Creating a Family Bank for Perpetual Wealth

Have you heard about Infinite Banking, and you want to learn more? Or maybe you’re already using Infinite Banking, but would like to explain it better to your family and friends. In past installments of the series, we've discussed how IBC works, and what it is. Today, we're unpacking what makes infinite banking "infinite". https://youtu.be/VgA7PaXvvF0 So if you're ready to learn how to increase your opportunities and create wealth that lasts beyond your lifetime... tune in now. Table of contentsThe Multigenerational Benefit of Infinite BankingHow to Create a Succession Plan for Infinite BankingWhat Makes Infinite Banking Infinite?Examples of the Infinite PossibilitiesVelocity of MoneyInternal and External ReturnsBook A Strategy Call The Multigenerational Benefit of Infinite Banking There are many ways one might consider the Infinite Banking Concept to be “infinite.” One of these ways is the multigenerational capacity of infinite banking. By establishing a liquid savings vehicle like whole life insurance, you’re creating a system of wealth that not only can be leveraged for investments and opportunities but can be passed on to the next generation via the death benefit.  That money can then be reinserted into a new life insurance policy that creates new opportunities for your children. And by extension, it creates opportunities for their children. As long as each generation is properly prepared to receive your legacy, and has the required knowledge to be a good steward of that wealth, it can last for generations.  This is a key reason that having a succession plan is critical. That way, your heirs are prepared to continue the family legacy that you’ve established. There should be some guidelines and procedures for how the wealth transfer is handled, and how the family can best maintain the wealth.  How to Create a Succession Plan for Infinite Banking [9:08] “The first thing is, you have to communicate within your family. The second thing is you need to work with an organization that has a succession plan that’s going to continue these thoughts within the agency itself so that it can become infinite along the way.” The goal of a truly infinite IBC strategy is to involve your family. This means starting young: educating your children, involving them in your family culture, creating family values, and more can help your children get a sense of your family mission.  By involving your children each step of the way, you’re including them in creating this legacy. Inclusion can inspire your children to take responsibility for their role in the family banking system. It also enables them to be good stewards of wealth in the future. This is further aided by having a support system of financial experts who can be your strategic partners. That way, you can create more wealth and freedom. This is how you keep a family banking system alive.  What Makes Infinite Banking Infinite? To understand the full scope of this conversation, it’s important to get clarity on why infinite banking has its name. And, why infinite banking is such an excellent strategy for multigenerational wealth.  One key is certainty, as Les McGuire discusses in his article, The Economic Value of Certainty. Whole life insurance is a product that creates certainty because it protects your wealth even in death. This certainty gives you the security and peace of mind to make decisions you might not make in scarcity mode. And being able to operate from this mindset makes the possibilities quite literally infinite.  Examples of the Infinite Possibilities Using an IBC strategy with whole life insurance allows you to create a pool of liquid cash with certainty. That certainty is locked in by a few different variables: The death benefit gives you the certainty that your family is protected, your legacy can continue, and the family bank can be replenished The cash value is not correlated to the stock market,