Baby Boomers – Become Your Own Bank

Baby Boomers should ask themselves who controls their money. The answer is probably the Banks. Over the last 25 years Banks own or control most of the wealth management companies. They will now control your money during your working life and more importantly, during your retirement as government has handed their pensions responsibilities over to them.

How profitable has this been for them? Last year Westpac’s Wealth Management arm BT Australia was more profitable for the bank than their traditional core banking services. Doesn’t that speak volumes about how much banks areimage making using Baby Boomer wealth?

How well would banks have done over the last 20 years if they had not purchased the largest wealth management companies?

I Googled, “Becoming Your Own Banker” today because I thought that is probably the only way you will get control of your money. It brought up some interesting web sites, one of which is Infinite Banking. The home page states,

“Becoming Your Own Banker reveals the extraordinary benefits of creating your own banking system through the vehicle of dividend-paying, permanent life insurance.”

The site is owned by R. Nelson Nash who has written a book called, “Become Your Own Banker” The web page goes on to say,

“… R. Nelson Nash presents a financial blueprint for the layman, not the professional financial consultant or life insurance agent. Becoming Your Own Banker is a definitive “how to” for the serious individual seeking financial success. ”

I just purchased the eBook version and will read it over the next few days. You can download a 9 page review of the concepts in the book here, Infinite Banking – How it Works by Gary Vande Linde.

A quite glance through the book reveals that the we have almost no control over our own money. If you buy a house and get a mortgage you at least have the house and can benefit from any capital appreciation over time. The same with art, antiques and precious metals.

But you put all your money in a bank and they use it to enrich themselves and pay you a small interest for the privilege. That interest is determined by them, you have no say in how much you get paid for lending them your money.

Nelson says that Banking is the most important business in the world. But here is the real point, without Banking all business comes to a screeching halt.

The sub Prime crisis is testament to that.

He makes some interesting observations about pension plans too. He states that,

“When taxation becomes onerous to the point where government officials sense rebellion they always resort to exceptions to the rule. They invented qualified pension plans HR-10 plans, 401K plans, IRAs, etc., ad nauseam.”

He claims these exceptions were spoon fed to the public,

“First it was pension plans which “blessed” one select group of citizens, then HR-10 plans for another group, etc. Finally it came down to IRAs so that everyone has an exception to the rule!”

The concept of becoming your own bank is incredibly interesting. If you are interested Nelson says you should get yourself a coach who has been fully trained in the concept.

If you are interested you can get more information at;

Squidoo – Becoming Your Own Banker – It has links to sites with similar information.

Bank on Yourself – Pamela Yellen has a FREE Report you can download on the concepts.

Becoming Your Own Bank – Great site with simple diagrams of how it all works.

You may not want to become your own bank but I strongly recommend you get Nelson’s book and read it. The more you learn about how the financial system works the better you will be able to protect yourself.

One Response to “Baby Boomers – Become Your Own Bank”

  1. […] wrote a post called, “Baby Boomers – Become Your Own Bank” recently. It spoke about the ideas of R.Nelson Nash and how he devised a method of using […]

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