Becoming Your Own Banker: How Infinite Banking Works with Donovon Coates

We all put money aside for our retirement typically at a bank and then borrow money from the same bank. Wouldn't it be amazing if we could develop our own banking system where we could save and spend our own money rather than having the bank take all the interest? This concept is known as Infinite Banking and it's not a scheme. All too often we see people getting confused between infinite banking with life insurance, specifically dividend paying whole life insurance. However, Infinite Banking is not a product, but a concept that uses life insurance.

In today’s episode, we will be joined by Donovon Coates. Donovan owns and operates a transport business, has traded stocks, and has owned and restored real estate. It was when he was recovering from an injury he received as a firefighter in 2014 that he got serious about financial education. Donovon worked with a friend at his brokerage and took steps to get licensed for insurance. He could see the value the insurance industry offers to help people with their finances and that the regular financial advice banks offered just didn’t cut it. Though he had heard of the Infinite Banking Concept before, he saw it with fresh eyes in 2017; the eyes of a financial and insurance professional. He was amazed! He devoured all the information he could and got his practitioner certification through the Nelson Nash Institute.  

This business venture let's Donovon combine all of the things that matter most to him—helping friends, family and clients prioritize their goals and dreams for their families and businesses. And all of it safely, securely, privately, with minimized risk and more flexibility ever offered by a traditional bank.  

Listen to this podcast now and learn how you could keep all of your interests throughout your life!

Highlights:

[07:39] How Donovon discovered Infinite Banking

[09:22] Can you borrow against your life insurance policy? 

[13:00] How to protect your profits

[14:05] Interest and Contributions: How does it grow?

[14:58] Growth Of Interest Rate Overtime 

[16:30] How does contribution work?

[19:22] What drives Donovon to create a lot of side businesses? 

[22:40] How Infinite Banking helps Donovon's Real-Estate Venture

 

Links:

Book: Becoming Your Own Banker

Website: https://www.donovoncoates.com/

LinkedIn: Donovon Coates

Facebook: Donovon Coates Financial Professional.

Instagram: @financial_education_canada

Youtube: Donovon Coates

Email: info@donovoncoates.com

Phone No.: 403-607-7693