How I Pay Off Unexpected EXPENSES FAST Using Canadian Infinite Banking

Now the question is, are you okay paying 90 cents per day of interest to the insurance company to maintain the growth of $6 per day on your own money? For me, it was a no brainer.

Hi, I'm Roman Pushkar. I would like to share with you today how I am using the infini banking concept to pay for unexpected expenses.

Life happens to anyone, there's no avoiding it. You, you can only plan for it. A few months ago, I realized that my daughter needed dental braces and a quote from a clinic was a whopping $5900. There are different ways to deal with emergencies and unexpected expenses. One of them is taking on some debt and then paying it off. Another option is to save up for the unforeseen. And then when it's time for a rainy day, you got some cash to pay for it without any debt. I don't want to discuss any debt today because I had some cash in the bank. But the problem with my cash was it was sitting in someone else's bank and it wasn't working for me. Yes, I was a depositor in this transaction, but I wasn't the banker or a bank owner.

And I had no control over my capital. While I was stocking up some cash in my checking account, someone else was putting my cash to work in his favor. And that person was a bank owner. If I were to pay the bill with cash from my checking account, I would pay also the lost opportunity cost because this money would have left my family forever and we would give up all the interest this money could have earned for many, many years in the future for our family. But I would need to start saving up for the next rainy day and then replenish my emergency fund again. But again, in this situation, I would need to deposit that cash to someone else's bank and have a banker use my money again to make profit for them and their shareholders. By the time I already had been introduced to the process of becoming your own banker, the infinite banking concept, and I knew there was a better way to pay for my orthopedic bill, I knew that if I redirected the flow of my cash and put it to work in my favor first, and then access the money from my own banking system to pay the bill, I would recapture all the lost opportunity cost, all the interest that this money would potentially earn from me and my family in the future. So I immediately took action to implement the infinite banking concept. I took the time to learn and understand ibc. I asked my coach many questions, and then I got started. Here's what I did. Instead of paying the bill with cash outright, I. I withdrew the cash from a checking account and I started my own banking system through a whole life participating dividend pay and life insurance policy with a mutual company. This was done in order to start compounding my money every single day and have it work in my favor.

One of the IBC policies in my family was I am putting $14,000 a year into this policy. And the way the policy was designed is there is an immediate access to capital via policy loan from an insurance company's pool of money.

They collateralize my growing asset and they put a lien on my death benefit. Okay, so I'm putting $14,000 a year into my policy. And immediately after my policy was enforced, I could access $6,900 away as a policy loan. I didn't need that much. I didn't need the whole amount though. I only needed $5,900 to pay for the dental expense and all of my money. $14,000 in the policy continued growing and compounding every single day.

My daily cash growth in a policy in the first year is $6 a day. It is growing no matter what, every single year. It doesn't matter if the stock markets go up or down out there. I'm not worried about any interest rates and I'm not afraid of losing my money. The life insurance company contractually guarantees to grow my capital and it takes on all the risks. Also, the policy loan I'm taking out is not affecting the growth of my capital.

So I requested a loan from an insurance company and the only question they asked me was if I wanted to get a check or if I needed an electronic fund transfer into my account. They didn't run my credit score. They didn't need to fill out a lengthy loan application. I didn't need to submit a proof of my income or employment. They didn't set any repayment schedule. It was only a short form basically telling them how much I needed and where to send money for me. That's it. It only took three to four business days for the money to show up on my account. And, and when I received it, I paid for the braces in cash to the doctor's office. And because they paid in cash, they gave me an additional discount of 700 bucks. Basically, I used only $5200 of the insurance company's money to accomplish my objective while I maintained the daily cash growth in the policy. Now the daily interest in my policy loan is 90 cents per day and the daily Growth in my banking system is $76 a day. Now the question is, are you okay paying 90 cents per day of interest to the insurance company to maintain the growth of $6 per day on your own money? For me it was a no brainer. Here's where the infinite banking concept comes in play. Since I'm controlling all four functions on my bank. I'm the depositor, I'm the borrower, I'm the banker and I'm the bank owner. I don't want to steal from my own bank. So I need to replenish my system in order to have access to more cash later. That's why I'm paying my policy loan back. Nelson Nash describes this process in his book becoming your own banker. He says, if you own a grocery store, don't steal piece from it, don't steal from your business. I structured a loan repayment plan on my own terms at the interest rate I was comfortable with and I'm paying back the loan back into my system. The number came up to be $266 per month. Even though the insurance company is charging me 6.2% simple interest on the policy loan, I am paying back at 17%. I'm comfortable with that number. The more I put back into my own bank, the more cash I will have to re access again. Right now, my monthly cash value growth is $180 and my monthly interest on the policy loan is $27. This is how I recapture all the interest that I'm paying to the insurance company. I'm okay paying $27 a month if I'm getting 180 in exchange, right? In terms of the policy loan repayment, I'm paying back 266. And the whole amount goes directly towards my policy loan principle. And the simple interest calculated on the outstanding loan is always going down after each loan repayment. I figured it will take me 23 months to pay off my policy loan and accumulated principal and interest repayment in two years will be $5,200 for the principal and $918 for the interest. That comes to $6,118 in almost two years. And once it's paid back, my banking system is completely replenished. Yes, I will pay $918 of interest, but my cash value will outgrow this amount several times. But here's where the magic is. Because I never interrupted compounding of my own cash in my own bank. By the end of the second year I will have no outstanding policy loan and I will be able to re access $20,890 in cash if I needed to make a purchase at that point that's four times more than my initial policy loan and this process never stops. I will access cash to buy anything without interrupting the growth of my account replenish my system and then rinse and repeat and the more frequently I would practice banking which is making deposits, taking out loans paying them back making deposits, taking out loans paying them back the faster growth of my banking system I will achieve. Basically what I have done is I have put my capital on steroids and and the daily cash growth will only improve moving forward. This is how I changed only one thing in the process I created my own family bank and because I redirected the cash through my bank first the money I'm paying from my bank can be easily recaptured including all potential growth of my money in the future if I can do it so can you. Check out more videos on our channel here on my right and learn how you can become your own banker. Thanks for watching.