Video by richardgarciaofficial

Did you know you could be your own bank? I thought this was super interesting because you can make your kids a bank and you can make your wife a bank and you can make yourself a bank. Let me explain how rich people do it. It's probably going to piss a lot of people off,

but the way this works is pretty simple. Let's say you own a property in the United States. So let's say you have a piece of land and that piece of land is worth, I don't know, $50,000. You can write a mortgage from your offshore LLC that's owned by your offshore trust. You can write that mortgage against your piece of land. You record the loan in public records.

and you can pay yourself interest-only payments from yourself in the United States to yourself, basically, outside of the United States. Now, remember, mortgages are a debt and interest is deductible. So when you pay yourself in this mortgage, especially when it's interest-only, it is a write-off. The other beautiful part is that you're creating a first lien position against

yourself and against your property. So if in the event something happens or you get sued or somebody wants to go after your piece of land, you technically are first in line to pay yourself back or your wife is or your kids are. The other interesting thing about this is every time you make a mortgage payment,

you're basically paying into your trust, which means that you're creating what's called the Rockefeller waterfall method. This is a very rich person thing to do but you are basically not allowing any money ever now and in the future to leave your circle circular financing concept basically you never let money exit the waterfall replenishes