BYOB Book Review Part 8 | The Entity in Becoming Your Own Banker by Nelson Nash

If you're going to be a banker, you must have a bank. But what sort of bank should you set up? In this episode, Russ and Joey discuss the different insurance policies, how they are structured, and which one you must choose if you want to implement IBC. It is not enough that you put your money into whatever type of policy your agent tells you. Take action and educate yourself so you can avoid losing your money to things you don't understand.

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review and discuss which policy is suitable for setting up your own bank.

This episode is Part 8 of an 18-Part Series.

Top 3 Things You’ll Learn:
The different types of insurance policies
Which is more expensive - term life policy or whole life policy?
The importance of making sure your policy is set up the correct way if you're going to use it for IBC

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.

Wealth Without Wall Street Episode 19 - Dave Ramsey is WRONG:
https://www.wealthwithoutwallstreet.com/podcast/dave-ramsey-is-wrong

Becoming Your Own Banker by R. Nelson Nash:
https://www.wealthwithoutwallstreet.com/ibcbook

IBC Example: True Cost of Paying Cash vs. Using a Whole Life Policy:
https://www.youtube.com/watch?v=h4rugVZkajc

Join the Community:
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https://go.wealthwithoutwallstreet.com/pios

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https://wealthwithoutwallstreet.com/quiz

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https://www.wealthwithoutwallstreet.com/passport

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https://www.wealthwithoutwallstreet.com/wwws-passive-income-mastermind

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3:15 - How many of us are going to die?
5:34 - What are some cons to this Becoming Your Own Banker thing?
11:38 - What is our life worth?
12:55 - Who's ever heard of the “buy term and invest the difference" movement?
14:15 - Did the insurance policy leave the family underinsured?
15:09 - Which one do you want to be - the “termite" (referring to insurance agents who only sold term insurance) or the whole life guy?
19:56 - Is term insurance cheaper than whole life insurance?
20:34 - How many people have term insurance?
20:40 - How many people die that have term insurance coverage?
21:27 - If I pay for something for 30 years and it never pays back a dollar, how much did it cost me?
21:44 - As compared to what?
22:09 - How much did it actually cost me?
22:36 - Which one is more expensive - term or whole life?
24:59 - Did it cost more to fill up the RV than the lawn mower?
25:34 - If the lawn mower would run 100 trips, would I not put $229 in it?
26:12 - If I buy a 30-year policy, which one is more expensive?
26:16 - If I buy a 50-year policy, is it more expensive?
28:35 - What does he mean by banking qualities? What has to happen in a banking function?
28:49 - Aren't those things present in a whole life policy?
33:36 - The shorter the policy timeframe, the better it is for infinite banking. Why is that?
35:12 - What is a modified endowment contract?
36:25 - Nelson said we could actually use a form of single premium insurance, and that's in what?
37:08 - What's the implication of going over the MEC line?
39:52 - Why does Nelson specifically say, “I don't recommend this for the Infinite Banking Concept"?
41:57 - What would one-year term insurance look like?
43:08 - What was variable life based on?
43:25 - What happened to the universal life policies?
43:31 - Why didn't they make it? What happened?
45:56 - What do I do?
48:12 - Who wants to be in that position?
48:27 - Is index universal life (IUL) a good product for using it in infinite banking?
49:06 - Do you want a product where the death benefit is guaranteed no matter what or where it can go away?
49:43 - Do you want a product with a guaranteed premium or one where the insurance company can come back and ask for more?

🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/byob-book-review-part-8-the-entity-in-becoming-your-own-banker-by-nelson-nash

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