Become your own banker
Would you benefit from becoming your own banker?
We finance everything, either by -
(a) Paying interest to someone else – a bank, money lender, etc., or
(b) Giving up interest we could have earned otherwise.(When we pay cash, the interest the money could have earned is forfeited)
The average New Zealander -
- spends about 24-35 cents of every dollar on interest expense
- pays approximately 85% of the money paid during the first 5 years of his mortgage in interest payments
- pays about 30 cents of every dollar in taxes
- pays between 54-64cents of every dollar he earns on interest expense and taxes.
His wealth creating ability would be significantly improved if a legal, legitimate method could be developed to simply capture half of this loss.
Imagine if these two sources of revenue could be captured. You would generate more wealth for yourself than if you made high return investments in the market.
Our article discusses the "infinite banking" concept and why you should become your own banker.
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