Why haven’t I heard about Infinite Banking?
In this #tbt episode Mike and Chris break down the reasons so many of us have never heard of Infinite Banking. Mike separates it into three main points: 1. Nelson didn’t write Becoming Your Own Banker until 2000. 2. There aren’t enough IBC practitioners. 3. Third, it takes time and energy to educate yourself about IBC. This includes potential clients and agents. In other words, it’s too time consuming.
What can we learn from this? Well, if you want to be the one in charge and control of your own money and financial future, you have to educate yourself. You can’t rely on the ‘old way’ of thinking and expect different results than what we’ve all been subjected to for years. The other take-away; using whole life insurance as a cashflow vehicle isn’t new. It’s just that we’ve never been taught about its power, until now.
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Chris Bay:
Welcome to the Life Success Legacy podcast. My name is Chris Bay and I’m joined today with the founder of Life Success & Legacy, Mike Everett. Hey Mike, over the years as we have talked with people about the Infinite Banking Concept, there’s lots and lots of questions that come up. There’s one that we hear frequently, and that is why haven’t I heard of IBC before, right? Have you ever heard that before?
Mike Everett:
I’ve heard that so many times, it’s unbelievable. Yeah.
Chris Bay:
And it’s a legit question, right?
Mike Everett:
It is.
Chris Bay:
Personally, I had never heard about it until, back in the day when I was an elementary school principal and I went to one of my dad’s, who was a business owner in town, and I said, “How do you manage your finances?” And he said, “Have you ever heard of Infinite Banking, IBC?” I said, “No.” So right there, I was thinking, why haven’t I heard of this? Why has no one taught me this?
Mike Everett:
Well-
Chris Bay:
You hadn’t heard of it either right?
Mike Everett:
No, I hadn’t.
Chris Bay:
Yeah.
Mike Everett:
Well, there’s several reasons probably why people haven’t heard about it. Number one, Nelson didn’t write his book, Becoming Your Own Banker, until 2000. What he did though, was he utilized the Infinite Banking Concept for about 20 to 30 years prior to writing his book because he wanted to know that it worked. Secondly, there’s not enough practitioners, guys like us, who are effectively teaching the Infinite Banking Concept. Third, most of the people, and this includes potential clients and advisors, don’t take the necessary time to educate themselves and understand the true power of Infinite Banking or IBC.
Chris Bay:
Right, right. Now, let me ask you this. You and I had not heard about Infinite Banking beforehand and Nelson hadn’t written his book until 2000, but were people or organizations or somebody out there using the concept in general and then Nelson added to it? Corporations were using this, right?
Mike Everett:
Absolutely. Absolutely.
Chris Bay:
Can you talk a little bit about that?
Mike Everett:
Well, individuals, corporations, businesses have been using this for centuries, actually. All that Nelson did was, he refined the process through Becoming Your Own Banker in the Infinite Banking Concept. And all he did was he learned that there was a better way to engineer or reallocate the money inside the life insurance policy. It’s really that simple.
Chris Bay:
Yeah. So I always think about Nelson, the key pieces that he added is he looked at how a dividend paying whole life insurance policy could be designed more effectively for financing our own needs.
Mike Everett:
Yeah.
Chris Bay:
So that was one of the things. And then he brought that together for a common people and taught banking concepts along with it. And that’s really what he’s done for us.
Mike Everett:
Well, and the crazy thing about it is, the question is why haven’t I heard about IBC before? Nothing in our conventional financial wisdom leans towards this. Nothing. But yet, all it is is taking a 250, 260 year old product and re-engineering the way the policy works and making it so the individual, the company, the corporation can learn how to control their own money by investing in themselves.
Chris Bay:
So I’m going to ask you a different question now. I haven’t heard about it and we’re saying conventional financial wisdom out there is teaching other things. Why is the financial institutions out there, financial planners, investment companies, all those kinds of people, why are they not teaching this concept?
Mike Everett:
Because they won’t make as much money, and they’re not taking near, near enough time to educate themselves. It’s too much work.
Chris Bay:
You know what I love about IBC personally? Is that it is about autonomy. It’s about me having control of my money and not everybody wants to take that control. When you look at traditional financial planners and that kind of thing, it’s managed money. It’s me giving control to somebody else.
Mike Everett:
You have given all of the control to somebody else. And that kind of just goes back to the thought process is, we know that this isn’t for everybody and we’re okay with that. So the question that we always ask people is, where do you store and invest your money?
Chris Bay:
Yeah, that’s a good question to ask.
Mike Everett:
Yep.
Chris Bay:
All right. Hey, thanks for spending the time. For those of you listening, check out some of our new podcasts coming up. As always, we encourage you to go to our website, lifesuccesslegacy.com. Got a lot of resources on there available to people. Check it out.
