BYOB Book Review Part 7 | Human Problems in Becoming Your Own Banker by Nelson Nash

Jul 4, 2023

47:13

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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:

A luxury once enjoyed becomes a necessity.
Money should be used to make more money.
Infinite Banking is not a product - it's a way of life.

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

Wealth Without Wall Street Episode 61 - Look Up…The Tax Train is Coming!:

https://www.wealthwithoutwallstreet.com/podcast/look-up-the-tax-train-is-coming

SECURE 2.0 Act:

https://www.finance.senate.gov/imo/media/doc/Secure%202.0_Section%20by%20Section%20Summary%2012-19-22%20FINAL.pdf