First of all, don’t worry, there is likely an option for you to get a plan in force to begin practicing the Infinite Banking Concept. The most important piece for your plan to work is being the owner of the policy, not the insured. The 3 most relevant parties on a policy are the owner, beneficiary and insured.
This blog is going to focus on taxation. We will talk about how taxation affects retirement plans, your earned income, and life insurance. You should realize that where you put your money now will determine the amount of taxes you will pay in the future.
Who makes sure your IBC journey is successful? It is YOU! Nelson Nash, the creator of the IBC, wrote the book Becoming YOUR Own Banker. The whole book is about YOU taking control of the banking function in YOUR life.
We know that implementing the Infinite Banking Concept can help every single person in the United States (and Canada). Even though this is true, not everyone should or can implement this immediately. Some will need to start with getting their financial house in order. Here is a guide for things you should do before funding a policy.
The common advice listed above is probably okay for the average American seeking an average life, but when you look at the elite in America, it’s not that they just do things differently than the average American, they do the exact opposite of what the average American does.
Today, saving and investing are often thought of as the same thing. In reality, they are two very different concepts. Understanding the difference between saving and investing is crucial to your personal financial development. I will walk through what exactly saving and investing are and what vehicles can be used for each concept.