We all think about saving money for our retirement, and saving for our children. The truth is that very handful of people actually do save money. I for one belong to the category of moms who always wanted to save but did not. I knew that I have to start saving for my children and their fututre but it just did not happen. My husband is self-employed and we always needed the money to stretch.
I researched into 401k plans, rothIRA, Traditional IRa and other financial plans. None of them gave me the freedom to take and use my money without me paying interest or fees. I knew this was not going to work for us. The question and the thought of “what will happen to our children if something happens to us? They will have nothing to inherit” was always in the back of my head.
I wanted something that will help me leave a legacy for my children and at the same will not penalize me for using my money. We all know that if we deposit a hundred dollar bill in the bank they will and have the right to use our money and get interest on our one hundred dollar deposit. We do not get the interest but the banks do. So my question was how can I do the same thing that will help me increase my money the more I use it? I was not looking for a money making scheme, get rich quick scheme or pyramid scheme. I wanted a legit way to save money.
One fall when I was talking to my friend she said she came across a book called “Become Your Own Banker” and said that it made total sense. It teaches you to operate the way a bank does. I started reading that book and I could not put that book down. I could not believe that I did not know about this or even heard about it.
So I told my brother who is in the financial sector about this and he said “those are for rich people to save money”. But What if me, who is not so rich want to leave behind a legacy that will make my children rich? I decided after talking to my husband to do this banker way of operating. We have been doing this for four years and in that four years we had to take multiple loans for my husbands business without hurting his credit. We are just starting to pay back (what a relief! Since we are the bankers we write our own terms and payback. NO PENALTIES).
I could put only fifty dollars a month for my child and I have done that sincerely. Instead of using credit cards I loan from their savings and then pay back with credit card interest. I use it for their birthday, and Christmas gifts, school expenses etc. I am happy to see it grow. This book is worth a read. I highly recommend. You have to have the discipline to pay back the money you use and you will be surprised.