E14: How Banks Work and How to Break Free From Them
Dollars and Nonsense · Living Wealth
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Show Notes
In this episode, we will discuss how banks, the most profitable business in the word, have a monopoly on your money. And we'll share how you can break free from their scheme.
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We can talk about this thing for hours. But in this episode, we're going to nail down how banks work in under a one-half hour. In the course of explaining how banks work, we'll also discuss the inherent problems they create. And we'll shed light on infinite banking: becoming your own banker.
~ Banking Topics Discussed: ~
* How banks make money off of you * Why banks keep only a small amount of physical cash on hand * Why banks love credit cards so much * How to use Infinite Banking in place of a traditional bank * Paying yourself interest instead of a bank * Why we say "banks have a monopoly on your money" * Where the FDIC comes in * Are banks running a legal Ponzi Scheme
Episode Takeaways: * Banks make money off of you by simply allowing you to deposit your hard-earned money into their bank. * Every deposit that someone makes at a bank is really like a little loan to the bank. * We're all lending money to the bank, and the bank puts it to work for themselves while charging you. * The most expensive money a bank has is the money that has to sit in their teller's drawer because it's not working for them. * We're paying the bank to use our own money. * That's the Ponzi Scheme that the banks run with our money right now.