@thewhitecoatinvestor interviewed with Bigger Pockets to discuss his hatred for whole life insurance. This video is part 3 of the 3 video series reacting to this long and misleading interview. To watch the other two videos, click on the links in the pinned comment section!
SET UP A COMPLIMENTARY CALL:
Clarity Call ►
Agent Interview To Join Team ►
Debt Elimination Consult ►
🔎 Resources 👇
Free Book ►
Connect with Chris ►
Get Your LIFE180 & Cashflow Hacking Swag HERE:
💥Set up a call to discuss your finances or life insurance business💥
Https://www.LIFE180.com
🔔 SUBSCRIBE TO LIFE180 ON YOUTUBE 👇
🔔 JOIN THIS CHANNEL TO GET ACCESS TO PERKS 👇
Amazing tools to build your business:
📖 Chapter Timestamps Here ⏰
0:00 Intro to white coat investor and bigger pockets on whole life insurance
0:25 Can You Buy Life Insurance From A Non-Commissioned Agent?
4:10 The Reason Most Whole Life Insurance Agents Don’t Know How To Do Infinite Banking
7:30 You Can Not Optimize retirement planning Without Whole Life Insurance
10:15 Guaranteed Universal Life vs Whole Life Insurance for Legacy Planning
11:40 Whole Life Insurance To Pay For College
16:00 Stop Thinking of Whole Life Insurance As An Investment
19:50 Are You Married To Your Whole Life Insurance Premiums FOR LIFE?
24:00 Don’t Buy Whole Life Insurance From Someone Just Because They Are Your Friend
33:20 Contemplations About Whole Life Insurance
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
VALUABLE CONTENT TO CONTINUE THE EDUCATIONAL JOURNEY:
How To Properly Structure A Whole Life Policy
Indexed Universal Life vs Whole Life – Which is Better
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
💥FOLLOW CHRIS ON SOCIAL MEDIA 👇
SOCIAL LINKS ►
LinkedIn ►
Facebook ►
Instagram ►
TikTok ►
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
🤔 ABOUT LIFE180 😃
Chris Kirkpatrick launched LIFE180 as a solution to a problem. As the director of business development for a Fortune 1000 life insurance / broker dealer, he became disenchanted with the financial industry because of the lack of education provided to clients and how “financial advisors” were really just glorified sales people.
So… LIFE180 was launched to help give relevant financial education for people to create wealth. Along the journey, LIFE180 has evolved. Chris quickly realized he was passionate about not just helping entrepreneurs on how to leverage their money, but how to build their businesses.
Over the past 5 years, Chris has spent thousands of hours mastering the art of online business development for himself and clients. In 2020, LIFE180 morphed into a full service online business launch and development agency. If you need any help creating more revenue or generating more leads online, LIFE180 can help.
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
If you found this video valuable, give it a like.
If you know someone who needs to see it, share it.
Leave a comment below with your thoughts and questions.
Add it to a playlist if you want to watch it later.
*All content in this video is for educational purposes only and is not to be interpreted as personal financial advice.
#LIFE180 #CashFlowHacking #CashFlowHacker #ChrisKirkpatrick #InfiniteBanking…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
In the world of personal finance and investing, there are often opposing viewpoints on different strategies and products. One popular platform for discussing and sharing information on real estate and personal finance is BiggerPockets. However, there are some misconceptions and myths that have been perpetuated on the platform when it comes to whole life insurance.
In this three-part series, we have been debunking some of the common myths and misunderstandings about whole life insurance that have been propagated on BiggerPockets. In this final installment, we will address some of the arguments made against whole life insurance and provide a more balanced perspective on this often misunderstood financial product.
One of the common criticisms of whole life insurance is that it is too expensive compared to term life insurance. While it is true that term life insurance premiums are generally lower than whole life insurance premiums, it is important to consider the long-term benefits and guarantees that come with whole life insurance. With whole life insurance, you have the security of a guaranteed death benefit and cash value accumulation, which can provide financial stability and peace of mind for you and your loved ones.
Another argument often made against whole life insurance is that it is a poor investment compared to other options such as stocks or real estate. While it is true that whole life insurance may not offer the same potential for high returns as other investment vehicles, it is important to remember that whole life insurance serves a different purpose in your financial portfolio. Whole life insurance is designed to provide protection and stability, not necessarily high returns. By diversifying your investments and incorporating whole life insurance into your overall financial plan, you can create a well-rounded strategy that protects your assets and provides for your future.
In conclusion, it is important to approach the topic of whole life insurance with an open mind and a willingness to consider all aspects of the product. While there may be valid criticisms and drawbacks to whole life insurance, there are also many benefits and advantages that should not be overlooked. By taking a holistic approach to your financial planning and incorporating whole life insurance into your strategy, you can build a strong foundation for your future and provide security and stability for yourself and your loved ones.
If you are interested in learning more about whole life insurance and how it can benefit your financial plan, be sure to reach out to a knowledgeable financial advisor or insurance professional who can provide you with more information and guidance. By taking the time to educate yourself and explore your options, you can make informed decisions that will set you on the path to financial success and security.
Watch Part 1 of the Series: https://youtu.be/Q6-n1Y6womk
Watch Part 2 of the Series: https://youtu.be/qfUHSvQy1aU
Set up a call with LIFE180 – LIFE180.com/clarity-call
Nearly everything he says is a half-truth and his frame of reference is a $1000/yr base policy that he had for 7 years as someone who was just out of college. He's exactly the type of person who Mark Twain was referring to when he said, "The problem with the world is not that people know too little; it's that they know so many things that just aren't so."
I have worked on cars as a career since I was 19. Now I don't work on the cars but I am partnered with one of my classmates in his business. The same logical money fallacies that befall car owners is the same fallacy people who eventually surrender whole life policies succumb to.
I'm not making the argument you should always keep and fix your car. There are reasons beyond financial to get rid of a car. However, I hear people say, "If I have to pay more than the car is worth to fix it I don't think it's worth it." This comment highlights the ignorance of what they have. Buying a new used car outright will likely cost $10,000 or more for something as reliable. After that they'll have to spend $100-$200/mo to maintain it in safe and operable condition. So you're telling me since you're $3,500 car is going to cost $4000 once every 3 years to fix you're going to turn around and spend $10,000 or more instead? Then you'll have to spend money each month to keep it running well anyway?
Don't even get me started with buying a new car to replace your old one! They would trade a $100-$200/mo expense on their old car they have no payments on for a $500-$700/mo payment on a new one?!
Somehow that's worth it…
To the point; Somehow being exposed to taxes and market downturns is better than a guaranteed 2%-6% return on investment in the long term? The math isn't adding up to pitch a whole life policy. That's not even counting for the idea you can borrow from the whole life and invest that money in the places you think are better for returns! If you have an indirect recognition policy you can earn interest twice at the same time. Just service the SIMPLE interest expense.
On an additional note, considering the financial realities of car ownership costs I can't think of a better way to buy a car than by borrowing from your life insurance policy and making the car payment back to yourself.
Is this the dbag from whitecoatinvestor??
Hey Chris, thanks for doing this series. I wish I had the policy 10 years ago, or that my folks would've set one up for me at birth. I recently lost my grandfather to pancreatic cancer. Now, when I hear you mention your father in law, it makes me think of my grandfather, and how I probably could've used a policy loan to pursue the same alternative treatment that yall did if I had the cash value to do it.