Money Mastery: The Art of Being Your Own Banker (Part 2)
Money Mastery: The Art of Being Your Own Banker (Part 2) #MakingBank #S7E41
Welcome back to Making Bank. On today's episode, we continue on with Chris Naugle, on ‘Money Mastery: The Art of Being Your Own Banker (Part 2)’.
Make sure to listen to this Episode of Making Bank with Chris Naugle.
(2:32) Being Your Own Bank
Make your money work for you. It doesn’t have any restrictions. It doesn’t need any sleep. We have been taught our whole life to trade hours for dollars. But we won’t be wealthy because we only have so many hours. Make your money work for you. Do not give up control of it. Learn how to be your own bank by doing exactly what a bank does and take back control of your money.
(16:49) The Downside
If you put 10 grand, you won’t be able to use all 10 grand. It will be around 80%. Whereas in the Bank you can use all 10 grand but you won't have any interest. So, the biggest downside is that for the first few years, you will experience a negative drop and for most people this is a deal breaker. Whatever money you put in, you will not have immediate access or access to all of it.
(24:13) Don’t Use Your Money Immediately
You don’t have to put your money to work immediately. If you have nowhere to put it, just leave it as it is. It is earning more than what the bank is already anyway. When the time is right, the money will be there ready to deploy. If there is a recession you will have more opportunities.
(26:30) The Best Part
The interest rate you earned with your bank may be temporary but the interest rate earned with this policy is forever.
(29:00) Private, Protected & Liquid
The policy is the most private policy and the most protected. That is why many of the rich use it and also it is one of the most liquid assets.
(47:22) Private Money Club
Chris Naugle created a private money club which is the dating site for money making and it allows people from all over to meet up and discuss where their money will go. You swipe left and right to get the deals you need to get connected.
It is Free