(They can be found at: This is an absolute requirement. Who knows, you could be teaching them something they have never heard or thought of before and they might be very grateful to you for having shared it with them.įinally, this article assumes you are either an owner of a well funded dividend paying Whole Life insurance contract from a mutual or mutual holding company that has been properly designed according to Nelson Nash’s Infinite Banking Concept (IBC), or at the very least that you have studied the concept and are in discussions with someone from the Practitioner Finder-people who have passed our training course. In fact, we recommend that you discuss these ideas with your own personal tax, investment or legal advisor. The ideas presented here are only thinking exercises. So if you are a business owner and operate an LLC or a corporation this idea is tailor made for you.īefore we go further, let me also stress that this is not to be construed as formal tax or investment advice. This can include the selling of the entire business itself as a final exit strategy at some time in the distant future. This main difference is the ability to create “windfalls” through either profits or from the sale of business assets. Business owners have a unique distinction that employees on a fixed income do not have. I personally use this strategy for my own taxes, and that’s why I’m choosing this particular approach to relay the idea.Īs I said above, my discussion will resonate most with business owners.1 There is an important reason for this. This is not about “finding a tax loophole.” Rather, I am pointing out one option that people with large cashflows-such as business owners who annually make a large expenditure to the IRS-have, if they’ve been convinced that obtaining a well-funded IBC-type policy is a good idea.Īs my remarks indicate, this idea isn’t really about “paying taxes” per se it would work for any recurring expenditure that is of a comparable size, year after year.
Let me be perfectly clear that my discussion does not reduce your tax liability. In this first part, I will lay the groundwork, and then in next month’s article I will provide some numerical illustrations to show exactly what I mean. Now in order to provide this intriguing maneuver a fair disclosure, I will need to do it in two parts. I should say upfront that this discussion will make sense immediately to business owners, but I hope that salaried individuals see relevance to their households as well. But I am going to see if I can incentivize you do just that by showing you a way to fund a large Infinite Banking Concept (IBC)-type life insurance policy, while using cashflows that are dedicated to paying your taxes. It is a result from planning, executing sticking to the plan.It’s been said that people would rather die than think. What do you have you so far? (How much do you have?).Would we not be on our way of getting rich? It’s all about planning to get rich! For instance, let,s say we had the most important payment of all the “Getting rich payment”. We all have monthly commitments: car payments, mortgage payments, utilities, student loans etc. Call it a plan or a goal or whatever label you choose, you need to start today. However, the argument that the very same people don’t have a plan is true as well. The argument that people don’t have money to start off is very true. People won’t get rich beacause they don’t plan. We plan on surviving and getting by and planning to get rich takes 2nd place and 3rd place.
The reason that people fail at planning to get rich. What hotel will you be staying at? What lifestyle will you be living?Īnd,will it be near a beach, golf course or mountain? Where the problem lies. When do you want to go and when do you want to have it? Is it 5 years, 10 years or 30 years? Is it $500,000, $1 million, $5million? It’s your destination. Where do you want to go? How much is rich to you. The result of getting rich wouldn’t be a problem. If we would put in as much planning in getting rich as we do in our annual vacation. Kind of clothes would you bring and how much.įood for thought. Where would you want to go? Skiing or sun. If you were going on a vacation, you would therefore plan it. Plan on getting rich A Plan on getting rich Vacation Planning your vacation
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