A guide to the Infinite Banking Concept using Canadian whole life insurance policies. The core idea: borrow against your policy, keep money moving through loans and repayments, and treat yourself like a bank. Most people fail because they start a policy and do nothing with it.
60 to 80 push ups a day.
Nelson Nash.
Wealth Without Bay Street.
You cannot get a better rate of return doing anything until you control the banking function as it relates to your needs. And when you think about banking, just think about a commercial banker, for example. They never let money sit still.
Infinite banking utilization and loans. If you want to be a successful infinite banker, you have to use the concept. Why would I want to talk about this today? Well, here's why some people have noticed. They go to the trouble of learning about the concept. They get excited about what this concept could do for them and their families, and then they take the next step of starting a policy, a dividend paying whole life insurance policy on themselves or someone they have an unsurable interest in. And then it stops there. So why is that? Well, Nelson Nash in his book called becoming your own Banker, he speaks about that and what he says, and it's true that if you're going to implement this concept in your life and be successful, you're going to have to overcome human nature. What is it about human nature that we're going to have to overcome? Well, I think the good way to explain it is if you've ever tried to change a habit that you have in life and most of us have tried to make changes at some point in time. Have you ever noticed how easy it is to go back to the way you used to do it and not to go on and take on the new behavior? That is definitely one of the challenges you have when you're trying to change something. So let's talk about the fundamentals. What is the infinite banking concept? Well, simply it's a personal monetary system. That's what it is. And you use it. It's a great tool. It provides a place for you to warehouse your money, great place to put your money. And secondly, it provides protection for you and your family. But that's not what the infinite banking concept's about. The infinite banking concept is about a personal monetary system. And I want to remind you that you cannot get a better rate of return doing anything until you control the banking function as it relates to your needs. And when you think about banking, just think about a commercial banker, for example. They never let money sit still. So if you're not utilizing the infinite banking concept, you're letting money sit still and it's money in motion that is a key element. And when you think about how a bank lends money and then somebody makes payments back, those payments come back, they lend it to somebody else. Money is in motion and that's how the make more and more profit off of that process. Now Think about it in another way. Say you have this particular thing you want to get done in life and you realize that, hey, if I had that tool and if I knew how to use that tool, I could get that done. And here's what you do. So you go out and you educate yourself on how to use that tool. Then you go and get the tool here so you've got everything ready. But you never put the tool to use. The thing you set out to do hasn't been achieved. And that would be like having the first two parts of the concept of becoming your own banker, the infinite banking concept in place. But then you just don't put it in use. You're losing, you're losing out on the opportunities, you're losing out on what it means to have a personal monetary system in place. So what is utilization look like? Well, it's about using policy loans for the things that you need in life and then paying them back. That's right, paying those policy loans back. Nelson always talked about don't steal the peas. And what did he mean? He simply meant don't steal from yourself. Now let's think about it from a perspective again of a commercial bank, as most of us have used commercial banks. And you go in and you apply for a loan. Well, if you get approved, you're going to sign a document, there's going to be terms and conditions on there and you're going to have an obligation to pay that back. Now most of us are wired in a way that, okay, we're going to make it a focus to pay that back. And yet with this process, when you take a policy loan, you should actually have even a greater desire to pay that back. Because when you think about it, payments that you make back to the life company and the interest you pay goes to help the profitability of the life company. And when you're participating dividend paying, whole life insurance policyholder, you're going to participate in those dividends. So shouldn't that be a real desire to really help that life company be profitable? And the other thing that comes from it is like every dollar that you pay back as a payment on your policy loan, you're going to be able to access that dollar and more. Just like we talked about with banking, it's emotion, it's putting that money in motion and as it comes back into the life company, you can access it again. And if you're doing that, you are practicing the infinite banking concept. So I thought I'd share a couple ways with you today about how you can help yourself stay focused on utilization. So the first one is surround yourself with like minded people. And that's easy to do. We at Ascendant, we have a Facebook page, you could be part of that. And that's just other people asking questions or sharing stories about how they're utilizing it. The other thing we do at Ascendant is we have a podcast, it's called wealth without Bay Street. And you could listen to that podcast and you can hear stories of people like yourself who are utilizing this concept in their lives and what is it doing for them. That's just another way to stay engaged. And we also have client learning group sessions so you can be part of a group with other people like yourself and hear about how people are using it and the advantages that they have from using it. So those are one of the great ways you could do it. The second way is to find a good coach. Now I'm going to encourage you to find someone who's an authorized Infinite Banking practitioner to work with and then work with them as they help you set up and utilize the infinite Banking concept to achieve the objectives that you had when you originally started this process. What I thought I'd do is I'd share a bit of a story about life just to help build off why is it important to utilize the Infinite Banking concept? And I speak about a life learning that I've experienced and that is as I got older and we've all heard this, you start to lose muscle. Yeah, it's just inevitable in life. And so I've learned that if I want to maintain muscle, I have to use it. So. And one of the behaviors that I've adopted to help with that is that I do 60 to 80 push ups a day just to help maintain my upper body muscles. And that's just like this concept. Either you use it or you lose it. And what do you lose? Well, you lose the opportunity of having a personal monetary system supporting you and your family. So what I'm going to encourage you to do, use it. And the other thing I'm going to encourage you to do is take in this next video. I'll just help you understand some of the benefits that come along with practicing the infinite Banking concept.
