Chris Naugle

You go to borrow money from the bank.

They charge you 6%.

They make a spread.

Let's do some math.

The insurance company, let's say it's 6%.

Okay, simple math.

You're earning 6%.

The insurance company charges you 5%.

Are you making a spread?

Yes, you are.

So does it matter that the insurance company charged you 5% to borrow your own money?

No, because your money never left the account.

Therefore, your money's earning uninterrupted compounding interest, and you still used it for the goal of paying off the credit card.

Now the credit card's gone.

Now you've got to treat your money the same way you treat the bank's money.

The equation is not done, and now you have to be an honest banker.

So now the $200 you paid Visa every single month, you no longer owe that to them.

Go in and change the name on the check.

and change the bill pay so that every month that bill pay, $200 a month, same exact amount, pays back to you, but you deposit it back into that life insurance contract.

Now, every single time that $200 hits your contract, it is considered a loan repayment.