Starting Your Own Private Family Bank
Starting your own private family bank system, one that you own and control. A system that you can use personally and for business to finance purchases.
When you start an Infinite Banking designed plan, you have essentially created a new business that you own and control. The advantage is, all of the heavy lifting has already been done.
Consider the costs, time and administration of opening and operating a traditional bank. They have to do market research to determine the need, locate property to rent, buy or build, hire and train staff, apply and purchase appropriate charters, and consistently manage the banking operations.
How Private Family Banking Works
With a private family bank as we are describing, the owner controls the process of financing via a participating, whole life insurance contract. The life insurance company administrators manage the affairs of this centuries old process, while the owner has use and control of the banking function.
Because these types of life insurance companies are mutually owned by policyholders, they are dedicated to serving their best interests. It’s essentially a way to protect your family and business, while building your own private family reserve. These reserves, known as cash value, can be utilized for banking. And, the policyowner controls the process and terms of repayment.
The Infinite Banking Concept is not a bank; it is a thought process that represents a major paradigm shift.
~Nelson Nash
Financial Independence
If you only used the private family business for personal reasons you are creating financial independence from the traditional banking system. But, if you utilize your “private bank” to enhance your business or start a new one, the profits can be increased. The uses are only limited by your imagination, they are infinite in scope.
To truly understand how private family banking works, you have to do some homework. The best way to do that is to read the classic bestselling book, Becoming Your Own Banker by the late Nelson Nash.
Infinite Banking Case Study
In this real-life IBC Case Study, Dr Nillsen shares how he has used Infinite Banking in his medical practice and business.
Henry Ford said…
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
When I meet with families for the first time, rarely do they understand anything about fractional reserve lending or the Federal Reserve. Once you do, it’s hard to imagine that anyone would not want to take control of the banking function in their life.
Famous Family Banking Systems
The Rothschild family bank is probably the most famous and recognizeable example of family banking.
Nathan Mayer von Rothschild established a family banking system throughout Europe during the 18th century. The Rothschilds were pioneers in providing capital for business and financing projects.
Mayer Rothschild wanted to keep the banking fortune within their family and left rules for his descendants on how to handle the family’s finances.
The Rothschild’s family banking empire originated in Germany and established their wealth and influence all over the world. This family banking system established the Rothschild’s family banking dynasty and their wealth has been preserved for generations.
Banking is the most important business in the world.
R. Nelson Nash
Starting Your Own Private Family Bank
Starting your own private family bank is much simpler than starting most businesses let alone a traditional bank.
Private family banking is a predictable way to create financial freedom from the traditional banking system using your own personal capital.
By financing your major purchases through your own “family bank” you bypass normal bank rules and credit reporting. Controlling the banking mechanism in your life can help grow your family’s wealth while creating perpetual banking system.
Learn How Banking Can Work for You
To learn more about private family banking and how to use the Infinite Banking Concept™ to become your own private banker, schedule a financial review with an IBC Practitioner.
To your family banking success,
Barry Page
P.S. Teach your kids about family banking.
Barry Page is a Registered Financial Consultant, Managing General Agent and Founder of Legacy Insurance Agency, PLLC. He specializes in helping his clients create private family banks using IBC .