The Money Advantage Podcast

The Case for IBC, with Dr. Robert P. Murphy


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Considering Infinite Banking, or IBC, but still a little skeptical?
https://youtu.be/UNw8fUMhiNU
In this episode, we’re talking with Dr. Robert P. Murphy, a free-market economist, who has testified before Congress on energy markets and monetary policy and has given many interviews on TV and radio. He is the author of hundreds of articles and several books on economic topics created for the layperson, including one of his most recent: The Case for IBC.
So if you want to hear from a highly respected economist perspective just why Infinite Banking works … tune in below!
In this episode on The Case for IBC, you’ll hear:
How the Nelson Nash Institute came to be
Common misconceptions about whole life insurance
What Dave Ramsey gets wrong about “buy term, invest the difference”
Why IBC is about more than just the rate of return
The future of dividend rates
And more!
Table of contentsIn this episode on The Case for IBC, you’ll hear:The Nelson Nash InstituteThe Case for IBCOther Common Objections of IBCThe Future of Dividend RatesClosing RemarksOrganize Your Finances or Get Life Insurance TodayThanks for Tuning In!
The Nelson Nash Institute
[7:00] “Carlos and I wrote a book called, How Privatized Banking Really Works.... That phrase [Privatized Banking] was actually Carlos, his idea.”
[8:23] “If you’re doing IBC, you’re not contributing to the problem, because the Austrian view is commercial banking that expands and contracts the credit supply. So if you’re...financing your purchases via policy loans, then you’re not contributing to the boom/bust cycle in the Austrian view.” 
[8:58] “...Carlos and I were going around, giving presentations to the public and life insurance agents would hire us often to come do that, you know, presumably knowing that they were going to be able to sell more if we came and talked to a crowd about...the big picture here... And so over time we just realized this isn’t going to work. We need a more formal way of both, you know, training agents to make sure they know what Nelson’s principles are and how to design these policies correctly, but also so we feel comfortable… [putting] the public into the hands of certain life insurance professionals… So that was the birth of the IBC practitioners program.”
You can find out more about Nelson Nash here: Nelson Nash: The Father of Infinite Banking (IBC)
The Case for IBC
[13:30] “... often this concept clicks with [business owners] sooner than with other people, is [because of] the importance of cash flow. So for like a salaried employee, you know, they kind of know every month how much money is coming in the door, and then they have their bills. And they’ve just got to make sure… [they] spend less each month than what’s coming in.”
[15:20] "I came across a pretty sophisticated critique of IBC a while ago, from another economist, and he said, 'You know, this concept actually makes sense. What they’re really doing here is using an asset as collateral to then borrow money from some other institution to finance their cash flow. And they happen to be using life insurance or using...the cash surrender value, and a dividend paying whole life insurance is the collateral... When in principle you could take your house, as long as you have a bunch of equity, and go to a commercial bank and take out either a home equity loan or a HELOC.'"
"And so... the concept the economist was arguing was, 'It has nothing to do with life insurance, and the only reason they’re doing it with life insurance is to get the commission.'"
"So I go through and explain why, actually, that’s a perfect illustration of why Nelson was right to pick this vehicle or platform of a dividend paying whole life policy."
Other Common Objections of IBC
[19:54] “So another common one is… 'Oh everyone knows a whole life policy is a terrible place to put your money, you should buy term and invest the difference.’”
...more
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