It gets even dicier. Your money in this 401 account is illiquid until after age 59.5 and you have to pay fees on the account (even hidden fees that you know nothing about) for life to Wall Street whether they make you money or not.
Can you guess what it is?!?
If you follow the mainstream financial media you likely have one of these 401k accounts and you buy term and think Whole Life is expensive and a waste of money. You hear something for long enough, chances are you'll believe it's true.
In my opinion only a person unaware of a better option would partner with Uncle Sam and Wall Street in retirement. One entity will tax you for life and the other will bleed your account dry while you take all the risk.
My apologies for poking fun at the 401k which the majority of Americans use to fund their retirement. My point in leading off with it is to point out that a "secret" financial strategy like the 770 Account isn't really much of a secret because it's actually been around for over 150 years. The difference with a 770 Account compared to a 401k account is that you're familiar with the latter. The 770 Account is the one that you either have never heard of it or if you have, you are most likely misinformed or uneducated about it.
I can pretty much guarantee you don't understand it because the life insurance industry doesn't even teach this strategy that is now being called the 770 Account by a newsletter putting a new spin on old registered trademark. And if those in the life insurance industry don't know the in's and out's of this financial strategiy, I'm absolutely positive the traditional Wall Street advisor knows next to nothing except what they might have heard about it in conversation from another person who knows nothing about it. For the lay person, it's even more obscure if that's possible.
In that regard, the 770 Account is very much a secret if you call it by that name. Lately I've been seeing videos on the internet for a secret investment that of course sounds too good to be true. It's called the "770 Account" or "the Presidential Account" but it's best known as the Infinite Banking Concept which is the original trademark and the trusted source behind this strategy.
For those that already think they what the Infinite Banking Concept is about, I'm going to stop you in your tracks. It is MORE than a Whole Life contract which is simply a product that combines a tax-favored savings component with a death benefit. It is by far not too good to be true because it's actually better than any other type of savings strategy that exists. The Infinite Banking Concept is a strategy by which you eliminate uncertainty (Wall Street), usury (bank financing), and taxes (Uncle Sam) from your life forever.
As an IBC Practitioner, I teach this strategy in my practice and I've seen the impact it has had in my clients lives. I consider it a foundation for wealth building. I highly recommend anyone who comes across the video of the 770 Account to watch it. Educate yourself a little bit but do your own research about the Infinite Banking Concept.
Don't believe the online jokers on message boards who know nothing about Whole Life contracts. This includes the typical Wall Street advisor paid to sell you mutual funds or the lay person who only buys term because they've never learned how wealthy people accumulate tax-favored money in these accounts using very specific riders to turbo charge the cash value accumulation.
For a better understanding of how the 770 Account works, talk to an IBC Practitioner who can teach you the concept. You can verify my affiliation with the Infinite Banking Institute by clicking here: http://www.infinitebanking.org/finder/. Best of all you won't have to pay a monthly subscription to a newsletter for learning how you can benefit.
John A. Montoya
JLM Wealth Strategies, Inc.
Listen to my IBC podcast: www.TheFifthEdition.com