Why I No Longer Use Banks (as a millionaire)

54 года назад

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Ready to learn why I no longer use banks despite being a millionaire? In this episode, I dive into the reasons why banks might not be the best place for your money and where you should consider putting it instead.

In today's episode of Building Your Money Machine Show, I unpack the operational focus of banks and how their profit-driven priorities can impact your financial growth. From high fees and low interest rates to subpar portfolio performance and biased advice, I break down the pitfalls of banking with traditional financial institutions. I also share the alternative routes I've taken, like using credit unions and online banks, to ensure my money works for me safely and efficiently.

Curious about how to maximize your returns while keeping your money safe? Tune in to the full episode now!

IN TODAY’S EPISODE, I DISCUSS:

- The profit-centric nature of banks and the conflict of interest it creates
- The high fees and low returns offered by traditional banks
- The benefits of credit unions including lower fees, higher interest rates, and personalized service
- The importance of working with fiduciary advisors for tailored financial advice
- How to leverage financial technology for better returns and liquidity

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- How to Save YOUR First $100k (My Savings Framework): https://youtu.be/cex4G3Nbqlg
- If I could only buy 4 assets, this is what I would do: https://youtu.be/dYohJDcGp5Y

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★ WHO IS MEL ABRAHAM ★
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I’m a seasoned CPA turned entrepreneurial innovator and money mentor. I am the mind behind the USA Today bestseller, Building Your Money Machine: How To Get Your Money To Work Harder For You Than You Did For It!. As the founder of The Affluence Blueprint™, The Legacy Factor™, and Thoughtpreneur™ Academy, Mel has dedicated his career to empowering individuals and entrepreneurs to transform their financial destinies and craft lives of choice, not chance.

The inception of Mel’s groundbreaking principles was profoundly personal as they were born out being a single full-time dad and not wanting to compromise that relationship in the name of success. The power of these principles became even more evident when he was faced with a life-threatening health diagnosis which forced him to confront his mortality and the fragility of life. This pivotal moment, coupled with the economic turmoil of the pandemic, galvanized him to distill his financial wisdom into strategies accessible to all. His books and teachings offer not just hope but real tools for building lasting wealth and impact.

Now it’s your turn

Meet Mel at http://melabraham.com/
Cheers,
Mel

==== Time Stamps ====
00:00 Banks prioritize shareholder profits over customer interests.
03:40 Banks reduce savings interest to cover costs.
08:34 Banks prioritize fees and profits over depositor wealth.
10:44 High fees plus poor advice lead to underperformance.
16:21 Credit unions lack extensive branch and ATM networks.
19:13 Separate banking from investing due to distrust.
22:52 Customize advice, gain financial literacy, leverage technology.
23:44 Avoid fintech that gamifies investing, like Robinhood.

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