Ray Poteet has been a true miracle in my life. After reading the remarkable “ Becoming Your Own Banker” by Nelson Nash, I was in disbelief that it was possible. Becoming Your Own Banker: Unlock the Infinite Banking subiecte.info - Download as PDF File .pdf), Text File .txt) or read online. This book demonstrates that. Become Your Own subiecte.info - Download as PDF File .pdf), Text File .txt) or read online.
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Becoming Your Own Banker is designed for the layman, not the professional financial consultant or life insurance agent. Have you been doing all the "right. R. NELSON NASH 7. FOREWORD. Becoming Your Own. Banker is a textbook designed to accompany a hour course by the same name. The course. CONCEPT” (AKA “BECOMING. YOUR OWN BANKER”): ONE. ACTUARY'S COMMENTARY. Advisors sometimes call LLIS because their clients have been.
In order to do this you will need to make a paradigm shift in your mind. It is years. So to add all the numbers 1 through 1. You are going to have to spend some time locating the right place. But if you heat it up to degrees Fahrenheit you have live steam with unbelievable power.
David McKnight. The Retirement Miracle. The Bank On Yourself Revolution: Read more. Infinite Banking Concepts; 2nd edition Language: English ASIN: Be the first to review this item Amazon Best Sellers Rank: Tell the Publisher!
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Amazon Payment Products. Can you safely predict that they will both perform identically during their lifetimes? Of course not! Because you and I know someone that can get to thousand miles out of car with no trouble.
When they were brought face-to-face with the error of their ways and conducted their business with this fact included in the equation. In creating any product. It is telling you. One place that is speculative that some companies do invest is in real estate developments and joint-ventures with other private organizations.
In essence. I have never seen an instrument panel that does not include an airspeed indicator with a red mark somewhere on the face of it. That is not true! This cost is also prorated among the policy owners. Those with the investment responsibility will do so in a number of ways—in financial instruments that are fairly conservative. From time to time an insured person dies. As a result of the foregoing.
If this is true— which it is—then what this amounts to is absolute control over the investment function of the company. This can often include shopping centers. Read the contract and it will tell you very plainly that you are the owner of the contract— not the company. Then the whole matter is turned over to lawyers who make legal and binding contracts that are to be offered to potential buyers through a sales force.
Look at the investment portfolio of a number of life insurance companies and you will see what I mean. To make the plan work the Owner must make payments into it and the Company the hired-help must put the money to work in order to produce the benefits that are promised. The Owner is the most important character in the scene. Some large developments of urban office buildings have been entirely financed by a single insurance company.
The glue that holds this all together is comprised of the administrative folks. At the end of the year the directors that actually run the company call the accountants in and. Imagine that we are going to make a very long flight in a Boeing Your competitors that know better will run you out of business.
I think about this every time I get in the cockpit of an airplane. The contract is unilateral—that is. That is because the cash value is guaranteed to ultimately reach the face amount of the policy by age of the Insured.
It looks like this diagram: The amount of money available to the owner is the entire equity in the policy at the time. Life insurance companies hire actuaries who design plans of insurance and then market those plans through agents. You either pay interest to someone else or you give up interest you could have earned. A dividend is declared which is actually a return to the policy owner of surplus premium that was collected. In the hierarchy of places where money is lent.
When that dividend is then used to buy additional paid-up insurance at cost. One such entity can be a life insurance plan.
At the end of the year. When someone buys one of these plans. It is not the insurance company! The company is simply the administrator of the plan and must collect premiums—and must lend money out or make investments of one kind or another in order to be able to pay the death claims promised.
It all sounds like an oxymoron to me. The result is limited only by the imagination of the policy owner. This extra. A significant period of lower than expected earnings of interest. The word. Over a long period of time the actuaries can be pretty accurate.
And there are no government bureaucrats looking over your shoulder telling you what you can and cannot do. You can safely say that the real results will never exactly match the illustration provided at the beginning of the life of a policy. There are variations in interest earnings. Now for the complicated part.
They would have been much larger had I not used the annual dividend to reduce premiums for the first 15 years. It gets better—no matter what! In designing the life insurance policy the ratemakers have taken into consideration the advice of the actuaries that their assumptions are not set in concrete.
They include the interest earnings on the premiums paid by policy owners. By the way. This makes it capable of flying about Remember that the Income Tax has only been with us since the US got along very well without it prior to that time.
Maybe it is like Social Security. This means the directors can make a decision with 30 cents. A pity! So far. If the owner uses the dividend to purchase Additional Paid-Up Insurance no cost for acquisition.
This is not so. It has always been a mystery to me. This is because we have burned up an enormous quantity of fuel and the airplane weighs that much less—but the engines are capable of producing as much power as when we took off.
I bought a policy from a major insurance company in and the annual dividend is over eight times the annual premium now. These things are just not adequately explained by life insurance sales folks because of the limited understanding of their home office folks that teach them.
It can never lose value in the future as can the value of securities. By the time we fly 8. There were surpluses in the budget and life insurance has been around for over years. The fact that any number of organizations or individuals are managing a portion of the pool is incidental. The agent says. If he would solve for the need for finance through dividend-paying life insurance.
Assuming that he will get pay raises from time to time. If he would take time out. Doe says. Again I remind you. I have never seen a monthly list of investments from a dozen of major life insurance companies that did not include finance companies as a place where they have loaned blocks of money.
Here comes the important part again. Remember that there is only one pool of money out there in the world. Then he goes down to a dealer and buys an automobile. The finance company simply buys blocks of money. To arrive at a principal sum the capital that would be required to produce that income stream this figure must be discounted at a nominal rate of interest.
Now that we have that established. If the agent is really good.
Have you not noticed that when a grocery store becomes successful in one location. If the policyholder objects that. I am not describing one life insurance policy. This will be explained in detail later on in the book. Many college business professors estimate that corporations expect it to take at least seven years to get back a profit on a new investment.
Would you have much of a grocery business if you were the only customer? You must build it to the point where you accommodate the needs of others in order to prosper.
This is an understatement in certain undertakings. Neither of these characters is a desirable business associate. The same principle applies to banking. If the policyholder does this.
This is to be a system of policies. All they do is capitalize the bank Capital Stock to make it a safe place for customers to deposit their money and then lend out the money left on deposit. In the above example of the car financing. Have you not noticed that banks have branch offices? There must be a reason for their behavior! Then why not expand your own potential by buying all the life insurance on yourself that the companies will issue?
And then on all the persons in which you have an insurable interest? At present. It will take the average person at least 20 to 25 years to build a banking system through life insurance to accommodate all his own needs for finance—his autos. Income is limited for us all. Northcote Parkinson. When a pay raise comes along it is very quickly absorbed by a new definition of necessities!!
If you cannot do so then just go ahead and give up—you are destined to become a slave! Would you think of buying one without air-conditioning? Not me! And he said. He would listen patiently and tell each young person to leave his paper on the desk. Now assign the same job but allow thirty days for its completion—and you should not be surprised that it is finished late on the 30th day!
Young civil servants used to bustle into his office waving documents. What is Rule Six? Parkinson once told a story about a British government official who served at the time of World War I. He makes one painfully aware of the futility of expecting good results from committees!
He reminds me of a sign at a church that read. When asked why he continued to rob banks he replied. You can count on it! At this point there are many that resort to despair—but there is no need for it. He goes on to explain. Willie did not invent this activity. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.
I say. Government officials may be cunning—but they are not stupid! They shot themselves. Who is the biggest thief in the world? If you answered the Internal Revenue Service you are correct! Most people have this feeling but lack the ability to explain that it is indeed. It is self-evident that if the parasite takes all the produce of the host. The law. The law become the weapon of every kind of greed!
Instead of checking crime. If this is true. Quite simply: See if the law takes from some persons what belongs to them. Government is not capable of producing anything—it gets all its sustenance from the productive element of society.
The government lawmakers and bureaucrats who carry out these perversions of law fully understand that they are dealing with a parasite-host relationship. And the police R. Government is a parasite and lives off the productive taxpayers. I explain it this way. The phenomenon has been with us since the beginning of time. One is the production and exchange of wealth. There are two methods. It has stood the test of time. It is not a government-sponsored idea! It preceded the income tax idea by a long time.
Our Enemy. When taxation becomes onerous to the point where government officials sense rebellion they always resort to exceptions to the rule. And the best way to do so is through the magnificent idea of dividend-paying whole life insurance!
It has been around for over years. It is private property! And only the people who care about others that are dear to them participate in the idea.
The State The State is that great fiction whereby everyone tries to live at the expense of everyone else. What a great group of people to be associated with in business! It is not compulsory. Economic problems are best solved by people freely contracting with one another and with government limited to the function of enforcing those contracts. They invented qualified pension plans. Before then our country had surpluses in the national budget and the world got along very well.
What a classic case of appointing the fox to guard the chicken house! How totally absurd! Did you also notice that all these plans were not installed simultaneously? The other is the uncompensated appropriation of wealth produced by others. Finally it came down to IRAs so that everyone has an exception to the rule! Can you believe it! The natural result of such a process is a system in which the government controls everything you do—and they can.
I remind you that the thing that caused all of this burden is the Income Tax Law which did not exist. HR plans. Who won and who lost in this story?
Panasonic had the Gold. When you start making money you should plow it all back into the business for five more years. A word of caution is in order. Only after this time should you expect to take money out of the business.
The typical Japanese strategy runs something like this—you put money into a business and you should expect to lose money for five years. As a result someone else must provide the capital that is necessary to sustain our way of life. Capital is a responsibility and should be treated with great respect.
Let me try to explain it this way. It is not a numbers game. This strategy carries with it a very high cost. Individuals can reap the rewards that such discipline yields. Let me build the case this way. But the typical Mexican outlook on a business venture is to demand a bonus at the very start—like a signing bonus for a star athlete.!! Do I have to tell you what happened? Panasonic pulled out of Mexico and went somewhere else where capital is appreciated and managed with care.
The common man has become so infatuated with living for today that the importance of saving—of creating capital—is all but a lost value. I was recently re-reading a piece that Jackson Pemberton wrote back in entitled. It all begins with faulty premises. In fact. Why the feelings of helplessness and futility? I say again. Perhaps it is because we have almost lost the concept of what capitalism is all about. When you have a large amount of cash on hand all sorts of good opportunities will appear.
But in the infinite wisdom of the Mexican government at that time. It can be no other way. At the time of this writing it has been negative! Last month it was at an all-time low. The American savings rate is miserably low.
If not. That means that Mexicans control the business. What could be more idyllic than a marriage of Japanese capital and Mexican labor?
Here we have one group of people who need employment in the worst way and there is another group that has more money than you can imagine! If we can only get them together on a project it would be paradise!! A few years back Panasonic wanted to build a plant in Mexico to solve the obvious equation.
But this corruption is very true. I think that it is a pity that it is not often looked upon with favor. We all have the tendency to chuckle when we see this perversion of a principle that was learned in childhood.
It is really difficult to write or talk about this fact. Worse than that. The Constitution is your servant and the master of your government. Let me show you. It is not the law by which high-handed politicians may impose their collective will upon you. They have violated your most fundamental law. Your judiciary has ignored the amending process and altered the meaning and intent of the Constitution they were sworn to defend.
They have betrayed your most fundamental law. Your executives have taken upon themselves to form foreign alliances and make domestic regulations without proper authority. It is not the Constitution of the United States. It does not belong to the government. Our success has brought the security which put you to sleep. They are depending on someone else to perform that job—and that character in the play is making most of the money!
And rightly so. And you—you — seek for a remedy while it stares you in the face! You have lost the vision of your most fundamental law. It is yours! It is yours to enforce upon your government! It is yours to read to those self-wise do-gooders.
It is not only the law by which you are governed. Your Congress has been watchful. It can be no other way! But history. You are not the slave of government at all. Constitution and is pointing out where successive generations have gone astray. They have ignored your most fundamental law.
Let those feelings of jealousy well up within you and cause you to alert yourselves to your true condition. It is a national disease—and to survive in the future this disease must be overcome. To further compound the problem. Atlas Shrugged. It is a long book—some 1. Ayn Rand.
Succumbing to these feelings produces a huge burden on your financial future—the price must be paid. You will always be at the mercy of the ones who have the gold!
Further amplification of this factor will be given later in the book in the chapter entitled The Cost of Acquisition. I have a right to them! Daniel Boorstin. He was the person who taught the Japanese the idea of quality.
Ed turned to Japan. Business schools all over our country fell in love with his teachings—after the Japanese showed the world the results. Almost without exception Ed ran into the response. Ed started trying to get the attention of American businesses and teach them his ideas.
The rest is history and American manufacturers paid the price for their arrogance. When Ed came back to America much later he was accepted as being a genius. Many business schools in America now sing the praises of Ed Deming. We ROT! But shortly after World War II. All the concept amounts to is the recognition of the fact that your own capital has a cost of money as well as that which has been borrowed from banks.
This thought was titled. The fact that this conclusion may be based on fal. It has to do with recognizing where money is flowlacious information is beside the point!
I illustrate ing to and the failure of charging interest to yourthe point by telling people. The Arrival Syndrome. Anytime that you can cut out the when most folks think that it is flat. The Golden Rule. This is a fatal error. For he that hath. The Infinite tem. Banking Concept must become a way of life. Among those corpoIn our look at the Basic rations featured was Coca Cola.
Many large corporations had R.
This amounts to a personal monetary sysJust like EVA. Use It or Lose It—have to do with overcomtoo fast. But the banking business. The capitalization phase. Learn the importance of the Economic Value Added concept. How a dividend-paying life insurance policy works. The importance of imagination—it is more important than knowledge.
You will destroy the best business in the world. It can be yours to enrich pline for several years. It is much like getting in the grocery business. Creating a bank like the ones you already know about. It is making 7. For instance. The grocery business. Pitfalls of human behavior. Review the diagram on page 26 and 2. You have to get a charter from the Commissioner. When you make loans to yourself at your bank.
You are sum goes to pay interest. The value of learning how make sure that you understand the to get into a business in which you are a consumer flow of money. In addition. This money is gone forever. Can you add the numbers 1 through 1. The policyholder is the prinIt requires extraordinary managecipal character in every life insurment abilities. The money problem. Make sure that you fully understand all five of these factors. They are 3. Roosevelt Percentage of Americans born those persons who are facing got it from Bismarck in Gerwho will die!
Cancer patients around—a socialist mental and people with heart disease hang-up that has no validity at fall in the same category. Franklin D. They are the past several decades. If mortality experience is bet. All they need is a field of data from which to harder than ever made the observation that all begin calculations. The coming before Ordinary Mortality Table. Can you guess what lives—people that have been through a selection has happened to life expectancy since ?
And all. Out of the like other forms of insurance. This is not new. The rence. Responding In creating plans of purto pressures from the market chasing life insurance.
In this plan the inmuch greater than the death sured is simply renting the benefit quality of a policy. They buy fire insuralive at age It paid a death The whole idea of The benefit if the insured died during the given time Infinite Banking Concept started with the realizaframe.
They buy accident die between age 45 to 65 much more accentuated toinsurance and it pays a benward later deaths now. A single premium insurance for better name would have been Will not a limited period of time. When you look at income after age 80 On the left end of the scale is the proportions of the whole single premium insurance. It is possible misnomer! When you classify require to buy life insurance this way. The insured plunks life span of years.
So the insured persons paid ever-increas. The most productive years year and finally quit because the premiums beare being wasted. Study the mortality charts and notice where Perceptive people noticed that this was not most all of the dying takes place.
Small quantities do marvelous things for the digestive tract—but in large quantities it can kill you! All medicines are poisonous! The strange thing is that the Europeans went from a condition of thinking that the potato was poisonous to one of large-scale dependence on it.
The payment plan could be shortened by buying a life paid-up at age 65 for the same 25 year old. Notice the triangle at the bottom of the scale of various plans. After all.
When using this type of life insurance to solve your need for banking. Thomas Jefferson introduced the tomato to the dinner table in America although most everyone considered it to be poisonous. These plans are not treated as life insurance by the IRS. This family has a large number of poisonous plants in it. It is from the leaves of the belladonna plant that we get atropine.
The Constitution is your servant and a master of your government. So life insurance companies created a plan based on a theoretical lifespan of years. It is yours! It is yours to enforce upon your government! The problem we have is the prevailing tendency of Americans to look to the government for solutions.
If you are going to develop your own banking system as you are being taught in this book. But in our current culture. You will always be at the mercy of the ones who have the gold. I don! To open up your mind and be willing to think differently. Then the ordinary life policy would be a 75 payment plan.
Remember that a large part of financial freedom is changing the mindset. This simple understanding. This is what makes term life insurance different.
From age 21 to age 65 and very few people die as you well know. Accepting a new point of reference like this banking system. From everything to buying a home. Can you see why so many countries are crumbling financially and people are struggling? Take a few minutes to think about these things. Believe it or not. You have a country like Mexico which is very poor and struggling financially. Breaking out of a comfort zone. What you think determines how you conduct yourself. That is the exact opposite of what most people think when they purchase insurance.
Get as much money as possible into a policy in the shortest amount of time. You have another country like Japan that is cash rich. So Japan with all of its capital goes to Mexico.
It is the law by which you may govern your government! It is not the law by which high-handed politicians may impose their will upon you!
It is for you to impose it upon them! It does not belong to the government. If I buy a liability insurance on my car. A death benefit is paid if the insured person dies during this timeframe. There is something called the Golden rule. But now they are living longer so it results in better dividends paid back to you.
It is going to be the hardest job you have ever done. People think they have a right to these things. Whoever has the gold makes the rules! So create this picture in your mind. The crazy thing is. It is the Constitution of the people. Believe it or not.. If this were to take place. Especially with a book like this.
There are different kinds of insurance. If you follow this mentality. So changing this is critical if you! Once a year However. After doing this for five years he withdraws the dividends in the amount required to pay cash for the car. He is being a banker. And remember. There is an obvious need for capitalization which you don!
Fix that in your mind. Scenerio 2. YOU get both the interest which is the guaranteed cash value. Why not do it through life insurance policies again? Think about it. Now notice that I did not say liability coverage. Comprehensive and collision coverage is for damage done to your car in case of an accident. They also have the pay claims and administrative costs. He puts the same amount in that he would have in the above two scenarios.
In Dividend Paying Life Insurance you earn both guaranteed cash value. Now I know this sounds good so far. And it is all done on a tax-deferred basis.
When you build a banking system through life insurance. A person saves his money at somebody else! There are some very helpful graphs that you can study on page 45 to 47 in the book that really shows the dramatic differences this makes.
So learning to become your own banker requires you to change a pattern of thinking. He is going to use Dividend Life Insurance and make the payments into this bank.
I like to look at it this way. This is the dumbest thing you can do. If you buy a car. The dividends of the bank are going to the stockholders of the bank. The problem is. This is required coverage if the car is financed. You are going to lose a ton of money in interest payments and end up paying double what the car costs with a 4 or five year loan.
Only YOU now make the profit that the banking institution would have made off you. He puts it into a very high premium life insurance with a Mutual Life Insurance Company. And they also pay dividends to whoever owns the company. YOU recover the interest that you would normally pay to some banking institution. Okay now let! After making the loan to yourself you pay back the policy the same payment you would have had to pay a banking institution. Every time a person buys a life insurance policy he is starting a business from scratch.
The interest you pay never leaves your account or control. Scenario 1. But remember that Dividend Paying Life Insurance is the one that works best for the banking system. Fixed paradigms are the most difficult to change.
I encourage you to study them carefully. While it is in the bank. He is only earning the interest of the bank is paying him. So once you get enough PAGE 6. This is the essence of what the banking concept is all about. That makes a lot more sense. A basic fact is. So think about it this way. The money will go to your policies which are being managed by the life insurance company.
PAGE 7. He can also take out insurance for comprehensive and collision coverage. That is easy to do. The total cash value of the policy will be very close to this. All you have to do to self-insure is to find out how much money you need in a life policy to assume that risk. But it is also true that this is only a one time event. Now he retires. If you are smart. You can do the same thing on your house mortgage or anything else.
But wait. These figures can be more or less. But now. These numbers are very real and accurate for this illustration. But do you want to see something even more amazing? Because he was making these payments to himself. I think you can begin to see and understand the power of creating your own banking system and life insurance. He can open as many policies as he wants and keep doing the same thing.
So let me ask you. Just call and get a quote from any auto insurer on your make and model of car.