How to Become Your Own Bank! Episode #38 w/Stephen Nagy
Episode 38 Stephen
Did you know that 95% of people in this country will never be able to retire the way they want to?
The reason? Lack of a proper understanding of how money works! It shouldn't come as a surprise then that banks make 400%-1600% returns on the money YOU invest with them!
Join my super-intelligent guest and incredibly knowledgeable investor Stephen Nagy on the Success Leaves Podcast today as he discusses money in unbelievable detail and shares the one secret to becoming a financially free individual: becoming your own bank!
With his extremely thoughtful analysis of money, he founded a "dating community" for money called The Private Money Club, a community of borrowers and lenders to allow individuals better control over their money. He discusses all that, his decision to start real estate investing, and how the journey garnered the explosive success it has today. From starting his career as a financial advisor and then becoming a car dealer before learning about investing, Stephen's life is full of invaluable lessons to imbibe! Listen in!
Shoutout to our Sponsor, Morgan and Co.: www.morganandcorealty.com
Success Clues From Today’s Episode
● Do not be afraid to invest in yourself.
● Build and maintain healthy professional relationships. Your network is valuable in your real estate career.
● Opt out of a scarcity mindset. Sharing knowledge is more powerful than you know.
About Stephen!
Stephen Nagy is an Investor and the Founder of BYOB and The Private Money Club.
Connect With Stephen!
Instagram: https://www.instagram.com/TheRealSNagy/
Connect with Me!
Instagram: https://www.instagram.com/drkwashington/
Host: Dr. K
Time Stamps
[00:02] Intro
[00:26] Meet Stephen Nagy
[00:55] About Stephen’s The Money Club and the idea behind it
[03:33] Making private money lending and borrowing easier and more accessible to people
[05:54] The reality of the job of a financial advisor
[06:40] Why our retirement plans need to change and how to go about it
[10:18] Stephen’s reasons for venturing into real estate investing
[11:55] Lessons from Rich Dad Poor Dad that Stephen implements in his life
[14:36] Being your own bank
[14:52] Understanding money, wealth killers, and the need for financial education
[16:38] What does 401(k) do?
[19:07] How to take advantage of the different money options available today: Self-directing retirement funds, tax elimination
[21:31] How inflation impacts people
[25:03] The infinite banking concept: Be your own bank!
[28:28] Some EXTREMELY valuable resources Stephen insists you look up for financial education
[32:14] Less than 2% of all term policies actually pay out
[37:19] Stephen explains his ‘why’ behind everything he does in life
[34:43] Stephen’s systems and processes behind running franchises
[38:05] The similarities in all of our entrepreneurial journeys and what to learn from them
[38:36] How does becoming your own bank tie up with The Money Club’s agenda
[44:01] Why relationships are the most important part of a real estate business
[45:11] The happenings in Buffalo right now
[48:42] Details about Stephen’s November seminars
[49:31] Success clues from today's episode
KW Used: real estate investing, Become Your Own Bank, Life Insurance
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