I got to thinking last night of how to explain IBC to someone who gets nervous at hearing about life insurance. A good analogy would be buying a small amount of gold say $10k and knowing that it would be worth $20k in 10 years. Unless under dire circumstances, one wouldn't want to sell the gold now knowing what it will be worth in the future. However, you would still want access to the money that the gold represents, so you go to the bank and get a loan against the gold you have. If you pay back the loan, you get all of the gold back, and it is worth more because it gets more valuable as time goes on. If you don't pay it back, you don't get to keep the gold and can't borrow against it anymore. Then with an IBC method, you buy more gold every year that you know how it is going to grow, so each year, you have access to that much more capital. While not everyone is comfortable talking about life insurance contracts, replacing life insurance with gold is an easy way to talk about it that anyone can understand. This doesn't even include the dividends to buy more gold, or the death benefit where you get more gold either, but could be an easy way to start the conversation.

I am curious what anyone in here does when privately lending to individuals...what you do for collateral? (When a handshake just won't suffice) I know what I can do for land flips, house flips, etc. But I am not sure for person-to-person. Thanks in advance for your insights.

Here is my newest stack of books to read to help me further understand the benefits and ultimately the necessity of IBC.

Hey all, I've been around for the past couple months but haven't introduced myself. I am 29 years old, married with our first child on the way. I serve as an Infantry Officer in the Canadian Army out of Edmonton, Alberta. I started my IBC journey when my dad gifted me BYOB for Christmas and wouldn't stop pestering me to read it (despite my dad having not even started doing IBC at this point). I then read it out of spite to be able to shut him down about it but I read it in one sitting, I laboured (yeah we spell words with extra Us in them) over the content trying to figure it out. Booked a call with an IBC practitioner, asked him a million questions I had written in the back of the book and eventually opened up policies on my wife and I. I did all this before my dad engaged with an advisor and now I'm almost half a year ahead of him. I wanted to prove him wrong and now I am pestering him about making sure he gets all his PUA in before the end of the year! This all started about a year and a half ago. As of this month I have started another policy which i consider my first "big boy policy" and will start another on our child. Glad to be apart of groups like this. I think Rebekah's map should be expanding a few parallels North now...

I'm Chris, married, 2 kids 1 on the way and I like many others in this group am a veteran. I am involved in a great church with lots of young families, so we fit in well. While I would say I have many interests and hobbies. The thing that ties them together is a love for learning and going deep on a subject. Since learning about IBC, I have read books on economics, the history of banking and the federal reserve as well as other books specifically talking about IBC and how to implement it in one's life.