Despite the numerous bank on yourself problems you have to make do with, it seems like this concept is not going away any time soon. Actually, the Bank on Yourself strategy, which allows you to break free from Wall Street, avoid banks and their interest rates, has its own share of criticism and praise.
But how much do you know about this strategy aimed at helping you safeguard your financial future, as so claimed? To give you a tip of what lies ahead, the whole life insurance policy isn’t for everyone. However, when leveraged by the right person, it has the potential to make a significant difference.
The Bank on Yourself strategy works on a guaranteed basis every single year, regardless of what is taking place in Wall Street. Better, the money in the policy is accessible. What this simply means is that you can easily access it for just about any reason, including investments or paying off debt.
Some people tend to believe that the Bank on Yourself concept locks your money in. But this is not really the case since you can choose to walk away with your cash value or simply use the loan feature as a form of finance. And if you have what it takes to design the policy correctly, that money will be tax-free.
But how do you apply the Bank on Yourself strategy to get rid of debt fast? You can always leverage this strategy to do away with low and high-interest debt, as well as bad and good debt. Of course, this depends with what you want to achieve in the long run.
An important point to remember is that you must be an honest banker for yourself. Since you decide how to pay yourself back, you should be true to yourself for everything to work out perfectly.
After all, you don’t want to let the loans linger with you forever since you can’t borrow money again until you pay them off. That’s why we insist on being a good banker for you to attain the desired financial freedom.
