Money, Banking, Taxation The Infinite Banking Concept And Becoming Your Own Banker
Could you live ten days without money? Try it and find out what an asset money really is. Assets have a tendency to multiply. The problem is hardly anybody treats their money as an asset.
It has been written that “The value of an asset increases exponentially while the value of your labor only increases incrementally.”
The return of your money is more important than the rate of return on your money. Those that fail to grasp this concept lose the real value of money by losing the control of their money.
Think about this:
Where does all your money go when you get a paycheck?
Into a Bank owned by someone else?
Who benefits the most by this process? You or the other guy?
It has been written that “you can’t multiply wealth by dividing it.” Habitually letting others have first right to your money by depositing your paycheck into their bank, gives them control over your money and not you. This will wind up costing you thousands of dollars, if not more, over time. Each time you give up management of your money to someone else you lose wealth. When you allow others to manage your money your money now can be subject to account charges, service fees and management fees. Plus the managers of your money will make money off your money and pay you very little in comparison to what they are making.
That is why everyone needs to read about the Infinite Banking Concept in the book Becoming Your Own Banker by R. Nelson Nash. Nash explains how, you can take control of your money, which is the asset that can build real riches and lasting wealth. This process is called the Infinite Banking Concept or IBC. IBC allows those who utilize Becoming Your Own Banker, aka BYOB, to recover the costs associated with the banking equation. What is the banking equation you might ask? The banking equation is simply this:
You give up interest you could have earned by paying cash or you lose money by paying someone else interest when you use their money. You lose money regardless.
When you Become Your Own Banker, you recover the cost of interest you pay out when you borrow from your own banking system and pay yourself back. You are now using your own money as an asset and it will multiply.
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