IBC Memory Jogger: Nov 8th 2014
1. (Wikipedia) The first income tax was assessed in 1862 to raise funds for the American Civil War, with a rate of
3%. Today the IRS collects over $2.4 trillion each tax year from around 234 million tax returns. (P 30) IRS 1913 as
we know it today. Life Insurance has been around for over 200 years.
2. (P 85) You finance everything you buy. You either pay interest to someone else or you give up interest you could
have earned elsewhere. There are no exceptions. (COW) Debtor, Saver, Wealth Creator.
3. (Melson on Minnich radio) Do you have a gut feeling that there is something fundamentally wrong in the
financial world today? 95% of people will readily admit, we’ve got a problem.
4. (Kiyosaki 4 things that make you poor) One fundamental problem is that is 1903 John D. Rockefeller took over
the financial education system by creating the General Education Board and since then the rich have controlled
what is taught in schools.
5. There are three Economic Schools of Thought, The Keyensian, the Chicago and the Austrian. Our govt. has
adopted and schools teach the Keyensian method which is based on debt. We can see where that has landed us.
It was Milton Freeman of the Chicago school that encouraged Nixon to take us off the gold standard so we now
have a fiat money system that was created and is controlled by the Federal Reserve Bank, which by the way, is
Not Federal, is not a Reserve of money for the American people and is not a Bank. It is a privately owned and run
banking cartel that answers to no-one except themselves and controls our government because he who has the
gold makes the rules. (Learn more in How Privatized Banking Really Works By L. Carlos Lara and Robert P. Murphy, PhD. And G Edward Griffin The creature from Jekkyl Island ) It is only the Austrian Economic School’s
philosophy that provides the way out of this mess. And this is what we teach and practice under the name of
Infinite Banking or Privatized Banking Systems. It is also spoken about in terms of the 770 account or 7702
account, which is just the tax code for it, just like 401 k or 403 b is the tax code for certain retirement plans.
6. (HPBRW) What if there was a solution to government intervention and our current money madness? Would you
hesitate one minute in wanting to know what it is? Of course not! No one would. The problem is so pervasive
that a solution seems impossible and yet, there is a solution. This solution’s only requirement is the action of a
single person acting in a manner to help only himself, but in so acting ultimately he helps all of society. Integrating Austrian Economics with the Infinite Banking Concept is our solution.
7. When people ask me, what do I do, I tell them I can show you how to create wealth withOUT investing and withOUT risk.
8. I am a non-traditional Life Insurance Agent and Privatized Banking Strategist.
9. Every financial transaction involves banking; you cannot take banking out of the equation.
10. Someone is going to control the banking function in your life so it might as well be you.
11. You can either own your own bank or you will be the customer of someone else’s bank.
12. (Nelson – Minnich radio) When you get the banks out of your life, it becomes such a stress free and peaceful
way of life.
13. There are many things that are thought to be true about money that turn out not to be as true as they should
be. We reveal many of these misconceptions/misinterpretations/misunderstandings to our clients.
14. (COW) If I could show you a way of making a purchase without emptying your savings account/wealth
storehouse, which would allow your private capital reserve to continue to employ the benefits of guaranteed
growth — minimizing the associated lost opportunity costs, when would you want to know that?
15. (P 85) Looking at the facts, where would you prefer to have your wealth reside?
1. Real Estate? Take a look around and see what happens when one needs liquidity. Real Estate is very much a
frozen asset.
2. The Stock Market? Until you have read the books listed on page 91 in BYOB you are not really qualified to make
an intelligent decision about such an action. When you buy into the stock market, you are buying an opinion,
and that is all.
3. Or, free contract with other free persons. From this base of financial operation you can do any of the other
things in life that you desire. (Specially designed Life Insurance, used as a living benefit. A pool of financing
capital)?
We say this, if you like risk, assumptions and opinions then at least house your money or move your money through a
storehouse, you control, and that you can access at your own will that provides guaranteed growth, even while you are
utilizing those same dollars in real estate or stock market or where ever. At least if a great deal comes along you have
easy access to cash and if the deal goes bad, you have a back-up plan so you haven’t lost everything.
16. (P 85) There are only two sources of income – people at work and money at work. Could it be that the modern
family, that needs two incomes to make ends meet, has NO money at work?
17. (P 65) Everyone is already spending all financial resources, on what he thinks is best. There has got to be some
honest introspection at this point and a commitment to ‘get out of financial prison’. There must be a burning
passion. This is going to require a change in priorities in life and recognizing that controlling the banking function
personally is the most important thing that can be done in your financial world.
18. Pay close attention to this point – it is vital that you understand that he must set up a loan repayment plan that
equals or exceeds what he would have had to pay the finance company that he was using in the past.
19. (YL) Don’t expect the majority to do what the minority already has.
20. (P 31) Those who have the Gold make the rules.
21. (P28) A luxury once enjoyed becomes a necessity.
22. (P 28) Expenses rise to equal income.
23. (P 29) Who is the biggest thief in the world? (Willie Sutton Bank Thief) – IRS Story (Legal Plunder) – Go to mall
hold gun to your head and ask you to give me. Called Theft. Go to mall early, tell crowd I am going to divide up
the contents of wallet between them all; now they will call the act democracy.
24. (P 23) Why do they call stocks securities when it is possible to lose their entire value?
25. (P 11) Banking is THE MOST important business in the world! Without it, all business comes to a screeching halt,
yet most folks know next to nothing about the process of banking and its importance to their lives and their
well- being. Someone or some organization has control of a pool of money that can (and must) flow, at a cost, to
meet some need.
26. Benefits: (Jim Kindred)
(COW) Permanent Life Insurance (PLI) when designed and utilized properly, can provide stable growth, cash
value collateralization, guaranteed loan access, no annual tax on growth and death benefits. Additional benefits
are available with additional policy riders.
27. (P 55) You, as policy owner have first dibs (outranks all other possible borrowers) on that money (that must be
lent to someone for the plan to work) also without having to prove you do not need that money.
Structured and unstructured loan repayments. If you miss a payment there is no default, no penalties, no
hurting of your credit score, no foreclosure etc., While you have protection from loss of job, illness, missing or
late payments over an extended period of time. You are in control of when you pay it back.
28. Average vs Actual Returns – Math is math. Money is money. Math is not money.
29. CLOSING LINES:
“Just one more thing”
“Level with me”
"You can put a price on anything, except a good night's sleep"
"Could this be a benefit to your family?"
“How much would you be willing to spend to make sure your family is taken care of?”
30. (COW) The Private Reserve Strategy is designed to help develop or improve one's financial position by helping
them avoid or minimize unnecessary wealth transfers where possible, and accumulate an increasing pool of
capital that provides accessibility, control and uninterrupted compounding.
A fundamental key to the Private Reserve account is that the money in the account must be accessible through
collateralization.
31. (Todd Langford) Eliminate the word ‘Government’ from our vocabulary and change it to be Tax Payers. Do you
think if every time we had to say the word govt. we changed it and said taxpayer people in this country might
catch on to where that money is coming from? Maybe we would all stand up and change things.
32. (Todd Langford) Our founding fathers couldn’t decide whether to charge a 1 or 2% tax. What have we allowed to
happen since then? Why, because the word Government is some body that doesn’t mean anything. Say taxpayer
and all of a sudden that might have some real meaning.
The Central Bank tried to get started in United States but they couldn’t get through congress until they changed
the name to be Federal Reserve. Was there any difference? It was the same thing, they just changed the name
and all of a sudden Congress said hey, that works, it’s got the word federal in it.
33. (Todd Langford) SEC largest governing body in our industry - Securities and Exchange Commission. The SEC
dictates what it is we are allowed to say. They correct the wording of the things we use, and yet they call what
they sell a security. How is that possible? What can they guarantee? Zero is what most people think in their
mind. Understand this, they cannot guarantee that high! They cannot guarantee even zero. They can only
guarantee a loss of 100%.
34. (Todd Langford) Some will say you are not showing the guaranteed numbers. Well I will. Let’s go guarantees to
guarantees. I’ll put my guarantees up against any bodies any day of the week. Because nobody has any. And yet
that’s what many people expect and want us to use when doing a comparison. They want us to use the
guaranteed numbers of Life Insurance while they use the fantasy about what the market might do somewhere
in the future for comparison. It doesn’t make much sense.
35. (Todd Langford) Let’s eliminate the word insurance company when talking about mutual insurance companies.
Who are the owners? The policy holders. Would people think differently about their life insurance company if
they could internalize the idea that they are an owner of that company? If we can get clients to take ownership
in that company, it makes a big difference.
If I own stock in coca cola, I receive a dividend, because I’m an owner in coca cola in some fractional percentage
correct? People can understand that coke made big profits if I own coca cola stock, why, because that is going to
mean more dividends to me. Is there any difference in that and the way my mutual life insurance company
work?. They think of them like car insurance etc. so they want to get to them. They don’t want the evil insurance
companies making money. But if that’s my company, I want it to make decisions that are profitable. When they
see it in that light it starts to make sense.
36. (Todd Langford) Do we borrow our cash values? No. Why do we get questions from our clients asking why do I
have to borrow my own money? Because that is what they are being told. You borrow from the insurance
company. You put up your cash value as collateral or borrow against your cash value from the insurance
company. When our clients say they are borrowing their cash value it is a problem. We need to correct our
clients and ourselves.