In the past few months, I have been experimenting with self-banking. The idea is to have some money saved away, which I can borrow. After borrowing the money, I run it through a 1 year amortization, or longer. Then, I pay back the loan to my savings with interest. The idea is to progressively have a larger and larger savings after I pay off each loan to self. I have been searching online for information from others who have created a similar system to save money and recapture the interest that would otherwise be paid out to banks. However, the search results usually come up with links to Infinite Banking Concept, which is similar to what I am doing, except that it involves whole life insurance as the source of capital. I think IBC has its merits; but, it takes years to build up and adds a "load" to the program from the life insurance. I would still do IBC because of the whole two birds, one stone business, in which one needs to be insured anyway, might as well turn it into ...
Shaine Mata's personal blog. Working towards my goals. Seeing life, living it, and sharing it.