Becoming Your Own Banker: Unlock The Infinite Banking Concept - Book Review (2024)

Do you really want to know “How To Get Rich?” Do you really want to know how to “Build Passive Income?” Do you really want to know what “they” know, and have known all along? Do you really want to know how the system is TOTALLY RIGGED against you? Did you say “Yes?” Then, hold onto your socks, and read this book – TWICE!

Maybe even THREE times – until it finally rips the blinders off!

RIGGED!

One day, while talking with my mom, I expressed dismay at our whole economic system. I said, “there had to be a way to turn our debt based economy into one that is based on credit.” A few weeks later, I was sitting at a Real Estate Investor’s meeting, and someone jumped up to make an announcement. So, I sat and listened…

The Founder of the Infinite Banking Concept – Nelson Nash!

This guy was telling the audience about how Nelson Nash was coming to Worcester, MA soon to speak about the Infinite Banking Concept. Then, he gave out a few flyers. And, what did the flyer say – you ask? How to turn your liabilities into assets – HOW TO BE YOUR OWN BANKER!

Seriously, I almost fell off my chair…

I absolutely attended, and I loved every minute of listening to Nelson speak out about The Fed, the Banks, and our whole debt based economy! …I was in love…

I even took a picture with him, but to my dismay, I have somehow deleted it from my phone… 🙁 Otherwise, it would have been posted here!

Share – Share – Share!

Since then, I’ve read a few of his books, and, because of this new “roadmap” for my future, I had to share this new knowledge with everyone I knew. I’ve seen way too many people lose their homes, their jobs, and have watched quite a few friends lose their businesses to this economy. But, there was one little glitch. The state laws say that one has to be Licensed in Insurance before speaking with people. So, OK, I went and studied for my Insurance Licensing exam, and I am now Licensed in the state of MA – for, basically, this reason alone. I want to SHARE!

After a few false starts, and due to extremely limiting laws and banking policies, those of us who wish to speak about the Infinite Banking Concept must be careful in how we present the concept to people. So, what I do, and I know that other IBC practitioners do as well, is to encourage people to read the book a few times – first. Once people get an eye-opening “AHA!” moment, then I tell them to give me a call so we can implement the concept in their lives as quickly and as pain-free as possible.

Do the Insurance People get Paid?

Yes, yes we do. This is not “selling” life insurance for the sake of selling life insurance to get a commission. Yes, I would be paid – because that’s how the world goes round. I had to become Licensed, by state law, before I can “sell” any life insurance – including term. That’s just the way it is. So, for those who may say “oh, of course, she’s telling you to buy life insurance, she gets a commission.” I say, “yes, I had to be Licensed by the state, and I get paid for my work – don’t you?”

So, with that stated, I do urge you to get this book and read it through. Some people do read it two or three times, mark it all up, take notes, etc. It is going to turn you on your head. And, you may even begin to understand why the “Banking Industry” doesn’t particularly care for the whole concept. Neither do the regular insurance companies, for that matter, and that’s why we are heavily “regulated” when speaking about it.

Building Passive Income

If you truly wish to Build Passive Income and learn what the bankers have known all along, how they protect their money, and how the system is rigged, then, you do need to read this book. After you get past being angry, it’s never too late to implement this strategy with an IBC practitioner in your state, and begin to live your life with life insurance. The sooner you begin, of course, the faster you can literally turn your liabilities into assets, and the sooner you get to live your life with the ultimate in passive income.

The book itself is a pretty quick read. But, you will get more out of it by going over it a few times. I wouldn’t say it’s “eloquently” written, and it may even bother non-Christians and others since Mr. Nash does make it known that he is a Christian man. But, all that aside, the basic concept he is writing about is there. His books explain everything, and below, you’ll find direct links to some of his books currently listed on Amazon.

Enjoy! ..and, don’t forget to call me if …after you get over being angry that is…


Becoming Your Own Banker: Unlock The Infinite Banking Concept - Book Review (2024)

FAQs

Is the infinite banking concept legit? ›

KEY POINTS. Infinite banking is not a scam. There are insurance agents who do not properly educate their clients on how to use it. There are multiple success stories of people leveraging infinite banking to generate substantial gains and wealth.

How to become your own banker summary? ›

In his book, “Becoming Your Own Banker,” Nash talks about the use of whole life insurance policies that distribute dividends and how owning such policies allows individuals to dictate the cash flow in their lives by borrowing against/from themselves instead of depending on banks or lenders for loans.

What is the downside of infinite banking? ›

Under infinite banking, the life insurance policy is collateral for the loan: You could lose your coverage if you borrow too much and there's not enough money to cover the cost of your insurance. You are borrowing your own money and paying loan interest on the amount borrowed.

What does Dave Ramsey think of infinite banking? ›

A caller on The Ramsey Show had a bone to pick with host Dave Ramsey. Jim from Nashville recently dialed in to debate Ramsey on a controversial concept: infinite banking. In past episodes, Ramsey had expressed disdain for infinite banking, going so far as to call it "a load of manure."

What is the cash value of a $10,000 life insurance policy? ›

The $10,000 refers to the face value of the policy, otherwise known as the death benefit, and does not represent the cash value of life insurance policy. A $10,000 term life insurance policy has no cash value.

What bank would a billionaire use? ›

J.P. Morgan Private Bank is the more elite program serving ultra-high-net-worth individuals,” Naghibi said. “It offers comprehensive services in savings, checking and retirement account management.

How much money do you need for infinite banking? ›

How Much Money Is Needed for Infinite Banking to Work? In order to make IBC work, you will need to have a cash value life insurance policy with sufficient cash value to borrow against. There really isn't a specific amount of money needed for infinite banking.

What is the infinite banking method? ›

The infinite banking concept is essentially where policyholders become their own banker, according to the Corporate Finance Institute (CFI). It allows participants to build value in a life insurance policy that can then be loaned against without having to go to banks or lenders.

How to use the infinite banking concept? ›

Here's how to set up an infinite banking system using a whole-life policy:
  1. Start Young, While Premiums Are Lower. ...
  2. Choose a Reputable Insurer. ...
  3. Choose a Non-direct Recognition Policy. ...
  4. Choose a Policy With a Cash Value Rider That Benefits Your Loved Ones. ...
  5. Add a Paid-Up Addition Rider. ...
  6. Go Ahead and Borrow. ...
  7. Pay Yourself Back.
Oct 17, 2022

Can I use my life insurance to buy a car? ›

Rather than withdraw cash from your policy, you can borrow it. Borrowing from your life insurance policy can be a fast and easy way to get cash for a purchase such as a car, for retirement income or to help cover costs temporarily if you lose a job.

Can you do infinite banking with an iul policy? ›

IUL's Role in the Infinite Banking Concept

In the context of the infinite banking concept, the IUL's cash value component is pivotal. It serves as the foundation upon which the strategy is built. This cash value accumulates over time, allowing policyholders to borrow against it.

Can banks make infinite money? ›

That being said, a bank needs to have access to liquid reserves to create money. In other words, a bank can't just conjure infinite amounts of money. Plus, the deposit that is created needs a certain amount of reserves to be held against it, which is supplied by the Federal Reserve (the U.S.'s central bank).

Did the Rockefellers use infinite banking? ›

The Rockefeller Family bank

This concept is similar to the Infinite Banking strategy. The Rockefellers, one of America's wealthiest families, are often cited as having used this strategy, although detailed specifics about their financial strategies aren't public knowledge.

Why does Ramsey hate debt? ›

Having read the bible, and what it says about money, I can tell you there's not one place where it says debt is a good idea. Any kind of debt is a burden, Nathan. It steals from your ability to save, build wealth, and be generous.

Is whole life insurance ever a good idea? ›

Just keep in mind that whole life insurance is quite expensive and often takes over a decade to earn reasonable investment returns. Therefore, it's typically only a good consideration if you're relatively young, have a high income and want to pass on money to your family.

Do banks put their money in life insurance? ›

Bank-owned life insurance (BOLI) is a form of life insurance used in the banking industry. Banks use it as a tax shelter and to fund employee benefits.

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