Be Your Own Bank

10 years ago

I actually researched this in the mid-late 80s. To setup a REAL bank, the suggested way was to get a charter in a foreign country. It was, and likely still is, FAR easier than the US and most big countries. But many had a run in with the US, and have tightened up requirements. BE CAREFUL about mexico. Last I knew, they held their sovereign rights closely, and weren't keen on the idea of foreign ownership. ALSO, Other places are probably even easier.

Steve

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travlinguy

10 years ago

Originally Posted by seasoned

I actually researched this in the mid-late 80s. To setup a REAL bank, the suggested way was to get a charter in a foreign country. It was, and likely still is, FAR easier than the US and most big countries. But many had a run in with the US, and have tightened up requirements. BE CAREFUL about mexico. Last I knew, they held their sovereign rights closely, and weren't keen on the idea of foreign ownership. ALSO, Other places are probably even easier.

Steve

There was a booming industry of folks facilitating this type of thing back then. It all but died when the Patriot Act came along.

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Alexa Smith Banned 10 years ago

This guy got quite a lot of publicity.
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- whateverpedia 10 years ago
  
  Originally Posted by Alexa Smith
  
  This guy got quite a lot of publicity.
  
  That's a good story. It's on a similar level to what micro-lending outfits are doing in the developing nations.
  
  I hope it remains successful.
  
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hardraysnight

10 years ago

Originally Posted by buddy7

I am not sure if any warriors saw this conference last summer that was going to be in Las Vegas, I believe, that was about putting together funding for whatever business venture you were interested in by setting up your own sort of bank. I have spent an hour googling and haven't been able to find anything on it.

I think the guy running it had a Mexican or Spanish sounding name but I can't remember for sure. Anyway, if that rings a bell for any Warriors I would love a lead in that direction.

Thanks.

i think it was manual labour

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bizgrower

10 years ago

How to become your own source of financing

American Guaranty Financial

The Official Site for the Infinite Banking Concept - R. Nelson Nash

You don't really set up a financial institution per se.
You set up and operate your finances like a bank. Loan yourself money to
buy a car and pay yourself back the same way you would pay back a bank.
Ditto for funding a family business or home purchase - eventually...
Thus using the power of interest to build up your estate and eventually operate
independent of banks for most things.

It can also involve buying a certain type of life insurance that you can borrow against
to help the funding of your family "bank" and which is claimed to have tax benefits. (In the US anyway.)

Similarly, it can be done with the revenues from your own business for that business' needs.

Dave Ramsey is a detractor of these methods.

I see how it could eventually work.

Dan

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bizgrower

10 years ago

Another source:
lasfirst.com

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buddy7

10 years ago

Thanks bizgrower. Those look like great resources. The sales video and testimonials I saw were somehow about getting others to invest I believe. It's driving me crazy not to be able to find the original site on google.

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bizgrower

10 years ago

Originally Posted by buddy7

Thanks bizgrower. Those look like great resources. The sales video and testimonials I saw were somehow about getting others to invest I believe. It's driving me crazy not to be able to find the original site on google.

I assume that he may not have been legit?

I googled a little and found this to be interesting:
How To Start A Bank

In the US anyway, unless the business plan is secured by real estate - such as
improving a neighborhood or providing housing - seed money for a new venture
comes from friends, family or fools.

After the business has been running, then you can get venture capital or SBA backed money, perhaps.

Crowd sourcing has criteria for loans.

A friend of mine, in the US, raised capital from private individuals and even those investments came under the Securities Exchange Commision laws.

Good luck to you.

Dan