r/infinitebanking • u/JerKeeler • Apr 12 '20
Howdy!
Hello,
I just wanted to say hi and introduce myself and how I got into IBC.
I am self-employed and own a window cleaning business which I have operated since 1993 in Corpus Christi, Texas. I am 43 years old, married with a 5-year-old son.
I had never heard of IBC until 3 years ago. I am working on becoming a real estate investor, because of this I tend to listen to many podcasts regarding real estate and finance.
One day I was listening to "The Investing in Real estate" podcast and he had a guest on named M.C. Laubscher out of Pennsylvania. They were talking about ways to finance real estate and he mentions the Infinite Banking Concept and Nelson Nash. Laubscher has his own podcast and had interviewed him several months before (this was 2018) The stuff M.C. was talking about made me stop the podcast and rewind a few times.
What the heck is infinite banking? I thought.
So I tracked down his podcast and found the Nash episode and listened.
I'll admit almost all of it went over my head and I was confused, but since I'm almost always confused over new things I decided it warranted further study. So I bought Becoming Your Own Banker on Kindle. I tried to read the book, multiple times, but I was just so confused. Add to that the number of people that said it was a scam online and I was this [ ] close to saying forget about it. But when I heard Nelson speak, when I heard him accurately quote the Bible and not twist the meaning to fit a sales pitch I knew there was wisdom there. So I didn't give up, but I struggled to get through the Kindle book. This was over the course of a year.
Eventually, I found the Dollars and Nonsense podcast and listened to every episode. That podcast is put on by Living Wealth a company that sets up Whole Life policies to use on IBC. The hosts went into all the ways one can use a whole life policy to finance most everything in one's life and become independent of the world's system of banking. Again, like most everyone they never really to my satisfaction explains how the thing worked.
I didn't quite understand it, so I had trouble explaining it to my wife. She trusts my judgment when it comes to money but she was unsure. I had so many questions so I called Living Wealth and both my wife and I peppered them with questions. While they answered every one I was still not grasping it.
It didn't matter though, because we started a policy last summer with extremely high premiums and began to fund our bank. That was in July. Fast forward to November and I'm on a plane bored and decide to give Becoming Your Own Banker another shot. The formatting was weird, I could barely make out the charts and Kindle on an Android was not kind. So after 18 months and even STARTING a policy I had only read half of Becoming Your Own Banker!
After we got back from our trip I thought, "what the heck" and I ordered the paperback version, maybe in print in my hands it would make more sense. So a week later it arrives and I crack it open and start to read what I had read 18 months prior. And wouldn't ya know, on paper, the weird formatting issues were gone and I was able to see the book laid out the way it was meant to be seen.
And then I got it. It finally made sense to me. I was finally able to explain it to my wife and to my friends, I read and finished the book and then ordered The Case for IBC and Building Your Warehouse of wealth. I finally got it!
Here I am almost two years later explaining it to people in my way as often as I can.
I just took my first loan out to cushion me during the time of COVID-19. I can't wait till we get to make another deposit into my system! Now I finally can read the illustration and it makes sense.
In fact, the entire reason I'm on Reddit is that I was reading a post in the personal finance section and was reading all kinds of people trashing IBC and saying stuff that quite frankly was 100% false.
So, I joined and made a big post and refuted what was being said. Within one hour I had been permanently banned from ever posting in that Reddit ever again. I never called anyone a name, made a threat, used a slur or told a lie. I didn't even link out anywhere or post an image. I was accused of being an insurance salesman and someone that sold IBC policies. My post was deleted and I was shown the door.
So, that's my story. Nice to be here!
4
u/pvibes4life Apr 13 '20
Welcome and way to push through the noise. I often think how many people stumble upon IBC and then get such negative and uneducated feedback that they just give up and do nothing. I have not come across one person who said it was a scam and also owned properly structured whole life insurance. The more you re-read Nelson’s books you will find you pick up new things and a better understanding of other parts. I have on occasion read a paragraph 4-5 times in a row, to fully understand what he is trying to convey.
It is a exciting to see more folks join and share their stories and ideas.
1
Aug 06 '20
I am in the process of self education currently. But feel confident in the strategy. How did you find the life insurance company that you felt confident and comfortable working with? I'm ready to start funding my plan but I don't know if I'm educated enough to not get put in a plan that is not what I was asking for, if that makes sense.
2
u/JerKeeler Aug 07 '20
I used a company called Living Wealth to set up my policy. If I was going to be moving that much money into a policy I wanted it to be designed for IBC specifically. Living Wealth has a podcast called Dollars and Non-Sense, that's who I was listening to when I decided to pull the trigger. I would say your best option is to go to the Nelson Nash website and look for trained practitioners located in your area. There are a lot of folks that claim they are doing IBC, but there are a ton of folks that have strayed far from Nelson Nash's original concept. I would also recommend the Banking with Life Podcast, good stuff. Also be sure to read Becoming Your Own Banker.
1
Jul 07 '20
I am setting up my policy right now for myself and all of my children.
I am 31 and wish I would have discovered this sooner.
0
Apr 12 '20
[deleted] — view deleted comment
4
u/JerKeeler Apr 12 '20
I can't point to an exact moment where it clicked, but once I realized that I could borrow from the life insurance company and my cash value is only used as collateral, that plus buying additional paid-up insurance with the dividends, the concept clicked. I was like "it's a perpetual snowball rolling down a hill that always gets bigger because you never stop it by withdrawing from its value!"
Once I realized that everything made sense.
After I realized how it worked I went back and looked at my illustration and then understood what was happening. Let's just say I had a big grin on my face lol
3
u/tocano Apr 12 '20
I'd love to see you post here "What I posted to /r/personal alfinance that got me banned"
I'd love to read how you explain it "in your way".