How to Live Off of 70% of Your Income

"The first step of that is, can I live off of 70%? And then what do I do with that 30%?" he asks. "I think it's very easy when you got a book that's 100 years old telling you to do that." He adds: "It's gotten this derailed from the really simple way of doing this whole thing"

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Do you realize what the problem is with the current banking situation? Chapter 4 of the book Becoming Your Own Banker illustrates this problem using the example of a 29-year-old man making $28,500 yearly after taxes and what he does with the after-tax income. Nelson also compares the situation to flying a plane. Tune in to fully appreciate the analogy and discover the most profitable thing you can do.

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 4 of an 18-Part Series.

Top 3 Things You’ll Learn:

How to analyze your financial situation and create solutions
Creating and expanding your financial system
Learning to control your financial environment is the most profitable thing you can do.

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

Free Financial Strategy Call:

https://www.wealthwithoutwallstreet.com/freecall

Turn Active Income Into Passive Income:

https://www.wealthwithoutwallstreet.com/PIOS