Family Banking Concept, anyone heard of it?
I did a search here and did not see any similiar thread. I heard once from a State Farm insurance agent that I had about Family Banking.
I'm not knowledgeable of this but I"m going to be finding out more soon, to see if it's a viable option for handling my ongoing finances.
The very basic concept is that you use your liquid assets and possibly other assets and become a bank for yourself and/or your family. Acting just like a traditional banking/lending institution or even a credit card company for that matter. YOU are the bank for yourself.
so in essence you can charge "yourself" interest on the money that you loan yourself, or your family.
This guy referred to an author on this topic but I cannot remember who it was (I'm trying to find out).
Anyone know of this, have info etc?
I'm also checking with my accountant to see from a tax point of view, how this might work for us.