The concept of “Don’t Steal the Peas” from the book Becoming Your Own Banker by R. Nelson Nash is more than just a catchy phrase; it’s a principle that underscores the importance of discipline in managing your financial system. When you implement the Infinite Banking Concept (IBC) using a Dividend-Paying Participating Whole Life Insurance Policy, you become the banker in your own life. This means you’re not just borrowing money from your system, but also paying it back—with interest. But here’s the catch: paying more interest than required can actually be a smart financial move.
Imagine a traditional bank. Banks make money by charging interest on the loans they give out. The more interest they collect, the more profit they generate. Now, in your personal banking system, you’re both the bank and the customer. When you take a policy loan, you pay interest back into your own system. But unlike a regular bank where the profits go to shareholders and executives, in your system, that interest directly funds your own growth.
By choosing to pay more than the minimum required, you’re effectively boosting the capital in your system. This additional payment doesn’t disappear into corporate coffers; it stays within your policy, growing your pool of capital and enhancing your financial security. Over time, this can lead to a significant increase in your policy’s cash value, which continues to grow on a guaranteed basis due to the nature of a Dividend-Paying Participating Whole Life Insurance Policy.
In essence, when you pay extra interest, you’re not just servicing a debt—you’re investing in yourself. You’re ensuring that your banking system remains strong and continues to provide you with opportunities for growth, loans, and financial stability. And the best part? This wealth doesn’t just disappear when you’re gone; it’s passed on to your beneficiaries, tax-free, as a legacy that continues to grow.
So, don’t steal the peas. Pay yourself first, pay your system well, and watch your financial future flourish.
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