Becoming Your Own Banker, Part 18: 3 Things You Need to Get Started with Infinite Banking
Change isn’t easy. It’s almost always more comfortable to stay the same than it is to do something new.
What if the secret to financial freedom was already within your grasp, waiting for you to seize it? That’s exactly what this episode of our podcast is about: the Infinite Banking Concept and the important role that desire and mindset play in it. We’ll guide you on the journey to being your own banker, starting with battling negative thoughts and stepping into a positive mindset, as well as the 3 things you need to get started with Infinite Banking. We also share nuggets of wisdom from Nelson Nash on the importance of capitalizing on your system and the critical need to understand Infinite Banking fully.
Table of Contents
Change is difficult and uncomfortable, however, you must have the desire to change in order to prepare yourself for Infinite Banking. Otherwise, you cannot go through the paradigm shift necessary to benefit from IBC. It’s a completely different way of thinking than most people have been taught, and that can bring up some uncomfortable thoughts.
The power of stepping outside of your comfort zone is that the catalyst for this action is often discomfort, too. So when your current discomfort becomes more unbearable than going through change, you’re ready to grow. There’s almost nothing you can do but go “up,” so to speak.
No matter how you’re feeling, remember that the discomfort is temporary, and it serves to move you to the next phase of your life. It moves you to seek comfort, and you’ll find it.
If you’re ready for this journey, there are three things that Nelson Nash shares in his book that are essential for you to implement in your life, or otherwise embrace, to begin using the Infinite Banking Concept.
3 Things You Need to Get Started with Infinite Banking
To become a person who uses the Infinite Banking Concept, you have to have a strong desire. It’s easy enough to say you want to use Infinite Banking. However, sometimes wanting to do something isn’t enough. After all, there are dozens of other things you might want even more. And if your habits don’t support your desire, it’s going to be an even harder battle.
Humans are complicated, and we have a lot of very human forces working against us. Parkinson’s law, for example, reflects our very human desire to spend the money that we have. Yet this law is the antithesis of Infinite Banking, which is about saving the money that we have in order to make better use of it later. Unfortunately, because most people are compelled to spend, they build habits that are hard to break.
Your desire to implement IBC and use it to better your financial life has to be stronger than your human nature. It has to be stronger than your desire for other things. Each of us has to find our own compelling reasons to buy a life insurance policy—family, a dream career, security. Without those reasons guiding us, overcoming bad financial habits can be hard.
More than that, your desire can’t simply be to outrun your bad habits. Doing so starts your journey on a negative foot, and brings other baggage with it, like shame and fear. You have to find reasons to use IBC that are rooted in the positive impacts it can have on your life. Again, what’s most important to you in this world, and how can IBC help you support and protect those desires?
Once you’ve established a desire for growth that is stronger than your desire to stay where you’re at, you’ll need patience. Whole life insurance, the preferred vehicle for executing the concept of Infinite Banking, is a long-term product. You’ll be funding this policy, ideally, for as long as possible over the course of your life.
[29:57] “Without patience, you’re not going to stay committed to something that’s hard.”
You have to be committed to the bigger picture, which sometimes looks like sacrifice, and other times is simply waiting. This is especially true of those early years when you’re in the capitalization phase. You might not do anything more exciting than paying your premiums for years, and that’s okay. Remember that it’s all in service of your greater goals and desires for your money.
[39:24] “It’s very difficult to make a change without changing something in your environment.”
Maybe you’ve heard the general concept that you’re the sum of the people you spend the most time with. This is true about your financial environment too. If you surround yourself with people who are financially literate, curious, and like to stay up-to-date on the financial news, you’re going to be in good company. You won’t just find camaraderie that keeps you motivated, you’ll also learn and absorb new information all the time.
The environment you find yourself in is critical. Be especially cautious of communities that seem to have “arrival syndrome,” or have all the answers. The reality is, that even those of us with decades of industry experience are still learning and growing. If someone purports to have all the answers, especially about IBC, question that.
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