How Can the Infinite Banking Concept Help My Business

In my 20 years in financial services, I’ve met with and spoken to many small business owners and self-employed people. I don’t profess to be a small business expert. But I know a little about the lives small business owners live….just from talking with them for so many years. Being self-employed or owning a small business is not easy. Many small businesses have failed. In fact, most small business ventures fail. Money can be hard to come by, and it doesn’t always seem to get easier as you grow your business and add employees. Some small businesses don’t grow enough to add any employees, or maybe just one or two.

Other small businesses are very successful, support many employees, and reward their owners with a great income. But money for on going operations and expansion is still a challenge. How difficult is it to accumulate a healthy savings account, and how can you grow that account safely? What about loans and lines of credit for your business? That can be quite a challenge as well. And if business slows substantially, what kind of stress will you experience knowing you have loans and lines of credit to repay?

What about retirement? Do you have enough money left over from your cash flow and profit to fund a comfortable retirement? So many self-employed and small business owners don’t save very much for retirement, if anything. Between what you draw for living and lifestyle, and what you need for the daily operations of your business, there’s not much left over for retirement. Continue reading →