Financial Literacy Group is exhibiting at the Dallas Small Business Conference, Hampton Inn & Suites Dallas-Mesquite, Grand Ballroom, October 12, 2023, 10:am - 5:00:pm CST. Ron Harris, is presenting a Hybrid Financial Arbitrage, become your own bank workshop in Dallas at 14:45 in workshop room number: 2.
SANTA MONICA, Calif., Oct. 11, 2023 /PRNewswire-PRWeb/ -- Financial Literacy Group is exhibiting at the Dallas Small Business Conference, Hampton Inn & Suites Dallas-Mesquite, Grand Ballroom, October 12, 2023, 10:am - 5:00:pm CST. Ron Harris, is presenting a Hybrid Financial Arbitrage, become your own bank workshop in Dallas at 14:45 in workshop room number: 2.
Becoming your own bank is a type of Hybrid Arbitrage that deals with any kind of debt including credit cards, residential & commercial mortgages, auto, equity, personal, student, equipment & business loans. Rather than using a HELOC or a Savings Account as an offset account, using the Index Universal Life Insurance policy allows the user to make tax free income on their early mortgage or debt pay off.
Unlike BYOB or Infinite Banking, with banking like a bank, people can borrow against their debt, earn interest on that debt, during & after the debt is paid, without tax & without paying back the loan. Banking Like a Bank was only possible after the IRS codes 7702 & 101a passed by congress changed in the Cares Act 2020.
Becoming your own bank was researched, developed and implemented by Ron Harris, the CEO of Financial literacy Group, in March of 2021 and the Bank Like a Bank app was released in April, 2023.
Becoming your own bank is a unique combination of GPS debt technology & a special kind of liquid index universal life insurance. This solution is too new for most agents or advisors to offer or talk about, and with all the noise out there about life insurance it is too new even for influencers.
- Accelerated Debt Payment: The technology acts like a GPS, directing funds in the most efficient way to pay off debts earlier than the standard term. It can reduce the interest paid and help users to become debt-free more quickly. This is akin to the snowball or avalanche methods of paying off debt, but it's driven by AI and algorithms. The technology integrates with the IUL, enhancing the policy's characteristics based on the changes of the IRS codes 7702 and 101a in the Cares Act 2020.
- Using Index Universal Life Insurance (IUL) for Banking Purposes: This is an advanced financial strategy that goes much further than the "Infinite Banking Concept" or "Bank on Yourself." With an IUL, there's potential to earn tax free interest based on index market performance without the risk of losing principal. Furthermore, policyholders can borrow against their IUL cash value, effectively "banking" with their policy. The idea is that instead of paying interest to a bank, lender or even the life insurance company, they're not paying back the loan, the owner can pay off debt in record time, overfunding the IUL with the policy owner's liabilities and theoretically earning the interest on themselves.
- Tax Advantages: One of the key benefits of an IUL is its tax-advantaged growth. Earnings within this policy are not taxable. Furthermore, loans against the policy typically aren't considered taxable income.
Financial Literacy Group is changing the narrative on financial wellness, our solutions equalize the financial playing field between middle class Americans and financial institutions. We teach adults who live on Main Street how to manage their finances like people who work on Wall Street, one individual, one family or one small business owner at a time.
Media Contact
Ronald Harris, Financial Literacy Group, 1 3234191600 1005, [email protected], https://financialliteracy.group/
SOURCE Financial Literacy Group
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