Posts Tagged ‘insurance’

The Very Secret 770 Account That Sounds Too Good To Be True (But Isn’t)

Saturday, December 21st, 2013

 

The Very Secret “770 Account”

 

So about that “770 Account” you’ve been hearing about…

 

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Before I get started on the 770 Account or what’s now being called the 702j Account, I want to share with you another little money secret.  It’s called a “401” account.  It has no guarantees except that you can and will lose money when the market tanks and eventually you will have to pay taxes on it whether you have a gain or not.

 

Still interested?

 

It gets even dicier. Your money in this 401 account is in most cases illiquid until after age 59.5 and you have to pay fees on the account (even hidden fees that you know nothing about) for life to Wall Street whether they make you money or not.

 

Can you guess what it is?!?

 

If you follow the mainstream financial media you likely have one of these 401k accounts.  You also buy term insurance thinking Whole Life is expensive and have been led to believe permanent life insurance is a waste of money.

 

Madison Avenue and Wall Street know that if you hear the same thing for long enough, you’ll actually believe it’s true. Those fat cats are pretty clever, aren’t they?

 

In my honest opinion, only an unwitting person completely unaware of a better option would park their money with Uncle Sam and Wall Street in a retirement account lockbox called a 401k because one entity will tax you for life and the other will bleed your account dry while you take all the risk.

 

If that’s appealing to you, please proceed with your regularly scheduled programming…

 

The only people getting wealthy from mutual funds & 401k’s are the financiers on Wall Street!  

 

My apologies (sort of) for poking fun at the 401k which the majority of Americans use to fund their retirement.  My point in leading off with it is to point out that a “secret” financial strategy like the 770 Account isn’t really much of a secret because it’s actually been around for over 150 years.  Depending on how old you are, your grandparents probably had one!  They certainly didn’t have a 401k and they were smart enough to not trust the banks.

 

770 Account

One important difference between the 770/702j Account and the 401k account is that you’re only familiar with the latter.

 

The 770 Account is the alternative retirement account that you either have never heard of it before or, if you have, chances are you are most likely misinformed or have yet to be properly educated about the strategy.  (The first giveaway is that you’re calling it the 770 Account!)

 

I can pretty much guarantee you don’t understand this proven wealth strategy because the life insurance industry doesn’t even teach this strategy.  In fact, it’s still so obscure that it’s now being called the 770 Account by a newsletter putting a new spin on old registered trademark and people are none the wiser.

 

And if those in the life insurance industry don’t know the in’s and out’s of this financial strategy  (sadly,the majority of advisors use the wrong type of contract), I’m absolutely positive the traditional government approved Wall Street advisor knows next to nothing except what they might have heard about it in conversation from a client asking them to open an account for them.  So for the lay person, knowledge about the 770 Account is even more obscure, if that’s even possible…

 

The bottom line is this, the 770 Account is very much a secret if you call it by that name.  Lately I’ve been seeing videos on the internet for a secret investment that of course sounds too good to be true.  It’s called the “770 Account” or “the Presidential Account” and as recently as August 2015, the “702j Account” but it’s best known as the Infinite Banking Concept® (or IBC for short) which is the original trademark and the trusted source behind this strategy.

 

For those that already think they know what the Infinite Banking Concept is about, I’m going to stop you in your tracks.  Infinite Banking is more than a Whole Life contract which is simply a product that combines a tax-favored savings component under IRS code 7702 (get it?) with a death benefit to boot.

 

Brace Yourself…

 

The 770 Account is REAL and BY FAR the best place to park cash for use over one’s life because it’s actually safer, 100% liquid, and more predictable than any other type of wealth accumulating strategy that exists.

 

Just try not to call it the 770 Account or 702j Account because that’s a clever but deceptive new name some folks at the Palm Beach Newsletter have given it after they did their own very thorough research.  I’ll admit the new name is catchy.  So much so that I even refer to it as such when people call or message me asking for more information but at the end of the day, remember that it’s original name is Infinite Banking.  And even more important, please remember this key detail:

 

The Infinite Banking Concept® is the only strategy by which you can eliminate uncertainty (Wall Street), usury (bank financing), and taxes (the IRS) from your life forever.

 

What could be better than the 770 Account/702j Account (Infinite Banking)?!?

 

Answer this riddle and you will know:  It’s more powerful than God. It’s more evil than the Devil. The poor have it. The rich need it. If you eat it you will die.   (Answer below.)

 

This is what the strategy visually looks like (click to enlarge):

770 Account Banking Process

Money must reside somewhere. Grow it, keep it, and pass it on!

 

As an IBC Practitioner, I teach this strategy in my practice and I’ve seen the impact it has had in my clients lives.  The “770 Account” is the mother of all foundations for wealth building. Why? Because it can give birth to new investments without opportunity cost.  Your money is always working for you even when you deploy it somewhere else!

 

Educate yourself by doing your own research about the Infinite Banking Concept.

 

Don’t believe the online jokers on message boards who know nothing about Whole Life contracts.  This includes the typical Wall Street advisor paid to sell you mutual funds or the lay person who only buys term because they’ve never learned how wealthy people accumulate tax-favored money in these accounts using very specific riders to turbo charge the cash values.

 

For a better understanding of how the 770 Account works, talk to an IBC Practitioner who can teach you the concept.  You can verify my affiliation with the Infinite Banking Institute by clicking here: http://www.infinitebanking.org/finder/   Best of all, you won’t have to pay a monthly subscription to a newsletter for learning how you can get started with your 770 account/702j Account.

 

…and the answer to that riddle above: nothing.

 

And by the way, the most common lament I hear from people once they learn the truth about the 770 Account/IBC is that they wish they would have known about this decades ago.  (Just heard it again this morning from a 64 year old gentleman wanting to get started and is two years from retirement.  If this sounds similar to your situation, a different version of the 770 Account is your best bet.  Ask me about it.)

 

Do yourself a favor and get in touch to request a free Infinite Banking personalized solution today.  Until you see what your plan will look like, you’ll never truly know how much wealth you’re giving away.

 

You’ll thank yourself later (and your kids and grandkids will, too).

Grow Wealth Early & Often

 

Best,
John A. Montoya
JLM Wealth Strategies, Inc.
john@JLMws.com
(925) 386-6639 Office
Bank On Yourself™ Authorized Advisor
IBC Horiz-Med

 

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Why is money held by a life insurance company safer than money deposited at a bank?

Monday, June 14th, 2010

by John Montoya, Founder-JLM Wealth Strategies, Inc.

November 1, 2013

Based upon the fractional reserve system, banks are allowed to lend money up to 10 times the amount deposited. All this new money is simply created from nothing.  They do this in order to earn interest (on money which didn’t previously exist mind you) which of course translates to a very profitable business. But if all depositors were to ask for their money back at the same time (known as a “run on the bank”), banks wouldn’t actually have it all.

FDIC is a private “insurance” corporation back by taxpayers (you and me) to insure that all bank accounts to a certain dollar limit are protected. However, the FDIC itself only has a limited amount of dollars available as resources to cover claims i.e. deposits. Last information I read stated the FDIC had $115 billion available in assets & lines of credit. However, there is over $8 trillion sitting in bank accounts nationwide. That’s why FDIC isn’t really insurance because the FDIC’s claims paying ability (also known as insurance) isn’t 100% back by capital reserves.

Like the banks it is supposed to support due to insolvency, FDIC operates on a fractional reserve system as well. This means the FDIC is just as highly leveraged as our big banks. Yikes!

Of course, if worst came to worst, the Federal Reserve can create more debt/issue more paper dollars (fiat currency) with no gold backing to create a bailout and everything is back to normal, sort of… increasing the money supply by creating more dollars has the adverse effect of causing inflation which everyone pays for unwittingly (unless of course you read my posts or others like it). Inflation is the hidden tax I’ve written about before. (If you haven’t read some of my previous posts on Facebook, simply put, most people are aware that the price of things go up over time and think that things just cost more.

In reality the value of the dollar is actually eroding or losing value which means that it takes more dollars to buy the same thing. So what cost $2 a few years ago is now $4 today. This is the hidden tax known as inflation and erodes every dollar we spend and, even worse,  attempt to save.)

Life insurance companies, on the other hand, are truly the SAFEST FINANCIAL INSTITUTIONS in the world! There is absolutely no leverage (AKA fractional reserve system) a life insurance can utilize to create wealth unlike our traditional banking system. Here in the United States, our regulatory system requires that each life insurance company maintain sufficient capital reserves to cover all liabilities. This makes sense, right? After all, whenever we buy a life insurance policy, what we really are buying is the promise of that life insurance company to pay a death benefit which is a greater amount than what we’ve paid into the policy.

Ultimately what this means to us as a policyholder is that if every life insurance policy resulted in a claim today (a run on the bank, so to speak), life insurance companies would be able to pay each claim and still have money left over to conduct business tomorrow. That is SAFETY and PEACE OF MIND!

As an example, during the Great Depression while over 10,000 banks went out of business and people lined up outside of banks to get their money back only to be turned away (FDIC hadn’t been created then, though as you now know, FDIC doesn’t have the reserves to cover all bank accounts and furthermore was never intended to). Meanwhile, during the greatest financial crisis to ever hit our country, people who had faithfully paid premiums into their Whole Life policies were able to withdraw or borrow from their cash values to ride out the worst of times. This is an amazing feat to think about given our economic times and how close we came to the brink of financial calamity in late 2008.

So how secure do you feel about the money residing in your bank account now?

When you learn how to become your own banker by owning and controlling your banking system, you will ride out the storm like some of the fortunate did a few generations ago. You will also learn to recapture all the interest and principal, and ultimately profit from the major purchases you will make in your lifetime by learning how to bank with your own money versus give it to your big bank who will only lend back to you for their own profit. This is a simple, foolproof foundation to building wealth and it all starts by raising your awareness to how money is actually created and how to best protect your family with a financial asset that has survived the worst of times and will continue to do so in the future.

For more information or to attend a workshop, please contact JLM Wealth Strategies at (925) 386-6639.



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