In this episode, Michael discusses the principle on page 48 of Nelson Nash's book, "Premiums and income should match."
This discussion directly addresses the truth that we have been conditioned for generations to give all of our cashflow to someone else's banking system that someone else owns, rather than to our own banking system that we own.
We strongly advise that you watch this presentation by Carlos Lara in conjunction with this episode of the Duryea Financial podcast:
https://www.youtube.com/watch?v=nT90ukVhxv4&t=1160s
Thank you all, and God bless you.
Summary
In this engaging conversation, Michael Duryea and Tim Yurek explore Tim's journey in the financial services industry, his personal experiences with financial struggles, and the transformative power of the Infinite Banking Concept introduced by Nelson Nash. They discuss the importance of financial control, the emotional aspects of financial decisions, and how understanding money management can lead to greater freedom and legacy building. The discussion emphasizes the need to rethink traditional financial mindsets and the profound impact of financial education on personal and familial relationships.
Chapters
00:00 Introduction to Tim Urick and Financial Services Journey
02:54 The Impact of Personal Financial Experiences
05:59 Realizations About Financial Control
09:01 Discovering Nelson Nash and Infinite Banking
11:29 The Importance of Control in Financial Life
14:25 Real-Life Applications of Infinite Banking
17:23 Building a Legacy Through Financial Freedom
20:18 The Emotional Value of Financial Decisions
22:54 Transforming Financial Mindsets
26:01 Conclusion and Final Thoughts
Keywords
Infinite Banking, Nelson Nash, Life Insurance, Financing, Banking System, Cash Value, CD Method, Policy Loans, Financial Independence, Wealth Building
Summary
In this episode, Michael Duryea reviews Nelson Nash's book, 'Becoming Your Own Banker,' focusing on the concept of infinite banking. He discusses various methods of financing a car, particularly emphasizing the CD method and the life insurance policy method. The conversation highlights the importance of ownership in banking and how it affects financial outcomes. By comparing these methods, Michael illustrates the potential for greater wealth accumulation through the infinite banking concept, which allows individuals to control their financial resources and benefit from dividends as policyholders.
Takeaways
Infinite banking allows individuals to recapture interest paid to banks.
Starting with smaller purchases is essential for building a banking system.
The CD method involves borrowing against a certificate of deposit.
The life insurance policy method allows borrowing against cash value.
Ownership in banking significantly impacts financial outcomes.
Policyholders benefit from dividends in mutual life insurance companies.
The difference in wealth accumulation can be substantial over time.
Understanding the characters in banking is crucial for financial literacy.
Control over leverage is a key advantage of infinite banking.
The infinite banking concept promotes financial independence for generations.
Titles
Unlocking the Infinite Banking Concept
Mastering Your Own Banking System
Chapters
00:00 Introduction to Infinite Banking
02:48 Exploring Financing Methods for Cars
05:42 The CD Method Explained
08:10 The Life Insurance Policy Method
11:03 Comparing CD and Life Insurance Methods
13:41 Understanding Ownership in Banking
16:27 Conclusion: The Power of Infinite Banking
In this episode, my guest Bruce Wehner, a Nelson Nash Institute council member, dives into the transformative world of infinite banking. Bruce shares his journey from Catholic school education to financial services, sparked by the 2008 financial crisis, and his introduction to Nelson Nash’s infinite banking concept in 2009.
Bruce explains the critical differences between whole life and universal life insurance, emphasizing whole life’s fixed premiums as ideal for infinite banking’s certainty and control.
Bruce also recounts his personal connection with Nelson Nash, highlighting Nash’s conviction and open-mindedness in spreading financial empowerment.
The episode explores how infinite banking offers entrepreneurs and individuals control over their finances, akin to owning their own banking system, reducing reliance on traditional banking systems. Join Michael and Bruce for an insightful discussion on achieving financial freedom through sound money principles.
Keywords: Infinite Banking, Nelson Nash, Whole Life Insurance, Financial Control, Sound Money
Summary
In this episode, Michael Duryea discusses the importance of thinking like a banker.
He emphasizes the need for individuals to take control of their financial systems and become distributors of their wealth rather than mere consumers.
The conversation explores the role of life insurance in wealth management and the necessity of building an alternative banking system to reduce dependency on traditional banks.
Takeaways
Enjoy!
In this episode I continue my review of Nelson's book Becoming Your Own Banker, where he discusses the misclassification of life insurance.
Nelson says that we should view life insurance as a personal system of finance, that happens to have a death benefit attached to it, not the other way around.
Enjoy!
In this episode I discuss page 35 in Nelson's book Becoming Your Own Banker, the chapter entitled "Use It or Lose It".
This chapter is the last of the human problems that Nelson says we must overcome if we are to become our own banker.
Enjoy!
In this episode, I review page 34 of Nelson's book, in which Nelson describes the devastating problem called "The Arrival Syndrome."
This problem is the most damaging problem we encounter in the mission of establishing our family system of policies for banking.
Don't miss this one! Enjoy!
In this episode I speak with my good friend and brother-in-law Josh Pretzer. We discuss our history with infinite banking and what it has meant to us over the years. Enjoy!
In this episode, I review the chapter in Nelson Nash's book entitled The Golden Rule, pages 31-33.
Nelson writes that those who understand the value of building and owning capital have the proper respect for capital, and are always those who are in control of the capital.
Those who own and control the capital will always earn the most money, and those who do not own and control capital will always be at the mercy of those who do.
Enjoy!
In this episode I continue my review of Nelson Nash's book Becoming Your Own Banker, pages 29 and 30.
In this section, Nelson discusses Willie Sutton's Law, a notorious bank robber.
Willie Sutton's Law is, "Wherever wealth is accumulated, someone will try to steal it."
Nelson goes on to discuss that the most effective form of theft is the political method, the legal method.
Thank you for tuning in! Enjoy!
In this episode, we move onward in Nelson's book to page 28 where Nelson begins discussing the human problems we all encounter as we set out to become our own banker. I discuss the human problems Nelson is laying out, and how they provide stumbling blocks to our success in IBC, and I offer the Biblical solution of grace as a permanent solution to the problems that we face when adopting IBC in our lives.
Click here for part 1 of The Cross in My Life by Brother Derek Prince.
Click here for part 2 of The Cross in My Life by Brother Derek Prince.
In this episode, I review pages 21-25 of Nelson Nash's book Becoming Your Own Banker and I zero on in the concept of ECONOMIC VALUE ADDED or EVA, what "the cost of capital" really means, and what Nelson meant by it.
If we do not understand EVA and the cost of capital, and how banks really operate and how the money system is really working, then infinite banking will never make sense.
In this episode, I cover the topic of *INTEREST* in the Infinite Banking Concept, which is the most widely misunderstood topic in infinite banking.
I talk about policy loan interest, and why paying it is actually a good thing, even though we often feel like it's not.
And I talk about paying yourself interest, which is often mistakenly confused with policy loan interest, which is a fatal error.
Enjoy!
In this episode I review an article by Carlos Lara on Austrian economics and the history of modern deposit banking. Modern fractional reserve deposit banking is the worst, most evil and disturbing financial problem in the world today. It is legal fraud and counterfeiting, it victimizes private property owners, is a crime to society, and yet the bankers of the world get away with it on a daily basis. The infinite banking concept is a powerful concept that helps people on a real, practical level achieve an exit strategy from this banking problem, which is the cause of inflation.
In this episode I review pages 19-20 of Nelson Nash's book Becoming Your Own Banker, in which he describes the gory details of starting your own commercial bank, some of the evils of the modern fractional reserve banking, and then describes the cogeneration system of financing that already exists with life insurance, and how to tap into it.
In this episode I review pages 17 and 18 of Nelson Nash's book Becoming Your Own Banker, in which he demonstrates that over 30% of every dollar that the average American earns is spent on interest to the banks, how this is a problem in how we think, and how learning to think according to the concepts of infinite banking is the cure for that problem.
In this episode I discuss pages 14-16 of Nelson Nash's book Becoming Your Own Banker, highlighting the importance of imagination over knowledge, and the concept of theft as a horrible evil that erodes wealth.
It does no good to stop the world from stealing from you, if you're going to simply steal from yourself.
In this episode I review pages 12-13 of Nelson Nash's book Becoming Your Own Banker, in which he describes the painful circumstances in his own life in the late 70s and early 80s, and how those horrible circumstances were actually the birthplace of The Infinite Banking Concept™. It is what King David referred to in Psalm 23, "You prepare a table before me in the presence of my enemies."
In this episode I continue my review of Nelson Nash's book Becoming Your Own Banker, the opening chapter on pg. 11.