Become Your Own Banker by Nelson Nash
- Thread starter Gazingus
- Start date
Yep, we've talked about it. Very likely a scam.
See this thread.
See this thread.
gauss
Thinks s/he gets paid by the post
- Joined
- Aug 17, 2011
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Insurance sales ploy. Saw it marketed as Infinite Banking. The presenter was not even calculating the 5 year compounded growth correctly in his example - good grief.
-gauss
-gauss
I read the book. Basically, whenever you need a loan, borrow it from yourself and pay yourself interest. Cash out your tax deferred investments, pay the tax, and buy whole(universal) life insurance, which you invest in stocks or whatever. Anytime you need a car loan, etc, borrow from the policy.
In retirement, draw down your cash value.
Mostly just a new sales pitch for life insurance. Not a bad plan if you have (a) met your goals already, (b) have surplus cash and are worried about future tax rates, and/or (c) have already maxed out other vehicles.
Personally, it doesn't make sense for me because (a) I would never need to borrow money. If I don't have the cash, I can't afford it, and (b) I would rather do a ROTH conversion to protect against future tax rates.
That being said, if I suddenly came into significant after tax dollars, I would consider it as another leg in a four legged stool. Or something like that.
In retirement, draw down your cash value.
Mostly just a new sales pitch for life insurance. Not a bad plan if you have (a) met your goals already, (b) have surplus cash and are worried about future tax rates, and/or (c) have already maxed out other vehicles.
Personally, it doesn't make sense for me because (a) I would never need to borrow money. If I don't have the cash, I can't afford it, and (b) I would rather do a ROTH conversion to protect against future tax rates.
That being said, if I suddenly came into significant after tax dollars, I would consider it as another leg in a four legged stool. Or something like that.
traineeinvestor
Thinks s/he gets paid by the post
I tend to lose interest in these sorts of discussion as soon as the word "insurance" is mentioned.
Chuckanut
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I have no idea what the guy from church is talking about. It may be legit, but even so, it may not be a good deal for you. The Devil is in the details.
Church connections mean nothing. IIRC, Bernie Madoff got a lot of business from people who attended the same synagog as he did.
Church connections mean nothing. IIRC, Bernie Madoff got a lot of business from people who attended the same synagog as he did.
