Becoming Your Own Banker 1: Your Money Is Making Someone Rich

Somebody is already performing the banking function in your life.

The question is: Who?

Jim Oliver and Kyle Reese kick off a new series breaking down one of the most influential books in Jim's financial life: Becoming Your Own Banker by R. Nelson Nash.

Jim admits that when he first read the book, he didn't get it. His traditional financial-planning mindset led him to dismiss it as another way to sell life insurance. It wasn't until he met Nelson and changed the way he thought about money that the bigger concept clicked.

IBC isn't fundamentally about chasing a better return.

It's about asking a much bigger question:

Who owns and controls the process through which your money moves?

Key Takeaways

- Somebody is already your banker. Your money is constantly moving through purchases, financing, savings, debt, assets, and businesses.

-Nelson wasn't searching for another insurance product. He was trying to regain control over capital and the financing taking place throughout his life.

-IBC is about financing—not simply life insurance. The policy provides the structure, but the bigger question is who performs the banking function in your life.

-Stop making everything about the rate of return. The larger question is who controls—and profits from—the movement of capital through your household or business.