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Be your own banker: Is it right for you?

This past Friday morning I had breakfast with one of the foremost authorities on what is now termed “Be Your Own Banker”. He is attending a major conference in my hometown of Nashville that has brought leading authorities on the concept together for what is termed “A Night Of Clarity”.

That title inevitably begs the question, “Clarity about what?”

My own impression about both the concept of being your own banker and the clarity issue is that there is today a “thread of discontent” among tens of millions of American citizens. And this “thread” is running unbridled and with its own inertia throughout the country.

At its essence is the concern that something is very, very wrong, that what we thought was the firm foundation of our personal liberty and freedom has turned into mush, and that if unabated, our individual lives will become nothing more than part of some “collective” administered by a central government and its associated powers.

Enter Be Your Own Banker.

Want to regain control of your economic liberty? Be your own banker. Want to get out of debt to others? Be your own banker. Want to pay yourself those fees and interest payments instead of sending them to banks and lending institutions? Be your own banker. Want to keep more of your money from making that one way trip to Washington on the Income Tax Express? Be your own banker.

This is not the first time I've heard of this concept, but it's clear to me that this is no longer a fad. This is a trend. And here's why:

The system is powerful and utilizes a relatively common financial instrument. Working with a financial professional who is competent with this program, you truly can develop and manage your own internal banking system and save tens of thousands or more on taxes, interest payments and fees.

In the coming weeks, I’ll have much more to say on my blogs, web site and our exciting new XM radio program about this most interesting approach to personal economic liberty. For now, just know that there are many professionals in the financial services industry who feel exactly like you do – and are putting their competency and experience behind doing something about it!

To learn more about this interesting new concept, check out Tom McFie's website, LifeBenefits.com. Tom has a video on this page that helps to explain how Be Your Own Banker works.

If you have personal experience with the concept of Being your own Banker, please let me know your thoughts.

Posted by stephen@recalibratetoday.com at 1:24 PM

Comments

7/19/2010 at 11:57 AM by Jeff Adams

Stephen,
I love the concept and don't want another penny of mine going to Chairman Obama.

I think many folks would have a concern about the perceived risk of loaning their own money and having not recourse should something go wrong.

What is your take on issues like this?

Jeff


7/20/2010 at 12:32 PM by Stephen Bolt

Jeff,
Welcome to my blog, and thanks for your question.

In this case the only loans you make are literally to yourself such as a car loan, tuition, money for major appliances, and various living expenses. Absent a program such as what Being Your Own Banker is all about, this is money that you might otherwise consider borrowing from the bank.

The program I am referring to involves a novel way to use certain types of life insurance products to create tax advantages on interest or investment gain without ever paying one dime in taxes. Once your money is inside this product, you have access to almost all of it in the form of a loan, but unlike a traditional loan, YOU decide the terms, not the bank.

This concept has been around for a long time and was used to legally hide tens of millions of dollars by the wealthy until the tax laws changed in the late 1980's. Since then, the concept has evolved, but remains an attractive way to save on taxes and fees, while increasing personal economic freedom.

Hope this helps. Bookmark my blog as we will continue to discuss this topic over the coming weeks.


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