Do you ever get tired of placing your hard-earned money in traditional savings accounts which yields very little to no interest and then turnaround and borrow money from the same bank at a much higher interest? Do you ever wonder how you can become your own bank?
Our guest on today’s episode is Sarry Ibrahim, a financial professional and member of the Bank on Yourself Organization. He has helped countless real estate investors, business owners, and full-time employees create their own sources of financing while growing safe and predictable wealth with infinite banking.
Bank on Yourself is a concept that will change the way you think about having money in your control instead of someone else’s. Real estate investors and entrepreneurs are always seeking asset protection and ways to get creative with building capital and leveraging it to continue their investing. The Bank on Yourself philosophy is a clever method to build compounding wealth using a mutual whole life insurance policy that you just might want to take advantage of.
What does it mean to borrow cash value from an insurance policy?
Why is this super savvy compared to traditional banking?
How does the cash value accumulate in a whole life insurance policy?
What do the interest, dividends, death benefit, and loans involved in this process look like?
What are the downsides to using this process?
How can I leverage my whole life insurance policy to invest?
As entrepreneurs, we’re always seeking out opportunities to “add more tools to our tool belts.” Mutual whole life insurance is a great tool to add to your toolbox for building an abundance of wealth in a flexible, stable way.
Sarry addresses each of these pressing questions and so much more in this knowledge-packed episode!
Final Four Questions for Sarry:
1. Do you have any educational resources about this topic for people to utilize after the show?
Sarry: “On my website, www.finassetprotection.com, there are other podcasts and YouTube videos I’ve done that have more information. Plus, I definitely recommend the books “Becoming Your Own Banker” as well as “Bank on Yourself”. If you Google search ‘infinite banking concept’ or ‘bank on yourself’, you get a lot of valuable information there. I recommend doing research in any way you like learning, such as books, podcasts, videos, etc. You can also book a free consultation with me on my website.”
2. What’s your experience with your clients and them comprehending this concept?
Sarry: “It takes time, maybe on average six months, from the day I introduce this to somebody to the day they commit to a policy. It goes in phases: the intro/explanation phase, then there’s the 90-minute confidential analysis to collect information and get an idea of what the client wants to achieve, then the third phase is the proposal where we structure the whole life policy, then there’s time for underwriting and understanding it all.”
3. Is this a powerful strategy that could be leveraged for long-term retirement?
Sarry: “Yes, absolutely! It can be structured upfront and used throughout your real estate career, recycling your money, then when you reach your retirement age, you can start receiving monthly distributions from the insurance company at a guaranteed, tax-free rate. If something were to happen to you during your retirement, your family would still get the death benefit.”
4. How can the listeners learn more about you and connect with you?
Sarry: “Visit my website and book a FREE consultation with me: www.finassetprotection.com
Resources mentioned in this episode:
Books:
The Bank On Yourself Revolution by Pamela Yellen
Becoming Your Own Banker by Nelson Nash
Social Media:
www.linkedin.com/in/sarry-ibrahim-mba-ltcp-bank-on-you
