The Crypto Trap: What the Wealthy Know That You Don’t

You're making a decision about this is what you believe the future is going to hold.

People are told to buy, hold and pray, or worse, cash out at the wrong time and hand over a massive slice to government in taxes.

You have additional risks that are there and a lot of people don't consider that in the process.

Most of what's being taught out there is just flat out wrong. Everywhere you look right now, people are hyped about crypto. Buy xrp, stake this coin, ride the next bull run, and yeah, the gains can be insane. But here's the problem that nobody's talking about. If you don't have a strategy to actually control the flow of your money, and you've got the banks, you've got the tax man, and even the volatility of crypto itself are still running the show. And so most of what's being taught out there is just flat out wrong. People are told to buy, hold and pray, or worse, cash out at the wrong time and hand over a massive slice to government in taxes. People who understand that controlling the banking function in their lives is one of the most important things that they can do financially are using a process named the infinite banking concept. And from that place, they're controlling how they finance the things that they need throughout their lifetime, which can include assets like XRP or Bitcoin or things like that. And they can borrow against the tool that's used to implement the infinite banking concept, keep their crypto growing, still maintain tax free growth inside of their policies. But that's the conversation that nobody's having. And that's exactly what Rich and I are going to dive into today. And the distinction, Rich, as you and I both know, is the distinction between a process and a product, and that it's not an either or. And so let's expand on that so that we can give people who are watching some real clarity.

Yeah, I mean, and there's, and there's going to be, I mean, There's a bazillion YouTube channels and videos about every different type of cryptocurrency and probably the bulk of them are going to be mostly devoted to bitcoin, et cetera. And hey, I, I personally have crypto, I do, and I'm happy that I have it, but I look at that as more of an investment. It's not how I'm solving all of my life's financial problems. And I've borrowed from my insurance policies, which are where I warehouse my capital so that I can go and acquire the secondary asset of let's just say bitcoin or whatever else that I have. So I get to do the same thing that anybody who wants to go buy crypto is doing. I just am using OPM other people's money, in this case the insurance company to go and acquire it. So I've inflationarily protected my fiat currency dollars by paying a premium where when I pay that premium, I'm guaranteed through the contractual elements of that policy, once you understand them, that I'm going to have an increase in the value of that premium dollar through the method of cash value and a constant increase for every day for the rest of my natural life. Yeah. And the worst case scenario is that I kick the bucket. We want you to understand the five strategies that you can use to reduce taxes now and in the future. We wrote about them in our book keep taxes away from your wealth. You can get a copy of keep taxes away from your wealth by going to keep taxesaway dot com. That's Keep taxesaway dot com. Ease on over there. Get a copy today. If you're anything like me, in my household there's usually in a lot of households there's one person who's the primary financial partner may usually makes the bulk of the decisions or whatever and then there might be another person who maybe handles more day to day stuff or whatever. Or they might just be completely out of and say, you know what, you take care of it. Okay. I've been doing this for a while, Jason, for a while. Is that a pretty common element in a lot of households?

Yeah, 100%.

I would say it's much less common that we have both partners are equally involved in all financial decisions, right? Yeah, they might be on the same page, they might be an agreement, but there's one person that usually handles more of the day to day. They deal with the research. Oh, hey, we're going to do this financial thing, let's check in, let's get to agreement. Like that's more common. So if you know, doing crypto related activities and wallets and long strings of numbers that you need, there's some complexity there. And that complexity on its own has risk. We've all heard about people who've lost wallets. We've all heard about people who, you know, put money into an exchange and that exchange went belly up. That's happened to a lot of people. And so there's a ton of risk involved in that. So it doesn't mean that it might not, you know, that it's might not be a, a good or a bad. Idea to go and own some cryptocurrency. But if you don't have a knowledge base and you're not able to take that knowledge base and transfer it. So if Richard's got a couple of walls with a few different things in it and maybe it's stored in cold storage, it's in a safe location. And I have really well written down keys on metal plates that I've engraved so they can't be lost or destroyed in a fire. Like maybe you've taken some, some steps at securing that information. But if my partner, something happens to Richard and my partner doesn't know about that, how are, how on earth are they going to redeem that stuff? So you have additional risks that are there and a lot of people don't consider that in the process. And so, but if I used insurance policies to do that and when Richard kicks the bucket and a whack load of tax free money shows up when it's needed the most, which is at that time, and it solves immediate problems and challenges and it takes a lot of the stress off in a very stressful situation. And when my, my, my wife is going through all the details and all the things we left behind and what's in the will and Tom and all the necessary information because it's going to take several months to go through a lot of that stuff, dig through a safe, dig through safety deposit boxes and be like, oh, hey, here's this metal plate with some keys. Oh yeah, right. Let's go to the guidebook that Richard left behind. Let's figure out how to do with all of this crypto stuff, right? That is not going to be immediately liquid for people. And if the market is down and you need immediate liquidity in a situation like that, are you going to go and sell all the crypto assets immediately and convert that into fiat currency? Which is probably what you don't want to do because that's not the reason why you have the crypto in the first place. Like there's a lot of elements there and I think that that's things that people don't recognize and understand. So when you want to implement a cohesive element here, you need a warehouse for capital that you're using day to day basis, which is fiat currency, whatever, whether it's American or Ukian dollars, I don't care. That's your day to day usage of capital, of money, which the rest of the world agrees as money. Medium of exchange. If you want to own a future medium of exchange, bitcoin, ethereum, Whatever you want to do, use this tool to go and acquire that tool. And hey, stake your claim. You know you're making a decision about this is what you believe the future is going to hold. But why wouldn't you do both things? I don't understand why anyone wouldn't wouldn't augment their potential by having having both elements working for them in tandem. Go ahead, watch the next episode. Click down below and make sure you click over here to subscribe to our channel.