What is BYOB?

What is BYOB? – It means —> Be Your Own Bank…

It’s also been call ‘infinite banking’.

In the 5 minute video below, I sum up what BYOB means and how you can do that for yourself. It doesn’t involve the FDIC or setting up a brick and mortar bank somewhere.

This is the type of money product that has been used for generations by some of America’s wealthiest families. The infinite banking concept is used by the Rockafellers, the Vanderbilts, Joe Biden, and many more families that have maintained their wealth for hundreds of years.

A SLIGHT DETOUR

In 2022, I spent one year as an insurance agent. I’m still licensed for the states of Florida and New Hampshire.

Although the work of an agent is nothing that I was told it is, I learned a tremendous amount about life insurance and annuities.

In fact, at my age (60-ish) I’m shocked that I didn’t know these things. I’ve talked to numerous finance professionals who’ve never heard of this type of money instrument. It’s shameful and corrupt and it’s NOT OUR FAULT.

Once you watch this 5 minute video you’ll understand what I mean.

I can tell you this – life insurance and annuities are so much more powerful than we have been lead to believe.

Now that I know what I know, I think most people should have a cash value life insurance policy and if you want to protect your retirement, try a personal pension aka an annuity.

We have been lied to for generations.

We’ve been lied to about many, many things. It’s been going on for literally centuries and continues to this day.

If you are still on the fence about the ‘good’ intentions about our ‘dear leaders’ – just look at the last few years.

Now, they’ve admitted to the outright lies about how they handed the event of 2020.

It all seems to be obvious now.

I can give you one observation; I’ve never seen $12 dollar pounds of butter before.

Please allow 5 minutes to watch the video below and allow me to give a brief understanding of what I mean…

**The explanation on BYOB continues below the video** If it doesn’t play click here…

BYOB is a way to manage your money in which you build up cash value in a well-designed life insurance policy. <—- simplest definition.

Here are some steps to become your own banker:

1. Realize what the phrase means – It signifies a huge paradigm shift in your thinking that puts you in the control seat of your money, rather than the bankers or the Fed.

2. Choose the right insurance agent & company from which to become your own banker – Specific life insurance policies and companies work better than others. It’s critical that you find the right agent. Why? Because it’s the agent and team of people they work with who will structure the life insurance policy in the way that is most beneficial for you.

3. Build up cash value in your policy by making premium payments. Everyone should be taught this from an early age.

4. Borrow from the cash value portion of your policy when you need money, and pay yourself back over time. Forget traditional banks. You can be your own bank.

This concept of being your own bank is also known as “infinite banking” or “banking on yourself”.

These types of life insurance policies are designed to mitigate your dependency on banks and reduce the amount of interest you pay.

CAUTIONARY TALE

However, many will tell you it’s mostly only for the wealthiest people. Which is not entirely true.

It is true that a ‘banking’ policy does have higher premiums. This is necessary to fund as much of the cash value part as possible.

So, does being your own banker cost more than other life insurance policies. Mostly, the answer is yes.

Why?

Because you are using this money vehicle as a living benefit for your money. You’re not using it as a beneficiary vehicle to pass on money. This is an important distinction.

It has everything to do with how and why you are investing in this life policy.

AND… being your own bank can really only be done with a cash value life insurance policy.

How to Get Started With Infinite Banking and Being Your Own Bank…

EDUCATE YOURSELF.

Here are a few names of long time insurance agents and financial professionals who I and many others have learned from.

Nelson Nash

Pamela Yellen

Doug Andrew

Chris Naugle

It’s important to note that infinite banking is definitely not a scam, but it is not the right financial choice for everyone.

It requires significant premium payments to a whole life insurance policy.

However, if done correctly, infinite banking can provide an extremely tax-efficient system. It can deliver a competitive interest rate and allow you to use money in your life insurance policy for anything you want.