Talking about Become Your Own Banker and how it caught Richard’s attention.
You can and should be the banker in your life.
Everyone should be in two businesses – one where you earn your living and one that finances everything you do for a living.
Infinite Banking Concept: Accumulating a pile of capital in an efficient location that is constantly growing
Utilize contracts to build a reservoir of capital.
Life Insurance: Your Personal Monetary System
Cash Value Insurance: The massive untapped resource of private money
You can have more control over your money.
In this episode of Raising Private Money, we delve into the fascinating topic of the Infinite Banking Concept.
Richard Canfield joins Jay Conner and together they explore how this concept can fund your real estate deals and provide unparalleled control over your money.
Richard also shares his experience of filming a documentary capturing Nelson's knowledge and stories, now available at https://www.NelsonNashFilm.com.
The importance of control in the infinite banking space is emphasized. The concept allows individuals to amplify their control over money and pass on a legacy to their families.
They also discuss the untapped potential resource of private money available through cash value insurance. Jay and Richard explain how individuals working with real estate deals can tap into this resource by asking if people have cash value insurance they would like to put to work for more profits.
A concept called infinite leverage is introduced. Jay and Richard explain how they can borrow against their whole life insurance contract and loan that money to someone else, earning interest on the loaned money.
They emphasize that they are using the insurance company's money and pocketing the spread, resulting in an infinite rate of return. Jay and Richard discuss how owning a whole life insurance policy allows someone to co-own the insurance company and access its capital.
As participating owners, the insurance company must grow profits for the policy owner and share dividends. Reinvesting the dividend increases the tax-free death benefit, leading to more cash accumulation.
The power of controlling and managing your own reservoir of cash value potential is highlighted, enabling unrestricted access to equity for various purposes.
The episode concludes with the belief that everyone should be in two businesses: the one they earn their living from, and the one that finances everything they do for a living.
The importance of being your own banker and controlling your own banking function is reiterated.
Jay Conner is a proven real estate investment leader. He maximizes creative methods to buy and sell properties with profits averaging $67,000 per deal without using his own money or credit.
What is Real Estate Investing? Live Private Money Academy Conference
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