BYOB Book Review Part 15 | Long-Range Thinking Required

How do you want to be remembered when you're gone? What legacy do you want to leave behind? Do you want to leave all the wealth you've accumulated to your family, or do you want to leave them with the knowledge of how to build lasting wealth so they can do it themselves? Leaving a legacy is more than giving an inheritance, a trust fund, or material things. You must devise a plan to protect your legacy and ensure the wealth-building knowledge is passed to the next generation.

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today they discuss how to practice long-range thinking and pass along a lasting legacy to the next generation.

This episode is Part 15 of an 18-Part Series.

Top 3 Things You’ll Learn:
What is required to pass along the wealth of knowledge over the rest of my life?
What had the wealthiest families in the world done to execute this, either poorly or amazingly?
What can be done to start or to add to your generational plan?

About R. Nelson Nash:
R. Nelson Nash (1931 - 2019) wrote the book Becoming Your Own Banker that unfolded The Infinite Banking Concept (IBC). He came up with the idea of IBC in the early 1980s when he was struggling with high-interest rates on commercial bank loans. Today, many people continue to benefit from using IBC as a tool to achieve financial freedom.

The Men Who Built America:
https://watchdocumentaries.com/the-men-who-built-america/

What Would the Rockefellers Do?:
https://www.amazon.com/What-Would-Rockefellers-Do-Wealthy/dp/069263536X

Rich Dad Poor Dad by Robert Kiyosaki:
https://store.richdad.com/products/rich-dad-poor-dad-what-the-rich-teach-their-kids-about-money-that-the-poor-and-middle-class-do-not

Wealth Without Wall Street Episode 62 - How to Create Business Opportunities & Generational Wealth Through Infinite Banking w/ Dr. Jim Smith:
https://www.wealthwithoutwallstreet.com/podcast/how-to-create-business-opportunities-generational-wealth-through-infinite-banking-w-dr-jim-smith

Building Your Warehouse of Wealth by R. Nelson Nash:
https://infinitebanking.org/product/building-your-warehouse-of-wealth/

Entrusted by Andrew Howell:
https://www.amazon.com/Entrusted-Building-Legacy-That-Lasts/dp/0692558268

Free Financial Strategy Call:
https://go.oncehub.com/Intro15M?src=youtube

Becoming Your Own Banker by R. Nelson Nash:
https://www.wealthwithoutwallstreet.com/ibcbook

The Infinite Banking Concept Explained by a CFP:
https://www.youtube.com/watch?v=sVuexMv6Kf4

IBC Example: True Cost of Paying Cash vs. Using a Whole Life Policy:
https://www.youtube.com/watch?v=h4rugVZkajc

Join the Community:
https://www.wealthwithoutwallstreet.com/community

Turn Active Income Into Passive Income:
https://go.wealthwithoutwallstreet.com/pios

Take the Financial Freedom Analyzer:
https://wealthwithoutwallstreet.com/quiz

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2:52 - How many times has Nelson, over the years, with us at lunch or otherwise said, “Don't be afraid to think long-range”?
5:51 - If you can leave your kids, grandkids, and future generations one of two things: money that you've accumulated over your lifetime or the knowledge of how you created it so that they can go and do it themselves, which one would you leave?
6:15 - What is it worth? What is knowledge or power of creating worth as opposed to just money itself?
11:38 - What's standing in somebody's way from being able to accomplish this passing down of knowledge or passing down wealth? What do you think the limitation is out there?
12:21 - You don't think they say, “Okay, kids, when I'm no longer here, this is what you're going to get”?
12:51 - You don't think they sit down with their kids and say, “Here, kids, let me show you how you can start a business through this statement”?
13:21 - So you don't think they sit down with their kids and say, “Let me show you how we're going to pay for your college with this statement”?
14:18 - How is that in direct conflict with our goals?
17:09 - It doesn't matter who we've interviewed, they always say, “Then I read Rich Dad Poor Dad, and this happened, this changed,” because why?
22:39 - How do we get wealth, over a long period of time, to pass from one generation to the next?
23:38 - How many times did he talk about the race riots in Tulsa?
24:55 - Do insurance companies like for grandparents to buy policies for their grandkids?
26:39 - Why is that not okay?

🎧 Listen Now to the full episode of the podcast here 👉
https://www.wealthwithoutwallstreet.com/podcast/byob-book-review-part-15-long-range-thinking-required

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