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  #1  
Old 06-13-2009, 06:55 PM
arcane2425 arcane2425 is offline
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Join Date: Jun 2009
Posts: 6
Banker's Table/BOSS Plan scam?

I was wondering if anyone here has heard of the BOSS Plan through Banker's Table?

www.bankerstable.net
-or-
www.bankerstable.com

The company details are below:

Infinity Wealth Systems LLC,
2975 Executive Pkwy Lehi, UT 84043
Phone:
801.407.8515
Fax:
866.244.8618


The owners of the LLC above are listed on LinkedIn and are brothers:

-Ryan Thacker

-Tyson Thacker

Someone has approached me recently with this concept and home based business and I don't want to fall into a scam. If there is anyone who has had any experience with this company or product I would greatly appreciate your feedback. My gut tells me it's a scam, but I understand that the only real way to know is through trial and error, or company research. I have done as much as I know to do and I have not been able to find much to validate the product or show it to be a scam. I have not been able to locate them on BBB.com. Thanks.


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  #2  
Old 06-13-2009, 07:21 PM
BorisZ's Avatar
BorisZ BorisZ is offline
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Join Date: May 2006
Posts: 1,793
Re: Banker's Table/BOSS Plan scam?

From their "About" page

Quote:
About Us

Information about us. Edit the language file or template to change this page.
Unintentionally very telling. You can fill in any get rich quick scheme name and you will get the same result.



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  #3  
Old 06-13-2009, 07:31 PM
Jason Voorhees's Avatar
Jason Voorhees Jason Voorhees is offline
Anti Repubdicklen! Anti MLM!
 
Join Date: Sep 2008
Location: Camp Crystal Lake
Posts: 227
Re: Banker's Table/BOSS Plan scam?

Quote:
Originally Posted by BorisZ View Post
From their "About" page



Unintentionally very telling. You can fill in any get rich quick scheme name and you will get the same result.
Which means The definition of insanity is repeating the same things over and over again expecting different results. And thats what happens when people buy into these dumb get rich quick schemes

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  #4  
Old 07-11-2009, 08:28 AM
arcane2425 arcane2425 is offline
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Join Date: Jun 2009
Posts: 6
Re: Banker's Table/BOSS Plan scam?

Thanks for the input guys! I am curious if anyone here has heard of this or has had any first hand experience with it. Anyone else with some input on this feel free to share it.

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  #5  
Old 07-20-2009, 01:08 PM
Late2Game Late2Game is offline
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Join Date: Oct 2008
Posts: 35
Re: Banker's Table/BOSS Plan scam?

Banker's Table/BOSS (Banker's Optimal System of Security), as I understand it are just the same concept as "Infinite Banking", "Bank On Yourself", and other concepts which have been around for a while. You purchase a whole life insurance product (or some other cash value policy), fund it to a certain level, and then borrow from it to make purchases.

The fact that these guys teamed up with United First Financial's sister company, UFirst Alliance, should send off red flags. (Read the Mortgage forum about them). The "scamminess" aspect is going to be similar to many other financial products sold through MLM, as UFirst Alliance does: Overpriced, overhyped, misrepresented by ignorant agents, boarderline truths, outright lies, etc.

Here is a quote of someone doing an "Infinite Banking" program from the Kiplinger's forum:

Quote:
Reading the standard pitch about Infinite Banking always reminds me of the old adage: "Reality is a tough sell". The reality of IB is that it does work but the way it works is not as appealing as the pitch. Hence the pitch.

The pitch says that IB is superior to financing and superior to save up/pay cash. The reality is: IB is basically save up/pay cash. The IB-ers just call the first round of saving up the "capitalization phase" and each subsequent period of saving up is characterized as paying back what you just bought.

The pitch says "You'll recover the entire purchase price of items you buy plus the interest you would have paid." Baloney. Say your premiums are $1000/month. You pay till the policy is self-sustaining at which point you go buy a car. To make the math simple, say you decide your payments back to yourself will be $1000/month. Once the car is paid off, you buy another car or something - again your repayment schedule is $1000/month. Hmmmm - looks like your always putting away $1000/month. The only way you can say you're recapturing the purchase price is if you ignore the initial "saving up" period. Well heck, sure, if you want to ignore a 5-figure piece of the puzzle, you could probably come up with any conclusion that you want.

Actually, the people selling IB ignore another valuable piece of the puzzle - the life insurance policy itself. And in doing so completely ignore the tremendous fees/costs you will incur in the first years of your policy. My own agent never said anything to the effect of "You do realize you're buying a life insurance policy right?" All he talked about was cash value growth.

The reality is, you're not recapturing the purchase price of whatever you buy, you're merely re-filling the piggy bank for your next big purchase.

The reality is, you can't ignore the value of the life insurance policy because you don't get something for nothing. Otherwise it wouldn't take 7-10 years for cash value to catch up to basis.

The reality is, IB is a different way of saving up and paying cash for things - it's not some new unheard of 3rd financing alternative.

If the IB-ers were to pitch this strategy using reality, they'd get a lot of people tuning them out as soon as the heard the word life insurance or conservative investment. It's so much more intriguing to pitch this as some never-before-heard-of alternative that "the banks don't want you to know about".

Finally, for the 2 other people out there who are actually doing this I'll tell you the strategy I intend to apply going forward: The IB-ers say I should charge myself some exorbitant interest rate. After all it's just coming back to me a future date. And while that's true, you have to remember, the cash value is similar to a bond portfolio - safe but with low growth. Don't "charge yourself" too much interest because all you're doing there is overallocating to the conservative part of your portfolio.

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  #6  
Old 10-09-2009, 10:29 AM
arcane2425 arcane2425 is offline
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Posts: 6
Re: Banker's Table/BOSS Plan scam?

Any more feedback on this?

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  #7  
Old 10-20-2009, 04:35 PM
BartBandy BartBandy is offline
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Join Date: Mar 2008
Posts: 239
Re: Banker's Table/BOSS Plan scam?

How much more do you need? One scam got into bed with another scam. Guess what? It's still a scam.

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  #8  
Old 10-21-2009, 05:00 PM
arcane2425 arcane2425 is offline
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Join Date: Jun 2009
Posts: 6
Re: Banker's Table/BOSS Plan scam?

Quote:
Originally Posted by BartBandy View Post
How much more do you need? One scam got into bed with another scam. Guess what? It's still a scam.
I somehow didn't even notice the post above. Thanks for the info I really appreciate it! I did some more research on U1st Alliance and they seem a little disjointed. Thanks again.

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  #9  
Old 01-13-2010, 11:06 AM
bdunklau bdunklau is offline
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Join Date: Jan 2006
Posts: 106
Re: Banker's Table/BOSS Plan scam?

Quote:
Originally Posted by BartBandy View Post
How much more do you need? One scam got into bed with another scam. Guess what? It's still a scam.
Probably more like one scam corrupted a legitimate financial strategy.

I have one of these policies and the above post from Kiplinger's is mine.

I can't speak to the BOSS guys but I can tell anything you would ever want to know about how "bank on yourself" works.

I'm not an agent. I'm just someone who's knowledgeable about the subject and I'm interested in cutting through the marketing fog.

So come on skeptics - hit me with your best shot!

You're goin' down :)

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  #10  
Old 01-19-2010, 11:59 AM
Ibcuser Ibcuser is offline
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Join Date: Jan 2010
Location: South East Florida
Posts: 1
Re: Banker's Table/BOSS Plan scam?

when you want to manage your money, you want safety, efficiency, liquidity and a tax friendly environment, and that is how whole life insurance designed properly shines, that is what the Infinite Banking Concept is all about.
When you apply banking strategies for your advantage, like arbitrage, volume of interest and velocity of money, then your money grow efficiently, that is what the opponents of the IBC, bank on yourself concept, do not understand.
We do not bank for a week or two months or three years, WE BANK FOR LIFE.
So if we bank for life, there is plenty of chance and time using our personal banking system to recapture wealth transfers normally going to financial institutions and the government.

Plus the longer the whole life policies are active, the stronger they get.
You get to recover all the costs of the start up and then some; they will pay you generously with time.
When you pay cash, you have to save first somewhere, why not using the best platform for that?

The use of money cost money no matter who owns it, what is wrong with paying to yourself those costs.


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