E74: 3 Disastrous Infinite Banking Myths You Need to Know
In this episode, we correct the three most common infinite banking myths so that you can build your banking system with clarity and confidence.
We get the same questions over and over again. We also find the same issues when people try to get started with infinite banking.There is a common theme to the things that come up all the time. There is a lot of misleading and confusing information out there. Today, we’re going to set the record straight on the three most important and regular offenders.
Infinite Banking Myths Topics Discussed:
- The loan process with policies
- Where the interest really goes and how you benefit
- What causes policies to grow and what does not
- How loans do and do not impact your policy growth
- Focusing on lots of loans and fast repayment vs focusing on premium payments
- How long you need to wait before taking a loan
If you believe something that’s not actually true, that means you can do things that might not actually benefit you.The magical thing you can say about a policy is that when we take the loan from the policy, the money inside the policy, the cash really never stops growing.In Infinite Banking, the interest does not go directly to your policy, but it does benefit you as a shareholder.The only thing that boosts policy faster is more premiums into it. Every time we pay a premium, we add new money to it. When we take a loan out and repay it, we’re just replacing what we took out.
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