The Wealth Without Wall Street Podcast

BYOB Book Review Part 4 | The Problem in Becoming Your Own Banker by Nelson Nash

Jun 13, 2023

41:38

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Episode notes

Introduction

2min

Nelson's Breakdown of a Problem in Finance

2min

Willie Wall Street's Rate Monster

2min

How to Save 10% of Your Money

2min

The Importance of Interest Rates

4min

The Problem Is Not the Rate

2min

The Problem With Leasing Cars

2min

The Importance of Saving for Your Family

2min

The True Cost of Paying Cash

2min

10.

The Importance of Volume in Finance Charges

3min

11.

How to Turn Active Income Into Passive Income

2min

12.

The Importance of Taking Over Your Own Banking Function

4min

13.

The Importance of Learning to Control the Financial Environment

4min

14.

How to Live Off of 70% of Your Income

2min

15.

How to Control Your Environment

2min

16.

Building a Digital Community for Wealth Without Wastreet

2min

17.

How to Create a Financial Freedom Bank

2min

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.

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

Take the Financial Freedom Analyzer:

https://wealthwithoutwallstreet.com/quiz