Have you ever had a moment of revelation so profound that you couldn’t stop talking about it? That’s what the Infinite Banking Concept is for me. I went from casually interested to slightly obsessed in a few short years!
What is the Infinite Banking Concept?
To regular readers of this blog, it’s nothing new. It’s using dividend-paying whole life insurance as a platform for your wealth. To quote the very first page of Becoming Your Own Banker, by R. Nelson Nash:
“The whole idea is to recapture the interest that one is paying to banks and finance companies for the major items that we need during a lifetime, such as automobiles, major appliances, education, homes, investment opportunities, business equipment, etc.
This book is not about investments of any kind. It is about how one finances the things of life, which can certainly include investments. It is not about rates of return. As time goes by interest rates are up and interest rates are down—but the process of banking goes on no matter what is happening.”
Reading Becoming Your Own Banker in 2016 was a crack in the illusion for me. The illusion, of course, is that we must depend on traditional banks on a daily basis. My business—the business of reducing the role that these banks play in your life as far as possible—is based firmly on this book.
The “Infinite” in Infinite Banking
At first, the use of the word “infinite” bothered me. It sounded like I was being sold “infinite wealth” or something preposterous like that. My senses were on alert. “This sounds like a scam,” I thought. (This was before I read the book, mind you!)
But in the case of IBC, this just means that it can be utilized in an infinite number of ways.
Finance your grocery expenses, property taxes, business ventures, next car, next house, stock market orders, next commercial real estate development, children’s weddings, education for training to enhance your own earning potential…
You get it. The list goes on and on.
To quote R. Nelson Nash again:
“The Infinite Banking Concept is an exercise in imagination, reason, logic and prophecy.”
The IBC Practitioner Program
Nelson Nash’s legacy is, at least in part, showing the world that recapturing interest paid to outside lenders is both possible and life-changing. This also means drastically reducing the role of “normal” banks in your life. To this end, the Nelson Nash Institute offers an extremely detailed and comprehensive training program for financial professionals who share this vision.
This program was created with Nelson’s help while he was still with us here on Earth. My own interaction with Nelson was very brief, at a seminar in Fort Worth, Texas. I convinced my father to attend with me, and we enjoyed presentations from Bob Murphy and Carlos Lara. Nelson didn’t speak at the event, but I had the pleasure of shaking his hand, exchanging a few words, and getting an autograph. Nelson passed away in 2019.
To get a sense of this incredible man’s impact, I recommend watching the documentary, “This Is Nelson Nash: The Creator of The Infinite Banking Concept.”)
Being an Authorized IBC Practitioner is an honor, because it shows my commitment to furthering Nelson’s vision. Every year, I gain some new insight from re-reading Nelson’s work. Every year, my own policies get more efficient. The case for this process gets stronger all the time, and the arguments against it get shakier.
Reach out today, and let’s find time to discuss implementing this system in your own life. You may be the next person asking me: “Why didn’t anyone tell me about this sooner?!”