BYOB Book Review Part 6 | Creating Your Own Banking System Through Life Insurance

Becoming your own banker seems like an incredible concept. But when you understand and implement it correctly, you will regain control over your money and recoup cash flow that would otherwise be lost if you were to put your money in traditional retirement accounts and other banks.

Today, Russ and Joey continue their conversation around this concept and dive deep into the topic of creating your own banking system through life insurance. This episode will give you more information if you're still trying to wrap your head around the Infinite Banking Concept, so listen up!

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review and discuss how you can create your own banking system.

This episode is Part 6 of an 18-Part Series.

Top 3 Things You’ll Learn:
Understanding the design of your policy
If you know what's going on, you'll know what to do
Where to put your money and how to set up your banking system

About R. Nelson Nash:
R. Nelson Nash (1931 - 2019) wrote the book Becoming Your Own Banker that unfolded The Infinite Banking Concept (IBC). He came up with the idea of IBC in the early 1980s when he was struggling with high-interest rates on commercial bank loans. Today, many people continue to benefit from using IBC as a tool to achieve financial freedom.

Becoming Your Own Banker by R. Nelson Nash:
https://www.wealthwithoutwallstreet.com/ibcbook

IBC Example: True Cost of Paying Cash vs. Using a Whole Life Policy:
https://www.youtube.com/watch?v=h4rugVZkajc

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2:35 - How do you accidentally sell your house?
4:32 - What is CMKM Diamonds investment?
9:28 - How is that a problem?
9:35 - Don't we all believe the opposite of what we're being told that we need to have this life insurance protection, and we're not really focused on the matter of finance?
13:32 - Can you explain to me how great of a deal that was?
14:01 - At the end of the day, what you have done with these other policies for the last ten years has been to acquire other things, right? So you were thinking about how to use the item, and that experience has been a little bit different. True?
14:53 - Where do insurance companies put their money?
15:07 - How does the talk of the impending financial crisis impact insurance companies?
15:29 - What's the most speculative thing they do?
15:47 - Why can't insurance companies invest in speculative things?
15:54 - How much cash flow do those types of investments typically produce?
16:12 - Isn't that what we're trying to produce - cash flow?
17:14 - Insurance companies are operating very soundly in their function. Shouldn't we emulate that same process?
19:24 - What else do we have in life that tells us that's how it's supposed to work?
22:40 - Isn't it something we can pass on? If you've done the right things, wouldn't you want to be the one that has started the banking function for the rest of your family? And isn't it worth it?
23:18 - What's more secure than a guarantee?
24:06 - When this happens, who has to pick up the slack?
24:28 - What is it that they do?
27:22 - How much was the dividend more than the money he put in?
29:49 - Why does he say that financial geniuses are not focused on what's happening in the banking world?
33:44 - How will you build a policy that can accommodate the needs of others?
33:52 - What are you going to do with the cash flow?

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🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/byob-book-review-part-6-creating-your-own-banking-system-through-life-insurance

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