Recorded in November 2022, James Newcomb interviews Sarry Ibrahim, founder of thinkinglikabank.com, a website dedicated to educating the principles of sound money and living a life free from the overlords in the banking system.
Sarry shares his background and journey into financial literacy, starting from a consumer economics class in high school to earning an MBA and gaining experience in big insurance companies. He discusses the major financial stressor for many Americans—the inability to miss one paycheck without financial strain—and emphasizes the importance of passive income.
Sarry explains various passive income methods, such as limited partnerships in real estate and investing in dividend-paying stocks. He also advocates for private money lending as a way to generate income more autonomously. The discussion extends into the philosophy of 'thinking like a bank,' where individuals or families can use whole life insurance policies to finance their needs rather than relying on traditional banks. The importance of self-education in personal finance over traditional schooling is emphasized, promoting reading and podcast listening to understand practical financial strategies.
The interview wraps up with Sarry offering personalized advice to an immigrant newcomer on building wealth through financial literacy and self-education.
Episode highlights:
00:46 Sarry's Background and Journey
02:26 The Biggest Financial Stressor
04:09 Strategies for Financial Independence
06:03 Generating Passive Income
09:15 Investing Wisely
12:18 How to overcome financial woes by thinking like a bank
19:07 Financial advice for a brand new American resident
21:25 Conclusion and Farewell
About the guest:
Download a free copy of Thinking Like a Bank
Sarry Ibrahim founded Financial Asset Protection after learning about the Infinite Banking Concept (also known as the Bank On Yourself Concept). He saw this as an opportunity to save retirement accounts, real estate properties, and businesses from market failures and other risks. Sarry believes the number 1 rule to your money is to make sure it lives somewhere safe and accessible.
As Sarry states when working with clients “it is never an either/or situation, it is a both/and situation. We want you to integrate the solutions we recommend alongside your business and real estate portfolio to have a double-compounding effect on your money.”
Sarry earned his MBA from Keller Graduate School of Management in Chicago, IL and has consulted companies like Blue Cross Blue Shield, Allstate Insurance, Humana, and Cigna Healthspring.
How to Be Your Own Bank and Escape the Overlord’s Rat Race with Sarry Ibrahim