In this episode, we discuss the impact opportunity cost has on your money. Plus, we’ll share how you can avoid missing out on the wealth caused by idle or misused dollars.
There’s an underpinning principle of the Infinite Banking concept we teach. It underscores a lot of the financial decisions that you’re going to make. The principle is this: You finance everything that you buy in one way or another.
You see, most people believe they’re financing something only if there is a loan process–purchasing a car, for example. Here’s what those people don’t realize: even if they pay cash for a car, you’re still financing it.
People often think of financing being something only done through a bank instead. However, the reality is we finance our utility bills, we finance groceries, and we finance the gasoline that goes in our car. We finance all the things in our life whether we realize it or not.
Join us as we explain in more depth and how to best implement this understanding.
Avoiding Opportunity Cost Fees Topics Discussed:
- Understanding how everything you purchase is financed
- The only two ways we purchase goods and services
- Where opportunity cost comes into the purchasing equation
- Using 529 programs and college tuition as an example
- How leveraging IBC works to beat opportunity costs
- How dollars lose strength over time how it impacts you
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In this episode, we will discuss when it makes sense to stop paying premiums towards your whole life policy when you’re using it as a banking tool, We’ll also share why you’ll probably have to change your perspective on the word “premium” if you want to be successful at IBC in the first place.
We are asked all the time: “When can I stop paying premiums?” Where does that question even come from typically?
We’re raised with a scarcity mindset of holding on to as much of our money as we can. This then translates into a belief that if we are paying into premiums, then it is money leaving. We have this “paid off” mentality, and we lump our banking policies in there too, unfortunately.
The trouble comes in when people view their whole life insurance policy as just another insurance. If I make a $500 payment towards car insurance, home insurance, and different things, we all know I have less money the next day. I’m poorer now.
Premiums are Different
But IBC is actually a different type of premium payment. The money doesn’t vanish into someone else’s pocket.
With IBC you’re the banker. The reality is this: It’s not money leaving. Premiums paid into a whole life insurance policy under IBC is money being deposited into your private bank, and banks never want you to stop making deposits.
We need to change the way we see these premiums from adding into the payment side of the budget to the asset side of the budget. Then you get to see what happens when you pay the premiums.
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