Category: Blog

Can I borrow money from my whole life insurance policy?

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

how to get started with the infinite banking concept

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

is the phrase money can't buy happiness true

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

Modified Endowment Contract

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

summary of the book Becoming Your Own Banker

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,

What is the Willie Sutton Rule

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

What Dave Ramsey Gets Wrong About Infinite Banking

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

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

Broke and Poor: The difference between the two

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

The 50 Best Rich Dad Poor Dad Quotes

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