So how does this thing work?

2nd policy is about to enter its second year. Keep it going guys.

Ben Hanchett by becoming your own banker.

Does it work with an initial lump sum?

Len B pretty sure that would creat a MEC but it would be best to contact a agent and ask.

I totally agree with you!

I agree

Be careful!....The dollar is about to crash and money will be re-evaluated. The concern is: what kind of monetary system will we be under....and can we use this system under a new system or a digital system?

Shujaa Kimya Yea been hearing that it’s going to crash ever since the dot com bubble. Stop trying to predict the future.

Indeed. I never knew. My life insurance policy is18 years old. Time to put it to work!

great quote

Hhgnb

Amen and well stated ‘ fellow student’ 👨🏽‍🎓🙏🏽

I'm new to this and working in getting my life insurance agent license so i can sell these policies

If your in need of $ now a quicker way would be to look into illegal robocalls, each call is worth between $500-1500.

@@mjohnson1741 what the heck is that? Lol

@@mustseevideos7777 ?...

@@mjohnson1741 The robo call thing. I had never heard about it but looked it up on KZfaq. Thank you for sharing the tip!

@@mustseevideos7777 Glad to help! A great expert on the topic is Doc Compton.

Hello Bob, wondering if the IBC would work with a universal policy as well..

That's what I got, an IUL. I'm wondering the same thing. I haven't attempted to borrow money from my policy, so I'm not certain either.

Nelson Nash did not support any version of UL for IBC. Only whole life.

Honest-1 Auto Care Daytona congratulations!

Honest-1 Auto Care Daytona Why do you say RIP Nelson Nash?

@@quinnoaechase7432 Nelson passed away March 19 2019 which was a few months after my comments.

@honest1Daytona I'm assuming you have a policy? How long have you had it now? This post is over 4 years old now.

King Beardog 🤔I don't. I have a policy bought years ago. I have it. I am just learning about this concept. But, I had to pay 💰 for a long time to put enough $$ into the policy. 2) I was not allowed to take $$ for a long time-years. 3) there are penalties and taxes incurred when taking $$ out. So if it sounds too easy, too good; it isn't. What am I missing here? Please. Thank you

@@Dani-ix9cl I’m able to borrow against my policy and not pay any taxes. How is your policy structured?

so from that experience do you have you own bank?

...that's what makes living and learning fun lol 😂😂😂

Donnie Patterson - I am an older person and what we have been programed with since childhood are things that line the pockets of other people, businesses and banks. Ask any old person to tell you about something "if only I had known when I was younger". Most people do not even know about or have not been told the simple basic concept of "The miracle of compounding". The big killer of simple working people's futures, their children's and grandchildren's futures has been the dreadful long term 0%- .3% (1/3) interest rates being paid by banks and money market funds in order to prop up our insolvent economy and government. For many years banks paid 3.5% - 5 % interest with a few spikes as much as 10%.

@maxperry1635 🙌🏼👏🏼💪🏼🇺🇸 I can't love/like your comment enough! Once I learned, truly learned the power of compound interest, my whole financial life has/had genuinely evolved! I grew up in a low income home, but promised myself that I would be the one to change my family's financial future. Now I'm 51 and I achieved it all through investing. I tout this to every single young person I meet. The power of compound interest is so dynamic and powerful it's just amazing. If you're not investing, even if it's just $50 a month, you're cheating yourself of potential windfall returns. Remember folks, every journey started with a single step. Investing is not a sprint, it is a marathon. Be well. 🙏🏼

Can this concept be applied with a universal policy as well?

@@stevegonzalez5750 it can but a universal depending on how it is set up may be more expensive on its later years and depending on company whether it’s a participating or non participating company

@@N0body247 Thanks for the response Raver. What would be the best way to set it up to avoid higher costs in later years?

@@stevegonzalez5750 the only way would be to either use a whole life plan or a universal that ends early with payments like a 10 year pay or 20 year pay. They build the policy based on those years and then it’s paid up but conitinues to grow until it’s paid out.

Who was the other person

Yeah. Who was the other person?

@@moneymitch6790 "part" was my faith and imagination.

@@pineconebliss "part" was my faith and imagination.

Great stuff Ken! The practitioner program is wonderful and there are incredible people you will connect and build great friendships in the process!

I want to be a practitioner but I'm not in financial services..can I still join

Good ole DR just hasn't had a 2x4 across the eyes like good ole NN... LOL...

Christopher Willis read Becoming your own banker by Nelson Nash it’s 90 pages

Christopher Willis actually never mind ...this stuff is too advanced for you...just do it the way that you think you know

Christopher Willis have you ever considered that you can do both? No because you think know what you’re talking about....you can put your money into a dividend paying whole life insurance policy from a mutual company with a PUA rider and non-direct recognition loans AND put it in this mutual company that’s tied to the market that you think you can make more money in.(you 100% do not know this, what if you were supposed to retire 1 month ago how would your mutual fund be looking?). ...the point is you can do BOTH you can become your own banker AND make investments...and you can get as advanced as you want to with it... if you actually took the time to read a tiny little book it might change your whole outlook on money. IBC is not an investment (although it does pretty decent)..it’s simply where you store your money...instead of the bank...in your example..what you should do is borrow from your own bank (policy)...get your car and pay your own bank back 8% even though you could finance it at 2.5%......it’s all in a simple little book

Christopher Willis in theory however you’re not comparing the same 2 things. Whats the timeline on your spreadsheet? What are your ASSUMPTIONS regarding the market...?This is more than a simple spreadsheet...honestly it’s pointless even talking to someone about this because you’re stuck in your ways. But let me try to explain. Nelson Nash the creator of this concept had 49 policies (all of which have death benefits mind you) ...in his book Building Your Warehouse of Wealth he talked about one particular policy. He had a 300 (annual) premium and the policy was 50 years old. Through the entire life of the policy he has put in about $18,000... the dividends he was earning in the end were 3-4K a year. He took his dividends all out 4 years in a row (about 20k)..(these are also tax free and not connected to the volatility of the markets =meaning you never lose money). in these 4 years he recovered every single dollar he put into his policy for 50 years...what does that mean? =there was no cost to have this insurance. Also there’s a death benefit of 100 grand or more (think generationally)...but here’s something else he did. He had an opportunity to buy some timber land and he did so with a policy loan. He took $3000 and bought 100 acres for $30 an acre. He later sold this land for $500 an acre and he financed it at 15% for 10 years....did you include these “unseens” in your calculations? What was his ROI using this strategy.. hint : it’s infinite....see most people lock their money up in the stock market or qualified plans for life then go to other peoples banks for loans...even in your example for a single car at 2.5% interest..that’s 2.5% you are paying someone else...but here’s a question..,,how many cars are you going to buy throughout your life? What about homes? What about charity? What about taxes you have to pay? What about daily living expenses? What about credit cards? All of these can be recaptured in your own bank....Nelson himself didn’t use a bank for financing for 30 years. And I’m talking cars and mortgages and vacations and investments. Question: your mortgage even at 3% apr, how much interest will you pay over the life of the loan? 100k? 200k? 500k? What if you could 1. Recapture all that money with your own bank. 2. Write off some of the money(interest)you borrowed from your own self? How much more money could you put into your mutual funds that never go down ever and have awesome returns and are a sure thing if you had even $100,000 back by not needing a third party bank for your financing? Now you have all the Information. I would love to see your simple spreadsheet now.

Christopher Willis kzfaq.info/get/bejne/f7KblKWUvLXDm2Q.html. Here’s him talking about this very thing..watch @48 :00 (in the link I sent)minutes in or the whole thing..this might help you understand

Caroline, do you mind DMing me so I can find out if I can afford to get started?

Hi. I can help you where to start.

@@vangiehomes9831 tell me

How are you, I wanted to know how things are goin with infinite banking? I found out about this concept through wealth nation io "Darius and Carmen" Have you set up your policy yet?

Have you started using the infinite banking concept?

You and me.