204. Can You Get Rich Buying Cars?

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Okay, we were just talking about this and what did you say the title was going to be again?

The. The title of this epic discussion is going to be can you get rich buying cars? The marketing is out there, Jay. It's all over. It's on the tickety tax and the, the, the tweeters and the X's and the zeds and the Bs. It's on all the different platforms about how you can get rich buying cars or create wealth just by the virtue of buying a car. That's like kind of ludicrous.

That's like asking, can you get rich clipping your toenails?

Like it's.

There'S. Here, here. Let me just reiterate what we were chatting.

I do think people will watch anything stupid. So it is possible that there's one person out there in the world who's got enough of a following and they've got enough good advertising and things going on that they might be able to create some money and some revenue by clipping their stupid toenails. But that, you know, that that is on the bell curve of the reality of people. That's like at the very tippy, tippy, tippy end.

Yeah, Mr. Beast could probably do something.

Yeah, he might, he might get away with it.

But Nelson. So in, in Nelson's book titled becoming your own banker, he talks about the characters in the, in the financial play. And there, there, there are four characters in that play. You've got the depositor, the borrower, the banker, the bank owner. Four characters in the financial play. If you have no earthly idea what we're talking about, get your hands on a copy of this book and you'll develop a deeper understanding of what we're about to say. But you may have seen, you may have seen out there in, on the Internets, on the Tick Tockers or the YouTubes or the Facebooks or the Instagram and experts, we used to say tweeters. Now we have to say X plural.

I don't know.

There's messaging around hey, if you, if you buy, insert whatever here, right. If you, if you buy car, get rich buying cars by implementing the infinite banking concept. We, we just want to clarify that most of what we're seeing in, in marketing out there is placing a high degree of emphasis on a character in the financial play being the borrower getting rich buying stuff. And Nelson explained it very clearly in his book that the character in the financial play who's making the most money, understandably so, is the bank owner, not the borrower, who also happens to be the individual doing the buying.

And so let, let's just clarify that for a second. Let's talk about cars. If we address 99.999-87623% of the Canadian and American consuming public, they're buying cars by paying cash, leasing financing, right?

Yeah, or pretty much everybody.

There's another method called theft which a certain part of the population acquires vehicles that way as well. Every single method involves a permanent transfer of money away from you, including the theft.

You're the one that owns the car.

There isn't. Right. There isn't one of those methods that involves getting rich.

And well, the, the guy, if the guy's a successful thief and he's able to keep the, keep the cops off his radar and do that in perpetuity and never end up in jail. Yeah. In theory that person might get wealthy, but I suspect that the, the bill comes due at some point and I suspect that is not a very sustainable way and certainly not a way that we would recommend as a wealth building track. Please don't do that. If you're, if you're out there listening and you've been stealing cars, you should probably unsubscribe and go somewhere else. This is not the right channel for you.

The, the essence of the infinite banking concept is to recapture the interest that you would have otherwise paid to someone else.

To access someone else's pile of money to go and buy the thing that you want.

It's all a matter of controlling how you buy those things that you want and need throughout your lifetime.

So it's the secondary layer of that too, Jay, is giving up the interest potential of what your own capital can do. So it's.

When you take cash for things, you're.

Financing everything that you buy. You're either using someone else's pile of money to buy it or you're using your pile of money to buy it. If you use your pile, you give up what the capacity of your own pile can do. That's really what Nelson's talking about. So either way, you're making a financing decision. It's just a matter of how much do you control of that decision and who's the one that ends up with the money when. When it's all said and done.

Yeah, but in addition to what you just said, this can be convoluted and commingled and you know, painted into a picture of, well, hey, if I just go buy cars and I'm using policy loans to go buy cars, that I'm going to get wealthier buying cars. That's not what is producing the outcome of additional wealth purchasing the, the whatever, insert whatever it is. It's being the bank owner. It's controlling how you're financing those things and controlling how. Meaning.

Loan repayments are comprised of principal and interest. The principal amount that you borrow from the life insurance company, not your capital. The principal amount of your loan repayment is not your capital. It's going back into the participating account of the life insurance company so they can redeploy that capital to other captive customers. The interest that's due on that policy loan, that interest is a direct contributor to the net earnings of the life insurance company that you co own. The insurance company is going to put that capital to work for you and for every other co owner. The additional capital that you put in is not really additional interest, it's additional premium that you're putting in to your system of policies either in the form of base premium, accelerated deposit option, paid up, additions, additional deposit option, whatever the insurance company names it.

The accumulation of wealth.

Because wealth is not money.

Cash value is not money. Cash value gives you capacity to access capital.

The insurance company's capital.

You control the repayment schedule of your policy loans, but you're not paying yourself back. You're repaying a loan on your terms, no one else's. You're contributing more to the net earnings of the company that you co own. That company is putting that capital to work for your benefit for everyone else who co owns that company. But to make a statement like get rich buying cars, if you are.

The bank owner and the banker.

And you.

Implement the family banking system, which is, we're not talking about trying to replace the infinite banking concept or the process of becoming your own banker. You need that process to do what we're describing. But if you begin to extend loans.

To borrowers, it's not the borrower that's getting rich.

Who'S getting wealthy.

All the payment flow is coming back to the bank owner.

Precisely. So it just requires a Little more clarity because again, there's a lot of messaging around. Hey, we're going to explain the infinite banking concept to you in the next 12 seconds on this quick reel on. Tick tock. It's simply not possible. Nelson couldn't explain it in a few hours, let alone less than a minute. And so I get it. We want to attract people to learn more about this concept, but we have to tell the truth. That's where all progress begins, is telling the truth. And this does not need to be sensationalized. It doesn't. And, and Rich, you and I can attest, like in, in our journey, we've sensationalized the message because we thought that that's what we needed to do to get people to embrace it.

Yeah. And also to, to, to a large degree, it's, you know, you're always looking and trying out ways that you think you can try to meet people where they're at and help them move along a process of thinking and working through it. So you, you craft and utilize analogies. Not every analogy is perfectly on point. You're trying to make a connection to draw people to something that they're familiar with. Yeah. So that you can, you can highlight what's going on in the background with something else. I'm notorious for analogies and some of them are pretty good and some of them probably belong, you know, on a paper shredder. But, you know, further to a couple of things you mentioned, Jay, again highlighting that the extra interest is not really interest for anyone that is following along or has their copy of Nelson's book. This is fundamentally a critical component and it is often missed and overlooked. And I, I personally believe it's probably the most misunderstood component of Nelson's book. And so if you go to the bottom of page 58 on Nelson's book, if you have the physical copy, there's a footnote there that says, actually this interest in quotation marks is not really interest. It is additional premium or capital that has been paid into the policy that equals the interest that was being paid to the finance company. That is the reason it is adding to the cost basis of the policy. If you have trouble understanding this, go back to the grocery store on page 15. If you still don't understand, then contact me. In other words, what Nelson was saying is you're missing something and you need to really get clear on this component. Now, you and I, recently, it was a couple months back, we did a deep dive in Nelson's book over two webinars. We had, we hosted two, two Hour webinars that are available on the bankers of all channel. And one of those, the second session that we did was a full deep dive, two hours simply dedicated to the equipment financing section of Nelson's book. And it was primari geared towards helping people really come to terms in the understanding of this footnote.

Right.

The, the entire equipment financing example is built around proving this footnote. Yeah, I mean that that's the whole, you know, a chunk of the book, like one third of the book or whatever, maybe it's a quarter of the book is completely identified around helping people understand this one footnote on the bottom of page 58. And you know, I want people to think about this very logically. Everyone who's listening has a bank account somewhere.

You work with, whatever your local bank or credit union or wherever it is, you have one or multiple bank accounts, most likely. Just think for a moment. The bank that you currently work with, the debit cards in your wallet.

If all you did and all your friends and family did is they opened up an account and they deposited their money there.

And you never borrowed money from that bank.

There was no borrowers, it was just depositors.

How long is that bank going to last? What, what, what revenue are they generating? Yeah, they're not generating any revenue on your money because they actually have to pay you to place your money there. Now they're not paying you much, but in order to incentivize you to put your money there, they're going to pay you a little bit of interest, they're going to charge you some fees. But the bank doesn't operate on fees. They don't, they don't operate on unicorn farts. That's not how it operates. They, they need to put the money to work. They take your money and all your friends money and then they wait for borrowers to show up, which is probably you and your friends and your family members. They go through a smoke and mirrors qualification process to make sure that there's a reasonable chance of them getting the money back. And then they lend it to those people and it's that stream of payments and the volume and velocity they can put on it. With the interest that returns, they get the principal back, which isn't even theirs. It's not their principle. It's your principal. You deposited it. They didn't deposit anything. They take your money and they lend it to that guy and then they take that guy's money and they lend it to that gal. They take that gal's money and they lend it to this business. Yeah. And then they collect all of the, all the, the jelly in the sandwich in between the process of that transactional flow of the in and the out on the in and the out and every. And they just scrape pieces of it off the top right away. And then that all goes to the bank owner. So if you, if you really get clear on that, there is no way for a bank to be profitable, truly profitable, unless they are lending money to borrowers. So if there are no borrowers, the bank goes out of business. Now if there's no depositors, they have nothing to lend, so they can't even get into business. So each character is important. But with if you have depositors and you have a bank, a banker who makes the rules and a bank owner who's going to earn everything you have, everything you need except the borrower. Which means nothing happens, nothing can even take place without the borrower. But the person that's the cause of all the financial gain that the bank owner received is the borrower. Become your own banker and take back control over your financial life. Hey, is this even possible? You may be asking, can I even do this? Well, you better believe it. In fact, it's easy to get going. So easy that we've put together a free report, 7 Simple Steps to becoming your own banker. Download it right now. Go to seven steps ca. That's seven steps ca. Now let's get back to the episode.

Nelson often said that.

In as it relates to the borrower, the borrower makes the whole thing go round. Because without the borrower, nothing, nothing productive happens. In the banking system, this is all a function of controlling how you finance the things you need. And the fact is, is someone must perform the function of controlling how you finance the things you need. And that person should be you. And on page 32 of Nelson's book, he says, this explains what I mean when I say most people know there is a play going on out in the world, but they don't understand it. Worse than that, they can't get the characters in the play straight. Hence what I was saying about the marketing messaging that's going on out there. They can't even get the characters in the play. Street, recalling what Shakespeare said, All the world is a stage and the people are actors thereon. People just don't play their proper role in the scheme of things. They have abdicated their opportunity and more important, the responsibility as it relates to the banking function in the economy. They're depending on someone else to perform that job. And that character in the play is Making most of the money, and rightly so, because of the golden rule. Whoever has the gold makes the rules. It can be no other way. If this was, if this was all just about getting rich, buying whatever.

Then wouldn't the banks be promoting that messaging out there in the marketplace?

Well, and come get rich with us.

Just deposit all your money here and go buy a bunch of cars and you'll get rich.

You don't even need to bother anything. Just borrow some money. Just borrow it and everything magically will turn out for you. You'll be okay.

It has to be explained in the proper context of what is actually happening. You're paying premium and the only thing that is going to grow your pool of capital is more premium.

How you get it in to the policy is part of what you learn over time. And you, and you, that's where coaching comes in. That's where ongoing engagement and behavioral tweaks and adjustments allow you to be successful at the process of implementing this. None of that has to do with a policy. All of it has to do with behavior and the idea. So, so this is where I'm so glad we're having this conversation because this is where I really get fundamentally, I guess, bent out of shape about this. The, the, the marketing language or conversation. It's, you know, very click baity and whatever and like, hey, we all get marketing. I think marketing is great. I think it's fantastic. But sure, but recognize that whatever marketing you're creating is going to create an outcome and it's going to attract certain people based on the type of marketing that you create. And if you're, if you're telling people you can get rich buying whatever, whatever that is, cars or whatever, you're, you're getting people's thinking process around buying more stuff because the act of buying stuff that creates the wealth. So you're telling them in the marketing that this, this activity, this behavior is what creates your outcome, which is not accurate. In fact, it's fundamentally what destroys most financial households is that type of unnecessary behavior. Fundamentally, the behavior that gets created and is necessary to be successful at becoming your own banker is a behavior of constant saving and, and focus and effort on directing money flows to your warehouse. And the more that you do that, what ends up happening, it's almost like a gamification. You know, everyone recognizes that you play games and you get points and the points help you build up to win. And hey, eventually you can exchange those points maybe for something else. Like if you go to, you know, Dave and Busters or One of those, you know, arcade places. You exchange your tokens and you go get, you take your kids and you get little prizes. You know, like I take my kids to this amazing place out in Chilliwack called.

Hassle Fun Park. It's a really neat spot and well, they love, they get all the points, they spend a bunch of money, but then they go get like a teddy bear or whatever, some candy, so there's a reward at the end. That whole gamification model is, is a natural thing that works very well for us. We're designed to compete. And when you see certain things happening positively in your financial household, you, you gamify the outcome of what's taking place. And the result, often not just of the advantage of, of well designed constructed policies and everything, but all the behaviors that you implement create vastly superior outcomes. Yeah, if all the behavior is focused on just buying crap, you're not going to have a very positive outcome doing that.

Yeah, that's a good point. Again, it's just, you know, it's telling the truth and providing clarity so that people understand what's really happening. You know, you're paying premium. You're purchasing a unilateral binding contract.

That contract begins accumulating cash value, which again is not money. It's the net present value of the future payment of a death benefit. You can borrow against that accumulation on demand, on your terms. When you make repayments on your terms.

It is the extra interest, which isn't really interest, that goes back into your system as additional premium. When dividends are declared and paid and you elect to have those dividends purchase fully paid up additions, that's the equivalent of paying a premium. That's what's growing your, your system. The total cash value of your policy is, is going to rise without any borrowing activity at all because it must grow to match the total death benefit of the life insurance policy by age 100, age 121 in the US of the life that is insured. When you change your behavior and you start to control how you finance the things that you need in life, it's not a function of getting rich purchasing the thing that you need in life, it's controlling how you finance it and where that additional capital is flowing to and where the repayments are flowing to, recognizing who those repayments are being put to work for, which is every co owner of the insurance company. There was another video that we saw just the other day saying, hey, if you're going to consider whether or not to take a policy loan from the Life insurance company. The only thing you should be comparing is the interest rate from the, the entity call it bank X versus the life insurance company. That's one thing that you should compare. You should at least be aware what is the rate of borrowing. But that's not the only thing you should be comparing because when you are in a position of controlling how you finance things, the rate may not be as important to you as the person who's only the depositor and the borrower.

I can't emphasize enough the analogy that Nelson explained so many times. Richard, if you and I co owned a Safeway grocery store together, would we ever buy our food from Walmart? No, no, it's not. We're not comparing the price of milk, eggs and butter.

We're comparing where the money's flowing to regardless of the amount and who that money is being put to work for.

In fact, I would suspect if we own a grocery store we would have to charge more than on eggs and milk and all the different products we have than Walmart can. But we probably wouldn't open up our grocery store right next to Walmart because that might be a stupid thing. It means we didn't do a very lot of research for our business and we would have other research done in advance and then we would, we would supply to the market demand. But fundamentally we. I'm happy to pay more to a business that I want to support and if I own that business, that's a business I want to support.

Sure.

But you know, the feedback I heard, I remember this years ago. Well, you know, that's just philosophical.

Well, okay, do the board of directors at the commercial banks sit around and say, hey, all this interest that's pouring in, can we have a philosophical conversation about that phenomenon? No, they're, they're going to do something with the money. They have a responsibility to create enterprise value for the bank. And the way that they create more enterprise value is through the function of getting the money moving. And so the life insurance company is no different. It's not philosophical. You're making a decision if the interest rate at the bank, which today is a completely different conversation. But let's just go back a few years ago. If the interest rate at the Commercial bank is 3% and the insurance company is 6.2%, no need to throw a calculator in my face. I get it. The commercial bank's rate is lower. I get it. That's the truth.

Well, I think we take that question.

You have to reckon with.

Is who is that capital being put to work for and for how long.

And that is critical. Where would you prefer your capital to flow to? Well, I want it flowing to an entity that I co own where I know that they have and a responsibility to create more enterprise value by getting that money in motion and growing. So it's not Phil philosophical. You can't say that. Well, the bank looks at it this way. But if you're implementing the process of becoming your own banker, your view on it is philosophical.

What are you talking about? We're both dealing with.

Do you follow the logic there?

I do, I do. I actually think it, it goes even further than that because you separate it from a bank for a second. So.

You can go buy beef at a grocery store, any grocery store sells beef. You can also go buy it from a butcher shop and you can go buy it directly from a farmer. And that beef is raised differently depending on how you buy it. So it's grass fed. And by the way, if you go to countries where they don't do grain and commercial farming, all the beef is grass fed. So they don't, they think that's a stupid term. But you might make health choices that you for whatever reason you decide to go buy a certain type or quality of beef and you're probably going to pay more for that. Yeah, well you, are you, are you wrong or silly for going to pay more for the beef that you want from a different store, for the quality of what you're going to get and the longevity of what that's going to do for you health wise or whatever that decision versus going to Walmart to buy it if Walmart sells it cheaper, like is anyone wrong for doing that? And then, and then additionally thinking about banking. So recently we had an amazing interview with Brett Oland who's a CEO of Bow Valley Credit Union in Alberta. They're a different kind of bank. They're doing things a little differently. They have a different philosophy on things. They're looking at stuff like having gold back assets to protect and preserve their customers wealth, some inflation protection, a number of other different things that they're looking to do. Now many people are flocking to go and create accounts to a bank like that and other types of, you know, credit unions. I was on a call yesterday with an amazing individual also based in Alberta and there was recent changes with his primary bank as a green logo and he fundamentally did not. Him and his wife made a decision, they do not like the changes that are happening there philosophically. And they said we're out, we're going to go through a massive six month process to move all of our corporate accounts on multiple corporations, all of our personal accounts to a local farmer oriented credit union support bank that might even have higher fees and a huge amount of pain of disconnect to go through that whole process. That's a man having to fill out those Mickey Mouse pieces of paperwork is really frustrating to me. I would hate doing that. But they've done it. And they did it because, not because this other bank offers cheaper fees or better interest rates because it does more for their community and that supports the things that they want to do. And as a member of that credit union they have a little bit of co ownership in it. So the decision making process that we go through on many things in life, the same reason you would go buy a nicer computer with more functions and more RAM and more, more data and more terabytes of room and speed and LED displays or whatever, that's $800 more than the Chromebook, that's $800 less. Is the same reason that you would want to go do business your own store.

Right?

Your money must reside somewhere. It's just a fundamental truth. If you have an entity that can accommodate your capital that you have an absolute beneficial interest in seeing create more enterprise value for that warehouse of wealth, how much of your capital do you not want residing there?

Because a fatal error in thinking is that the process of becoming your own banker. The infinite banking concept is a function of interest rates or rates of borrowing. It's all a matter of where the money is flowing to, who that money is being put to work for and for how long.

I'll never forget this ever having this conversation with Nelson. It was back in 2013.

The question comes up because rates, we went through that extremely.

Long period of time where rates were the lowest that they've ever been since they've been measured. And Nelson just wanted to help us think differently. Okay, so you can borrow the money from commercial bank.

Insert name here. And you can borrow it at 3, 3%. Excellent. Boy you've got great credit. Or you can borrow the money from the life insurance company at that time at 7%.

Let me ask you a couple of key questions.

Who's controlling the repayment schedule of that loan? When you borrow the money from the Commercial Bank?

It's the Commercial Bank. Okay. And when you make repayments on their schedule, not yours, who are they putting that money to work for? For the stockholders of the bank. Okay. Now when you borrow money from the life insurance company, who controls the repayment schedule of that borrowed money?

I do.

And when you make repayments.

Called policy loan repayments, who is the life insurance company putting that money to work for?

All the participating policyholders.

Arrest my case.

One more.

Don't make the decision based on rate. We all get it. 3% is lower than 7. Thank you Captain Obvious. It's all a matter of where the money's flowing to. And I want my capital flowing to an entity that's going to create more enterprise value for my benefit and everyone else who co owns it. Full disclosure. Like I have stock positions of ownership in commercial banks.

Why.

I own stock in bank of America, I own stock in TD Bank, I own stock in rbc, I own stock in the national bank of Canada that practically were this close to kicking me and my family out of our home when I was growing up as a toddler. Why would I own stock in these institutions?

I'm never going to have a hundred percent of the marketplace buying from my grocery store. And if I know how profitable the grocery store business can be, then I want to invest in other people's grocery stores because I know I'm not going to get 100% of the market.

So why would I invest capital?

Because I expect what.

Return on your.

Capital and return on capital. I expect more enterprise value to be created. And guess who's creating the enterprise value at those other banks? It isn't me. Other borrowers, guess who's creating the enterprise value at the life insurance company? It's not just me.

It's not just me.

It's everyone else.

Who co owns the insurance company. So this is not a. Again it's, it's so brilliant. Every time you read Nelson's book he asks the question would you have much of a grocery store business if you were the only customer who shopped there?

The answer is no.

But the discussion is let's focus on you and let's compare rates.

Yeah, so shallow.

Let's spend an hour analyzing a spreadsheet based on a, a point in time and project it out into the future because clearly what we look at today is going to be the same. This reminds me of something else, Jay. Kind of.

I find it very interesting in the, in the path of us doing this we've seen a lot of changes in, in interest rates not just with the open marketplace but also at the level of the insurance company. And, and I, I think it's quite fascinating and I reflect on, you know, a lot of our, my own journey and, and conversations with colleagues and people in this industry, advisors who just are insurance advisors that have been for, you know, long, long time, they don't necessarily do or practice ibc. And then also ones who are very focused on the implementation of, of ibc, you know, for their clients, etc. And I would say more often than not, most of the time especially somebody new who's coming in and wants to get started on this. In fact, I had one of these conversations last week for an hour with a guy out of Vancouver and great conversation, but the focus was all about rates and it, the, the marketplace has taken your brain there. If you actually understand how banking functions and you realize it's not that the rate doesn't have value or, or recognition or should be aware of it, but it's, it's about where the capital's flowing to, that's the most important factor. And, and when we, when we started on this journey, you know, know there were, there was often a company that I have a lot of policies with where their policy loan rate was higher, sometimes a fair amount higher than the other companies where we could go get a policy. And it was like that for quite a number of years. Would you agree? Yeah, I, I would say virtually almost most of the time that we've even been doing this to some, to some iota.

Yeah.

And often I would have advisers say, well they have a, they have a higher policy loan rate so I don't place the business there or we don't do business there because other guys have a lower run rate. I'm like, okay, how long is that going to be the case? For what, what is the criteria? What is the criteria by which that company makes fundamental decisions at a top down thinking level that affects all policy owners in the measurement, allocation, recognition and then decision around what their rate for the year will be. And if you don't understand that, then all you're looking at is today's value with a short term outlook, not a long term outlook. And now that interest rates are way up, every other carrier in the country who had low rates at one time, their rates are up through the roof. And so their rates are not drastically different than what you can get in the open marketplace right now on like a home equity line or a credit line of some kind. And so many people who have policies with those carriers, they're not bad policies, it's not a bad carrier, it's not a bad problem. But fundamentally they're waking up and they're getting policy statements because probably probabilities, they don't have any idea what's going on because they can't log in and see their information until they get a stupid statement. And they probably don't check in on it regularly by calling the company. And their advisor probably doesn't send them a daily report because the advisor would go insane and never make any money if he did that. So, so one time a year you're finding out what the loan rate is on your statement and how much more interest you have to pay. And it's like gone up 3, 4, 5, 6, you know, 5, 6% from what it was before. And that can be a wakeup call for a lot of people while all the other financial turmoil that's going on in the marketplace right now, especially if it's impacting you in other areas of your life, that could be really eye openening and you had an expectation because of what the advisor maybe share with you or told you. And the reality is that hasn't, hasn't matched up any longer. I don't know if you remember, I have a, I have a, a sheet that I was tracking, I haven't updated in a long time, but I was tracking like the changes of the interest rates going back for pretty much since like 2000 and I think 2010 or something. I've got multiple companies in there and when they change their rates and you know, one of those companies has had a pretty low rate for a really long time now. They're at the highest rate. And I had several advisors that told me that was their decision for placing policies there was just because they had the lowest interest rate. Oh, they had the lowest interest rate, but they don't let you borrow for the first year. That's interesting. Plus a whole bunch of other Mickey Mouse factors. And so now in the same environment, the company that I have most of my own personal policies with as a family, in fact I have one in underwriting right now. Turns out it's on somebody's life right here. And, and you know, Jason, I know you got a lot of policies or many of our clients do. Well, their interest rate barely changed at all because the, the thought process and the criteria by which they, they make the decision of that change is different than the rest of the, the rest of the marketplace.

That's right. I just really cannot emphasize enough the significance of going back and reading R. Nelson Nash's book and thinking about your thinking. It's all there. All the substance of what we're describing and talking about is there. And he just wanted to.

Also emphasize that this process, it doesn't need to be sensationalized. It's ridiculously simple. And when we.

Attempt to sensationalize, we introduce confusion, we introduce a different method of thinking where it becomes an either or versus as well. As we begin to get into comparison mode, pick whatever, compare the rate, compare the dividend scale, interest rate, compare the paid up additions room, compare the whatever. And we're missing the entire point of controlling how we finance the things that we're going to need throughout our lifetime and building a warehouse of wealth.

You know what's never on that compare list? You mentioned a couple of things. That is, that's always on the compare list. But what's never on the compare list is compare the behavior of that company and how they deal with their policy owners to that company. Compare the behavior or the capacity for that company to do business with as a consumer, when you phone them, when you call them, when you send them an email, when you request a policy loan, which is fundamental to the process that you're implementing your life, compare the behavior. You know, and I could go on several other lists and if you stack ranked all of those things which are, are critically important to the implementation of this process in your life, for which is a lifestyle. So if you're going to do something for your entire life, do you want to be easier or harder? If it's for the rest of your life, probably easier. And if you stack ranked those things and you measured against the span of time for how long you expect to be living on planet Earth and then your family members, you expect them to be living past you, it seems to me that that criteria of comparison, if that's what we were going to do, outweighs all the other gobbledygook crap which showed up on a spreadsheet. And I can speak emphatically of multiple clients who have told me that directly. They're like, oh my God, you told me this. You, you mentioned this to me before. I didn't get understand. Now I see, now I understand. The process was so easy. I was able to get money right away. I can log, I can see what's going on on a regular basis. I feel empowered, I feel in control. I don't have to go through some Mickey Mouse middleman to, to figure out what's going on with my capital, my money and what's happening. It's like these things have intrinsic, measurable value to your life. You can't necessarily measure it with, with a spreadsheet. I think you probably could if you really tried, if you allotted value to those things. But you can measure it in how you Feel and the quality of your life and, and the, and the simple and simplification of your life, man. I sent a policy, loan repayment Jay, last week to a particular company that, as you know, I'm not a huge fan of, but I have a policy there and I. I know you have a policy there. And in the entire time I've owned that policy for I believe I'm going on six years roughly in the ownership of that contract, there's never been one time that they've got a transaction I've sent them. Correct. Not once in six years. This time they got it done correctly because thankfully I was able to find someone who I could directly say, I'm doing this. I know you're not the person I'm supposed to communicate this with, but you seem to know what's going on. I'm going to ask you directly to follow up on this for me. And today I got an email back that it was done correctly. First time in six years.

Better late than never.

Other companies never had that issue. This company every. My own policy personally and almost every one of my clients that may have a policy there. Same story. How does that. How does that help you become successful at a process that's a lifestyle for everything you do financially?

So true. So.

All that, we're suggesting two different tracks here. To any of our esteemed colleagues out there, resist every urge to sensationalize the message. It's just simply not necessary. And, and hey, we're not anywhere near perfect. Like, I just saw a Facebook post that came out. I reached out to my team right away and I said, take that down. Because had this, you know, aura of.

Get rich, you know, buying whatever by becoming your own banker. Like, take that down. Like, we're not. We are not perfect by any stretch. Like, we. We are learning and growing in our journey as well. But the, the message doesn't need to be sensationalized. What we've developed a much better.

Along the way is our radar. So when we create something, if our radar goes up, it's a much different, more powerful radar system now than it was when we first got started in our journey. And then the second track is for the general public, people who are consuming our content. When you're hearing marketing language like that, it's not. That's not the correct, complete picture of what's really happening and how to. How to create the outcome that you're seeking based on your own individual financial goals and values.

You cannot explain infinite banking to anybody.

In less than gosh, it took Nelson 10 hours. So we, we've done our best to get it down to about four, but it is impossible to explain infinite banking to somebody on a real video. It's just not possible.

It's impossible to explain virtually almost anything in that time frame. You, you might be able to get.

An insight into something to determine if you want to learn more. Yeah, sure. But.

As consumers, don't make.

Don'T make judgment calls on things that come in 30, 30 and 60 second sound bites. That's ridiculous. I mean, fundamentally, just as a society, we got to stop doing it. It's, it's, it's just not, it's not a, it's not a functional way to move forward with your life. My opinion, and I'm, I'm concerned about it for my own children at 6 and 8 years old, that, that's, that's the environment that they're, they're growing up in on, on things that give them the 60 seconds. You know, it's funny thinking about that because it's, there's a weird dichotomy here, Jay, where that type of environment is becoming crazy and ridiculously popular and it's no different than like the newspapers. Well, that's what headlines are. Headlines are the real of the written, the written news environment. Right.

But in the same scenario here, we have formats like a podcast, like what we're doing here today, and long form type content and, and for us personally, like, you know, across two channels and everything, that stuff is performing unbelievably well, exceptionally well. And there's a high demand for people to be able to really go through and gobble up information and have conversations that matter. I mean, I listen to podcasts voraciously. I don't, I don't watch, I watch certain things that people send me that are, you know, the little whatever, tic tacs or the, the sound bite type things. But I don't choose to do any of that on a daily basis. I would rather listen to something that's three hours long where I can actually hear the opinions well thought out, constructed, discussed, learn about people and what's going on and longevity and all the things that I'm interested in that actually matter and, and, and come away feeling like, wow, that kind of filled my bucket a little bit like that. Actually, I learned something really valuable over this and I didn't, you know, that 32nd thing I got, hey, maybe I had a little quick laugh. I didn't learn anything. It didn't add any real value to my life. So just be aware that you know that you can get a lot more by listening to something long form and for me personally, the podcast realm, as a listener, as someone, you know, working with you to produce one of these things and, and the feedback that we receive from people that are listeners. And by the way, if you haven't left any feedback, now's a great time. Please make sure to do that. Rate the show. We love that, but it's just been absolutely tremendous to hear from people what value they're getting out of having these types of discussions and going deeper into something because they actually want to learn more.

Thousand percent Build your warehouse of wealth by controlling how you finance the things you'll need throughout your lifetime through the process of becoming your own banker. The infinite banking concept.

To all of our viewers and listeners around the world. Stay awesome. Make the rest of your week great. And if you haven't had an opportunity, as we mentioned, get your hands on a copy of this book titled Becoming your own banker. Believe me, it's going to open your eyes to a whole new financial world. Rich, this was awesome.

Thanks for listening to the Wealth Without Bay street podcast where your wealth matters. Be sure to check out our social media channels for more great content. Hit subscribe on your favorite podcast player and be sure to rate the show. We definitely appreciate it. And don't forget to share this episode with someone you care about. Join us on the next episode where we continue to uncover the financial tools, strategies and the mindsets that maximize your wealth.