what is the Infinite banking concept?
The Infinite Banking Concept (IBC) is a financial strategy that aims to help individuals achieve financial independence by creating their own banking system. The concept was developed by Nelson Nash, a financial consultant and author of the book "Becoming Your Own Banker."

At its core, IBC involves using a whole life insurance policy as a means of building and accessing a pool of cash value. The policyholder pays premiums into the policy, which builds cash value over time. This cash value can then be accessed through loans taken out against the policy, which are typically tax-free.

The idea is that by using this cash value as collateral, individuals can borrow money from their own policy instead of relying on traditional banks or lenders. By doing so, they can potentially save on interest payments and have more control over their financial decisions.

The IBC concept is often marketed as a way to achieve financial freedom and flexibility, but it is not without risks and drawbacks. Whole life insurance policies can be expensive, and the fees and charges associated with them can eat into the cash value over time. Additionally, if the policyholder does not pay back the loan, the death benefit paid out to beneficiaries may be reduced. It's important for individuals to carefully consider their financial goals and the potential risks before pursuing the IBC strategy.