Manage episode 244541177 series 2516289
One of the fundamental rules of becoming wealthy and successful is emulating what the wealthy and successful do. If there’s one thing they do well, it is using whole life insurance to become their own bankers and create wealth intelligently. What can we learn from the way banks operate? How can we make money without working harder or taking on any more risk?
On this special episode, recorded at the Impact Players Tour, wealth coach, Brent Kesler shares on the wealth strategy of the most successful people in the world, and how we can use this machine to build our own wealth.
You need to start treating your own money the way you treat the bank’s money. -Brent Kesler
Three Things We Learned
The wealthy use whole life insurance to keep money in motionUsing whole life insurance as a wealth building vehicle is what the wealthy, rich and elite do. It’s what the banks are even doing. Conventional banks own more in whole life insurance than any other holdings, and that’s because there’s a guaranteed growth rate, and the money we make is tax-free.
Paying cash for a car isn’t as beneficial as we thinkWhen we pay cash for a car, you don’t avoid interest and we don’t actually save money. Once we’ve bought that car, all that money is completely gone and we have to start saving for the next one. That means we’re losing out on many benefits when we part with that cash.
The 3 rules of becoming your own banker There are 3 key rules we have to follow in order to successfully use the Money Multiplier Method to build wealth. If we want to get back the money we’ve spent on assets, we have to pay ourselves first, because that is our premium deposit. The second rule is that we have to pay ourselves with interest, and thirdly recycle and recapture our money.
Our goal is to become our own bankers so that we get the benefits that the banks are getting. We’re already buying stuff and paying for stuff but the bank is getting all our money, so why not buy stuff and get money back by being our own bankers? 90% of our money goes to someone else and then we’re left trying to save the 10% that we have. By employing a whole life insurance policy in a mutual company that pays dividends we increase how much money we can earn and save, we can recapture the dollars we’ve spent and we can really start to create wealth.