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Becoming Your Own Bank
- Turning the Tables on Your Bank and Unlocking Your Own Financial Freedom
- Narrated by: Jasmine Camille
- Length: 47 mins
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Becoming Your Own Bank
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Summary
The concept of borrowing against a properly structured life insurance policy as your own bank may sound complicated, but it can be a potent tool for creating liquid wealth. This is because of the power of compounding interest, which is a mathematical force that allows money to grow exponentially over time. By taking out a loan against your life insurance policy and investing the funds elsewhere, you can create more wealth than if you had saved up and paid cash for everything in your life.
There are several common ways people use this strategy to become their own bankers. For example, they may take out a loan to purchase cars or trucks, pay for college tuition, invest in real estate (either personal or investment), or buy business inventory. Each scenario has unique advantages and disadvantages that should be carefully considered before making any decisions. However, when done correctly, this strategy can be incredibly beneficial in creating liquid wealth over time.
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