This is a short YouTube-video transcript (host: Dan Allen) that warns viewers, especially novices, about mishandling the cash value of a dividend-paying whole life insurance policy when attempting to "become your own banker." Key points in this chunk: do not withdraw cash value without understanding the process; you can borrow against the policy and choose repayment timing (monthly, yearly, or delayed), but you should always have a plan to repay policy loans to preserve compounding benefits; inexperienced users should consider bringing in someone who knows how to use the tool. The video urges viewers to watch through to the end for two specific things the host will cover.
The nice thing for you using this process is you get to be the banker and you get to decide, am I going to pay it back monthly, am I going to pay it back annually, am I going to pay back two years from now or three years from now? You get to make those choices, but I'm here to tell you, always have a plan to pay it back.
Hi. If you're new or inexperienced to the process called becoming your own banker, I'm here to tell you don't touch your cash value until you watch this video. I'll touch on two things that you need to know. So watch this video through to the end.
Have you ever used a tool and ended up breaking it? If you have, you'll understand that if you put a tool into the hands of someone who's inexperienced and doesn't know how to use it, the result's not going to be good and they may end up breaking the tool. I've realized in life that quite often it's more cost effective to bring someone in to help me who knows how to use that tool and the results are better and it ends up cost me less in the long run.
What's this got to do with the process of becoming your own banker? Well, I'm here to tell you that it's your and my behaviors that are the most critical element in the process of becoming your own banker. And if we use improper methods, we can end up breaking the system. That's right, we could break our system. So it's not effective and it doesn't work like we'd hope it would work. So that's why I wanted to share these two things with you today. My name is Dan Allen and I started practicing the process of becoming your own banker back in 2014. And then in 2016 I started to take my training to become an authorized infinite banking practitioner. And in 2017 I achieved that goal. So in the Latter Part of 2017, I started to work with people in helping them with the process called Becoming youg Own Banker. So Dan, what are those two things that people should know about cash value before they break the system? Well, the first thing that I want to share with you is never, if at all possible, never take your cash value out of your system. Now we all know that the platform that we use for this process is a dividend paying whole life insurance policy. So what I'm telling you, never take your cash value out of your policy. You go, but how does this work? Like I thought, I put my premiums in and I get access to My cash value? Well, yes, that's what we teach you, and that's what you want to do. But you don't want to take your cash value out directly because if you do, you will kill the compounding effect that's in that policy. That's the way it's designed. Your values will keep on growing and they'll have a compounding effect. Now, how valuable is compounding? You say, well, if you don't understand the value of compounding, I'm going to ask you to do a simple little exercise. And you can do this literally or just on paper, just take a penny and double its value every day. So the first day you got one, second day you got two. The third day you got four. The fourth day you got eight. And just walk through that and see how few days it takes to really change the number of pennies that you have just simply by compounding. And that's the beauty of this platform, which is dividend paying whole life insurance that we use. It will continue to compound your value if you leave your cash value in there. So what do you do? Well, instead of taking your cash value out, you use it as collateral for a policy and loan. That's right, use it as collateral for a policy loan. And when you do that, you do not interrupt the compounding of your value in your banking system. That is a key thing to remember. Now, the second thing that I wanted you to know about was as you take that policy loan out and use it, and that's what we're going to teach you to do. We're going to teach you to take and utilize your cash value by putting it as collateral for a policy loan. But as you do that, always have a plan to pay it back. That's right, have a plan to pay it back. Now think about what you're doing. We're banking. You become the bank. That's the objective is you're able to handle the finance that you need in your life through your own banking system. So you become the bank. Now, for a moment, I just want you to think about a commercial bank and taking a loan from a commercial bank. Most of us have done that in life. Well, when you do that, the bank makes it pretty clear that there's going to be an expectation that you pay that money back. And if you don't, the outcomes aren't going to be good. And we're really good about doing our best to make those loan payments and pay that money back to the bank. Now, when you own the bank, it's much more Valuable for you to treat your money even better than you would treat a commercial bank's money. So you should want to do the same thing. You want to pay yourself back. Nelson spoke about that all the time. And in fact, what he always called it was, don't steal the peas. Always have a plan to pay yourself back. Because after all, you're a bank. You created your own banking system and banks need deposits, they need borrowers, and they need bankers. So the nice thing for you and using this process is you get to be the banker and you get to decide, am I going to pay it back monthly, am I going to pay it back annually, am I going to pay it back two years from now or three years from now? You get to make those choices, but I'm here to tell you, always have a plan to pay it back. So if you think about those two things related to your cash value, again, don't take your cash value directly out of your policy. And number two, when you use your cash value as collateral for a policy loan, have a plan to pay it back. Those two things will serve you well in your journey to become your own banker. Now we have lots of more videos about this concept and how you can use it and what just helps you learn more about the process. And I'd encourage you just to go and look at some of those other videos and help yourself along on the journey. And the other thing is, if you haven't subscribed to our YouTube channel, you've got an opportunity. And that's just another great way to increase your knowledge on this process. So with that, I wish you well and have a great journey on becoming your own banker. And to do that, find yourself a coach that knows what you need to do and that can support you in your journey. That would be the one outcome that I'd really suggest for you. Find yourself an authorized infinite banking practitioner to help you on this journey.
