Wealth Outside Wall Street and the book "Retire in 10 Years or Less"

[Matt Neil]

BP Community I could use your help.  I recently read the book "Retire in 10 Years or Less" by Ryan D. Lee and Robert G. Allen after listening to an episode of the Ken McElroy Show, where they interviewed Ryan Lee.  Most of the topics covered in the book are similar to the principles that I have already learned listening to Bigger Pockets and reading other books.  The one thing that differed was utilizing the "Vault" which is a system using a whole life insurance plan as a way to become your own banker.  I have seen other post here referring to an "infinite banking" or other similar systems and there seems to be mixed reviews on the use of this system.  I have never heard this discussed on the BP podcast.

I also reached out to their team to learn more and they are charging approximately $5,000 initially and $400 a month after that to be a part of their mastermind program.  This will get you individual coaching to assist setting up your "vault", someone to work tax strategies, turn key real estate, and personal coaching.  I am seriously considering this investment, but would like some advice from this community before spending that kind of money on coaching.  Does anyone have any experience with this company or have any experience with similar coaching or information in utilizing whole life policies as savings vehicles?  I appreciate your help ahead of time.

[Chris Seveney]

Quote from @Matt Neil:

BP Community I could use your help.  I recently read the book "Retire in 10 Years or Less" by Ryan D. Lee and Robert G. Allen after listening to an episode of the Ken McElroy Show, where they interviewed Ryan Lee.  Most of the topics covered in the book are similar to the principles that I have already learned listening to Bigger Pockets and reading other books.  The one thing that differed was utilizing the "Vault" which is a system using a whole life insurance plan as a way to become your own banker.  I have seen other post here referring to an "infinite banking" or other similar systems and there seems to be mixed reviews on the use of this system.  I have never heard this discussed on the BP podcast.

I also reached out to their team to learn more and they are charging approximately $5,000 initially and $400 a month after that to be a part of their mastermind program.  This will get you individual coaching to assist setting up your "vault", someone to work tax strategies, turn key real estate, and personal coaching.  I am seriously considering this investment, but would like some advice from this community before spending that kind of money on coaching.  Does anyone have any experience with this company or have any experience with similar coaching or information in utilizing whole life policies as savings vehicles?  I appreciate your help ahead of time.

 These programs are pretty controversial here on BP. I take a middle of the road approach like I do real estate. For some people these plans are another tool in their tool belt. I would argue though if your net worth is less than $1M I am not sure one of these plans is better, and you may be better off getting a term policy and just saving and using the cash to buy real estate vs. putting into a whole life policy only to borrow against it and pay the interest.  If you are paying $5k upfront and $400/month that is $10k,  I would say you should have atleast $400k liquid to do the program, anything less than much of anything you make just gets eaten up in fees. This is just my opinion.