R. Nelson Nash
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R. Nelson Nash | |
|---|---|
| Born | March 15, 1931 Greensboro, Georgia, U.S. |
| Died | March 27, 2019 (aged 88) Birmingham, Alabama, U.S. |
| Occupation(s) | Author, financial educator, life insurance agent |
| Known for | Infinite Banking Concept |
| Notable work | Becoming Your Own Banker |
Robert Nelson Nash (March 15, 1931 – March 27, 2019) was an American finance author, life insurance agent, and the developer of the Infinite Banking Concept (IBC). He was best known for his 2000 book Becoming Your Own Banker, which proposed a strategy of using dividend-paying whole life insurance as a personal banking system.[1]
Nash’s ideas gained a nationwide following in certain financial circles, and he founded the Nelson Nash Institute to educate advisers and the public about the IBC strategy.[2]
Biography
[edit]Robert Nelson Nash was born on March 15, 1931, in Greene County, Georgia. He grew up in Athens, Georgia, and graduated from the University of Georgia in 1952 with a B.S. in forestry. After college, he married Mary Edwards Williams (with whom he would have three children) and served from 1952 to 1954 in the U.S. Air Force as an aerial photo interpreter. Nash later joined the North Carolina Army National Guard as a pilot, ultimately earning Master Aviator Wings over a 30-year military career.
In 1963, Nash moved to Birmingham, Alabama, and the following year he changed careers to enter the life insurance business. He worked as a life insurance agent for over 35 years, representing companies such as Equitable Life Assurance Society and Guardian Life. Nash attained the professional designation of Chartered Life Underwriter (CLU) and was recognized for his sales achievements, including induction into Equitable’s Hall of Fame and qualification as a lifetime member of the Million Dollar Round Table (MDRT). A devout Christian, Nash was an active member of the First Baptist Church of Birmingham for 28 years and was known for his love of music and interest in Austrian economics.
Nash died on March 27, 2019, in Birmingham at the age of 88.
Career and Infinite Banking Concept
[edit]During the late 20th century, Nash developed what he called the Infinite Banking Concept (IBC), a personal finance strategy that advocates “becoming one’s own banker” by using the cash value of whole life insurance policies as a source of financing.[3] Nash formulated the concept in the early 1980s as a response to high interest rates on his bank loans, and he later compiled his methods and philosophy in the self-published book Becoming Your Own Banker (2000).
After the success of his first book, Nash traveled throughout the United States and Canada giving seminars on the Infinite Banking Concept. In 2013, he helped establish the Nelson Nash Institute to formalize the education of financial professionals in the IBC system. The Institute created an IBC Practitioner Program to certify financial advisors. Nash also wrote a follow-up book, Building Your Warehouse of Wealth, and co-authored The Case for IBC (2018) with L. Carlos Lara and Robert P. Murphy.[4]
Reception and criticism
[edit]Nash’s Infinite Banking Concept has attracted both praise and criticism. Proponents argue that it offers more financial control, tax-advantaged growth, and financing flexibility. However, critics contend that whole life insurance has high premiums and limited benefits for most consumers.
Consumer finance commentator Dave Ramsey has called infinite banking misleading.[5] Financial advisors note that improper management of policy loans can reduce the death benefit or trigger tax penalties.[6]
Legacy
[edit]Nash’s ideas have influenced parts of the financial services industry. The Nelson Nash Institute continues to train advisors, host conferences, and promote IBC. In 2018, Nash received the Blinking Lights Award from the Foundation for Economic Education (FEE) for his promotion of liberty-oriented financial education.[7]
Selected works
[edit]Nash, R. Nelson. Becoming Your Own Banker. Nelson Nash Institute, 2000. ISBN 978-0972631617.
Nash, R. Nelson. Building Your Warehouse of Wealth. Nelson Nash Institute, 2011. ISBN 978-0963225665.
Nash, R. Nelson; Lara, L. Carlos; Murphy, Robert P. The Case for IBC. Nelson Nash Institute, 2018.
See also
[edit]References
[edit]- ^ Thompson, Joshua (July 1, 2024). "R. Nelson Nash: The Father of the Infinite Banking Concept". Moneywise. Retrieved May 19, 2025.
- ^ "Robert Nelson Nash Obituary". Dignity Memorial. Ridout’s Valley Chapel. April 2019. Retrieved May 19, 2025.
- ^ Brady, Sarah (Oct 12, 2023). "Dave Ramsey Gets Into a Fiery Debate With a Caller About Infinite Banking — What Is This Concept, and Is the Finance Guru Right?". Moneywise. Retrieved May 19, 2025.
- ^ "The Case for IBC". Life Success Legacy. Retrieved May 19, 2025.
- ^ "'A load of manure': Dave Ramsey gets into a fiery debate with a caller about infinite banking". Yahoo Finance. Oct 11, 2023. Retrieved May 19, 2025.
- ^ Updegrave, Walter (July 5, 2007). "Investing with Insurance: A Bad Risk". CNN Money. Retrieved May 19, 2025.
- ^ "This is Nelson Nash (documentary film description)". Good and Faithful Legacy. Retrieved May 19, 2025.