A short YouTube talk by Jayson Lowe that lists and rebuts three common "money myths" that block people from "becoming your own banker." Myth 1: you must be rich to start — rebuttal: everyone needs and uses banking functions regardless of income, so anyone can adopt the role. Myth 2: the idea is primarily about life insurance — rebuttal: whole-life insurance is only the platform; banking is a process (a way of thinking) not a product. Myth 3: it can be achieved overnight — rebuttal: this is a long-term lifestyle change, not a get-rich-quick scheme; delaying implementation penalizes you.
Chapters
What are the top three myths to becoming your own banker? The first one I think would be that you have to be rich in order to get into the banking business. And that's certainly not true. Regardless of Whether you're making $10 an hour or $10,000 an hour, we all need the use of money. And regardless of how much we're making, money has to flow. And somewhere it flows through our hands and it ends up right back in the banking system. And regardless, someone has to perform that function of banking in your life, and that person should be you. I think the second myth is that the process of becoming your own banker has something to do with life insurance. There's a lot of reading material available online that talks about whenever the subject comes up, it begins with a product, dividend paying, participating, whole life insurance. And where it needs to begin is with the way that we think. And if we understand that someone has to perform this function and that it should be us, we need a platform by which to perform the function on. And it just so happens to be dividend paying, participating, whole life insurance. But banking is and always will be a process. It's not a product. And the third myth would be thinking that this can be achieved overnight. The process of becoming your own banker is not a get rich quick anything. It's. It's not something that can be accomplished overnight. This takes time, and the time's going to go by anyway. And so the longer you wait to implement this process, the more you penalize yourself. And we live in a world of instant everything. Instant coffee, instant food, instant gratification. And that's where the banks have a stranglehold on the consumer. They recognize that to take control of this function, you must recognize that it takes time. This is something that needs to become a lifestyle. It's not a financial plan.
