FAQ
- Is this Bankruptcy or consolidation?
- This sounds too good to be true.
- When people first hear about all the benefits, they often say that it sounds too good to be true, until, you take time to go step by step through all the details and all the written guarantees and then you realize it’s next best thing to sliced bread.
- What’s the catch?
- We don’t know of any catch. You need disciple to follow the plan. The plan does NOT ask you to eat rice and beans like other plans. This plan does allow for emergency and emotional spending.
- What is the cost?
- Often, Your Family Bank is structure around redirecting existing funds or spending your money in a different order. As such, there often is no net cost.
- What is the Infinite Banking Concept?
- Here is an oversimplified answer. Infinite Banking uses a couple different insurance products to grow money at a guaranteed compound interest rate while using policy loans to leverage and pay down existing debts at a better rate. Now combine that with debt snowballing and plans for Emergency and Emotional expenses, and you come up with a way to
- pay down debt faster than you thought possible,
- Build a cash account,
- Become your own finance company,
- Leave a legacy for your family,
- Create Tax-Favored or maybe even tax free retirement.
- And many, many more.
- Is this new? Why haven’t I heard of it before?
- The underlying principals of each concept is not new. It is the packaging or combining each concept to work in harmony and work with current contract law and tax law that is relatively new.
- Do I have to have Debt to take advantage of this?
- No, The debt reduction is just one of the many advantages, albeit an important one, but still only one of the many advantages.
- Is this a Dave Ramsey program?
- No. While we might agree with 80% to 70% of what Dave Ramsey preaches, he seems to only address one area of a larger financial picture while at the same time suggesting a lifestyle of rice and beans. Personally, I like steak better.
- Is there any speculation or risk involved.
- None. This is not like other investments where you might make money or you might lose. Everything here is based on written guarantees.
- Can’t I just go do this on my own?
- The prize within the Infinite Banking Concept is getting several things to work together in concert. It requires 2 different specific insurance contracts that are built around the Infinite Banking Concept. You should work with companies that have 100+ year track records. Lastly, the funds must be structured in a way that your plan does NOT become a Modified Endowment Contract, which could make all your funds taxable. But most importantly, we don’t charge for our service. Our company's goal is to help everyone in the state to get our of debt and become financially thriving, and we don’t charge for our services. Why do it yourself when someone else is already paying us to help you for free?
