Becoming Your Own Bank

Hi, and welcome to Ladies Kicking Assets. My co host, Robin and I are thrilled about our amazing guest, Kyle Fuller from Factum Financial today. If you are ready to keep millions of dollars in your own control and really exponentially magnify your family's wealth, he is your man. And he is going to talk to us today about infinite Banking, becoming your own bank and beating the banks. And so I had the pleasure and honor of going to his event a few days ago, and it was amazing. My wheels have been spinning ever since. And so little bit of housekeeping. You know, we are not attorneys or CPAs, so we always recommend that you consult experts should you need to. And with that, welcome, Kyle.

So I'm so glad to be here. I'm honored, and, you know, when we first got introduced, Courtney, I loved your bhag and, you know, to keep a billion dollars out of the hands of the irs. So right away, I knew we were going to have a lot of common ground and a lot of the similar thought processes that. That go into what we teach here with Infinite Banking. And so, yeah, I'm excited to dive into this today.

No, I am, too. And I think I told you a few days ago in person that, you know, one of the missing links that I had was really figuring out, you know, I've always wanted to be a bank. You know, just, you know, the banks, they make a lot of money. They do really well. And I just thought, you know, how. How do I incorporate that? I. I don't know where to keep my money because I don't trust the banks. You know, for every dollar deposited they have, it's loaned out 10 times. And people think that their money's safe because of FDIC insurance and that'. Accurate. They don't have the money to cover everybody's deposits. And so this was kind of that missing piece that I needed to add into, you know, my financial strategy. And so you just came along at the perfect time. So I'd love to kind of dig into that and talk about what infinite banking is and, and what that means, because it's kind of a buzzword right now. I'm. I'm hearing it all over the place, but I don't. I didn't know anything about it.

Yeah. And we. We call these circumstances God's instances, Courtney. You know, it's. Certain people come into your life at certain times when we're ready for certain messages. And that, for me, started 10 years ago because I was starting to feel like there was something fundamentally wrong with our financial system. Almost like it was designed for the middle class to not win. And this is something that stems back to me being in high school and learning certain things, but never anything about money. And I got to a point where I started asking my teachers after reading Rich dad, poor dad when I was 16, you know, when are we ever going to use some of these things in real life? And, and I never could get a good answer out of my teachers. And it always bothered me that we're never taught anything financial related growing up. Interest rates, mortgages, about taxes, investing. That conversation doesn't exist at some of the most prime education years that we have, which is like 2012-18. And so, you know, early on, I started to really feel like something was wrong. In about 24, 25 years old, I was introduced to an orthodontist who ran a very successful business, was a great investor, but he was also the banker in his own life. And this is such a major paradigm shift for most people to start thinking like a banker. So as business owners and investors, we have a certain behaviors and criteria for everything we do. Right, right. And to go from an employee to a business owner is quite the mindset shift. Would you agree?

Yes.

So when we start talking about banking and becoming your own banker, whether you're an employee, self employed, business owner or investor, to switch to a banker's mindset is as drastic as an employee shifting to a business owner mindset. And so this conversation usually takes people three, four times, maybe three or four hours of conversation before all the light bulbs go off. And then you sit back and you say, oh my gosh, now I get what you're saying. When those light bulbs go off, you will never be able to unsee what the bankers see in our world financially. And once you can realize that, and that is possible for us, things start to get very exciting as a consumer, a business owner, or an investor. Because at the end of the day, all the bankers really do is control our flow of money. They manage the transactions between business owners, investors, consumers and investors. They're right in the middle of all that. And that role can be yours and mine if we just change the way we think. And so when I saw this 10 years ago, it literally changed my life. It changed my family's life because you got to see our family banking conversation, Courtney, and out here in Phoenix last week. And so it's something we're insanely passionate about. I don't use the word retirement anymore because I'm living my purpose right now, which is educating people on, on what's Possible for their money.

Love that. Educating people on what's possible with their.

Money, because he's living his purpose.

So one question I'd like to ask both of you is, could it be possible that there are savings environments out in the big wide world outside of banks that we were just not aware of?

Absolutely. Absolutely. I feel like they're in. No matter, you know, what you're looking at. There's always those certain things that are set aside for the 1% or even the 1% of the 1% that, you know, most people just don't know about or have access to.

Absolutely. And that's what, that's what really disturbed me 10 years ago when I first saw this being taught from an orthodontist. And he gave me two books to read. One was becoming your own banker. So a lot of times we hear like, yes, it would be nice to own that brick and mortar building right there on the corner that has hundreds of millions of dollars of deposits coming in every single year. Right. We'd want to own that function. But we think of that and be, how do we have. How do we get $20 million, a bank charter, all the connections in the world. It's very difficult to actually go create your own bank. Sure. And he gave me two books. One was becoming your own banker. The other was the pirates of Manhattan by Barry Dyke. And when I read that book, that's when I realized that banks are some of the most wealthy companies in the world for a reason. Because they control this flow of money in our lives. And with all of that profit that that they generate, they don't keep their own savings with other banks. They keep it with life insurance companies. Now, that really rocked my world because I had some preconceived ideas about life insurance prior to learning this and what it really is and how it can be used. And from there, everything changed for me. And you know, the frustrating part, and hence our slogan, beat the banks, is with all that money that we deposit into those banks, and then you referenced earlier, they're lending out 10 times what they have on a deposit. The frustrating thing is that people don't understand that banks don't lend their money. They lend our money. Right. And, you know, what kind of benefit do they give us by leaving some of us hundreds of thousands, if not millions of dollars in a checking or savings account, which is where we've been typically programmed to save our money. And when you shift that mindset, because we recommend a properly designed whole life insurance policy for our primary savings environment, when you Shift that mindset, and you start understanding why the banks save with whole life insurance, too. We understand that they do it because they get eight benefits with whole life compared to what we get with two benefits by keeping our money in a checking account, which is just in case it's. The two benefits are it's safe and it's liquid in case we need it. That's really the only benefits we get by saving substantial amount of money with the bank. So, number one, if we just change our savings environment, our life gets drastically enhanced, and then it's just a matter of moving our money the exact same way a bank moves there. Moves their money just on a family level, a business level, or you as an investor. The concept is literally that simple. It's just a paradigm shift that a little bit of education has to come before that. Before those light bulbs go off and then you go, oh, my gosh.

Well, yeah, when you. I'm sorry, I was just gonna say, when I learned that this is where banks parked their money, I thought, okay, I. I've got to learn more about this. That's a big deal. And like you said, it's their money. That's where they're putting their money. Because they're not loaning our money out. I mean, they're not loaning their money out. They're loaning ours.

Mm.

No, it. Imagine like playing growing up and playing a board game. Did any of you ever play board games with older siblings?

We still do.

Was it ever. Was it possible that some of the older siblings might have taken advantage of. Advantage of us, younger siblings if we couldn't read yet and we didn't understand the rules to a game? Right. That's my analogy of what's happening in the money game. We grow up with no financial literacy, so therefore, we don't understand the rules of the game. And the banks just say, hey, keep being a business owner, keep being an investor, Keep saving your money with us. This is the right thing to do. And it's not that those things are bad, but if we were playing the game of Monopoly, what do we want to do? We want to buy real estate, right? We want to go around and collect the paycheck every time we hit go. But the person you really want to be in that game is the banker. And if you don't understand the rules of these games, we're playing the money game without any really set of rules or criteria that allows us to win. But I believe that once we understand banking, winning the money game becomes drastically easier. You can do it in less time, with less energy and less money, just by understanding some of the rules of the money game, man.

Well, I tell you what, I get excited just thinking about it. My wheels have been spinning for this last few days and I really don't think they teach us because if everybody runs out and does this, there's no money in the banks. You know, there's no money for the banks to make for that. So I don't think they want people to know how to do this.

I think you're exactly right. And you know, we, we have to use banks. There, there is a purpose. Right. It's too important because they, they provide the liquidity for us to make transactions. But they don't have to own the banking function in our life. And I think that's the biggest distinction. So I was actually teaching two private bankers a couple months ago and I showed them my private system of whole life insurance, where I'm saving, how I'm moving my money. And the one who was the more senior private banker, he said, you know, all you're really doing is you're owning this lane in your life. You're a business owner, you're an investor. Most people are renting this banking lane in their life. You just decided to own it. And that's really all it is. And because I decided to do that for me and my family, like you said, millions and millions of dollars, which is what we showed you at our family banking conversation, are now kept within my family's generational wealth forever. Not for one generation, forever. And this is one of the reasons why banks love insurance, because it allows them to transfer that wealth generation to generation. And you know, I'm sure both of you are aware of families like the Rockefellers, the Rothschilds, if you study those families and what they do, they operate very, very differently than most middle American families that we would look at. And it's, it's why they're all billionaires today. They keep money in the family, they understand banking principles. So Kyle will probably never be a Rockefeller, but that doesn't mean I can't be a Rockefeller type influence for all the generations coming after me. And that's something that wakes me up every day in the morning and gets me excited about what we do. Because two generations, three generations from now, all of those kids will, will look at what my younger brother and I have built and they'll say, those are the two guys that are responsible for the hundreds of millions of dollars we have access to privately as a family right now.

Yeah, well, look at the impact you're, you've created for your family in just a 10 year time period. So, you know, one of the things that was really impactful at your event was the visual that y' all did on, you know, buying the nine cars throughout a life and you know what it looked like if you purchased it in different ways. And that really was eye open to me. So I, I'd love for you to go in a little bit, talk a little bit about what infinite banking is, how that, how that system works and what that translates into in more of a real dollar amount for people.

Yes, I think that's a great idea. So I think one of the biggest things that we have to start with is education and some definitions around money. So a lot of times when people start learning about infinite banking, they'll start comparing it to some type of investing strategy and that's going down a completely different path. So my definition of investing is intentionally separating your control of money with the expectation that additional money returns in the future. So think about that. We're going to go out and buy real estate. So we take it out of an environment like a checking account that we have control and we go put it into a real estate property that produces cash flow. Now if we're good at that, the expectations should be very high that new dollars come back into our life. Right? That's what investing is. Banking is literally the exact opposite definition. So our definition of banking is intentionally keeping your flow of money permanently in an environment where you have complete control and accessibility. So think about that. We are permanently keeping dollars that flow into our life in our control forever. And so when we talk about someone that will finance or purchase vehicles in their lifetime, either they pay cash or they finance those items. And the problem is either way, those dollars are transferred away from your family or your business forever. They never return. Now when we start thinking like a banker, all we're going to do is get in the position of banking and control that flow of money. So instead of directing the dollars away, we direct it to a different entity that we own and control. That's our new savings environment. And if we'll do this, one of the benefits is the constant compounding in the whole life insurance policy that allows you to keep earning interest on all of those dollars you save into there now and every day in the future. So if we go through the same situation for a family that's going to drive or finance nine vehicles, best case scenario, you're the pay cash family and you might end up with a couple Hundred thousand dollars left over in a check after doing that for your whole life. If you're going to run, change your savings environment and start thinking like a banker and how to control that flow of money, you would end up somewhere in the neighborhood of about 1.3 million for the exact same input of dollars into that system. Because we changed two things. Where we're saving, now we're saving where the bank saved and how we flow our money. And this just takes a little bit of time. We're discussing the idea right now. We've got a lot of educational content that you can go through on our website. I can provide a link here too, that, you know, your network can go through and start learning. Because you got to see the numbers behind the conversation. That, that way it goes, oh, yes, now I get what's going on. Now that's something like expenses. What gets really fun is when you couple this banking conversation with your investments or your business. And this is how, you know, my wife and I, we were able to win the money game in less than 10 years. And now we're in a position to five or 10 times what we did the first 10 years in the next five years. And this all has a compound effect to it, but we have to start learning the real rules of the money game, and that includes a banking conversation.

Wonderful. Wow. And so you and your brother started this business 10 years ago.

So I, I started, I learned from a guy for about four years early on in my career. Then five years ago, I started my own company and my younger brother has owned whole life insurance for five years. And he was going to become a neurosurgeon. He's that smart and he's that driven, and he was watching what I was building inside of my business and for our family. And he said, I think I want to come work with you instead. And so, you know, now he'll be, he'll be. I mean, I don't like using the word retired, but he'll win the money game and he'll be a mega multi millionaire before he's 28 years old. And so I love having him work with me because he has literally helped us shape what Courtney saw last week. A conversation around how the Fuller family will change for generations to come. Not just the wealth, but the mindset, our principles, how we operate, how we interact with each other. So money in our family has actually brought us closer together, whereas most American families, it pulls them apart. We want to be independent of each other. And our family banking system has allowed us to become Interdependent and actually grow a closer bond around money. Isn't that a cool concept?

Yeah, that's amazing. Well, you said if you use the whole life to, you can use your whole life to purchase cars. How, how do you do that? How does that work?

So basically there is a problem in the book becoming your own banker that Nelson Nash wrote 20 something years ago. And he said you finance everything in life. So you're either going to borrow money from a conventional bank and pay them interest, or if you were like me, my dad taught me to pay cash. So I saved up money and I paid cash. But what I didn't understand is when I paid cash, I can no longer earn interest on those dollars. They are gone forever. And so when we change our savings environment, you now capture the earning potential of those dollars forever in your own personal environment. Now when I go to buy something, now I treat my money the same way a bank treats theirs. So if we go put money on deposit at the bank, say Courtney, you, you deposit $10,000 in the bank and I come in the next day to borrow $10,000. Does the bank have any cost for that money? Do they just give it to me for free? Never. They would never do that. They wouldn't be in business very long. So if I want to be a banker, I got to start thinking like them. So if I need something like a vehicle, I'm going to borrow against the cash value of my policies and I'm going to pay my banking system back an interest rate that I would have paid the bank. Now this is where the mindset shift comes in because most people would hear that, hear that, and they'd say, well, why would you pay, you know, your banking system interest? And it's, it's, this is where you have to go in and see those numbers because all that extra interest I pay goes back into a savings environment that is compounding for me, guaranteed for the rest of my life. If, if you're only thinking about this for a three to five year period, this is not the system for you. But if you can think long term, this is a million dollar difference for my family versus someone else buying vehicles for doing the same thing, same amount of interest, the same flow of money. It's just I'm in control of that flow of money with a better savings environment. And that in a nutshell, is what infinite banking is. It allows you to own that function in your life. So when there's an opportunity in your business or your family, instead of making the banks very wealthy, you can actually make your own bank very wealthy, literally as simple as that.

Because you can pull, you can pull money out and correct me if I'm wrong, I know enough to be just a little bit dangerous with some of my questions and comments. You certainly want to, to do that as a loan, but you can pull money out after a window of time for real estate education. I mean, it can be any number of things that, and these are all drivers in our life for our children, for ourselves personally, homes, you know, just all kinds of things. And, and people don't really understand that when we talk about a whole life product, some of the other pieces that kind of come along with that, like you know, wealth maximization accounts that allow you to accelerate the ability to go in and utilize those dollars and become your, your own bank and, and what that looks like, you know. So I love that you're so passionate about this and you're speaking about how it's impacted your life and change the trajectory of your. For a couple of generations in a very narrow window of time. I mean, it's not been that long in your life, in your brother's life, you know, and so this, this is for anyone to apply in their everyday financial schematic. You've just got to be able to look at to what level of policies do you have and how can you utilize what you have or, or change what you have for your family, your end goal. So it's really quite fascinating. You're right. Most people don't know or haven't had a lot of financial literacy. Let's take that a step further. They don't even really understand how to utilize insurance products. That's really even more of just like beyond financial education, like how to utilize the products that are out there that people talk about. Life insurance. Well, you know, the idea is that, oh, I've got a policy, you know, when I pass away, I'm leaving $500,000, a couple million dollars to my spouse. But they don't really understand how to utilize the policy to collapse time frames.

And, and you said, you know, you'll pass it on to your kids, your kids can continue to borrow against those policies and utilize them.

Yeah, it's a, it's no different than transferring other assets to the next generation. It's just, it's income tax free and it's completely liquid.

Yep, that was. My next question is, okay, so you're not paying taxes on those policies as they pass down, so they get the benefits of that cash value and everything that's there and they get it tax free.

And this is where the education and the stewardship and the leadership is so important. Because I'm not going to transfer, you know, 30 something million dollars to my three boys without education. That's a recipe for disaster. So someone in the family has to step up and really lead and teach this, otherwise the wealth will not be perpetuated. We're not interested in selling someone a policy. We're interested in helping them change their multi generational problem in their family. And so, you know, that's why we'd say there's no retirement here. And so one of the reasons why I got a lot of clients who like to work with my brother and I is we have mostly young leaders in our industry. Like the average insurance agent in the life insurance realm is 60 years old. That is a problem because what's the succession plan for all those clients? You know, I'll see most of my clients through their life. I'll be there for their kids and I'll be in my prime from ages like 70 to 90 for their kids. This is something that like we're so purpose driven about it because it is such a huge problem. Most Americans are born into a perpetual debt cycle and we want to reverse that so that we have more families being born into a perpetual wealth building cycle. But that only happens with proper education and stewardship, which is why we focus so much on teaching well and we.

See that, you know, a lot of these athletes that come in, you know, they make a ton of money and they end up broke because they don't have financial education. They don't know what to do with their money. They don't think, hey, let me go make an investment that will buy this big house that I want or the car that I want. They just go out and they spend that money. And like you said, that money is gone forever. You never get it back. But if you shift that and you take that money, put it into a whole life policy where now you can borrow it back out and go purchase that home, now you've got that asset and you've got this policy that is building in value that eventually you'll pass on tax free. It's, it really is an amazing strategy and way to compound everything. I can just, it's like I said, my wheels have been spinning for days.

That's why, that's why it's called the infinite banking concept. There's no limit to what you can use this banking principle for. It's just limited by your imagination of what's going on in your own life. Everyone will use this concept slightly different, which is the fun part, because we've got clients that'll use it for anything you can possibly think of.

Yeah, yeah, a little bit of that. And it's, it's, it's really interesting. I love your, I don't want to use the word spin, but your, your purpose for your passion, you know, it's, it's really about unlocking what's in this product. That many people, I've had all kinds of, you know, folks talk to us about coverage and all kinds of stuff. But, but really you've got to be able to communicate, you know, unlocking this as an opportunity to grow wealth, use wealth and move it beyond your kids, you know. And so with that being your.

MO.

You know, on this vehicle, I think it's. And you mentioned the fact that, you know, the folks that you're really working with are a little bit younger. You know, like, I'm assuming that me, I'm not sure what that means because I'm probably in the higher age bracket. I'm closer to the age bracket of your 60 year old person. But you know, you're like 30, 20s to 30s to 40s. You know, there's so much that can happen within that 20 year window down there that I have well surpassed, you know, so I love that. When is your next. You know, Courtney was just at your last event, which was this past weekend. Right. Or September 21st or something like that. When is your next event? That and where is that so that our listeners can, can pay attention to that.

So we teach, we'll teach a what's called a deep dive class once a month. And so we always have conversations going on. I have a full infinite banking course where you can go to learn everything that we're talking about right now. The wealth events, which is usually a day and a half event that I would highly recommend people tune into. The next one we're doing is April 11th and 12th and it'll be here in the Phoenix, Arizona area again. And that those ones are so powerful because like I said, most people need a decent amount of time and exposure to these concepts before all the light bulbs go off. I mean, one of the most common things we hear is, ah, I wish I would have known this 20 years ago. Right?

Yes.

And so the guy that originally taught me this, he was 64 when he started, he's now 80. And he'll tell you, as successful as he's been in business and investing, there's no way he could have worked hard enough to build the legacy that he's leaving his kids now even after 16 years.

So there's hope for those of us who are pushing that 60 benchmark.

Absolutely. Because it is. You can buy these policies on other individuals. So I own policies on all three of my boys, so as soon as they're 15 days old, we get them maxed out with insurance and these, this savings environment, which is the whole life. And so we have clients that maybe can't get insurance on themselves, but they can buy policies on the next generation and own those and still transfer the asset. And so there's lots of options that exist. We just have to be a little bit creative on how we get it done sometimes.

Right, right.

Well, one of the other things that I liked so much, you know, we talked about the, you know, five areas of our life at your event. And you know, it's spiritual, personal, family, financial and occupation. And, and you want to build that financial area because that helps fund the abundance in all of the other areas. And that was one of the things that I really, really liked about you was your abundance mindset and wanting to go out and help others. And, and really, you know, we aligned with that, you know, impact and momentum and velocity and, and I just, I really appreciated that because that is a major core of, you know, my mission, vision and values.

Yeah, that's really what makes our community so different. You know, we are in the financial sector, we're highly educational, we're highly relationship based. But the only reason and the purpose, we teach people how to win financially. The only reason is to go fund the perfect lifestyle so you can be at all your ball games for your kids. Right. So you can take the vacations you want to take, so you can give to the charities and causes that we love and support. That's the only reason for having more money. Everything else I feel like is a complete waste of time. There's no, there's no reason of, of winning financially if we're not going to use it because money is nothing more than a tool. So we want to, we want to use it to create that abundance in all areas of life because that's when you wake up every day and you love every second of your day because you're living abundantly in all those areas.

Oh my.

That just gave me chills.

Kyle. Preach it. Well, our time is nearing to an end. I could sit here we. And just listen to your enthusiasm and ask you all kinds of questions, you know, because it's just fascinating. But how can our listeners and viewers get in touch with you and your, your business so that they can dive into some of these opportunities that you've got, your wealth event that you have and your April event and just some of your deep dive monthly sessions and.

How they can beat the bank.

Beat the bank. Be the bank. Not. Yeah, beat the bank and be the bank.

Yeah, that's right. You want to become the bank. So we can beat the bank.

To beat the bank. Yes.

Yeah, we have lots of resources and so the easiest way is probably just to send us an email at info@factumfinancial.com so pretty, pretty simple info factumfinancial.com and then I'm just going to put here in the chat my, my personalized link which is beatthebanks Life Forward slash Kyle. And if, if you want to send that out to anyone in your, in your network, that's our introductory content. So if they like this conversation, I have some videos on there that'll reinforce the ideas that we're talking about here. Show you how much insurance these banks save, how much cash value they have access to, how they're moving their money. Everything starts with education and so I would just start there. You can also go to our website, factumfinancial.com and you can see all my infinite banking courses for business owners, for wealth building, for family banking foundations. Anything's on there. We have thousands of people right now currently going through all that education and you know this just goes back to our, our purpose and our cause. Like we're or so relationship based and educational based because this is something you have to learn. The concept is not Kyle becoming your own banker, it's Courtney becoming her own banker. You have to know how to do this. And the reason that's significant is because if you don't learn this, it's going to be hard for the next generation to learn it after you. So we've got to become the leaders in our family so our kids watch us and they go, I'm going to get into business but I'm also going to be a banker. That I know for sure. And they've got to learn this from us. And so all those educational resources are all free. We give them out. And so we just want to expose more people to this way of thinking. Yep.

Well, I will put all of the links in the show notes so that people will have direct access.

Absolutely. Thank you so much for your time today. Just gosh, so much. Here, here. I'm excited about diving in on your website myself and just really getting educated and getting in contact further. And I know many, many people will as well. So, again, thank you for joining us today. And we're just. We're Ladies Kicking Assets, and we are honored that Kyle has joined us with Effectum Financial Services. Thank you so much.

My pleasure. And by the way, you two have the greatest name for a podcast. As soon as I saw it, I was like, that is the most clever and wonderful title I've ever seen, Ladies Kicking Assets. So thank you so much for having me.

Thank you.