Saturday, August 15, 2009

Taxation, Money And Banking, With The Infinite Banking Concept By Becoming Your Own Banker

By Tomas McFie

Could you live ten days without money? Try it and find out what an asset money really is. Assets have a tendency to multiply. The problem is hardly anybody treats their money as an asset.

Someone once said, "The value of an asset increases exponentially while the value of your labor only increases incrementally."

Most people are concerned about the rate of return on their money when they should be concerned about the return of their money. And so they lose the real value of their money by giving it to someone else.

What about this:

Whose bank do you deposit your paycheck in?

Into a Bank owned by someone else?

Does your money make you or the Bank the most because of this transaction?

Do not ever think that you can multiply your wealth by dividing it up. Allowing others to have access to your money by placing it on account at their bank, gives that bank control over your money. You automatically become second in command of your money by doing this. When the bank controls your money, you do not and they make money off your money while you pay the fees, the charges and all other costs associated with banking and financial institutions.

That is why everyone needs to read about the Infinite Banking Concept in the book Becoming Your Own Banker by R. Nelson Nash. Nash explains how, you can take control of your money, which is the asset that can build real riches and lasting wealth. This process is called the Infinite Banking Concept or IBC. IBC allows those who utilize Becoming Your Own Banker, aka BYOB, to recover the costs associated with the banking equation. What is the banking equation you might ask? The banking equation is simply this:

You lose money whenever you buy anything. You lose money that you could have earned in interest when you pay cash, or you lose the interest you have to pay someone else to use their money to make your purchase.

When you Become Your Own Banker, you recover the cost of interest you pay out when you borrow from your own banking system and pay yourself back. You are now using your own money as an asset and it will multiply.

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