Pay Off Debt Vs. Save CASH During These Times

I don't have to live in an and or an or world. Most of us live in an or world. Should I save my money or keyword being or should I pay off my debt? Well, the process of becoming your own banker allows us to live in an and world.

These are some strange and interesting times in our financial world and our world in general, aren't they? A lot of people are asking questions right now, should I be investing money? Should I be saving money? Should I be eliminating debt? We're always trying to look for smart and creative ways, regardless of the economic landscape, to be more efficient with our cash and grow our wealth. Well, sometimes it's just the basics. Should I save money or should I eliminate my debt? If I save money, doesn't really do a lot for me because it's not in motion, doesn't have a lot of value. Don't eliminate my debt. I still have it weighing over me. I still have to make a payment. I have to sort all that out. But if I eliminate the debt, then the money's gone and I got nothing working for me. Like, what do I do? My name is Vernon McCarty. I'm an infinite banking practitioner through the Nelson Nash Institute and I'm a coach and a member of the Ascendant financial team. And I work with good people just like you every single day, coaching them to implement a process called becoming your own banker. The infinite banking concept you've probably heard of. This book was written by the great R. Nelson Nash. And if you are looking at and thinking about the process of becoming your own banker, this is the number one teaching tool that we use. And we'll make sure that there's a link so that you can take it directly to our bookstore and purchase a copy of Nelson's book. Regardless, if you decide to move on with the process, it's a great tool to add to your library. What the process of becoming your own banker has taught me in my own life is that I don't have to live in an and or an or world. Most of us live in an or world. Should I save my money or keyword being or should I pay off my debt? The process of becoming your own banker allows us to live in an and world. So today, stick around to the end. I'm going to share some ideas how you can eliminate your debt and save money at the very same time. Just talking about the process of becoming your own banker, I have to give you a quick high level. We have to think about how does the process of banking work? Again, eliminate Debt or save money. You could take your hard earned money and you could pile it up in someone else's bank, somebody else's bank, and have that money work for that bank so that they can grow profit for the owners of that bank and their families rather than your own family. Well, you're storing money in someone else's bank, you're hanging onto it, you're thinking it's safe and reliable and all those things, that's up for debate. But the point is the money's being stored in the bank and if anything happens or you run into a problem or you need money or there's an opportunity, you can, hopefully you can access that money and put it to work somewhere or to solve your problem. So that's kind of option number one, save money. Generally we're just going to save it in someone else's bank. Option number two, hey, you know what this is? You know, a lot of things are going on out there in the world. What if they call my loans, what if, who knows what happens? What if the financial system collapses? There's all kinds of things that we're worried about. So, gosh, I want to put myself in a less vulnerable situation. So, Vern, maybe I should pay off all my debt, work really hard to pay off my debt. Well, now I'm working really hard. I'm taking big chunks of money. I'm putting it against the principle of credit cards, lines of credit, car payments, whatever it is. Paying off debt is actually quite easy when you just got to throw more money at the debt. Right. But we want to change the process of how we eliminate that debt so that we can build our wealth or save money and eliminate the debt at the same time. And my colleague, Sarblo Gill, you can see there's going to be a link just above me here. He's going to share a really great case study with you where he talks about how he walked his client through the process of doing what we call a debt recapture. So, building up a policy system, building up your own bank, as it's discussed in this book, becoming your own banker, building up your own banking system using a tool called a dividend paying permanent participating whole life policy, ideally with a mutual insurance company, you're going to build up that policy system, we're going to be able to access values from that, that policy system so we can chunk down our debts, so bring down the principal of our debts, bring down the minimum payments required to those debts and then be able to build cash values at the very same time the value of your system continues to rise every single day uninterrupted, whether you access policy loans or not. Now here's the key. That's the high level. I want to save money in my policy system, a private system that I own and I control. Build that up. There's a lot of benefits that go along with that. In addition to daily cash growth of policy values, there's also a death benefit that will stay with you for your entire life. You become a co owner in the life insurance company, you get to share in the divisible profit every year in the form of dividends, all kinds of wonderful benefits that come along with it. But the key thing is we use the whole life policy as a tool to implement the process of banking. Because believe it or not, this private contract that you own actually holds many of the same attributes that a commercial bank has. So rather than us having to build up our own brick and mortar bank or use someone else's bank to save up and capitalize and access money to achieve objectives, we can capitalize our own policy system and save money there and borrow from that system. Rather than saving money and borrowing from someone else's bank, we're actually shopping at home and borrowing from our own banking system. So basically we're depositing money on a regular basis, monthly, annually, whatever that looks like. Whatever works best for you and your family. It's really important to work with a really good coach, an authorized infinite banking practitioner through the Nelson Nash Institute, or you're more than welcome to reach out to our team. We'd be more than happy to guide you through the process. Now build up a policy system. We can access policy values. We can chunk that against our debt. As I said, that brings the minimum payments down and any additional payments that you're voluntarily making to those debts. Well, rather than give those immediately away and permanently transfer that money and that financial energy away from your family, you can turn around and replenish your policy system, pay that back while maintaining the minimum payments on your existing credit cards and lines of credit or whatever it is. Build up the cash in your policy by paying back what you otherwise would have sent to someone else while the cash values continue to rise. And then you can go back and access everything that you've paid back, plus that daily growth and chunk down your debts even further. So we're just adding one extra layer by paying ourselves first, paying our system back, and depositing that financial energy with a business that we co own so that they can put that money to work and create more profit for that company so that they can share more with you and me, the policyholders. That's how that works, very similar to what's going on over the commercial banking system. But you're borrowing money from a commercial bank that creates a payment for you, that sends money away from you. They completely control the process. They get all of the money, all that money's being put to work for somebody else's bank and you're the one doing all the work. It makes no sense. So we're just going to change the process. And what we're going to do is we're going to be able to build up that policy value, access loans, eliminate the debt, bring down those minimum payments. But you're not going to stop the payments. You're just going to redirect whatever you're saving and what you otherwise would have sent to them. You're going to redirect that back to your own policy system so that you and your family are the ones collecting and accumulating the money so that if a problem or an opportunity shows up, you have ready access to a growing pool of financial value that you can tap into and use at any time for any reason that you want. In this case, it's to not necessarily eliminate the debt. It's to convert our debt, our liabilities, into assets. Because if the debt that you owe lives with somebody else, someone else's bank, they're in control of it and they're the ones who get the stream of payments. If we become the bankers, if we have the debt, if the debt resides over here with us, we have all of the control and it's going to create a stream of payments coming back to our own system. Thus our cash values are growing. We're making payments back to our own system instead of somebody else. We're eliminating our liabilities while building an asset. Gosh, that sounds like an and paradigm to me. We're able to build up our asset and save money while we eliminate a liability at the exact same time, giving you in your family more peace of mind, more control and more opportunity just to take advantage of that growing pool to solve more objectives for you and your family. So I want to point out that I already mentioned that debt recapture example earlier on. So make sure that you check that out and there's going to be a playlist here beside me that you can click on that will take you through through. Hey, what's whole life insurance? Beginning for beginners. So learning about whole life insurance, learning about the process of becoming your own banker through many of our videos in our in our pre recorded webinars. And I mentioned that link down below as well to get a copy of Nelson's book. Take your time, Learn, study, reach out, ask questions. And once you have determined that this process is going to be a good fit for you, we're more than happy to help. All the best to you and I hope you got good value out of this video.