Benefits of Infinite Banking
When you talk of infinite banking, you have to know that this is a strategy which requires that you take full responsibility of all the savings that you make and also the debt needs that you will ever have at any given time. Now that infinite banking allows you to be the overall financial manager, you can get all the banking services without having to go to the actual bank. Learn more from this page on the importance of doing infinite banking, there are advantages which have already been highlighted for you here.
There is no restricted time for borrowing with infinite banking, you can do so any moment. Now that most banks work with their rules, this is something that will not happen there hence a disadvantage. One thing that makes it possible for you to do any time borrowing is the fact that you are the one who is in charged and you are also the one to manage the money that you have saved.
You can always be aware of the interest rates at the time you start doing infinite banking. Since you are the one who will be in charge of everything, there will be time for you to decide on the rates than set them right to meet your goals.
There will be no pressure to repay your loans in the case of infinite banking and therefore making it the best alternative. It will not be a must to repay what you have borrowed and it will be your decision to set and modify the repayment terms. At times, you need to borrow some money and your repayment strategy may not work out as planned.
Fourth, another advantage of infinite banking is that you can borrow on your designed interest rates. Such rates of interest from the infinite banks will not change and you can make them suit your potential and this makes it all good. When the rates of interest are too high, you will likely have a hard time to repay your loans. You have to be cautious with the kinds of loan deals that you apply for and therefore avoid the ones that will soar high fast.
Last, the infinite banking technique is about the whole life insurance policy that is not taxed. It is not considered as a taxable investment and therefore you will enjoy budgeting for the borrowed money in full.