Bank on Yourself is a strategy that combines whole life insurance with the principle of infinite banking. It’s an alternative to conventional retirement accounts that gives you guaranteed, predictable growth, tax-free withdrawals, and access to your money without limitations or penalties.
It also allows you to recapture the interest you pay to banks and finance companies – a major drain on your wealth that can be hard to overcome. The Bank on Yourself principle works by using a certain type of whole life insurance policy called a “paid up additions” policy.
This policy has a built in loan feature that allows you to borrow against the cash values of the policy. Then, you repay that loan to earn additional interest and dividends on the cash value of your policy. This method of borrowing and investing has been around for centuries and is a well-known and proven wealth building technique.
Infinite Banking is a concept that is gaining popularity as it seems to be an attractive way to save and invest. The concept is based on the idea that when you have strong cash flow, it is often more cost-effective to save and invest first, rather than spend and invest in later.
Many people aren’t familiar with this concept, however, and don’t know whether it makes sense for them or not. They may be looking for a safe wealth-building method that can grow their money and make them money, but don’t understand how the strategy works or whether it is right for them.
It’s a good idea to do some research on this strategy, though, so that you can determine whether it will be right for you. If you are unsure, contact a Bank on Yourself professional and they can answer any questions you have about this strategy.
Ultimately, it comes down to whether or not you can adopt the behaviors that will help you build wealth. Those who can adopt those behaviors are likely to see better results with Infinite Banking, and it is important that you find the right bankonyourself professional to help you get started.
