How to borrow money from your company?
[How do you lend money (Geld lenen) to your company?] In principle, a written agreement is not required. However, it may be useful to put a few things in writing.
For example, you can stipulate the interest that applies to the agreement. The interest you receive is income from movable assets. As a rule, this tax is withheld by the company by means of the so-called withholding tax.
Furthermore, you can incorporate certain securities into the agreement that the company pledges to you until the loan is repaid. For example, the company can pledge certain goods or future claims. By incorporating the appropriate securities, you improve the chance of repayment if the company ever gets into financial difficulties.
What does a loan cost? How does a personal loan work?
Sometimes things don’t go the way you expect. You suddenly need a new car. Or you are ready for a new washing machine. Or maybe a new television. But have you saved enough for this? Or do you want to borrow? Borrowing costs money, saving does not, but it often takes a long time to save an amount.
You will not be able to make your purchase immediately. If this is necessary, you can opt for a loan. But what does a loan cost? If you take out a personal loan, you will receive the total amount of the loan in your account in one go. You pay a fixed monthly amount for the amount of money you borrow.
This consists of part repayment and part interest. You agree in advance in how many months you will pay back the loan. For example, you can pay an amount of one hundred and ninety euros per month for your loan, and you want to borrow eleven thousand five hundred euros. The example interest is seven point eight percent. You then pay seventy-two months, one hundred ninety-nine euros per month. Part repayment and part interest, your total costs are then fourteen thousand three hundred and twenty-six Euro.
Can you pay a higher amount per month? For example, five hundred and eighteen euros, then the term will be shorter, now only twenty-four months. So you do not pay six years, but two years the example interest of seven point eight percent per month. Because you pay less interest, your total costs will now be twelve thousand four hundred and twenty-three euros.
This saves you nearly nineteen hundred euros. European standard information on consumer credit is available for this product. So think carefully about what you can miss every month.
Can You Borrow Money From A Whole Life Insurance Policy?
What if I told you that you could become your own bank? And that you could borrow money on your terms, that you can make a lot more money than a normal bank.
Couched inside the conversation of life insurance. And the big question is, “Can I put money in and take money out at will?” That’s a great question. Answer coming your way next. Let’s start with answering your question. You’ve got a whole life insurance policy.
And you want to know, “Kris, I’ve been putting money in there. Can I take some of the money out of it?” And the answer is it depends. It doesn’t depend on the insurance carrier. It depends more on the insurance agent that set you up. You see when I invest in real estate or when I build a business, I’m always using my whole life insurance policy as my own bank.
So, when you set up a whole life insurance policy, the first thing that goes down is you have a safe place to put your money and that is untouchable. And what I mean by untouchable is it is un-litigate. You put your money in a whole life policy and if someone wanted to sue you or even frankly if the government wanted to garnish or take from you, they couldn’t.
And so, this is the only and last standing impervious place on the planet where you can store money as a store value and have it truly safe. As opposed to putting your money in some FDIC-insured bank that only guarantees up to what? Quarter million dollars per account? So, your money becomes untouchable. The second thing is a normal bank is only going to pay you what like, 0.1% return on your money.
A life insurance policy if you get the right one should be paying you 5% or more. Now, you’re not going to get rich but I do call that being a wise steward of your money. The third thing that your whole life insurance policy should do is it should allow you to borrow it with ease. And this is where you run into a problem my friend. This is why I can’t give you a straight answer.
The majority of insurance agents that set up these policies. They’re incentivized to create a policy that produces the highest Commission for them. And they get the highest Commission if they can put your money away and make it very illiquid. Meaning you can’t take it out very easily. But on the opposite extreme, in the last decade, I’ve only met 3 individuals that know how to set up policies where you can dump money in and you can pull nearly everything back out. And those are rare policies because they don’t pay a whole lot in commission to these people that set them up. But it is what’s in your best interest and it’s what’s in my best interest. So think about it. I’ve been in the financial arena in the last decade I’ve only found 3.
You click the link in the description below I’ll introduce you to the team I recommend for people. Because people ask me. You go to my events and you start figuring out what I’m out and how sophisticated my investments are. You’re going to want to know who are my people. I’m letting you know you can tap into my team right then and there. Now, if you set it up the right way, you can put money in, you can pull it out. You can use it to support your investing. And then you can put it right back and when you’re done with your investing.
In the meantime, your money gets to grow tax-free. How cool is that? For me, I think it’s absolutely amazing. One of the things for you to be aware of is, you need to not just find the right insurance company or the right insurance agent. You need to find a specialized agent that is willing to write a policy that will pay them peanuts to make sure that they give you the highest and best advantages. And again, if you click the description link below, this the first time I’ve released my team. They’re a global team.
So, that’s a gift from me to you saying, “Let’s create as much value as we can for you.” Coming back to your question. Can you actually pull your money out? If you’ve got the right agent and you set up your policy the right way, then you’re all good. If you didn’t, you’re not. What should you do? It’s simple. You want to cancel this policy and you want to transition it into a smarter policy.
You will be able to get your money out if you’re canceling the policy to transition it into a different one. And you absolutely want to look at that because you need a policy that is specifically designed to allow you to be your own bank. And I highly recommend googling the book titles that are out there. People are teaching how to how to make life insurance.
Turn it into your own banking system. And I’ve done that in my life because it’s the best bank that I have on the entire planet. It’s not this Bank, it’s not that Bank on the corner. It’s my own personal bank. It supports my investing. It supports my life. It supports my business. And you can have that benefit too. It’s awesome and the good news is, you don’t have to pay for it.