What Typical Financial Planning Fails and What You Can Do About it!

What Typical Financial Planning Fails and What You Can Do About it! - Episode 294

Show Notes

Curtis May discusses the concept of becoming your own bank through privatized banking systems. Curtis reaffirms his company's, Practical Wealth Solutions, commitment towards helping people set these systems up. His firm utilizes properly structured dividend-paying whole life insurance as a means of storing cash. Curtis heavily discourages the notion of chasing rates of return, instead he encourages listeners to strive for uninterrupted compounding through a system similar to the Banking Life Cycle, which includes earning, banking, borrowing, spending, and repaying oneself.

Highlights

Common misconceptions seen on the internet about infinite banking
Curtis’ favorite books on financial planning
How infinite banking works and the misconception that it is a wealth creation tool
The importance of understanding the process of banking regardless of the rates of return or spreadsheets
Why you should not focus on products but rather on understanding the process of banking
The conventional wisdom on earning money, categorizing it as the "debt paradigm"
His financial strategy, which involves earning, banking, borrowing against your bank, spending it wisely and repaying from your cash flow
The need to repay debts and investments, warning listeners not to "steal the peas"
Why you should start reading "Rich Dad Poor Dad" for understanding how to start earning money, manage cash flows and save profits

Links and Resources from this Episode