A man who is forced to provide of his own account for his old age must save a part of his income or take out an insurance policy…Such a man is more likely to get an idea of the economic problems of his country than a man whom a pension scheme seemingly relieves of all worries. – Ludwig Von Mises
In a nutshell, the Infinite Banking Concept is a strategy where you use mutual whole life policies with high cash values for all your lifetime financing requirements and investments. Then you pay your loans back to yourself while your policy grows in value throughout your entire life tax sheltered. If you are an Austrian Economist or favor Austrian economics over other ideologies … and you want to take responsibility for your own financial well being…maybe it’s time you understood more about how this self banking system works.
The heart of the problem rests in our money. We don’t have control of it. Once you realize how out of control your money really is…and once you get that piece of the puzzle… it is only then that you will begin to see that self financing solutions discussed in books like Becoming Your Own Banker and Bank on Yourself and Money Uncensored offer a better solution that can be applied on an individual basis.
People need to start taking responsibility for their own financial future instead of hoping the government and the rest of the financial world will take care of their financial future for them.
Robert P. Murphy and Carlos Lara wrote the book How Privatized Banking Really Works – Integrating Austrian Economics with the Infinite Banking Concept. If you are a follower of the Austrian School of Economics, maybe it’s time to read it and see how it benefits you and the world together.