Bank on Yourself - Finance your lifestyle and your deals - with Sarry Ibrahim

The Property Nomads Podcast

In this podcast, Rob speaks to Sarry Ibraim the creator of the Bank on Yourself system. He has spent many years working as a financial advisor helping people make a range of extremely important finance-related decisions. They discuss the Bank on Yourself strategy (aka the Infinite Banking Concept) in some detail. A strategy which involves using a dividend-paying whole life insurance policy as an alternative to borrowing from banks and other financial institutions. Potentially you can draw down funds that can then be invested in real estates and other assets. During the podcast, Sarry explains exactly what kinds of insurance policies you need to buy to be able to put the strategy into action.

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KEY TAKEAWAYS

• It does not matter where in the world you are from, the Bank on Yourself strategy is likely to be viable.
• Dividend-paying whole life insurance policies have the potential be used to create the liquidity you need to grow your real estate portfolio.
• The Bank on Yourself strategy will only work if you buy the right type of policy. Sarry explains what you need to look for in the podcast.
• Which policy you buy and how you use it is very much dependent on your current financial situation and future goals.
• With some policies it is possible to borrow out of it almost immediately you have paid the one-time premium.
• You can get interest and dividends that add up to far more than the interest you pay when borrowing the money.
• These kinds of policy are potentially a good way to diversify your financial affairs.
• You never have to qualify for the loan when you borrow from the insurance company. The policy is self-collateralized.
• There is no restriction on how you can use the money you borrow.
• You can potentially become your own mortgage broker.
• Some people eventually get into private lending too.
• It is not as liquid as a checking account, but you still only have to wait a few days for your money.
• In some countries, it is possible to use the Bank on Yourself strategy to protect your assets.
• Using whole life insurance policies has the potential to be a tax-friendly way to pass money onto the next generation.

BEST MOMENTS

‘It doesn´t matter where in the world you´re from you can use the “Bank on yourself” strategy.’

‘You can earn more on your money while you are using it.’

‘There´s no restriction on how you use that money.’

‘You never have to qualify for a loan with the insurance company.’

VALUABLE RESOURCES

TheEPCregister – to check your current rating

[e-mail] – to contact Rob about carrying out an energy inspection and advising you on making improvements.

The Property Nomads Website

Buy to Let: How to Get Started – By Rob Smallbone (Amazon)

GUEST RESOURCES

TheEPCregister – to check your current rating

[e-mail] – to contact Rob about carrying out an energy inspection and advising you on making improvements.

Bank on Yourself by Pamela Yellen

Becoming Your own Banker – Nelson Nash

ABOUT THE HOST

Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?

Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.

Buckle up, sit tight, and enjoy the ride that is life.

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