Becca Wilhite

Embracing the Infinite Banking Concept, with Becca Wilhite

Join us on an enlightening journey with our guest, Becca Wilhite, a certified IBC practitioner, as we explore her personal path into the world of the Infinite Banking Concept and the IBC Practitioners Program. From a basketball player to a worship leader, Becca’s eclectic background is fascinating, and her initial skepticism towards life insurance is something many of us can relate to. We share how she overcame her doubts and discovered the power and potential of life insurance through extensive research and experience.

In our enlightening conversation, we get down to the very basics of the Infinite Banking Concept, debunking myths and misconceptions about life insurance. We shed light on the importance of capitalizing and the surprising flexibility of premium payments. Not to mention, our examination of the Dave Ramsey approach and how it has influenced people’s beliefs about money and insurance. And trust us, there’s more to this journey than meets the eye. 

What’s more? We also discuss how Infinite Banking can be used practically in everyday life, from paying off debts to buying homes and cars, and even saving for your children’s future education. Becca and our co-host Cole share their insights and experiences, showing us that Infinite Banking is not just a financial strategy, but a way to reclaim financial freedom. So, get ready to challenge your beliefs about money and discover a new perspective with us. Let’s take this enlightening financial journey together!

Introducing Becca Wilhite

Becca didn’t always want to be an insurance agent. Before that was even an option to her, she was a basketball player, an avid traveler, a teacher, and even a worship leader. Insurance wasn’t on her radar. When some friends got into whole life insurance, she couldn’t be LESS interested. After all, she was also a huge Dave Ramsey fan. Finally, she decided to go to one of the presentations, if only to protect her friend from making a bad financial decision. And that’s where Becca’s path changed drastically. 

[04:35] “I went with my guard completely up, ready to just pick this thing apart. But what I found instead was [that] I never knew that life insurance could do that… So it made me curious.”

Armed with a dose of skeptical curiosity, Becca started to read books, like Becoming Your Own Banker, that would help her understand. It wasn’t because she was totally on board yet—she was still determined to “expose” the truth, certain that Dave Ramsey couldn’t be wrong. 

[05:46] “The more I read, the more I studied, the more interested I got. [I was thinking], this is so different from the status quo, this is so different from what we’ve been taught. I don’t think it’s wrong anymore.”

This led to Becca opening her first life insurance policy and working with an IBC life insurance agent. However, Becca was still pretty “green,” as she puts it. She didn’t just want to have whole life insurance, she wanted to know how it works and learn more. So Becca reached out to The Money Advantage about mentorship opportunities and found her way onto Bruce’s calendar. 

The Problem with the Dave Ramsey Approach

Dave Ramsey is certainly a person with conviction, and we don’t want to downplay the good that he’s done for people. Many people struggle with debt, and his approach is helpful. However, Dave also tends to parrot a lot of things that simply aren’t true—about mutual funds, which is what he recommends, and about whole life insurance. And this can be detrimental to people who could really benefit from capitalization more than anything. 

One of Dave’s common talking points is that mutual funds can offer an uninterrupted 12% growth. However, mutual funds rarely hit 12% for even a year, and they can hardly be considered uninterrupted. If you make withdrawals or lose money one year, that’s an interruption to the compounding.

Dave’s stance is also that term insurance is preferable to whole life insurance because it’s cheaper, and it’s “good enough.” It gets the job done. However, many agents and advisors have reached out to him over the years to share their perspectives. It’s entirely plausible to speculate that Dave knows better by now; however, he can’t publicly change his stance. 

Regardless, we’re not here to say that you can’t listen to Dave. If your ideologies align with him, that’s great. We’re here to share our ideologies with you, and if you align with that—with long-term thinking, the values of capitalization, and protection—then we welcome you to start your IBC journey. If not, that’s okay, too. 

Why Whole Life Insurance for the Infinite Banking Concept?

One thing that really stuck out to Becca when she was learning about IBC was the financing portion. People are taught to save for retirement and lock that money away in an account that’s for that single purpose. However, people still need to finance all kinds of purchases over their working years and don’t have the means to do it. This can put people into debt or other uncomfortable situations, too. 

Yet whole life insurance doesn’t lock your money away. It allows you to create an “all-purpose” savings account that doesn’t get depleted when you use it, thanks to the loan function. This can create much more flexibility for people, without reducing future opportunities. And that was a powerful thing to learn. 

What is the Hardest Part About Life Insurance Education?

A listener asked Becca Wilhite what the most challenging aspect of educating people about Infinite Banking and whole life insurance is for her. Becca answered the following: 

[30:46] “I think a lot of people get tripped up when you say life insurance because everybody already has their own perception of that—good, bad, or otherwise. And so, when you tell them what this is, they have a reaction to that. And usually, it’s kind of looking at you, squinting out of one eye, right? So I really try to hammer home the fact that life insurance is just a tool, just like money’s just a tool. If we could… become our own banker some other way—with a can of pennies or a box of rocks—we would do it that way. Life insurance just happens to be the avenue that already has everything in place. The system’s already there, you just have to plug into it.”

Bruce adds that another challenge about life insurance education is that there are so many misconceptions due to poor language skills. People hear things like you can “take money out” or that you “pay yourself interest,” which gives people a false impression. This false impression either makes people believe it’s a magic asset, which it’s not, or people are convinced that it’s fraudulent and the agents lack integrity. 

The truth is somewhere in between; the asset works exactly as it’s designed to work. It’s not magic, it’s an effective strategy, and you are still required to play by the rules and pay back your loans, or “be an honest banker.” The language agents use to discuss IBC is of the utmost importance, in order to make sure that whole life insurance is being represented accurately. 

Paying Interest

Another issue people seem to have with infinite banking and whole life insurance is that they have to pay interest to use their own money. Once again, this is a failure of language. You’re NOT paying interest to use your own money, you’re paying interest to use the whole life insurance company’s money. They lend it to you, no questions asked, because your cash value acts as collateral. 

The reason you should want to pay interest to the insurance company is because you own the insurance company, in part. You don’t want to have a negative impact on your company, because that’s how you get dividends. You should want your company to be as successful as possible so that you can enjoy the benefits of life insurance for the rest of your life. 

The Infinite Banking Concept is a Way of Life

If you’re committing to Infinite Banking, you’re committing to a way of life. This isn’t something that you can do for a year or two and see results. You have to keep at it, be patient, and commit to long-term thinking. If you expect to try it for a few years to “prove it wrong,” you’ll be validated, because that won’t work. 

If you want to venture into the world of IBC with a whole life insurance policy, you have to do it for the right reasons. It works when you want to learn and grow and use it over your whole life. If you go in with the expectation of failure, you’re sure to see that. You must be willing and desiring to make this change for your life and your family’s lives. 

Book A Strategy Call

Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!  Book an Introductory Call with our team today, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth… plus boosts your investment returns, and guarantees a legacy, go to to learn more.

Rachel Marshall

Rachel Marshall is a devoted wife and nurturing mother to three wonderful children. Rachel is a speaker, coach, and the author of Seven Generations Legacy™, passionate about helping enterprising families unlock their true potential and live into the multi-generational legacy they are destined for. After a near-death experience, she developed a deep understanding of the significance of recognizing and embracing one's unique legacy As Co-Founder and Chief Financial Educator of The Money Advantage, Rachel Marshall is renowned for her ability to make money simple, fun, and doable. She empowers her clients to build sustainable multi-generational wealth and create a legacy that extends far beyond mere financial success. Rachel's expertise lies in helping wealth creators remove the fear of money ruining their children, give instructions for stewarding family money, teach financial stewardship and create perpetual wealth through family banking, and save time coordinating family finances. Rachel co-hosts The Money Advantage podcast, a highly popular show that delves into business and personal finance, including how to effectively manage finances, protect wealth, and generate sustainable cash flow. Rachel's engaging teaching style and practical advice have made her a trusted source of financial wisdom for her listeners.
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