An entrepreneur's failed executive-search business during a credit crunch led him to a startling realization: when you deposit money in a bank, it legally becomes the bank's property, not yours. He now sees banking differently.
Chapters
That when I give the bank my money, it's no longer my money, it's their money. Isn't that interesting? And I was calling on CEOs and top executives of companies selling executive search. But the thing was, the timing was terrible because all the capital markets, like you said, it just dried up and people just didn't have the budget for that anymore. There was so much uncertainty. So I was trying to build a business from scratch in that environment and it just didn't work. So I only lasted like 7 months. I said, I'm just cutting my losses here. And I moved on to the next thing. I felt it firsthand. Now, so now I'm seeing it on the side of a user too, and it is so liberating. Like you say, it's just incredible the things I've gone through to try to access money, and I couldn't get the money, and I thought it was my money. And I've since learned that when I give the bank my money, it's no longer my money, it's their money. Isn't that interesting?