E69: 3 Big Myths Banks Make You Believe About Money
In this episode, we discuss the three biggest banking myths people believe. These myths can dictate your behavior and hold back your ability to build wealth.
You often hear us talk about banking. We’re not big fans of conventional banking. What we are enthusiastic about is you becoming your own banker and what we call personal family financing.
You see, we feel that banks can be a little deceptive in how they operate. Plus, what we believe about them can impact how we think and what we do with our money. This is where problems begin. So today, we’re going to nail down three banking myths holding people back from building lasting wealth.
The Three Biggest Banking Myths Topics Discussed:
- When banks do and do not make money from you.
- Why banks offer free checking accounts.
- Is your money as safe in a bank as you think it is?
- Is the money you deposit still yours?
One of the biggest myths people believe is that banks only make money when you borrow from the them. The truth is, banks are making money from you every single day whether you borrow or not.For every dollar you deposit, the bank gets to loan out 10 dollars against it.Talk about leveraged and risky.How much does the FDIC have on cash at any given time to insure those nine trillion deposits that they’re promising? They have 25 billion dollars. We’re talking nine trillion, compared to 25 billion.
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