The word “banking” in Infinite Banking Concept is a descriptor of the word concept. Nelson Nash chose these words carefully and did not mean a bank in the literal sense, but rather “behaving like a banker”.
Dave Ramsey says that “the life insurance companies keep your cash value and only give the death benefit to your heirs.” This is a common thing we hear in the IBC world. Do those “money hungry” life insurance companies actually withhold your cash value from your heirs?
You keep hearing people say “no lost opportunity cost” and “recapture interest” while you research the Infinite Banking Concept. A feeling of what is going on, I don’t understand how this works keeps rolling through your mind. I’d venture to guess this lack of clarity is holding you back, keeping you from taking action and implementing the IBC; Becoming Your Own Banker.
In the world of Infinite Banking we often hear agents and others talk about the importance of paying ourselves back. People have a lot of different ways of explaining what that means. These explanations can often be confusing or even misleading.
To effectively implement the Infinite Banking Concept in your life you must have some understanding of banking. Let’s jump right in and get you the essential information.
We can’t figure out the “why” behind an IBC policy without first determining your goals, and then reverse engineer a solution for how they can be achieved. So, let’s get started.