What if you could use the same dollar twice, to buy your dream car today and still have it grow for your retirement tomorrow?  In this episode, we uncover the 7 Points to Consider from Nelson Nash’s legendary book Becoming Your Own Banker and why understanding where your money lives could change your financial future forever.

👉 Follow Mary Jo Here: https://www.youtube.com/channel/UCXYvzroUouEMsTGKFw5nJHQ  👉 Get the book: https://www.farmingwithoutthebank.com/book/ 

In this episode #239 of the Without The Bank Podcast, we dive deep into how to make your money work harder through the Infinite Banking Concept (IBC). Mary Jo and Teresa explore why traditional retirement plans like 401(k)s and IRAs limit your control, how to leverage life insurance cash value for financing major purchases, and what it really means to have your money at work.

They challenge common beliefs about debt, discuss the dangers of government-controlled retirement systems, and show real-life examples of how cash value policies grow wealth over time.

Whether you’re new to Infinite Banking or already building your own private banking system, this episode gives you practical wisdom straight from Nelson Nash’s timeless principles.

💡 Key Takeaways: ◦ There are only two sources of income: people at work and money at work. ◦ You can use the same money multiple times through proper leverage. ◦ The government controls 401(k)s and IRAs more than you realize — and profits from it. ◦ Wealth must reside somewhere — make sure it’s under your control. ◦ You finance everything you buy, whether you realize it or not. ◦ Compound interest is powerful when it’s uninterrupted. ◦ Start small — even a $5,000 policy can grow into hundreds of thousands in value.

⏱️ Chapters: 00:00 – Using the same money twice 01:22 – Fun studio intro & casual chat 02:10 – Point #1: People at work vs. money at work 04:16 – Point #2: Passive income and long-term thinking 05:06 – Point #3: Stop giving your money to someone else’s bank 07:01 – Point #4: Government manipulation & retirement plan control 13:02 – Point #5: Where does your wealth reside? 16:59 – Point #6: You finance everything you buy 22:02 – Point #7: Your need for financing exceeds your need for insurance 23:44 – Real policy example & long-term results 25:44 – Final thoughts & call to action

If you’re ready to learn how to take control of your money, start your own banking system, and grow wealth the smart way:  ⓵ Subscribe now ⓶ Leave a comment with your biggest takeaway ⓷ Share this episode with a friend who needs financial freedom!

📚 Resources Mentioned: Becoming Your Own Banker by R. Nelson Nash 🔗 https://www.withoutthebank.com/book/ Warehouse of Wealth by Nelson Nash 🔗 https://www.withoutthebank.com/produc... Economics in One Lesson by Henry Hazlitt 🔗 https://www.amazon.com/Economics-One-...

Most people obsess over “rate of return”, but they miss the banking process that controls every dollar in their life and how to leverage that same dollar to make more.

 Book: Life Without The Bank by Mary Jo Irmen 📌 https://www.withoutthebank.com/book/ In this episode, we unpack the Introduction & Points to Consider from Nelson Nash’s Becoming Your Own Banker and show how dividend-paying whole life can be an AND asset: fund your policy and still deploy capital into investments.

Mary Jo and Tarisa break down why Infinite Banking (IBC) is education, not a sales tool, why your need for financing is greater than your need for protection, and how the end-of-life benefit, privacy, control, and long-range planning all fit together.

We clarify common myths (like “recapturing interest”), compare AND vs OR assets, discuss HELOC call risk, and explain why IBC is about where wealth resides, not chasing returns.

Key Takeaways:

◦ IBC is a financing process, not an investment. Use whole life to control capital flows, then invest.  ◦ Your need for financing outweighs your need for protection. Solve financing correctly, and you end up with a bigger financial legacy for your loved ones. ◦ It’s an AND asset. Fund the policy, borrow, and still invest (real estate, brokerage, IRA contributions, etc.). ◦ Clarifying “recapture interest.” You’re redirecting the spread by paying yourself more than the policy loan rate, which requires discipline. ◦ Major items only. Think of cars, equipment, appliances, education, business capital expenditures, not coffee and fries. ◦ Control & privacy matter. Policy loans aren’t reported to bureaus; contracts are private. ◦ HELOCs can be called. Don’t build your “bank” on someone else’s terms. ◦ Long-range planning wins. Power compounds in later years; this is a get-rich-slow, multi-generational approach.

🔗 Links Mentioned Book: Becoming Your Own Banker (5th Edition) by R. Nelson Nash 📌 https://www.withoutthebank.com/product/becoming-your-own-banker/

 Book: Life Without The Bank by Mary Jo Irmen 📌 https://www.withoutthebank.com/book/

Mary Jo reflects on the lessons learned from her own Infinite Banking journey—what she would do differently, what she wouldn’t change, and the importance of the right mentor. From avoiding early missteps to going “all in” with learning, she shares insights that can save listeners time, money, and frustration as they start their own IBC path.

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Mary Jo and Tarissa challenge common financial advice about compounding interest. A billionaire may have praised the "power of compounding," but Mary Jo explains what he left out: interruptions. Using relatable examples from bodybuilding, business, and everyday life, she shows why uninterrupted compounding is what truly builds lasting financial security.

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In this episode, Mary Jo delves into the cost-efficiency of life insurance, explaining why it's more beneficial to write smaller premium checks in exchange for larger death benefits. She highlights the reliability of life insurance companies paying out claims with historical examples, and also touches on the comparative weakness of term-life compared to whole-life insurance policies.

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Not everyone is ready to start a policy today—and that's okay. In this episode, Mary Jo shares a real story of working with a firefighter/EMT who felt stuck financially. Instead of selling him something he couldn't afford, she helped him map out practical, creative ways to generate cash flow—from teaching first aid to selling emergency kits. This is what working with Without the Bank actually looks like: no pressure, just real strategy. If you've ever felt stuck or unsure how to start, this episode is packed with ideas and honest advice.

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In this episode, Mary Jo and Tarisa dive into the importance of using money to create cash flow, and not merely saving it. They discuss Nelson's journey of overcoming significant debt and beating Parkinson's law, the importance of shifting from a scarcity mindset to an abundance mindset, and the various ways to use your policy for financial growth. They also share some fun stories!

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In this episode, Mary Jo and Tarisa dive into the realities of being a life insurance agent, addressing the industry's complexities and the challenges that new agents face. They discuss the importance of understanding the power dynamics with General Agents (GAs), the potential pitfalls of joining the wrong agency, and how crucial it is to align with a supportive GA. Through personal anecdotes and expert advice, they cover what new agents can expect, the industry's 'smoke and mirrors', and the resilience needed to succeed.

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In this episode, Mary Jo and Tarisa tackle a common question about financial strategies: whether to 'buy term and invest the difference' - or to choose a dividend paying whole life policy, and to implement the Infinite Banking Concept. Join in as they have a detailed discussion on the drawbacks of term insurance and the benefits of whole life, especially when considering long-term liquidity, control, and guarantees. They highlight the holistic approach needed to manage finances effectively involving due diligence, reading the foundational IBC texts, and consulting with a certified IBC practitioner.

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Some of the worst advice we ever get is to avoid taxes. In this episode, I run through some numbers of why it truly does not make sense to buy things to avoid taxes; we just transfer money to the bank instead of keeping it, or we give up liquid cash. (Updated version of Ep. 37; originally published November 19, 2021.)

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