The Wealth Without Wall Street Podcast

BYOB Book Review Part 12 | How Do I Get Started With The Infinite Banking Concept?

Aug 8, 2023

Learn how to get started with the Infinite Banking Concept and why it's not a get-rich-quick scheme. Discover the criteria for finding the right IBC coach and the importance of ongoing coaching. Explore the concept of joining a wealth club for Infinite Banking enthusiasts and building a supportive community.

44:31

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Quick takeaways

Having a strong desire and burning passion to get out of financial prison is essential when starting infinite banking.

The time to get started with infinite banking is now, as waiting only delays the opportunities and benefits that can be gained through the system.

Deep dives

The importance of desire and commitment to get started with infinite banking

To get started with infinite banking, having a strong desire and burning passion to get out of financial prison is essential. It is important to be committed to the process and view it as a lifetime commitment. The longer one waits, the more they penalize themselves, as time plays a crucial role in the growth and benefits of the policy. Surrounding oneself with a favorable environment and like-minded individuals is also crucial for support and ongoing coaching. Joining a wealth club or community, such as the IBC Inner Circle, can provide access to resources, coaching, and a network of people who are actively using the infinite banking concept. Additionally, finding a life insurance agent who is thoroughly familiar with infinite banking is recommended as they can act as a coach and provide guidance throughout the process.

Introduction

2min

Capitalizing the System and Implementation

16min

Finding the Right Coach for Infinite Banking

6min

Understanding the Infinite Banking Concept and the Importance of Utilizing Loans

2min

The Importance of Ongoing Coaching

7min

Joining a Wealth Club for Infinite Banking

2min

Building a Supportive Community

9min

People who have heard about the Infinite Banking Concept but looked the other way continue to be in financial prison. They have not fully understood the multitude of benefits this financial system offers, so they continue to trade their time for money. Others think IBC is a ripoff or a scam because life insurance agents do not know precisely how it works. They are not IBC coaches. If you've been wondering how to start setting up your banking system, Russ and Joey will discuss that in detail today. So stick around and get ready to become your own banker.

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today they talk about expanding your system to accommodate all income.

This episode is Part 12 of an 18-Part Series.

Top 3 Things You’ll Learn:

The first thing you need to start IBC is to have the desire to do it.
Infinite Banking is a long game. It's not a get-rich-quick scheme.
The criteria for finding the right IBC Coach

About R. Nelson Nash:

R. Nelson Nash (1931 - 2019) wrote the book Becoming Your Own Banker that unfolded The Infinite Banking Concept (IBC). He came up with the idea of IBC in the early 1980s when he was struggling with high-interest rates on commercial bank loans. Today, many people continue to benefit from using IBC as a tool to achieve financial freedom.

Join the Inner Circle Live: August 25-27, 2023

https://go.wealthwithoutwallstreet.com/innercirclelive-2

Promo Code: PODCAST

Free Financial Strategy Call:

https://www.wealthwithoutwallstreet.com/freecall

Becoming Your Own Banker by R. Nelson Nash:

https://www.wealthwithoutwallstreet.com/ibcbook

Nelson Nash Institute:

https://infinitebanking.org/

The Infinite Banking Concept Explained by a CFP:

https://www.youtube.com/watch?v=sVuexMv6Kf4

IBC Example: True Cost of Paying Cash vs. Using a Whole Life Policy: