What should my premium be?

If you’re not sure what premium to pay in to your banking policy, think for a moment about your regular checking account with a traditional bank. Before you learned about Infinite Banking and becoming your own banker, this checking account, and/or your savings account, seemed to be the best place to put your money until you had a need for those dollars, right?

Every time you got paid, you went straight to your bank to have that deposited into your checking account. You never once questioned yourself, saying, “I think I may be depositing too many dollars into my checking account.” That sounds ridiculous. Well, I challenge you to think about your own bank account “The Bank of You” the same way, except now you’re earning a guaranteed minimum plus dividend on every dollar you deposit into your own banking system.

So why would you ever question whether you’re putting too many dollars into your own bank account? One of the biggest drawbacks to having a traditional bank account is that in order to use your money, you must withdraw it and give up the opportunity to earn interest on those dollars. You’re interrupting the compounding of your dollars every time you do this and costing yourself the opportunity to earn more on your money.

So, how much premium should you be putting into your banking policy?

While there’s no “one size fits all” answer to this premium question, I’d like you to consider for a moment what it’s costing you to put less of your hard earned money into your own banking system and more into your traditional bank account.Take out your wallet or purse and pull out any cash or change you have sitting idly in there. This is money that, once it’s spent, is gone forever from your bank account. You can never make more money on those dollars.

But what if there was a way to first get those dollars working harder for you before you buy that car or those Christmas presents or that family vacation to Hawaii? These are dollars you’re going to use towards the debts and expenses you already have anyway. Why not make the most of every single one, and, in doing so, set yourself up for future success? 

The more dollars (premium) you can get working harder for you, the better off you’ll be.

Think of your money like a family. Every dollar you have is the start of a new family. If you take a dollar and spend it before making it multiply, that family line is extinct. But if you take that same dollar and make it multiply by putting it into a banking policy that has a guaranteed rate of uninterrupted compound interest, and the you teach its “children” (or the interest it earns) to multiply, and it’s children’s children to multiply, soon you have a huge family money tree for every single dollar you own that NEVER stops multiplying and earning more money for you.

The more dollars you can get to multiply, the more wealth you can create. So get as many dollars as you can into your policy. You’ll never look back and wish you hadn’t put more in. In fact, many of our members wish they had put more in from the start.

Remember, this is a marathon, not a sprint.

Wealth is not a short term goal. But if you don’t take the steps you need to take now, when will you? And the first step is to change one simple thing: where your money goes first.

When you’re ready to get started on creating your financial legacy or if you have more questions, most questions can be answered by watching this video. Start there and then schedule a consult with my team when you’re ready to begin.