The Third Step to Creating Your Own Personal Bank

In the last two (2) postings we discussed about the first and second steps in creating your own personal bank:  get a whole-life dividend paying life insurance coverage from a mutual life insurance company and capitalize this coverage (which is your “bank”) for the shortest time possible, i.e., five (5) years.

The third step is a no-brainer:  set up several “bank branches.”

Remember, we are using the whole-life dividend paying life insurance coverage primarily not for its death benefits but for its guaranteed cash values and dividends for use as funds for financing big-ticket items such as car purchases, grand vacations, business expansion, or loan and mortgage repayments.

By setting up several “personal bank” branches, we will then optimize our sources of financing funds.  Just take a look at how many branches your neighborhood bank has.

On my next posting I will illustrate how infinite banking concept can be use to purchase several cars over a lifetime.