MPG Wealth, based in Chandler, Arizona, has revealed that in order to be your own bank Phoenix residents can make use of the infinite banking concept. They point out that this particular concept provides people with a chance to accumulate a much larger amount of money, “tax-free,” than is possible with 401(k) plans or individual retirement accounts (IRAs) without need to wait until age 59.5 to use the money without penalties or having to start taxable withdrawals by age 70.5.
Jon Webster, Founding Manager and CEO of MPG Wealth, says, “Few people realize that you can use your life insurance funds not only to provide later on for your family but to buy the things you want today. The concept of infinite banking allows people to take control of the savings and debt requirements, allowing them to function as their own bank.”
Finance expert Nelson Nash was the one who invented the concept of infinite banking in the 1980s. The idea is to use dividend-paying whole life insurance to accumulate savings. Through the use of whole life insurance, the savings are ensured to grow tax-free and allow the policyholder to take part in the profits of the insurance company through dividends, although this is not guaranteed. This means that people will have their money in a tax-free and stable growth environment, and they even have the freedom to make use of their funds at any time.
The freedom to be able to use the money at any time is the primary advantage of infinite banking. By borrowing from the accumulated cash values of their whole life insurance policy, people will be able to maximize the work of their money. This is because even after they have borrowed money, the cash values will continue to increase and people will still receive dividends from it.
Rather than putting the money into an IRA or a 401k and then utilizing a bank for the financing of major purchases, people can simply put the money into their whole life insurance policy, and then borrow against their cash value when making major purchases rather than borrowing from a bank. When paying back the amount borrowed, people are able to recapture the interest, which means that they have actually become their own banker. Furthermore, borrowing against the cash value of the insurance policy will not require collateral, a good credit score, or even proof of income or employment.
To be able to help people make use of the Infinite Banking Concept, MPG Wealth has partnered with several insurance companies that are both licensed and insured to provide a solution that is in compliance with the Infinite Banking Concept. MPG Wealth agents will be helping clients accomplish a number of things. These include: showing people how to become their own banker; examining the client’s financial goals to establish a plan for the future; implementing the plan using preferred providers to ensure success; assisting on working out all of the details of the plan; and becoming the client’s “infinite banking personal banker” to help provide answers to questions and assist with needed changes to the plan.
To learn more about infinite banking Phoenix residents can check out the MPG Wealth website, or contact them on the phone or through email. They are offering free consultation to people who are interested in learning more about the concept.
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For more information about MPG Wealth, contact the company here:
MPG Wealth
Jon Webster
480-200-0247
jon@mpgwealth.com
1900 West Chandler Blvd
Chandler, Arizona 85224
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