A short YouTube talk by Richard Canfield about managing regular and unexpected expenses using life-insurance policy loans as part of a strategy he calls "becoming your own banker." Canfield emphasizes that this process can liberate you financially, allow investment opportunities using borrowed policy funds, and pays tribute to an influential figure named Nelson who advocated the approach.
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But you're going to have regular expenses every month, every year Things are going to come up that you don't expect. You're going to probably use Visa, you're going to probably use MasterCard you're going to use your own cash or you might even sell investments to cover some of these things that come up for the same reasons that you would have to do that to go and take care of that item. I'm going to go use policy loans and I would encourage if you're thinking about this practice or thinking about implementing this concept that Nelson described to us I'm talking about the process here of becoming your own banker. All right shout out to Nelson. We miss him dearly. Absolutely love that man. He was an incredible human being. We miss him dearly. This is a process that liberates you financially. If you want to grow and increase your net worth and your wealth you can also do investing. I've borrowed from policies and invested in things.