Finance & Fury Podcast

Welcome to Finance and Fury, The Say What Wednesday Edition. Where we answer your questions. I'm Louis Strange and today's question comes from Mark. Hi Louis, I just heard about IBC (INFINITE BANKING CONCEPT) and I would like to know your input on it. They are saying you can be your own bank by setting up a cash flow whole life insurance policy. Then you are able to borrow against your liquidity, I would like to hear your thoughts on it.   Spoiler – this probably can’t work in Australia – run through what this is first and then go through reasons why   The concept isn't that new – History The first large-scale attempt to market this concept came about in 1980 – the concept of LEAP - The Lifetime Economic Acceleration Process – since then had IBC with Be Your Own Banker and then also Bank On Yourself more recently  But the concept dates back further than 1980 - roots of this strategy go back generations — at least prior to the American Civil War – how did it work in practice? Started with Farmers - struggled