Mike and Chris continue working through the equipment financing section of Neslon’s Becoming Your Own Banker. This portion is where you truly begin to see the power of Infinite Banking and how it has nothing to do with the insurance policy, but has everything to do with the owner of the policy. If you’re hung up or just need a review, you won’t be disappointed!
In this episode, Mike and Chris go deeper into the equipment financing chapter of the book. Which is beginning to transition away from the individual application of Infinite Banking into strategies suited for businesses. Join as Mike and Chris unpack this complex section of Nelson’s book.
Mike and Chris are digging in for this multi-part podcast on Equipment Financing. For those of you who wanted numbers, here it is. This chapter really starts unfolding the benefits of using Infinite Banking by providing multiple examples of the same situation. This episode is foundational, you may want to listen twice!
In this episode, Mike and Chris go into one of Nelson’s most intriguing chapters and, for that matter, opening sentences of a chapter. If you’re a veteran follower of the Infinite Banking Concept, you know what it is. For those who are new, you’ll have to listen to find out!
Mike and Chris work through the second half of this awesome chapter by going in to depth on Nelson’s vehicle purchase example. They drill down into the C/D method and the Infinite Banking method, since they are the only two ways to be ahead in the scenario. What might surprise you is the difference financially.
In this episode, Mike and Chris dive into Nelsons chapter titled ‘How to Start Building Your Own Banking System.’ Part of Nelson’s brilliance is how he can bring high level economics down to the you and me level. This chapter is no different. He compares five methods for purchasing a vehicle, something we’ve all done. Mike and Chris unpack these methods and give insight into what Nelson was truly trying to get across. Which, by now we certainly know, is that Whole Life Insurance is the most advantageous place to house your money. Listen for Mike and Chris to give personal stories in this one. You might be surprised!
In the wrap up of the Create the Entity section, Mike and Chris discuss Universal and Variable Life in relationship to Infinite Banking. They talk about how Nelson felt about those products and the reasons why he had those opinions. Enjoy!
In the third part of Creating the Entity, Mike and Chris expand upon Nelson’s idea of having multiple policies to accomplish the long term goals of Infinite Banking. They also reiterate how Whole Life Insurance is misclassified. Pay close attention to this one. The principles are integral into the success of Infinite Banking and center to Nelson’s teachings.
Mike and Chris pick up right where they left off and continue to the ins and outs of creating the entity. Nelson spends time explaining the classification of Whole Life, which he contends should have been called a ‘banking system with a death benefit thrown in for good measure’. Remember, we used to think that potatoes were poisonous because of misclassification… rethink your thinking.
This next section will be a multi-part podcast on the idea of Creating the Entity. Mike and Chris take a dive into the world of Life Insurance Actuaries… yeah, we know you’re riveted. However, this is critical to understand, if we are to understand Whole Life Insurance, and how it is the best tool for banking. Watch and learn, we promise it’s more exciting than it sounds!