Becoming a private lender- "The Banker's Code" by George Antone

[Chris Piper]

I'm sure some of you may have heard of the book or course "The Banker's Code" by George Antone. I have read the book, and this is what I took away from it. If you want to become your own "personal bank" so to speak as George describes in the book, there is some good material in the book, but not enough to take the actions needed to do so I don't think. I feel like the idea of the book is to get you interested enough to get you to purchase the 8-week course, which costs $1,497. The book gives you information that sort of reminds me of "Rich Dad, Poor Dad." There is good information there, but not all the information you need.

The main point I took away from the book is that George is trying to get people to "uncondition" themselves from typical consumer thinking. We are conditioned from birth basically to grow up, get a job, work hard, put your money in the bank and save it, buy the newest and latest gadgets, buy a house/car, etc. Consumers are what keeps the bankers rich. You have a savings or a checking where the bank pays you 1% or maybe 2% interest, while the bank takes your money and loans it out 7%, 8%, 9%, or more. People think they need banks, when in actuality, banks need consumers to fund their lending services. I feel that George is trying to get people to start thinking like a banker in terms of money. Do what they do, follow the rules they created and follw themselves, and you can create substantial wealth for yourself. I think he is correct in that regard.

He also speaks somewhat about private lending arbitrage, which is actually VERY clever. That's where you borrow money from someone at 6% interest, and loan it back out to someone else at 12% interest, and that is secured by real estate. So you are paying 6% on the money you borrowed, the person who borrowed that money from you is paying you 12% interest, and you keep the "spread" (the difference). In my opinion, the book is a good primer to get you thinking properly, but I think the actual course is where the nuts and bolts of everything is explained in detail and comes together. I personally have not purchased the course and gone through it, but I am considering it. Also keep in mind if you are considering doing so, that I am not an expert on private lending laws, so check with a local attorney before setting up your own "personal bank." By the way, he is not talking about a physical brick and mortar bank where you need to be licensed, etc. Lastly, you can download the book online for free. Just Google "The Banker's Code." Hopefully this post will give everyone some insight into "The Banker's Code", and how to rewire the way you look at money, lending, and finance.