E48: When Can I Stop Paying Premiums
from Dollars and Nonsense
We discuss when it makes sense to stop paying premiums towards your whole life policy when you're using it as a banking tool. We'll also share why you'll probably have to change your perspective on the word "premium" if you want to be successful at IBC. The trouble comes in when people viewer their whole life insurance policy as just another insurance. If I make a $500 payment towards car insurance, home insurance, and different things, we all know I have less money the next day. I'm poorer now. But IBC is actually a different type of premium payment. The money doesn't vanish into someone else's pocket. We need to change the way we see these premiums from adding into the payment side of the budget to the asset side of the budget. Then you get to see what happens when you pay the premiums. ~ Get resources and transcripts from this episode by visiting: https://livingwealth.com/e48 Episode Takeaways: "If you stop making premium payments, then you are basically stopping the deposits into your personal bank." "You really have to start thinking you are a bank owner. Your policy is your bank." "If you think of premiums as a liability and not an asset you're going to be very limited in how far you can take Private Family Financing and how much money you can make."
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