Becoming Your Own Bank Prosperity Thinkers Version - Episode 560

Kim and Spencer, in this The Prosperity Podcast episode, featured a discussion about whole life insurance as a financial asset and tool for emergencies and opportunities. It started with a historical look at the inception of whole life insurance by "bands of brothers" and church brethren centuries ago, aiming to address the financial losses of term insurance. As opposed to term insurance, whole life insurance was created to build an asset called cash value, which policyholders could borrow against. This role of life insurance in financial planning has expanded over time, with books like Nelson Nash's "Becoming Your Own Banker" and Kim's "Live Your Life Insurance" reiterating its use as a strategy to tackle life events. Kim debunked the misleading term "bank" often used to describe mutual life insurance companies and pointed out that life insurance allows control, liquidity, usability, and equity (CLUE). She also highlighted the need for financial control in current times where bank accounts could be frozen, suggesting using life insurance as a reliable and secure financial tool. The hosts concluded the episode with a note to delve deeper into the intricacies of becoming one's own banker in future episodes.

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Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers thinking and strategies today!

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Links and Resources from this Episode

• For resources and additional information of this episode go to https://prosperitythinkers.com/podcasts/
• https://gravystack.com/prosperity
• https://prosperitythinkers.com/action/  

Show Notes

• The history of life insurance and how it developed for policyholders to borrow against their cash value
• Life insurance as a vehicle for becoming truly based on something that is freedom-focused
• The importance of control in life insurance and the present context when businesses are being shut down and their accounts frozen
• Importance of having control over money in the present time where accounts can be frozen leading to a lack of freedom
• How to utilize the life insurance industry for storing extra liquidity
• Additional recommendations to oneself financially to handle any sudden societal issues

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