Welcome to The Big Mike Fund Podcast. It’s my pleasure and privilege to welcome back to the show, Chris Miles who is an Infinite Banking expert. Today we’ll be talking about what life insurance is, the trends in the market, different forms of life insurance, and we’ll briefly touch on the stock market and other types of investments.
Chris Miles, is the “Cash Flow Expert.” He is a leading authority on how to create cash flow and lasting wealth for thousands of his clients, entrepreneurs, and others internationally. After working as a traditional financial advisor and stock coach for several years, Chris came to a stark realization that the financial advising industry was not showing anyone how to quickly and safely become financially prosperous today. After leaving that industry, he was able to retire when he was 28, and has since worked to teach his effective, unique strategies, for companies like Freedom Fast Track and Garrett Gunderson, and now Money Ripples, while exposing the popular myths around money that have kept so many from enjoying financial freedom and peace of mind.
Minute Markers:
00:22 – Hello and Welcome
01:00 – Current state of real estate and the stock market
02:00 – Chris’ background and family life
03:50 – Infinite banking
07:23 – Whole Life Insurance and Reinsurance
11:00 – Negative interest rates
12:40 – Trends of life insurance companies
13:50 – Reaching Chris
15:10 – Financial planning
20:00 – What’s wrong with the stock market
23:30 – Real estate, leverage, and IRAs
30:00 – Legacy and life insurance
32:40 – Walt Disney World and the misconception of life insurance
37:55 – Conclusion and final thoughts
39:48 – Thank you for listening to the Big Mike Fund Podcast
Quotes:
“Infinite banking is just a fancy term that people use to let your money flow in and out of life insurance, specifically whole life. What most people don’t realize—most people all know what term is. It’s death insurance. You pay into it, you die, and you finally get paid. Actually, you don’t. Your heirs get paid. You get nothing. You’re dead.” – Chris Miles
“I would agree with the trend, that as rates are very low, life insurance companies can only pay lower returns. If they go into negative, it’ll be a little bit less. The primary benefit is not just the 4.5%, 5%, or even 5.5% return, but it’s access to the capital and ability to take action with that cash. You’re basically self banking.” – Chris Miles
“You might find a rapper. A little kid rapper that’s named Chris Miles. That is not me, I promise.” – Chris Miles
“Here’s the thing I can promise you. There is no product offered by a financial adviser, including life insurance, that will make you financially free..” – Chris Miles
“That’s why I’m the anti because I’m against mutual funds, from the standpoint of trying to retire off of them and that sort of thing. If you want to have some in your portfolio, fine. But don’t bank on that. You do need help, and that’s where finding someone who can say, ‘Hey, let’s look at your whole picture here. Where do we find money,’ and ‘How do we turn out a way to help you make more?’” – Chris Miles
“That’s one of the problems with the stock markets. One of the major problems, the Ps being so high that the incomes and the distributions of dividends are just out of control.” – Mike Zlotnik
Resources:
YouTube video: ”Infinite Banking with Whole Life Insurance for 2020 with Chris Miles”
Money Ripples website
