Privatize Your Own Banking Through Whole Life Insurance
Here is a good Forbes article about “becoming your own banker” through the proper use of (mutual) whole life insurance policies.
Now is probably a good time to announce that I am working on a book on this very concept with L. Carlos Lara. We are going to marry the traditional Austrian affinity for insurance with R. Nelson Nash’s brilliant “infinite banking concept.”
If you’re skeptical, that’s fine; so was I. (And Carlos tells me it took him more than a year to finally get on board with Nash’s IBC message.) For me, the real ah-ha moment came when I realized that this isn’t an investment, but rather it’s an alternative to keeping your checking and saving account at a bank. (Because of tax and other advantages, it actually is a decent investment, but you aren’t limited to keeping your wealth socked away in the whole life policies you take out. You can borrow from those policies and invest in pork bellies if you want to.)
Mr. Nash has invited me to speak at one of his conferences in February. Carlos and I are planning on unveiling the book at that time.
UPDATE: Here’s a recent Nash article on LRC.
