BYOB Part V, Lesson 9: Points to Consider
The following excerpt is from the book Becoming Your Own Banker, Part V, Lesson 9 (page 85) by by R. Nelson Nash:
1. There are only two sources of income —people at work and money at work. In the typical American family, through the first half of the Twentieth Century, the father worked outside the home and the mother managed the home, nurturing the family and instilling spiritual values as the children matured. Now it is widely accepted that “a family can’t make it without both spouses working outside the home. It takes two incomes ‘just to make ends meet.’” Could it be a fact that this modern family has no money at work?
2. If you knew, at passive income time, that you would be getting back everything that you paid into a system — tax free — would you object to putting more money in it?
3. When you get paid for your work, you put all of it into “someone else’s bank” and then write checks from the account to buy the things of life. So, “someone else’s bank” gets all of your money. If you owned a banking system, wouldn’t you want to run all of your business through your bank? If this is so, then life insurance premiums paid each year should ultimately equal annual income. This can’t be done immediately. It will take the average person about twenty years to reach this level. If this message is taught to succeeding generations, then a perpetual banking system can be achieved.
4. When government creates a problem (onerous taxation) and then turns around and grants you an exception to the problem they created (any tax qualified plan) aren’t you just a little bit suspicious that you are being manipulated? Tax-qualified retirement plans were all created under the guise of “giving you a break.” First, there were pension plans for corporate employees, and then came HR-10 plans for partners and sole proprietors, and finally, IRA’s for individuals. Now everyone “had an exception” to the IRS Code. If the government really wanted to “give you a break” — all they had to do is cut out the taxes! Do you really think they want to do that?
5. Wealth has got to reside somewhere. Where would you prefer to have it reside?
- Real Estate? Then take a look around and see what happens when one needs liquidity. Real estate is very much a “frozen asset.”
- The Stock Market? Then, try reading from my Recommended Reading for Those Interested in the Stock Market on page 91 in this book. Until you have done so, are you qualified to make an intelligent decision about such action?
- Or, free contract with other free persons (Life Insurance)? From this base of financial operation you can do any of the other things in life that you desire.
6. You finance everything you buy. You either pay interest to someone else or you give up interest you could have earned elsewhere. There are no exceptions.
7. Your need for finance, during your lifetime, exceeds your need for life insurance protection. If you solve for your need for finance through life insurance cash values, you will end up with so much life insurance; you can’t get it past the underwriters. You will have to insure every person in which you have an insurable interest.
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