A wise person makes his money work instead of him trading his time to earn money. But before putting your money to work, you need a place to accumulate it. Instead of putting it in banks, why not put it in whole life insurance policies and become your own bank?
Today, Russ and Joey explore the human problems of becoming your own banker. Get ready to learn about Parkinson’s Law, Willie Sutton Law, The Golden Rule, The Arrival Syndrome, and Use It or Lose It. Understanding these principles will give you a deeper understanding of how you can better use your money and establish your financial system.
In response to the requests to bring back the BYOB series, Russ and Joey continue their book review and discuss how you can create your own banking system.
This episode is Part 7 of an 18-Part Series.
Top 3 Things You’ll Learn:
About R. Nelson Nash:
R. Nelson Nash (1931 - 2019) wrote the book Becoming Your Own Banker that unfolded The Infinite Banking Concept (IBC). He came up with the idea of IBC in the early 1980s when he was struggling with high-interest rates on commercial bank loans. Today, many people continue to benefit from using IBC as a tool to achieve financial freedom.
Becoming Your Own Banker by R. Nelson Nash:
IBC Example: True Cost of Paying Cash vs. Using a Whole Life Policy:
The Richest Man in Babylon by George S. Clason:
Wealth Without Wall Street Episode 61 - Look Up…The Tax Train is Coming!:
SECURE 2.0 Act:
FAKE by Robert Kiyosaki:
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