Shownotes
#114:
What This Episode Is About:
On this week's episode of The Wealth Without Wall Street Podcast, Joey and Russ sit down to discuss R. Nelson Nash's book, Becoming Your Own Banker, and how its serves as a critical piece in understanding the foundation of The Infinite Banking Concept.
They explain Infinite Banking by looking at the story of two sisters buying cars and how, despite using their money in almost identical ways, one sister is able to grow her wealth over $700k more than her sister’s account.
Russ and Joey begin to break down how each life insurance policy works like its own business. Similar to starting a business it takes a few years before the the profits/cash values equal the annual outlay. However, these future results are tremendous only if you treat that company properly and use your money proactively. Joey and Russ complete this discussion by sharing a few examples on ways to maximize the idea of making your money work for you.
This is an incredible episode for anyone looking to understand the basics of IBC and why so many people swear by it as a method of long term passive income and financial freedom.
Mentioned In This Episode:
- How small differences in managing money can result in tremendous growth over others.
- How life insurance properties work with IBC and how they can essentially function as their own business.
- What the best methods are for managing your money effectively to maximize your cash flows.
- And much more!
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