The Wealth Without Wall Street Podcast

BYOB Book Review Part 18 | Becoming Your Own Banker in 30 Minutes

Sep 19, 2023

Learn the power of becoming your own banker and how to make money through the Infinite Banking System. Explore financial systems and strategies, the importance of access to your money, and investment options like real estate. Discover the need for financing purchases and starting a life insurance policy.

43:09

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Quick takeaways

Attending the passive income retreat in Denver can provide the opportunity to learn from successful entrepreneurs and achieve financial freedom that exceeds monthly expenses.

Nelson Nash's book emphasizes the importance of passive income and having money at work instead of relying solely on active income, while highlighting the manipulation of tax-qualified plans by the government.

Access to capital is crucial for financial success, allowing individuals to invest in income-generating ventures and have control over their finances, avoiding the limitations of traditional investments like real estate and the stock market.

Deep dives

Importance of Passive Income Retreat in Denver

The speaker emphasizes the importance of attending the passive income retreat in Denver, Colorado in October. They highlight that if you need passive income to supplement your active income, and if you feel stuck in your current situation, the retreat can provide the opportunity to learn from successful entrepreneurs and figure out how to achieve financial freedom that exceeds your monthly expenses.

Introduction

4min

Becoming Your Own Banker

13min

Accelerating Infinite Banking and Turning Active Income into Passive Income

4min

Exploring Financial Systems and Strategies

6min

The Importance of Access to Your Money and Investment Options

4min

Financing Purchases and the Need for Finance

4min

How does being your own bank work? If you want to understand how the Infinite Banking System works, this episode gives you the rundown, specifically the seven points Nelson emphasizes in his book Becoming Your Own Banker. It's amazing how one book can change so many lives. Let it change yours!

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today, they give you the step-by-step to Becoming Your Own Banker.

This episode is the final part of an 18-part Series.

Top 3 Things You’ll Learn:

Two ways to make money
How to get your dollars to run through a system like IBC
The Seven Steps to Becoming Your Own Banker

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.

Join the Passive Income Retreat in Denver: October 11-13, 2023

https://go.wealthwithoutwallstreet.com/passive-income-retreat-2023-denver-co

The CASHFLOW Quadrant by Robert Kiyosaki:

https://www.richdad.com/cashflow-quadrant-fundamentals

The Land Geek:

https://www.thelandgeek.com/

Take advantage of the FREE Financial Strategy Call: https://go.wealthwithoutwallstreet.com/free-financial-call

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: