Do you know how banks make money? It is by lending money to borrowers at high-interest rates. So why not create your own bank?
If you have extra money, would you rather put it in another bank or create your own bank? If you're going to buy a car or a property, would you borrow from someone else's bank and pay them the interest or borrow from your own bank and earn that interest?
If you want to know how to establish your own bank, today's episode will give you some clarity.
In response to the requests to bring back the BYOB series, Russ and Joey continue their book review and discuss the problem in Becoming Your Own Banker (BYOB).
This episode is Part 5 of an 18-Part Series.
Top 3 Things You’ll Learn:
- How banks make money
- How to become your own bank
- The importance of investing in yourself
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.
Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.
This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.
The hosts may have a financial interest in the programs or services mentioned in this episode.
Becoming Your Own Banker by R. Nelson Nash:
https://www.wealthwithoutwallstreet.com/ibcbook
IBC Example: True Cost of Paying Cash vs. Using a Whole Life Policy:
https://www.youtube.com/watch?v=h4rugVZkajc
The Richest Man in Babylon by George S. Clason:
https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/1505339111
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