If I were to give someone advice on how to read Nelson Nash’s Becoming Your Own Banker, I would advise them to start with page 85: Points to Consider. If you have 5 extra minutes in your day, I encourage you to read page 85 then go back to the beginning and read pages 3-4. These 3 pages will remind you of why you started this journey and ultimately where this journey will take you.

So let’s briefly summarize Nelson’s 7 Points to Consider from page 85:

1. There are only 2 sources of income – people at work and money at work. The sooner you can get your money creating income for you, the sooner you can pull the throttles back and stop working so hard. 

Call to Action: Put intentional time to thinking and educating yourself for 1 hour every week on ways you can put your money to work.

2. If you knew, at passive income time (aka retirement), that you would be getting back everything you paid into a system and more – tax free – how much would you want to put into that system?? Question to ponder: Are capitalizing your system as much as you can?

3. Your money can reside in someone else’s bank or your own bank. Which one sounds better to you?

4. When government creates a problem (onerous taxation) and then grants you a solution to that problem (tax-qualified plans), aren’t you just a little suspicious? 

Call to Action: Read Barry Dyke’s book The Pirates of Manhattan for a deeper dive into qualified plans.

5. Wealth has to reside somewhere. It can reside in real estate, banks, the stock market, precious metals, or free contracts with other free persons (life insurance policies). Or…it can reside in all of those places, depending where you first sequence your wealth (like a life insurance policy). Remember, don’t think “either/or”; think “both/and”

6. You finance everything you buy. You either pay interest to someone else or you give up the interest you could have earned on your cash. There are NO exceptions.

7. Your need for finance during your lifetime exceeds your need for life insurance. But if you solve your need for finance through your life insurance cash value, you get both!

 

Checkout the Wealth Warehouse Podcast two-part episode where we dive deeper into these 7 points:

YouTube: Part 1 , Part 2

Apple: Part 1 , Part 2

Spotify: Part 1 , Part 2

 

Wishing you a great and prosperous month. Until next time…

Control your capital, or somebody else will

Cheers,

Dave