How to Make Your Own Bank / Garrett Gunderson

[@joesephknox3542]

"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." - Robert Kiyosaki

[@vincentchamberlain7349]

Very true.. The best thing you can do with your income is to transform it into more sources of income.. I wish I had learned how to trade stocks 10 years ago but I am glad I eventually did because it yielded me great fortune and wealth.

[@rosalinecarie2447]

@@vincentchamberlain7349 Good for you. I have been holding back on investing in the stock market because I have zero background knowledge and I don't know any credible brokers either.

[@vincentchamberlain7349]

@@rosalinecarie2447 It's smart to seek professional counsel before investing in the stock market. Nevertheless, as far as credible brokers go the first that comes to mind is *Elizabeth Warren Shaw..* Look her up online to find out more about her.

[@thompsonadamas5060]

@@vincentchamberlain7349 I know Madam Shaw. Good for you. I have been holding back on investing in the stock market because I have zero background knowledge and I don't know any credible brokers either.

[@harrychurchill6215]

I agree with this comment for several reasons; but particularly because of your choice of Brokerage.. Elizabeth Warren Shaw is a very accomplished Broker with several qualifications to her name and ultimately, bragging rights. Her *Cell#;+1 ( 3 2 1) 57 6-5 66 9*

[@mrs.rachelgerald1991]

I'm so glad I started this over a year ago. I'm loving my "Your Family Bank". I've read your book What Would the Rockefellers Do.

[@esaldana41]

How much did it cost you?

[@mrs.rachelgerald1991]

@@esaldana41 I put in according to my budget. At a minimum, it should be $300.00. I'm on track to have everything including my house paid off in under 8 years. The more you contribute that faster I can end my relationship with the bank and utilize my own money. With this and other things I'm doing, I will be a self-made millionaire.

[@markf.2050]

Money you put into your WL policy is no longer "your" money. Sure, you can borrow against it, but that's like paying twice for whatever you spend the money on. First, you pay dearly to establish the fund so you can take a loan (and it took years to break even). Then, you pay dearly AGAIN with interest to repay the loan. And in the end, when you die, the insurance company keeps 100% of your cash value. Sounds like a great strategy! I can't wait to start my own bank!

[@patrickjoyner2176]

Can I use a loc to fund a policy . Take a loan for investment property to pay back the loc . And my pay just goes into the policy.

[@mannyvice]

Ok so how do I get started on this? I have a few questions .

[@yvonnehyatt8353]

Thanks for this message. Oh will you please make a video on , what the team of the Rock fellow, consistent off. What the team did.🧐?

[@GarrettGundersonTV]

Good idea.

[@Uthur]

Just curious to look into this, where would.i start looking for these insurance plans

[@GarrettGundersonTV]

[e-mail] or CashFlowBanking.com

[@johnwright6403]

This sounds great so let me ask, If I bought whole life insurance on my Grandkid, the policy could still be owned by me? Would I be able to burrow against it?

[@GarrettGundersonTV]

Yes and yes. Go to CashflowBanking.gg and they can help.

[@markf.2050]

OMG! Just keep the money, and you won't need to borrow any. Please realize that you will NEVER be able to borrow more than you have put in. It doesn't matter how much "growth" they promise you.

[@james-ud9lp]

I'm trying to set this up but all the insurance places that I'm going to tell me that in order for me to get access to my cash value it's gonna take 15 to 20 years. I know there full of it. Just can't get them to set it up right.

[@pondboy3682]

Most agents are not familiar with using insurance this way. It's a good idea to contact Wealth Factory, James Neathery, or similar promoters of this use to get a good start. Alternatively, Nerd Wallet and the like can give you names of top mutual companies. Just make sure you specify top companies for the "infinite banking concept" in your search! "Cash flow banking" is based on the same concept, but involves other pieces, and will not work as well in searches. It seems to be a Wealth Factory term.

[@SriRam-fp1kt]

Try contacting John or Patrick from PHP Insurance.

[@tankercrewchief]

Try IBC global

[@markf.2050]

Try keeping the money in a high interest savings account (like Ally Bank, for example). You will have almost instant access to ALL OF IT without having to take out a loan. Please remember that what you can borrow from your cash value will NEVER exceed what you have put in. It takes 7 years just to break even, and then you are limited in how much % of the cash value you can borrow. Take the blinders off and stop listening to slick talking insurance salesmen who only want the commission they get from selling you a policy.

[@aquilomanganelli175]

Not married and no kids. Can I open policies on my young nephews, use the cash/self banking feature myself but have the death benefit acrue to someone else, like my Sister? I was thinking that the premiums would be very low as they are both under 10 years old.

[@markf.2050]

What self banking feature? You will never be able to borrow more than you've spent to set up your "bank". Take off the blinders and pull back the curtains to see how whole life insurance really works against you.

[@ediewall6360]

Someone I know, suggested an IOLTA in lieu of giving money to the banks. Pros / Cons vs what you are suggesting?

[@geraldadams2823]

Is this procedure possible on SSI.

[@GarrettGundersonTV]

Might be tough. Depends. Try SWF.gg site and find out.

[@chefyjayallday]

How many time can I make a deposit into my cash value

[@nasserabeaulieu6369]

Thank you for the great information. Which assurance do you recommend?i live in Washington DC area.

[@aquilomanganelli175]

I hear him mention Mass Mutual a few times.

[@jz28h]

How do you vet a good permanent whole life insurance to overfund? The criteria to look for and avoid per say.

[@seestuff09]

Find an agent that knows what you’re talking about and the illustrations must show cash value on year 1

[@LAKitchen]

WHY CHARGE SHIPPING/HANDLING IF FREE? You could make available digital

[@seestuff09]

He’s creating a way to completely change your financial life and you are complaining about a few bucks

[@itserin1541]

Hi Garett , I have religiously been following your content. Can what you advocating (Cashflow banking) be setup in UK ?

[@pondboy3682]

The tax laws he sites are for USA and Canada. As he states in his book _What Would the Rockefellers Do_ some aspects of this strategy may apply in other countries to an extent, but they have fewer advantages. I wish I could give you a better answer, but anything more would be speculation on my part.

[@freddykrueger8759]

Thank you

[@markf.2050]

Money you put into your WL policy is no longer "your" money. Sure, you can borrow against it, but that's like paying twice for whatever you spend the money on. First, you pay dearly to establish the fund so you can take a loan (and it took years just to break even). Then, you pay dearly AGAIN with interest to repay the loan. And in the end, when you die, the insurance company keeps 100% of your cash value. Sounds like a great strategy! I can't wait to start my own bank!

[@GarrettGundersonTV]

You don't have to take a loan. You can take the cash.

[@GarrettGundersonTV]

Again. I hope you find more purpose than these sound bites and inaccurate statements. Sorry you don't like this strategy, what do you like?

[@markf.2050]

@GarrettGundersonTV I've never seen a whole life influencer compare their "infinite bank" to an alternative regular bank except ones like Wells Fargo or Chase, for example, that pay ridiculously low interest rates. And scare tactics are often used (including you) to imply that your money is not safe in a regular bank "because banks are failing all the time." Below, I have detailed the benefits I have in my FDIC insured bank. I would like you to address each issue to show how IBC is a better value. My bank (Ally) did not need a salesman to sell me my account. My bank, where I "store" my cash, does not charge any commissions or fees on my savings. I break even on day one. My bank has no fees to sap the effective interest rate - currently 4.25%. At my bank, if I want some of my money I just request it and they give it to me. No fees. No need to pay it back and no compounding interest charges against my account. At my bank, if I want to close my account, they give me ALL my funds. (No surrender fee.) If I have taxable interest, it is because my account experienced REAL growth of money I can readily spend. At my bank, if I die, my designated heirs get ALL of my funds. Once again, if there is any tax, it is because there was real growth. At my bank, if I do want a loan, I don't have to self fund it first. (Build up a cash value) And that loan is tax-free! (ALL loans everywhere are tax-free.) My bank does not provide a death benefit. I don't want or need one, and I don't pay for it either. OK. Your turn to show how your "infinite bank" compares to mine.

[@GarrettGundersonTV]

Filmed yesterday. Showed illustrations. We will see if you are shut down to seeing what actually happens and your mind already made up or simply using your rhetoric and cliches to describe how insurance does or doesn't work.

[@markf.2050]

@GarrettGundersonTV I will certainly watch it with interest. No one yet has shown how you get back more than you put in.

[@the84magi]

Why a whole policy instead of an IUL?

[@pondboy3682]

Universal policies start out beating whole life most years, but kill you in the end. They are based on renewable term insurance. In other words, the premium is never paid off, and rises fast with age or poor health. It's basically a "buy term and invest the difference" strategy with less control.

[@markf.2050]

Because these guys that sell WL won't make any commissions if you buy an IUL.

[@osnappoetwoods]

The real deal.

[@israelwelding83]

Did he say wealth cash flow account?

[@markf.2050]

He says a lot of cryptic phrases and word salad to make it sound like he is the great wealth guru. He's actually just trying to get everyone to buy WL insurance.

[@ascensionbias7528]

Can you roll over a 403b into this without paying a penalty, or do you just have to take the tax hit?

[@garywoolman314]

Yes, but only by following the Internal Revenue Code 72t can you avoid the 10% penalty. You’re still taxed at whatever your tax bracket might be. We’ve successfully coached our clients on this strategy for decades, however it’s not a common strategy but if done properly could be very helpful. I hope this helped.

[@MrsWrightScienceTeacher]

@@garywoolman314 Is this still true in 2022?

[@chrismartin8652]

All great content but one thing i just don't understand. You keep saying that you're paying yourself interest when taking a loan against the policy instead of paying it to the banks if you took a personal loan outside the policy. In reality you are not, you're paying the insurance co the interest right? If its a mutual company, you get a small piece of that interest back in the form of a dividend. Is it just easier to just rattle that off as another marketing bullet point then to explain how you are actually recapturing a piece of that interest? Am i missing something on this topic?

[@seestuff09]

Look into non recognition loans

[@markf.2050]

You smell a rat, and you're right. Even if it all goes back into "your" cash value, remember that it is not your money. You can only borrow against it. You can surrender the policy and get back a portion of the cash value, but then you forfeit the insurance should you die. And if you die with the policy in place, the insurance company will keep 100% of your cash value and only pay the death benefit minus and outstanding loans.

[@metalfuture1982]

The biggest issue I see with this is most people can't afford the policy. If family is not willing to get on board then still at square one.

[@cp90_]

I hope you’re doing well as I see this is a two year old comment. I just wanted to encourage you to stick with saving to do it. I was able to get my first one at 10.5k down and I’m about to get another. It’s really cool once you get to that point. Just takes time

[@markf.2050]

If you can't afford it (and even if you can), whole life is a terrible product. If you need life insurance, get term insurance for the period that you need it at 1/20 the cost. Whole life policies are sold, never bought. They require slick talking salesmen to bamboozle the clients into thinking it will make them rich. The only ones getting rich are the insurance companies and their salesmen. Do your research and then decide what is best for you.

[@firebird7479]

Sure --- IF you're already making enough money and are young enough. If you're like me and approaching 60 and on disability, the monthly premium on the policy will suck the life out of your monthly check. I was quoted $600/mo for a premium of $10K.

[@wheresmygpu5545]

Yes because they are going to k us all in genocide

[@icyblue8]

😳 The model sounds a lot like a 401k where someone is wheeling and dealing with your hard earned money getting way richer then you. This is a very elaborate whole life insurance infomercial.

[@GarrettGundersonTV]

Kinda is!

[@joshsnoke9609]

Is it just me or does he interrupt this poor man non stop

[@GarrettGundersonTV]

You are spot on...my bad

[@pappaflammyboi5799]

You're doing nothing anybody else can't do six ways to Sunday. You're not a bank. Banks create credit. You don't have the charter nor the privilege of doing so.

[@hannahrosenstein531]

Wait...did you just say "if they don't die, the money is gone"....?

[@GarrettGundersonTV]

I don't think so.

[@markf.2050]

It should be "if you do die, the money is gone" because when you die, the insurance company only pays the death benefit minus any outstanding loans, and they keep 100% of the cash value.

[@godschild5547]

WOW!!!!!!! Ughhhhh

[@astroman30]

Scam. Once you give money to the insurance company to start your cash value, it belongs to the insurance company. You can only BORROW against your own money while the insurance company KEEPS it. Does this really sound like a good idea to you?

[@icyblue8]

I see you. You get it.

[@akbarba9216]

You are getting outdated man, look up bitcoin and defi 🤣

[@juliohernandez3323]

What Garret promotes are financial vehicles that provide a certain level of security and certainty that can help you keep more of your money and grow it in a sustainable way. Bitcoin doesnt quite provide what I just mentioned at this time.

[@akbarba9216]

@@juliohernandez3323 and I respect that, I really do. I have learned a lot of very powerful good techniques. Otherwise I wouldn’t waste my time commenting. Im trying to point out that digital transformation has accelerated and is eating up a lot of financial industries including insurance. His current advice is on uphill battle. Using old tools in new economy. Instead, learn and teach about how new digital tools can provide same/similar results instead of trying to sell life insurance.. thanks for your comment Julio

[@juliohernandez3323]

@@akbarba9216 I appreciate your reply. I just simply wanted to establish the core differences of what one element does vs the other. Not talking favorably or negatively about either. Cheers!

[@garywoolman314]

Ironically Mass Mutual one of the largest mutual insurance companies has invested a small percentage of their reserves in crypto currency and have also purchased a crypto currency advisory firm last year. So this company that started in 1851 does keep up with the times. I hope that helps.

[@markf.2050]

​@@juliohernandez3323 You don't keep more of your money when you send it to an insurance company. You would keep more of it if you kept it under the mattress.