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Rich Man Poor Bank
What the banks don't want you to know about money. How taking your money away from the banks can start you on the path to financial independence. Bank fees, credit cards and low interest rates mean that you are supporting big bank profits with money that could be building wealth for your future. No matter how much you earn there is a way to play it smart and start building your financial future.
104 pages, Kindle Edition
Published July 1, 2016
24 people are currently reading
83 people want to read
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Displaying 1 - 10 of 10 reviews
September 17, 2022
It was pretty simple. I think he could have gone more in depth and made the arguments he made with fewer words. There were a few bits of information I hadn’t know and the 10 step plan was super helpful.
August 8, 2020
The book is well written about the perils (and costs) of using a conventional bank. My ears perked up.. could what I've known all along be true? Could someone be trying to point out that the big banks earn their strong P&L statements by driving up charges they charge everyone on nearly everything?
With anticipation of something great I started reading looking for affirmation. I received that within the first four pages - the author agrees and demonstrates in a clear way why spending time on building a business or even a secure family with a large bank is costly.
Then what? Ok, I'm on the same page with the author, all excited to read on.. but that's it and left all the goodies at the beginning of the book. To summarize, bank fees are not charged because banks are nice, it's cheaper to maintain an account with a Credit Union or even a FinTech.
The author never moves on: ..what about Treasury services? Positive pay? Advanced corporate banking isn't something that's needed by a big company. In fact, I've run a 3-person company successfully that was only achievable through our banks' willingness to help in ensuring we can move money at the last minute, ensure each check has been authorized BEFORE it goes through the system (also known as positive pay) or a myriad of other reasons why a big bank can be good - if not necessary. But it depends on so many factors (that aren't covered here) as to when and why that makes more sense than keeping your money under a pillow.
The author's premise in this book is solid. However, he doesn't clean it up very well with an abounding number of examples of why a company or a person should investigate non-Bank solutions. But without examining Treasury services - which you can often only receive with a larger bank - and why you may need it, is never examined. I would have liked to have this follow-through in the book, even if the reasoning is incompatible with his thesis.
Net/net: this is a book great on the idea, but it's light on substance.
With anticipation of something great I started reading looking for affirmation. I received that within the first four pages - the author agrees and demonstrates in a clear way why spending time on building a business or even a secure family with a large bank is costly.
Then what? Ok, I'm on the same page with the author, all excited to read on.. but that's it and left all the goodies at the beginning of the book. To summarize, bank fees are not charged because banks are nice, it's cheaper to maintain an account with a Credit Union or even a FinTech.
The author never moves on: ..what about Treasury services? Positive pay? Advanced corporate banking isn't something that's needed by a big company. In fact, I've run a 3-person company successfully that was only achievable through our banks' willingness to help in ensuring we can move money at the last minute, ensure each check has been authorized BEFORE it goes through the system (also known as positive pay) or a myriad of other reasons why a big bank can be good - if not necessary. But it depends on so many factors (that aren't covered here) as to when and why that makes more sense than keeping your money under a pillow.
The author's premise in this book is solid. However, he doesn't clean it up very well with an abounding number of examples of why a company or a person should investigate non-Bank solutions. But without examining Treasury services - which you can often only receive with a larger bank - and why you may need it, is never examined. I would have liked to have this follow-through in the book, even if the reasoning is incompatible with his thesis.
Net/net: this is a book great on the idea, but it's light on substance.
October 13, 2025
4*
Good read and explains a lot of about the economics of the financial industry and how it relates to consumers and the average american.
In general, the big banks own the US. They have such a strong and powerful lobby and own all the currency, so it is hard to change anything, and they keep getting stronger and stronger.
It starts with the premise that there is no banking education in school. Not in middle school, high school, even college. There may be "economics" but there is no banking and how to manage debt, stay out of debt, plan a debt free life. How to own a home, etc.
We are taught that a lot of our success in life is subject to our credit score. Strange that if we manage our money well and have no credit, that provides a bad credit score. In college, kids are bombarded with "open new cards". When we open a card and therefore get credit, our credit score is improved. Sometimes if we open additional cards, out credit score goes up.
The bank has us invest our money/savings. As much as possible. They pay a pretty low interest back to us. But also due to "fractional borrowing" they can loan our savings out to others, whether the cash is actually in the bank or not. This results in a lot of "made up" currency floating around. If everyone went to the bank tomorrow to pull their money out, they would not be able to pay.
They take our savings and then "loan" it back to us via credit cards, auto loans, mortgages... at a higher interest rate. So they take our money for very little, loan it back to us and make money.
The book suggests using credit unions as a way to limit the big bank power.
Good read and explains a lot of about the economics of the financial industry and how it relates to consumers and the average american.
In general, the big banks own the US. They have such a strong and powerful lobby and own all the currency, so it is hard to change anything, and they keep getting stronger and stronger.
It starts with the premise that there is no banking education in school. Not in middle school, high school, even college. There may be "economics" but there is no banking and how to manage debt, stay out of debt, plan a debt free life. How to own a home, etc.
We are taught that a lot of our success in life is subject to our credit score. Strange that if we manage our money well and have no credit, that provides a bad credit score. In college, kids are bombarded with "open new cards". When we open a card and therefore get credit, our credit score is improved. Sometimes if we open additional cards, out credit score goes up.
The bank has us invest our money/savings. As much as possible. They pay a pretty low interest back to us. But also due to "fractional borrowing" they can loan our savings out to others, whether the cash is actually in the bank or not. This results in a lot of "made up" currency floating around. If everyone went to the bank tomorrow to pull their money out, they would not be able to pay.
They take our savings and then "loan" it back to us via credit cards, auto loans, mortgages... at a higher interest rate. So they take our money for very little, loan it back to us and make money.
The book suggests using credit unions as a way to limit the big bank power.
July 5, 2024
Aimed at the average working family, this book conveys simple information in an easy-to-read way. It's succinct. It's not overly complicated - like so many other works in this milieu. I enjoyed it. There's nothing extraordinarily groundbreaking inside. Most people, I'd wager, who have made even a minor foray into learning about finances will not read anything they haven't heard, or surmised, already. But for the novice, or for teens, this could be just the thing to get them interested in handling their finances well.
September 12, 2017
A straight forward education in how money, banking and investing works in the United States. I was blown away how simple it is to understand and how badly the banks are ripping off the American people. Also, banks are completely different entities than investment firms and credit unions, don't confuse them. While the examples are described well, I'm a visual person and would like a few diagrams and charts of the concepts and numbers.
September 15, 2024
Mental Reset of Finances
This book encouraged me to reset my relationship with big banks. I started the process from reading this book to move my funds from a big bank to my credit union and brokerage fund offering way more than the big bank. Read this book and come back to review what is suggested in these pages.
This book encouraged me to reset my relationship with big banks. I started the process from reading this book to move my funds from a big bank to my credit union and brokerage fund offering way more than the big bank. Read this book and come back to review what is suggested in these pages.
June 19, 2024
If you don’t know by now that banks charge you some fees for banking and credit unions most of the time do not, then yeah, read this book. But by using this advise you may save $12-16 on bank fees but will not become financially free.
September 3, 2019
Very informative
This book covered the topic very well. I was left hoping for more substance and details but overall not bad.
This book covered the topic very well. I was left hoping for more substance and details but overall not bad.
January 29, 2024
It was cool..a lot of surface level information..but seems to have practical use.
October 17, 2025
Great and a Must Read
Great and a Must Read.
I am very much inspired by this book.
I have learned so much.
You will not be disappointed.
Great and a Must Read.
I am very much inspired by this book.
I have learned so much.
You will not be disappointed.
Displaying 1 - 10 of 10 reviews