BYOB Book Review Part 5 | Creating a Bank in Becoming Your Own Banker by Nelson Nash

The Wealth Without Wall Street Podcast

Jun 20, 2023•30 min•Transcript available on Metacast

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Episode description

Do you know how banks make money? It is by lending money to borrowers at high-interest rates. So why not create your own bank?

If you have extra money, would you rather put it in another bank or create your own bank? If you're going to buy a car or a property, would you borrow from someone else's bank and pay them the interest or borrow from your own bank and earn that interest?

If you want to know how to establish your own bank, today's episode will give you some clarity.

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 5 of an 18-Part Series.

Top 3 Things You’ll Learn:

How banks make money
How to become your own bank
The importance of investing in yourself

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

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https://www.wealthwithoutwallstreet.com/PIOS