E66: Fundamentals of How to Fund a Banking Policy

by Dollars and Nonsense Podcast 0 comments

E66: Fundamentals of How to Fund a Banking Policy

We discuss the basics of how to build and fund a banking policy from the start. Plus, we’ll share real-world examples of how other people have funded their policies to help you understand what it could look like for you.

How to Fund a Banking Policy Topics Covered:

Starting with the simple questions to ask yourself
Transitioning the money you’re already setting aside
Answering the common question of, “Do I need a lot of money to start?”
Using Tax Refunds
Using a home equity line of credit (HELOC) when you’re home has a high level of equity
401(K) based loans
Using lump sums and spreading things out
Limitations and Modified Endowment Contracts in a nutshell
The phases of building an IBC system

Episode Takeaways:

You’ve got to get started somewhere. Just like if you wanted to buy property. So, what’s the most straightforward way you can start growing your wealth today?
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Some people think that infinite banking and building these policies is going to be a rigid experience, when it’s really not. There is a lot of flexibility.
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It’s easier to steer a moving ship than one that’s sitting at the dock. Start simple. Get something that you can learn and grow from.
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