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I Have A Confession To Make
A Proverb Has Come True In My Life
It's also my personal testimonial and the reason I, (and my wife), are so passionate about sharing the finance strategy we “discovered”, and helping others with it.
I have not always been very financially responsible.
I've been self employed most of my life. I had a 401(k) once. And when I quit the job that came from, I immediately cashed it out. Wasn't much in it any way. In all my self employed years, I never started any kind of retirement savings.
In fact, I've rarely ever even had a savings account of any kind! I've pretty much always had a checking account, because whenever I made any money, I paid bills and spent whatever was left.
The only insurance I ever had was car insurance, because it was required in order to drive!
And, unfortunately, my parents weren't good examples of financial planning either. They didn't have any life insurance and there was no estate to pass on to my sister and I.
Funny thing about that is that my dad got into the finance industry before I was old enough to get my drivers license. So, you'd think he would've at least bought life insurance... No, my dad thought he would buy real estate, and that would become his legacy. But that didn't happen either.
Since my late 20s I've owned my own businesses. First, I opened a health club. Then, because of my love of photography, I ran a portrait and commercial photography business. Did that for more than 25 years.
As I said, I never started any kind of retirement or even just personal savings. I just didn't really think about it. I guess I thought I would just keep on doing photography until I dropped dead one day...
What happened though, was my photography business died before I did... Digital selfies overran the entire industry.
That, of course, left me stranded and struggling to find a new career. And that's when I got recruited into the finance industry. I became a licensed life and health insurance agent.
I have to admit, I really had no love for the business or the products. But, honestly, I knew that having life insurance was the right thing to do since I was married and had two kids.
But, life insurance is a hard business! As an agent, there is no hourly wage or salary. Income is strictly commission. If you don't sell anything, you don't get paid anything. And I can't sell anything to someone who doesn't want what I'm selling. I have a conscience.
I did buy life insurance for my wife and I. And, by the grace of God, I've been able to keep up the premium payments along with covering the bills ever since.
Lo and behold... that life insurance has turned out to be an actual savings account as well!
Now, here's the really good part of my story...
Just a year or so into my new career as a life insurance agent, I stumbled onto the Infinite Banking Concept. It was quite by accident. My sales manager kept talking about how the cash component of whole life could be used as an emergency fund, and even your personal bank. “And you don't even have to pay back the money!”
That didn't sound right to me, but I wondered about it, so I did some research. That's when I discovered the Infinite Banking Concept as written about by R. Nelson Nash.
Obviously, there is a lot more to it than just taking money from your life insurance and never paying it back. But what I found out next really had me baffled... While the concept and strategy has been in use in America for about 200 years, and it is dependent on using the cash value of participating whole life, most of the life insurance agents I've ever talked to about it, know nothing about it! And, of course, 98% of the people outside of life insurance have never even heard of it!
Once I got a handle on the concept, and learned how to properly design a policy to maximize the cash value, I quickly took action and exchanged the policies we had for new policies that were designed for Infinite banking.
That was eight years ago as of this writing.
An ancient African proverb says, The best time to plant a tree is 20 years ago. The next best time is TODAY.
I have found that proverb to be very true!
In my case, I had no savings. In my late 50s I had no retirement plan or life insurance. I was on the road to being just like my parents in having nothing to leave to my kids.
Whole life insurance has a guaranteed cash component, but it grows very slowly at first. So when I exchanged our first policies for the new, cash rich Infinite banking designed policies, there was very little cash value to move into the new policies.
Even so, because of the dynamic design of our new policies, in just eight years, we now have nearly $60,000 in savings within our policies!
And there's much more to it. The savings is currently growing at 6% annual compounding interest. And that growth is Tax FREE. And all the money is fully protected from any kind of economic down turn as the growth is Guaranteed. Additionally, the money can't be attached by garnishments, law suits, bankruptcy or anything!
And the money is completely liquid. You can withdraw from the cash account, but the Infinite Banking strategy calls for taking policy loans rather than withdrawals. That's because, when you take a policy loan, your money stays in the account earning the compounding interest. If you withdraw money from the account, it is no longer earning the interest.
Amanda and I have used the Infinite Banking strategy with our whole life policies cash values to finance furniture, appliances, vacations, home repairs, and pay off bank loans. All the while the cash values continue growing with the high compounding interest. And as I said, we now have what I consider a substantial amount of savings. Something I've never had before.
Now, if I had learned this strategy in my late 20s, that would have been the early 1980s. Back then the dividend interest rate was at 12% compounding. It fluctuates up and down due to the dividend rate changing. But the Guaranteed minimum interest rate has been at 4% the whole time.
So, Had I started my account back in my late 20s, I would have around $1,000,000 in my cash value account today. And that I could use as tax FREE retirement income!
So, yes – that proverb certainly has proved true in my case! If I had “planted that tree 20 (or 30) years ago,” I would be a millionaire today. As it is, I “planted” it as soon as I learned about the strategy, and have reaped great benefits such as I have never experienced before.
Infinite Banking is the real deal! It has nothing to do with hype. I'm not in it to “sell” it. My wife and I use use the strategy all the time. We have found it to be the most powerful and advantageous financial strategy ever. And we really like helping others.
So, my hope is that this 'confession' and testimonial will serve to inspire you to look into this wonderful opportunity, learn about the strategy, and take action for your own and your families benefit.
In fact, I will give you a copy of the book I wrote about the strategy for free. It's called, Tax Free Cash Growth Warehouse – the 178 Year Old Secret. Just follow this link and request your copy https://infinitebankinghawaii.org/request-downloadand I'll email you the PDF of the book.
Or you can watch the free on demand webinar here https://infinitebankinghawaii.org/tfcgw-webinar
And I have a YouTube channel where you can check out my Answers to Frequently Asked Questions about the Infinite Banking Tax Free Cash Growth Warehouse strategy. Here's the link SC Finance Strategies & Insurance Consultants - YouTube
If you want my help with questions about the strategy or even in getting your own account set up, book a call with me on my Calendly page here http://calendly.com/SC-FSIC
I would love to help you with this.
Aloha Stan P. Cox II