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Infinite Banking: Separating Fact from Fiction in the Be Your Own Bank Concept
Manage episode 434186152 series 3561532
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In this episode of the Last Paycheck Podcast, hosts Archie and Rob Hoxton react to a video promoting the concept of "infinite banking" or "be your own bank" using whole life insurance policies. The video creator makes claims about earning high returns and borrowing money for free. Archie and Rob break down these claims, explaining the differences between banks and insurance policies, and how policy loans actually work.
They emphasize that while cash value life insurance has its place, it should be purchased for the right reasons, such as providing a permanent death benefit for loved ones who rely on you financially. The hosts caution against buying insurance solely for minor features like policy loans, as this can lead to potential tax consequences if not managed carefully. They conclude by acknowledging that borrowing against a policy can be a useful tool, but it's just one of many options available.
If you'd like to chat with Rob or Archie further, please schedule a consultation: https://calendly.com/archiehoxton/last-paycheck-consultation
Call or text Hoxton Planning & Management: +1 (304) 876-2619 and visit their website www.hoxtonpm.com
Watch on YouTube: https://youtu.be/pdIdTBUzUM4
Listen in on conversations with CFP Professionals Archie and Rob Hoxton as they share weekly wisdom to help you retire and stay retired. Have you ever wondered what it will feel like when you get your last paycheck? Whether it’s excitement, anxiety, or anything in between, this show is for you.
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