Content: Page 65, BECOMING YOUR OWN BANKER – The Infinite Banking Concept.
By this time in the course you may be motivated to do something about it by putting these principles into practice in your own life. First comes desire – unless it is strong enough to see you through good times and bad ones, let’s face it, you will probably never get it done. You will remain one who is paying 35 cents out of every dollar left over after paying your income taxes, for interest alone, to the banking business for the things in life that you have just “got to have.” I suggest that you go back and read – several times – Parkinson’s Law, located on page 28. Unless you can overcome this law you might as well give up, dig a hole and crawl in and ask someone to cover you up. You are hopeless! But, remember, if you can whip Parkinson’s Law you will win by default in comparison with your peers!
Next, would be conviction that this concept is without flaw. There are a large number of people out there who have no earthly idea of the truth of this message and you are going to probably face their ridicule. You must not let these folks influence you. Why listen to an incompetent? Having someone else in your life that is very familiar with this concept is a necessity. You are going to need a coach. Find a life insurance agent who knows and understands it thoroughly. If you don’t know one, then look on my website www.infinitebanking.org and click on the LINKS button or contact me and I will help you find one.
Another thing to consider is to recognize the value of moral support by joining a “wealth club” — a group of people with similar interests who get together periodically to discuss the process of building wealth through whole life insurance and other strategies. Or, even better, maybe you should organize one yourself. Discussing each of the five parts of my book, BECOMING YOUR OWN BANKER could be very profitable activity. There are many persons who have been through my seminar over a dozen times and they testify that they learn something new on each occasion.
Still another possibility is to have such a group to purchase Robert Kiyosaki’s board games, Cashflow 101, and Cashflow 202 and play them regularly. These are not cheap “toys” – they are great teaching tools that can help you understand what is really going on in the financial world. You can get these games by going to www.richdad.com. I highly recommend these games.
Basically, it is a matter of rearranging what you are now spending. After all, Parkinson’s Law applies – “Expenses rise to equal income” – and “a luxury, once enjoyed becomes a necessity.” All of us feel that we are already spending all our money on necessities – that is, until critical analysis proves otherwise. So, you have to become brutally honest with yourself and reorganize your priorities in life to answer the question, “Do I really want to get out of the financial prison of my own making?” Honest introspection will usually find some premium dollars with which to start. At least, that was my own experience and I don’t think I’m all that different from everyone else.
A significant source of funding could be your current contributions to tax-qualified retirement plans. I know this is probably an untouchable subject in your mind, so let’s conduct an exercise:
Would you go into business with your best friend …
- If he demanded that you put up all the money.
- If he required you to let him make all decisions as to percentage of ownership, when money was split, etc.
- And he reserved the right to change anything, any time, without your consent?
I don’t think anyone in his right mind would do so – yet that is exactly what you are doing if you participate in any tax-qualified plan, such as a 401-K, IRA, Pension Plan, etc. and you are dealing with a “partner” that has a perfect record of lying to you.
There is a way to begin receiving income from such plans without having to pay a penalty. You will, of course, have to pay income taxes on the withdrawals but you can certainly use this chain of payments to start up new life insurance policies.
We will deal with this subject at length in the next lesson, so try to prepare yourself mentally for a great challenge.