Hey friends, welcome back to Limitless TV.
Are banks after your best interests or
our banks the enemy? Hey friends, Stephen
Michael Miller here and I'm stoked
right now to talk about why banks are
your enemy. Now, you know, don't go out
right now and close down all your
accounts necessarily and pull out all
your money, but the bank really isn't
your friend, there's a reason
why when you go to make a transaction,
they've got that cute little bowl, up on
the top, remember it up, you know that
bowl I'm talking about that bowl that
has a whole bunch of suckers and
dumb-dumbs for free? Yeah! They give you one.
What are they telling you? Alright, give
your money to us and here you go
sucker to dumb-dumb, right? I want to talk
about this, this is really interesting.
It's really important to understand
because the reality is, banks are doing
what you can do also. They're just
 set up, right? They set up
this organization, this institution that
says, "hey, give me your money, give me all
of your money like put all of your
assets, I'm going to hold on to it for you
and I'll pay you a little bit", right?
Think it for a second, if you don't know
this right off the top of your head, I
want you to do a little bit of research.
Go on to your online banking or go into
your bank branch or whatever you bank,
and I want you to ask them for a second,
"What am I earning on my account, what am
I earning on my checking account and
what am I earning on my savings
accounts?" And I'll tell you, typically
you're going to be earning somewhere
between, maybe at the very, very high end,
very high end, maybe 2%. But typically,
you're going to earning a fraction of a
percent, a small fraction of a percent on
your money. So in other words, you're
putting all of your money into this
deposit,
you know this depository, this area,
this "online bank" or this bank, this
account and they're taking your money
and they're doing other things with it.
Now, let me just ask you a question. Do
you think that they're taking your money
and they're actually putting into
another account that they're
earning a fraction of a percent on? No!
they're taking your my
and they're investing into things,
they're doing... they're investing into
things like hard money or private money
"type" of lending, right personal
loans where they earn higher percents,
where they're earning maybe 11 or 12
percent on the money, maybe 8 percent of
the money. They're loaning it out in real
estate where they're earning four, five,
six, seven percent on that money. They're
loaning it out for businesses where
they're earning even more on
your money, right? And not only that but
banks have this really neat thing
where they can take your money and if
they're FDIC insured, they can actually
loan out a whole lot more on your money,
right? So, they taking your money, they can
oftentimes went out ten times what they
have accumulated in their little coffers
there. If they're one of the bigger names,
if they're Freddie Mac or Fannie Mae,
they may be able to loan out a
hundred to one. So, banks are the enemy
here, right? Banks aren't necessarily
where you want...it's not the safe
place where you could just put your
money, no! They're taking your money and
they're doing with your money what you
should be doing with your money. So. I'm
going to invite you right now to
become the bank or to learn how to use
the banks in your favor. Not just going
to the bank to get a personal loan or to
buy something that is a liability for
you which by the way, I'm going to talk
about something real quick here on a
quick tangent that most people don't
want to hear. Your personal residence,
your primary residence, it's a liability
for you. The bank is loaning you money
and you're paying this bank off over a
30-year period and typically, you'll pay
two to three to even up to four times as
much for that home over the 30-year loan
that you have. So, is the bank your friend?
Is the bank really helping you to get
ahead financially? Or are they putting in
a situation where you're spending all of
your hard-earned cash
to over a 30-year period paid three
times more for that "asset"? And again, the
question is, is it truly an asset? Or is
it a liability? Well if you're dumping
all of your heart and earned money into
your home, through a bank then you are
developing this bank account of bricks
which by the way, is losing at the rate
of inflation for you. The bank doesn't
teach you this. I'm telling you
right now, the bank is not your friend,
the bank is an enemy and although you
may love the people that work there, the
bank in and of itself, the banking system
has been set up for them to win not for
you to win. So, how do you become your own
bank? How do you use the bank to your
advantage? Well, you learn how to properly
leverage, you learn how to get the loans
at the very least amount that you
possibly can, you improve your credit and
you use the banks and you beat them at
their own game.
You get low-interest loans and then you
go and invest those moneys and things
that are going to pay you out even more. You
then use that information and you blow
up your wealth. You actually start to
improve and increase your wealth. This is
why I don't love the banking system but
if you can learn what banks do, if you
can apply that information into your own
life all of a sudden, you can
beat the enemy at their own game. You can
become your own bank. Hey, friends.
Hopefully you got some great information
about how you can become your own bank
so if you if you want to become your own
bank you want to learn how to be your
own banker then subscribe to the channel
there's a lot of videos where we talk
about exactly those strategies that
banks use and how you can apply those in
your own life. If you've got any
questions put them in the comments below,
have a fantastic day. We'll see you
tomorrow.
