Read our review of the "Infinite Banking Concept" (also known as "Bank On Yourself")
Infinite Banking Concept review:
If you're tired of paying high interest rates to banks when borrowing money or using your credit cards, then the Infinite Banking Concept (also known as Bank On Yourself) is worth considering.
Developed by Nelson Nash in 1994, the idea is to finance your own purchases by becoming your own bank.
But instead of borrowing money from a bank, you have your own private bank (using your own money, saved up over time) that you can get a loan from, for whatever you need. Then when you borrow money, you pay yourself the principal and interest the bank would have received. So instead of the bank making money on the interest you're paying, you pay yourself and you keep the interest.
In theory, it sounds very simple. But it requires a detailed knowledge of an investment known as a "dividend paying whole life insurance policy."
Many people are turned off by the idea of using insurance as an investment, with good reason. But when done correctly (think "financing" rather than "investing"), the Infinite Banking Concept can be an important part of your financial portfolio. So it's important that you find a trained advisor who knows how the process really works.
Click here for your FREE "Bank On Yourself" Report "Bank On Yourself - How To Pocket The Interest You Now Pay to Banks, Credit Card & Finance Companies ... & Turn It Into Personal Wealth & Tax-Free Income for Life."
Some people call Infinite Banking a scam, which it is not. Simply, it is a creative way to use life insurance. People have been using life insurance to build wealth for a long time. So it does work, when done right. But it is not an overnight way to get rich, or save money. It takes time to build wealth, using this or any savings or investment method.
Plus, it may not necessarily be right for everyone. Especially if you don't understand it - which is why some people call it a scam.
It takes time to save enough money to finance any kind of significant purchase. But once your "bank" does start growing, it grows fast. So it can be a significant way to save money in the log run.
So it's a good idea to talk with an experienced "Bank On Yourself" advisor first. Learn how it really works. And find out if it's right for you. In the end, you just might be able to save a lot of money by financing purchases through your own bank!
Here is a summary of the Infinite Banking Concept:
Positives: ♦ Save on interest by becoming your own bank
♦ Works for small or large purchases
♦ Long term tax benefits
Negatives: ♦ Takes time to build up enough money
♦ Must use an advisor to set up
Overview: ♦ Company founded: 1994
♦ Info offered: Free report
♦ Website: Infinite Banking (Bank On Yourself) (enter passcode "kris")
♦ Rating:
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