Infinite Banking Concept and Financial Prisons

So Many Voices

There are a lot of good personalities and voices in today's marketplace that want to help people discover what life can be like beyond financial bondage. The reality in America is that we still live way beyond our means AND those that don't, feel the financial pressures of rising taxation, rising medical care prices and we still feel the pinch of rising fuel costs (which is baffling).

Many people I come in contact with refer to great debt elimination and wealth building principles by Dave Ramsey and others as a tremendous source of inspiration and tangible help for them financially.  I love hearing that so many use Dave and his teachings.  In fact, I have his books on my shelf as I write this blog.  Too many are in financial prisons to not point out Dave Ramsey's exceptional work in helping this nation live within its means and get healthy.

Among this voice and so many others that continue to aid us in debt reduction and to make wise financial decisions there is also this voice that comes from a man named Nelson Nash.  Nelson is about the same thing as others I believe.  This one thing is to reduce and eliminate debt, build wealth cycles in families, and put more hard earned dollars that people make back into their hands.  At the end of the day - it is to get people beyond financial prisons.

Nelson speaks to his own financial prison in his book Becoming Your Own Banker (p. 12-13).  In it he describes crashing markets of early 1980's, death and life threatening illnesses of close family, mounting credit, super high interest rates, and more.  In it he realized that "hardship often helps us see things to which we are normally blind."  Out of this and through much time in prayer on his knees, Nelson goes on to say, that the system of infinite banking (requiring discipline to implement the idea) changed his life dramatically.

Financial prisons are meant to be busted out from.  I believe that what Nelson teaches in his book and with personal explanation of this teaching by calling or writing me, we can help you bust out of this prison you find yourself in right now.

 

Becoming Your Own Banker - The Book

Intro 2

On page four of Becoming your Own Banker by Nelson Nash, Nelson clearly states that before you read his book you must remember that The Infinite Banking Concept is a major paradigm shift for most people.  In fact, Nelson says, "it's like telling people the world is round when they believe it's truly flat."  However, he goes on to say on page four that, "education is an on-going process and there is no such thing as having 'arrived' in knowledge."

Now, as I have been involved with the IBC personally for nearly five-years and am now involved vocationally as a teacher of IBC, I do come across people who say to me, "but can this be done with little to no funds available?"  This question comes from people who have found themselves in somewhat of a financial prison but truly want to break out.  This question is good and fair.  My answer to this question would be a referral to Nelson's "testimony" on page four and five (call me for a book) of how he got started in this line of financing.  It may require us first to think beyond the financial nightmare into a system that will keep us out if that nightmare.  The famous Benjamin Franklin always felt as if man could make a better way.  His was always a line of hopeful financial optimism.  But with this came the turning of how one thinks about their own personal wealth. 

Next time I'll jump into how we begin or get started to think about being your own banker.

Becoming Your Own Banker - The Book

Intro

I want to share a few introductory lines from Nelson Nash's book Becoming your Own Banker.  This is the material we teach and train people to use at Life Success and Legacy.  We just make it simple at LSL.  No gimmicks or tricks, just the sharing of information in this 92-page book.

"The Becoming Your Own Banker book by R. Nelson Nash is really a course of instruction about the power of dividend-paying whole life insurance.  It is not a sales tool for life insurance agents.  It is education that the life insurance industry should have taught during the last 200 years.  The book demonstrates your need for finance, during your lifetime, is much greater than your need for protection.  The whole idea is to recapture the interest that one is paying to banks and finance companies for the major items that we need during a lifetime such as cars, major appliances, homes, business equipment and investment opportunities."

This introduction by Nelson is the foundation for what we teach at LSL.  I have found that I can verbally tell people by phone or verbally over a lunch what Infinite Banking is and what it can do, but unless a person gets this book and begins to dive into the materials it's a bit hard to grasp.  And even then, what you read may seem mind boggling.  So, this is why we keep it simple and encourage people to make the investment in Nelson's book and read it.  We don't deviate from this method - because it works.  Later I'll share more introductory thoughts from Nelson's book.

Want a book?  Call me at 816-588-2328.  It's just $20 and shipping is NO cost to you.

Knowing Next to Nothing

I learned something amazing the other day while sitting around with my friend Mike Everett at the Life Success and Legacy "Home Office."  I learned about some of the Myths in Regards to Interest Rates.  When Mike showed me some examples about interest rate myths and I watched this video (from our videos page) again, it hit me like a ton of bricks that in this regard I thought I knew a lot, but in reality, almost next to nothing.

You see, most of us have been taught to get low interest rates on housing. This is good.  Most have been taught high yield interest rates on investing is good - real good.  But again, when I watched the video, I soon realized that the banking equation that I thought would work better for me, was proven the opposite in Mike's video.  The interest rate myth was busted!!

You see, it's OK to know what you think you know, but when you step into "the light" with new or renewed knowledge as I did yesterday, then I/you have a responsibility to do something to turn the financial equation in my/your favor NOT in the favor of "the other guy."  Again, watch the video entitled "Interest Rate Myths" and see if the light bulb causes you to wonder about how you finance your next car - then contact me to see how LSL can help you control the WHOLE car financing equation.

Retirement Fund Penalty - Huge Rethink!

I post some thoughts today in light of this article about the financial shortfall for a widow whose husband withdrew retirement funds at sixty-two rather than sixty-five.  First, I was saddened for this lady.  The penalties, loop-holes, and regulations are there for a reason, but it still saddens me to hear that this happened to her and does happen to countless others in her situation.  Second, this article made me think that what I do in teaching the Infinite Banking Concept is so vital to people right now between the ages of forty-five and fifty-five.  This time frame for people is so critical because if retirement funding has been limited or needs a dramatic boost, at
Life Success and Legacy we can provide a free retirement analysis on how to turbo-charge retirement "passive income" as Neslon Nash says in his book.

Finally, I share this today because if a couple or individual would simply look at Infinite Banking as a viable retirement option they would see that the whole early withdraw and the whole idea of penalty at 62 and limited Social Security at 65 or beyond for a widow - the whole article I've re-posted becomes in a sense a mute point.  Why?  because we're talking about a dependency on a government structured plan rather than a plan that YOU control and design.  Take this revelation and run with it.

About Living Paycheck to Paycheck

According to CNN.com 76% of Americans live from paycheck to paycheck.  Living in one of the most affluent counties in America (Johnson, state of Kansas), it would be easy for me to dismiss this as alarmism, but even in this very county, and in the surrounding KC metro counties, it is easy for me to imagine that this CNN.com article is probably not too far off the trail.

Now, that being said, I am an optimist by nature and I do not re-post this article to point out the negative nature of how this article feels for so many who do live pay check to pay check, we get enough of that in this age.  I do re-post, because no matter what you or I think of the news service reporting (good or bad, legit or not) I think the vibe of the article is certainly valid and perhaps even fairly close in percentage of people in this situation.

My family was in this state in 2008 and mounting unsecured debt was the norm.  I was sooooo sick of living paycheck to paycheck.  Lots of discipline, implementing some Dave Ramsey principles, implementing tools and thoughts by Joseph Sangl, and implementing the Infinite Banking concept by Nelson Nash through Life Success and Legacy all have helped us to reduce and eliminate massive debt, correct poor habits, begin new better habits, and get our family back up on its feet into a brighter future.  In these five years since beginning the above principles, we now see a hope that we do not have to live paycheck to paycheck and we are hopeful, real hopeful.  This, my friends, is called a testimony.  It's our story after our financial tests and we thank God for his provision through the tests and now beyond debt into a better future.  I'd love to share more - maybe you should just send me a note of contact and we could talk?  I'd like that.

 

If you'd like a copy of Nelson Nash's book, Becoming Your Own Banker, I'll send one to you for $20 and I'll cover shipping.  Write to mzimmeribc@gmail.com with mailing details.

Infinite Banking and KPERS

Retirement for Teachers Looks Shaky

Thinking about my father, wife, mother (who are teachers or have worked in the public school system) and countless numbers of teachers I've known through the years it occurred to me that state supported retirement funds, such as KPERS (here in Kansas) have been shaky at best lately in terms of funding and promises to deliver on future funds to its retired teachers.  Coming across this article from the KNEA home page and inset articles like this one from the Wichita Eagle make me wonder in honest inquisitiveness, will these propped up plans and recovery systems to ensure proper funding really work?  The better question is will the money paid in to "the system" by lifetime educators really be there?

If, according to the article, the state is supposed to contribute a set amount but underfunds or the state goes to a defined contribution plan (which KNEA opposes) then who's stuck at retirement time?  You guessed it - teachers and other vested KPER contributors.  Then I have to ask myself, with retirement numbers jumping higher and higher as boomers retire from service and more dollars pouring out than in "the system," what's a younger generation to think about this whole deal?  This thing looks shaky.  This post is not meant to say that KNEA can't handle its business regarding the best care for its teachers or vested employees, this post is simply to ask - could there be a better more assured plan for retirement for teachers who want a more sure foundation to stand on in regards to retirement income?

The whole intent here is to ask do we REALLY believe in what we thought we knew about our retirement pension as public educators?  Could there be another incredible option/financial vehicle for teachers that is better suited for some teachers who are willing to step out of "the box?"  I believe there is, and it's called The Infinite Banking Concept.  The concepts taught through IBC flies in the face of what we thought we knew, but it is most assuredly worth the investigation.