Excerpt from a YouTube video discussing financial control and where personal income flows. The speaker cites Nelson’s book to argue that most people’s income is flowing through other parties’ banks and raises the question of the advantages of controlling how one finances purchases over a lifetime. The speaker suggests there are no disadvantages to being in control of financing decisions.
Chapters
When people take a moment and they think through what are all the things that I've financed up to this point in my lifetime? And when I say finance, I mean paying cash, leasing or having some form of structured loan or credit facility that you've used to finance something. You're earning an income from some source. Maybe it's employment income or it's investment income. Nelson asks the question and again we always go back to his book because that's where you get the clarity on the concept. And he asked the question, is it not true at present that all of your income is flowing through the books of someone else's bank? Well, of course that's true. If you understand that fundamental truth, you would absolutely understand that your money must reside somewhere. What disadvantage would there be to controlling how you finance the things that you need throughout your lifetime? Well, logically a person would immediately say there are no disadvantages to being in a position of control.