Amanda Neeley on debt management
From Banking On Yourself | Manage Your Money The Grandma Way | Amanda Neely · · Manuj Aggarwal
“I consider myself better than debt-free because I took a loan from my whole life policy to pay off student loans, and my cash value continues to grow as if untouched, earning a better rate than the interest I pay on the loan.”
On , Amanda Neeley, Executive Vice President and Chief Consumer Banking & Strategy Officer at FIRST FINL BANCORP INC/OH, spoke about debt management during Banking On Yourself | Manage Your Money The Grandma Way | Amanda Neely on Manuj Aggarwal.
About Amanda Neeley
Amanda Neeley, Executive Vice President and Chief Consumer Banking & Strategy Officer at First Finl Bancorp Oh, has appeared on podcasts discussing personal finance strategies, particularly promoting the "Bank on Yourself" approach using whole life insurance policies. In a September 2020 episode of "Banking On Yourself | Manage Your Money The Grandma Way," Neeley described whole life insurance as providing a "nice solid foundation" for personal finances and business ventures. She stated that about half of Americans had whole life insurance in "grandma's day" and that insurance companies invest primarily in investment-grade corporate bonds held for long periods. Neeley also noted that her commission on such policies is 50 to 70 percent less than typical life insurance agents and less than the 1.5 percent fee for assets under management at investment firms. In a December 2019 episode of "Amanda & Brandon Neely | How To Save Money," Neeley co-hosted a discussion on saving money in what she described as "grandma's way," focusing on building wealth through whole life insurance rather than traditional savings. She stated that she considers herself "better than debt-free" after using a loan from her whole life policy to pay off student loans, with her cash value continuing to grow. Neeley also said the strategy works like a Roth IRA, allowing tax-free access to funds if done correctly, and that many businesses fail because owners run out of money, suggesting whole life insurance can provide a foundation for business success.