Become Your Own Bank
“All good men and women must take responsibility to create legacies that will take the next generation to a level we could only imagine.” - Jim Rohn
Introduction:
Hey there! If you're looking to take control of your financialk future and become your own bank, let me introduce you to something that can genuinely change your life: an Indexed Univeral Life (IUL) insurance policy. I know it sounds like a mouthful, but stick with me--this is game-changing stuff.
What the Heck is an Indexed Universal Life (IUL) Policy?
Think of an IUL policy as more than just life insurance. It's like a financial Swiss Army knife that helps you grow your money over time. Here’s how it works:
Growth Potential: Your cash value grows based on the performance of a financial index, like the S&P 500. If the index goes up, so does your cash value, up to a cap (which can be as high as 13% with some carriers!).
Protection from Losses: If the market takes a nosedive, your cash value won’t. Thanks to a 0% floor, you won’t lose money even when the market is down.
The Magic of Infinite Banking
Now, here’s where it gets really interesting. One of the coolest features of IULs is the concept of infinite banking. This is how it works:
1. Tax-Free Loans
You can borrow from your policy’s cash value without paying taxes on it, as long as your policy is active and has cash value. That means you get to keep more of your money in your pocket.
2. Compounding Returns on Borrowed Funds
Even when you borrow from your IUL, your cash value keeps growing as if you never took the loan. Imagine having $500,000 in cash value and borrowing $250,000. You still earn returns on the full $500,000! So, if your policy earns a 6% return, you get $30,000 in gains, not just on the $250,000 left in the policy, but on the full amount. Pretty sweet, right?
3. Flexible Repayment Terms
You get to decide if and when you want to repay the borrowed funds. The loan does have a low-interest rate (5% or less), but ideally, the returns on your policy will outweigh this interest, making it a win-win situation. If you pass away with an outstanding loan, the amount will be deducted from the death benefit. So, if your policy had a $500,000 death benefit, and you had generated $1 million in cash value on top of $250,000 loan you took out to fund your next business, your beneficiary would still get $1,250,000. (Just a heads up—this setup is specific to 1099 Life Guy policies, so ask about it if you’re shopping around elsewhere.)
What Can You Use Your IUL Funds For?
One of the coolest things about IULs is their flexibility. Here are a few ways you can use the borrowed funds:
Investing in Property: Want to buy some real estate? You can use your IUL funds for that.
Retirement Supplement: Boost your retirement income and live your best life.
Buy a new lifted Ford: Yep, you can also use your IUL funds for that too.
ANYTHING ELSE: Because it's tied to you and not the big banks, no one can tell you what you can and can't use the money for!
More Than Just a Policy: A Comprehensive Approach
At 1099 Life Guy, we’re not just about selling policies. We’re about helping you use these tools to their fullest potential. We want you to understand and leverage the power of infinite banking to grow your money, buy the things you never thought you could afford, and achieve financial freedom.
Take Control of Your Financial Destiny
In a nutshell, an IUL policy, combined with the infinite banking concept, can seriously level up your financial strategy. You get the potential for growth, protection from market losses, and the ability to take tax-free loans while your money keeps growing.
Ready to take control of your financial future? Schedule a call with me, Preston, at 1099 Life Guy today. Let’s explore how an IUL can help you become your own bank and secure a brighter financial future. Click this link to get started!
CLICK HERE TO SEE WHY EVERY CONTRACTOR AND YOUNG ADULT SHOULD BE THINKING ABOUT THEIR FUTURE AND TAKING CONTROL OF THEIR FINANCES BEFORE IT'S TOO LATE
Generational Wealth Checklist:
Use this checklist to determine whether you are taking the necessary steps to become your own bank, have something in place that's creating you generational wealth, and giving you a solid retirement strategy if you don't have one.
Picture your dream life at the end of your work career, do you have things in place that will allow you to retire comfortably?
Do you have something in place that is protected from market downturns, but also allows you to participate in all the market gains?
Do you have the funds and investments in place that will allow you to buy a second home one day or an investment property for cash flow?
Do you have an investment tool in place that allows you to keep accumulating cash even while borrowing cash?
Do you have a rainy day fund that you can pull from if life takes an unexpected turn for the worse?
Do you have an income strategy in place that allows you to defeat uncle Sam and not pay taxes on your money?
Do you have a way to become your own bank and take loans from yourself, avoid paying interest longterm, and avoid ever using the big banks ever again?
Do you have a permanent life insurance policy like an old school whole life that's making you pay way too much out of pocket than you should be, for measily cash growth accumulation?
And lastly, are you using the infinite banking strategy to truly separate yourself financially from your peers and setting your future up for success?
If you weren't able to check all of these boxes, it might be in your best interest to click this link to watch the video to really show you what this can do for you. At the end of the video, if you feel like this might be what you're looking for, follow the prompts to schedule a free strategic assessment with me, Preston. We will look at your current situation, your goals for your future, and your wealth and retirement dreams.
