It is not a sales tool for life insurance agents. It is education that the life insurance industry should have taught during the last years. Unfortunately, the industry has concentrated on the death benefit qualities of the contract and has neglected to adequately describe the financing capabilities that it presents for the policy owners. Ironically, life insurance companies must put premium income to work in various investments in order to pay the death claims. This book demonstrates that your need for finance, during your lifetime, is much greater than your need for protection.
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I may move it to my 6 starts shelf after some more reflection and experience. I was presently surprised to find out that Nelson Nash was in forestry, was a pilot, and his personal finance strategy was conceived in prayer!
This book contains Bible verses, as well as a worldview steeped in Austrian economics. It is an introduction to entering the banking business through the medium of life insurance. It is a completely different idea than anything anyone else This book has enormous potential. It is a completely different idea than anything anyone else teaches. Very unconventional. A huge paradigm shift. But it is one born in logic and virtue. It is something I have been looking for: a way to revolutionize how you participate in the economy and financial system.
Nelson Nash is an interesting read, but it feels far too much like one is being sold something to be taken too seriously. This book has made me want to explore the potential advantages of dividend-paying whole life insurance policies, but it certainly did not convince me. Nashs style is casual and he attempts to connect with the layest of laymen.
This makes it a quick read and a decent primer on dividend-paying whole life insurance. However, he does not go into enough detail to convince anyone with any sort of financial acumen. His examples in which he shows the almighty powers of the Infinite Banking Concept do not contain enough information about his assumptions.
Also, any sales pitch which does not include the potential downsides instantly makes me suspicious. By investing in this type of policy, one builds up cash value that can be borrowed against. Nash makes it clear that, for the Infinite Banking Concept to work to its fullest potential, a person must make payments just like he or she would after borrowing from a bank.
Rather than pay that interest to the bank, he is paying it to himself and building the strength of this policy. By following this path throughout his life, he can then pass the policy on to an heir; if the heir follows the same path, she can avoid the need to borrow from banks throughout her entire life.
Nash shows multiple scenarios to demonstrate the huge financial implications of following this course rather than financing big purchases with cash or by borrowing. It is certainly interesting, but the analysis is missing the substance that would really convince most readers. However, if its purpose is to convince the reader that the Infinite Banking Concept is an explosive and innovative approach to solve his or her financial difficulties, it did not do its job.
I believe he would do a much better job to convince readers of the potential power of the IBC. That being said, I plan to research the IBC in more depth, so this book at least did enough to get me to that point.
Becoming Your Own Banker: The Infinite Banking Concept