2024 Banking With Life — Live Event

October 26th, 2024

It is always edifying to be in a room full of like-minded people who are experiencing the blessings of Nelson Nash’s Infinite Banking Concept.

There were several new faces that I had the pleasure of meeting this year, but it was also wonderful to catch up with many of same connections from the past few years.

I wasn’t able to spend as much time with Ryan this year since he was so busy signing books. Attendees were among the first people to be able to purchase Ryan’s new book, prior to it being released in the big wide world. So, I of course had to get an autographed copy.

This year’s event was an additional treat for me since one of my good friends and clients was able to attend.

We had the pleasure of hearing four great speakers that included, of course, James Neathery and Ryan Griggs, as well as an Executive from one of the most popular insurance companies in the IBC space. The special guest this year was the renowned Barry James Dyke. It was such a blessing to hear some of his insights on our current financial circumstances from his decades of extensive research. We also had the pleasure of visiting with this humble man, and get our hands on signed copies of his new book, The Retirement Ruse.

Takeaways

Though I am not able to share all of what was said at the event, here are some of my key takeaways:

James Neathery

Passive Income is NOT getting something for nothing. It requires work. Man was made for work. The ground was cursed for man’s sake as a reminder of sin (referring to Genesis chapter 3 from the Bible). The difficulty of work encourages us to develop the skill of discernment in isolating truth in a world of “noise”. Discovering the truth through work is a blessing!

The work associated with IBC is:

• Revising your spending patterns to be able to pay premiums and policy loans as the starting point (see pg.13 of Becoming Your Own Banker). Clients must find the money themselves to continue paying premiums.
• Knowing the mechanics of your policy. How much premium can you pay for how long, and why? What is the Catch-Up provision (if any)?
• Continue learning about what is going on in the financial world, and expanding your understanding of Whole Life Insurance.

The typical results of putting our work into the more popular Retirement Plans are:

• You end up with various accounts that don’t work together and that are not “passive” in managing them.
• You are exposed to the aggressive marketing of the “4% Rule” that was developed in 1994 based on a 1926–1976 stock market snapshot. In reality, many estimate that the “rule” is now 2.4% or less.
• You are more subject to the destructive effects of future taxation.

Ryan Griggs

Ryan presented more advanced strategies for expanding a family’s IBC system utilizing the Premium Deposit Fund (PDF) Max rider, and a stand-alone Convertible Term policy.

The PDF Max rider, which is a free option from a particular insurance company, gives the policy owner the ability to designate a lump-sum amount to pay up to 10 years of premiums on a new policy. This side account also earns a competitive interest rate (taxable) that increases the impact of the premiums.

Stand-alone Convertible Term is a cheaper option to lock-in an individuals insurability at their current age, health, and income level, so they can systematically convert portions, or all, of the Term death benefit into an IBC style whole life insurance policy as their abilities expand, mitigating the risk of insurability in the future.

Barry Dyke

• America is broke. Approximately 17% of the federal government’s tax revenue is spent on our national debt interest alone.
• America is in a retirement crisis. More than 30.2 million people are hitting 65 between 2025 and 2030. More than 2/3 of the population has only Social Security for retirement income. Only 11% of Americans have pensions.

“Pension Plans used to be 10 to 20-year life insurance contracts that would endow and be 1035 exchanged over to income annuities for life.”

“The best retirement systems in the world are annuity based.”

• In 2024, America ranks 29th in the top 30 countries in terms of retirement preparedness.
• Americans lost $2.98 trillion in the stock market in 2022. The stock market was never designed to provide lifetime income, only to allocate capital.

“Approximately 50% of stock purchases today are companies buying back their own shares.”

• Savers are suffering from Stockholm Syndrome in typical financial and retirement planning, being held hostage by the asset managers yet advocating for them.
• Banks and media companies are consistently turning to life insurance companies to strengthen their balance sheets, and to finance and administer their retirement plans, despite the lack of media coverage.
• Becoming your own banker, becoming more self-reliant and rebuilding your balance sheet is more important than ever. Financial discipline creates freedom.

Again, there was so much more information and insights from the speakers and attendees that could not be covered in a simple article like this. Everyone has an opportunity to become a client of James, Ryan, or myself so they can receive an invitation to this incredibly edifying event.

Blessings to you!