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

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.

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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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5:07 - What does a four-year policy at $40K a year produce for you?
7:00 - Can you get this far?
7:14 - Then what does he do?
11:44 - Can you imagine him explaining some of these simple things that would have been a concern to his nephew?
12:38 - How much does one 18-wheeler truck cost?
13:30 - Did you know that the insurance companies that I'm showing you over here were saving this money, are the same financial institutions financing the company that you're borrowing the money from?
14:47 - Did you know that the financial institution you're borrowing money from is the same company you're going to put $25K a year in? Who do you guess is paying for this whole thing to work?
15:51 - Could I borrow the money to buy a new truck?
15:59 - Can I go straight to the same insurance company and borrow the money from them, not from the finance company and pay the markup?
16:21 - Your first step to financial freedom is what?
19:09 - What was the result?
20:53 - Did he work any harder to make this happen?
20:57 - Did he have to take on any more risk?
21:34 - Could I buy two trucks through it?
23:16 - Is his family more or less at risk when you add a $1.3 million death benefit that increases yearly?
24:15 - Do you have ebbs and flows in your business?
24:21 - Do you sometimes take on too much, bite off more than you can chew, learn from your mistakes, have to shrink back, whatever it might be?
26:57 - Do you think as Nelson was teaching his nephew these things, his nephew started to see the light bulb?
28:17 - Is it out of hand to find somebody who is paying 15 - 20% on something right now?
29:21 - Do you think the couch is really worth $7K?
32:00 - They may sell infinite banking, but how many of them actually do implement it?

🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/byob-book-review-part-11-the-entrepreneur-gets-a-lesson-in-finance-by-nelson-nash

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