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It's about infinite banking silly!I don't know what it is. What's it about?
Nelson Nash did a lot of good work communicating the total value of permanent life insurance with this concept. Others have come along and refined the message since then.What do you like/dislike about the infinite banking concept?
What do you like/dislike about the infinite banking concept?
You're exactly right. Strictly from a "rate" standpoint, it seems to make more sense to use the money that costs you the least....I can get a car loan or home equity loan for less than the life insurance loan rate anyway, it would be costing me more to use my policy.
Good point on the first paragraph. It's nice to have a choice in the matter, and the life insurance "bank" provides that choice.That makes sense about flexible repayment, had not thought about that angle. One could take a loan out at a lower rate source and if they run into a cash flow issue, borrow from the policy to make a payment/pay off the other loan.
Also, the credit score impact, but I would argue if a person is too concerned about their credit score, they are probably levered too much anyway.
Just out of curiosity, if I dumped my entire paycheck into a life contract, how difficult would it be to use it for the dozens of transactions that I make on a monthly basis? ie, paying rent/mortgage, car payments, gas, going out to eat, entertainment, random things....