Can I borrow money from my whole life insurance policy?
If you are new to infinite banking, you have likely heard that it allows you to become your own banker by using and borrowing money from your policies. But some may wonder how this works. And what kind of policy is needed to do this. This article will answer these questions and further explain the ins and outs of borrowing money from life insurance policies. What type of life insurance policy...Read More
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How to get started with the infinite banking concept
Much of the success of the infinite banking concept can be attributed to the release of Nelson Nash’s book, Becoming Your Own Banker, first published in 2000 (see a chapter by chapter summary of the book here.) Nash popularized and further defined the wealth-building approach that he had been practicing for 20 years and that had been used by wealth builders since the late 1800s. As a...Read More
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Is the Phrase ‘Money Can’t Buy Happiness’ True?
You may have heard the phrase “money can’t buy happiness”. It is a common mantra to remind us that money may not be the answer to all your troubles, but is this always the case? Does money really buy happiness? Research by Northwestern Mutual suggests that money can be a source of happiness, but it is also a source of stress. This article will investigate this concept further...Read More
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What is a Modified Endowment Contract?
As you advance your knowledge as you use the infinite banking concept, you will likely encounter the term Modified Endowment Contract (MEC). Although it is likely not to play a massive role in becoming your own banker, it is essential to understand what it is and its potential impact. This article will help explain this term and its relation to the infinite banking concept. Definition of...Read More
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Summary of the book Becoming Your Own Banker by Nelson Nash
The book Becoming Your Own Banker was written by Nelson Nash and published on Jan. 1, 2009. It was revised through six editions in the ensuing years. (See it on Amazon.) The book has since become the ultimate guide to anyone that is interested in implementing the infinite banking concept. It is a must-read. Still, it is helpful to have a guide to quickly access the wisdom in the book and...Read More
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What is the Willie Sutton Rule?
In episode 127 of our Dollars and Nonsense Podcast, show hosts Holly Reed and Nate Scott discussed the Willie Sutton Rule. Here’s more about the concept and how it applies to the investment world. The Willie Sutton Rule Defined The Willie Sutton Rule or Sutton’s Law states that you should choose the most apparent option or route when diagnosing, doing, or trying to achieve...Read More
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What Dave Ramsey gets wrong about infinite banking
Radio host Dave Ramsey Ramsey is a critic of the infinite banking concept, going as far as to call it a “scam” on an episode of his show broadcast at the end of 2020. However, there are a few things that Ramsey misunderstands about the process. This article outlines three misconceptions that Ramsey, and other financial gurus, get wrong about infinite banking. Infinite banking is not the...Read More
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Infinite Banking
What is infinite banking? Infinite banking is a financial strategy, sometimes called IBC, or the infinite banking concept, that can allow you to take control of both your savings and your debt needs, helping you become, in essence, your own bank. Did you know that the average American spends 25% to 35% of their income on interest through things like real estate, new cars, education (student...Read More
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The Difference Between Broke and Poor
Broke and poor; these words are often used interchangeably to describe someone who doesn’t have a lot of money. However, when you break it down, they really are two completely different conditions. While being rich isn’t everything, income has a large effect on happiness. It’s no wonder why; people who have no money can’t afford the things that make their love life,...Read More
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The Most Inspiring Rich Dad Poor Dad Quotes
Ready for the 50 best Rich Dad Poor Dad quotes? We love the Robert Kiyosaki book and have collected some of our favorite quotables here for your enjoyment. If you have never read the book, you can get it here. If you have, see the rest of this post to refresh your memory on some of the best lines in the book. As you may know, Rich Dad Poor Dad is a New York Times bestselling finance book...Read More
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