BYOB Book Review Part 11 | The Entrepreneur Gets a Lesson in Finance by Nelson Nash

Aug 1, 2023

36:13

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Where do you go for financing when your business needs to upgrade equipment or buy new tools? Traditional companies often use lines of credit, business credit cards, and sometimes cash to purchase equipment. But there's a financing option that allows you to buy what you need without exhausting your resources.

Today, Russ and Joey discuss a lesson in finance for entrepreneurs. This conversation involves scenarios of using IBC to buy equipment. As Nelson said on page 63 of his book, Becoming Your Own Banker, “This is an exercise in imagination, reason, logic, and prophecy.”

Let's say you have upcoming equipment or vehicle purchases for your business. In that case, today's discussion will give you insight into how you can start getting insurance policies for your partners or key people and becoming the financing agent for the big-ticket purchases for your business. So listen up!

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today they talk about expanding your system to accommodate all income.

This episode is Part 11 of an 18-Part Series.

Top 3 Things You’ll Learn:

How to be a good steward of money
You can be a part of the banking function and benefit from it
How to use IBC to finance the purchase of equipment

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.

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https://go.wealthwithoutwallstreet.com/innercirclelive-2

Promo Code: PODCAST

Becoming Your Own Banker by R. Nelson Nash:

https://www.wealthwithoutwallstreet.com/ibcbook

The Infinite Banking Concept Explained by a CFP:

https://www.youtube.com/watch?v=sVuexMv6Kf4

IBC Example: True Cost of Paying Cash vs. Using a Whole Life Policy:

https://www.youtube.com/watch?v=h4rugVZkajc

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