Wealth Without Bay Street 204: Can You Get Rich Buying Cars?
The enticing advertisements are everywhere, floating across various platforms, claiming that buying cars can make you rich or help you create wealth. Most people in Canada and the United States are acquiring cars through different means like cash payments, leasing, or financing.
But here's an interesting concept: Infinite Banking. It revolves around reclaiming the interest you would have otherwise paid to someone else. It's an intriguing strategy to strengthen your financial standing.
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IN THIS EPISODE, YOU WILL LEARN:
[00:00:10] Intro: Can You Get Rich Buying Cars?
[00:04:47] Giving up the interest potential of what your own capital can do
[00:12:33] Getting incentivized to put your money in banks
[00:14:43] The power of the borrower
[00:21:58] Why the interest rate may not be as important to you
[00:32:12] Creating enterprise value with the life insurance company
[00:38:29] Sensationalization introduces confusion
QUOTES:
- Becoming your own banker is a behavior of constant focus and effort on directing money flow to your personal warehouse.
- The character in the financial play who's making the most money is the bank owner – not the borrower.
- The essence of the infinite banking concept is to recapture the interest you’d pay to someone else to buy the things you need & want.
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Documentary Film This is Nelson Nash: https://www.ascendantfinancial.ca/nelson-nash-film/
💸 Financial Advisor? Learn about the Infinite Banking Concept here: Nelson Nash Institute Practitioner Program: https://infinitebanking.org/practitioners-program/ref/6/
EVA – Economic Value Add The Real Key To Creating Wealth Article: https://infinitebanking.org/the-real-key-to-creating-wealth/ref/6/
