Becoming Your Own Banker
Perhaps you have heard this phrase recently as it is a financial strategy that is building momentum in the personal finance arena.
This is not a new strategy, it has just not been well understood, even by the most savvy of financial planners and accountants.
At first glance, it sounds like a lofty goal but like anything else, if you don't have the road map, it may seem hard to get there.
Let me first explain that I am not referring to going out and registering a business with the state and getting a charter to lend money.
I am referring to creating a personal banking system that allows you to borrow from yourself whenever you need money.
This way you are not bound by the terms of institutional lenders such as traditional banks.
Can you imagine paying yourself interest instead of banks (as you are used to doing?) You might be surprised to realize that this financial system has been around for over 100 years.
I am referring to specific types of whole life insurance policies that have a greater life benefit than a death benefit.
They allow you to accrue cash value over time and then you can borrow money secured by the cash value.
Imagine never being rejected for a loan again or never paying interest to a bank for a loan again.
You can use your personal banking policy to pay off credit cards, buy a new car, fund your kid's college, fund your long term care, and just about any other financial need including making loans to others like your bank does.
When it's time to retire, you can draw money from your fund and when you pass away you can still leave a lump sum to your family or estate.
To learn more about this kind of life changing financial vehicle you will need to consult with a financial expert that understands what is referred to as the Infinite Banking Concept.
Chances are your current financial planner, advisor, or insurance agent does not have this level of knowledge or they would have already advised you to become your own banker.
This is not a new strategy, it has just not been well understood, even by the most savvy of financial planners and accountants.
At first glance, it sounds like a lofty goal but like anything else, if you don't have the road map, it may seem hard to get there.
Let me first explain that I am not referring to going out and registering a business with the state and getting a charter to lend money.
I am referring to creating a personal banking system that allows you to borrow from yourself whenever you need money.
This way you are not bound by the terms of institutional lenders such as traditional banks.
Can you imagine paying yourself interest instead of banks (as you are used to doing?) You might be surprised to realize that this financial system has been around for over 100 years.
I am referring to specific types of whole life insurance policies that have a greater life benefit than a death benefit.
They allow you to accrue cash value over time and then you can borrow money secured by the cash value.
Imagine never being rejected for a loan again or never paying interest to a bank for a loan again.
You can use your personal banking policy to pay off credit cards, buy a new car, fund your kid's college, fund your long term care, and just about any other financial need including making loans to others like your bank does.
When it's time to retire, you can draw money from your fund and when you pass away you can still leave a lump sum to your family or estate.
To learn more about this kind of life changing financial vehicle you will need to consult with a financial expert that understands what is referred to as the Infinite Banking Concept.
Chances are your current financial planner, advisor, or insurance agent does not have this level of knowledge or they would have already advised you to become your own banker.
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