How to create your own family bank

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Please watch: "Easy ways to make an extra $1,000 a month - Danielle Pierce"
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[anonymaus]

Yes. I was discussing this recently with a friend. I wanted to make an app, but you can just do it with pen and paper. It's called a "private ledger".

If there are five members in your "family". (It could just be a group of friends who trust each other). Then you need five pieces of paper in the "private ledger". You write the name of each person on the top of the page. And a line down the center of the page.

On the left side of the page you write the word "debit" and in the right side of the page you right the word "credit".

The words "debit" and "credit" just mean "left" and "right" in Latin.

Now choose a unit of "currency". Maybe ☆. Note that this is totally arbitrary. It doesn't have to be a American dollars $. Or British pounds £. This is your own private family "currency". And you can discuss the exchange rate between ☆ and $ at some time in the future. Maybe one year's time, when you agree to "close the ledger".

Now, suppose that person A does a favor for person B. They agree on a price, maybe 3.0☆.

The "keeper of the ledger", now writes, on the left hand side of the page corresponding to person A:
1. The date
2. A transaction number
3. A brief description of the service received.
4. The number 3.0

The "keeper of the ledger" also writes, on the right hand side of the page corresponding to person B.

1. The same date.
2. The same transaction number.
3. A brief description of services given.
4. The number 3.0

That's it! You just started your first bank. Congratulations!

The "favour" can be anything from washing the dishes, to unblocking a toilet, or building and designing a website to being the person who answers the phone and replies to email all day from clients who wish to place an order or book a service, or just ask questions about what benefits your business is providing to the outside world.

Nothing can really stop you now that you have your own bank.

[Wildfurry]

He said a whole lot without saying a damn thing. Nowhere in this video has he explained step by step how to start a family bank, what actions to take, or the benefits of a family bank. I know he has satisfied a lot of people because he sounds smart but Please do better.

[gregallen]

@ Boyce Watkins: You spoke in another video about tricks you use to keep your children learning these financial concepts. Do you already have a video explaining the tips and tricks you used with your children? Or are you willing to share this information over email?

[gradysimpson]

Very good info about wealth, and it's potential in our lives. But still a lack of info on your own bank.

[mikebtrfld]

I grew up in an all white community east of Oakland in the 50's. Dad worked in Oakland and sometimes we'd go there with him in our '55 Plymouth. I'd never seen anyone driving a brand new Cadillac until we drove through the black neighborhoods there.

[mbaker]

What does all this have to do "Creating a Family Bank"? What are the documents needed? What is the setup for transferring funds from one generation to the next and the next? You should title your videos correctly. There is not information about creating a structure here. Bummer, I was hoping I could learn what I should be doing.

[curtisdavis]

Great video on banking! The average American has a "Cash Flow" problem.. If they made more deposits than withdrawals from bank account.... Habits... you take that same activity ..carry to business bank or stock .market... Banks give money (loans)how much you deposited...or hold daily bal. Stock market all about dollar-cost average.. You buy $200 of stock (50-60/share)...each month. Compond intrest x Time helps money Thanks

[reedbeans]

Dr. B, can you help Single mothers who never had Dad or Govt help, w students loans. How can we Woman get Financial Free and Invest?

[roycemason]

Why don't we build a national Bank

[MikeBrown-sdmx]

basically the logic here is the more money you have now the more you would make further or later down the this was true then explain that to multi million-dollar lottery winners who within five years end up being broke.

[carlosperaltacontrerasthe]

My commentary respecting black community ? Way are you tinnck abaut to Mexican American history ( Mexico)2021

[stevenjenkins]

If I vote for a woman for President.
1. Condoleezza Rice
2. Maybe Michelle Obama without Valerie Jarrett. Keep Valerie out of the white house.