<s>[INST] what is the Infinite banking concept? [/INST] The Infinite Banking Concept is a financial strategy that involves using a whole life insurance policy as a way to save, borrow and invest money. It was created by Nelson Nash in the 1980s, who was influenced by the Austrian school of economics. The idea is to become your own bank and avoid paying interest and fees to traditional banks. By paying premiums into a whole life insurance policy, you can build up cash value that grows tax-free and can be accessed at any time for any purpose. You can also borrow money from your policy at a low interest rate, which you pay back to yourself. This way, you can finance your own purchases, investments or emergencies without relying on external lenders. You can also benefit from the death benefit of your policy, which is paid out to your beneficiaries tax-free when you die. The Infinite Banking Concept is a way of creating a self-financing system that gives you more control and flexibility over your money.</s>