BYOB Book Review Part 1 | The Disciplines Required for Becoming Your Own Banker by Nelson Nash

If there's one book you can read to help improve your financial acumen, it's Becoming Your Own Banker (BYOB) by R. Nelson Nash. This book is not about investments of any kind. Instead, it's about how one finances the things in life. It's about making your money work for you.

One famous quote by R. Nelson Nash is, “The very first principle that must be understood is that you finance everything you buy–you either pay interest to someone else or you give up the interest you could have earned otherwise.”

Many people have asked Russ and Joey to bring back the BYOB series, so here it is. You get to hear them discuss R. Nelson Nash’s legendary book and its powerful concepts every week.

This episode is Part 1 of an 18-Part Series.
Top 3 Things You’ll Learn:
Why you must understand how banks run their business
The power of cash flow and how it can help you become your own banker
The value of investing in yourself and working with a mentor

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

Wealth Without Wall Street Episode 70 - The Hierarchy of Wealth
https://www.wealthwithoutwallstreet.com/podcast/the-hierarchy-of-wealth

Free Financial Strategy Call:
https://go.oncehub.com/Intro15M?src=youtube

Turn Active Income Into Passive Income:
https://www.wealthwithoutwallstreet.com/PIOS

Take the Financial Freedom Analyzer:
https://wealthwithoutwallstreet.com/quiz

Discover Your Path to Financial Freedom:
https://www.wealthwithoutwallstreet.com/passport

Apply to Join the Passive Income Mastermind:
https://www.wealthwithoutwallstreet.com/wwws-passive-income-mastermind

—

04:37 - Why do you believe that if all the money was distributed evenly to all the people in the world, within ten years, 97% of it would reside in the hands of 3%?
07:33 - What are these businesses in business to do? Make money for you or make money for themselves?
07:53 - Whose money are people going to take better care of? Yours or theirs?
08:47 - Within about two to four weeks, someone will emerge that you went to college with, and now they're a financial advisor. They know that you just got your first paycheck, and suddenly, they're your financial advisor. Do they really have a track record? What have they received in two to four weeks?
10:13 - In 2016, the Bank of America had a little over $800 billion in deposits. They paid out about $1.9 billion in interest and took in just under $50 billion in interest payments to them. So how did they make that 2600% return? It wasn't through their money, was it? Whose money created it?
10:48 - How do we apply the process of banking?
12:01 - What's the solution?
12:45 - How does the concept of one money pool affect me in the way I'm going to implement this for my family, my income, and my money?
13:18 - Who told me it's necessary to save my money in places like banks or qualified plans?
13:35 - Why would you put money in one account for your child and wait 18 years before you use it?
13:54 - How would you run a real estate brokerage?
14:48 - How does Walmart run its business?
15:19 - If this is how businesses run and every single business you know runs this way, why would we run our financial business differently?
16:14 - How do businesses operate, and how can we be like them?
20:04 - Is there anything confusing about creating your own banking system?
23:07 - How many people do you know now who buy things on 90-day notes?
23:39 - When we're talking about real estate investing and leverage, what are we usually using? What sort of insurance?
24:16 - How did Nelson increase the money he put in his life insurance contracts when he simultaneously had all these extra interest expenses?
25:24 - What happened to his income when he started investing in himself?
25:34 - What other investment can you put in time, energy, and money that triples itself in a relatively short time?
26:05 - What would have happened if he'd just taken the income that tripled and just started paying off the debt? Would he have expanded his system?
27:22 - What's happening? They're planting trees for who?
27:29 - Does Bank of America actually take in these cash flows and buy insurance policies with them?
27:36 - To the tune of how much?
29:05 - What is understanding?

-
🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/byob-book-review-part-1-the-disciplines-required-for-becoming-your-own-banker-by-nelson-nash

-
#WealthWithoutWallStreet #infinitebanking #FinancialFreedom #InfiniteBankingConcept #IBC #entrepreneurship #PersonalFinance #Investment #Podcast #PassiveIncomeStream #PIOS