Business
On today’s episode, I’m once again talking with Chris Miles, an expert in infinite banking, like insurance, and being a housekeeper (and zookeeper) for his own personal Brady Bunch at home. When he’s not being a family man, Chris works with life insurance and runs his own podcast about money called the “Chris Miles Money Show”. Chris and I are talking about the volatile stock market and insurance, life insurance policies (and Chris’ specific designs), using life insurance like extra liquid reserves, and our policies on financial planning and advice. Minute Markers: 00:23 - Introduction 00:54 - A little about Chris 02:20 - CoronaVirus and the volatile stock market vs insurance 03:05 - Infinite banking and the Internal Rate of Return 07:38 - Timing the market 09:00 - Investment quadrants 11:11 - How Chris designs policies 12:40 - Needing money from life insurance policies 15:05 - Balloon payments 16:25 - Extra liquid reserves and investing 22:30 - Life insurance and porfolios 26:00 - Financial planning and advice 31:30 - Contacting and following Chris 33:05 - Thank you for listening to the Big Mike Fund Podcast Quotes: “If you were to compare apples to apples in a savings account, it's essentially like a tax-free supercharged savings account. But instead of earning point nothing percent, you're actually earning about at least 4.5% to 5% average per year tax-free” – Chris “I never tell people you should absolutely do this recommendation of this investment. But I will say let's look at the different options that are available out there.” – Chris “Most people are smart. They don't even realize how smart they are. Given the right coaching and the right education, they can make these decisions without anybody pushing them into anything.” – Mike “The good old well-known fact is that 80% of the funds can be the index. The active managers don't necessarily, I don't know what they get paid for in essence, in the stock market.” – Mike Resources: Money Ripples Website Chris Miles Money Show, apple podcast page