Expanding the system to accommodate all income
What You Will Learn
Nelson Nash wrote on page 48 of Becoming Your Own Banker that premiums and income should ultimately match. This session features Mark Benson, a 30-year practitioner who built a team of 600 privatized banking clients, walking through the three thinking exercises he uses to help people discover what money is flowing into their control and out of their control, and how to use that awareness to begin routing all income through a private banking system.
Key Moments in This Session
- The core elevator framework: how Mark distills the entire concept into three words, discover, strategize, and end result, helping people discover what money flows into and out of their control, then strategizing so more flows in, with the end result being more money retained and utilized for the rest of their lives and for future generations.
- The cash flow awareness thinking exercise: how Mark takes a yellow notepad and walks clients through mapping their earned income, all deductions including taxes and CPP, what flows to monthly fixed and variable expenses, what surplus remains, and where that surplus currently sits, almost always revealing that it is sitting in a bank account earning nothing while the bank lends it out for profit.
- The bank versus insurance company comparison: how Mark simplifies the entire concept to one question, do you want to save and borrow at someone else’s bank or at an institution you co-own, and why the peer pressure and conventional wisdom that drives money into traditional banking institutions is the single biggest obstacle every practitioner faces.
- Terry the retired superintendent case study: how a 30-year client chose a pension survivor option that was effectively paying $13,200 per year out of his control, how redirecting all $18,000 of monthly household income through a privatized banking system and taking loans back out monthly created uninterrupted tax-free growth, and how building the maximum death benefit created a $3 million windfall for his wife at no additional risk.
- Mark’s personal system at age 61: how Mark had $900,000 in annual premium capacity across multiple policies, received $80,000 in dividends that purchased $157,000 in additional paid-up insurance, paid only $40,000 in policy loan interest, and held $15 million in total death benefit, concluding that he could not obtain that level of coverage through any other means and that his grandchildren will never need to use a traditional bank if they choose not to.