You Be the Bank

Posted by BecomingYourOwnBank.com Advisor – Josh Thompson

Tis the season… And surprisingly, in the midst of all the decorations, I’m shocked at how much of the exact same advice is being given out in the entire blogging world.

Everything I read is about “saving money this holiday season.” Articles on cutting down expenses by a few cents here, a few cents there, and don’t get me wrong saving money can be great.

But I’m just so surprised by how hard people will work to save a few cents, and how little they work to save hundreds of thousands.

What am I talking about, well I’m talking about You be the bank, also known as Becoming Your Own Bank or Infinite Banking.

With be the bank, or Infinite Banking, you can start getting your money to work for you, by getting the velocity of money on your side. By doing this you stand to save a great deal of cash that you would normally send right over to the bank on purchases that you finance, be it big purchases like cars, boats, etc or just credit card interest.

The car example is the most common You be the bank example. You are losing out on the banking equation, or the velocity of money, if you are financing cars through the bank, OR if you are PAYING CASH for vehicles.

Now I know that is usually where people stop me. “I always pay cash for my vehicles, isn’t that a good thing?” Well I won’t say it’s a BAD thing, I will only say that with You be the bank there is a better way. And that way is by financing your own purchases.

By financing your own purchases you become the banker. Now, by treating your money like you would treat the actual banks money, you can build wealth by paying yourself interest.

Now couple this with a secure and tax deferred life insurance policy, setup correctly by a You be the bank professional, you can build wealth by doing what you already do…spend money.

By using the You be the bank concept, you put yourself in a much better overall life situation. Watch our video series to learn more about how to be the bank.

Once you have your own private banking system, then you won’t feel so bad about that 10 extra cents you spent on that bag of chips.

Tagged as: Infinite Banking, money, wealth