Becoming Your Own Banker: Part 2 - Don't Steal the Peas

Becoming Your Own Banker: Part 2 - Don't Steal the Peas
Infinite Banking is an exercise in imagination. Nelson Nash introduced a powerful example of how to capitalize a policy and be an honest banker that he called "Don't steal the peas." If you know how to think about a problem, you will understand the solution.
In this new series, we're going back to the source: the original text on the Infinite Banking Concept, Becoming Your Own Banker, by R Nelson Nash, the father of Infinite Banking.
Today, we're unpacking the principles that make Infinite Banking work, and how understanding the fundamentals allows you to change your financial life.
Jump into the conversation on the infinite banking concept, learn from the original text, ask your questions, and gain understanding and wisdom to make decisions.
Full Playlist: • Becoming Your Own Banker
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[@dailymomentum]

This was a awesome show 🙌🏿

[@TheMoneyAdvantage]

Thank you for watching!

[@edshuman3137]

Thx so much for this knowledge

[@TheMoneyAdvantage]

Thank you so much for your kind words! It means a lot to me that you found the video valuable. I appreciate your support.

[@monamelte8466]

Employee theft is one thing but a sole owner taking goods home to save on taxes it's something totally different and certainly will not cause the owners net worth to suffer. In fact, it will save money in the long run. Yes, for employee perception, make it appear that you are paying for your goods and then remove the transaction when nobody's looking or whatever works.

[@TheMoneyAdvantage]

Thanks for watching

[@billcurtis7511]

If you don't pay for merchandise (steal from yourself) that your business has paid for, that's lost profits. Now, you need to sell more merchandise to make up for the unpaid merchandise. In Nelson's example, 20 cans of peas. When you sell the business in the future, it will be less profitable than the person that than doesn't steal from themselves.
Think big and think long term. Saving a few dollars today will cost you many times that in the future.
DON'T STEAL THE PEAS is good advice.
God Bless Nelson Nash a genius and a great man.

[@iam4sure92]

Thanks for shar8ng.this amazing knowledge. We the folks in england can we do it? If so what companies of people we can contact to get it sort it out?
Many thanks and keep going.

[@TheMoneyAdvantage]

Thank you for watching! As far as we know, unfortunately, this is only available in the US and Canada.

[@eddooley947]

So the point was to stress the importance of paying back your life insurance loan so there will always be some peas in the pot. I will guess the only allowed exception is if the Angel of Death is knocking on your door so loud you can hear it and your time on this earth is very limited and therefore the death benefit will kick in and payoff any remaining balances outstanding?

[@TheMoneyAdvantage]

Thanks for watching! The point was to have a plan to pay it back. It's ok to have a loan that you don't plan on repaying for years. As the policyholder, you control the payback schedule. Were saying to be responsible with this amount of control.

[@edward2209]

I've been in business over 40 years and never had any problems taking food from a restaurant or selling a vehicle to myself wholesale from a dealership that I owned. You're just throwing away tax money and I understand what you're saying but except for the perception, it's really not true. Genius or not, nobody's perfect with their thoughts. There are circumstances where saving that money (from taxes) could then be used to reinvest in the business and grow the business that way instead of just lighting that money on fire and giving it to the government.

[@TheMoneyAdvantage]

Thanks for watching! You will pay more tax if you pay retail to your own company, but you also increase your business's profitability and sustainability.