Becoming Your Own Banker, Part 15: How to Pay More Infinite Banking Premiums

Unlock the secrets to infinite banking in this power-packed episode. We guide you through the intricate steps of using whole life insurance as a tool to gain financial freedom, inspired by Nelson Nash's groundbreaking book, "Becoming Your Own Banker". Learn the advantages and drawbacks of this system, and pick up practical tips on finding more money to capitalize a policy and pay more premiums. This episode is designed not just for the financially savvy, but for anyone who dreams of a more secure financial future. https://www.youtube.com/watch?v=HdpC6ZiIyEM One of the greatest barriers to achieving financial success is a lack of education and understanding. Let's break down these walls together as we discuss the stigmas and misconceptions surrounding the Infinite Banking Concept. We delve into Nelson Nash Institute's ambitious mission to broaden awareness and comprehension of infinite banking. Relying on the right people and the right knowledge will guide you towards a more solid financial standing. Imagine being able to finance multiple items like cars or even a mortgage through infinite banking. In this episode, we shed light on the infinite possibilities of using your income and assets to fund more policies. We explain how whole life insurance can be your stepping stone to accumulate wealth and how you can make your financial dreams come true. We also stress the importance of consulting with experienced advisors to get the most value out of your policies. So come on board and take control of your financial future with us. It's time to break free from financial constraints and build a plan tailored to your unique needs. Your Income Should Match Your PremiumHow Policy Design Affects PremiumMEC LimitsThe Value of Long-Term Thinking to Pay More PremiumsBook A Strategy Call Your Income Should Match Your Premium This is what Nelson Nash believes is the ultimate goal for someone practicing IBC. And yet, no one starts out at this level—it’s not possible. You’ve got to start where you’re able and slowly build your way up, increasing your premiums by increasing your portfolio of insurance policies over time.  The first reason you can’t get all of your income running through a policy is because the insurance companies place factors on your income that limit how much insurance you can buy. This is because your death benefit acts as income replacement, and is therefore a factor of your income. If you’re aged 18-35, you can get a death benefit of 35 times your income. To give you a snapshot, from age 46-50, you can get 20 times your income, and from 66 and up you can get 5 times your income.  This factor decreases because your number of remaining working years (at least by typical standards) is decreasing. And since insurance covers your income, the insurance companies are only looking at how much income you would earn in these assumed working years. All of this is a part of the Human Life Value calculation, which is essentially your economic replacement value.  How Policy Design Affects Premium The way your agent designs a life insurance policy will also impact your premium. Of course, some factors you cannot change—your age, health, and other income will contribute to the amount of premium you pay relative to your death benefit. However, an agent can design your policy to be structured with a blend of base premium and PUAs that can allow you to contribute even more premium to your policy.  [27:35] “One reason for why you’d want to put more premium dollars into a life insurance policy is if you realize that if I put a hundred dollars a month into a policy and that will earn me dividends and interest, and when those dividends are paid back into the policy I will earn dividends on those dividends. That’s going to allow me to have that compound growth over time that is going to be a tremendous wealth builder over decades and over generations. And I want that kind of generational wealth-building too...