Infinite banking has grown in popularity over the last decade and with that growth has come new scammers and people teaching how to use it wrong.
Sorry, not sorry. for telling the truth here. But, the good news is, you can be educated and look out for the lies if you listen to this podcast.
Take notes and have them ready next time you jump on a call to talk about whole life insurance.
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TRANSCRIPTS:
Speaker 1 (00:00):
This right here. This is where I totally agree. He just that he get his insurance license and we’re talking to each other about this stuff and comparing notes and would he find out that insurance agent lied? We have all these things back and forth and finally after two hours he said, Chris, the reason I did it that way, there is interest being paying that money. The only reason it seems to work is if do not use this for paying bills. Do not use this to throw your whole paycheck in. The only person that wins then four is you do not pay yourself back.
Speaker 2 (00:29):
Chris Miles was able to retire twice by the time he was 39 years old, but he’s not content to just enjoy his own financial freedom and peace of mind. Chris wants you to have your own ripple effect so you can live free today. He’s not the financial advisor you expected. He’s the anti financianal advisor you deserve. He’s jumping behind the mic right now, ready to make waves. Here’s Chris Miles.
Speaker 1 (01:00):
Hello my fellow Ripples. This is Chris Miles, your cashflow expert and non-financial advisor. Welcome to show. It’s for you those who work so hard for your money and you’re now ready for your money to start working harder for you today. You want that freedom of cashflow now, not in 30 or 40 years, but today, so you can live that life that you love with those you love, but you’re not just about getting rich, about living a rich life because as you’re blessed financially, you have a greater capacity to bless the lives of others. Thank you for tuning in today. Thank you guys for binging and going back and sharing these episodes of others. Guys, this show has gotten bigger because of you, and by the way, thank you for subscribing to our YouTube channel. We’ve now broken well over 3000 of you subscribers and we’re looking to forward to so many more that come in every single day.
(01:37)
Thank you so much. If you haven’t done so already, go and subscribe there today. Alright, today I want to talk about some interesting myths or lies that come with infinite banking, and this was actually inspired by one of you. Maybe you, I don’t know. I’ve somebody that obviously had seen some of my videos and they made a comment. They said, Chris, and this is referring to my episode from last week, talking about why financial plans fail. He says, Chris, I love your stuff. I agree with this however you teach infinite banking that just basically causes him to lose respect for me in that sense, at least just saying I can’t agree with that, and I could have came back and I could have gone all Dave Ramsey on him and said, well, that’s stupid. What? Oh my gosh, that’s dumb. I could have done that stuff, but I’m not that kind of guy.
(02:25)
I’m not going to be the guy to do that. But rereading his comment, I said, I get where he’s coming from, and so I clicked on it. I said, I like this comment, and then I further said, I agree with you. I actually agree with you that the infinite banking space using life insurance, and it’s always sold by life insurance agents that are trying to pitch you a product and they’ll use infinite banking. The talk about how Osme is, which by the way, the Nelson Nash book BOM Banker, great book, right? I’m not taking that away at all. In fact, Nelson Nash was a brilliant guy, took something that was already being used and tried to make it more for the normal layman’s person, and they did that and it was really even an alternate to paying cash for stuff like if you’re a Dave Ramsey fan, it gave you a good alternative with what he taught in that book.
(03:11)
But he’s right because there are a lot of people out there teaching infinite banking and there’s so many lies around it. I mean, I don’t know how many of you’ve seen yourself, but if you’ve seen some of these things wondering, does that sound too good to be true or is this a lie? Well, then you better be listening up because here’s five big lies that I see with infinite banking. They’re not just myths, they’re just sometimes flat out lies or they can be situational where it doesn’t work today, although it might work in another situation and it drives me nuts. In fact, even just this last week I actually was with some guys that were in the infinite banking space, decent players in this space, and many of them were upset with other guys on YouTube teaching. These same kind lies, these same kind of myths, and sadly, some of these guys have the biggest views with infinite banking, but they’re the ones that obviously YouTube’s been promoting, but as a result, it’s actually teaching you all Sids and lies.
(04:04)
Of course, it caused you to lose trust because if it’s a flat out lie or even a half truth, which is really a lie, if it’s something like that, how could you trust it? Let me just dig into what that is. Again, I think what’s been taught out there, I know the Infinite Banking Institute or whatever, I mean, I know they’ve got some stuff too, but I’m going to kind of be blunt about this. I want to be just call it out the way I see it. I understand where they’re coming from because like I told this, like I said, this guy, I’ve seen it. That’s why I had to start doing it myself. That’s why we design our policies ourselves versus referring it out because when I couldn’t find somebody who I could trust to actually do it, what’s right for the client, every single time, a hundred percent of the time it necessitated something to change.
(04:47)
So I was already insurance license. I could design it myself, but the thing is I have this mission to do it differently and I learned that firsthand because in 2006, I was first introduced to this 2006, just so you know, it wasn’t that popular back then. The book was already out. I mean, this is a concept that really in the nineties was being taught, but I never heard about it as a financial advisor, and so when somebody told me whole life insurance, I thought, what a crock, what a ripoff. Those things pay you nothing. You’re better off than investing in the stock market. That’s what I was saying, but as I started getting into this alternative investment world about real estate investing, everything else, I realized there might be something more to it. Well, as I got to know these real estate investors, they all kept talking about this infinite banking concept, which the Nelson National Institute has done for many, many years.
(05:32)
Shout out to them, by the way, and so they’ve been teaching this stuff for many years. I had never heard of it, and many other people I knew hadn’t heard of it either, but it sounded amazing, right? It sounded like a thing where you could actually be able to pay yourself instead of paying the bank and you’d hear those kind of things. Well, long story short, I bought my policy and I remember again, I was an insurance agent. I had been licensed for four years prior. I remember asking the agent that set it up for me, I didn’t know how to set it up myself, and he set it up for me. He said, Chris, this is the way it is. This is how it looks. I said, well, awesome. Can we make it better? I don’t like the fact that I’m paying in for two years and have zero cash in that cash account.
(06:14)
That savings account, if you’re not familiar with it, it’s a whole life. Insurance covers you your whole life. It’s more expensive than term upfront, but it’s cheaper down the road because the payment stays the same. It’s like buying a house versus renting a house, right? You get a flat payment. Well, he showed me this flat payment of doing a thousand bucks a month for the rest of my life, and I thought, okay, cool, but this cash in here, this separate tax-free savings account that’s inside of it, you don’t just get a death benefit, but you get a tax-free savings account. I said, well, this cash account has nothing in it for the first two years and then it has piddly in year three. Is there a way I can actually get more money faster? His answer was, no, you can’t, Chris. And I said, okay, well fine.
(06:54)
If I can’t do it, then whatever triggers taxes, I don’t want that, so I’ll take your word for it. Well, two years went by from 2006 and then we go into 2008. Obviously we’re in the depth of recession. I’m hurting financially. I can’t keep paying that a thousand dollars a month premium, and so it got to the point where even though it was getting into that third year, I had no cash when I called the insurance company saying, what can I do? I’ve paid 25 grand into this policy. Is there any way to salvage this? And they said, no. You got to keep making that a thousand dollars a month payment or it goes under. So guys, I lost that policy. I had paid 25 grand into it only to lose it later on with zero cash to show for it, zero, yes, I got insurance covered for a few years with one point whatever million dollars, but guys, I could have done way better.
(07:38)
I could have done way better just getting a crappy cheap term policy. So when people start ripping on whole life, this right here, this is where I totally agree. This is where I’m saying, yeah, it doesn’t work. Now, months later, I’m talking with a friend who also bought the same kind of policy, lost it for the same reason in the recession. He decided he get his insurance license and we’re talking to each other about this stuff and comparing notes, and would he find out that insurance agent lied? He’d lied to us. He said we couldn’t pay any more in, but the truth is he could have if he had designed it that way, but he didn’t. And so I started running my own numbers, doing my own research, and what do I find out? I said, wait, I could have had cash in here from day one, not year three when I finally started getting a few hundred bucks in there, day one, and so I challenged that insurance agent that sold it to me.
(08:27)
I said, Hey, we could do it better this way. He’s like, well, Chris, it, it’s your human life value and you got to protect all that and make sure you have the maximum death benefit possible and yada, yada yada, right? By the way, I’ll do a separate podcast about the death benefit. There is truth to what he said, just doesn’t have to be the way he did it. So anyways, he’s telling me that. I said, okay, tell you what, I’ll run apples to apples numbers with you. I’ll even have the death benefit as high as what you had it, but I will show you how mine’s better. And so we get in the office and I start showing him numbers. He starts debating me. I debate back and we have all these things back and forth, and finally after two hours he said, Chris, the reason I did it that way is because I couldn’t afford to cut my commissions.
(09:06)
I said, there’s the honest answer I was looking for because the truth is my numbers were beating his. No matter how he looked at it. I said, there’s the truth. That’s what I was looking for, and by the way, I’m never sending another client to you again. I was referring my friends and family to him only to find out he was doing it to get max commissions. He was doing the traditional whole life policy, the one that you’re more likely to be sold, and even if you could do those paid up additions that they call it where you put in extra money, and I know even Dave Ramsey will give lip service to that and say, well, that doesn’t matter. Well, it does matter. Those paid up additions mean everything because that’s what allows you to build up cash faster so it becomes a living benefit, not just a death benefit.
(09:47)
So from that point on, I start really spending the next 15 plus years getting better and better at this and starting to open up this world and really open up these lies and myths that are being thrown out there. I want to talk about those one by one. So let’s get into these five things right now, number one. Number one is, and this is something that I know that Nelson Nash Institute would agree with, or at least Nelson Nash when he was alive would agree with is that I LS index universal life do not work. They were never meant for this strategy. The problem is lately because the stock market has been up so much and over the last really now it’s been 15 years and only one good down year in the 15 years, this is when people get lazy. This is when they get complacent, especially if they’re insurance agents or financial advisors, they start just like the clients do too, right?
(10:34)
When you get in the stock market and it’s always going up, you get kind of lazy and comfortable, and this is when you put your guard down and when you’re not prepared for market corrections, this is when it burns you. Well, Nelson, even Nelson Nash said, I Ls, this is before he died. I was talking to a friend of mine that would have conversations with him. He didn’t like the fact that even recent organizations, even after he passed on were saying, oh, do index universal life where you can get some of the s of the stock market, but none of the downs. You get a limit up to so much, and so it’s very much stock market driven. He never intended it for that. He’s like, no, no, you need consistency. You need actual predictability with these numbers so that this works for you. Because if you’re trying to use this to, as he was talking a lot about using this to pay for cars or pay for homes or whatever it might be, if you use it for that, well, what happens if the market goes down?
(11:26)
You start losing cash? Well, now you might find yourself in a situation where you got to throw in more money to keep it alive. You don’t want to be caught with your pants down that way, right? You don’t want to be that way. So that’s one big lie is that index universal life. Yes, there are aspects you might be able to work with it, and by the way, the double dip effect only works with the minority of index universal life. Only a few of them actually let you make money in two places at once. Usually when you borrow from an index universal life, and I know I sold these back when I was a financial advisor at once upon a time, I sold some of these, and you would not earn money on the money that you borrowed. Where the nice thing with the whole life is when you borrow the money from the insurance company, your money’s still in their earning compounding interest tax free.
(12:07)
The difference is with universal life, you try to borrow money from them, they’ll give you, at best, at best, they’ll give you what’s called a wash loan, which is like a net 0% loan. So say for example that the interest is going to be 6%, they’ll credit you 6%, so then you pay 0%, but it’s not a compounding interest. There are a few, I know there’s some exceptions out there. There’s a few that do that, but even then with all the variables and all the things that the market fluctuations and unpredictability and rising costs every single year in those kind of policies, that is a big, big gamble that you don’t want to be caught in. And if the market’s been going up for 14 to the last 15 years, it begs to ask the question of what happens Now if the market usually only goes up about twice as much as what it does go down, that means for every two years it goes up.
(12:55)
There’s one year goes down, we’ve seen 14 up years and one down in the market. Do you really want to be getting in at the height of the market and hoping that it’s going to pay you something? My prediction, and I could be wrong, my prediction is at best, you’re going to get very lame returns in those things. You’ll probably get worse returns than even used in whole life. So that’s my prediction. I could be wrong. I was wrong the last decade because the market kept soaring a way, especially as the government kept printing more and more money, but that party will come to a close and remember, the bigger the party, the bigger the hangover. Number two, this is not to be used for a bill pay. There are, I shouldn’t say many, but there are several people out there who will tell you, use this for paying your bills, throwing your entire paycheck into this plan, and then use that to pay your bills every month and then guess what?
(13:42)
The money keeps building and growing, get that double dip effect, but it’s with bill pay and you basically use this like a checking account. I would argue against that. I know why they say to do it, but here’s a different perspective, right? They’ll tell you all the interest you’ll save when you do it that way or make potentially, but the truth is you’re still paying interest on this money. I’ll get to that in another point. Another lie here, right? There is interest being paid on that money. The only reason it seems to work is if you have more money coming in every month than what’s going out, if you have surplus every month, of course that makes it look better, but the problem that I often see is that for the amount of interest you might earn on that money, you invest a lot of time making that happen.
(14:23)
Not to mention, just so you know, most insurance companies don’t want you to put in more than 25% of your gross income. So if you try to put in your entire paycheck, you would have to almost lie on your application, which I would say morally that’s not a good thing, but just try to lie in your application. Say, well, here’s all the money going in. Let’s throw all this of my paycheck in here every month so that I can pull back out. Well, what if your paycheck goes away? What if something happens? What if you get a different change of circumstances? Do you really want to be committed to that kind of thing? And yes, they will set it up to where you’ll probably be committed to use it that way. So I do not use it for bill pay. I like simple. I like something that’s easy to use and it takes very little of my time.
(15:04)
That’s a key thing for me because my time is worth a lot to me. Whatever you think your time is worth per hour, I think my time is worth per hour is well over a couple thousand an hour, so I don’t want to be spending all this time trying to do this complex thing to save 20 bucks. That’s not worth it to me. I would much rather use a system that I like to use it. For example, if I’m going to go and do an investment, it’s one time going in and then that investment as it pays out, I’m able to use that money to pay back in towards that line of credit on the loan. That’s how I use it. I’ve done it for short-term lending. I’ve lent money from that and then had it come right back in and then I earn interest on that money even beyond what I got charged, and so I cut a net arbitrage from that money.
(15:45)
Those kind of things are cool when I can do that kind of thing. And that kind of goes into this next thing goes along with bill pay. You’ll hear a lot of people say, go use this to buy cars or buy houses. Now, when I said when I buy real estate with it, I don’t buy the whole property putting all of this on there and not use the bank. I love using banks, especially when it’s low interest. Low interest loans are your friend with banks, and I think low interest is really anything in the single digits, preferably below 8%. That’s what I consider is low interest. So yes, car loans even right now I think are still considerably low interest. I don’t mind using money for that. I don’t mind using banks for that because the truth is I’d rather use the bank’s money so that frees up my money to earn more than what I’m investing.
(16:29)
Does that make sense? If I have to pay even seven and half percent for that car loan, but I know I can earn 12% on my money, I’m going to do that all day long because the problem is if I use my own cash to go buy that car, right? And again, I’m not opposed to doing that. I’ve paid off my loans too, okay? I’m not opposed to doing that. But if I’ve got the cash to pay the car, I’d much rather get that cash working for me to make more in interest than what it’s charging me when I use the bank’s money. Because if I pay cash for that car, I’ve now lost the ability to earn interest. I don’t have the ability to earn interest, not money anymore. I’ve saved now to pay the bank interest, but now I can’t earn interest and I’ve locked my money away into a depreciating asset.
(17:08)
Even if this were appreciating home, which usually appreciates not always, but even if I put it into my own house, let’s just say I use all that money for my life insurance to pay into my house, and again, when I say use the money for my insurance, this is not the death benefit. This is that tax-free savings account if I use that money to pay for my house. The thing is this is that again, that money’s locked up. It’s locked away. That money can no longer earn interest. However, what if I use for my 20% down payment? But if I use that for my policy and then the 80% came from the bank, still very good interest rates. Even if you paid 7% right now, it’s still a very good interest rate, especially if it’s your own home. You’re writing off the interest in many cases anyways, right?
(17:51)
So you’re probably paying less than the net 7%. That’s okay. That’s great because again, I can use that money to make more. Now, if you’re a spender, if you’re somebody who’s going to blow money, don’t use this strategy. You might be better off paying in cash because you’re probably going to blow the money or gamble it away anyways. This is not the kind of thing that say, oh, I’m going to invest it in Bitcoin or crypto now. No, that’s a gamble. That’s not investing. That’s gambling. Don’t be that person. You want to be the person that says, I’m going to be wise of this money because it’s my money. I worked hard for it. I want it to work hard for me now, but I want to make sure that it doesn’t just work hard for me, but it actually comes back home. It’s actually coming back to me.
(18:28)
It’s actually there. It’s not something that’s going to get lost in some market swing. So that’s what I want to be very careful of when I talk about this kind of strategy. But again, one of the biggest mistakes I see people talking about is they say, well, buy a car with it. And you’ll see a lot of YouTube videos even today. They’ll say, you’ll buy a car and then you quote, pay yourself back, which is going to go into my fourth point here. That is not true either. So let me review what we’ve done so far. Number one, we said that index universal life, I wells don’t work when it comes to infinite banking. Yes, there’s elements that could work, but it’s not really what we’re talking about here. Two, do not use this for paying bills. Do not use this to throw your whole paycheck in.
(19:08)
The only person that wins is the insurance agent because they get a much bigger commission cut because you throw in your whole paycheck in versus just what’s actually your available income for savings. Three, don’t use this for low interest loans. Anything below roughly about 8% or less, I would not use this for, I would go get bank money for those kind of loans. If it’s credit card pays. If we’re trying to pay off credit cards, this could be a great option to help pay off the credit cards and have a lower interest rate that you can control the terms. But then four is you do not pay yourself back. This is one of those half truths that really is kind of a lie. So I hear it a lot of times on videos, they’ll say, well, hey, I bought this Jeep or I bought the sports car with my infinite banking policy.
(19:50)
And the cool thing is, instead of paying the bank, I pay myself back. Answer is wrong. You do not pay yourself back. That is not true. Here’s the truth. When you’re doing this, you can get money from one of two places, right? Yes, you can pay cash for it. I get that. I’m going to put that off to the side. But when you’re borrowing money, whether it’s from your life insurance or from the bank, it’s the same. It’s the same. And the bank you borrow from the bank, guess what? You pay them interest, don’t you? You pay them payments. Now you are required to make monthly payments. That is one difference here. But when you get a loan, when you borrow from your insurance policy, they do charge you interest, and that interest goes to pay the insurance company. They pay the insurance company, they are acting just like the bank.
(20:33)
Now, it is nice you don’t have a monthly payment required. That is one nice thing about the loans. You pay it back. However, whenever you want, the deadline for paying back those loans is your death. But the one thing that’s again, that common misconception, it’ll say, well, whatever that payment would’ve been to the bank, just pay that to yourself. No, all they’re telling you to do is that principal and interest payment. You would’ve paid to the bank. Yes, you might have got a lower interest, might have got a lower interest with your insurance line of credit, depending on what interest rate you’re offered, but you would take that payment and just pay it back to them. You’re still paying back principal and interest, and as you pay back principle, you can pull that money back out. That’s true. So yes, as a pay it back, all you’re doing is you’re paying back the line of credit because when you borrow from insurance policy, you’re not just pulling cash out of your account, your account money is still there, compounding earning tax-free interest.
(21:20)
What’s different is you get this loan from the insurance company. Again, private loan, not on your credit report, no minimum monthly payments. That’s not the case, but you get a line of credit from them. And so yes, when you set that payment, whatever it is, you’re paying them back and as you pay more than your interest only payment, you’re paying down the principal. Well, as you do that, it frees up the cash that’s available in your cash account because the cash is the collateral and why they’ll lend you money at really good interest rates, usually right around 6% right now. That’s why. So remember, if you buy a car with your infinite banking policy, you’re still paying back someone interest, even if it’s not a monthly payment that’s required, they still charge you interest on that money usually daily. They usually charge you daily interest, and that’s okay.
(22:05)
That’s fine, because that daily still might only add up to be about 6% or so. That’s okay. But remember, I’d much rather get the bank money and use that if it’s cheap or even roughly about the same interest rate because that’s their money. I’d much rather get their money, keep my money available to invest and make a much higher return than what I would’ve been charged anyways, that’s the key secret. So that’s again, you’re not paying yourself back. Never ever believe that they tell you that they are lying. You’re paying back the loan. Yes, it does. Go back to help build your account. Where’s the half truth? It helps free up money because as you pay it down, think of it like a homemaker me line of credit. As you pay down interest in principal and that homemaker green line of credit, there’s more available on that line of credit to use.
(22:46)
Again, same thing on a credit card. You pay down that credit card, it might say you have $15,000 line of credit, right? And you pay down some extra principle and interest, you could charge it up again, same thing. The only difference is, again, you’re not required to make payments, and it’s not obscene amounts of interest like a credit card. That’s the difference. So just remember, you are always paying somebody interest, always. Alright? In the fifth lie, and this is the big one that I said in this comment, right? Remember, review IOLs don’t work with this. It’s not good for bill pay. It’s not good for low interest loans and you don’t really pay yourself back. But the fifth myth that’s here is that this is not the star of the show. As I said to this guy in the comments, the mistake that you often see insurance agents give you is that they’ll say one of two things usually.
(23:30)
One is that this is the best thing since sliced bread. Use this for all your bill pay and use this as your checking account, right? They’ll say that, or two, they’ll say, this is great for supplemental tax-free retirement, which is also true, but you do the numbers and this is what any logical person that has been in this world, if you’ve been listening to these podcasts, you’d be thinking saying, yeah, but this thing might pay me 6% a year tax-free interest, which is good. That’s great. Even after fees and everything, you might net 5% tax-free, give or take. However, you can make 10, 12% investing in real estate. Heck, you might be able to make 8% a year in the stock market. So why not just do that? Good point. The difference is this, is that when you hear those guys talk about it, it’s always either or, right?
(24:16)
They got to take the money from those places you can invest and put over here. Now, I’ll tell you, there was an Ernst and Young study I’d mentioned last fall. Ernst and Young separate study, this is a very independent, they’re not an insurance company. They went and did a study about what’s the best blend of investments, and they looked at everything from a hundred percent stocks to doing bonds or doing annuities and doing life insurance. And what they found out was 70% invested in the market, 30% in whole life actually doing this strategy we’re talking about. So 70 30 split, 30% in cash, 70% invested. That gave you the most money later down the road and also down to leaving a legacy for your family too. It worked in both situations, living and after you’re dead. Well, the thing is this, is that although that can be a great strategy, that’s not the star of the show.
(25:02)
The star of the show is the investments, but instead of trying to compete with the money of do I invest it or do I put it here, we don’t worry about that. The way we design it, we actually tell you, listen, for the first two or three years, even when there’s a net cost to the insurance cost coming out of it, use your emergency fund. Use the emergency fund to fund it. So say that for example, you have $50,000 in your emergency fund that you want to have six months of cash. What if you did 12,000 a year for the next three years? And that’s pretty low number by the way, but just say you did that 12,000 a year for the next three years. After three years, even though you’ve paid in 36 grand, you’re going to have roughly, you’re going to have a little over 30 grand already in cash available to use that could be used for emergencies or whatever you need it for.
(25:40)
Great way to diversify your savings to get it out of a taxable low interest yielding place. Even if you have a high yield savings account, they never stay that way. Or you put in a place where it’s been consistently higher, returning tax free and it’s protected from lawsuits and creditors and taxes and everything else. You’ve got that kind of savings that’s there. That’s a good place to be able to diversify your savings. Now, every other, if you say year four onward, you’re putting in your cash. You’ve been saving up anyways, which you’ve been saving for the last three years anyways, right? You’ve barely been building your savings account. You still, when you put cash in here, guess what? Every dollar you get a net gain on that money. So even if you put in 12,000 that fourth year, you might make $13,000 on that money.
(26:18)
So now you’re making a net gain. So you still have access to all that cash, but again, it’s protected from taxes, protected from lawsuits, creditors, and it’s making a better return than what you often get in the savings accounts with banks. That’s the difference. And so we don’t ever compete with that money. We actually tell people, invest all that money. Get it out. Use your emergency fund to fund it for the first few years while we’re investing your money. And guess what? The interest you’re earning for that money then goes and pays even more to where you might end up needing another policy to help build and save and protect the money as you’re growing it, to then reinvest and do it again. So that’s the difference is that we use it as a supplement. It’s like a good supporting actor. I mean, you think about some of the best movies you might’ve seen.
(27:00)
They weren’t just good because the main actor or actress, it was because of the supporting actor actress, wasn’t it? It was like what they brought to the table. It’s like Lieutenant Dan and Forrest Gump, right? I mean, Forrest Gump was a cool movie, but Lieutenant Dan kind of brought a little darkness into it, but it also brought some hope as well, didn’t it? Kind of brought this real human element that you could feel that kind of thing that made the movie awesome. And that’s why still that guy is being referred to as Lieutenant Dan because he got so popular because of that supporting role that he did. This policy is just a supporting actor. It’s just a supporting role. It’s not the star of the show. It’s not for Gump, it’s Lieutenant Dan Forrest Gump is your real estate investments, the things that you can make money on, that’s the offense.
(27:45)
This gives you a little bit of defense that has an offensive strategy to go with it and make it better. It just throws more fuel on the fire. It allows you to, instead of making 10% returns, make 11, 12% plus returns on that same money. That’s where it really comes into play. So guys, remember this one, IOLs don’t work. They’re not good. Don’t use this for bill pay. Don’t be using this to go and take the place of bank loans, especially when you can get low interest rates. Do not think for one minute that you’re paying yourself back. You’re using this as a bank and that’s okay. The only reason they do that, they teach that is because they’re afraid of it. They’re afraid that you won’t like it. But if you understand it, that’s where you realize it’s not the start of the show.
(28:24)
It’s a great sideline act, right? It’s a great supporting actor to allow this to your whole plan to work the right way. So again, if you guys ever have questions, you can always go out and reach out to us. Money ripples.com. There’s contact page there. And also there’s more information on how that actually works. But again, I want to just really drive that point home is that there are so many little lies being taught that this is why it has a bad reputation. And so reason that, again, I like it is because I’ve seen how it works in my own life. But you have to make sure that one, it’s designed the right way. Not all infinite banking policies are created equal. Most of the time when the agents set this up, they won’t do it in a way that’s in your best interest. Maybe I’ll give you a bonus. Sixth one. The sixth one is that the 60 40 split, it’s got to be this way cause it’s the best way. No, the best split is how do we get you to pay the least amount of the costs so that money can grow faster? That’s the best split in my opinion, not the 60 40, which is about double the costs. So anyways, that’s my bonus six tip for you guys. Again, if you have questions, reach out to us@moneyripples.com. Make it a wonderful prosperous week.