Round Table | The Benefits of Being the Bank
Many people rely on banks for several reasons, like saving a portion of their income for future use, obtaining loans to finance huge purchases such as cars or houses, or taking out business loans. However, do you realize that banks then take control of your cash flow? They also make sure that some form of collateral protects their interest. So why don't you just BE THE BANK? What are the benefits of becoming your own banker?
Today, Russ, Joey, and Ernie talk about the following benefits of Being the Bank:
Cash Flow
Collateral
Control
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10:07 - What are the benefits of being the bank?
10:56 - Why are we talking about this topic today?
15:51 - What makes us qualified to speak on the subject matter?
22:09 - How has Ernie been able to take that point of having access to cash?
26:31 - Where is the first place to which our money goes when we are paid?
29:18 - Why is collateral a benefit of being the bank?
35:46 - What are the ways that the bank has control over your money?
37:09 - How many times have you heard businesses shut down because the bank says, “Yeah, things are a bit hazy here?”
42:53 - What is the simple strategy for people to “become the bank” and have those three things (cash flow, collateral, control)?
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