Financial Literacy Group, has released the long awaited, revolutionary Bank Like a Bank™ App for iPhone and Android users all over the United States
“The app is based on a proprietary formula that calculates how much interest middle class Americans can cancel by paying mortgages and debt early, states Ron Harris”, President of Financial Literacy Group. “The app also calculates what American adults can earn tax free by collateralizing their debt. By banking like a bank, working class people borrow against their original liabilities, earn interest, make their money work for them without taxes, banking the way banks do.” Adds Harris.
“After seeing the results of Bank Like a Bank™, the user can engage in a logic based personal finance survey that tells them their current financial position. Based on these results, the user will receive a report that tells them what they can do to start banking like a bank. Resources for banking like a bank are also available through the app.” Explains Harris.
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Bank Like a Bank™ uses the type of Hybrid Arbitrage that deals with any kind of debt including credit cards, residential and commercial mortgages, auto, equity, personal, student, equipment and business loans, and it is not BYOB or Infinite banking.
Bank Like a Bank™ is a unique combination of GPS debt technology and a special kind of liquid index universal life insurance, POLI (Private Owned Life Insurance), a type of BOLI for any American adult, family or business. The app is about early debt payoff, interest cancellation and turning liabilities into income and generational wealth.
“The goal of Banking like a Bank is not to use a whole life insurance policy, the goal is to strategically optimize your pay off using technology, eliminate up to 75% of the interest, while paying off your debt or mortgage in less than half the time. Rather than using a HELOC or a Savings account, using the Index Universal Life Insurance policy allows the user to make tax free money on their early mortgage or debt pay off.” Adds Aaron Ennis, Director of Marketing for the company. “The policy owner’s money never leaves the IUL, they earn tax free interest on their liabilities. The policy owner earns this interest for the rest of their lives, they have no risk and they also become their own bank. American adults also earn interest on their own future loans and never pay them back. Bank Like a Bank™, equalizes the financial playing field and closes the wealth gap forever.” Explains Ennis.
How do banks, credit unions, and other organizations in the finance industry use tax-advantaged products to offset costs? Bank Owned Life Insurance (BOLI) is a great way for banks to save money on their employee benefit costs. They need to do this without adding expenses on a monthly basis that take away from bottom line profits and mask bank performance in their financial statements.
Equity is real money, the app demonstrates how banking like a bank really works, with amortization a 6% APR on a mortgage, equals more interest than the cost of the house. The IRS codes 7702 and 101a passed by congress in the Cares Act 2020, changed everything for whole life insurance, the app demonstrates taking advantage of these changes.
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“There are a lot of influencers online and on social media talking about the benefits of life insurance, mostly Whole Life. The app dispels these myths.” Says Harris.
“They speak about borrowing money, buying consumer products and in most cases, paying back the insurance loan. They don’t talk about surrender charges, debt and overfunding the policies. Why? Because of surrender charges borrowing money could be 10 years away, they consider debt another subject and overfunding means having to put more money in the policy.” Adds Harris.
“When it comes to IULs, they speak about the fees, cost, the volatility and sometimes the compounded interest. They don’t talk about the caps and the 0% floor. They don’t mention that you can overfund the policy with your debt, which then becomes your collateral.” Continues Harris.
“Overfunding the policy with your debt, liabilities or mortgage, is actually less money than the user would spend without the policy and the debt tool. POLI has no surrender charges, no caps and no Fees.” Explains Sam Simms, COO of Financial Literacy Group.
“Why don’t you have to pay back the loan? Because you are borrowing against your own money, which was originally your debt, not the death benefit. Because the death benefit is not the collateral it actually grows throughout the life of the policy.” Explains Simms.
Financial Literacy Group is changing the narrative on financial wellness, our solutions equalize the financial playing field between middle class Americans and financial institutions. We teach adults who live on Main Street how to manage their finances like people who work on Wall Street, one individual, one family or one small business owner at a time.
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