BYOB Book Review Part 11 | The Entrepreneur Gets a Lesson in Finance by Nelson Nash

08/01/23 • 36 min

Where do you go for financing when your business needs to upgrade equipment or buy new tools? Traditional companies often use lines of credit, business credit cards, and sometimes cash to purchase equipment. But there's a financing option that allows you to buy what you need without exhausting your resources.

Today, Russ and Joey discuss a lesson in finance for entrepreneurs. This conversation involves scenarios of using IBC to buy equipment. As Nelson said on page 63 of his book, Becoming Your Own Banker, “This is an exercise in imagination, reason, logic, and prophecy.”

Let's say you have upcoming equipment or vehicle purchases for your business. In that case, today's discussion will give you insight into how you can start getting insurance policies for your partners or key people and becoming the financing agent for the big-ticket purchases for your business. So listen up!

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today they talk about expanding your system to accommodate all income.

This episode is Part 11 of an 18-Part Series.

Top 3 Things You’ll Learn:

How to be a good steward of money
You can be a part of the banking function and benefit from it
How to use IBC to finance the purchase of equipment

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.

Join the Inner Circle Live: August 25-27, 2023

https://go.wealthwithoutwallstreet.com/innercirclelive-2

Promo Code: PODCAST

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

Free Financial Strategy Call:

https://www.wealthwithoutwallstreet.com/freecall

Turn Active Income Into Passive Income:

https://www.wealthwithoutwallstreet.com/PIOS

Take the Financial Freedom Analyzer:

https://wealthwithoutwallstreet.com/quiz

Discover Your Path to Financial Freedom:

https://www.wealthwithoutwallstreet.com/passport

Apply to Join the Passive Income Mastermind:

https://www.wealthwithoutwallstreet.com/wwws-passive-income-mastermind

—

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today they talk about expanding your system to accommodate all income.

This episode is Part 11 of an 18-Part Series.

Top 3 Things You’ll Learn:

How to be a good steward of money
You can be a part of the banking function and benefit from it
How to use IBC to finance the purchase of equipment

About R. Nelson Nash:

Join the Inner Circle Live: August 25-27, 2023

https://go.wealthwithoutwallstreet.com/innercirclelive-2

Promo Code: PODCAST

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

Free Financial Strategy Call:

https://www.wealthwithoutwallstreet.com/freecall

Turn Active Income Into Passive Income:

https://www.wealthwithoutwallstreet.com/PIOS

Take the Financial Freedom Analyzer:

https://wealthwithoutwallstreet.com/quiz

Discover Your Path to Financial Freedom:

https://www.wealthwithoutwallstreet.com/passport

Apply to Join the Passive Income Mastermind:

https://www.wealthwithoutwallstreet.com/wwws-passive-income-mastermind

—

Previous Episode

Our June 2023 Passive Income Report

It's that time of the month again when Russ and Joey review their Passive Income Report. Today, in addition to the numbers for June 2023, they share three key insights from their journey of investing in different wealth-building opportunities.

Join Russ and Joey as they discuss the following:

What is passive to you may be active to someone else
Two ways to create passive income from one asset
Dont forget: The devil is in the details

After listening to this episode, please think about this: Can you take and apply what you're hearing from them and start building your path to financial freedom?

June 2023 Income At-A-Glance:

Gross Income for June: $116,728.65

Total Expenses for June:$32,383.94

Total Net Profit for June: $87,194.73

Difference b/t May & June: $30,830.33

% of net profit to overall gross revenue: 75%

Join the Inner Circle LIVE: August 25-27, 2023

https://go.wealthwithoutwallstreet.com/innercirclelive-2

Promo Code: PODCAST (Get 20% OFF)

Free Financial Strategy Call:

https://www.wealthwithoutwallstreet.com/freecall

The Art of Passive Income Podcast by Mark Podolsky:

https://podcasts.apple.com/us/podcast/the-art-of-passive-income/id1125069143

Learn How to Invest in Real Estate with The Land Geek:

https://www.thelandgeek.com/

Turn Active Income Into Passive Income:

https://www.wealthwithoutwallstreet.com/PIOS

Take the Financial Freedom Analyzer:

https://wealthwithoutwallstreet.com/quiz

STACK Candles:

https://www.stackcandles.com/

Subscribe to Our YouTube Channel:

https://www.youtube.com/@WealthWithoutWallStreet

Check Out Our Monthly Passive Income Reports:

https://www.wealthwithoutwallstreet.com/passive-income

Discover Your Path to Financial Freedom:

https://www.wealthwithoutwallstreet.com/passport

Short-Term Rentals in Birmingham:

https://wakeupinbirmingham.com/

Short-Term Rental Course:

https://www.wealthwithoutwallstreet.com/strcourse

Apply to Join the Passive Income Mastermind:

https://www.wealthwithoutwallstreet.com/wwws-passive-income-mastermind

—

Next Episode

Buying Online Businesses for Profit With Sophie Howard

Are you still thinking about which path to take to achieve financial freedom? If you have yet to decide which way to go, or you're looking for a new business opportunity, you would want to listen to this episode with Sophie Howard.

Sophie shares what she considers the fastest lane to building passive income: buying online businesses. But how would you know which business to buy? Tune in and let Sophie walk you through purchasing online businesses for profit.

Top 3 Things You’ll Learn:

How to buy online businesses and outsource the operations
How to cross-pollinate your businesses
Top online business models and ideas

About Our Guest:

Sophie Howard started online with an Amazon business in 2013. She also launched over 1000 products and built educational programs teaching thousands of students how to sell online. A big fan of passive income streams and smart business models, Sophie stays engaged with the latest trends of what is working in online businesses.

Connect with Sophie Howard: