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Wealth Without Bay Street 154: Infinite Banking Policy Design: Beware of the 10/90 Policy with Henry Wong CPA. Henry discusses how basing a contract of the whole life insurance only on a simplified ratio of base versus flexible premium is flawed thinking. Henry shares why Canadians should be wary of what is referred to as a 10/90 or 90/10 policy for the purposes of infinite banking. Additionally, he talks about the policy design for life insurance, emphasizing the importance of being intentional with savings and taking advantage of different strategies to create a policy that best meets one's needs. It is important to understand your long-term goals as well as the huge potential red flag tax implications that could harm you later on by short-sighted policy design.
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WHO’S THE GUEST?
Henry Wong is a professional CPA. He trains other CPAs across Canada. With his extensive knowledge and understanding of the IBC and the process of Becoming Your Own Banker, he helps clients in setting up their policies that are tailored fit to any situation and the goals that they want to accomplish.
When not at work, Henry enjoys playing tennis, spending time with family, or growing and developing new skills.
Relevant links for this episode: https://infinitebanking.org/banknotes/massmutual-may-terminate-agent-contracts-reject-applications-associated-with-infinite-banking/
IN THIS EPISODE, YOU WILL LEARN:
0:00 Intro
4:08 Exploring the benefits of a 10/90 policy design for infinite banking
7:00 Becoming your own banker
18:19 What the insurance contract is for
21:17 Four rules of long term thinking and policy design from R. Nelson Nash
30:50 The importance of controlling your wealth, your capital, and what you have the ability to do with that wealth
35:33 Why you can’t maximize the benefits of your premiums
38:09 Maximizing flexible premiums in your life insurance policies as the policyholder
44:30 Going the extra mile for clients and the benefits of doing so
49:00 The frustrations of working with a non-mutual insurance company
57:40 Exploring the benefits of a 90/10 whole life insurance policy design
58:42 The approved optional deposit room or lifetime capacity for flexible premiums
1:04:16 Potential risks of covering term insurance to whole life insurance
1:08:18 Analysis of Nelson’s life insurance examples
1:10:57 Becoming Your Own Banker: Exercising imagination, reason, logic, and prophecy
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Connect with Henry Wong
Ascendant Financial: https://www.ascendantfinancial.ca/
Watch our Tribute To The Man Who Created Infinite Banking R. Nelson Nash here:
https://wealthwithoutbaystreet.com/dayofnelson
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📚 IBC RECOMMENDED BOOKS
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📽️ WATCH THE DOCUMENTARY
Documentary Film This is Nelson Nash: https://www.ascendantfinancial.ca/nelson-nash-film/
💸 Financial Advisor? Learn about the Infinite Banking Concept here: Nelson Nash Institute Practitioner Program: https://infinitebanking.org/practitioners-program/ref/6/
EVA – Economic Value Add The Real Key To Creating Wealth Article: https://infinitebanking.org/the-real-key-to-creating-wealth/ref/6/
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Canadians Guide To Wealth Building Without Risk
https://www.amazon.ca/Canadians-Guide-Wealth-Building-Without/dp/B0BB5S5D6C
Wealth Without Bay Street is a Founding Member of the SMB PODCAST NETWORK visit https://www.smbpodcastnetwork.com/ to learn