You may or may not be aware that your bank is doing you a disservice.
If you already knew that fact, you might be dramatizing the statement a bit more to say, the government is doing you a disservice. Either way, be it the bank or the Federal Reserve, you’re being taken advantage of with your money. How?
The bank leverages your deposits to make millions of dollars every second of every day. They make you believe they’re in control, they use your secured deposits for lending, and they determine your borrowing power.
The bank’s profit could be yours for the taking, but they make you believe it isn’t.
What Banks Do to Make You Believe they’re in Control.
Banks have been posturing themselves as the boss of our economy since 1913 when the Federal Reserve was first introduced.
Our country had a few economic scares in the late 1800’s and early 1900’s that led big bankers and politicians to finally initiate an organization that monitored our banking and monetary system, i.e. the Federal Reserve. Since then, banks have been using their alliance with the Fed to elevate their position of financial control and earning power.
As history has shown, banks are not in control, and our latest scare in 2008 has proven that.
Your Secured Deposits
Banks are in the business of making money by marking up money. And there are two types of interest, what banks pay you and what banks charge you. Just like retailers determine profit margins with markups, banks do the same thing with interest.
Banks essentially rent money from us – the depositors – then turn around and sell that money at a significantly higher price.
Banks Determine your Borrowing Power
Banks are greedy. They make a lot of money because they figured out how to maximize profit on the interest rate. To further their financial momentum they dictate the borrowing terms.
To be fair some of those dictates arise because they need to balance their deposits versus loans, and must have at least 10% of total deposits in their vault.
Again, this leaves consumers thinking that banks are in control, but it doesn’t have to be this way.
Firing Your Bank
Banks don’t want you to know that you can regain control of your dollar by using Whole Life Insurance as a wealth strategy – it’s the secret of the rich and they’ve been using insurance to build and secure personal wealth for years.
When you put your money into a whole life policy, you enter into a private contract with the insurance company. Your money inside the policy grows with tax-benefits, is safe from market volatility, and is liquid.
At any time, you can access cash from your policy to finance other performing investments while still earning interest on your premiums and the worth of your policy. This is the wealth strategy that will change your financial picture.
If you use Whole Life Insurance as it was originally intended (to secure wealth and create a family legacy) then you can use your bank how they were originally intended (to be a storing house for your money).
To fire your bank and learn how life insurance can change your personal economy visit Infinite 101, our eLearning platform. These free online courses will teach you how to take back control of your finances.
