life insurance policy. Thus, whole life insurance is a ripoff because you are charged (at least) 20 times higher in premiums than just a standard term policy. Oh sure, you're promised a cash value (works like savings account) that grows 1.5%.......garbage. Plus, if you want to BORROW against your own money, they charge you a 6% interest. Wait a minute, I have to BORROW against my own money AND pay them interest? Yep. Here's the kicker, when you die, the insurance company KEEPS your cash value.........scam.
That's because whole life is a scam thank god they don't brainwash our kids
I have been buying all my car's that way my dad sold life insurance and showed me how to do it he's gone now but he set up all his grandkids with a policy and IAM showing them how to do it
I’m 18 but from what I’m m understanding is I need a good bit of money (30k) saved up before I can even be able to turn myself into a bank right then and there, is there another way I can do it maybe I’d have to wait for the CV to accumulate over time in short words I’m in a budget and wondering if I could still do this
In a 401k retirement account you are able to borrow your own money, it’s not locked up. The interest from taking the loan is paid directly to yourself into your own 401k account and the payments are taken from your paycheck.
Is this the same concept
I was thinking of doing that for car purchase
@@nickduran3516 - For a car purchase it’s not a good idea to take out of your 401k but if you need to buy a car borrowing from your 401k is a lot better then getting a loan or financing through someone else. The reason why it’s not a good idea is because you lose out of the potential money you’d gain if your money would still be in your 401k account.
@@nickduran3516 same concept except when you borrow against your 401k, the money that is borrowed doesn't continue to earn interest so you lose there.
It’s called a portfolio line of credit when you borrow against your stock account, but you can only borrow 30 to 70% of the value of your stock. That will depend on who is your broker. Ask who is managing your 401k about this.
You totally wasted my time, dude
The only flaw is you have to have that lump sum in an insurance policy to use it
Never knew this, and yes, I will purchase my vehicles with this procedure.
I use to work at a car dealership and when people trade in there vehicles they are getting ripped off.Say they give you three grand for your vehicle towards a vehicle you want on there lot they will turn around and sell your old vehicle double or even triple the amount they gave you.
Buying a car cash is NOT a terrible way to buy a car. The safest and simplest way to financial freedom is just avoiding debt and saving up.
It actually is. A car is a depreciating asset. The moment you drive your car out the lot, it has already lost value. It is better to pay the minimum and invest the money in the stock market. For the example in the video, if you invested the $25,616 in stocks for 7% compound interest annually, you will have $35,928 in five years, which is more than the retail value of the car itself.
You talked about stock instead of cars ... that's what ppl are here for cars... cars will always cost you money ... what needs to be conveyed is different ways to make the progress easier and beneficial to the buyer
don't forget you have to pay taxes on gains 50% plus....... so you makes peanuts.... plus fees...... i be investing money for 60 years
I never thought of it this way which is why I love being in your community!!
Have you ever purchased a car this way or are you still buying the way banks want you to?
Some how I didn't understand, how will I have 45000, and who paid for the car? Thanks in advance
@@muhammadalhaarthy9023 www.yourbridgeplan.com/work-with-me
@@muhammadalhaarthy9023if it seems too good to be true, that means something isn't right. To prove my point, instead of trying to answer your question, the guy sent you a link to buy his book. Smh
@@muhammadalhaarthy9023your paying yourself back 35k+ if you sell the car for 10k it’ll be 45k
Wow great info and iLove the idea... But being in the poor bracket buying vehicle's with cash is my best bet...
If life insurance can be used as a line of credit, why don't life insurance companies advertise this aggressively?
The interest you pay goes to the insurance company. You aren’t actually borrowing “from your own bank.” You are borrowing from the insurance company and they are holding the same cash value in “your bank” as collateral for that loan. Paying interest to the insurance company doesn’t go back to you. It goes to them
still the interest is about 5k so you plus-ed 40k
You are borrowing against the money that YOU put in better known as cash value. You lying salesmen leave out the fact that the cash value is riddled with fees/commissions and the most you can borrow is up to 90% of YOUR cash value. Scam.
What if just buying your cars a different way was the ticket to building a six figure pool of money?
So Steven what's a good company to go with to be able to do this Infinite Banking???
@@echavez2341 that's what no one ever tells us. Maybe bc they don't know either...
what is the insurance plan your are talking about
I noped the fcuk out of this video as soon as I heard "... a client of mine ... cash value insurance...".
Wow... the difference is mind blowing !
Thank you so very much!
This is not an apples-to-apples comparison. In Life insurance case A) You neglected the interest that gets paid to the Life Insurance company and B) you need to first have at least $30000 already sitting in you policy as cash value that you can borrow against. So, you are essentially borrowing your own money. It is like having a $30000 CD in the bank and using that CD as collateral and borrowing against that CD, If you do not pay back, bank will liquidate your CD and make themselves whole but as long as you make interest payments on the loan the CD will continue to accrue interest too because bank will liquidate it only in case of defaulting on the loan. However, In first example of the bank on the left you are borrowing purely bank's money, so of course you have to pay it back with interest.
This is the first I’m hearing about this and woah! Definitely need to know more
Sorry Stephen, I don’t understand. You borrow 30,000.00 then you pay it back and you still have 35,000.00 after you pay it back? Can’t get the gist of this. I’m going out but will rewatch after I come home to see if I can figure out what I missed. Love your blog and am member of the community. Wish you could help us. I’m 75 this month, my husband 77. My husband is a phenomenal psychotherapist but not a businessman.Weve raised three children was never able to get ahead with money so no pension, no savings, and only 1998.00 Social security between the both of us. All he has to hear is can I see you Doctor “ he is Ph.D”. but I don’t have a lot of money. Where most people are getting 200.00 a session he will let them pay 50.00. He has a heart of gold but not for business. He had an office in NY and a client was paying 150.00 a visit she asked him to reduce it to 100.00 and of course he did. When he told me I asked if he looked at her address on the check, no why? Philip she lives in a penthouse apartment on Fifth ave! He had no idea what that meant. So he lowered her fee in October and at Christmas she said she wouldn’t be around till May, she was going to spend the Holidays in Aspen then going to meet her boyfriend in Paris because April in Paris is “ just marvelous”... Trying not to sound bitter but it’s hard. No vacations in this house! Thank you Stephen for being the voice of reason on so many levels!
April is the cheapest time in Paris because the weather suck.. I know my family lived there ... fogy cold damp.. rainy.. that is why she goes...
The rich know how to stay rich.
Wow, im sold ! I'm ordering TW today
I thought of doing that , also if you work for a city job and are investing in a deferred compensation account (retirement) and take loan out you will be paying back on your loan as the same time earning interest . Rather get a bank loan u will never see it plus interest
You “the bank” still need to pay $30k to the dealership for the car
I really don't understand how you get the car in the smartest way T_T at the end, someone help me ? lol
same here... ._.
You forgot to mention that in the option on the left you’re not making monthly payments and the option on the right you are. You can still do the left option and the monthly payments you would me making in the other option you just put it in your savings and after t years, you will still have that money.
🎉🎉🎉wow this is great information. Thanks!!
Wow 🤯 mindblowiing. Thank you! But, that means you have to have the €35k already saved in your life insurance plan, right?…
No an I really happy to see this
This sound's a lot like the way we have bought our last few cars, and travel trailer taking a loan from my wife's 403b. The interest goes back to us instead of the bank and we hold the title to the vehicle, there are no liens against it.
I don’t understand how you make interest go back to you like you borrow the 30k from the bank in each ways
@@jeinerandresgomezgonzalez3533 when you borrow from a 403b or 401k you are borrowing from your own retirement account, not a bank.
i think ;you need to go back to elementary school to understand basic math. so you pay from one pocket to another pocket but that other pocket needs to pay the car dealership. So the only thing that you can win (if you don't have the 30 k at hand) si the discrepancy on interest rates from one place to the other. if you do have the 30K already you can certainly invest that and get a 10% return on investment vs the 5% for the car loan interest.
This really seems no different than a secured loan against your own money. Only I don’t see how you are getting your own interest based off the comments I’ve been reading
I had no idea. Thanks for sharing.
These numbers seemed going benefits from the smart way life insurance. But how long and how much per month of the premiums, to accumulate the $30k?
Some people it due to health issues , Don't even can't get life insurance or rated .
Wow this is amazing thank you
This video make no sense what so ever. What it should be called is how rich people buy cars.
This is a joke, at the end of the day you only recouped your 35k and the car is valued at 10k. The only thing you saved is interest charges😂
but you have to have the money there first to be able to use it and the money wont be avalible for 3-5 years.. this sounds good but theres a catch.. you are better off getting term life insurance which has low monthly cost or putting your money in an index fund and letting it grow over the years. This is a trap because really, we don't have all the information.
You can barrow against your 401k but only your contribution, not your employers contribution.
You pay yourself back with interest as well.
you need a multiple income to sustain your bills monthly. there's no free without hustle in this world.
IMO the smart way to buy cars is to not buy one at all. Just ive in an area where you don’t have to have one.
Amazing video.
Bought one of his books after this. Wish he would create Audible books of his other books since that's what I and many others prefer nowadays to save time.
I ran this by my investment advisors, and it won’t work for me at age 80.
Those kind of things are for rich people are middle-class people poor people cannot afford to buy a car I can't even buy a jalopy
this video could be in 30s
What is the difference if I just pay for the vehicle out of my bank account and then pay myself back w/interest the monthly payments?
You can pay yourself back with interest surely. But if you try to replicate the compounding effect that happens behind the scenes this is where this strategy can beat yours. When you do this you are borrowing from the insurance company’s general fund while your $ earns interest and dividends. On a year to year basis it looks like not much but if you zoom out on one of these policies 5-10-20 years out you will see the compounding effect at work. Hope that helps. This will never be apples to apples as you just borrowing $ from your self and charging yourself interest. There is a bit more to it that he doesnt cover here. Look up Nelson Nash infinite banking and you’ll see the full picture. Good luck
No one has but how do u be ur own bank you lend 30,000 from yourself confused on how this works seems you must first accumulate this money
Yes, it seems so. You accumulate the money and it's used to pay for your car, while you still pay every month into your insurance account for the same car, but eventually, that becomes your own money afterwards.
It same thing like buying something with your savings and every month you save some equivalent portion of said amount in a bank that gives you 4.4% interest rate. Don't see any other benefit
Where do you get those type of insurance policies
How bout just share your secret without buying your book.
That’s the point, you have to buy the book 😂 All those ‘money hacks’ try to sell you something.
Can I do this formula against my own bank account instead of a life insurance account if so what the formula? Thanks love the topic
At the end of the 5 years you have a $10,000 car and you still owe another 2 years of payments. What happened to those payments?
Wait, where would I get the 30k to buy the car in first place?
So I need a car today not in seven years so save up and paid for it same thing I did this with my 401 k and paid back interest to myself
I us my 401K for my car. So I get my money back plus the interest.
Lauren Nowosad that is very smart. It is a very similar to using the high cash value life policy. I would use the 401k to find the life policy, then use the policy to buy the car. Then, I would have my 401k still earning, the life policy still earning AND a death benefit that is a huge boost to your estate value when you pass away.
I’ve not previously seen this. How do I get started?
Katie Elliott
I never heard of it either, till I read his book and now watching the video. I’m ready to learn more, and sign up myself
Buy car payment. Get value. Back 10 thousand . Just leaned some new.
Thank you! This is awesome ❤️👍💖. I want to know more!
The reason why people goto a bank is cos they dont have the money themselves to buy the car isnt it? 🤔....I dont understand this
It's a gimmick to get you to buy life insurance.
Do you save to have 30k in the policy or can you do it with less money? Also, will you recommend the best company to buy the policy from? TOA
So basically pay for the car upfront.
Way too many details left out. It's an incomplete example. What needs to be added?
You can barrow from your 401k but only the money you paid into it, not your employers contribution.
I love this idea. how do I get this account setup?
Thanks
No Stephen, I’ve never heard of this before...
❤️🇺🇸🦠😷
The smart way..does my money need to be in the bank or againt it??
If I own the car, how would I transfer ownership to my policy?, and get insurance for it within the policy?
Thank u for sharing
How do I obtain an insurance policy with the bank to borrow from?
You can only borrow from what you put in there. Your paying the life insurance company to borrow your own money which doesn't even grow for the first two to three years. It's dumb. I guarantee he doesn't own one of these. He's just doing it for clicks.
Never seen this before and it sounds amazing but youre actually only making $5616 because in year 2000 you had 30K and borrowed it and in 5 years you just replenished it but with the interest added in 2005. Still a plus plus. But make a video on this cash value insurance things youre talking about.
Sounds great! We were told to buy term, and avoid whole life. Then we did the 20 years and now the price has jumped so much we can’t afford it!! Not sure what to do now.... 😳🥺
You did 20 years of term and now can't afford term or can't afford whole life? Are you worth $2.50 an hour? If so then you can save $100 a week of your paycheck to start a policy. Saving $5k a year is just $417 a month or roughly $100 per week. The better you get at saving then you will find other ways to save even more money to dump into your policy via PUA thus growing your policy even bigger which means more access to capitol when you need to buy cars, homes, vacations etc. The freedom and flexibility is up to you.
I was treated for depression years ago and can't get life insurance unless I pay way too much for it. I have a stash in a tax deferred account that has tanked so I can't touch it....
No car in existance depreciates that much.
Ok so all this is, is buying a car with your own money (cash) through a method that forces you to pay yourself (save) back.
Investing in crypto now should be in every wise individual list, in some weeks, months you'll be excited with the decision you've made today
Crypto is the new gold
You SCAMMER! How dare you impersonating The Plain Bagel 😡
But I need my car now not in 7 years
😂😂😂 good question
I’m going to take a loan out of my 401k and do the same thing.
Or how about this. Just pay cash to buy the car with that $30,000. Then instead, put that $424 monthly saving in a savings or 401K and that will grow with compound interest. This “Banking on Yourself” idea makes this complicated for no reason.
Sorry I didn't get it. So the idea is taking $35k from your pocket pay the car and then continue paying $420 per month during 7 years to you?
How do you get a properly built insurance policy.
So you need to have the money saved up already to do this type of self loan?
Grow your money every year? What about in year one? or year two? Or even year three?
Perhaps you can tell me how to sell my truck. I have a big truck with a big payment and I need to know thr best way to sell it or get rid of it.
You can sell it outright to an individual. You can also do it through car dealerships. Go to kelly blue book there is an option to get a quote to sell your car.
Go to givemeyourvin.com I use them.
So you buy the car for 30k then pay yourself another 35k, so 65k total, why are you better off??
Why should you not buy A vehicle cash??
I do not understand, insurance company will give us 30.000$ to buy the car, than we will pay insurance every month 424$ and in the end of 7 years we have money plus car???
Can u do this with active military life insurance ?
This is a scam!
He conveniently "forgot" to mention 6 very important things :
1. You need to have paid enough premiums to your insurance company to borrow the $30 000.
2. The premiums include fees, so you have to pay more in premiums than $30 000.
3. There's also a limit to how much you can borrow. Usually it's 85% or 90% of the policy value at the time of the loan.
4. You have to pay interest to your insurance company to borrow _your own money_ from your life insurance.
5. The "dividends", or what you wrongly call interest, that your mutual life insurance company pays to you is actually a partial refund of the fees you pay to put your money in an account. In other words, you are the stockholder, so what ever dividend they make is out of your money that you pay them. Therefore, they just give you back part of the money you paid, keep some of it as a "fee".
6. You still have to pay the car dealership $30 000 to buy the car, so that money is gone!
When you take all that into account and do the math properly, you end up with less money with the "infinite banking" or "be your own bank" scam!
It’s like a circus where everyone laughs (makes money), but you can’t see the clown. And then you realize, you’re the clown 🤡
I wish somebody would just straight up and tell you how to do it step-by-step instead of all this lingo That it's in his book So do I have to buy the book to find out
In paying self are you borrowing 30k and losing 5,616 in interest or are you saving up to 30k and somehow gaining 4.99 interest? Numbers don’t add up.
How do I set up my own bank
Does not make sense to me. If you don't have that money how do you pay the dealership?
Why did you move from financial videos to political videos?
No I have not
How do I get the insurance to use? I just don't get it.
How do I open one of those type of accounts
I've done it with a cash deposit account an payed no interest but got interest
This is very interesting ! Now the top question is how do I get 40,000 cash to bank myself ? That where I am stuck cause one I don’t have cash unless I do it differently by building my cash flow then once I reach 40k then buy a car and charge interest . Is this what you trying to explain ?
You have to build it up in the plan I describe in my book Taming Wall Street. It takes a few years to build up. My book will explain it all.
Stephen Gardner make sense!
Stephen Gardner will check out your book!
@@StephenGardner1 I want to learn more about this because I also don’t have $40k in cash and I definitely don’t got the time to accumulate that since life insurance will go up %60 by the time I have that
If you have a loan through the bank right now for a car do you just pretend to buy another vehicle to yourself now or wait t car paid off?
Never seen it before
do you know what type of layer to sue a car lot for lieing to the bank? about your income ???