As a man who was raised by a father who believed in lending to those in his community, Jake made it his mission to practice personal finance in a way that is in alignment with biblical teachings.
Jake says that the bible preaches to lend to many but borrow from none, so he’s dedicated his life to being the lender instead of the borrower when it comes to banking.
After years and years of meticulous research, Jake shares 4 gems exposing what it takes to embark on privatized banking:
1: They have a board of directors based of individuals pool together their money and place it in a reserve.
Examples include: mutual funds, savings accounts, etc
2: They don’t use their own money, they use OPM.
This stands for Other People’s Money.
3. They set up corporate structure
This is intended to understand how the procedure of lending and acquiring funds will go.
4: Sell products to get client’s money
The best way to get other people’s money is to sell products or services with high integrity.
By selling financial products, like mutual funds or investment accounts, banks acquire OPM, and then they’re only using that money to capitalize.
To learn more about Privatized Banking, follow Jake on Instagram.
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