Banking for most Americans is a disaster.
It costs too much to borrow money from a bank. Bank accounts yield nothing after taxes and inflation.
And yet, this unhelpful financial system seems to reward bankers for the privilege.
If you’re like most Americans, banking is a “necessary evil” – not a friendly neighborhood business.
But that’s changing. And here at Wyatt Research, we believe that a massive migration away from big banks is already underway.
And it’s all starting with VERY simple financial transactions.
For example, my wife and I bought a John Deere lawn mower recently.
We had just moved from a third-floor condo to a house in the country. And when you live in a house in the country in Vermont, that means you have plenty of grass to mow.
A push mower wouldn’t have sufficed for the two acres of lawn on which our house sits. Or at least I wasn’t willing to spend four hours a week sweating through my grass-stained “Dave Cowens Basketball Camp” t-shirt pushing a heavy mower up and down our slanted property. So we sprung for the rider mower.
As anyone who owns one knows, rider mowers aren’t cheap. We shopped around for good deals for weeks, eventually coming to the realization that we’d have to shell out a couple thousand dollars to get one that wouldn’t break down in a year.
Given that we had just bought a house and had to buy furniture to fill it, we didn’t have a ton of cash to play with. Two grand seemed a steep price to pay for anything. Meanwhile, as we waffled from the sticker shock our grass was growing tall enough to disguise a hobbit. We had to buy something if we wanted to avoid excommunication from the neighborhood for lawn negligence.
Finally, we talked to a local vendor who made us an enticing offer: pay what you can now, and pay me the rest in monthly installments at a reasonable interest rate.
No banks involved.
No middlemen to worry about. He would simply bill us every month with interest, and we would pay him the balance of the mower directly.
Most banks wouldn’t make such a small loan – at least not without an ungodly interest rate attached to it. They’re only interested in the big-ticket items, like financing your house or your car. Only by the generosity of this local gentleman were we able to avoid putting another serious dent in our savings account.
You see a lot of that “help-thy-neighbor” spirit in Vermont. It’s a small state that feels like one large community. Folksiness and altruism are still valued commodities here.
And as I mentioned, that kind of altruistic, help-your-neighbor mentality is occurring in a little-known pocket of the financial world. It’s a niche business that allows lenders to bypass the banks the way I did when I bought my mower. It’s also a prime opportunity for income investors.
My colleague Ian Wyatt reveals all the details about this benevolent income investment in his special report titled, “The Banker’s Secret.”
Click here to read the full report. Whether you’re an income investor looking to earn a 6-12% yield or a regular consumer looking for a small loan on that fancy road bike you’ve been wanting to buy, you’ll probably find Ian’s report worth the read.