Welcome back to the Micro Empires Podcast, today we’re talking all about Infinite Banking! I’m your host, Jennifer Ives Grimson. Today I had the pleasure of speaking with the incredible Lesley Batson founder of Rebel Rock Wealth. Lesley learned to ask the right questions that led her to diversify savings and figure out investment strategies beyond just the stock market, and now she wants to share that knowledge with you!
Would you rather pay yourself than just line someone else’s pocket? Let’s jump right into this episode and hear from Lesley how we can use Infinite Banking to leverage our money and achieve FI.
[00:01 – 7:37] Opening Segment
- I introduce Lesley to the show and how we met
- I share some of Lesley’s amazing accomplishments
- Rebel Rock Wealth
- Infinite Banking
- Lesley tells us a bit of background and how she started on this path
- Decided to take her finances more seriously by talking to an advisor that didn’t give unique info
- Decided to take things in her own hands by starting with Real Estate Investing
- Infinite Banking – using whole life insurance policies to build up savings
[07:38 – 30:05] Infinite Banking – Why Do It
- Lesley talks about buying Term Life Insurance and investing the rest
- This idea came from one company to make people feel like it’s easier
- Whole Life Insurance was left to the side
- Benefits of Whole
- With Term it rarely takes effect, with Whole you have the option to build up cash value account
- Infinite Banking allows you to leverage this cash value
- I talk about my experience with Term policy
- Advantages of doing this
- With the government losing money, there are less reasons why costs will go down
- Once you put your money into Whole Life Policies it is protected from ongoing fees and taxes
- Simple interest and pay back at your own schedule when you borrow against it
- Your limit is your own cash value
- Each year when you put money in the “death” benefit that also grows
- By deferring taxes today (like in 401K), you pay more tomorrow
[30:06 – 34:41] Infinite Banking – What Is It
- Lesley talks about what Infinite Banking is
- Borrowing from your policy instead of a loan and use it to pay cash then use the rate to pay yourself back
- The difference is what YOU are saving
- You’re continually borrowing against your own policy instead of external
- Lesley talks about the compound growth
- Infinite growth and infinite borrowing
- Think about who you want to pay
[34:42 – 41:09 ] Infinite Banking – How To Get Started
- Lesley talks about how to get started
- Reach out to someone who is experienced and licensed
- Set your objectives
- Application process
- You can do this with Leslie at Rebel Rock Wealth
- Lesley shares her process
- Lesley talks about the difference between investments and infinite banking
- Saving rather than investing
- Infinite Banking can be leveraged for investments
- Wealth building tool
- Your insurance should be secure
[41:10 – 47:48] Closing Segment
- Biggest financial mistake?
- Lesley talks about a business partner running off with around 100,000 of her money
- Always cover yourself
- What has the largest impact on your path for FI?
- Soak up knowledge and take action
- Get control over your own income
- How to get more from Lesley?
- Links provided below
- Final words
“Some people read and read, listen and study and they will never do anything.” – Lesley Batson
“Am I waiting for someone to dictate to me what my salary is gonna be or when I’m gonna get a bonus or pay increase? Or am I gonna start to do other things to make sure I have control over income that I’m bringing in.” – Lesley Batson
“Insurance should always be the most secure asset that you hold…” – Lesley Batson
If you’d like to connect with Lesley you can find her on LinkedIn, YouTube, and Instagram. Learn more about Lesley at https://www.rebelrockwealth.com/ for more information and to schedule your free consultation. You can email her at firstname.lastname@example.org, and be sure to check out her new podcast Rebel Rock Money Talk for more content.
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This podcast is about YOU. We all have a story; whether your story is a lot like mine or totally different. Maybe you have a good job, but you know in your heart that you want more.
What’s your Micro Empire?
To know more, visit our website https://micro-empires.com/ and I’ll see you there!