The Importance of Banking

Most people don't understand the process of banking and it's important. Robert Kiyosaki harps on this all the time. If you want to become wealthy, listen to wealthy people,. stop listening to salespeople and money babysitters.

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If there's one book you can read to help improve your financial acumen, it's Becoming Your Own Banker (BYOB) by R. Nelson Nash. This book is not about investments of any kind. Instead, it's about how one finances the things in life. It's about making your money work for you.

One famous quote by R. Nelson Nash is, “The very first principle that must be understood is that you finance everything you buy–you either pay interest to someone else or you give up the interest you could have earned otherwise.”

Many people have asked Russ and Joey to bring back the BYOB series, so here it is. You get to hear them discuss R. Nelson Nash’s legendary book and its powerful concepts every week.

This episode is Part 1 of an 18-Part Series.

Top 3 Things You’ll Learn:

Why you must understand how banks run their business
The power of cash flow and how it can help you become your own banker
The value of investing in yourself and working with a mentor

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

Wealth Without Wall Street Episode 70 - The Hierarchy of Wealth

https://www.wealthwithoutwallstreet.com/podcast/the-hierarchy-of-wealth

The REal Advice Podcast:

https://podcasts.apple.com/us/podcast/real-advice/id1562327216

The Backwards Bicycle:

https://www.youtube.com/watch?v=CqwfGUhYBEA

Free Financial Strategy Call:

https://www.wealthwithoutwallstreet.com/freecall