Jake Chesney on Creating Your Own Bank
Jake Chesney is definitely someone building a bigger life for himself. He’s been an entrepreneur for the past 20 years, and when you’ve really never depended on anyone but yourself for your paycheck, it changes your mindset around work & money.
Thanks to a strong financial upbringing by his father, Jake operated his own business while in college, carried that forward 7 years, and was ultimately introduced to something known as The Infinite Banking Concept. He’s built a very substantial business for himself over the past 15 years, centered around helping people build a foundation for real wealth.
In the nature of full disclosure, Jake and I both sold books door-to-door for the SouthWestern Company back in college, which is partly how we reconnected several months ago. SW recruits about 4,000 college students every summer to knock on doors selling study guides to families. It’s extremely lucrative for those that apply the SW principles.
During his SW experience, Jake was introduced to Nelson Nash, the creator of the Infinite Banking Concept. He was hooked on the concept and began applying the principles right away (13:00).
Infinite Banking is not a product, it’s a philosophy or process. (15:00) By using dividend paying whole life insurance, you’re able to store money in a safe secure place that pays a higher dividend than what you might make in a traditional bank. IBC is not about “investing” but really about having cash available to you as opposed to borrowing from a bank at high interest.
Around 20:00, Jake talks about who he really likes to work with — 20-25 year olds that can put away $100-200 a month to begin creating their “bank”. The formula is: as much as you can for as long as you can, then it’s yours to withdraw and use as you see fit.
Financial literacy is a foundational interest for Jake — he recommends the following books by Robert Kiyosaki:
Mentioned on the podcast:
Thanks for listening, I hope you enjoyed the podcast!