Blog 24: Why Banks are Unnecessary?
Banks are financial institutions in which we can use their resources to buy things. Now, are banks actually necessary, not entirely, let me explain ’cause I’m about to blow your mind. Seriously, when I found out, I thought I was the dumbest person in the world for not figuring this out sooner.
But first, let me introduce myself to anyone new.
Before we discuss this, let me first introduce myself, the blog, and a podcast I have.
Welcome to the Finance Spot. Before we dive in, allow me to introduce myself, the blog, and my podcast!
Before we dive in allow me to introduce myself, My name is Akshith Konda. I’m a 21-year-old College Student and the CEO, writer, author, and editor of The Finance Spot.
It’s just something I do for fun, I’m also the CEO, Main Host, and Business Director of the On Your Own Two Feet Podcast.
About the Blog
So the Finance Spot Blog is designed to be as easy to understand for any age group it also goes over topics like Real Estate, Crypto, Negotiations, Buying a car, Investing, and more.
I also as part of the Finance Spot post a Weekly Watchlist and Blogs and Quote of the Day or QOD’s are on daily.
OYOTF Podcast!
If you wanna know more about the Podcast here’s a summary.
On Your Own Two Feet is a motivational/sociocultural podcast in which we dive into the big topics of human, cultural, and philosophical lifestyles, making it engaging, entertaining, and easy to understand for today’s youth and Tik Tok Generation, as well as explaining and creating thought-provoking and insanely thoughtful content all the while.
OYOTF seeks to inspire a new generation of Entrepreneurs and Visionaries to tackle the issues of modern society. Join us as we talk with new Entrepreneurs and discuss their paths and the difficulties they faced.
Our first episode Has aired only on Spotify. We ran into issues getting it on to other platforms, Episode 3 will be available on most platforms.
We can’t wait to show you what’s next for OYOTF! Our next episode will drop today! We can’t wait for you to hear it! All feedback is welcome as we also have a Discord for that Podcast as well. We can’t wait to see you there!
How to cut out your bank
Banks are fundamental but if they suddenly ceased to exist the world would die simply because the world wouldn’t know how to function. Banks kinda have integrated themselves with every level of life.
So how do you cut them out?
Get a life insurance policy!
Seriously I’m not kidding, you can continue to use that system as a theoretical bank and it will refill annually and will always carry no risk as it grows.
There is a special type of life insurance and it’s called an annuity. Most Life insurances use the stock market to project gains. But others don’t and that’s what you need to find.
Annuities
First off we need to explore the concept of an annuity.
An annuity is a long-term investment that is issued by an insurance company and is designed to help protect you from the risk of outliving your income.
Now Annuities are extremely complex as certain types do certain things as well for this case we’ll use a period time Annuity which basically is a short term annuity, which you set a log term time frame and after the range it pays monthly even if the annuitant dies somehow, it will continue to pay the guarantor or the beneficiary monthly.
Trusts
A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
Since trusts usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.
Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes as well.
Trust allows you to privately control your wealth as well as protect your legacy and have control of your money.
With a trust, you can take the full amount or put more in and take some out and so forth. Banking with a trust also allows you to grow your net value and net worth while minimizing taxes, Trusts also can give beneficiaries assets such as cars, vehicles, homes, businesses as well as other LLCs.
This was a relatively short blog, so Thank you for reading. My blog is worth a lot to me and it's great to see your engagement.
Conclusion
Before we go, I need to say thank you to all my followers on Medium. Please Like, Share and Follow.
If you liked my content, Check out my blog and other content with all the links are below. Check out my other content, like my Instagram and YouTube, and my other social media.
The link is below. As are all of my social media and so is the pod!
Find me on Instagram and Twitter and do DM me questions to talk about and write about in my blogs and videos.
Listen as well to the On Your Own Two Feet Podcast. EP2 will be on other platforms, we’ve got a great interview coming your way, but for now, we’ll see you next time.
The On Your Own Two Feet Podcast is Available where ever you listen to podcasts Episode 3 is now available and ready to play almost everywhere you listen to podcasts, We’re not on Apple Podcasts yet as well as CastBox.
Please check out my links to get access to all my social media including the podcast and please check the pod out as well as it takes longer than the blogs to make and edit it as well as more man-hours than this blog to do as well.
Thank You and see you next week.
