Get Started with Infinite Banking Concept
By now, you’ve probably heard about all the benefits of using the Infinite Banking Concept, also referred to as IBC. In fact, you’ve probably heard these benefits over and over again by several different sources online, most notably Tik Tok and YouTube. It’s true! Using whole life insurance as a financial tool can help you build wealth and create a financial legacy.
But as a newcomer to this information, it begs the question, “How do I get started with Infinite Banking?” Luckily, the answer to become your own banker can be summed up in the 5 simple steps below:
Do your research
Before attempting to create your own infinite banking system, it's important to do your research and educate yourself on the concept. There are so many books, blogs, and articles about the Infinite Banking Concept. There’s even several seminars and webinars available to attend on a pretty regular basis.
(Check out our recent blog post to learn the principles of Infinite Banking Concept)
Just please don’t make the mistake of thinking you need to know it all before you start. Overthinking the concept is one of the biggest reasons people delay getting started. Know enough to understand why you’re doing it, and have an understanding that you’ll learn the rest as you go.
Find a reputable company to work with who specializes in IBC
Did you know there are Infinite Banking specialists? IBC is all they do, day in and day out. And part of the process in working with one of these specialists is that they will work with you on a personal level to set you up with the policy that fits your needs (if it’s not personal, keep looking for the right specialist for you).
You don’t need to do it all on your own. Leverage the expertise of those who know how to build these specially designed policies. Find someone who understands all the ins and outs of designing a policy that will benefit you most. The wrong person, or self-proclaimed “specialist,” often misses some of the most important pieces.
TIP: The Money Multiplier has one of the best reputations in the business!
Be patient with the application stage
Because we are working with Whole Life Insurance policies, there is a scrutinous element here. Insurance companies are able to ensure their longevity and continued growth by carefully examining all risks they associate themselves with. And that includes you and your policy with them.
It’s normal for this application process to take some time, usually anywhere from 4 to 8 weeks. Trust the process and try to be patient. If you understand it's all for your benefit, it becomes easier to maintain your motivation and purpose.
Fund your policy
Once your policy has been approved, you will need to fund it with regular premium payments. These premium payments will go towards building cash value in your policy, leveraging the power of uninterrupted compound interest, which allows the amount you can take in loans from your cash value to continually increase.
It's important to make premium payments on time to ensure that the policy stays in force and continues to accumulate cash value. But continual funding of your policy is a no-brainer once you see the impact it has on your policy’s banking system and your life.
Implement the strategy
Once you have funded your policy, you can start implementing the infinite banking model by borrowing against the cash value of the policy to finance purchases, investments, or other expenses. By using your policy as a source of financing, you can build wealth and create a financial legacy for your family. Just make sure you’re repaying yourself with interest so you can recycle and reuse your cash value again and again throughout your lifetime.
The Money Multiplier not only to designs your custom policy for you, they also help you implement it. This implementation begins with an initial strategy call as soon as your policy goes in force. But that’s not all. Your implementation team member will follow up at specific intervals to make sure you are using your policy correctly and to answer any questions you have. This is what sets The Money Multiplier apart from the pack.
Infinite banking is a long-term strategy, and it takes time to build substantial cash value in your policy. With patience, discipline, and a commitment to the strategy, you can achieve financial freedom and security for yourself and your family.
Getting started with the Infinite Banking Concept, as you can see from the five steps above, is a simple, straight-forward process. As long as you remember why you’re doing it and you stay involved with an IBC-specific community and keep seeking education on this topic, you’ll be setting yourself and your family up for the success you once thought was only for the ultra wealthy. So don’t wait. Start today. You’ll be glad you did.
When you’re ready to get started on creating your financial legacy or if you have more questions, most questions can be answered by watching this video. Start there and then schedule a consult with my team when you’re ready to begin.