Becoming Your Own Banker Overview – 002
Becoming Your Own Banker – 002 transcript
Eric Kouvolo : Well, welcome back to the show everyone we are really excited. Today we’re going to dive a little bit deeper into what is the Infinite Banking concept, and give you a big overview of what it is, how it works. It was something I discovered years ago it kept popping up. I eventually read Becoming Your Own Banker by R. Nelson Nash. The concept alone, I mean, as a finance major and having the background that I had, I had never heard about this concept, basically made me pretty excited. So once again we have authorized practitioner and infinite banking expert Frank Riedel. How you doing Frank?
Frank Riedel: I’m good thank you Eric
Eric Kouvolo: Wonderful, great to have you back. This is something that unique in a lot of people never heard. Rather than going into the nuts and bolts right away which we will do in future shows, the thing about infinite banking is it like the name states, it’s a banking concept, and it’s infinite on how you can use it. So real quick maybe just explain how banks work and what people can use this banking concept for Frank.
Frank Riedel: So banks really are masters at making money and the banks make their money based upon the principles of leverage. Leverage being the key with all this is knowing how to leverage money. You’ll be able to do with Infinite Banking as you will be able to create leverage for yourself and that’s really what the concept is all about.
It is highly conceptual, but you’re able to learn how a bank would go out and make incredible rates of return on their money. Because guess who’s money they’re using? They’re using somebody else’s money typically depositors’ money or the money that is sitting under in assets in that account. They can use that money to amass more money so so therefore, you can leverage somebody else’s money, that’s the key and I think you know Eric. That’s what you hear real estate investors talk about all the time it’s using other people’s money. And so they call it O.P.M. So other people’s money if you can utilize that, that is a one of the keys to their wealth building it is a cornerstone.
What we’re going to show you is that with infinite banking, you’re able to produce that for yourself. Infinite banking it’s been a wonderful experience for me and my household. One thing that we have just benefited from over and over again, is being able to have use and control of our money while it’s still growing. So we’re not sacrificing growth in order to use the control. Again this is going to go way beyond just simply a chasing a rate of return. This is going to be about having control of your financial future.
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