Become Your Own Banker - The Infinite Banking Concept (IBC)

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ajax
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Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by ajax »

The How to Guide, Part 1
https://lara-murphy.com/podcast/episode ... bc-part-1/" onclick="window.open(this.href);return false;

Part 2
https://lara-murphy.com/podcast/episode ... bc-part-2/" onclick="window.open(this.href);return false;

The book:
https://www.amazon.com/Becoming-Your-Ow ... B001NZO1DS" onclick="window.open(this.href);return false;

https://infinitebanking.org/about/" onclick="window.open(this.href);return false;

Lizzy60
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by Lizzy60 »

Yes, this is excellent. We have utilized this for 7 years now.

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rewcox
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by rewcox »

Whole life insurance???????????????

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ajax
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by ajax »

Interesting. Will have to consider it further. Just heard about it maybe a week or so ago.

Lizzy60
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by Lizzy60 »

rewcox wrote:Whole life insurance???????????????
Yes, that's the vehicle. But it has to be with a specialized sort of policy written through a company that is amenable to the concept. The policy is set up with a far greater part of the premium in the cash value, and the minimum insurance coverage needed to fulfil govt regs on the tax benefits.

Anyone interested will need to be taught and coached by an IBC authorized practitioner in order to maximize the benefits and avoid running sideways of our beloved IRS. But it really works, and I know many people who will attest to that.

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ajax
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by ajax »

Lizzy60 wrote: But it really works,
Can you expound a bit more on this?

Lizzy60
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by Lizzy60 »

I would suggest watching some videos on Nelson Nash's website.

My qualifications -- my husband, a traditional financial planner all his life, was trained by Nash over 7 years ago, and has been an IBC coach/practitioner since. We have implemented the program personally, and have set up numerous others. Short version, when you set up the life insurance product, you fund as much into the contract's cash value as possible. A person paying an annual premium can then "borrow" about 60% of their initial annual premium within 30 days. Then, you pay yourself back (pay off the policy loan) with interest, while the life insurance company pays interest on your cash value (even though you've borrowed it) and also pays annual dividends. That's why you need to go with a mutual participating life insurance company, and one that will work with IBC folks. There are several very good companies out there.

Don't try to set this up on your own. No matter who sells you the life insurance contract, that person will be paid a commission. You need to get coached and taught how to maximize the Infinite Banking, and also have a trustworthy person who will weight the policy toward the cash value. He will be paid less commission, as commissions are based on insured amount, so an IBC Practitioner is a must-have. Otherwise, you are paying too much for insurance, and you won't have enough cash value to turn the account positive.

Watch some videos, keeping in mind that this works. If you lived nearby, I could invite you to a board/client meeting where you could meet IBC people in person.

A real benefit to this is that you are able to put much of your working cash into an account with a life insurance company, which does not fall under Dodd Frank, etc. Shareholders (participating mutual life insurance) have first right to money in their accounts, not Big Bank, or Uncle Sam.

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ajax
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by ajax »

The guys who did the podcast above work with Nelson Nash and have set up a program of training practitioners.

They have a finder of those who have gone through the training:
https://infinitebanking.org/finder/" onclick="window.open(this.href);return false;

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ajax
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

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Lizzy60 wrote: A real benefit to this is that you are able to put much of your working cash into an account with a life insurance company,
What does this mean?

Do you still engage in traditional banking? Checking/savings etc?

Lizzy60
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by Lizzy60 »

Yes, we have both a business and a personal checking account, but we keep as little as possible in each one. The personal account is only for access to cash, with only a few hundred dollars in it. The business account is so that paychecks can be direct deposited, and some bills paid online. We move money into the cash value of our policies, or into hard assets and cash, as soon as reasonably possible.

For instance, the electric bill is paid from a traditional bank account. A major purchase (car or vacation, etc) is paid for with a loan from cash value (that money is yours) and then paid back, to use again.

We have NO savings in any bank. No 401k, no IRA's, no stocks or bonds.

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ajax
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by ajax »

Interesting. I have a 401k, which I can't get out of unless I'm terminated. That's fine. I get company match anyway. I can take a loan on it with zero interest if need be.

Lizzy, what if I lost my job and couldn't continue to make payments into the IBC for a time.

Lizzy60
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by Lizzy60 »

ajax wrote:Interesting. I have a 401k, which I can't get out of unless I'm terminated. That's fine. I get company match anyway. I can take a loan on it with zero interest if need be.

Lizzy, what if I lost my job and couldn't continue to make payments into the IBC for a time.
The life insurance premiums need to be paid until the policy is "paid up" or the interest on the cash value can keep the insurance in force. This gets pretty technical. We set up most accounts to pay up the insurance in 4-7 years. The cash value in the policy is always yours, so we have seen a few people, either because of job loss or divorce, decide to quit IBC, and they have sold their partly-paid plans to someone who wants to take it over. In that case, the original owner is paid the value of the cash, and the new owner takes over the rest of the payments. A couple of flaky people have just let their policies lapse, upon which the insurance company mails them a check for the amount remaining in their cash value account.

Lizzy60
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by Lizzy60 »

ajax wrote:The guys who did the podcast above work with Nelson Nash and have set up a program of training practitioners.

They have a finder of those who have gone through the training:
https://infinitebanking.org/finder/" onclick="window.open(this.href);return false;
I'm very familiar with this list, this practitioner training program, and this webpage ;)

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captainfearnot
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Re: Become Your Own Banker - The Infinite Banking Concept (IBC)

Post by captainfearnot »

I was interested in this a few years ago, and found a couple of articles that helped me make sense of the strategy. It can take some time to wrap your head around it.

Bank On Yourself: Using Life Insurance as a Source of Liquidity

Is the Infinite Banking Strategy Using Whole Life Insurance Right For You?

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