Ever heard of the “Bank On Yourself Scam” or the “Infinite Banking Scam?” Many who have never heard of the Infinite Banking Concept are led to [falsely] believe that it’s some kind of grand scheme to nab your money and run. And any time our money is involved, we are naturally inclined to ask more questions.
So is the Infinite Banking scam truly a scam?
Is it a Ponzi scheme, or a fraud? Absolutely not. And here’s why:
The Infinite Banking Concept (IBC) has only been around since 2000. But people have been using the concept (also known as privatized banking) for over 200 years. Self-financing debts and expenses by using cash value in participating whole life insurance policies is nothing new. Do your research. You’ll find so many wealthy, successful people throughout history and even in present-day are STILL using it to grow and protect their wealth.
IBC wasn’t invented until the year 2000 by Nelson Nash. He boldly stated that he didn’t deserve the credit for coming up with this concept. Nash used an existing concept and developed it into something that he used. He also made it easily duplicated by others as well.
If this concept has survived this long, was started before the tax code we have today, and is still one of the best processes for growing and protecting one’s wealth, don’t you think there’s a good reason why?
My best advice to you if you’re on the fence is to do your due diligence.
Explore a wide variety of resources that teach about this concept. Follow and learn from people who use it, and who have been using it for years. See what they have to say. And only then, when you’ve gathered all the facts, make the decision to begin your Infinite Banking journey.
It’s not for everyone, but not because it can’t work for everyone. Many people simply don’t give it the credit it deserves. This is usually because they act out out of fear. Or, as Will Roger said, they think they know something “that ain’t so.”
But believe me when I tell you, it can and will be the answer to many, if not all, of your money problems.
If you know me, you may have heard me say if you use the concept the way we teach at The Money Multiplier, your money problem won’t be that you don’t have enough money to solve your money problems. Your problem will be that once all your money problems are solved, you won’t know what to do with all the wealth this concept can help you build.
I’m not here to sell you anything. I’ve never considered myself a salesman. I am a teacher. I teach what this concept can do and leave it up to you to decide if it’s the right fit for you. But if your goal is to get out of debt, buy a car, or fund college tuition. And if you want to get into real estate investing, grow your wealth, leave a legacy to your family and future generations. Or if you simply just want to take a vacation every year that doesn’t rack up credit card debt, then you’re going to want to take the time and see what IBC is all about.
Nineteen policies later and I’m still a true believer in its power.
When you’ve done your research you’ll truly believe the Infinite Banking “Scam” is a myth. And want to start your own policy, please visit www.TheMoneyMultiplier.com/member-area and watch the presentation that appears.
Get started on your journey to creating your financial legacy today. If you have more questions, please email us at [email protected], or give us a call at 386-456-9335, and one of our mentors will be in touch with you.