Online Financial Planning: Bank on yourself

<h1>Online Financial Planning: Bank on yourself</h1>Author: <a title="Jake Thompson" href="http://www.articlesbase.com/authors/jake-thompson/71953.htm">Jake Thompson</a> The financial world today is full of many errors, and one that I hear often when speaking to other financial advisers is, “Well I can get a better rate of return somewhere else.” I could spend hours writing about the absurd claims I heard about rate of return, and how scary it is that some of these people actually control your money and your future, but I’ll spare you. Suffice it to say that you would be better off in Vegas than with them. EVERYTHING gets better with my banking system. If you’re familiar with the infinite banking concept, you know it’s the concept of becoming your own banker through the use of participating, dividend paying, whole life insurance. It’s accomplished by over-funding and maximizing a whole life insurance policy that creates self-funding pool of money that grows tax differed, and is drawn tax free, while maintaining liquidity, use, and control. You’ll find actually that whole life insurance is by far a better banking tool than an insurance solution. So the question becomes this, “what if I think I can get a better rate of return somewhere else, won’t that be better?” The answer is simple; you can have the best of both worlds. Interest paid on borrowed money for investment purposes is a write off, but by using your own banking system, or policy, you are able to keep the interest paid while writing it off as well. What does this mean? When you <A Title="Bank On Yourself" href="http://www.becomingyourownbank.com">Bank on yourself</A> you will always increase your overall gain because of the tax deduction…this is huge! Do I still get dividends? This is the best part. Because dividends are not paid based on cash values, I will always get the dividend whether I use my cash values or not. So not only do I get better returns because I get an interest write off, but I also get another “return” from money I was using elsewhere. <A Title="Online Financial Planning" href="http://www.becomingyourownbank.com">Online financial planning</A> can be misleading by gimmicks and scams, but understanding true wealth is time tested. Life insurance has been around over 200 years, and is known as one of the safest places to store wealth. Bank of America currently has over 14,000,000,000 (Billion) in cash value life insurance. So the point I want to make is that whenever I use my banking system, I improve what I do. If I can write off the interest, I get better returns; if I borrow from my policy, I still get dividends. The foundation for wealth is the banking process. Understanding these concepts will not only increase your actual net worth dollar for dollar, but you will increase safety, maintain control of your money, and stop worrying about losing money in markets like today’s. About the Author: Jake Thompson 
 
<A title="Personal Finance Planning" href="http://www.becomingyourownbank.com">Personal Finance Planning</A>Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/personal-finance-articles/online-financial-planning-bank-on-yourself-631554.html" title="Online Financial Planning: Bank on yourself">Online Financial Planning: Bank on yourself</a>

The financial world today is full of many errors, and one that I hear often when speaking to other financial advisers is, “Well I can get a better rate of return somewhere else.” I could spend hours writing about the absurd claims I heard about rate of return, and how scary it is that some of these people actually control your money and your future, but I’ll spare you. Suffice it to say that you would be better off in Vegas than with them.

EVERYTHING gets better with my banking system.

If you’re familiar with the infinite banking concept, you know it’s the concept of becoming your own banker through the use of participating, dividend paying, whole life insurance. It’s accomplished by over-funding and maximizing a whole life insurance policy that creates self-funding pool of money that grows tax differed, and is drawn tax free, while maintaining liquidity, use, and control. You’ll find actually that whole life insurance is by far a better banking tool than an insurance solution.

So the question becomes this, “what if I think I can get a better rate of return somewhere else, won’t that be better?” The answer is simple; you can have the best of both worlds. Interest paid on borrowed money for investment purposes is a write off, but by using your own banking system, or policy, you are able to keep the interest paid while writing it off as well. What does this mean? When you <A Title="Bank On Yourself" onClick="javascript:pageTracker._trackPageview('/outgoing/article_exit_link');" href="http://www.becomingyourownbank.com">Bank on yourself</A> you will always increase your overall gain because of the tax deduction…this is huge!

Do I still get dividends?

This is the best part. Because dividends are not paid based on cash values, I will always get the dividend whether I use my cash values or not. So not only do I get better returns because I get an interest write off, but I also get another “return” from money I was using elsewhere.

<A Title="Online Financial Planning" onClick="javascript:pageTracker._trackPageview('/outgoing/article_exit_link');" href="http://www.becomingyourownbank.com">Online financial planning</A> can be misleading by gimmicks and scams, but understanding true wealth is time tested. Life insurance has been around over 200 years, and is known as one of the safest places to store wealth. Bank of America currently has over 14,000,000,000 (Billion) in cash value life insurance.

So the point I want to make is that whenever I use my banking system, I improve what I do. If I can write off the interest, I get better returns; if I borrow from my policy, I still get dividends.

The foundation for wealth is the banking process. Understanding these concepts will not only increase your actual net worth dollar for dollar, but you will increase safety, maintain control of your money, and stop worrying about losing money in markets like today’s.

Jake Thompson

Personal Finance Planning

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Article Tags: Wealth Creation, Bank On Yourself, Online Financial Planning, Financial Advisers, Becoming Your Own Banker, Personal Finance Planning

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