- 3rd Rule Book Review
Becoming Your Own Banker - Fifth Edition (sixth edition available only as an e-book) is a book that expands your creativity in building your personal wealth, & designing your retirement plan. The greater your creativity; the greater autonomy you gain over how you choose to safely navigate your wealth through this financial system.
This book does not present a get-rich-quick scheme. It presents a little known powerful inter-generational wealth building strategy that allows you & the beneficiaries to this investment vehicle to enjoy the fruits of the wealth generated while you're still alive instead of only after you're deceased.
The information revealed in this book is not taught if ever in "higher" learning institutions. The average business, finance, & accounting professors fail to mention this strategy of using this investment vehicle system because in part, a lot of these professors are unaware of this strategy, & that includes a lot of insurance agents. Simply put, Becoming Your Own Banker is a creative way of using life insurance policies to build wealth that the average person outside & inside the life insurance industry never imagined to use these polices in the fashion described in this book.
Giving You an Important Insight
The money you 'borrow' against your life insurance policy is the SAME money you 'deposited' into your policy - it's your own money you're borrowing. So ... how can withdrawing YOUR own money be classified as you 'borrowing' your own money? Okay, let's clarify that paradoxical statement to help you fully grasp the meaning of that statement. When you purchase whole life insurance; you automatically opened a cash account, & created a policy (death benefit). With whole life insurance; your cash account is like your checking account, & your policy is like your savings account. Now, the following reveal the similarities & differences of a whole life insurance a typical checking/savings account from a bank:
- Cash Account (money that belongs ONLY to you) is where you deposit your cash to fund the policy
- Policy (money that belongs ONLY to your beneficiaries) is the cash amount you 'created' (not deposited); based on the results from the Insurance company underwriting the documents you provided.
- Policyholder -- Insurance Company (shows up on their financial statement as an asset that can be used as collateral to invest in other financial products)
- Policy Owner -- Beneficiaries (receives the funds after you pass)
- Policy Controller -- You ( you decide where the insurance company can invest your funds, & whether to maintain or cancel the life insurance account)
Now that you understand the basics of what you're getting when you purchase whole life insurance; we can now clarify how withdrawing your own money is classified as you borrowing your own money.
The policy amount you create is ALWAYS greater than the amount in your cash account when you initially purchase whole life insurance.
After an initial period of time has passed from the day you purchased life insurance; you're free to withdraw money from your Cash Account anytime you want. The amount you withdraw from your Cash Account is the SAME amount that is reduced from the Policy amount 'owned' by the beneficiaries -- their money. You withdrew your own money, & at the same time you borrowed money from the beneficiaries because the money in your Cash Account is tied to the money in their Policy.
Buy this book to gain a level of understanding within the financial industry that few people possess.
The 3rd Rule Institute is currently developing a book about life insurance polices. Life insurance policy is a complex subject mainly due to many life insurance 'experts' often interchange the terminology used on the subject. The interchanging use of words keep the non-experts confused on what word exactly means what. We aim to clarify & define the jargon in our upcoming book. Look out for the book some time later this year.
- Publisher Book Description
Becoming Your Own Banker – The Infinite Banking Concept describes the power of dividend-paying whole life insurance. It is education that the life insurance industry should have taught during the last 200 years. Unfortunately, the industry has concentrated on the death benefit qualities of the contract and has neglected to adequately describe the financing capabilities that it presents for the policy owners. This book demonstrates that your need for finance, during your lifetime, is much greater than your need for protection. Solve for this need through this instrument and you will end up with more life insurance than the companies will issue on you.
- Editorial Review(s)
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