BYOB Book Review Part 18 | Becoming Your Own Banker in 30 Minutes

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How does being your own bank work? If you want to understand how the Infinite Banking System works, this episode gives you the rundown, specifically the seven points Nelson emphasizes in his book Becoming Your Own Banker. It's amazing how one book can change so many lives. Let it change yours!

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today, they give you the step-by-step to Becoming Your Own Banker.

This episode is the final part of an 18-part Series.

Top 3 Things You’ll Learn:
- Two ways to make money
- How to get your dollars to run through a system like IBC
- The Seven Steps to Becoming Your Own Banker

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.

Join the Passive Income Retreat in Denver: October 11-13, 2023
https://go.wealthwithoutwallstreet.com/passive-income-retreat-2023-denver-co

The CASHFLOW Quadrant by Robert Kiyosaki:
https://www.richdad.com/cashflow-quadrant-fundamentals

The Land Geek:
https://www.thelandgeek.com/

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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https://wealthwithoutwallstreet.com/quiz

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https://www.wealthwithoutwallstreet.com/passport

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5:28 - Why is it that 50 or 60 years ago, the men went to work, and the wives stayed home, working inside the household and raising the kids? Why is it now that we no longer have the ability for one spouse to stay at home while the other goes to work? Why do we believe that both husband and wife must be at work 100% of the time?
6:12 - Could it be the fact that this modern family has no money at work?
7:01 - When we look at the E (Employee) quadrant, income equals what?
7:13 - In the S (Solo Entrepreneur/ Self-Employed) quadrant, income equals what?
8:34 - In the B (Business Owner) quadrant, that income equals what?
8:52 - Do you believe that you have to have a company with 500 people to be in the B quadrant?
9:28 - Income equals what in the I (Investor) quadrant?
10:13 - What do you believe is the number one thing keeping people from being financially successful today?
12:49 - Do you not want to be able to serve? Are you a piece of machinery that's no longer providing value? Do you need a newer and more improved model to take over?
13:50 - How many things do people put money into today that grow, and they get to access the money at any point in time without paying tax on it?
15:19 - If you own a banking system, wouldn't you run all your business through your own banking system?
16:55 - How do you get every dollar to run through a system like IBC?
19:56 - Where do you think those dollars are going to go?
20:02 - What have I been doing with the dollars before I was paying them?
23:16 - Did you know you can buy insurance policies for your kids?
23:46 - When governments create a problem, #oneroustaxation, and then grant you an exception to that problem, i.e., tax-qualified plans, aren't you the slightest bit concerned that you're being manipulated?
25:27 - Do you think they really want to get rid of the tax?
27:59 - Do you really want to sell when the value is going through the roof?
31:11 - What did this person do for a living?
31:17 - What return could they, and have they been able to make by investing in real estate?
32:33 - To set the system up, what do we have to start?

🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/byob-book-review-part-18-becoming-your-own-banker-in-30-minutes

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