How Everyone Can Become Their Own Banker: A Tribute to Nelson Nash
Breakaway Wealth: Episode 24 – On March 29th, the world lost Mr. Nelson Nash. While he may have ‘graduated’ from this world (as he would say), Nelson offered so many brilliant lessons in his time on earth. How can you become your own banker, according to Nelson? How long do you need to be your own banker until see positive results? On this episode, Nick Kosko and I are discuss Nelson’s lesson of the ‘two sisters’.
Three Things We Learned from this Episode
A brick-and-mortar business takes time to build, just like your own bank. You have to invest and be willing to wait to see the returns.
It takes time for new businesses to start making money. While you may begin seeing profitability around 3-5 years after starting a business, allow yourself 7 years to make sure you’re definitely in the clear before you start spending.
By acting like the owner of the bank, you’ll see much bigger returns. Maintain discipline and wait to see the results. It may take some time, but it will be worth the wait.