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Understanding the true value of compound interest is essential when making decisions about your financial future. After studying this concept, you may be surprised at how you can build up cash and increase your options for your family and your business.
Imagine that you could somehow recover all the interest you are currently paying (or will pay) to a bank...how would that improve your financial position? Think about all the loans that you have...credit cards, car loans, student loans, business loans, operating lines of credit and mortgages. Just imagine having that interest come back to you in a tax-favorable account that is under your control. What opportunities would this create for you?
Right now, when you spend a dollar it has one job.... buying food, utilities, machinery, etc... Once it leaves your account or pocket, it’s gone.
Everything you buy is really financed. You either pay interest to someone else or you give up interest that you could have earned otherwise. This is called “lost opportunity cost.”
IBC is a strategy that will get your dollars doing more than one job by moving your money through an asset that is under your control.
Banking has been around for centuries, and life insurance has been around for over 200 years. The Infinite Banking Concept combines two well-known financial systems into a strategy that will help individuals take control over their own money. Nelson Nash, the author of Becoming Your Own Banker,demonstrates how building your own “private banking system” through a specially designed life insurance contract, and controlling your own dollars through this system, can significantly improve your financial situation.