Last updated on July 12th, 2023 at 11:35 pm
Unlock the Infinite Banking Concept
Rating
4/5
Five Powerful Quotes from the Book
Quote 1
“When a number of bad things like this occur in fairly rapid succession it can increase the quality of your prayer life dramatically! The basic idea revealed in the Infinite Banking Concept was born over a period of many, many months at 3:00 to 4:00 a.m. in the kneeling position praying, “Lord, please, show me a way out of this financial nightmare that I have created for myself.” The answer came back about like a baseball bat across the eyes. “You are standing in the midst of everything it takes to get out—but you don’t see it because you look at things like everyone else. You can get to money, during these awful times, at 5% to 8% from three different life insurance companies through policies that you own. The only thing that limits how much you can get to is the same thing they tell you at the bank when you ask them how big of a check you can write—how much have you put in?””
Pithy Summary
Quote 2
“Now, add up all the interest he is paying out and you find that 34.5 cents of every disposable dollar paid out is interest. For the average All-American male this proportion never changes. Let’s assume that he is trying to save 10% of his disposable income, which is twice the average savings rate in America. That means that we have a 3.45 to 1 ratio of interest paid out as compared to savings. If you will get this young man together with his peers at a coffee break or some such gathering and have one of them suggest that they discuss financial matters, I can predict what they will talk about—getting a high rate of return on the portion they are saving! Meanwhile, every participant in the conversation is doing the above! What a tragedy! But that is how they have learned to conduct their financial affairs.”
Pithy Summary
Quote 3
“In Parkinson’s Law (C. Northcote Parkinson) says, “work expands to meet the time envelope allowed.” Check it out—give a person a job to do and give a time limit of three days to complete it. You can bet the grocery money that it won’t get done until late on the third day! Now assign the same job but allow thirty days for its completion—and you should not be sur-
prised that it is finished late on the 30th day!
“He also noted that “a luxury, once enjoyed, becomes a necessity.” Can you remember when we did not have air-conditioned automobiles? Would you think of buying one without air-conditioning? Not me!
“And he said, “expenses rise to equal income.” Is it true? Income is limited for us all, but our wishes far exceed our ability to fund them. When a pay raise comes along it is very quickly absorbed by a new definition of necessities!!
“It doesn’t have to be this way—but it is!! Parkinson’s Law must be overcome daily. If you cannot do so then just go ahead and give up—you are destined to become a slave! That’s the bad news. The good news is—if you can whip Parkinson’s Law you will win by default because your peers can’t do it—and everything you do in the financial world is compared with what they are doing. In all our efforts at establishing priorities we should begin with a thorough consideration of the truth of Parkinson’s Law.”
Pithy Summary
Quote 4
“Please note that all the points that we have addressed so far—Parkinson’s Law, Willie Sutton’s Law (“Wherever wealth is accumulated someone will try to steal it.”), The Golden Rule (“Those who have the Gold make the rules!”), The Arrival Syndrome (“We turn off or tune out the ability to receive inspiration — because we “already know all there is to know!””), and now, Use It or Lose It (“Mark 4:25 – For he that hath, to him shall be given, and he that hath not, from him shall be taken even that which he hath.”)—have to do with overcoming human nature. All human progress is predicated on this matter. It is not easy to conquer but it is absolutely necessary. It is like recognizing the fact that we must attend to bodily hygiene or face the consequences. Don’t brush your teeth regularly and they will rot!
“The Arrival Syndrome produces a “comfort zone” that causes people to lapse into their old way of doing things—a lifetime of accumulated information that determines how one conducts oneself. The fact that this conclusion may be based on fallacious information is beside the point! I illustrate the point by telling people, “what I’m teaching is equivalent to teaching that the world is round—when most folks think that it is flat. Technically, that is a very simple thing to explain—but if you are one of those who think it is flat, then it becomes a very difficult problem!” The Infinite Banking Concept is dealing with a totally different paradigm. This amounts to a personal monetary system.”
Pithy Summary
Quote 5
“It all reminds me of things such as when Christopher Columbus started his journey Westward from Europe to get to the East, his destination in particular, was India. When his party finally arrived at some islands in the Caribbean they met some people they had never seen before. They called them INDIANS! They weren’t—but the name stuck. There are probably thousands of such examples of misclassification that we run into every day but they probably don’t increase the quality of our lives. Instead, they limit our thinking and lead us to wrong conclusions. Words are powerful things!”
Pithy Summary
About the Book
Becoming Your Own Banker: Unlock the Infinite Banking Concept – “Becoming Your Own Banker is a text about the power of dividend-paying whole life insurance. This book demonstrates that your need for finance, during your lifetime, is much greater than your need for protection. Solve for this need through this instrument and you will end up with more life insurance than the companies will issue on you. It is not a sales tool for life insurance agents. It is education that the life insurance industry should have taught during the last 200 years. It is written for the layman, not for financial advisors, but all life agents should be thoroughly knowledgeable of its content and practice. Again, unfortunately, this is not the case. Very few of them have more than a rudimentary understanding of its qualities.”
About the Author
R. Nelson Nash – “R. Nelson Nash was the creator of the Infinite Banking Concept, and the author of the book Becoming Your Own Banker.”
Additional Resources
Tags
Business | Finance | Nonfiction