Unpacking Two Big Ideas: Infinite Banking and Saving For Young Children (SB1729)

15 snips

Sep 1, 2025

Guest

Chuck Jaffe

Guest

Tony Steuer

Tony Steuer, an insurance expert and host of the Get Ready Money podcast, joins renowned financial journalist Chuck Jaffe, who recently became a grandfather. They debunk the myths surrounding infinite and velocity banking, revealing the pitfalls of permanent life insurance. Chuck shares innovative strategies for saving for young children, including stock portfolios and early Roth IRA tips, ensuring future generations are financially savvy. Their insights balance caution with inspiration, guiding listeners towards smarter financial decisions.

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INSIGHT

Permanent Life Is Misunderstood

Permanent life insurance is one of the most misunderstood and complex financial products.
The industry has pushed cash-value features that often serve marketing more than consumer risk protection.

INSIGHT

When Whole Life Actually Fits

Whole life with guarantees fits true insurance needs where a guaranteed death benefit matters.
Use it for permanent obligations like special-needs planning or lasting estate needs, not general savings.

INSIGHT

Insurance Need Falls With Assets

As your assets grow, your need for life insurance typically declines.
Insurance should be sized against actual risk, not sold as a permanent investment for everyone.

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Labor Day might be about rest, but in the basement, we’re getting to work on busting some of the most persistent myths in personal finance. Joe Saul-Sehy and OG welcome insurance pro Tony Steuer to unpack the shiny marketing around infinite banking and velocity banking. Spoiler: sometimes “be your own bank” really means “make your insurer rich.” From permanent life insurance pitfalls to the real math behind these strategies, Tony helps separate clever sales pitches from solid financial planning.

Then we shift gears to a conversation every parent, grandparent, and future gift-giver will love. Renowned financial journalist Chuck Jaffe joins the crew, fresh from becoming a grandfather, to share how he’s setting his new grandchild up for a strong financial future. Think stock portfolios for toddlers, early Roth IRA strategies, and simple systems that keep family generosity from getting lost in the shuffle. His practical, battle-tested tips will have you thinking differently about the best ways to give kids a head start.

Whether you’re looking to avoid costly detours or create generational wealth, this episode is equal parts cautionary tale and inspiration. You’ll walk away ready to dodge financial traps, build smarter for the next generation, and maybe even rethink your own long-term giving plans.

Why infinite and velocity banking aren’t the slam-dunk solutions they’re often sold as
How to spot the red flags in permanent life insurance pitches
Smart, tax-efficient ways to save for children and grandchildren
Creative strategies for gifting assets that grow with the child
The importance of balancing generosity with your own long-term goals

Ideas to Ponder During Today's Episode

Have you ever been pitched an “innovative” financial strategy that didn’t feel quite right? What tipped you off?
What’s the most meaningful financial gift you’ve ever given—or received—as a child?
If you could give one piece of financial wisdom to the next generation, what would it be?

FULL SHOW NOTES: https://stackingbenjamins.com/permament-life-insurance-and-growing-your-money-1729

Deeper dives with curated links, topics, and discussions are in our newsletter, The 201, available at https://www.stackingbenjamins.com/201

Enjoy!

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