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We all know that banks and other financial institutions charge interest. They charge us to access their pool of money. As consumers we are taught to focus on the interest rate…but we never spend real time actually looking at the physical dollars of interest cost that will walk right through our hands over a lifetime. This is referred to as the volume of interest. What if there was a way you could pay yourself that interest payment instead of paying 3rd party lenders to access the pile of money they have accumulated? It may not happen overnight but Canadians all over the country are being liberated and saving way more for retirement by implementing the mindsets and strategy of Becoming Your Own Banker. When you take out a policy loan from your Infinite Banking system, you pay the interest back to your system and return the original loan amount…this capital becomes available to use again in the future. That includes your retirement account. The interest you pay goes back to an entity you are a co-owner of. That same entity is required to constantly increase your cash value inside your policy to grow! Listen as Jayson and Richard explain the difference between interest rates and interest volume.
Episode Links:
View the Mike Smela FB Post and funny Youtube clip mentioned in the Episode here
https://wealthwithoutbaystreet.com/interestvolume
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