The path to financial freedom is beset on all sides with complicated banking procedures and a general lack of know-how about the financial systems that govern the world. In general, large financial institutions advise people to transfer all their money into banks or retirement plans, where they will slowly generate interest and eventually give you financial freedom. It is important to note, however, that money that is stagnant and not multiplying in the market cannot give you financial freedom.
Infinite Banking Concept
Over the course of the years, people have started to use the Infinite Banking Concept to create better financial circumstances for themselves without any interference from banks or other financial institutions. The Infinite Banking Concept is a process through which any individual can take up the role of the banker in their own lives and create their own banking system with the help of dividend-paying whole life insurance. By acquiring such insurance policies that deliver dividends, you get the opportunity to dictate your own terms and leverage yourself for cash flow rather than taking out loans and mortgages.
Infinite banking comes into the equation when we look at the surrender value of the whole life insurance. The surrender value is what acts as the collateral for the policy, and the policyholder can acquire loans on it from the insurance company. This whole life insurance policy covers the policyholder’s life, and even in the case of accidental death, it provides financial security to the remaining family members or next of kin.
Becoming your own banker by using the Infinite Banking Concept can steadily change your life for the better by improving your financial situation, giving you peace of mind, and helping you achieve your goals. There are countless benefits to banking for yourself rather than leaving your money in the hands of financial institutions.
- Banking for yourself allows you to reduce your debts and increase your overall saving.
- You can build a college fund for yourself or the next generation without compromising on your current goals and desires.
- You can create a substantial emergency fund and have complete and immediate access to it when required.
- By becoming your own banker, you can recapture business costs and other professional expenses.
- Not having to pay interest on loans, mortgages, and other liabilities to financial institutions will also be money saved on your end.
- Considering you are securing your own retirement without having to worry about any fluctuations in the market, you can thoroughly enjoy financial freedom.
- By becoming your own banker, you will have access to guaranteed tax-free death benefits, as well as tax-free withdrawals, loans, and growth.
Becoming Your Own Banker
If you are ready to take your financial independence into your own hands with the help of the Infinite Banking Concept, then the book ‘Becoming Your Own Banker’- Nelson Nash is for you. In this 92-page book, Nelson Nash has put to word a layperson’s guide to using the power of dividend-paying whole life insurance for their own financial independence. The book explains in great detail how the Infinite Banking Concept came about and how through it, you can create your own system of generating wealth.
The core feature of the becoming your own banker concept is the ability to think about your money in the same manner that banks do. Learning all about what financial institutions do to create wealth and then using the same strategies to make yourself wealthier will change your entire mindset about money, from the way you save, what you spend, and how you invest it.
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