Do you want to be in control, have excellent opportunities, and automatically gain the upper hand in negotiations? In part 9 of the "Becoming Your Own Banker" series, we discuss the path to financial freedom and control with this truism we call The Golden Rule: "Those who have the Gold make the rules."
https://www.youtube.com/watch?v=TTvP69_9wVI
In today's episode, we'll discuss the benefits of capitalism, the lost art of saving, the proper role of the Constitution, Ayn Rand, Shakespeare, personal responsibility, the requirement of an alert, informed, and jealous citizenry... and how it all ties back to the Infinite Banking Concept. Don't miss this episode as we continue on our journey through Nelson Nash's incredible book, "Becoming Your Own Banker."
Ethical Capitalism and the Golden RuleWhy You Want to Be in ControlBeing in a Position of Capital with Infinite BankingThe Benefits of Non-Liquid InvestmentsResponsibility in a Capitalistic SocietyBook a Strategy Call
Ethical Capitalism and the Golden Rule
Social media is rife with people who live for today, who make promises to help people get rich quickly. Ultimately, these are people who get rich on promises rather than service, while the people they’re supposed to help do not. This is shortsighted and unfortunate, and is not exemplary of ethical capitalism. Unfortunately, this is what the “Golden Rule” has turned into.
You’ve probably grown up hearing about the biblical Golden Rule: “Do unto others as you would have them do unto you.” In Becoming Your Own Banker, Nelson says that financially, the Golden Rule is that “those who have the gold make the rules.”
While this can be easily twisted, like with the hundreds of social media entrepreneurs, it can also unlock a path of personal wealth for you and others. When implemented from the standpoint of ethical capitalism, this Golden Rule is actually our greatest gift.
Why You Want to Be in Control
[15:00] “Those who are in control, who have capital, are in power. They make the rules that benefit themselves best and make the rules that everyone else follows. We don’t have to be suckered into following these rules. It’s just a natural thing that happens. And the reason that it happens is because when you have control of the capital, everyone else needs that capital.”
The remedy to this is to appreciate the value of future thinking and to seek your own capital. So many of us are “living for today,” in Nelson’s words, and not thinking about what it takes in the long term to be successful. And so we give up control of capital to banks and other institutions. When you remove your capital from these systems, you take back your control, and therefore your own power. This is the long term value of saving money.
[16:19] “We don’t appreciate, in our culture, having capital. We don’t appreciate the act of saving and setting capital aside so that we have access to that capital. And because we have absolved that responsibility of controlling capital, who controls it? Somebody besides us.”
Being in a Position of Capital with Infinite Banking
If you don’t want to have people control you, you must use the golden rule to take control. If you don’t want the banks to control you, then get your money out of the banks and into a whole life insurance policy.
By doing this, you can accumulate money that benefits you and not the banks, which profit from leveraging your money. After all, banks are notorious for using customer deposits to make loans and investments, then paying a sliver of that back in interest.
Whole life insurance with a mutual company allows you to grow your wealth at a more favorable earnings rate, while also providing the ability for you to leverage your own money to make investments. You get to have complete control over when and why you use the money, and the banks have no reach or power over your personal capital.
The Benefits of Non-Liquid Investments
