Tag infinite banking strategy using life insurance

What Does Being Your Own Bank REALLY Mean?

what does byob mean for your money, being your own bank

Being Your Own Bank Mean…

taking control of your money outside of Wall Street and replacing conventional thinking[1].

It is a way to manage your money in which you build up cash value in a well-designed life insurance policy[2].

Here are some steps to become your own banker:

1. Realize what the phrase means. It signifies a huge paradigm shift in your thinking that puts you in the control seat of your money, rather than Wall Street[1].

2. Choose the right insurance agent & company from which to become your own banker. Specific life insurance policies and companies work better than others. It’s critical that you find the right agent[1]. {Yes, that would be me. Contact info at the end of the post}

3. Take out a whole life insurance policy on yourself if you can qualify medically for it. If not, we can discuss other types of monetary instruments that will protect and build your wealth[6].

4. Build up cash value in your policy by making premium payments[2]. Everyone should be taught this from an early age!

5. Borrow from your policy when you need money, and pay yourself back over time[4]. Yes! Forget traditional banks. You can be your own bank.

 

You may or may not have hear of the concept of being your own bank. It’s also known as “infinite banking” or “banking on yourself”[3][5].

 

It is designed to mitigate your dependency on banks and reduce the amount of interest you pay[3].

However, many will tell you it’s mostly only for the wealthiest people, as it requires significant expenditures early on in life in order to reap the benefits later on[3]. That is not entirely true… which is where a very savvy insurance agent becomes your best friend.

Does being your own banker cost more than other life insurance policies. Mostly, the answer is yes. Why? Because you are using this money vehicle as a living benefit for your money. You’re not using it as a beneficiary vehicle to pass on money.

It has everything to do with how and why you are investing in this life policy. AND… being your own bank can really only be done with a cash value life insurance policy. Call me to discuss it.

 

How to Get Started With Infinite Banking and Being Your Own Bank

 

After you’ve done all of the above and chosen a life insurance broker who has help you set up the right policy for your needs¬†{Contact Renee below} then you need to….

Borrow from your policy when you need money, and pay yourself back over time[4].

It’s important to note that infinite banking is not a scam, but it is not the right financial choice for everyone[4].

It requires significant premium payments to a whole life insurance policy.

However, if done correctly, infinite banking can provide an extremely tax-efficient system, deliver a competitive interest rate, and allow you to use money in your life insurance policy for anything you want[1].

 

Thank you for reading. You have an interest in this type of policy I’m happy to speak with about it.

Besides having a mentor who is a specialist in this area, I have a team of people at my disposal with decades of experience in Financial Services.

Please see my contact info below…

 

Contact Renee at: wikiquoters@gmail.com

 

Check out our other articles here…

Interview with Notary & Insurance Agent Mark Sias

What is a Prepaid Funeral Plan?

Retirement Strategy Checklist

Pros and Cons of Your 401k

Interview with Scientist and Simulation Theorist Dr. Simon Duan

What is BYOB?

Finance Pro & Ironman Interview with Bryan Kuderna


Citations:

Citations:
[1] https://www.insuranceandestates.com/be-your-own-bank/
[2] https://wealthnation.io/blog/how-to-be-your-own-bank/
[3] https://www.cnet.com/personal-finance/insurance/life/be-your-own-bank-the-cash-flow-banking-method-is-appealing-but-its-rarely-practical/
[4] https://themakingofamillionaire.com/understanding-infinite-banking-and-how-to-be-your-own-bank-66668849aa8c
[5] https://bankingtruths.com/awr-top-4-myths-behind-being-your-own-banker/
[6] https://bankingtruths.com/awr-5-steps-to-build-your-own-bank-with-whole-life-insurance/
[7] https://wealthnation.io/blog/a-comprehensive-guide-to-infinite-banking/
[8] https://livingwealth.com/how-to-get-started-infinite-banking-concept/
[9] https://lsminsurance.ca/info-hub/infinite-banking-explained-guide/
[10] https://www.gobankingrates.com/banking/banks/what-is-infinite-banking/
[11] https://bankingtruths.com/infinite-banking-concept-explained/
[12] https://www.nasdaq.com/articles/infinite-banking%3A-what-is-it-and-how-does-it-work