“Questions? Yes. You. In the striped shirt. Well, no. That’s more of a comment than a question. Okay, everyone. The question, comment, is ‘aren’t you talking about that 770 Account scam?’” (Photo by Pixabay.)
Yes and no. Nelson Nash’s Infinite Banking Concept (IBC) has also been referred to as the 770 account, Bank On Yourself, Personal Family Finance, Lifetime Finance, and you name it. Pamela Yellen, Tom Dyson, Ray Poteet (Alpha & Omega), and others, have simply taken Nash’s IBC strategy and marketed it differently. You may see that as some kind of scam, but I see it as the entrepreneurial spirit.
(Photo by Pixabay.)
Why don’t I have the entrepreneurial spirit, you ask? Ummm, well. It takes me a great deal of time writing these 500 word blogs because I do extensive research. Doing extensive research, however, doesn’t make me an expert. My family and I have become our own bankers, but we depend on those whose passion it is to become whole life brokers. It’s not my passion. Plain and simple.
Then why do I teach about it, you ask? (Photo by Pixabay.)
Is it hot in here? See, all the financial geniuses I’ve run across have told me that if I wanted to be financially independent I had to get out of debt. So I did. It's great, but I didn’t gain financial independence.
A great many church folks told me that if I wanted “prosperity” I had to tithe. So I do. I love that, but again, no real financial independence. I was told to give above and beyond the tithe. So I do. Again, no real independence.
The Bible said I also had to invest wisely. I thought I did. Still nothin’. So here I was: no debt; no credit cards; tithing, giving, and investing, but still no financial independence.
So I’m looking over my stock portfolio one day, and I say to Jesus, “I got nothin’ of substance. I did everything I was told, but I’ve got no prosperity. You’ve got to make my investments grow.”
About a month later, someone tells me about becoming my own banker, and I’m on fire. In my exhaustive research, Jesus leads me to an 80 something year old guy who says, in essence, “throw your net on the right side of the boat and you’ll find what you’re looking for. Carefully consider this new financial strategy: a dividend paying (participating) whole life (permanent) insurance policy set up properly (customized) by an Infinite Banking Concept-oriented broker through a reputable mutual life insurance company.” So I did. It’s the wisest financial decision I’ve ever made.
The smartest people in the room have been pointing us in the wrong direction. Guess where a majority of these … folks (Wall Street gurus, Congressmen, businesses like GE and Walmart, bankers like JP Morgan, and the list is endless), all have the lion’s share of their money invested? Yep. Dividend-paying whole life. (Photo by Pixabay.)
Life is making your own wise decisions. You better. You’re the one who has to live with the consequences.