BYOB Book Review Part 7 | Human Problems in Becoming Your Own Banker by Nelson Nash

A wise person makes his money work instead of him trading his time to earn money. But before putting your money to work, you need a place to accumulate it. Instead of putting it in banks, why not put it in whole life insurance policies and become your own bank?

Today, Russ and Joey explore the human problems of becoming your own banker. Get ready to learn about Parkinson’s Law, Willie Sutton Law, The Golden Rule, The Arrival Syndrome, and Use It or Lose It. Understanding these principles will give you a deeper understanding of how you can better use your money and establish your financial system.

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review and discuss how you can create your own banking system.

This episode is Part 7 of an 18-Part Series.

Top 3 Things You’ll Learn:
A luxury once enjoyed becomes a necessity.
Money should be used to make more money.
Infinite Banking is not a product - it's a way of life.

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

Join the Inner Circle LIVE:
https://go.wealthwithoutwallstreet.com/innercirclelive-2
Promo Code: PODCAST

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

Wealth Without Wall Street Episode 61 - Look Up…The Tax Train is Coming!:
https://www.wealthwithoutwallstreet.com/podcast/look-up-the-tax-train-is-coming

SECURE 2.0 Act:
https://www.finance.senate.gov/imo/media/doc/Secure%202.0_Section%20by%20Section%20Summary%2012-19-22%20FINAL.pdf

FAKE by Robert Kiyosaki:
https://experts.richdadworld.com/assets/files/rd_fake_0519.pdf

Join the Community:
https://www.wealthwithoutwallstreet.com/community

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

Turn Active Income Into Passive Income:
https://go.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

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6:48 - Why do you think that is, though? Why are we the problem?
7:00 - Where does that come from?
7:05 - Who are our financial teachers growing up?
7:15 - Who were they taught by?
10:23 - If you say, “I'm going to make $100K a year,” how much will somebody spend?
15:47 - Russ, why do you have 19 life insurance policies?
16:35 - Why did Willy Sutton rob banks?
17:18 - What has IRS done to keep your money?
18:32 - When we think about where we will save and invest money, what will be the result from a taxation standpoint?
23:39 - How does the government get access to your money?
25:28 - If I'm accumulating money “in my policy,” what keeps the IRS from taking the money from there? What keeps them from coming back?
26:42 - What did the government create?
27:50 - If somebody in your house needs money, will they go to the neighbor's house, break in and find money, or will they look for money in the home they are in?
29:15 - The folks that have the gold make the rules, don't they? Isn't that true about the qualified plans we've been talking about? Does the government technically own that money at this point?
30:21 - Why are we not trying to control the gold?
31:29 - How do you become your own bank?
35:22 - How many people read five books a year, much less 50?
38:55 - How can we be more successful and work less?
39:43 - When we don't use that money or put it in the right place, what will it really cost us?
40:12 - If I quit using my right arm and tied it to my side for the next six months, what would happen to my right arm?
40:43 - Think about car insurance, health insurance, and whole motors insurance. What happens the more you use it?
44:13 - What is it that we can do with $600K? Could we retain more employees? Could we use it as a tool to help us expand and grow the business so it can be sellable for a larger amount in the future?
45:46 - If you want to be rich, where do you go?

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🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/byob-book-review-part-7-human-problems-in-becoming-your-own-banker-by-nelson-nash

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