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

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.

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Free Financial Strategy Call:
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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:
https://www.youtube.com/watch?v=h4rugVZkajc

The Land Geek (Mark Podolsky):
https://www.thelandgeek.com/

Play the best online investing game — CASHFLOW® Classic:
https://www.richdad.com/products/cashflow-classic

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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

Apply to Join the Passive Income Mastermind:
https://www.wealthwithoutwallstreet.com/wwws-passive-income-mastermind

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2:58 - How do I get started?
3:17 - As that passive income returns, where do we put it?
3:52 - Why do you think Nelson would say DESIRE should be the most important word that comes to his mind when somebody asks, “How do I get started?”
4:33 - What happened as a result of that conversation?
5:53 - Why do you think I sell it? Does it have something to do with the fact that I own 20 whole-life policies?
13:10 - Do you think some people would point their finger at us as entrepreneurs and say we're rebellious?
15:28 - Which one am I going to choose? Will I stay in the reassuring lie or take the inconvenient truth?
17:19 - What does that have to do with infinite banking?
19:40 - Why do you think he put that in there?
20:43 - What criteria do you think Nelson would use for somebody to be “thoroughly familiar”?
21:17 - Do you know anybody else that buys and sells raw land?
22:29 - Is there a limit to how much money you want in an account that will grow no matter what, that will be protected from governments and creditors, allowing you to use it to do the things you want? How much money do you want to put into something like that?
25:45 - Is infinite banking about buying life insurance policies?
26:06 - Can a bank be profitable if they only have depositors?
26:11 - Can a bank even exist if they don't have depositors?
30:12 - Do you know anything like that?
32:58 - What's one of the first complaints we get when somebody gets a policy?
34:03 - Do you know anybody that has put in the time, effort, resources, and energy to create an IBC Wealth Club?
38:47 - What does he mean by that?
40:08 - Isn't there a price to starting?
41:43 - What is the value that we get back?
42:31 - Do you think somebody is emailing their 401(k) manager and saying, “Man, you have changed my life because we got 12% instead of 6% last year"?

🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/byob-book-review-part-12-how-do-i-get-started-with-the-infinite-banking-concept

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