Why I No Longer Use Banks (as a millionaire)

Building Your Money Machine

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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Luvut

1. Banks prioritize shareholder profits over customer interests. (00:00:00)

2. Banks reduce savings interest to cover costs. (00:03:40)

3. Banks prioritize fees and profits over depositor wealth. (00:08:34)

4. High fees plus poor advice lead to underperformance. (00:11:36)

5. Credit unions lack extensive branch and ATM networks. (00:17:13)

6. Separate banking from investing due to distrust. (00:20:05)

7. Customize advice, gain financial literacy, leverage technology. (00:23:44)

8. Avoid fintech that gamifies investing, like Robinhood. (00:24:36)