The Problem

In this episode, Jim Oliver and Nick Kosko discuss: 

  • How to be your own banker 
  • How much one should spend on a certain category with their finances  
  • Being fluent in the concept prior to understanding the minute details 
  • Understanding the nuances of rates and interest  

Key Takeaways: 

  • The all American family has the ability to be their own banker  
  • After tax money should be spent on 20% on transportation 30% on housing 45% on standard living, finance them by paying cash for them 
  • If you don’t save minimum of 10%, statistically will end up using government assistance 
  • The volume of interest is what matters, the rate is the distractor  

“It’s the volume of interest that matters” —  Nick Kosko 

Connect with Nick Kosko: 
Facebook:  Nick Kosko  
LinkedIn:Nick Kosko  

Connect with Jim Oliver: 
Facebook: CreateTailwind & Jim Oliver  
LinkedIn: Jim Oliver  

Show notes by Podcastologist: Chelsea Taylor-Sturkie 

Audio production by Turnkey Podcast Productions. You’re the expert. Your podcast will prove it.