Our Family Bank has many uses:
1) College Planning
2) Getting out of debt in less than nine years
3) Pay yourself the interest on the purchase of items not paying financial institutions
4) Set up a plan for tax free FOREVER retirement income
5) Avoid Lost Opportunity Costs
Most people have dollars leaving their checkbook unknowingly and unnecessarily. Unknowingly, because we did not know of an alternative. Unnecessarily, because there are better alternatives. Our Family Bank strategy has been around for over 40 years yet there is still little awareness of the financial power it gives people. This is not a chartered bank; however, allows us to use our money like a banking system.
Statistics show a majority of people will spend more money on interest in their life time then save for retirement. Our Family Bank reverses this situation and keeps the money in our wealth not somewhere else.
#1 College Planning – Having access to cash and not having our money tied up in a risky 529 Plan has turned out better results for families with college bound children. Ask families who were sending their children to college in 2008/2009 how their 529 Plan performed. Click here for College Planning.
#2 Our Family Bank allows us to pay off our debt without losing control of our money. As the money cycles through our bank it also keeps accumulating and earning interest. Much like the commercial banks operate with our savings dollars
#3 Use Our Family Bank to purchase autos and other major purchases. By paying back our self instead of giving our hard earned dollars to commercial banks we are able to grow our savings using compounding interest accumulation. The more items we purchase - then pay our self back - the faster our savings grows. In addition, all the accumulation and interest is not taxed.
#4 10 out of 10 people are unaware of what the taxes on their retirement money will be. Why? Because no one knows what the tax rates will be in the future. Our Family Bank allows people to position money in a tax free environment. When the dollars are withdrawn they are tax free and will not count as Provisional Income against Social Security Benefits. Click here for Tax Free Income.
#5 Lost Opportunity Costs: We have a choice with each and every dollar we have. Either spend it or save it. For every dollar we spend it is gone forever and out of our wealth. It will never work for us. It is now a lost opportunity. Our Family Bank allows us to keep our savings earning while we continue to live and enjoy major purchases.