Your own private family bank

[henny-penny]

Hi,

I jsut watched this video:

Sound interesting. Has anyone tried to do something like that?
Im also interested if those insurance contracts are as safe as he claims them to be?

Any thoughts?

 

[pb4uski]

Can we get a bullsh!t emoticon? Or a troll emoticon?

 

[Sue J]

14 seconds in and he mentions the Rothschild family. Oh, that’s my family tree, although we are from the branch that lived as peasants in Europe and came here for a better life.

I’ll have to watch this at some point but for now I’ll just spend less than our income and maintain our debt free status. Works for me.

 

[Totoro]

+1 on troll / sales pitch.

 

[Chuckanut]

Hi,

Sound interesting. Has anyone tried to do something like that?
Im also interested if those insurance contracts are as safe as he claims them to be?

Any thoughts?

In what part of Norway do you live?

 

[target2019]

Hi,

I jsut watched this video:

Sound interesting. Has anyone tried to do something like that?
Im also interested if those insurance contracts are as safe as he claims them to be?

Any thoughts?

Yes, I think you're trolling.
But I do have a simple family bank, and it's working well.

 

[rodi]

I watched about the first 20 seconds and found the guy's voice annoying and non-confident. (It's ok to be non-confident.... but it doesn't help sell in a presentation.)

I skipped forward to the 10 minute mark and more platitudes...

No way I could watch 35 minutes of this. Can someone summarize it, or provide a transcript.

 

[rodi]

I skipped forward to about the 30 minute mark. It's a variation of whole life insurance... something called the PFB Optimized Whole Life.

Don't think it will fly with many of the members here since many here pay cash and avoid interest payments... And mosts members here save a lot more than the example shown there, direct our own investments, and don't have the fee structures associated with a whole life policy.

Here's my reaction to the platitudes in the video...

If it sounds to good to be true.....

 

[braumeister]

Here's the website:
https://privatefamilybanking.com/partners/

As far as I can tell, it seems to be all about selling their training course and book.

 

[gretah]

I didn't watch all the video, but it seems to be talking about using life insurance with very specific riders as a tool to build wealth.

InfiniteBanking.org
Nash is the man who came up with the process years ago.

Bank on Yourself is a book by Yellen that explains the concepts well.
I think Yellen is using the book to get clients to contact her so she can feed them to insurance brokers and get a lead commission from them. (So the book is really a lead generator.) But the concepts are clearly written.

The people I know who have successfully used this tool follow Nash - InfiniteBanking.org

The host of Radical Personal Finance has spoken on his podcast about this. He thinks the idea / tools can work for people looking at using it for over 20 years due to the upfront costs of the insurance. I think highly of the financial advice he gives on his podcasts so I think this adds weight to the validity of this tool. (My favorite podcasts are his Friday Q&A sessions. I learn from most of those.)

Some posters on BiggerPockets say they use this tool to help fund/manage real estate investments.

I've read the Yellen book and I'm investigating it for myself. One friend of mine is very financially savvy and has been using the Nash method for a few decades. He recommends it to me highly (and he has opportunity in getting a commission, lead fee, etc from me).

This is as far as I've gotten.

 

[henny-penny]

Who isnt selling their ideas and knowledge these days?

 

[henny-penny]

14 seconds in and he mentions the Rothschild family. Oh, that’s my family tree, although we are from the branch that lived as peasants in Europe and came here for a better life.

I’ll have to watch this at some point but for now I’ll just spend less than our income and maintain our debt free status. Works for me.

He gets attention using this family name? Heavens know why. As far as I know many families have funds and thusts and other organizations to mange wealth.

 

[henny-penny]

Can we get a bullsh!t emoticon? Or a troll emoticon?

No Im not.

 

[henny-penny]

Yes, I think you're trolling.
But I do have a simple family bank, and it's working well.

Im interestined in knowing how it works and weather this idea is worth digging deeper. Maybe you could share your experience instead of insulting?

 

[henny-penny]

In what part of Norway do you live?

South, why?

 

[henny-penny]

I didn't watch all the video, but it seems to be talking about using life insurance with very specific riders as a tool to build wealth.

InfiniteBanking.org
Nash is the man who came up with the process years ago.

Bank on Yourself is a book by Yellen that explains the concepts well.
I think Yellen is using the book to get clients to contact her so she can feed them to insurance brokers and get a lead commission from them. (So the book is really a lead generator.) But the concepts are clearly written.

The people I know who have successfully used this tool follow Nash - InfiniteBanking.org

The host of Radical Personal Finance has spoken on his podcast about this. He thinks the idea / tools can work for people looking at using it for over 20 years due to the upfront costs of the insurance. I think highly of the financial advice he gives on his podcasts so I think this adds weight to the validity of this tool. (My favorite podcasts are his Friday Q&A sessions. I learn from most of those.)

Some posters on BiggerPockets say they use this tool to help fund/manage real estate investments.

I've read the Yellen book and I'm investigating it for myself. One friend of mine is very financially savvy and has been using the Nash method for a few decades. He recommends it to me highly (and he has opportunity in getting a commission, lead fee, etc from me).

This is as far as I've gotten.

The most invormative answer. Thank you.

 

[gauss]

I went to an "Infinite Banking" lunch seminar about 5-10 years ago. It was a pitch to push life insurance policies as an investment. What really galled me in their numeric examples was interest calculations in mutual fund examples calculated with simple interest, not compound interest.

Nothing to see here.

-gauss

 

[henny-penny]

I went to an "Infinite Banking" lunch seminar about 5-10 years ago. It was a pitch to push life insurance policies as an investment. What really galled me in their numeric examples was interest calculations in mutual fund examples calculated with simple interest, not compound interest.

Nothing to see here.

-gauss

Yes, I saw that! They obviously leared some different mathematics than I did at school. Life insurance policies could be an idea woth exploring on your own. Anyways, it is good to make your own opinion.

 

[target2019]

Im interestined in knowing how it works and weather this idea is worth digging deeper. Maybe you could share your experience instead of insulting?

Valuables: The Family Bank – A “Sound” Idea -
THE FAMILY BANK Educating & Inspiring Multi-Generational Family Members through a Shared Investment Structure | Pitcairn
The Family Bank: A Strategy for Preserving Wealth
When I get time, will go back and read these articles again.

Your original post looked very much like a troll. There was a link to video, and the thoughts you posted were very much "troll-like".

FYI, I have a thread "Inter Generational Family Wealth". It explains my meandering thought process as I solved a few challenges we had with accumulated stock.

 

[henny-penny]

Valuables: The Family Bank – A “Sound” Idea -
THE FAMILY BANK Educating & Inspiring Multi-Generational Family Members through a Shared Investment Structure | Pitcairn
The Family Bank: A Strategy for Preserving Wealth
When I get time, will go back and read these articles again.

Your original post looked very much like a troll. There was a link to video, and the thoughts you posted were very much "troll-like".

FYI, I have a thread "Inter Generational Family Wealth". It explains my meandering thought process as I solved a few challenges we had with accumulated stock.

Thank you target2019. I will do some reading this weekend.

 

[MichaelB]

Sound interesting. Has anyone tried to do something like that?
Im also interested if those insurance contracts are as safe as he claims them to be?

Any thoughts?

From your intro post, you live in Norway. I’d think banking and insurance investments and regulations are quite different between the US and Norway and wonder if a US based investment strategy is available to you.

 

[flintnational]

I listened to the first 5 minutes and then skipped around (because its pretty poorly done). Surprise, its a whole life insurance pitch.

Homer Simpson summed it up nicely, "Extended warranty! How can I lose!"

 

[mystang52]

OMG, I had time to kill while on the porcelain throne so watched/listened to first part of this, then unpacked our groceries. All in, 17 minutes before I turned it off. I kept thinking to myself, "For God's sake get to the point already!" And, as at least one other responder noted, the makers of this video should have chosen a different speaker.

I have zero curiosity about the remaining portion of the video.

 

[MRG]

It's not for me.

 

[Koolau]

No Im not.

Taking you at your word, henny-penny, please understand that new, low-post-total participants in the forum tend to be suspected as trolls - especially if they start out with such a video. Additionally, there is a fair amount of resistance to insurance products here, especially whole-life products.

My serious suggestion would be NOT to employ such a strategy as in the video UNLESS you can explain the concept in a few paragraphs so that this group can understand it. Naturally, YMMV. And, hey, welcome to the forum.