Becoming Your Own Banker Book Summary (Page 85)

Richard Canfield reveals some POWERFUL key points from page 85 of Nelson Nash's life-changing book 'Becoming Your Own Banker'. Enjoy!

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Introduction to Becoming Your Own Banker
© 2022 Ascendant Financial Inc. All rights reserved.

The authors have taken reasonable precautions in the preparation of all materials and believe the facts presented are accurate as of the date it was written. However, neither the author nor the publishers assume any responsibility for any errors or omissions. The authors and publisher specifically disclaim any liability resulting from the use or application of the information contained in all materials, and the information is neither intended nor should be relied upon as legal, financial or any other advice related to individual situations.

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[BankersVault]

What do you believe is the biggest benefit you'll get from becoming your own banker? Comment below!
Ready to get started?

[TerryAllison]

Great summary. I'm on my fourth time through BYOB in the past 2 to 3 months. All your points resonate with me. I'm working with Dan to get my first policy in place. Thanks again.

[featherpayne]

This book changed my life in 2004 when I read it.

[pejoly]

I just finished reading this for the first time today. This is one of the best books I have ever read. One thing that really hit me was the word "guaranteed". I cannot count the amount of money I have lost i my 401K, IRA, and other investments. If I had known about this I would have stopped my 401k 30 years ago.

[virajdance]

*7 Key Points:* 1. There are only 2 sources of income (people or money at work) 2. //speaker's favorite// (why) would you object to putting every dollar into a system that is guaranteed to return every dollar back tax-free? 3. ultimately income should equal annual premiums which takes about 20 years to build up, achieving a perpetual banking system through next generations 4. be suspicious of true government motives of tax qualified plans (RRSP) as government solutions to government caused problems (over-taxation) 5. wealth must reside somewhere--limits of real estate, stock market--or a safe, secure, accessible home base for your money to invest further 6. since you finance all that you buy--you either pay up or give up; there are no exceptions 7. since financing needs exceeds coverage limits, you will have to insure every person in which you have an insurable interest.

[mackenziecalvan]

I started whole life last year.
My experience with my last policy was good because I was able to borrow from it. But now, I know whole life is much better for two (major) reasons.

[adam]

Richard... nailed it! Very much appreciate you guys.

[joannthomases]

Is that the same as a hold harmless indemnity policy ? B10 forms ? Non taxed non probates ? Rights to all defenses and claims ?

[danieldiggs-deuw]

I was asked to review this strategy. It sounds great and looks great. The only red flag is saying the 2008 crash was driven by bad loans. The bad loans were the results was mortgage-backed securities any credit swaps. Two instruments created by Wall Street firms and insurance companies. So now you are saying the people who crashed the world economy in the interest of greed created a safe reliable investment for avg people. Not being honest about that to create fear of loss around something else is intellectually dishonest or scammy

[fuzzyelm]

That’s not becoming your own bank ! That’s giving all your money to a insurance company that will let you borrow your money back for a fee