When I was young I was the heir to a portable toilet business in Camrose, Alberta, Canada. Today I’m a passionate advocate for the concept of infinite banking that was developed by my friend and mentor the late great R. Nelson Nash.
My story is one of transformation, not just in terms of wealth, but in mindset and purpose.
Growing up in a small farming community, I was ingrained with the ethos of hard work. My family’s business, delivering portable toilets to job sites and events, taught me the value of diligence. However, it also showed me the limitations of traditional self-employment: working tirelessly without true financial freedom or the ability to make a significant impact on others’ lives. Working hard did not translate to getting ahead it seemed.
My quest for a more fulfilling path led me to become a journeyman electrician. While I enjoyed working with my hands (which you can understand if you read my Kolbe A Index Results) , I quickly realized that this trade wouldn’t allow me to fulfill my deeper desire to help others.
This realization prompted me to explore the world of real estate, and it was during this period that a colleague introduced me to a life-changing book: “Becoming Your Own Banker” by R. Nelson Nash.
Nash’s book and the concept of infinite banking completely transformed my perspective on money, success, and life itself. It wasn’t just about financial strategies; it was about adopting a mindset that could positively impact every facet of my existence, including my relationships. The principles I learned from Nash and his wife, Mary, who had a remarkable 63-year marriage, inspired me to think differently about everything.
Infinite banking is about taking control of your financial life by becoming your own banker. It’s not just about investing money; it’s about controlling the flow of money.
Imagine you have a magical piggy bank that not only keeps your money safe but also makes it grow over time. You can take money out whenever you need it, and the piggy bank keeps growing as if you never took any money out in the first place.
That’s a bit like what infinite banking is all about.
Infinite banking is a way of managing your money using a special kind of life insurance called whole life insurance. Think of this insurance as a super piggy bank. It’s not just for when someone passes away; it can be used while you’re alive, too.
Every time you put money into this super piggy bank, it grows because the insurance company gives you a small reward, called a dividend, for keeping your money with them.
Now, let’s say you need money to buy a car or pay for college. Instead of going to a bank and asking for a loan, you can borrow money from your super piggy bank.
The cool part is, even though you took some money out, your super piggy bank keeps growing as if the money was still there. This way, you’re using your own money instead of relying on a bank, and you’re still making your money grow.
Over time, as you keep adding money to your super piggy bank and it keeps growing, you’ll have a big pool of money. You can use this money for all sorts of things, like starting a business, buying a house, or even helping your kids go to college. And the best part is, you’re in control of your money, not the bank.
Infinite banking is like having your own personal bank where you’re the boss. It’s a way to save money, grow it, and use it when you need it, all while keeping it in your own hands.
It’s a smart way to handle your money that can help you achieve your financial goals and dreams.
In other words, this approach uses dividend-paying whole life insurance policies as a platform for building wealth. These policies grow steadily, without the volatility of the stock market, and allow you to borrow against them to fund life’s expenses while continuing to grow your wealth.
What sets infinite banking apart is its focus on efficiency and control. Instead of being at the mercy of banks and financial institutions, you’re in the driver’s seat, managing your personal economy.
This system allows you to recycle and optimize your capital, creating a cycle of prosperity that can benefit not just you, but future generations.
One of the most profound changes I’ve made since embracing infinite banking is the way I approach family finances. My wife and I now hold family banking meetings, even with our young children, to discuss how we’re growing our family’s wealth.
We’re changing the narrative around money in our household, making it a source of positive experiences and growth.
As a coach and licensed insurance professional, I now dedicate my life to helping others achieve financial freedom through infinite banking. It’s not just about setting up policies; it’s about educating and empowering individuals to take control of their financial destinies.
I believe that by changing our habits and mindset around money, we can create a legacy of wealth and wisdom that will endure for generations.
Infinite banking has been a journey of discovery and empowerment for me. It’s a path that has allowed me to align my financial practices with my values and goals.
I’m passionate about sharing this journey with others, helping them unlock their financial potential and achieve a life of abundance and purpose.
