Canadians using the Infinite Banking Concept redirect savings into whole life insurance premiums instead of commercial banks. Once the policy builds cash value, you can take policy loans to pay off debts, then redirect those former debt payments back into the policy to control your own banking.
Already are banking. Are you saving money today, Mr. Client? Yes, I am. So blow. Where are you saving your money today? Well, I'm saving money in a commercial bank. So you already are budgeting for savings. You're saving in someone else's bank? Well, if you want to be the bank, should you not save that money in your banking system?
How do I budget for premium deposits and policy loan repayments into my banking system? This is one of the most frequent questions we get on the process of becoming your own banker. Now I'm going to start with this. We're going to actually go back to becoming a banker. Unlock the infinite banking concept, page 65. Nelson quotes it very well and he says everyone is already spending all the financial resources on what he thinks is best. There's got to be some honest introspection at this point and a commitment to get out of financial prison must be a burning passion. This is going to require a change in priorities in life and recognizing that controlling the banking function personally is the most important thing that can be done in your financial world. Not said much better than, I mean, so many things. We hear several come right out of this book. What are your thoughts on that?
Well, Peter, most of the frequently asked questions that we get from prospect clients, the answers to the questions are in the book. And that's why I always say, hey, one reading to the book just won't do justice to the book. You may have to read it a couple of times to really get the understanding of the essence of being the banker in your life. Now, the question that we are addressing today, one of the prospect clients that I met yesterday had the same question for me. Hey, how do I budget for premiums for creating my banking system? Then as I'm building my banking system and I'm going to be using my banking system, how do I budget for loan repayments? I'm really struggling to understand that portion. And my response to the question is, I said you are already doing it. You already are banking. Are you saving money today, Mr. Client? Yes, I am. So blow. Where are you saving your money today? Well, I'm saving money in a commercial bank. So you already are budgeting for savings you're saving in someone else's bank? Well, if you want to be the bank, should you not save that money in your banking system? The answer is yes. And that money that you save is your premium, your deposit into your banking system. So premium is what you want it to be. And as you redirect that money from where it is saved and you redirect that money into your banking system, that will create wealth, the daily cash growth in the policy. And as you have enough money in your policy and then based on what your plan is, using ibc, maybe your plan is to take over debt. So for this particular prospect client, he had car payments, he had a line of credit payment and he had a mortgage payment. So we are looking at building this process, we're building the banking system and once we get to enough wealth buildup in the policy, we're going to take policy loans and we're going to start paying off the snakes and dragons call the debt on the car, the debt on the line of credit and eventually the debt on the mortgage. So once those debts are paid off, the payments that this prospect client was making on the debt and the payment was leaving his family forever, now he gets to redirect all that payment right back into his system. So he's already flowing the money away from him on a loan. Once he takes over that loan by using his banking system, he redirects that money right back into his banking system. So you already are familiar with the function called banking. The problem is the issue is how much of that function are you controlling? Today we all need goods and services in life and we acquire those goods and services via method called money dollars, Canadian dollars. We have to exchange Canadian dollars to buy those goods and services and nothing happens to the exchange or the flow of money without the function of banking. Someone has to control that function for you. Build your banking system to a point where your banking system is controlling that function for you so that now your payments are being redirected back into your system when you versus someone else's system.
In life, payments are not going to end because we continue going to need money to exchange for goods and services. So payments are not going to end. But what you can change going forward is who's going to get your payments. If you're the one controlling the function, call banking, then you're going to get all your payments.
That was great. Thank you for addressing that. One of our most common questions we have and it's just so simple and it's just about rethinking our thinking and there's, there's so much more content out there on our Bankers Vault. So if you're interested in topics like this and learning more about how to become your own banker in your own life, then you know, hit subscribe or look to the right here we got lots of video content coming your way from the Bankers Vault.
