INFINITE BANKING HAS TIKTOK BUZZING, BUT IS IT FOR YOU?
AppleMagazine|April 28, 2023
Scroll through TikTok’s finance feed and you’ll come across viral videos on “infinite banking.” The concept is making a splash on social media, fueled by celebrities like rapper Waka Flocka Flame.
INFINITE BANKING HAS TIKTOK BUZZING, BUT IS IT FOR YOU?

But infinite banking is nothing new. The term was coined by economist Nelson Nash in the 1980s and outlined in his 2000 book, “Becoming Your Own Banker: Unlock the Infinite Banking Concept.” The strategy involves tapping into the cash value of certain life insurance policies like whole life and treating it as a personal bank.

Nash promoted infinite banking as a path to financial freedom and wealth creation. But it’s a little more complicated than Waka Flocka Flame and TikTokkers claim.

HOW INFINITE BANKING WORKS

Whole life insurance policies usually last your entire life and have a cash value component that grows at a guaranteed rate over time. This rate of return varies among insurers, but it’s typically around 5%, Barry Flagg, a chartered life underwriter in Tampa, Florida, and the founder of the life insurance research company Veralytic, said in an email.

Once your policy has accumulated enough cash value, you can begin to take out loans against the funds — and that’s where the concept of “banking on yourself” comes in.

هذه القصة مأخوذة من طبعة April 28, 2023 من AppleMagazine.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة April 28, 2023 من AppleMagazine.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

المزيد من القصص من APPLEMAGAZINE مشاهدة الكل
AMAZON REPORTS BOOST IN QUARTERLY PROFITS.EXCEEDS REVENUE ESTIMATES AS IT INVESTS IN AI
AppleMagazine

AMAZON REPORTS BOOST IN QUARTERLY PROFITS.EXCEEDS REVENUE ESTIMATES AS IT INVESTS IN AI

Amazon reported a boost in its quarterly profits and exceeded revenue estimates, sending the company’s stock up in after-hours trading.

time-read
3 mins  |
November 08, 2024
SOUTH KOREA FINES META $15 MILLION FOR ILLEGALLY COLLECTING INFORMATION ON FACEBOOK USERS
AppleMagazine

SOUTH KOREA FINES META $15 MILLION FOR ILLEGALLY COLLECTING INFORMATION ON FACEBOOK USERS

South Korea’s privacy watchdog this week fined social media company Meta 21.6 billion won ($15 million) for illegally collecting sensitive personal information from Facebook users, including data about their political views and sexual orientation, and sharing it with thousands of advertisers.

time-read
2 mins  |
AppleMagazine #680
CHINESE ONLINE RETAILER TEMU FACES EUROPEAN UNION INVESTIGATION INTO ROGUE TRADERS AND ILLEGAL GOODS
AppleMagazine

CHINESE ONLINE RETAILER TEMU FACES EUROPEAN UNION INVESTIGATION INTO ROGUE TRADERS AND ILLEGAL GOODS

Chinese online retailer Temu is facing a European Union investigation over suspicions it’s failing to prevent the sale of illegal products, the 27-nation bloc’s executive arm said.

time-read
2 mins  |
AppleMagazine #680
CORNING FACES EU ANTITRUST SCRUTINY OVER GORILLA GLASS DEALS WITH PHONE MAKERS
AppleMagazine

CORNING FACES EU ANTITRUST SCRUTINY OVER GORILLA GLASS DEALS WITH PHONE MAKERS

Corning is facing European Union antitrust scrutiny after the bloc’s watchdog said this week it’s investigating the speciality glass maker’s exclusive deals for its Gorilla Glass used in cellphones.

time-read
1 min  |
AppleMagazine #680
NEW CEO AT CVS BEGINS TO BUILD HIS TEAM WITH A GOAL OF REVIVING THE STRUGGLING HEALTH CARE GIANT
AppleMagazine

NEW CEO AT CVS BEGINS TO BUILD HIS TEAM WITH A GOAL OF REVIVING THE STRUGGLING HEALTH CARE GIANT

CVS Health fell short on third-quarter profit, but it posted strong sales and the health care giant shook up leadership under new CEO David Joyner after a rough year that has sent shares plunging.

time-read
2 mins  |
AppleMagazine #680
AS THE DATA CENTER INDUSTRY BOOMS. AN ENGLISH VILLAGE BECOMES A BATTLEGROUND
AppleMagazine

AS THE DATA CENTER INDUSTRY BOOMS. AN ENGLISH VILLAGE BECOMES A BATTLEGROUND

Originally built to store crops from peasant farmers, the Tithe Barn on the edge of the English village of Abbots Langley was converted into homes that preserve its centuries of history.

time-read
4 mins  |
AppleMagazine #680
YOU MAY HAVE BLOCKED SOMEONE ON X BUT NOW THEY CAN SEE YOUR PUBLIC POSTS ANYWAY
AppleMagazine

YOU MAY HAVE BLOCKED SOMEONE ON X BUT NOW THEY CAN SEE YOUR PUBLIC POSTS ANYWAY

Elon Musk’s X has been modified so that accounts you’ve blocked on the social media platform can still see your public posts.

time-read
1 min  |
AppleMagazine #680
NINTENDO REPORTS LOWER PROFITS AS DEMAND DROPS FOR ITS AGING SWITCH CONSOLE
AppleMagazine

NINTENDO REPORTS LOWER PROFITS AS DEMAND DROPS FOR ITS AGING SWITCH CONSOLE

Nintendo, the Japanese video game maker behind the Super Mario franchise, said Tuesday that its profit fell 60% in the first half of the fiscal year, as demand waned for its Switch console, now in its eighth year since going on sale.

time-read
1 min  |
AppleMagazine #680
THE BEST SMALL SUVS FOR CITY DRIVING
AppleMagazine

THE BEST SMALL SUVS FOR CITY DRIVING

SUVs are popular in part due to their elevated ride height, commanding view of the road, and roomy interiors.

time-read
3 mins  |
AppleMagazine #680
MANY RETAILERS OFFER 'RETURNLESS REFUNDS.' JUST DON'T EXPECT THEM TO TALK MUCH ABOUT IT
AppleMagazine

MANY RETAILERS OFFER 'RETURNLESS REFUNDS.' JUST DON'T EXPECT THEM TO TALK MUCH ABOUT IT

It’s one of the most under-publicized policies of some of the biggest U.S. retailers: sometimes they give customers full refunds and let them keep unwanted items too.

time-read
5 mins  |
AppleMagazine #680