In this episode, we discuss a question that we've both been asked many times when it comes to banks vs. insurance. The question is, are mutual life insurance companies as safe as banks to put my money? The answer may surprise you.
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Banks vs. insurance, which is safer is something that we've been asked many times. It's a great question to ask, in fact. People are wanting to know their money won't disappear on them.
And so, the common question we get related to infinite banking is this: "Is my money going to be as safe in the policy as it is, just sitting in a bank account. There's a lot of nuances there.
We believe that it definitely is. There's a lot of reasons for it. Why would we present banks being riskier to put your money in, than a mutual life insurance company, and a policy there?
Insurance companies actually adhere to what's called Austrian Economics. They can't loan out money they don't have.
Banks failed left and right, and are bailed out. No mutual life insurance company had to get any assistance.
In this episode, we'll discuss the reasons why you shouldn't be so excited about your tax refund, and maybe what you should do instead.
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This episode is going to be a fun one. We hear all the time, even in our realm of business, "Maybe I'll get started when I get my tax refund." Or, "I'm looking forward to getting my tax refund, then I'll finally have money."
We have a different viewpoint on it. And we want to make sure everyone else understands, not only about the tax refund, but we also have some other things to say that you may want to implement.
When you think about a tax refund, it's your money you already gave the government to use for a period, or they had it. Whether it be an estimated tax, or by the time you file the taxes, you get the refund.
But, in reality, it was your money that you gave to the government to use, and then they just sent that money back to you. And they didn't send it back to you with interest payments. It's not the same dollars you sent them. It's different dollars, and yet we get excited because, "Yay, we get a refund."
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I will say the IRS is the biggest robber of our wealth out there today.
Why do I want to give the IRS good dollars today for them to give me weaker dollars in the future?
Instead of giving that estimated tax over to the IRS, we've put it into a life insurance policy because the growth will pay any penalty.