How To Become Your Own Bank With Marvin Mitchell.

Stay ready so I don't have to get ready.

Good morning. Good morning. Good morning, YouTube. Glad to have you all here with us today. We're in studio getting ready to take a double dip trip. Going to Miami today and speaking at a conference down there, and then going from Miami to Detroit, speak there tomorrow on Sunday. Got here in studio with me, my man, my friend, my amigo, compadre, and one of my mentees, Marvin Mitchell. And Marvin is a financial advisor that helps people understand how money works. Now I'm going to tell you something. Almost everything you've been taught your entire life about money and how it works is a lie. We've been programmed, like, put your money in the bank because that's the safest place for it. We've been programmed. You got to work hard for your money. 8 hours work for 8 hours pay and all the rest of that stuff. And time is money. And almost all of it's a lie. But Marvin teaches people how to be their own bank, how to set themselves up financially, and how to become more financially literate. Because the reality is financial illiteracy is a plague not just in the United States of America, but it's a plague around the world. And I don't know if you've ever gone to a foreign country. If you go to a foreign country and you really like. When I think of financial literacy, I think of when I go to, like, Israel, right? And I speak a little bit of Hebrew, and I want to say a little bit. I mean, like, very little bit, right? I speak a little bit of Hebrew. But then they talk really, really fast. And so they're telling me how much it is, and I'm like, here, just give me the right amount of change back, right? So I'll give them some shekels, and they'll give me some shekels back. And I can just hope that it's the right amount of money. And unfortunately, I mean, that's kind of the way I do it when I'm in Israel. And you got to do the exchange rate, and then after you do the exchange rate, then you give them the money, and you. You don't even recognize the money they give back to you. So you don't know if it's the right amount or not. And you trust that it is. And I'm sure it was, but I'm just saying that whole concept. But unfortunately, most people, that's their experience with money in their own country.

Exactly.

So Marvin's a financial advisor. He's going to help you understand money Better. He's going to help you learn how to be your own bank. Because in every town I've ever been in, they've got really big banks and really small houses. And we're going to show you how you can be the bank. Marvin, how you doing, man?

Good to be here, Marvin.

Glad to have you here, brother. So, absolutely. So you help people. So in financial literacy, what are some of the main things that you help people understand about money?

Well, first thing is that you got to get your mind free of the traditional financial system. That's the first thing. The hardest thing is helping somebody to unlearn what they think they know to be true. Because if they think they know it to be true and they're following a path where 70% of people statistically run out of money before they pass away, then they may be a part of that 70%. So once I break them out of that mode, now we can teach.

And running out of money before you die makes you feel like you're dying before you die?

Probably. Exactly.

Exactly. Because people, like people say money's not the most important thing in the world. Well, nothing's the most important thing in the world. No one thing is the most important thing in the world. Right. But money is right up there with oxygen. Right. You gotta have it every day to live. And when you don't have enough of it, you feel like you can't breathe.

That's absolutely true. So I started my career because of seeing my family devastated by money. See, I grew up without.

Tell us that story.

I will. I grew up without a lot of money. I'm the first person in my family to graduate from college.

Wow.

Before. Before I went to college, at one point in my life, I saw my mom living in shelters. I was homeless. I had to see the devastation of that. But my grandmother, she was very consistent. She worked the same job for a long time. She moved us in her house. She found out the shelter my mom was in, pulled us out, and then one of the things she had.

How many brothers and sisters do you have?

I have two younger sisters.

Wow. So all you and your two younger sisters and your mom went to live with your grandma?

We did. In a small. Very small house.

Very small house.

So very small house. But we went. We stayed there, and we got closer. We bonded together. And one of the things that my grandmother always instilled in me is that don't let the circumstances dictate the outcome of my life. That I could be anything that I wanted to be and that I could do all Things through Christ who strengthens me. She used to tell me that scripture all the time. And so my grandmother was the rock in our family. So when I went to school, college, she was very proud of me. Graduated from college, then I went to law school, followed the system.

Wow.

You may have not known about law school.

I did not know that. I did not know that.

So I went to law school. And then my first semester in law school, my grandmother became sick with cancer. So when she got cancer, we moved back to. Well, I moved back to St. Louis to help take care of my grandmother. And she made me a durable power of attorney.

Okay.

This is when I started to learn about the financial system. Because my grandmother told her financial advisor that she could not afford to lose this money. She had to keep it safe because her number one fear, Myron, was being a burden on a family.

Wow.

And when she got cancer, probably because.

She had seen it happen so many.

Times, she's seen it happen to her mom, she's seen it happen several times. The Great Depression before, obviously. So what happened was the stock market crashed. She lost 50% of her money. Although she wanted to be safe, she had no long term care insurance. So it wiped out all of her funds. She spent down to under the $1,000 at the time threshold, had had to qualify for Medicaid, passed away, not wanting to get help because she was a strong, proud woman and she had to see the devastation of her money going down and feeling like she was that burdened. So that dream was that thing she wanted to avoid.

She worked hard for her whole life.

40 years, same company saved in a retirement plan, what we're taught to do. And just like that, without the proper planning, it was gone. So because of that, I said, I need to do something different. I'm going to be a financial advisor and I'm going to change the game. I'm going to change the system. So I started my career working for a big Wall street firm out of St. Louis. Edward Jones is the name of the company, big company. I was a financial advisor there for over five years. And I was rising, I was drinking the Kool Aid. I was growing through the ranks. I was training new financial advisors. I was a superstar.

The Edward Jones Kool Aid.

I was drinking the Edward Jones Coke. Kool Aid is what I call it. And then I'll never forget this time, a 63 year old young lady, she came into my office and she said, same thing of my. She even looked like my grandmother. She said, I don't want to lose this Money. I just retired. I can't afford to lose the money. And she said, and it was right. It was right before the stock market had crashed. I didn't know that at the time, right? And she said, I want to be safe. I want to put my money in safe. I even want to put some of it in cash if I can.

Now me, 2007, 2008.

Right.

Okay.

So to me, I was actually following the normal financial lingo jargon that we tell people, don't worry about it. The money is in stocks. It'll come back. You're in this for the long haul. It's only a paper loss. Right. But what happened was.

She basically convinced me to move some of her money out of the market. And I got calls from Edward Jones, like Big Brother was watching, like, what are you doing? That's the wrong thing to do. How could you ever do that? I said, this lady is having trouble sleeping at night. Like, I'm forcing her to do something that she don't want to do. So anyway, once I realized that, I felt that the big companies were doing what was in the best interest of the company and not the client. That's when I realized that I was doing the same thing to some of my clients that that advisor did to my grandmother years ago. And my conscience didn't sit well with me. I left a big company. Remember me growing up without any money? Growing up. Now I'm in a position where I'm making over six figures with a big company. You can imagine my family thought that I was crazy.

Oh, they knew you were crazy.

And I thought I was crazy, too. But I said, I can't do it. My conviction won't let me do it. And I started this company, and I realized that even when I went independent, the independent advisors were thinking the same thing because they all came from the whole traditional background. So it was no different from an independent advisor. So I said, I can't get my information from the industry. I need to get my information from the people who are actually doing it. Because most financial advisors, believe it or not, were broken. A lot of those financial advisors had filed bankruptcy.

I hope you all got that Most financial advisors are broke.

They're broke.

So they're making their money giving advice to people. And the advice that they're following and the advice that they're teaching is not working. Go ahead.

Exactly. How could you file bankruptcy and guide other people on how to manage their money?

That's called the blind leading the blind.

Exactly. And most people, most financial advisors are not making over $70,000 a year. Wow. That was the surprise of the shock for me. So anyway, I said, let me learn what people are actually doing. So I actually went out, I began to study wealthy individuals. I became. I made it in my.

I gotta pause that. Did y' all hear what he said? Study wealthy individuals make wealth a study. I wrote a book called from the Trash man to the Cash.

I've read that.

I wrote a book called from the Trash man to the Cash Man. How Anyone Can Get Rich Starting from Anywhere. And in that book, in that book, in the first chapter, I give what I call the two sentence wealth formula. And the two sentence wealth formula. I think you'll like this. Marvin states that if you want to be rich, you gotta do two things. Number one, find out what rich people do, comma, and do the same thing, period. And when I say find out what rich people do, I mean find out what they do with their money. Obviously there's some things some rich people do you don't want to do, but I'm saying find out what they do with their money and do the same thing. And number two, the second sentence is more important than the first, and that is find out what poor people do with their money, comma, and whatever else you do, don't do that. Right. And so you've got to make wealth a study. Like, think about it. What do you know how to do right now that you did not study? What do you know how to do right now that you did not learn, study, practice and implement? So Marvin is saying, hey, I got tired of just following with these big companies. Yeah, the companies were big, just like big bank, small houses. Right. The companies were big.

Right.

But all these people that they were supposed to be serving, they were not, like doing better financially. And even the people who work for the companies weren't doing better financially.

Absolutely. Think about.

So good, Mark.

Thank you. Think about this, the traditional system, and then I'll get back to that. But traditional system teaches us go to school, get a good job, get an education, go and work a job 100, saving your 401k, get student loans. And then maybe one day when you're 65, you can finally begin to start taking money out of your portfolio. You'll get penalized before that, before you're 59. And guess what? When they take it out, we even control the taxation. So if we choose we want more to share, we'll just raise taxes so you can give us more of that money that we had you to save. So it's A crazy system.

And then so crazy.

And then you go into the financial industry, who is a byproduct of that same education system, and they're giving you the cookie cutter advice, such as, oh, just put your money in bonds and stocks. Even if inflation is high, safe accounts is as bonds. We know that's not the case.

So interesting. It's so interesting. And I love the fact that you guys are posting go viral.

Let's go.

Let's go viral. Studies show yourself approved. But here's the reality. It's so fascinating that when it comes to money, the people who talk the loudest know the least. And the people who know the most don't. I mean, don't barely speak above a whisper. I. There's a phrase I heard a long time ago. It goes, money talks, but wealth whispers, right? And so you need to be listening for the whispering voice of wealth so that you can understand how to take your family's life to the next level. So good man.

Now, I want you all to keep this in mind, because now I'm a financial advisor. Now, I've been an advisor for five years. Superstar in my industry. You would think I would know a thing or two about money and managing money. I went to talk to these wealthy individuals that I studied, and I realized they blew my mind. I realized that everything that I ever knew about money and if I wanted to grow, I had to unlearn because none of it was true when it came to accelerating wealth. They told me what you're putting all of your money into a 401k. You're teaching other people that what you're. You're paying. You're having people to pay taxes.

Wow.

You're having people to pull money out of their account and pay taxes. You're not doing real estate. You're not doing depreciation. Like, all of those things that I was teaching people to do, they hadn't done. Most of the people I study, Myron, didn't even have a college education.

Wow.

So that blew my mind. And then I found out. And then I found out most. About 75% of people I studied were doing this thing with life insurance.

Wow. Okay, so before we go there, first thing, I want you to pick up, study, go to school, study hard, get good grades, graduate, go to work for a good company. Here's what's really fascinating about that loop, right? The government owns the school system. What I call the miseducational. Misdirectional system. The government indoctrination camps, Right? And so the Government owns that. They also determine the monetary value of the money based on how much money they print. They want money to be worth more, they print less money. If they want money to be worth less, they print more money. And then you have these big. These big lobbyists, corporations that have lobbyists working for them who go and get. They go and get the government to pass laws that benefit them, but they don't benefit you and I. And so we have to. When it comes to wealth, don't do what the banks and the government tell you to do. Because the government only wants two things, your money and your life. Right. Don't do what they tell you to do. Do what they do.

I gotta add to that, as far.

As the government, go ahead.

Now, did you know that when you're overfunded now, I say overfunding because if your company gives you a match, that's free money, go ahead and take the match. But if you're overfunding your 401k, did you realize that you're putting your money in prison? And you're also being the biggest savings vehicle for the government? Not for you. Let me explain something. So, Myron, you come to me, you wouldn't do this, but you come to me and you say, marvin, let me go ahead and borrow $10,000. Now you come to me. It's not a dire emergency. Nobody's dying. You just want to borrow $10,000. And I say, Myron, of course. Here's $10,000. Take it. There you go. What are you going to want to. What's Two things you're going to want to know before you take that loan?

What's the interest rate, what's the rate of return? And how long do I have to pay it back?

That's it, right? What if I told you, Myron, don't worry about the interest rate. One day I'm going to think of the interest rate that I want to charge you. And at that time, I'll actually collect my interest retroactively to the day that you gave me the loan. And also, don't worry about exactly when I want my money back, but one day I'm going to come back and I'm going to tell you when I want this money back. What are you going to say? Unless it's a dire merger, even in.

A dire emergency, I'm not taking that loan. That's a pick of the pope.

Exactly.

My dad would call, that's a pick of the pope. Nobody wants a pig of the pope.

Nobody wants that.

However, made an analogy that gave me chills.

Now get this. That is what most people are doing in their savings accounts, and they don't even realize it. Think about it. You're saving money in a tax deferred account. What that means is that it's tax deferred, which means that when they want. When you take that money out, the government can raise taxes. And they're not raising taxes on the money up to the point that they raise the taxes. They're going to go back and say all of the money you previously saved and it's now being taxed at this tax rate that we choose to tax you. And they're gonna say they have this thing called required minimum distributions, where even if you don't want to take your money out because you're saving, you're supposed.

To take out a minimum amount, you're.

Forced to take it out. And now they've really gotten bold. They set a new rule. They say if you die, you can no longer stretch that money out over your lifetime. We want all of that money back. Typically when your children are at their highest income earning years, we want all of that money back within 10 years. So we could charge you the highest tax rate on that money. Wow, that's gangster. Now you think you've been scammed. That's a scam. The government is scamming you every single day, but they're training you. This is all the political advertisement, this is all the TV media.

Why?

Because everything is ran by the government. And the first time that you played tic tac toe, who won? Was it you or the person that showed it to you?

The person.

Definitely the person who showed it to you. Why?

Because they understood the rules, understood the game. So once I began to understand the rules from these rich people, I said, I got to go back to the community. I got to teach these principles. I got to teach these principles. I began to do the principles myself 10 years ago, and I've become massively successful doing that. Right?

Right.

I've been able to build tax free income, do real estate, and do a lot of things.

I hope you all didn't miss that. He didn't say tax deferred income. He said tax free income. Now, tax free income strategies are. They're on another level, y', all, especially for some of you high net worth individuals, you. You really want to pay. But everybody, whether you're high net worth or not, you want to pay attention to this, because anybody who's paying taxes, most people who are paying taxes are paying way too much in taxes.

Way, way too much. Way too much. So there are things that people know that they know, Myron. Things that you know that you know you know it. You know how to tie your shoe. There are things that people know that they don't know. If you know that you don't know it, you can go look it up, you can learn it. But the blind spots are things that you know that you don't know.

Right. 100.

I mean, you don't know that you don't know. Because if you don't know that you don't know it. It's a blind spot. So unless somebody opens up your eyes and you see it, you'll be stuck following the traditional system, which is things that you know that you don't know. But we want to move you to a different stratosphere. Those things that you don't know that you don't know. And what I've learned is that there are three different types of people when it comes to money. You have a debtor, you have a saver, and then you have a wealth creator.

Come on now, the debtor you want to be.

Exactly how many debtors do we have at a house? Just kidding. So the debtor, what they do is they go into debt.

You.

They spend their entire life attempting to become debt free. They want to get out of the rat race. In fact, they believe that if someone comes today and simply pays off their debt, they'll be financially free.

But financial freedom and debt freedom are not the same thing.

No.

And so it's so interesting that you're telling people this is a.

Because all they are is at zero. There are homeless people on the street.

That are zero that are debt free.

That doesn't mean they're financially free.

Exactly right.

So then you got the saver. Now the saver is a level up, but the saver isn't too much further ahead. This is the crazy thing. The saver. They're going to save, save, save, save, save, and then they're going to pay cash. Then they're going to do the same thing. They're going to save, save, save, save, save, and then they're going to pay cash. You've got to understand what's happening. Every time that you save and you pay cash, you are interrupting the forward momentum of your money. And now you have to get back to where you were just to begin saving again.

So, interestingly enough, my nephew called me day before yesterday. He's like, uncle Myron, I'm thinking about buying a car and I want to pay cash for It, But I said uncle Marin explained something to me about this before and he showed me it didn't make sense. And I told him why rich people borrow money. And, and so I was like, well, why wouldn't I want to pay cash for a car? And his wife was there because she wanted to pay cash for a car too because he's got a good job. And you know, they have that, you have that, you have that sense of security. Well, if I pay cash for my car, I don't have to worry about getting behind on the payments and nobody can come take it from me. Here's the problem though.

Yep.

If you can use somebody else's money to buy something, whether it be a.

House, a car, income, if you got the money, you can use it to borrow against it. They're not, they're not making you wait. It's within two days you got the money to borrow against, you can get it with, you can put money in and literally if you do it right within 30 days, you can immediately start to borrow against that money. What that's doing for you is helping you make money two to three times off the same dollar. So if I.

Good, Marvin, one more thing.

This is going to be powerful thing. It's also interest only. What does that mean to you? It's interest only. Which means if you structure it the right way, they don't even charge you interest for 13 months. So that means that if I pay it back before 13 months, I never paid any interest on that money. Which means if I borrow money from my policy, let's say I borrow $50,000 and I flip a property, I flip that property, I actually pay back the profits within that 13 month time frame.

You pay off 50,000.

You mean I pay off the $50,000 within that 13 month time frame. Not only did I continue to make money off of that account tax free, but I also made money on a real estate property and I paid the money back and I paid no interest at all. So it was basically an interest free loan. So if I'm loaning money to other people who are doing real estate, I can actually loan money out. People do hard money lending. I can be a hard money lender. I can still make 5 to 6% on my money in my insurance account, tax free.

That's good.

When I give them a loan, there's no taxes, they pay me back the loan and then plus interest. And I paid my insurance company back, which gave me the collateral capacity to loan out more. And then one more thing, one more thing. This is powerful. The money grows the same in those policies whether I borrow against it or not, which means that I better borrow against it or else. The insurance isn't the becoming your own bank, it's the mentality, it's the concept of what's becoming your own bank. An insurance policy is not going to solve your problems. And if you understand how to work it and you understand how to master it and you understand how to leverage your account, that's going to master your money. So give you one real quick thing that I did, really quick so you know about the option play that I did. I'll tell them about it.

Oh yeah.

So one of the things Myron told me is to put my money into a brokerage account and have it ready. So what I did was I had my money into a brokerage account and I actually took some money from my insurance company, my insurance policy too, because it was going to keep growing, put it into a brokerage account that's double leveraged already. So when GameStop, that stock went way up. I said there's no way that the big guys are going to keep letting this happen. It's going to go back down the next day. So I did what's called bought a put. But I use the money I borrowed from my insurance policy. It was actually 100k. I'm not recommending you do that, but it was 100k and I actually put it on GameStop going down by 100 points. The reason why I had the confidence to do that is because this is the powerful thing. If I had not necessarily hit on that call, if I would have lost $100,000, I truly wouldn't have really lost it. Although I lost it, I didn't lose it. What that means is if I didn't hit on that, yes, I don't have 100,000, but it's still in the insurance policy as if I never touched it. Growing tax free. And I don't have to pay it back. You don't have to pay a loan back. You all, it's simply subtracted from your death benefit when you die.

Okay, so let me, let me. And I know he's so, so I know you're probably pulling your eyebrows out like with excitement right now, right? How do I do this? This man is awesome. Is, is this recorded? Yes, it's recorded. And so, so, so let me, let me, let me break something down to y'. All. When he says you borrow the money out, let's say you have a hundred thousand dollar, let's say a five hundred thousand dollar life insurance policy and you borrow a hundred thousand dollars from the $100,000 life insurance policy. Now, if you died, your family's only going to get 400,000 instead of 500,000. They're not going to have to pay the $100,000 back.

Yep.

Okay, so you're borrowing against the death benefit. That's what he means when he says that.

Right. And that's correct. I want to make sure I clear that up. The collateral is against the death benefit when you're borrowing. Because I get some people to get confused by this. It's only based off the money that you put in first. So you have to put the money in. You can only borrow up to what you put in, but your death benefit is always much larger. So if I have $100,000 cash value, I got a $500,000 death benefit. So if I borrow $80,000 from this cash value and don't pay it back, 500,000 minus 80,000 plus interest is subtracted from the death benefit. Your heirs still get that money tax free. So I knew that if I lost that $100,000, I didn't really lose it because it still would go to my heirs minus that amount of money. My heirs lost it, but I didn't lose it. But because I hit on it, that's $300,000 that I earned in a day. I paid my insurance company back so that it allowed me to increase my borrowing capacity in the future.

So, so let me, let me help you understand a couple of other things too, that he didn't. He covered, but he, but because he knows it and you haven't learned it yet, it's new to you. So understand this. He said the stock went down and he made 300,000 points. And I, Yeah, and I know some of you are thinking, but wait a minute, I thought you make money when the stock market goes up.

Thank you for clarifying that.

So here's how it.

Do you make money when the stock market goes up? Do you make money when the stock market goes down or you make money when the stock market goes sideways? And the answer is, it depends on your position. If you're in the right position when the stock market goes down, you can make a boatload of money. I literally made six figures today because the stock market is down like hundreds of points.

He showed me this, you all like.

Hundreds, hundred thousand dollars, 140 last time.

Okay.

I was up $140,000 today because the stock market went down. Right. So why. Because I position myself to make money. If it went down.

When it gets ready to bounce, I'm going to position myself on the opposite side and when it goes back up, I'll make money again. So I'll get to double dip on that same, on that same movement. And so I like. You're not going to learn how to do that overnight, but you didn't learn how to ride a bike overnight. You didn't learn how to use a computer overnight. You didn't learn how to use a telephone overnight. You didn't even learn how to feed yourself overnight. So give yourself some time. And by the way, don't, don't, don't look at it and say, oh, that's, this is just too hard.

What do you mean too hard?

The reality is, the reality is you didn't know how to do anything when you got here. So how can we have one of you as a financial advisor? That's funny. Permanent life insurance, AKA whole life cash value insurance purifier. Thank you for that. So different kinds of life insurance have different values, are different, different use. Use cases. Another thing Marvin talked about, and we're just making you aware of some stuff, like back in 2003, I bought a house, right? I bought a house in Pennsylvania. I paid 172,000 for. It's worth like $460,000 now, right?

And I got a home equity line of credit on that house in 2007 for like $60,000. So and the home equity line of credit, I still own the house and I still have the home equity line of credit. A lot of people don't realize, Marvin, that what you can do is if you have equity in a house, and you talked about this, if you have equity in a house and you borrow the equity out of the house, right? Or you have, or you just get a home equity, you don't even have to necessarily borrow that house. You have a home equity line of credit. Did you know that if you take your, let's say you have a home equity line of credit for 60,000 like I do, and let's say that you make $4,000 a month. Did you know that if you deposit your $4,000 a month to pay down your mortgage, in other words, pay that entire 4,000 on the mortgage, and then you use your home equity line of credit checking account to pay your bills, not only will you pay your mortgage off early, but you'll still have access to the money you paid down in your mortgage. So most people, what they do, they get, they get, they refinance their House, Right. They refinance their houses, which is always, always a mistake. But it's a lower interest rate and a lower payment. Right? That's what they want you to be focused on. That's, that's the, that's the sleight of hand. That is the, that's the smoke and mirrors. Right. They tell you it's a lower interest rate. Isn't that what they do?

Yep.

And so you get a lower payment. But what they don't tell you is the first 10 years of a mortgage, when you pay the most in interest, the real reason they want you to refinance your house, get or get a refi or a home equity loan. Not a home equity line of credit. A home equity loan because it's a one way transaction. You can put money in, but you.

Can'T get it back out.

You get a home equity line of credit, it's a revolving credit line. So you can literally borrow the equity out of your house and then use the equity to pay your bills and then deposit your paycheck into your mortgage to pay your mortgage off faster. And you can pay your mortgage off in like 3 to 12 years instead of 30 years and still have access to all the money that you put into your house. And then you go use that money, borrow more equity out of your house to go start a business, to go buy a piece of investment property to put into the stock market and do some of these plays we're talking about.

These are some high level conversations you all like. I'm not going to get into everything I've done with my policy because we would be here. I've used it time and time over the last 10 years just to give you just a couple of things. I got 422 units of real estate. And each and every time I've used my policy as the down payment. As a down payment, I got a Lamborghini that actually makes me money, that I actually use my down policy, my insurance policy to fund that. And I have a $2 million house in Atlanta that makes me $20,000 a month. And I use a no Doc loan, borrowed $100,000 from my policy, which was my only down payment, and I rent it out in Atlanta and it makes me money every single month. But what I want you all to understand this one more play, and then I'll tell you the main takeaway that I believe. You got to have one main play that I do, that I do sometimes is because I've been doing a credit thing for a minute now. I have A very high.

Loan that I can borrow a lot of money. I can borrow like up to $200,000 with my AmEx now. So another play is to actually buy an asset with your credit, then use.

The insurance policy to pay off the credit card. Now you've just made money three times because you making money on the insurance policy tax free. You got all the points from the credit that you paid off right away and you still have the asset that's making you income. And to make that four times of that asset as real estate, once you pay it down now you can borrow from that and start a whole nother property. And I learned this from my mentor on Trash man, the Cashman. Myron golden is my mentor. He taught me what you want your money to do is you gotta understand you want your money to be pregnant. You want your money to make money babies, which means when that money grows up, you want it to produce more babies. And then when that money grows up, more babies. That's money babies. But the thing I want you to take away from this, you have to take away that you're not going to learn all of these principles overnight. Become your own bank is not life insurance. Become your own bank is you becoming who you need to be mentally to understand how to think like the wealthy, how to do these plays, the insurance and brokerage and all of that. Those are just tools. But if your mindset isn't built up to the point to do this, you're going to take yourself backwards. So I will learn. I will watch this 10 times if I have to. I will study. Subscribe to this YouTube channel. If you're not subscribed right now, make sure that you come back and listen to Myron over and over and over again and learn from the people who you trust, who know what they're talking about. And you keep learning. And you pay them whatever it takes to pay them to learn everything that they know.

It's so interesting, Marv. So first of all, let me say this. Nothing we say today can be considered as financial advice. I don't know. It looks like y' all can appreciate some of the stuff y' all learned today. I'm in the challenge. Somebody said thank you. You're welcome. The path to prosperity.

Let's go viral. VIP for listening.

What's that anyway? Oh, for listening to your rep without doing your due diligence. Yeah, yeah. Wow. Change what you say and it'll change what you see. Come on now.

That's good.

I agree. Mindset is the key. 100% get into the challenge, y'.

All.

Change your mindset is a powerful tool. Romans 12. That's exactly what it says. Renewing of your mind. So, guys, get started on Marvin's challenge. It starts next Monday. Is that right?

It starts. Yep. This coming Monday.

Monday.

This coming Monday. Make sure it starts at date because.

This is going to be recorded, right? YouTube.

So this. So. So that's great. So this one is actually Monday. That's June 13th.

June 13th is when it starts 2022.

However, I will have reoccurring ones. But you want to take action on this one. Number one, because we got a couple special guests that you don't want to miss. So it's June 13th, but you can always use this. Even if you're listening in late, still go to mypathtoprosperity.com my path.

So you do one a couple times.

Once a month, once every, probably three times a year.

Three times a year.

So it's not a lot. So if you don't want to, the quicker you get to your dreams, you all, the longer you get to live them.

Come on now.

So make sure that you take some action. It starts Eastern Time Zone. VIP starts at 6, 35 days a week. We're going to do Q and a for 30 minutes and then the general session. You don't get into the Zoom room, but you'll be able to get into the Facebook group where you will get all the gems and the lessons. You just don't get the Q and A.

Good stuff. Good stuff, y'.

All.

So, Marvin, I appreciate you being on today. Appreciate you sharing these nuggets with these folks. Guys, if you haven't done it yet, smash that like, button like our channel. Subscribe. Comment. Share. You've been commenting like crazy like the chat's going bananas back there, so. So I appreciate you guys jumping on and have a fantastic day. Stay blessed by the best. And we'll look forward to seeing you all next week live on our Wednesday morning Bible study. We may even go live on Monday. I'm not sure if we're going to do that live or recorded, but we'll have another video coming out for you on Monday. But in the meantime, share this one with as many people as you care about as you possibly can. Stay blessed by the best, and we'll.