The Infinite Banking Hack
Key Takeaways
Introduces the concept of infinite banking
Full Transcript
I think it comes down to the perception [music] of the person setting up and using infinite banking if that's what we want to call it. You know, I'll never forget when I read that book, [music] Becoming Your Own Banker by Nelson Nash. I was just getting into the game of real estate, so I had I had three properties >> [music] >> and when I read his book, it showed a way that you could use life insurance as a secondary source of [music] funding, you know, kind of becoming your own bank, but I had no idea how to do it or what to do with it. And so, a mutual friend of ours, Patrick Donahoe, that's how I met him and I went to him and I said, "Hey, I'm buying a bunch of real estates. [music] How would you set up one of these policies?" And I'll tell you what, infinite banking can be a scam, [music] right? If you're buying a life insurance policy from a life insurance salesman who has no intention of [music] ever helping you use it or set your policy up like a bank, but if you are working with someone like Patrick Donahoe, man, it was a phenom- it has been and today for me still it's a phenomenal [music] tool to build wealth, to use leverage, and as hopefully we can talk about it, generate tax-free income.
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