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Speaker 1: What's up, everybody. Welcome to financial Heresy, where we talk

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Speaker 1: about how money works so that you can make more,

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Speaker 1: keep more, and give more. Today, I have my new

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Speaker 1: friend Chris Nagel as a guest on the episode. Very

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Speaker 1: excited to share this one with you, guys. We go

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Speaker 1: into a very creative way to get around some of

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Speaker 1: the problems with banking today and funding things that you

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Speaker 1: might need financing for, like an investment in a rental property.

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Speaker 1: Many of you have probably heard of this process before.

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Speaker 1: This is called the infinite banking concept, and he goes

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Speaker 1: into detail with us in this episode about how to

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Speaker 1: do that process through a vehicle known as a whole

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Speaker 1: life especially designed whole life policies. So I won't get

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Speaker 1: too much more into it into the introl. This is

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Speaker 1: a fantastic one, very interesting, especially coming from my perspective

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Speaker 1: never having done any research into this, Very very curious

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Speaker 1: as to how this works. So I'm excited to share

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Speaker 1: this one with you guys. Enjoy well, Thank you so

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Speaker 1: much Chris for joining me today. Really excited to have

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Speaker 1: this conversation and learn about this this new concept and

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Speaker 1: really dive into some of the details here.

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Speaker 2: I'm excited as well, except for it's not new new

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Speaker 2: to me. It's the only fun thing.

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Speaker 1: Yeah, true, absolutely. Okay, so let's start off with your story.

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Speaker 1: I think you and I have kind of similar stories, actually,

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Speaker 1: so could you give us a brief intro into what

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Speaker 1: got you where you are today?

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Speaker 2: Yeah? You know, I didn't grow up with money. I

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Speaker 2: grew up in an actually very lower middle class family.

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Speaker 2: Mom raised me, didn't really have any extra money. So

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Speaker 2: the only thing I had was a pen, paper and dreams,

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Speaker 2: and that's all I did as a Just as a kid,

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Speaker 2: I drew pictures of the things I wanted, and you know,

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Speaker 2: they call them vision boards, but my gosh, when you're

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Speaker 2: five to six, you don't know what it is. So

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Speaker 2: throughout my life I just did what kids do. And

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Speaker 2: then as I got a little bit older, I started

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Speaker 2: materializing some things that I wanted to really accomplish. Was

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Speaker 2: I was in love with snowboarding. I live in Buffalo,

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Speaker 2: New York, which is upstate, so we get a good

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Speaker 2: amount of snow. Even though we have small hills, we

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Speaker 2: have really good snowboard parks. So I came up with

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Speaker 2: this idea after just watching a lot of videos that

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Speaker 2: I was going to be a pro snowboarder. But what

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Speaker 2: I tell people this, my friends, my family, anybody but

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Speaker 2: my mother, because she always believed in me, they would

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Speaker 2: always say, that's a silly idea. You can't do that.

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Speaker 2: You'd have to move. And I got this unique opportunity.

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Speaker 2: I had heard a rumor that there was two Burton

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Speaker 2: pro riders coming to Kissing Bridge, my local resort, and

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Speaker 2: they were going to ride the brand new snowboard park.

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Speaker 2: And then I heard that these guys, Blair and Shane,

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Speaker 2: were from Buffalo. Although they moved to California, they originated

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Speaker 2: in Buffalo and became pro while in Buffalo. So I'm like,

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Speaker 2: no way. So I went out and I rode with them.

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Speaker 2: And that was like the point where a dream crystallizes

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Speaker 2: and all of a sudden you say, if they did it,

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Speaker 2: I can. And that's what I did. I went after

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Speaker 2: this dream of being a pro snowboarder. Nothing else mattered.

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Speaker 2: I started a clothing line in my mom's basement at

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Speaker 2: the age of sixteen, and that over a year I

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Speaker 2: developed that I would sell it to all the shops

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Speaker 2: along the way on the snowboard tours. And when I

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Speaker 2: was seventeen, a new dream came to me and that

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Speaker 2: was I needed a shop. I needed my own store,

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Speaker 2: and I got the idea for this store called fat

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Speaker 2: Man Board Shops because my clothing line was called fat Clothing,

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Speaker 2: so I was the man fat Man. That's kind of

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Speaker 2: an age from PA. Of course, it's pH we're talking

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Speaker 2: about nineteen ninety two to nineteen ninety four when this happened.

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Speaker 2: So I started, you know, getting this idea and again

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Speaker 2: same thing, told everybody about it, trying to get my

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Speaker 2: family to buy in, and everybody said I was crazy.

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Speaker 2: My dad told me to go get a job at

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Speaker 2: the factory he worked at. I didn't talk to him

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Speaker 2: for almost two years after that, and my mother again

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Speaker 2: was the only one that believed in me, and she

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Speaker 2: got to the point where the dream was going to die.

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Speaker 2: I couldn't get the seventy grand I needed. It got

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Speaker 2: turned down by everybody, and this is about six to

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Speaker 2: eight months of trying, and then all of a sudden,

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Speaker 2: I got this one bank that said, all right, kid,

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Speaker 2: if you can get collateral to support this SBA back loan,

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Speaker 2: we'll give you the loan. We liked the idea, and

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Speaker 2: I didn't really even understand collateral. I'm like, well, I

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Speaker 2: got a dirt bike one twenty five, I got a

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Speaker 2: Buick Skyhawk, and I got some baseball cards? Is that cool? Obviously,

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Speaker 2: like they were talking something more significant. My mother witnessed

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Speaker 2: this understood collateral, and she had the house that she

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Speaker 2: got in the divorce, so she put her house on

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Speaker 2: the line so that I could chase that dream. And

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Speaker 2: in November of nineteen ninety four, fat Man Board Shops

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Speaker 2: opened and the Lockport Mall. Was one of the proudest

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Speaker 2: moments of my life because that was a dream that

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Speaker 2: should have died, but I never gave up and it happened.

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Speaker 2: So the rest of that whole era was literally a fairytale.

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Speaker 2: All the way up to the two thousands, I was

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Speaker 2: literally living what people would read about in a fairytale.

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Speaker 2: Kid lives his dream, becomes pro snowboarder, running skateboard snowboard

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Speaker 2: shops every day was the greatest day of my life

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Speaker 2: until the dot Com crash happened. When the planes hit

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Speaker 2: the tower. I remember exactly where I was, I remember

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Speaker 2: what I was driving by, but what I didn't understand

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Speaker 2: is what was next. That was the first recession i'd

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Speaker 2: ever gone into, and business tumbled. I had leveraged heavily.

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Speaker 2: I had three stores going at the time, and at

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Speaker 2: that time, I remember I just had to make mens

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Speaker 2: make ends meet. So what I did. I put my

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Speaker 2: resume out and the only companies that responded, this is

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Speaker 2: two thousand and three were Wall Street firms. And I

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Speaker 2: had no idea, what is Wall Street want with a

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Speaker 2: punk snowboard kid that run skateboard shops. But what Wall

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Speaker 2: Street wanted was a self starter, an entrepreneurial mindset, somebody

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Speaker 2: they could take and mold and let that person just run.

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Speaker 2: And well, as you kind of know, I mean, that's

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Speaker 2: when I entered Wall Street two thousand and three. And

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Speaker 2: in Wall Street, I just pushed hard. I just watched

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Speaker 2: and saw the opportunities. I saw the big guys on

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Speaker 2: the outside offices who I would send leads to. I

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Speaker 2: saw what they did. I saw how little they worked,

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Speaker 2: and I just outworked and I'd literally show up at seven,

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Speaker 2: I'd work through lunch, and after they were gone, long gone,

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Speaker 2: I would go out and see people at their kitchen tables.

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Speaker 2: And this is way before any of the movies where

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Speaker 2: that actually happened, so literally, like it's funny when I

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Speaker 2: watched Boiler Room, or I watch any of the Wall

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Speaker 2: Street movies outside of the original Michael Douglas Wall Street.

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Speaker 2: Like I did that. Man. I just went in there

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Speaker 2: and I pushed, and I became one of the top advisors,

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Speaker 2: and as a financial advisor. You know, I had hard

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Speaker 2: times adapting in the beginning because I was from the

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Speaker 2: snowboard world. Now I'm wearing suits every day. So that

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Speaker 2: was a weird transition, but it was it was a

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Speaker 2: good one. It helped me evolve, helped me learn, and

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Speaker 2: I ended up selling the retail shops. Right after the

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Speaker 2: Great Recession. I almost went bankrupt because I was developing

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Speaker 2: a strip mall and right during the Great Recession when

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Speaker 2: it hit, So I ended up selling the retail stores.

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Speaker 2: Twenty ten. I sold that strip mall right around the

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Speaker 2: same time I started buying real estate and buying rentals,

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Speaker 2: and you know, my life started pivoting. So I was

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Speaker 2: at a crossroads. I think every time in people's lives,

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Speaker 2: you hit that point where you're like, don't really know

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Speaker 2: what you want to be when you grow up. So

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Speaker 2: I was a Wall Street guy doing really well, but

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Speaker 2: it just didn't challenge me anymore. It just wasn't exciting anymore.

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Speaker 2: Real estate was really exciting. And I remember I was

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Speaker 2: at a firm that was captive at that time, and

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Speaker 2: you know, I didn't own my clients. I owned my book,

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Speaker 2: my RIA book, which is my registered investment advisory book,

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Speaker 2: but I didn't own the rest of it. So I

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Speaker 2: made a really hard decision in twenty sixteen to leave

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Speaker 2: the firm that I was at for the better part

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Speaker 2: of fourteen or fifteen years, whatever math works out to be,

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Speaker 2: and I went independent. And when I went independent, I

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Speaker 2: was heavily involved in real estate. Me and my wife

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Speaker 2: were trying to get a TV show. And I remember

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Speaker 2: everybody again at the firm, like it was this weird thing,

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Speaker 2: all my friends, because you get real close after that

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Speaker 2: long with all the other advisors, and the moment I

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Speaker 2: told them my dream that what I was going to do,

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Speaker 2: that I had to go independent because I had to

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Speaker 2: own this book. I had to someday sell this book.

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Speaker 2: They said I was crazy. Many of them didn't speak

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Speaker 2: to you anymore. It was just almost like just like

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Speaker 2: you snap your fingers. Everybody turned on me and they

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Speaker 2: never came back around. But I did leave. I went independent,

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Speaker 2: sold that firm or my firm twenty eighteen when we

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Speaker 2: got the TV show on HGTV, and really like the

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Speaker 2: whole rest is, there's a lot of pieces in there

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Speaker 2: that are missing. But there was a point where I

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Speaker 2: was out in Utah snowboarding and this one me and

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Speaker 2: my wife were on our way to get in the show.

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Speaker 2: So we were borrowing a lot of money from a

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Speaker 2: bunch of private lenders and one his name was Mike.

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Speaker 2: So Mike and me met at the Cheesecake Factor in

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Speaker 2: Salt Lake, and I remember asking Mike because I was

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Speaker 2: a pretty forward kid. I'm from New York. I don't

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Speaker 2: shy away from asking questions. It just said to Mike,

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Speaker 2: I said, so, how do you lend all this money? Mike?

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Speaker 2: And he, without blinking, without flinching, he just says, I'd

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Speaker 2: lend for my private banking system. And I'm like, shucks, man,

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Speaker 2: you've got your own bank. I'm like, dude, you got

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Speaker 2: a bank, Like in my mind at this cheesecake factory,

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Speaker 2: I'm thinking I way underestimated how much money this guy,

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Speaker 2: Mike had, he owns a bank. And I said, well,

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Speaker 2: can we go check the bank out? I had literally

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Speaker 2: said that to him and he says, Oh, I don't

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Speaker 2: own a bank. I have a banking system that I created.

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Speaker 2: I literally mimic what a bank does. And he starts

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Speaker 2: going into it and just explaining all this private bank stuff.

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Speaker 2: He didn't tell me what the product or the vehicle was.

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Speaker 2: He just explained all the things that it did, which

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Speaker 2: was brilliant from his standpoint looking back. You know, guaranteed interest,

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Speaker 2: get dividends every year, it grows tax free. I can

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Speaker 2: use the money and lend it to you and still

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Speaker 2: earn interest in dividends. And he tells me all this,

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Speaker 2: and I'm like, oh my god, what I'm embarrassed. I'm

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Speaker 2: sitting here. I'm the advisor. I was the one who

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Speaker 2: was doubting Mike when he was like saying that this

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Speaker 2: vehicle exists that does all these wonderful things. I'm like, dude,

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Speaker 2: that you're living a fairy tale like what you just

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Speaker 2: described does not exist in the financial worlds. And and

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Speaker 2: he drops a bomb and he says, no, Chris, it's

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Speaker 2: a specially designed whole life policy. It would just be

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Speaker 2: like a tractor trailer locking its brakes up reaching sound.

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Speaker 2: That was kind of like what the conversation did because

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Speaker 2: At that point, I'm like, Uh, no way, dude, somebody's

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Speaker 2: lying to you. A whole life. Can't do that a

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Speaker 2: whole life. You can't put money in a whole life

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Speaker 2: and immediately take that money out. You can't do all

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Speaker 2: the things you said with the whole life. And he says, well,

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Speaker 2: if you can't do it, how have I been doing it? Now?

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Speaker 2: That's what got me because I'm like, he does have

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Speaker 2: a good point, as he said, that's what he's doing.

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Speaker 2: And that was my journey. That's when I started learning

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Speaker 2: about the infinite banking concept. I was turned on to

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Speaker 2: my now mentor and dear friend, Brent Kessler, and he

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Speaker 2: taught me everything I knew. But you know the Will

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Speaker 2: Rogers quote that says, the biggest problem in America is

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Speaker 2: not what people don't know, it's what people think that

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Speaker 2: they know that just ain't so. I was that guy

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Speaker 2: that thought I knew what just wasn't so, because I

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Speaker 2: thought I knew everything that there was in the financial world,

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Speaker 2: and I had a lot to learn. And that's that's

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Speaker 2: been my journey. I've I've been a component of using

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Speaker 2: this system in this process for the better part of

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Speaker 2: a decade now. I've used it in heavily in the

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Speaker 2: real estate world, but also in the securities world with UH,

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Speaker 2: you know, investing in private funds, investing in the stock

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Speaker 2: market with derivatives, and some of the other stuff that

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Speaker 2: we do with our private hedge fund. But all of

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Speaker 2: my money goes to this vehicle that I used to

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Speaker 2: hate and that I used to just shun, the whole

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Speaker 2: life policy. It goes into my system of whole life

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Speaker 2: policies which makes up my private bank. And then I

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Speaker 2: take the money out and I invest it wherever I feel,

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Speaker 2: you know, the money should be going for the returns

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Speaker 2: I'm looking for. Sorry, I went along with that, but

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Speaker 2: that's like, that's how it happened. It was all just

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Speaker 2: such a weird roller coaster.

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Speaker 1: Yeah. No, no, that's uh. That's very interesting. And I've

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Speaker 1: I have a ton of questions, and like I said

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Speaker 1: before we started UH started recording, some of these are

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Speaker 1: probably dumb questions because I'm approaching this from the standpoint

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Speaker 1: of a beginner, you know, very similar to like, you know,

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Speaker 1: the the mindset that you had when you were sitting

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Speaker 1: down I think he said his name was Mike. You're like, no,

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Speaker 1: that doesn't exist. He's like, well, how have I been

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Speaker 1: doing it?

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Speaker 2: Then?

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Speaker 1: So I'm probably gonna ask the same kind of questions

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Speaker 1: that you started asking at the beginning, and uh, and

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Speaker 1: you said something, actually, you know, I'm gonna hold hold

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Speaker 1: that question off for uh for for a few minutes,

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Speaker 1: because I think we need to I have to ask

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Speaker 1: a different question first. So if I understand it correctly,

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Speaker 1: the very at the very basic level, you have this

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Speaker 1: specially designed whole life policy. All of your income or

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Speaker 1: most of it, you throw into there, and then from

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Speaker 1: there you take loans out against it to do what

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Speaker 1: you need to do, whether that's uh, purchase real estate,

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Speaker 1: whether that's invest in you know, you said you've got

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Speaker 1: a hedge fund and uh, you know, but anything you

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Speaker 1: could take the money out of there for. How is

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Speaker 1: that different than I take all my money put it

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Speaker 1: in a savings account at Chase, and when I need to,

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Speaker 1: I pull money out of the savings account and just

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Speaker 1: pay myself back interest into my savings account.

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Speaker 2: What's the difference between those great question, just right back

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Speaker 2: to the beginning. Though I don't put almost all my

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Speaker 2: income in I mean, in a perfect world, I could,

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Speaker 2: but the insurance companies just don't allow that. I mean,

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Speaker 2: there's a percentage cap for how much of your income

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Speaker 2: you can put in plus. I don't believe. Now this

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Speaker 2: goes against the grain for some of the other IBC

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Speaker 2: practitioners that preach and say, use IBC to pay all

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Speaker 2: your expenses and your bills. I don't believe in that.

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Speaker 2: I think the only thing that this should be used

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Speaker 2: for is money that you traditionally would save somewhere a

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Speaker 2: savings account, which we'll get into your question in a second,

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Speaker 2: A four toh one K brokerage account. You know where

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Speaker 2: money would normally go to save. I'm just changing one thing,

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Speaker 2: and that's where the money goes. First, only my savings.

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Speaker 2: All the rest of the money, I still use bank

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Speaker 2: accounts and I pay all my bills just like everybody else,

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Speaker 2: like for utilities. I mean, I have a trust structure,

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Speaker 2: but we won't get into that. But let's go into

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Speaker 2: because this question comes up all the time. You know,

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Speaker 2: why would I put money into a whole life where

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Speaker 2: there's cost of insurance and there's policy service fees when

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Speaker 2: I can just put money in a bank account and

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Speaker 2: I can do the exact same thing in the savings

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Speaker 2: account as I can do in the policy, I can

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Speaker 2: take the money out of the savings. I can We'll

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Speaker 2: just use it for lending. Okay. I can lend the

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Speaker 2: money from my savings on a site like Private Money

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Speaker 2: Club where I get twelve percent and then take the

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Speaker 2: interest and put it right back into the savings so,

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Speaker 2: you know, and then I don't have to have any restrictions.

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Speaker 2: I'm talking to the positives of the savings account. You know,

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Speaker 2: I have no restrictions on how much money I can

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Speaker 2: take out. If I put one hundred grand in the savings,

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Speaker 2: I can take one hundred grand out when my check clears.

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Speaker 2: If I put that one hundred grand into the specially

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Speaker 2: designed whole life, the most I'm going to be able

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Speaker 2: to get out on a good day is ninety grand,

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Speaker 2: about ninety percent of it. So I'm losing ten thousand

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Speaker 2: dollars of money that could be working for me. And

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Speaker 2: here's the funny thing. I'm going to tell you the difference,

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Speaker 2: and it's going to make all the sense in the

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Speaker 2: world when I do. But I have gone to such

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Speaker 2: great levels and spent a lot of money running the

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Speaker 2: financial and now analysis to prove this point mathematically, Like

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Speaker 2: that's one thing like your audience doesn't know. I think

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Speaker 2: maybe you do. Is I prove everything with math? I

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Speaker 2: truly just believe that people inherently lie. I just always

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Speaker 2: have I'm cynical like that, and I just think that,

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Speaker 2: you know, if I can't prove something mathematically, then it

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Speaker 2: doesn't check the box for me. So that thing you

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Speaker 2: just said about savings account versus the policy, I have

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Speaker 2: mathematically proven this. I'm happy to share it with you,

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Speaker 2: your audience, to show how this works. So let's get

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Speaker 2: to the policy. Why would the policy supersede the savings

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Speaker 2: account using the exact same system, which I want to

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Speaker 2: clarify something for you and your audience. The infinite banking concept. Okay,

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Speaker 2: what we're talking about. That is a process, It is

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Speaker 2: not a product. So the infinite banking concept can be

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Speaker 2: applied to a savings account, to a money market account,

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Speaker 2: to a brokerage account with a margin account. It could

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Speaker 2: be applied anywhere that you could put money and take

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Speaker 2: money out of. It's just a process. And you met

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Speaker 2: you nail that take money out of a vehicle, make

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Speaker 2: that money to go to work, take the money that

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Speaker 2: that money is earning, send it back to the original source.

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Speaker 2: Of the funds closed circuit, you take back the banking

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Speaker 2: functions in your life. That's what the infinite banking concept

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Speaker 2: is and pioneered by the late R. Nelson n Ash.

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Speaker 2: But there's one thing a lot of people associate the

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Speaker 2: infinite banking concept with, and a lot of people actually

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Speaker 2: are misinformed and think the infinite banking concept is the

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Speaker 2: specially designed whole life, which it is not. The whole

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Speaker 2: life is just the machine we use to run our

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Speaker 2: money through versus a savings account, of brokerage or a

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Speaker 2: money market. And here's the reason why every dollar that

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Speaker 2: goes into the specially designed whole life. And I keep

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Speaker 2: saying specially designed because I'm trying to drive it into

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Speaker 2: everybody's head that this is not a normal whole life

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Speaker 2: off the shelf. There's only a handful of companies that

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Speaker 2: we can use that work for this. The policy in

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Speaker 2: the contract, the way we actually design the contract is backwards.

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Speaker 2: We put the lowest depth benefit the highest amount into

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Speaker 2: a special rider called the paid up editions rider. But

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Speaker 2: the reason we use the whole life comes down to

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Speaker 2: one simple thing that a savings account, a brokerage account,

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Speaker 2: no other account can give you and that is the

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Speaker 2: ability to save and spend at the exact same time. Now,

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Speaker 2: let me quantify that I put that one hundred grand

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Speaker 2: into the whole life policy, that one hundred grand immediately

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00:17:16,560 --> 00:17:20,159
Speaker 2: starts earning interest and dividends. Now the dividends are not guaranteed,

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Speaker 2: but the interest is. The dividends have been paid every

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00:17:22,960 --> 00:17:26,520
Speaker 2: year since these insurance companies that we work with have started, okay,

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00:17:26,520 --> 00:17:29,240
Speaker 2: so they've never missed the dividend. With dividends and interest,

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00:17:29,320 --> 00:17:31,639
Speaker 2: we're making low side five point two, which is the

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Speaker 2: lowest carrier we do up to six, which is the highest.

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Speaker 2: So already, if you think gross return, it's higher than

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Speaker 2: a savings account, even though you can find highest savings

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00:17:40,200 --> 00:17:42,879
Speaker 2: accounts right now, they pay you four point one percent

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Speaker 2: the Apple High Yield savings account. So this is one

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Speaker 2: of the first time since I've been doing this where

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Speaker 2: I'm in a high interest rate cycle where you do

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Speaker 2: actually have good returns from a savings So that complicates

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Speaker 2: the situation because I don't have a huge spread that

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Speaker 2: I'm making above and beyond, and if you factor in

375
00:17:58,640 --> 00:18:00,800
Speaker 2: the cost of insurance, I'm actually making less in the

376
00:18:00,800 --> 00:18:03,440
Speaker 2: whole life than I would be in a savings account today.

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Speaker 2: But the difference is my whole life locks that guaranteed

378
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Speaker 2: interest rate and the company I'm talking about three point

379
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Speaker 2: twenty five guaranteed for the rest of my life, the

380
00:18:12,480 --> 00:18:15,959
Speaker 2: savings account four percent or four point one percent if

381
00:18:15,960 --> 00:18:17,920
Speaker 2: you can, if you go to the Apple one, that's

382
00:18:17,960 --> 00:18:21,360
Speaker 2: four point one percent today. Next month might be less,

383
00:18:21,440 --> 00:18:23,400
Speaker 2: might be more. A year from now, might be less,

384
00:18:23,440 --> 00:18:26,000
Speaker 2: might be more. It's always going to fluctuate and vary.

385
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Speaker 2: And we know this to be true because we've seen

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Speaker 2: these cycles many times in our life. We've seen interest

387
00:18:30,960 --> 00:18:33,640
Speaker 2: rates on bank accounts go up and go down. Right

388
00:18:33,680 --> 00:18:36,880
Speaker 2: before the pandemic, you were probably getting three percent after

389
00:18:36,920 --> 00:18:40,280
Speaker 2: the pandemic zero. That cannot happen in a whole life.

390
00:18:40,280 --> 00:18:42,760
Speaker 2: So from the longevity standpoint of looking at this vehicle

391
00:18:42,800 --> 00:18:45,640
Speaker 2: for what it is, you can't beat that. Okay, it's

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Speaker 2: contractually guaranteed interest, but the interest not just that, it's

393
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Speaker 2: contraction guaranteed. That's not what's important. What's important is I

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00:18:52,680 --> 00:18:54,719
Speaker 2: get to use the money. I put one hundred in,

395
00:18:55,000 --> 00:18:57,240
Speaker 2: I take ninety out, I lend it. Now, remember the

396
00:18:57,240 --> 00:18:59,080
Speaker 2: savings I put one hundred in, I take one hundred out,

397
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Speaker 2: and I lend it. When in a savings account, when

398
00:19:01,240 --> 00:19:02,639
Speaker 2: you put a hundred in and you take a hundred out,

399
00:19:02,640 --> 00:19:04,720
Speaker 2: how much is left in the savings account earning interest?

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Speaker 1: Just the amount that's left in there.

401
00:19:07,320 --> 00:19:09,359
Speaker 2: Zero, one hundred goes in, one hundred comes out. You

402
00:19:09,440 --> 00:19:12,080
Speaker 2: got zero left in the savings right in the whole

403
00:19:12,160 --> 00:19:15,040
Speaker 2: life again, specially designed with the right companies, I put

404
00:19:15,080 --> 00:19:18,120
Speaker 2: one hundred in, I might only be able to use ninety. Okay,

405
00:19:18,320 --> 00:19:20,680
Speaker 2: so I take ninety out. How much is left in

406
00:19:20,760 --> 00:19:22,480
Speaker 2: my account earning interest in dividends?

407
00:19:22,760 --> 00:19:24,479
Speaker 1: It would be the whole Would it be the whole thing?

408
00:19:24,480 --> 00:19:27,280
Speaker 2: Then the whole amount, the whole amount one hundred, you know,

409
00:19:27,359 --> 00:19:30,359
Speaker 2: for all intensive purposes. We're not getting into the nitty gritty,

410
00:19:30,359 --> 00:19:32,680
Speaker 2: but one hundred is earning interest in dividends. Now, how

411
00:19:32,720 --> 00:19:35,359
Speaker 2: can that happen? Well, it can only happen in a

412
00:19:35,400 --> 00:19:38,520
Speaker 2: permanent life insurance policy, specifically a whole life, because there's

413
00:19:38,560 --> 00:19:41,400
Speaker 2: a death benefit and the insurance company in the contract

414
00:19:41,400 --> 00:19:44,240
Speaker 2: clearly states that we can use that death benefit while

415
00:19:44,240 --> 00:19:47,040
Speaker 2: we live up to and only up to the amount

416
00:19:47,080 --> 00:19:50,240
Speaker 2: that we can collateralize it with the cash value. So

417
00:19:50,280 --> 00:19:52,840
Speaker 2: if my cash value is one hundred, I can take

418
00:19:52,880 --> 00:19:56,120
Speaker 2: out one hundred of my death benefit. If my cash

419
00:19:56,160 --> 00:19:57,760
Speaker 2: value is ninety, which in this case, if you put

420
00:19:57,760 --> 00:19:59,840
Speaker 2: one hundred in it probably would be ninety. I can

421
00:20:00,320 --> 00:20:03,119
Speaker 2: use ninety because that's how much I can collateralize. So

422
00:20:03,160 --> 00:20:06,040
Speaker 2: now I've found a way to earn interest in dividends

423
00:20:06,119 --> 00:20:10,000
Speaker 2: uninterrupted on the full amount, and then I have the

424
00:20:10,040 --> 00:20:12,840
Speaker 2: ability to take the money out use it. So where

425
00:20:12,840 --> 00:20:16,280
Speaker 2: I get ahead of the savings account is because I've

426
00:20:16,320 --> 00:20:19,680
Speaker 2: got money still earning compound interest while the savings account

427
00:20:19,680 --> 00:20:21,960
Speaker 2: does not. So the savings account is still making we'll

428
00:20:22,040 --> 00:20:24,920
Speaker 2: use twelve percent. As the private loan, we're both making

429
00:20:24,960 --> 00:20:27,399
Speaker 2: twelve percent no matter where the money started. But in

430
00:20:27,440 --> 00:20:31,400
Speaker 2: the whole life, I'm making twelve percent plus the spread

431
00:20:31,520 --> 00:20:33,560
Speaker 2: that the whole life allows me to earn. No, I

432
00:20:33,600 --> 00:20:36,280
Speaker 2: said spread, I entered a new word there. The spread

433
00:20:36,320 --> 00:20:39,159
Speaker 2: comes down to, and the mathematics are there. Is the

434
00:20:39,160 --> 00:20:42,280
Speaker 2: interest rate that the insurance company pays plus dividend, like

435
00:20:42,320 --> 00:20:44,840
Speaker 2: I said, is five point two. Let's just choose the lowest,

436
00:20:45,080 --> 00:20:48,720
Speaker 2: and the interest rate that the insurance company charges is

437
00:20:48,760 --> 00:20:50,840
Speaker 2: five percent right now, It's actually a little less, but

438
00:20:50,880 --> 00:20:53,400
Speaker 2: we'll just use five. So I make a spread, right

439
00:20:53,400 --> 00:20:55,400
Speaker 2: out of the hole. I'm making a spread from five

440
00:20:55,440 --> 00:20:58,199
Speaker 2: point two to five okay on a gross level, But

441
00:20:58,359 --> 00:21:01,320
Speaker 2: next year, because of compound it, because I've got ninety

442
00:21:01,359 --> 00:21:04,600
Speaker 2: grand compounding at that rate, my spread goes up. The

443
00:21:04,680 --> 00:21:08,440
Speaker 2: year after goes up, and it just mathematically constantly goes up.

444
00:21:08,680 --> 00:21:11,560
Speaker 2: So I'm always going to be making a higher spread

445
00:21:12,080 --> 00:21:15,440
Speaker 2: on the whole life because of the mathematics behind compound

446
00:21:15,480 --> 00:21:18,280
Speaker 2: interest the savings account, I don't earn anything on the

447
00:21:18,280 --> 00:21:20,200
Speaker 2: money because the money is no longer in the savings,

448
00:21:20,200 --> 00:21:22,640
Speaker 2: which means the bank doesn't pay me interest. So that's

449
00:21:23,880 --> 00:21:28,920
Speaker 2: really the biggest reason the whole life supersedes the bank account.

450
00:21:29,080 --> 00:21:33,240
Speaker 2: But I do have that ten thousand dollars of deficiency

451
00:21:33,600 --> 00:21:36,320
Speaker 2: that is not earning me twelve percent. Now, when I

452
00:21:36,400 --> 00:21:39,680
Speaker 2: run the math behind this, it depends on which policy

453
00:21:39,720 --> 00:21:41,439
Speaker 2: design I use, but let's just use the one that

454
00:21:41,480 --> 00:21:44,600
Speaker 2: I did. It's about a six year run. So what

455
00:21:44,640 --> 00:21:48,359
Speaker 2: do I mean by that? The savings account will outperform

456
00:21:48,520 --> 00:21:52,080
Speaker 2: the whole life in this particular scenario for six years.

457
00:21:52,560 --> 00:21:54,679
Speaker 2: But the margin of difference that you make with the

458
00:21:54,720 --> 00:21:57,399
Speaker 2: savings over the whole life is so small in the

459
00:21:57,440 --> 00:22:00,280
Speaker 2: first couple years. It's bigger, but it diminishes very quickly

460
00:22:00,320 --> 00:22:04,960
Speaker 2: because of compound interest. So first anybody listening, and for you,

461
00:22:04,960 --> 00:22:07,200
Speaker 2: you'd be ahead in the savings account for roughly six

462
00:22:07,280 --> 00:22:10,520
Speaker 2: years okay of doing this, but after the sixth year,

463
00:22:11,160 --> 00:22:13,679
Speaker 2: it would be the equivalent of a jet a fighter

464
00:22:13,760 --> 00:22:16,200
Speaker 2: jet racing a drag car. The drag car is always

465
00:22:16,240 --> 00:22:18,600
Speaker 2: going to beat the fighter jet on the drag strip

466
00:22:18,760 --> 00:22:21,680
Speaker 2: when they're both taking off their drag cars gone, that's

467
00:22:21,720 --> 00:22:24,760
Speaker 2: the savings account. But the fighter jet, when those turbines

468
00:22:24,840 --> 00:22:28,280
Speaker 2: kick in and that thing gets to its velocity, the

469
00:22:28,400 --> 00:22:31,000
Speaker 2: dragster doesn't even stand a chance. You all know that

470
00:22:31,000 --> 00:22:33,720
Speaker 2: that is the difference between the savings account and the

471
00:22:33,800 --> 00:22:36,840
Speaker 2: jet or sorry, savings account in the whole life, because

472
00:22:37,160 --> 00:22:41,280
Speaker 2: the compound interest will run away so fast that after six, seven, eight, nine,

473
00:22:41,359 --> 00:22:43,560
Speaker 2: ten years and for the rest of your life, the

474
00:22:43,680 --> 00:22:47,320
Speaker 2: difference is so significant that anybody that just looks at

475
00:22:47,320 --> 00:22:49,520
Speaker 2: the math would say, there's no way it would make

476
00:22:49,560 --> 00:22:51,720
Speaker 2: sense for me to put money in the savings unless

477
00:22:52,280 --> 00:22:54,920
Speaker 2: everything you were doing was a very short term jaunt,

478
00:22:55,000 --> 00:22:57,440
Speaker 2: and then I'd still have to ask was it worth

479
00:22:57,520 --> 00:23:00,320
Speaker 2: it in five to six years. A couple other things,

480
00:23:00,320 --> 00:23:02,720
Speaker 2: the whole life grows tax free if designed properly, the

481
00:23:02,760 --> 00:23:05,639
Speaker 2: savings account is taxable and the whole life always and

482
00:23:05,720 --> 00:23:08,480
Speaker 2: you cannot discount this has a death benefit that will

483
00:23:08,520 --> 00:23:10,720
Speaker 2: be paid out to your family. So unless you don't

484
00:23:10,720 --> 00:23:13,600
Speaker 2: care about your family, your kids, the whole life, that

485
00:23:14,000 --> 00:23:16,880
Speaker 2: added benefit of providing a legacy tax free to your

486
00:23:17,000 --> 00:23:20,800
Speaker 2: family definitely has value, and too me far out ways,

487
00:23:20,880 --> 00:23:23,160
Speaker 2: the amount of the savings account would beat the whole

488
00:23:23,160 --> 00:23:24,000
Speaker 2: life in the early years.

489
00:23:24,040 --> 00:23:26,439
Speaker 1: I definitely have questions about those last couple ones that

490
00:23:26,480 --> 00:23:29,080
Speaker 1: you mentioned, but I do want to clarify a few

491
00:23:29,119 --> 00:23:32,439
Speaker 1: things to make sure I understand them correctly about the

492
00:23:33,400 --> 00:23:37,880
Speaker 1: kind of the interest savings account versus versus the policy

493
00:23:39,880 --> 00:23:43,040
Speaker 1: the math there. What you're doing is calculating assuming that

494
00:23:43,080 --> 00:23:45,840
Speaker 1: you're over time using some of the money and then

495
00:23:45,880 --> 00:23:48,720
Speaker 1: putting it back in. Right. This is not like if

496
00:23:48,720 --> 00:23:50,439
Speaker 1: you put one hundred grand in and then you just

497
00:23:50,600 --> 00:23:53,720
Speaker 1: leave it there forever and never touch it. Assuming the

498
00:23:53,800 --> 00:23:57,720
Speaker 1: interest rate is the same, the savings account would would win.

499
00:23:57,800 --> 00:23:59,679
Speaker 1: So this is assuming you want to actually use your

500
00:23:59,720 --> 00:24:00,800
Speaker 1: money to do things right.

501
00:24:00,960 --> 00:24:03,680
Speaker 2: The math behind the interest in the compounding doesn't change.

502
00:24:04,200 --> 00:24:06,680
Speaker 2: The only change would be what you mentioned about taking

503
00:24:06,720 --> 00:24:09,760
Speaker 2: the interest that you earn from that private loan, putting

504
00:24:09,760 --> 00:24:11,920
Speaker 2: it back into the policy would be because that's what's

505
00:24:11,920 --> 00:24:14,200
Speaker 2: going to pay the interest to the insurance company. So

506
00:24:14,240 --> 00:24:16,480
Speaker 2: the insurance company is going to charge you five percent,

507
00:24:16,920 --> 00:24:19,159
Speaker 2: So you're earning five point two, the insurance company is

508
00:24:19,240 --> 00:24:22,080
Speaker 2: charging you five. Well, the five point two is compound

509
00:24:22,320 --> 00:24:25,080
Speaker 2: in the five is simple interest. So there's a huge difference.

510
00:24:25,119 --> 00:24:27,879
Speaker 2: We have a whole calculation that shows that. But really

511
00:24:27,880 --> 00:24:30,720
Speaker 2: think about like in a savings account. If you lend

512
00:24:30,760 --> 00:24:32,400
Speaker 2: the money out in a savings account and you made

513
00:24:32,400 --> 00:24:35,159
Speaker 2: twelve percent, where's the average person going to take the

514
00:24:35,240 --> 00:24:37,480
Speaker 2: interest from the private loan and put.

515
00:24:37,440 --> 00:24:38,879
Speaker 3: It back in the savings account?

516
00:24:38,960 --> 00:24:40,760
Speaker 2: Right, same thing in the whole life, if you take

517
00:24:40,760 --> 00:24:42,360
Speaker 2: money from the whole life and you lend it out.

518
00:24:43,000 --> 00:24:46,159
Speaker 2: If you're if you're taught this right, and you're understanding

519
00:24:46,160 --> 00:24:49,399
Speaker 2: this right, which you're creating a banking system, you're going

520
00:24:49,480 --> 00:24:50,920
Speaker 2: to take the interest from the loan. You're going to

521
00:24:50,960 --> 00:24:54,000
Speaker 2: put it back into the policy, which is reducing the loan.

522
00:24:54,359 --> 00:24:56,480
Speaker 2: So when you reduce the loan, you reduce the interest

523
00:24:56,560 --> 00:24:58,919
Speaker 2: charged by the insurance company, and again and even increase

524
00:24:58,960 --> 00:24:59,399
Speaker 2: the spread.

525
00:25:00,440 --> 00:25:01,640
Speaker 3: We've done it both ways.

526
00:25:01,680 --> 00:25:03,480
Speaker 2: Just so you know, we've run it where if the

527
00:25:03,480 --> 00:25:06,040
Speaker 2: money comes back into the policy as a loan repayment,

528
00:25:06,040 --> 00:25:07,000
Speaker 2: but we've also run it.

529
00:25:07,040 --> 00:25:09,560
Speaker 3: And I did this for a really wealthy real estate developer.

530
00:25:09,560 --> 00:25:12,760
Speaker 2: He said, his advisor wanted me to run the whole

531
00:25:12,800 --> 00:25:15,440
Speaker 2: life where money came out in the loan and never

532
00:25:15,560 --> 00:25:18,400
Speaker 2: came back into the policy. And I said, I said,

533
00:25:18,400 --> 00:25:20,520
Speaker 2: this is against everything I teach, but I will run

534
00:25:20,560 --> 00:25:22,239
Speaker 2: it just to prove a point. But I will not

535
00:25:22,720 --> 00:25:25,760
Speaker 2: support you using the policy this way, because it's against everything.

536
00:25:25,800 --> 00:25:28,760
Speaker 2: You're stealing from your bank. We ran it, and the

537
00:25:28,800 --> 00:25:31,480
Speaker 2: whole life still ran. It still worked even though I

538
00:25:31,560 --> 00:25:34,199
Speaker 2: showed it every year taking max loans. He took the

539
00:25:34,200 --> 00:25:36,000
Speaker 2: money and did whatever, and we put no money back

540
00:25:36,040 --> 00:25:38,600
Speaker 2: in outside of new premium deposits. And it still worked,

541
00:25:38,600 --> 00:25:42,400
Speaker 2: although the growth was very minimal because obviously the policy

542
00:25:42,520 --> 00:25:44,600
Speaker 2: was trying to support the five percent interest that it

543
00:25:44,680 --> 00:25:48,800
Speaker 2: was being charged with the compound interest. But over time

544
00:25:48,840 --> 00:25:51,680
Speaker 2: it's still worked out quite well. And David death Benefit.

545
00:25:52,240 --> 00:25:55,560
Speaker 1: Gotcha understood, okay. And when you're talking about the spread

546
00:25:55,600 --> 00:25:59,679
Speaker 1: there the policy charging the five percent, that's when you

547
00:25:59,720 --> 00:26:03,360
Speaker 1: take a loan out from the policy. The five percent

548
00:26:03,520 --> 00:26:08,240
Speaker 1: that you pay for that loan that's going to the

549
00:26:08,960 --> 00:26:09,800
Speaker 1: insurance company.

550
00:26:10,040 --> 00:26:12,399
Speaker 2: Yeah, we're talking about three interest rates, which is this

551
00:26:12,440 --> 00:26:14,480
Speaker 2: is a good point to interject and just hit those

552
00:26:14,480 --> 00:26:17,280
Speaker 2: three interest rates. Interest rate number one we're talking about

553
00:26:17,520 --> 00:26:20,879
Speaker 2: is the interest that is contractually guaranteed by the insurance company,

554
00:26:20,880 --> 00:26:23,240
Speaker 2: So that is interest rate number one is the compound

555
00:26:23,280 --> 00:26:26,200
Speaker 2: interest the insurance company pays you. Interest rate number two

556
00:26:26,280 --> 00:26:29,480
Speaker 2: is the interest rate the insurance company charged you on

557
00:26:29,560 --> 00:26:32,040
Speaker 2: the loan that you're going to take the advance of

558
00:26:32,080 --> 00:26:34,080
Speaker 2: the death benefit that the insurance company gives you. They

559
00:26:34,160 --> 00:26:37,480
Speaker 2: charge you five percent simple interest on that loan. The

560
00:26:37,600 --> 00:26:40,719
Speaker 2: third interest rate we use the private lending deal at

561
00:26:40,720 --> 00:26:43,040
Speaker 2: twelve percent. Is that interest that you're earning. But that

562
00:26:43,080 --> 00:26:43,840
Speaker 2: could be anything.

563
00:26:44,119 --> 00:26:45,439
Speaker 1: It can be a car.

564
00:26:45,400 --> 00:26:47,639
Speaker 3: Loan interest, it could be credit card loan interest, it

565
00:26:47,680 --> 00:26:48,280
Speaker 3: could be anything.

566
00:26:49,240 --> 00:26:52,760
Speaker 1: Understood. Okay, Now, as you were talking, I came up

567
00:26:52,840 --> 00:26:56,240
Speaker 1: with a second example. Instead of comparing you to get

568
00:26:56,240 --> 00:26:59,320
Speaker 1: it's a savings account. I was thinking, okay, well, what

569
00:26:59,400 --> 00:27:02,200
Speaker 1: if you have a brokerage account. You've got one hundred

570
00:27:02,200 --> 00:27:05,000
Speaker 1: grand in there, you buy a bunch of t bills

571
00:27:05,320 --> 00:27:07,919
Speaker 1: or short term treasuries, and then you take out a

572
00:27:08,000 --> 00:27:12,480
Speaker 1: margin loan against those assets you can probably get you know,

573
00:27:13,359 --> 00:27:15,159
Speaker 1: right right now, I don't know what the margin is.

574
00:27:15,200 --> 00:27:19,639
Speaker 1: Seven eight nine percent would be an interest rate just

575
00:27:19,720 --> 00:27:22,480
Speaker 1: the well did you say? He locked? I'm talking about

576
00:27:22,480 --> 00:27:23,280
Speaker 1: a margin loan again.

577
00:27:23,440 --> 00:27:26,200
Speaker 2: But the interest rate on the margin accounts is similar

578
00:27:26,240 --> 00:27:28,480
Speaker 2: to what the helock interest rates are, so about seventy

579
00:27:28,480 --> 00:27:29,560
Speaker 2: eight percent said, gotcha?

580
00:27:29,640 --> 00:27:32,320
Speaker 1: Okay, I see what you're saying. Okay, yeah, and then

581
00:27:33,920 --> 00:27:37,080
Speaker 1: you could take out, you know, seventy five percent of

582
00:27:36,720 --> 00:27:41,640
Speaker 1: your of your brokerage account pay it back. So the

583
00:27:41,680 --> 00:27:44,880
Speaker 1: main difference there is between those, if I understand correctly,

584
00:27:44,920 --> 00:27:47,040
Speaker 1: and you can add in any other differences, would be

585
00:27:47,240 --> 00:27:50,560
Speaker 1: number one, typically the margin interest rate on a brokerage

586
00:27:50,560 --> 00:27:55,160
Speaker 1: account is going to be higher. Number two, it's variable,

587
00:27:55,280 --> 00:28:01,080
Speaker 1: so it could change at any time. And three, the

588
00:28:01,119 --> 00:28:04,320
Speaker 1: spread is actually working against you because you're earning let's say,

589
00:28:04,359 --> 00:28:08,440
Speaker 1: five percent from your average weighted interest rate you're yield

590
00:28:08,480 --> 00:28:10,600
Speaker 1: on your treasuries that you invested in, but you're going

591
00:28:10,680 --> 00:28:13,560
Speaker 1: to always pay above that on the margin rate versus

592
00:28:13,560 --> 00:28:16,520
Speaker 1: in the policy, the spread is reversed, so you actually

593
00:28:16,720 --> 00:28:19,080
Speaker 1: earning a tad bit more than what you're paying. Is

594
00:28:18,880 --> 00:28:19,760
Speaker 1: that Is that accurate.

595
00:28:20,040 --> 00:28:21,080
Speaker 3: Yeah, it's super accurate.

596
00:28:21,119 --> 00:28:23,959
Speaker 2: Now, you know, I love you know, I train a

597
00:28:23,960 --> 00:28:26,119
Speaker 2: lot and do a lot of trainings on T bills

598
00:28:26,160 --> 00:28:26,960
Speaker 2: and treasury bonds.

599
00:28:27,359 --> 00:28:28,399
Speaker 3: I'm infatuated with them.

600
00:28:28,440 --> 00:28:30,040
Speaker 2: I think they're great, and I talk about them all

601
00:28:30,080 --> 00:28:32,359
Speaker 2: the time, and I think, right now, just for your audience,

602
00:28:32,359 --> 00:28:34,479
Speaker 2: it's one of the greatest times in my lifetime. It's

603
00:28:34,520 --> 00:28:37,600
Speaker 2: probably most of your listeners lifetimes to get into treasury

604
00:28:37,640 --> 00:28:40,440
Speaker 2: bonds or T bills because the inverted.

605
00:28:40,160 --> 00:28:44,200
Speaker 3: Yield curve is ridiculous. It's the only word for it.

606
00:28:44,600 --> 00:28:47,240
Speaker 2: But the thing that would happen in that scenario, because

607
00:28:47,440 --> 00:28:49,360
Speaker 2: I love that you brought that up, is the single

608
00:28:50,680 --> 00:28:52,880
Speaker 2: plate Like it is the only thing that could even

609
00:28:52,960 --> 00:28:55,800
Speaker 2: remotely be considered the same or similar to what we're

610
00:28:55,800 --> 00:28:58,120
Speaker 2: talking about with the whole life. The only difference is

611
00:28:58,160 --> 00:29:00,880
Speaker 2: and you hit them all. There's so many veryariables to

612
00:29:00,920 --> 00:29:03,840
Speaker 2: the margin. You don't have control of so many pieces

613
00:29:03,840 --> 00:29:06,320
Speaker 2: of that puzzle. Because yes, the interest rate on the

614
00:29:06,360 --> 00:29:09,480
Speaker 2: margin account is tied directly to BRIME, where the insurance

615
00:29:09,520 --> 00:29:11,880
Speaker 2: companies more their interest rate is typically more tied to

616
00:29:11,920 --> 00:29:14,720
Speaker 2: the Liboor bond index. They're in variable different things, but

617
00:29:15,240 --> 00:29:18,640
Speaker 2: not getting technical So the margin is going to fluctuate

618
00:29:18,760 --> 00:29:21,040
Speaker 2: far more than the insurance company interest rates because they're

619
00:29:21,040 --> 00:29:24,040
Speaker 2: both variable. But you can fix the insurance company's rate too,

620
00:29:24,080 --> 00:29:25,760
Speaker 2: but we won't go there. But the other thing that

621
00:29:25,800 --> 00:29:27,880
Speaker 2: would happen in that is, let's say you did that,

622
00:29:28,280 --> 00:29:29,960
Speaker 2: and I don't think that would be a bad play.

623
00:29:29,960 --> 00:29:32,160
Speaker 2: If you did just t bills and treasury bonds, you

624
00:29:32,160 --> 00:29:35,760
Speaker 2: did diverse by portfolio of one year, two year, ten year,

625
00:29:35,920 --> 00:29:39,680
Speaker 2: thirty year tea bills in treasuries, I think that worked

626
00:29:39,680 --> 00:29:43,360
Speaker 2: really well. Unless you did what Silicon Valley Bank did

627
00:29:43,400 --> 00:29:46,240
Speaker 2: and you bought those tea bills two years ago, three

628
00:29:46,320 --> 00:29:48,720
Speaker 2: years ago at the hot point, and now all of

629
00:29:48,760 --> 00:29:51,840
Speaker 2: a sudden, you're trying to use your margin account for

630
00:29:52,160 --> 00:29:54,720
Speaker 2: the IVC concept, and all of a sudden, the price

631
00:29:54,760 --> 00:29:57,640
Speaker 2: of your bonds is diminished by roughly about thirty percent,

632
00:29:58,160 --> 00:30:00,600
Speaker 2: And now, all of a sudden, guess what happens. Calculation

633
00:30:00,720 --> 00:30:03,120
Speaker 2: on the margin decreases. So now instead of having seventy

634
00:30:03,120 --> 00:30:06,640
Speaker 2: five percent of your value, you have very little, and

635
00:30:06,800 --> 00:30:10,160
Speaker 2: hopefully you don't have a margin call, because that's the

636
00:30:10,160 --> 00:30:13,560
Speaker 2: other difference is the loans from the insurance company never

637
00:30:13,960 --> 00:30:15,880
Speaker 2: need to be paid back. Now, that's not what I teach.

638
00:30:15,880 --> 00:30:17,800
Speaker 2: I don't tell people take loans and don't ever pay

639
00:30:17,800 --> 00:30:20,600
Speaker 2: it back. But it is important for this reference point

640
00:30:20,800 --> 00:30:22,480
Speaker 2: because the loan never needs to be paid back because

641
00:30:22,480 --> 00:30:24,400
Speaker 2: it's in advance of a death benefit that's paid.

642
00:30:24,240 --> 00:30:25,040
Speaker 3: When you die.

643
00:30:25,160 --> 00:30:28,479
Speaker 2: So therefore the insurance company, it's just numbers on a screen.

644
00:30:28,760 --> 00:30:30,720
Speaker 2: When you die, they just reduce your death benefits, so

645
00:30:30,760 --> 00:30:32,120
Speaker 2: they don't care if you ever pay the loan back.

646
00:30:32,160 --> 00:30:33,960
Speaker 2: Matter of fact, I think some of the insurance companies

647
00:30:34,000 --> 00:30:37,160
Speaker 2: would prefer you never pay the loan back because now

648
00:30:37,160 --> 00:30:39,360
Speaker 2: they're making five percent of their money, which is good

649
00:30:39,360 --> 00:30:40,760
Speaker 2: for an insurance company.

650
00:30:40,840 --> 00:30:41,360
Speaker 3: In the.

651
00:30:42,920 --> 00:30:47,240
Speaker 2: Margin account, you indeed must pay that loan back or

652
00:30:47,280 --> 00:30:50,440
Speaker 2: they will liquidate your portfolio, and god forbid, in a

653
00:30:50,560 --> 00:30:54,720
Speaker 2: treasury bond portfolio, they liquidate it right now. At the

654
00:30:54,720 --> 00:30:57,320
Speaker 2: current prices of treasuries, you should be buying, not selling

655
00:30:57,360 --> 00:31:01,400
Speaker 2: treasuries right now. But I love that example because treasury bonds,

656
00:31:01,880 --> 00:31:04,880
Speaker 2: I think, out of all the investments out there, from

657
00:31:05,080 --> 00:31:10,480
Speaker 2: a conservative point, offer the single greatest investment opportunity risk

658
00:31:10,520 --> 00:31:13,440
Speaker 2: free than anything I've ever seen. So anybody that's buying

659
00:31:13,520 --> 00:31:16,600
Speaker 2: key bills right now, that understands the inverse relationship between

660
00:31:16,640 --> 00:31:20,200
Speaker 2: interest rates and the price of the bonds. Can just

661
00:31:20,360 --> 00:31:24,000
Speaker 2: understand you're buying very low right now, and you will, indeed,

662
00:31:24,000 --> 00:31:26,560
Speaker 2: in the next few years sell very high because the

663
00:31:26,600 --> 00:31:29,640
Speaker 2: Fed absolutely will get what they want, a two percent

664
00:31:30,480 --> 00:31:33,640
Speaker 2: inflation at our expense, and then all of a sudden

665
00:31:33,720 --> 00:31:36,360
Speaker 2: we'll be in a recession or somewhere close, or who

666
00:31:36,360 --> 00:31:38,800
Speaker 2: knows what will be, and they'll drop interest rates again,

667
00:31:38,840 --> 00:31:40,760
Speaker 2: and whoever owns those treasuries.

668
00:31:40,360 --> 00:31:41,720
Speaker 3: Will make a boatload of cash.

669
00:31:41,880 --> 00:31:44,280
Speaker 2: Is the priceless skyrocket like it did no way every

670
00:31:44,320 --> 00:31:47,200
Speaker 2: other period of time. Useless knowledge. Sorry, man, nothing to

671
00:31:47,200 --> 00:31:49,680
Speaker 2: do with IBC. Its just fascinating concept.

672
00:31:49,760 --> 00:31:53,440
Speaker 1: Yeah, yeah, all right. I clapped there because I think

673
00:31:53,480 --> 00:31:56,200
Speaker 1: we're going to need to make a cut. At some point.

674
00:31:56,200 --> 00:31:58,520
Speaker 1: Your audio switched over, and I don't think it's coming

675
00:31:58,520 --> 00:32:01,040
Speaker 1: out of your sure microphone anymore. I think it's coming

676
00:32:01,040 --> 00:32:02,000
Speaker 1: out of a secondary mic.

677
00:32:04,200 --> 00:32:10,840
Speaker 3: That's what I want. A bit bumpy, Yeah, I did. Okay,

678
00:32:11,600 --> 00:32:12,680
Speaker 3: I want to switch.

679
00:32:12,400 --> 00:32:29,080
Speaker 1: Back, and I cannot. I cannot hear you right now.

680
00:32:29,280 --> 00:32:30,000
Speaker 1: If you can hear me.

681
00:32:34,840 --> 00:32:41,400
Speaker 4: Okay, why in the world I know you can hear

682
00:32:41,400 --> 00:32:42,840
Speaker 4: anybody's coming through my computer?

683
00:32:43,520 --> 00:32:54,920
Speaker 3: It won't. That's so there's not m I've had this

684
00:32:55,040 --> 00:33:00,080
Speaker 3: happen with the over side of you.

685
00:33:08,360 --> 00:33:11,240
Speaker 1: I can when you use your computer MIC, I can

686
00:33:11,280 --> 00:33:16,600
Speaker 1: still hear you. So if you can't get it to reconnect.

687
00:33:18,720 --> 00:33:22,120
Speaker 3: I mean it's there, it's showing up. It just won't

688
00:33:22,200 --> 00:33:23,400
Speaker 3: let me click on it.

689
00:33:23,400 --> 00:33:26,280
Speaker 4: It's got You can meet on reporting, but you can't

690
00:33:26,320 --> 00:33:27,840
Speaker 4: switch mics.

691
00:33:28,320 --> 00:33:30,720
Speaker 3: Is there a way to pause recording and start recording?

692
00:33:31,080 --> 00:33:31,640
Speaker 1: Yeah, let me.

693
00:33:34,400 --> 00:33:36,200
Speaker 3: I don't know what would have created that, unless maybe

694
00:33:36,200 --> 00:33:36,920
Speaker 3: I bumped it.

695
00:33:40,920 --> 00:33:44,560
Speaker 1: Bump it when when it happened, So it was probably

696
00:33:44,600 --> 00:33:46,040
Speaker 1: just a glitch with riverside.

697
00:33:47,200 --> 00:33:48,880
Speaker 2: Yeah, I don't remember bumped out, but that would have

698
00:33:48,880 --> 00:33:49,960
Speaker 2: been the only thing that made sense.

699
00:33:50,000 --> 00:33:58,040
Speaker 1: Okay, okay, all right, okay, all right. You mentioned a

700
00:33:58,040 --> 00:34:02,600
Speaker 1: couple other benefits to to using this, uh this policy

701
00:34:02,720 --> 00:34:07,640
Speaker 1: for the infinite making concept rather than other vehicles, and

702
00:34:08,200 --> 00:34:12,120
Speaker 1: one of them really interests me, obviously, the tax benefit.

703
00:34:12,320 --> 00:34:14,239
Speaker 1: I understand that if you get paid, you know, a

704
00:34:14,320 --> 00:34:17,080
Speaker 1: thousand bucks, two thousand bucks in interest in a savings account,

705
00:34:17,200 --> 00:34:20,000
Speaker 1: that's taxable income. If any of any of this growth

706
00:34:20,000 --> 00:34:22,880
Speaker 1: happens inside of a policy, just the I R s.

707
00:34:22,920 --> 00:34:25,080
Speaker 1: They don't they don't. They don't die, they don't tax that,

708
00:34:25,200 --> 00:34:29,160
Speaker 1: so tax free growth always like that. Some would say,

709
00:34:29,160 --> 00:34:31,200
Speaker 1: you know, that's similar to you know, like a roth ira,

710
00:34:31,360 --> 00:34:34,480
Speaker 1: tax free growth inside of a roth ira, So that

711
00:34:34,480 --> 00:34:39,319
Speaker 1: that is, that makes sense, pretty straightforward. The one that

712
00:34:39,360 --> 00:34:41,160
Speaker 1: you said that really interests me that I'd like to

713
00:34:41,200 --> 00:34:46,600
Speaker 1: hear more about is that it's protected from lawsuits and judgments.

714
00:34:48,680 --> 00:34:52,040
Speaker 1: So so you're you're you're saying that if somebody comes

715
00:34:52,080 --> 00:34:54,279
Speaker 1: after me, they could come after my house, they could

716
00:34:54,280 --> 00:34:57,520
Speaker 1: come after my savings account, they can't come after what's

717
00:34:57,560 --> 00:34:58,960
Speaker 1: in a policy.

718
00:35:01,239 --> 00:35:04,120
Speaker 2: Correct, it's state depending so and I have a list

719
00:35:04,120 --> 00:35:05,440
Speaker 2: of them. But this is we're not going to go

720
00:35:05,480 --> 00:35:08,240
Speaker 2: through every state. It's the majority of the states are protected,

721
00:35:08,280 --> 00:35:10,960
Speaker 2: including my crappy state in New York. Here, like even here,

722
00:35:11,000 --> 00:35:13,400
Speaker 2: it's protected. And if you don't believe that, like in

723
00:35:13,480 --> 00:35:17,320
Speaker 2: california's even protected. OJ Simpson, we all know or don't

724
00:35:17,360 --> 00:35:21,160
Speaker 2: know what happened there, but he's still a multi millionaire

725
00:35:21,239 --> 00:35:23,360
Speaker 2: after being sued. I think I think he holds the

726
00:35:23,360 --> 00:35:25,640
Speaker 2: record for how many times he's been sued. And it's

727
00:35:25,640 --> 00:35:28,800
Speaker 2: because his advisors moved his money into life insurance. It's

728
00:35:28,920 --> 00:35:31,920
Speaker 2: you know, it's a pretty good story if you look

729
00:35:31,960 --> 00:35:34,680
Speaker 2: it up. But you know, the whole life, and this

730
00:35:34,760 --> 00:35:37,200
Speaker 2: is any permanent life insurance policy. So I don't want

731
00:35:37,200 --> 00:35:39,600
Speaker 2: to just segregate the whole life and state it's only

732
00:35:39,640 --> 00:35:42,480
Speaker 2: the whole life. It's any permanent life insurance deemed you know,

733
00:35:42,880 --> 00:35:45,560
Speaker 2: life insurance by RS code. They are protected because they're

734
00:35:45,560 --> 00:35:48,680
Speaker 2: looked at as life insurance, a protected asset. And really,

735
00:35:48,680 --> 00:35:52,160
Speaker 2: when you dissect DIRS code, which I'm just gonna be honest,

736
00:35:52,200 --> 00:35:53,680
Speaker 2: I have not done that, but I work with a

737
00:35:53,680 --> 00:35:56,399
Speaker 2: lot of people that have looked deep into this. Life

738
00:35:56,400 --> 00:35:59,520
Speaker 2: insurance has been one of the only assets that has

739
00:35:59,560 --> 00:36:02,480
Speaker 2: literally been favored in the tax code from start all

740
00:36:02,520 --> 00:36:04,600
Speaker 2: the way through now, and there's only been two changes.

741
00:36:04,640 --> 00:36:07,760
Speaker 2: One in nineteen eighty eight when they introduced the Mach rules,

742
00:36:07,800 --> 00:36:12,759
Speaker 2: which was probably against their greater like want, but they

743
00:36:12,800 --> 00:36:15,120
Speaker 2: had to because it was being so badly abused from

744
00:36:15,160 --> 00:36:17,919
Speaker 2: a tax standpoint, so they introduced the Mach rules then

745
00:36:18,120 --> 00:36:21,279
Speaker 2: and then recently with the addition of the seventy seven

746
00:36:21,360 --> 00:36:24,080
Speaker 2: oh two changes, which actually helped what we do because

747
00:36:24,080 --> 00:36:26,240
Speaker 2: it pushed the Mach limits higher, which is the amount

748
00:36:26,239 --> 00:36:28,040
Speaker 2: we can put into the policy based on the amount

749
00:36:28,080 --> 00:36:30,640
Speaker 2: of death benefit. So those are the only tax changes

750
00:36:30,680 --> 00:36:33,080
Speaker 2: that have happened with life insurance, and you can't say

751
00:36:33,080 --> 00:36:36,360
Speaker 2: that about really any other asset class. But also the

752
00:36:36,400 --> 00:36:39,480
Speaker 2: protections because this has been always favored by the wealthy.

753
00:36:39,640 --> 00:36:41,920
Speaker 2: It's always been a vehicle used by the wealthy to

754
00:36:42,239 --> 00:36:44,279
Speaker 2: store assets. And you know, you could look at the

755
00:36:44,320 --> 00:36:47,040
Speaker 2: Rockefellers as a good case study, you could look at

756
00:36:47,040 --> 00:36:49,200
Speaker 2: Biden as a case study for that matter. A lot

757
00:36:49,200 --> 00:36:51,759
Speaker 2: of their money goes into permanent life insurance for the

758
00:36:51,880 --> 00:36:56,120
Speaker 2: asset protection standpoint, So it does give you that And yeah,

759
00:36:56,400 --> 00:36:59,320
Speaker 2: it's it's not something you hear me always talking about.

760
00:36:59,320 --> 00:37:01,480
Speaker 2: I mentioned it, but it's not something and I'm like, oh,

761
00:37:01,520 --> 00:37:03,239
Speaker 2: this is the reason you do this, But it sure

762
00:37:03,360 --> 00:37:05,480
Speaker 2: is you know, a nice little cherry on the top

763
00:37:05,520 --> 00:37:06,319
Speaker 2: when you get down to it.

764
00:37:06,400 --> 00:37:10,520
Speaker 1: Yeah, yeah, absolutely, that makes a lot of sense, huge, huge,

765
00:37:10,719 --> 00:37:14,120
Speaker 1: big difference that you know, when you're comparing the Like

766
00:37:14,160 --> 00:37:17,359
Speaker 1: you said, the infinite banking concept is the process and

767
00:37:17,400 --> 00:37:20,560
Speaker 1: so if you're taking a look at the vehicles to

768
00:37:20,560 --> 00:37:24,600
Speaker 1: to to choose to use that process in, then that's

769
00:37:24,680 --> 00:37:28,279
Speaker 1: that that's one you know, check checkbox that that gets

770
00:37:28,560 --> 00:37:31,720
Speaker 1: checked for you know, an advantage a pro versus a con.

771
00:37:31,680 --> 00:37:33,319
Speaker 2: I'm glad you picked up on that joke, because the

772
00:37:33,320 --> 00:37:35,600
Speaker 2: savings account is like low hanging fruit. I mean, it's

773
00:37:35,600 --> 00:37:38,759
Speaker 2: the easiest money to freeze up, lock up, hold up,

774
00:37:39,640 --> 00:37:41,479
Speaker 2: unless it's held inside of a trust, and it would

775
00:37:41,520 --> 00:37:44,080
Speaker 2: have to be an irrevocable trust, which then, you know,

776
00:37:44,160 --> 00:37:47,080
Speaker 2: defeats some of the use case for using a savings

777
00:37:47,120 --> 00:37:47,680
Speaker 2: account for this.

778
00:37:48,000 --> 00:37:51,640
Speaker 1: Yeah, yeah, that makes sense. Okay, now the last question here,

779
00:37:52,120 --> 00:37:54,560
Speaker 1: I could I could spend another couple hours, and I'm

780
00:37:54,560 --> 00:37:56,319
Speaker 1: sure you could spend another couple hours talking about this

781
00:37:56,320 --> 00:38:00,279
Speaker 1: stuff as well. You've said a couple of times that

782
00:38:00,760 --> 00:38:04,080
Speaker 1: if I just walk into, you know, my corner insurance

783
00:38:04,120 --> 00:38:06,400
Speaker 1: office and say, give me a whole life insurance policy,

784
00:38:07,640 --> 00:38:10,080
Speaker 1: this is this. This is not your run of the mill,

785
00:38:10,239 --> 00:38:13,520
Speaker 1: standard whole life insurance policy. These have to be specially

786
00:38:13,560 --> 00:38:17,640
Speaker 1: designed so that you can get most juice out of

787
00:38:17,680 --> 00:38:22,760
Speaker 1: the squeeze for these purposes. How does one go about

788
00:38:22,880 --> 00:38:25,000
Speaker 1: specially designing a whole life policy?

789
00:38:26,400 --> 00:38:28,839
Speaker 2: Well, you know, I guess one would have to find

790
00:38:28,880 --> 00:38:31,319
Speaker 2: somebody that understands how to design it. But you also

791
00:38:31,360 --> 00:38:33,680
Speaker 2: have to find an agent or an advisor that's willing

792
00:38:33,719 --> 00:38:36,680
Speaker 2: to give up a large part of their commission because

793
00:38:36,680 --> 00:38:40,120
Speaker 2: that's it. I mean, there's no secret sauce here. Somebody's

794
00:38:40,120 --> 00:38:44,040
Speaker 2: got to give, so somebody else gets the age old saying, right.

795
00:38:44,320 --> 00:38:46,400
Speaker 2: So like when we design these policies, and I'm going

796
00:38:46,440 --> 00:38:48,759
Speaker 2: to tell your entire audience exactly how to go and

797
00:38:48,800 --> 00:38:50,640
Speaker 2: design these, you know you don't need to use me

798
00:38:50,880 --> 00:38:53,759
Speaker 2: or you like I did something I probably shouldn't have.

799
00:38:53,800 --> 00:38:56,640
Speaker 2: I've been I've received a ton of hate from it,

800
00:38:57,360 --> 00:39:00,440
Speaker 2: which I'll tell you in a second. But it requires

801
00:39:00,520 --> 00:39:03,160
Speaker 2: the plan to be built, the whole life to be

802
00:39:03,160 --> 00:39:05,560
Speaker 2: built in a reverse order. We put the lowest death benefit.

803
00:39:05,640 --> 00:39:08,400
Speaker 2: If you think of how an advisor and agent is

804
00:39:08,400 --> 00:39:10,239
Speaker 2: paid on a whole life, it's solely based on the

805
00:39:10,239 --> 00:39:12,399
Speaker 2: amount of death benef at the base. They call that.

806
00:39:12,800 --> 00:39:15,600
Speaker 2: So we reduce the base down to the lowest level

807
00:39:15,640 --> 00:39:17,920
Speaker 2: we can based on the client's needs and goals of

808
00:39:17,920 --> 00:39:19,799
Speaker 2: what they want to put in, and we increase the

809
00:39:19,840 --> 00:39:21,680
Speaker 2: amount they put into the It's called the paid up

810
00:39:21,840 --> 00:39:24,600
Speaker 2: editions rider Different insurance companies call them different things, but

811
00:39:24,719 --> 00:39:27,279
Speaker 2: just keep it simple. So by doing that, what we've

812
00:39:27,440 --> 00:39:31,120
Speaker 2: literally done is we have stripped our commission out of

813
00:39:31,160 --> 00:39:35,400
Speaker 2: the contract and to the extent of like sixty percent

814
00:39:35,440 --> 00:39:37,680
Speaker 2: would be kind of like middle of the road is

815
00:39:37,680 --> 00:39:39,759
Speaker 2: what their commission would be reduced. But most the ones

816
00:39:39,760 --> 00:39:43,000
Speaker 2: we're doing are reducing commissions eighty five to ninety percent. Now,

817
00:39:43,000 --> 00:39:45,759
Speaker 2: I don't know many insurance agents going back to the

818
00:39:45,840 --> 00:39:48,120
Speaker 2: days I was an advisor, I don't know any that

819
00:39:48,200 --> 00:39:50,120
Speaker 2: I worked with they would have been willing to give

820
00:39:50,200 --> 00:39:52,640
Speaker 2: up ninety percent or even eighty percent or heck, even

821
00:39:52,719 --> 00:39:55,239
Speaker 2: sixty percent of their commission so that their client had

822
00:39:55,280 --> 00:39:58,080
Speaker 2: access to sixty to ninety percent of their cash value

823
00:39:58,120 --> 00:40:01,880
Speaker 2: immediately in the first thirty days. But the whole idea

824
00:40:01,960 --> 00:40:03,799
Speaker 2: here is is when I and when I got into this,

825
00:40:03,960 --> 00:40:07,319
Speaker 2: I'm not gonna lie, man, it was hard. Like I

826
00:40:07,360 --> 00:40:09,600
Speaker 2: came from the world where I got paid, you know,

827
00:40:10,200 --> 00:40:12,960
Speaker 2: in the one fifty five percent of base, and then

828
00:40:12,960 --> 00:40:14,600
Speaker 2: in the brokerage world, I mean I was getting like

829
00:40:14,800 --> 00:40:18,120
Speaker 2: eighty five percent of the base. So in other words,

830
00:40:18,120 --> 00:40:20,640
Speaker 2: just so people understand, if a client back in my

831
00:40:20,760 --> 00:40:23,560
Speaker 2: days as an advisor put ten grand into a whole

832
00:40:23,600 --> 00:40:26,399
Speaker 2: life policy, just the regular old whole life I would

833
00:40:26,400 --> 00:40:28,759
Speaker 2: get paid anywhere low side fifty five hundred to as

834
00:40:28,800 --> 00:40:30,440
Speaker 2: much as eighty five hundred dollars. Now that's a good

835
00:40:30,480 --> 00:40:33,240
Speaker 2: day in the office. Now, if I do that exact

836
00:40:33,320 --> 00:40:36,400
Speaker 2: same policy, the best I'm going to get, like this

837
00:40:36,480 --> 00:40:38,439
Speaker 2: is a super good day. With like a design that's

838
00:40:38,480 --> 00:40:40,880
Speaker 2: more long term, I'm going to make twenty two hundred bucks.

839
00:40:41,160 --> 00:40:44,480
Speaker 2: Most of the policies are significantly less than that, So

840
00:40:44,680 --> 00:40:47,480
Speaker 2: you can see the difference. Most advisors just don't want

841
00:40:47,520 --> 00:40:50,240
Speaker 2: to build these because it just doesn't make financial sense.

842
00:40:50,360 --> 00:40:51,759
Speaker 2: They got to meet with the client a couple times,

843
00:40:51,800 --> 00:40:54,080
Speaker 2: they got to service it, and they're making, you know,

844
00:40:54,160 --> 00:40:57,399
Speaker 2: fifteen hundred to two grand. They're just going to say,

845
00:40:57,600 --> 00:40:59,279
Speaker 2: I'm going to go just do a regular whole life

846
00:40:59,400 --> 00:41:01,600
Speaker 2: or I'm going to sell and IUOL, which is commonplace

847
00:41:01,640 --> 00:41:04,200
Speaker 2: for most advisors pushing them because they pay the highest

848
00:41:04,200 --> 00:41:07,400
Speaker 2: commission of any permanent life insurance policy right now. So

849
00:41:08,040 --> 00:41:09,400
Speaker 2: if you wanted to know how to do this, I mean,

850
00:41:09,440 --> 00:41:11,520
Speaker 2: you can always talk to one of us, you know,

851
00:41:11,560 --> 00:41:13,719
Speaker 2: because we do know how to build them. Or I

852
00:41:13,800 --> 00:41:17,320
Speaker 2: created a YouTube video, okay, it's called how to design

853
00:41:17,360 --> 00:41:20,680
Speaker 2: an IBC policy Updated, and I updated it for seventy

854
00:41:20,680 --> 00:41:23,719
Speaker 2: seven oh two. It literally peels the curtain back. It

855
00:41:23,760 --> 00:41:27,160
Speaker 2: shows you exactly how we design the five different models

856
00:41:27,160 --> 00:41:29,919
Speaker 2: that we have in our company, and it literally gives

857
00:41:29,960 --> 00:41:33,040
Speaker 2: out the secrets. It'd be like, you know, like you know,

858
00:41:33,239 --> 00:41:35,160
Speaker 2: show the man behind the curtain. And that's what I did,

859
00:41:35,200 --> 00:41:36,680
Speaker 2: and that's why I received a lot of hate. A

860
00:41:36,719 --> 00:41:38,360
Speaker 2: lot of people said that was the stupidest thing you

861
00:41:38,360 --> 00:41:41,400
Speaker 2: could have done. You're only hurting yourself. Now, everybody can

862
00:41:41,440 --> 00:41:43,759
Speaker 2: do this themselves. Every advisor out there could just watch

863
00:41:43,760 --> 00:41:45,880
Speaker 2: your video and know exactly what we do. And I said, good,

864
00:41:46,600 --> 00:41:49,080
Speaker 2: because there's a lot more people out there that need

865
00:41:49,080 --> 00:41:52,080
Speaker 2: to know about this and need help. And you are

866
00:41:52,239 --> 00:41:54,880
Speaker 2: just being selfish because you think you can help everybody.

867
00:41:54,960 --> 00:41:57,400
Speaker 2: You can't. There's not enough hours in the day to

868
00:41:57,400 --> 00:42:00,640
Speaker 2: help enough to help everybody. So teach people how to

869
00:42:00,640 --> 00:42:03,880
Speaker 2: help themselves. Teach advisors how to build these policies to

870
00:42:03,920 --> 00:42:06,799
Speaker 2: help their clients with this particular need and show them

871
00:42:06,800 --> 00:42:08,200
Speaker 2: the proper way to do it. Now, some are not

872
00:42:08,239 --> 00:42:10,359
Speaker 2: going to do it the proper way, but some are.

873
00:42:10,680 --> 00:42:13,560
Speaker 2: And you know what, You're helping people get ahead in life,

874
00:42:13,560 --> 00:42:16,600
Speaker 2: and that's the high arching goal. I mean, it's not

875
00:42:16,640 --> 00:42:18,799
Speaker 2: about money, folks, It's about what you give and what

876
00:42:18,840 --> 00:42:21,240
Speaker 2: you do to solve other people's problems. It makes you wealthy.

877
00:42:21,520 --> 00:42:23,319
Speaker 2: If you chase that almighty dollar and you think you're

878
00:42:23,320 --> 00:42:26,319
Speaker 2: going to get wealthy just by you taking care of you,

879
00:42:26,320 --> 00:42:29,120
Speaker 2: you are going to be broke the rest of your life.

880
00:42:29,120 --> 00:42:32,120
Speaker 2: Even if you see success, the universe will take it

881
00:42:32,120 --> 00:42:34,880
Speaker 2: from you. Yeah, you know how, I know that? That

882
00:42:35,040 --> 00:42:38,000
Speaker 2: was me when I was an advisor man. I tried

883
00:42:38,000 --> 00:42:39,920
Speaker 2: to do everything I could to maximize my comp and

884
00:42:39,960 --> 00:42:42,200
Speaker 2: it just seemed like every time I was just there

885
00:42:42,560 --> 00:42:44,360
Speaker 2: just making it gets stripped from me.

886
00:42:46,520 --> 00:42:48,680
Speaker 1: I think that hits the nail on the head as

887
00:42:48,760 --> 00:42:55,960
Speaker 1: well as to why the traditional personal money management financial

888
00:42:56,000 --> 00:42:59,239
Speaker 1: playing advice is stay away from whole life policies because

889
00:42:59,280 --> 00:43:02,680
Speaker 1: you go into standard standard policy they set in front

890
00:43:02,719 --> 00:43:04,640
Speaker 1: of you, and they're trying to get you to put

891
00:43:04,640 --> 00:43:06,399
Speaker 1: one hundred grand into this thing because they know they're

892
00:43:06,400 --> 00:43:08,840
Speaker 1: going to get a sixty thousand, seventy thousand dollars payday

893
00:43:08,920 --> 00:43:14,640
Speaker 1: off of that. Whereas the setup that you're describing, because

894
00:43:14,680 --> 00:43:18,279
Speaker 1: it's for a different purpose. I would say that that's

895
00:43:18,280 --> 00:43:23,000
Speaker 1: similar to the reason why most insurance salesmen aren't going

896
00:43:23,040 --> 00:43:28,200
Speaker 1: to try and sell you a term life insurance policy

897
00:43:28,360 --> 00:43:31,000
Speaker 1: because again, the commission is going to be so low

898
00:43:31,000 --> 00:43:33,400
Speaker 1: for them. They'd rather spend their efforts something that is

899
00:43:33,440 --> 00:43:36,680
Speaker 1: going to be more worthwhile for them. So can you

900
00:43:36,719 --> 00:43:39,400
Speaker 1: say the name of that YouTube video one more time?

901
00:43:39,960 --> 00:43:42,399
Speaker 1: That's on your channel? Yeah?

902
00:43:42,480 --> 00:43:44,520
Speaker 2: Yeah, my channel is just my name with the on

903
00:43:44,600 --> 00:43:47,160
Speaker 2: front of it thought Chris Novel And the name of

904
00:43:47,200 --> 00:43:51,520
Speaker 2: the video is how to design an IBC policy, And

905
00:43:51,560 --> 00:43:54,040
Speaker 2: then the updated one is the one you want. There's

906
00:43:54,080 --> 00:43:55,919
Speaker 2: two of them on there with the same name. One

907
00:43:55,960 --> 00:43:58,080
Speaker 2: is the old pre seventy seven oh two and the

908
00:43:58,120 --> 00:43:59,919
Speaker 2: others the new after seventy seven.

909
00:44:00,440 --> 00:44:02,359
Speaker 1: Okay, perfect, and then they.

910
00:44:02,400 --> 00:44:04,040
Speaker 2: Both show you the same thing, but you might as

911
00:44:04,080 --> 00:44:05,879
Speaker 2: well get educated on the new way.

912
00:44:05,960 --> 00:44:08,680
Speaker 1: Okay. Once people have watched that and they realize that

913
00:44:08,800 --> 00:44:11,520
Speaker 1: they do want you guys to design the policy for

914
00:44:11,600 --> 00:44:14,560
Speaker 1: them because they see what goes into it. Where's the

915
00:44:14,560 --> 00:44:19,480
Speaker 1: best place website? Twitter, Instagram? How do they contact your

916
00:44:19,480 --> 00:44:20,960
Speaker 1: team to get one of these made for them?

917
00:44:21,400 --> 00:44:23,200
Speaker 2: Yeah, I mean, if you want to contact our team,

918
00:44:23,239 --> 00:44:25,239
Speaker 2: just go to Chrisnoggle dot com. There's a video that

919
00:44:25,280 --> 00:44:28,040
Speaker 2: pops up that goes deep into how this works. Watch it.

920
00:44:28,080 --> 00:44:30,160
Speaker 2: Book a call, but they can also call you because

921
00:44:30,160 --> 00:44:31,560
Speaker 2: you're going to learn how to do this perfect.

922
00:44:31,640 --> 00:44:34,680
Speaker 1: I'm going to link your website in the show notes,

923
00:44:34,920 --> 00:44:39,759
Speaker 1: so for anybody listening the description of the show of

924
00:44:39,800 --> 00:44:43,759
Speaker 1: this episode, you might need to expand it. Chrisnoggle dot

925
00:44:43,800 --> 00:44:46,839
Speaker 1: com is where you're gonna go. Thank you so much.

926
00:44:47,280 --> 00:44:50,239
Speaker 1: I'm gonna have to have you back on at some

927
00:44:50,320 --> 00:44:53,080
Speaker 1: point to go deeper into some of these concepts. And

928
00:44:53,800 --> 00:44:56,520
Speaker 1: I really enjoyed talking to you. Thanks Thanks for being here.

929
00:44:57,480 --> 00:44:59,320
Speaker 2: It's my honor and privilege. Thank you.