Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Your Income Is The Banker's Greatest Wealth-Building Tool

16 Apr 2024 · 1 min

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Short excerpt from a spoken discussion arguing that while income is often called the greatest wealth-building tool, the crucial point is who controls where money resides and how it’s used; understanding the problem (control over money) makes proposed solutions meaningful. The speaker references 'Mr. Ramsey' and contrasts popular advice with deeper issues of financial control and cognitive comparison.

Chapters

Here's the key that I was getting to is that if you set the whole tax discussion aside and you hear someone, whether it's this Mr. Ramsey fella who makes comments like, your income is your greatest wealth building tool. Your income is the banker's greatest wealth building tool. Let's just clarify that, because what never gets mentioned is that your money must reside somewhere. He has very strong opinions about where it should reside, but he's not describing who's controlling the use of the money. And so when you understand the problem, the solution matters to you. That's why when people, when people are first introduced to this concept, unless they understand the problem, the solution just won't matter because their brain goes to comparison mode.