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Taxation, Money And Banking, With The Infinite Banking Concept By Becoming Your Own Banker
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Money is hardly ever considered an asset. Yet you can prove that it is an asset by attempting to live 10 days without using it. Because assets tend to multiply this is an important realization.
It has been said that, “The value of an asset increases exponentially while the value of your labor only increases incrementally.”
The Rate of return on their money, for many, seems to be more important than the return of their money. But the real value of money is destroyed when rate of return is the focus. This is because someone else is in control of the actual money.
Consider the following:
Your paycheck. Where do you deposit it?
Into a Bank owned by someone else?
Does your money make you or the Bank the most because of this transaction?
It has been written that “you can’t multiply wealth by dividing it.” Habitually letting others have first right to your money by depositing your paycheck into their bank, gives them control over your money and not you. This will wind up costing you thousands of dollars, if not more, over time. Each time you give up management of your money to someone else you lose wealth. When you allow others to manage your money your money now can be subject to account charges, service fees and management fees. Plus the managers of your money will make money off your money and pay you very little in comparison to what they are making.
That is why everyone needs to read about the Infinite Banking Concept in the book Becoming Your Own Banker by R. Nelson Nash. Nash explains how, you can take control of your money, which is the asset that can build real riches and lasting wealth. This process is called the Infinite Banking Concept or IBC. IBC allows those who utilize Becoming Your Own Banker, aka BYOB, to recover the costs associated with the banking equation. What is the banking equation you might ask? The banking equation is simply this:
You lose money whenever you buy anything. You lose money that you could have earned in interest when you pay cash, or you lose the interest you have to pay someone else to use their money to make your purchase.
Do not be fooled, banks and financial institutions make money when they loan your money out to others. If you practice Becoming Your Own Banker however, you are the one who will profit the most by allowing for your money to return to you in a tax free environment the IBC way.
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