Episode 98 - What is Happening in the Banking Industry? With Mark Willis, CFP®

Today, Mark Willis of Lake Growth Financial Services and ​Sarry talked about what is happening in the banking world, specifically why banks are in danger. As we record this episode in mid-2023, we'll also discuss what depositors and customers need to know to protect themselves in these uncertain times. 🔥 This episode talks about:  ☑️  ​What are the current challenges in the US banking sector? ☑️  The difference between how banks store money vs. insurance companies. ☑️  Advantages of life insurance companies over banks in terms of safety.  ☑️  What do mutually owned life insurance companies do with your money?  ☑️  Mutually owned life insurances vs stock-owned insurance companies ☑️  Potential negative impacts of the banking industry and what can happen to the depositors.   ☑️  What is the FDIC and how does it affect the banking industry? ☑️  Other than banks, where else can you save money?  ☑️  Borrowing from your life insurance policy vs getting a loan from a bank.  ☑️  Which is better? Life insurance policy loan or a home equity loan in terms of interest rates and control?  ☑️  What is the difference between simple and compound interest?  To connect with Mark Willis, please visit: 👉Website:➡️https://lakegrowth.com/ 👉Linkedin: ➡️https://www.linkedin.com/in/marklakegrowth 👉Facebook: ➡️https://www.facebook.com/lakegrowth 👉Twitter: ➡️https://twitter.com/LakeGrowth 👉Instagram: ➡️https://www.instagram.com/notyouraveragefinancia/ 👉YouTube:➡️https://www.youtube.com/channel/UCw-DvhKT2EaPFdncLy39LIQ 👉Not Your Average Financial Podcast: ➡️https://nyafinancialpodcast.com/ 👉Book: 📚 Amazon: Mark Willis Book 👉To learn more about what we do and how we can help you grow more wealth, please visit ➡️ https://finassetprotection.com 👉You can also schedule a free call with us: ➡️ https://calendly.com/financialservicesins 📢💡 📚 Free "Thinking Like a Bank" ebook. Learn to think like a bank by downloading a free copy here: ➡️ https://thinkinglikeabank.com 🚧 👉 **Not intended to be financial advice. Please consult a professional who knows your specific situation.