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Michelina Sparks

Millennial here! I’m a Tennessee native and have lived in the southern US my whole life. I love traveling and outdoor adventure, mostly backpacking, paddle boarding, and camping 🏕 I have traveled in three out four hemispheres. I’ve been to Europe, South America, and Canada. Asia and Australia are last on my bucket list. I love thinking long-term and planning for the future. I’ve been dreaming up ways to create financial security and make a nomadic lifestyle a reality.

I settled on the Infinite Banking Concept 💸 In 2016, after I graduated with my bachelor’s degree, my dad designed a life insurance policy for me with this concept in mind. I was a server at a restaurant at the time, and I wasn’t sure how I was going to save for retirement. I wasn’t interested in any 401k options there; it didn’t really seem like you had a whole lot of control over your money. This is what sold me on banking with life insurance, the amount of control you have over your money. Saving 10% of my income became part of my monthly budget, and honestly, I didn’t think much about where that money was going…until I needed it.

I have a bachelor’s degree in communication and a master’s degree in corporate communication. I graduated both times with zero student loan debt 🎓 Lucky me! Unfortunately, my debt free status didn’t last as long as I was hoping.

After college, I was truly on my own for the first time, and I got a little crazy with some credit cards because I wanted to travel. The interest rates were creeping up on me, and I was about to owe a whole lot of money after the 0% APR ran out  💳  I wasn’t sure how I was going to get myself out of that mess. I remembered I had some cash-value available in my policy! I was able to borrow enough money to pay off most of those cards and kept a little extra in a regular savings account for an emergency fund 💰

Fast forward a few years, I built up my savings to pay off the rest of my credit card debt. Then I decided to buy my first house (during a pandemic 😷). Interest rates were so low, and I was interested in starting my real estate portfolio. I was getting a great deal buying my childhood home from my parents 🏡 I had enough money in savings for the closing costs, but that was what I was supposed to use to pay off the last of my credit cards. I did not want to pay huge amounts of interest to a creditor. So again, IBC to the rescue! I bought a house, paid off all my credit card debt, and I’m still earning dividends everything I borrowed. It’s almost like ✨magic✨

I completed my insurance certification for life and health in 2019. What better way to kickstart promoting IBC than joining the family business? This is a Dynasty after all! Here, I help other millennials and young people understand the value of starting early to create generational wealth, to take control over their finances, and to save for their futures!

Right now, I’m focused on paying back my policy loan and building back my emergency fund 🚨 For the month of January, I have a goal of not spending any money on * wants * and focusing all of my attention on my needs. So far so good! I did have to buy a new vacuum. My current vacuum is chipping away at my mental health, so I consider a new one a definite need!