Becoming Your Own Banker is not a tax-qualified idea. The Income Tax Law, as we know it today, has only been around since 1913. Life insurance has been around for over 200 years and is not a creature of any tax code. It is nothing more than like-minded people contracting with one another to solve a financial problem.
There is no such thing as “having too much money in the bank.” Wealth must reside somewhere. What better place to have it reside than here? From this residence one can do anything that one can conceive. This is an advantage that most folks ignore in their thought process, and therefore, limits their effectiveness.
To be clear, we are not talking about a bank in the conventional sense of the word. We are demonstrating that one can use dividend-paying whole life insurance to solve one’s need for finance throughout one’s life.
Hopefully, this book will give you a new perspective on the idea of “retirement.” We prefer to use the words, “passive income.” That is money coming in that you can count on and you don’t do anything to earn it at that time. Study the illustrations carefully and you will see that very high premium, dividend-paying, whole life insurance is the ultimate vehicle to produce such income.
The Infinite Banking Concept is a major paradigm shift for most. It requires several thorough readings for a full understanding of its message. The concept is not complicated, it is just different from the way the majority thinks and behaves. In fact, it is the ultimate in simplicity. There is an extensive reading list in the book and you are encouraged to read them all. Education is an on-going process and there is no such thing as having “arrived” in knowledge.
There have been many people that have had a glimpse of what this book is all about but none, to my knowledge; no one has put together a comprehensive rationale such as you will see here. Read it with an open mind and you will discover a whole new financial world.