I’ve been re-reading Becoming Your Own Banker, by Nelson Nash. It’s such a solid book, and really it’s the first book written on the Infinite Banking Concept. In it, Nelson comes up with a majority of the terminology we use today. I want to put a few quotes up that I really enjoy from the book, and from Nash himself, and then put a little of my own discussion behind it.
“The very first principle that must be understood is that you finance everything you buy–you either pay interest to someone else or you give up interest you could have earned otherwise.”
My thoughts — You are either paying interest or losing interest. It’s obvious when we talk about financing or paying interest to a bank. However, it becomes less obvious to the person paying cash for his purchases, the easiest example is a car. He doesn’t see that he is losing out on all the interest he could be making on the money he has saved. In giving it up for the purchase of the car, he is robbing himself of his the potential growth that money could be generating for the rest of his lifetime.
“Remember that there is only one pool of money out there in the world. The fact that any number of organizations or individuals are managing a portion of the pool is incidental.”
“Question: Who is the biggest thief in the world? If you answered the Internal Revenue Service you are correct! Most people have this feeling but lack the ability to explain that it is indeed, theft. I explain it this way. Let’s go to a shopping mall or some such place where there are lots of people to witness what I am about to do to you. At this point I pull out a gun and place it against your head and direct you to “give me the contents of your wallet or I will blow your brains out!” I can predict with certainty that those who saw this act will describe it as theft–and call for my punishment. But–if you will allow me to gather that same crowd for about an hour before you show up–and let me talk to them about how we are going to divide the contents of your wallet and distribute among them–now they will call the act “democracy in action!”
“People just don’t play their proper role in the scheme of things. They have abdicated their opportunity/responsibility as it pertains to the banking function in the economy. They are depending on someone else to perform that job–and that character in the play is making most of the money!”
My thoughts — By relying on banks to perform your banking for you (ie. loaning money and being responsible for your money saved), you only put more money in their pocket. In doing this, you pay for someone else to get rich off of your money for doing something you should be doing yourself.
“Every time a person buys a life insurance policy he is starting a business from scratch.”
My thoughts — Each life insurance policy works like its own business. It takes a few years to start making money. The future results are tremendous if you treat your company properly. You cannot steal money from your business, you must treat your business properly and with more respect than you would a corner bank, not less.
“The money problem. Only money left over after paying taxes can be spent. For the average person in the U.S., 34.5% of that sum goes to pay interest alone, to finance car purchases, homes, and various other purchases. This money is gone forever. It is making persons in the banking business wealthy. It can be yours to enrich your life forever–if you get into the banking business.”
“It is axiomatic that any government sponsored program will always accomplish the opposite of the stated intent. Check any of them out over an extended period of time and see for yourself. The most dangerous thing you can do with money is put it into government sponsored schemes.
“When government creates a problem and then turns around and creates and exception to the problem they created aren’t you just a little bit suspicious that you are being manipulated?”
“Your need for finance, during your lifetime, exceeds your need for life insurance protection. If you solve for you need for finance through life insurance cash values, you will end up with so much life insurance, you can’t get it past the underwriters. You will have to insure every person in which you have an insurable interest.”