Unboundmoney.com endorses the Infinite Banking Concept.
What is the Infinite Banking Concept?
The Infinite Banking Concept (or IBC as we’ll refer to it from now on) is actually not a new concept…it has a proven track record, has been around for decades, and involves leveraging the power and benefits of a solid financial instrument that has been around for hundreds of years.
Most people think that paying cash is the most cost-efficient way to make purchases. However, any purchase is financed…that is you are either paying interest on money borrowed (credit cards, car loans, mortgages, etc.) or you are losing interest when you use your capital (pay cash).
The Infinite Banking Concept solves both of these issues! By becoming your own banker, you can make tax-free loans to yourself for purchases and then pay yourself back just like you would if you secured a car loan or made purchases with a credit card, except that you are paying the interest you would be paying to someone else to yourself and increasing your bank’s value! Plus you don’t have to worry about qualifying for a loan, filling out tons of paperwork, providing tax returns, proof of employment or jump through any number of hoops!
Plus, if you need to skip a payment or defer your repayment for a while, there are:
- NO harassing phone calls or letters from lenders
- NO threat of foreclosure
- NO negative marks on your credit score
- NO repossessions
…and on and on….You are the banker and it’s YOUR money.
After all, that’s what Banks do…except they use your money to make loans (the money you deposit in their bank) and earn interest on your money! Have you really thought about that? You work hard to earn a decent living and provide for your family, and do the bank the honor of getting to hold your money for you; yet they pay you paltry (if any) interest and then turn around and lend it out to someone else and charge them 10x what they are paying you!
(If that doesn’t start to get your blood boiling, be sure to take a look at how “retirement” plans such as 401k’s and IRA’s stack up against The Infinite Banking Concept.)