Only a small fraction of Americans save up to pay cash for their vehicles. The majority of Americans who are in the market for a new car use other people’s money to pay for them, financing car loans through a third party lender. A car loan forces you to pay interest to financial institutions for months, if not years. Paying cash for a car doesn’t do you any favors, either – once your money is spent, it’s gone. In either scenario, the owner is left empty-handed, with nothing left to show after the purchase for a lifetime of driving that car.
Of course, you expect to lose when purchasing a traditionally depreciating asset such as a vehicle; it’s just a given. But My IBC Coach believes that you may actually be able to turn the financing of your cars into an appreciating asset, by using the Infinite Banking Concept!
The first step is creating a “pool of money” that you control, that is always safe, and that is guaranteed to grow.*
* Guarantees are based on the claims paying ability of the insurance company. Insurance products are not FDIC insured and are not bank products.