The Wealth Without Wall Street Podcast

BYOB Book Review Part 15 | Long-Range Thinking Required

Aug 29, 2023

The podcast explores the importance of long-range thinking and leaving a lasting legacy. They review 'Becoming Your Own Banker' and discuss the value of knowledge in creating wealth. They explore the rise and fall of Commodore Vanderbilt's fortune. They emphasize the significance of understanding money and thinking ahead in building wealth. They introduce the concept of infinite banking and its potential for generational wealth. They highlight success stories and the importance of community in building wealth for future generations.

31:56

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Quick takeaways

Long-range thinking is crucial for leaving a lasting legacy and passing down wealth-building knowledge to future generations.

Studying the approaches of wealthy families can provide valuable insights and strategies for creating a generational plan.

Deep dives

Importance of Long-Range Thinking

The podcast episode emphasizes the importance of long-range thinking and how it can positively impact future generations. It highlights the common challenge of being focused on immediate urgencies rather than long-term importance. The episode encourages listeners to stretch themselves and aspire for long-term goals. One example given is the idea of surrounding oneself with like-minded individuals who have similar aspirations. The key point is to think beyond the present and consider how to pass down wealth, knowledge, and experiences to future generations.

Introduction

2min

Long-Range Thinking and Legacy: Becoming Your Own Banker

4min

The Rise and Fall of Commodore Vanderbilt's Fortune

2min

The Importance of Knowledge and Long-Term Thinking in Building Wealth

7min

Wealth, Passive Income, and Book References

2min

Infinite Banking and Creating Generational Wealth

13min

How do you want to be remembered when you're gone? What legacy do you want to leave behind? Do you want to leave all the wealth you've accumulated to your family, or do you want to leave them with the knowledge of how to build lasting wealth so they can do it themselves? Leaving a legacy is more than giving an inheritance, a trust fund, or material things. You must devise a plan to protect your legacy and ensure the wealth-building knowledge is passed to the next generation.

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today they discuss how to practice long-range thinking and pass along a lasting legacy to the next generation.

This episode is Part 15 of an 18-Part Series.

Top 3 Things You’ll Learn:

What is required to pass along the wealth of knowledge over the rest of my life?
What had the wealthiest families in the world done to execute this, either poorly or amazingly?
What can be done to start or to add to your generational plan?

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.

The Men Who Built America:

https://watchdocumentaries.com/the-men-who-built-america/

What Would the Rockefellers Do?:

https://www.amazon.com/What-Would-Rockefellers-Do-Wealthy/dp/069263536X

Rich Dad Poor Dad by Robert Kiyosaki:

https://store.richdad.com/products/rich-dad-poor-dad-what-the-rich-teach-their-kids-about-money-that-the-poor-and-middle-class-do-not

Wealth Without Wall Street Episode 62 - How to Create Business Opportunities & Generational Wealth Through Infinite Banking w/ Dr. Jim Smith:

https://www.wealthwithoutwallstreet.com/podcast/how-to-create-business-opportunities-generational-wealth-through-infinite-banking-w-dr-jim-smith

Building Your Warehouse of Wealth by R. Nelson Nash:

https://infinitebanking.org/product/building-your-warehouse-of-wealth/

Entrusted by Andrew Howell:

https://www.amazon.com/Entrusted-Building-Legacy-That-Lasts/dp/0692558268