The Money Advantage Podcast

The Money Advantage Podcast

Why I Use Infinite Banking, with Wesley Smith

May 09, 2022

It’s time to showcase another client who’s building an Infinite Banking System for himself and his family.

Meet Wesley Smith, real estate investor, business owner in the digital marketing space, husband, and dad. To find out why he’s been using Infinite Banking for the past 7 years, and how it’s helping him in his business, investments, and his family… tune in now!

Table of contentsWesley's Entrepreneurial JourneyIntro to Infinite BankingWhy Infinite Banking?Why Multiple Infinite Banking Policies?How Wes Uses His Infinite Banking PoliciesInfinite Banking and Family DynamicsTeaching the Next GenerationWes’ Tips for Business OwnersBook A Strategy Call

Wesley's Entrepreneurial Journey

Wes’s career launched with his dad’s plumbing company, where he stayed for three or four years. After that, he realized he wanted to get out into the world. His friend had a door-to-door sales job in telecommunications, making a pretty good salary. Wes knew it was his next step. 

[4:00] “I think that first sales job really solidified the fact that I wanted to be an entrepreneur… Just learning to be in that sink or swim environment from month to month to month—every month is a new month, right—is kind of what helps you learn what you need to be a business owner, in general.”

Over time, he learned he could also build some residual income from this work. Ultimately, this helped him get closer to where he wanted to be financially. But the entrepreneurial piece was still missing. This led Wes to invest in real estate. In order to advertise and maintain relationships with clients, Wes became proficient in all things digital marketing. His proficiency led him to open an agency around 2014 that caters to the tree service industry. 

Intro to Infinite Banking

Wes stumbled into the world of infinite banking almost by accident. About seven years ago, whole life insurance came up in conversation between Wes and his younger brother. Wes was recently married, and his son was just born, so he knew life insurance was a good thing to look into. After getting set up with an agent, he bought his first whole life insurance policy. 

[8:20] “We’re all just like conditioned to not even think about life insurance one bit until we’re married and have kids, then all of a sudden everybody’s beating their door down talking about life insurance to you.”

After paying a few premiums, Wes kept wondering where his premiums were going and what he was paying for. Although his agent answered his questions, he was still having trouble wrapping his brain around insurance. So he decided to do some research and learn everything he could about whole life insurance. This search led him to The Money Advantage, as well as some other sites, where he stumbled on the infinite banking concept. 

Why Infinite Banking?

[9:50] “Once I found that [infinite banking concept], and I ordered Nelson [Nash]’s book, Becoming Your Own Banker… it was as clear as day what I needed to be doing for the rest of my life with all of my savings.”

Part of the reason infinite banking appealed to Wes is that it’s flexible and liquid. He had been in corporate settings, with a 401k, where his money was locked away and inaccessible.

[10:14] “This is nice to have this [retirement] account over here, but I can’t do anything with this money for the next 35-40 years. What am I going to do if I come across a real estate deal and I need access to 50 or 100 thousand, or whatever the case may be? You just really can’t do that with a retirement account like you can with infinite banking policies.”

Another benefit to infinite banking, as Wes sees it, is the ability to grow money even when you’re dormant or waiting for your next investment. The cash value of your policy puts you in a position of cash to jump on opportunities. But even when you’re waiting, your policy is growing and doing more than a typical savings account.