224. The Power Of Infinite Banking In Your Family

You are listening to the Wealth Without Bay street podcast, a Canadian guide to building dependable wealth. Join your host, Richard Canfield and Jason Lowe as they unlock the secrets to creating financial peace of mind in an uncertain world. Discover the strategies and mindsets to a financial future that you can bank on.

What exactly is the power of infinite banking in your family, in your business, and with the people you love and care about? We are joined with Kyle Fuller today, the founder of Factum Financial. And we are going to learn all about how he is implementing game changing aspects, teaching people the power of Nelson's message of becoming your own banker. With his amazing client community, Factum Financial has served over 2000 families and created over 650 million in legacy for future generations. They are making big things happen and, and they are going to make a massive wave, a massive impact. Join us for the ride. Welcome Kyle, to the show. So happy to have you with us today.

It's honor to be here. Richard and I have always been a big supporter of you guys up north. We're down here in the United States, you're up there in Canada. But if there's anyone that I love from Canada, it's you and your team. So it's an honor to be here.

Amazing, man. Yeah, I mean, we connected recently, of course. We're a few months past our most recent annual think tank conference. It was a ton of fun. Really amazing event here that we did down in Vegas this year, Henderson, Nevada. And you know, in the second day, as we were getting near the closing of it, you got your chance to come up on stage and share some of your great wisdom and some of the things that you're doing with your organization, how you're looking at making a big splash and really getting Nelson's message out there to a bigger, wider marketplace. It was a ton of fun. Really great value that you provided. You know, before we get into that, I want to circle back. It's going to hit the tape and we're going to rewind it a little bit. Let's go to that point in time. You joined the life insurance industry around 2013. And shortly after joining, roughly within about a year, suddenly you discovered Nelson's message. How did that transpire and what happened once it did?

Yeah, so my journey kind of goes back to 16 years old. My dad had given me Rich Dad, Poor dad by Robert Kiyosaki. And about the exact same time, my grandfather set me up with a Roth ira, so a retirement account and you know, put a thousand bucks in it. Best thing that ever Happened to me. And he said, you know, if you just work hard now and you put money into this retirement program, you could retire and play golf when you're 40, you know? And I was like, oh, that sounds amazing, because, you know, I didn't love going to school, and I didn't really love working because I hadn't found my passion in life yet. And so I was really busy in high school, and I'd work, and I saved money, and, you know, instead of spending it like most of my friends, I saved it and I put it into that Roth IRA. And, you know, I graduated high school in 2007, Richard. And when 2008 rolled around, I watched 40% of that value just disappear. And when I had talked to the financial advisor that I had no relationship with, by the way, I said, what happened to my money? And he said, well, it's gone. He said, but don't worry. You're young. You know, it'll come back. And I was like.

It was basically like that south park little clip of, you put the money, and it's gone.

Don't worry.

We'll reinvest that into a portfolio. Oh, and it's gone.

Sorry. This line is for paying customers only.

Do you have any money with this bank?

My money. So good. Yeah. So that's literally what happened to me. And I just kind of took a step back, and I'm like, this. That is not a strategy. There's no strategy to that. What happens if I'm 58 and I'm two years from retiring and I lose 40% of $2 million at that time? Whoever knows what it would have been? I can't afford that. So that kind of just put everything on pause for me. And I started looking around like, there's got to be something else out there, right? And it took me a few years of searching and looking around, and then I came across a guy who was telling me about the benefits of permanent life insurance, specifically with an index universal life policy. And so I was like, yeah, that sounds pretty cool, but it also kind of sounds too good to be true. And I'm of the mindset that when something sounds too good to be true, you have to dig a little bit deeper. Like, there's so many things that, like electricity sounds too good to be true, but it's completely legitimate. Right. If you had to explain that to someone.

But I can't see it, Kyle. I can't see it.

Right. You know, so, like, I dug a little bit deeper, went and did my own research, and I'm like, holy cow. This is exactly how this stuff works. You know, you can grow, you can borrow against it. It's got these tax benefits, you know, there's death benefit. This is awesome. So I got into the life insurance industry and I started helping people with some retirement programs that I wish I would have had because, you know, the way they're positioned is you can't lose money with them. And I wasn't that educated back then. And luckily for me, when I met my future wife, she had worked for a very wealthy orthodontist, which I think, you know, down here in Chandler, Arizona. And he said, diane, if Kyle's got his life insurance license, you should have him come talk to me and I'll set him straight, you know. So I was 25 years old at the time and I thought I knew everything about money. And so I ended up going down to a workshop that he was teaching after hours to a bunch of millionaire dentists, orthopedic surgeons, you know. And then it's 24 year old Kyle. I make no money, you know, I'm just down there like this young kid and good room to be in, by the way. And he's teaching all about this concept called becoming your own banker and how he's privately financing his orthodontic practice. And I'm like, this is everything I've been looking for in the money game. And I'm like, what kind of policies are you using for this? He said, you're not going to like it, but a dividend paying whole life insurance policy. And I'm like, don't you know that's the worst one, you know? So he gave me Nelson's book and also the book the pirates of Manhattan. I went home and read those that week. I read becoming your own banker and one night I kept waking up my wife saying, you're not going to believe what we can do with this, you know, like, this is going to change everything for us. And I ended up going back to the professionals that I was working with in the universal life space. And I said, what do you guys really know about whole life insurance? Oh, garbage product. It's a black and white TV compared to the new color TVs we have nowadays. And right there I knew they had no idea what they were talking about. So I had to cancel the two IUls I had. I had to make a lot of uncomfortable phone calls to some previous clients saying, hey, I think I goofed up, but I have the solution for us. Here's a book you should start reading and then I asked that that orthodontist, would you mentor me with this? He introduced me to a gentleman, Ray Poteed over at Living wealth and that was my first exposure to becoming your own banker.

The book.

And here we are 10 years later and having the time of our lives financially free, our families closer together because of this conversation around money. It's completely transformed everything for us.

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You know, it's an interesting conversation because banking is such an active function in the money game. Yes. I mean it is all about money in motion and you have to understand what's going on. And so it requires work. And I think that's one of the hangups people get with this concept of becoming your own banker is it's not this, let me hand you my money, Richard. You manage it for me and please tell me everything's going to be okay in 30 years. That was my old plan. Right. This requires some work and we like to really focus on that word becoming in the concept. It is a transformation. And so as we've learned and we've grown, you also have to have conversations with your spouse, you know, with your kids, with your siblings. And I come from a large family, so I'm the second oldest of 11 kids. Right. So Most people off the bat, that's.

Enough for a hockey team.

Yeah, exactly. Most people can guess I'm either Mormon or Catholic. Right? And that is correct. So I am Mormon or Catholic. I'll let you guess which one. And so we have this large, large family. And so when you start just calculating the cost, the, the lost interest cost or opportunity cost of not having a conversation with my siblings, my parents about just the value of vehicles that will be driven in a family of that size is so astronomical, it would be crazy for us not to sit down and give everyone a chance to participate in this. I mean, we're talking like $20 million of lost opportunity cost by not understanding how banking affects us for just cars, let alone mortgages, everything else. Now that's all the scene, right? It's the dollars like you were talking about. But the cool part is once the family has had a chance to kind of like come together around this, there's more trust, there's more self reliance, there's more interdependence. You know, we work closer as a family now. It has changed the relationship among everyone. We're starting to operate like a very wealthy family, even though we come from a very middle income family. It's been the coolest thing to have happen. And the best part I think is seeing the effect it's having like on the next generation, which is my kids, I got a five year old, a three year old, a one year old. Now by the time they're old enough to really understand what's happening, they will be so ingrained with. It is totally natural for every American family to have a private banking system. They're going to think it's really weird that their friends at school. Why do you guys go to Chase Bank? Bank of America? Why don't you just use your own family bank? Right? It's such a cool concept. And what it's going to do is it's going to allow our kids to come to us with conversations with questions about money. And most families, it's the exact opposite. The kids go away. And I'll tell you, those bankers are more than happy to build that relationship with our kids because they only look at them as potential cash flow sources. And we understand that they're people. In fact, they're the, they're the most important people in our lives. So why would we not want to instill our principles, our leadership and actually enhance that relationship as opposed to distance it? So our family, the big Fuller family, is closer than ever because of education around money. Isn't that so cool.

That's amazing. And you guys actually meet quite frequently. I don't know if you're at a. At a monthly level to a degree at least, with maybe not all members, but certainly, you know, a core group of family members. You kind of, you get around kind of the boardroom table, as it were. Maybe not the dinner table, but you're having these conversations on a fairly regular basis. Could you speak to that a bit more?

Yeah. So, you know, as a family, we're, we try to get together every Sunday. So, you know, we're LDS or Mormon. That's a pretty common thing in our, in our culture and community. We like, we like family, we stay close. And so we're already kind of always together, but quarterly we meet at our office and we have really serious conversations about leadership growth, financial education. And keep in mind, these are not like high level investing conversations. This is kind of like the average American saves less than 5% of their income. So as a family, we want to be uncommon. We got to save between 10 and 30% of our income, minimum. Let's start there. So they're very foundational conversations, not complex. Any family could have them, and it just takes some time. So we meet quarterly because I do think traditions matter and consistency is important. And so sometimes there's five of us, sometimes there's 15 of us. And whoever can be there will be. And granted, not everyone in the family participates in this right now. Most of them do. But, you know, we do have a few family members who are too smart for this. We'll just put it that way.

They probably have some of those big degrees I keep hearing about.

They got a couple of those. I only have eight credits at a community college, so I'm low on the totem pole there.

Well, well, somewhere, probably collecting dusk in a filing cabinet is a journeyman electrical certificate that I've got. So.

But it's funny because my brother is in, in that same field and he's, he's having a heyday, so that's funny now.

So I love that you're meeting, you're meeting quarterly and of course, what, here's what I see, and you can correct me if I'm wrong and maybe I'm just interpreting, but there's something that happens as a. It's, it's like, maybe not an intentional, but it's a natural byproduct of these quarterly meetings. Everything you've described, you're closer together, you're having, you know, more, more fun, more great conversations. You're thinking differently you're holding each other accountable. These are all kind of things that are, I think, are intended and happen through the action. The action of doing the unintended or the, the, the expanse of that is you're serving clients. And because you're doing these things and you don't know what's going to happen in every meeting, maybe you have an agenda, maybe someone puts one together. But the discussions that happen, you can't, you can't formulate those. They're natural discussions, just like you and I are having. We don't know what direction it's going to go. So you're not sure what great idea, what great concept, what new opportunity, what, what connection to maybe another extended member of the family or an extended part of the network could bring an opportunity in. And so now you're beginning to share and teach that model of what you're doing. You're saying, this is what we're doing. Here's how it works to your client community. What's happening when you begin sharing those, those conversations and, and showing them, like the tactile, actionable steps of what you're actually doing.

Yeah, it's, it's one of the most fulfilling things ever. And it's why we have scrubbed the word retirement from, from what we call our future family letter. So my younger brother Joe and I, he's in business with me directly now. He's, he's number seven of 11. I'm number two of 11. So we have a great time working with each other. And I don't know, maybe, maybe your family's different than mine, Richard, but we definitely have some generational habits that have been passed down that I am not interested in it going another generation. Right. And so we sat down and we wrote a, what's called a future family letter, which is the values, stewardship, leadership principles to the future generations. And it's everything that we think it means to be a fuller. And so there are certain things that don't exist in there anymore and certain things we do not tolerate. So I'll give you a few ideas like we do not tolerate government sponsored programs. We just will not participate in them as a family. I don't care if you do. That's your family's decision. I, I don't want my kids focusing on anything in that realm. Right. And so we have some ideas in there of what it means to be a fuller. And the reason it's so important is because when you understand banking and you bring the family in together, the amount of wealth you can keep and retain is unbelievable. So you better start making plans to protect it generation to generation, because you know the stats, wealth does not transfer past the third generation. So I got a great grandpa who owned a helicopter, 50 gas stations here in Gilbert, Arizona. He was insanely wealthy, but my dad grew up very poor. How on earth does that happen? Now here we are again, starting over the cycle. My brother and I are building the empire. If we don't instill our values, principles, work ethic into our trust with some documentation, the right team, everything we're working for will kind of go to waste by the time my children's children get the money, right? So we're not interested in doing that. And so many of our clients are also interested in the same type of conversations. And this is why you kind of just have to go out and trailblaze one, find a system and a model. I studied Jason, I've studied you, I've studied so many others at the, you know, the practitioner program through the Nelson Nash Institute. And there's so many good models of success. But at the end of the day, you have to go do it for yourself. And once people know you're really doing this, you never have to sell insurance ever again. They will come to you and they'll say, will you come into our home and teach us how to do exactly what you did for your family? And when you sit in the living room with some of your clients who are now starting to become very good friends and family, and you're talking to adult children about how we're going to transfer millions of dollars to the next generation and how we're going to keep it, be good stewards of it, and you're helping them write their own type of future family letters. It's never a conversation you want to stop having because it's so fulfilling. Right? And I think that's the coolest part about the life insurance industry is I think it's the most rock star industry there is. It is so important because it's so relationship based. And so to be in the living room with a family, I think that is where the most important wealth conversations happen. They don't happen in a fancy hotel in a big ballroom. They happen in the living room with the family sitting on the couch. That's where all the magic really happens. And you've got to be real about that. And if you are, you'll be in the, in the homes of your clients, sitting there, helping them build out this multi generational plan which solves a multi generational problem. We have In America and in Canada.

Yeah, absolutely. In fact, I was having a great conversation earlier with Jim Oliver, and we were talking about some very similar items, and he was sharing the story of delivering a tax free death benefit check to a family who didn't even know that it was coming. They knew something was coming. They didn't know what it was. And it was a $3 million check, and it floored everybody. They had no idea that, you know, the husband, the patriarch of that family had even set that in place. And so there wasn't a discussion about it. They didn't necessarily know what to do, but they were very thankful that it arrived in a time of need. And so you never know how what you do a conversation with, you have with someone asking them to go buy a book, like become your own banker. How it can really shape and impact not just them, but the ripple effect of everyone else in that same pond. And some of the things you really mentioned kind of made me think about the new book that Jason and I have that we're going to be releasing called don't spread the wealth. It's how to leverage the family banking system to own all the gold, make the rules, and enjoy generational riches. And enjoy doesn't mean enjoy the money. It means enjoy the people who are the people that are involved. The generational riches is the, is the, the connection that you, you create amongst your family members. And, you know, you shared some very interesting components about your journey so far, Kyle. And, you know, I have, I have, you know, not as many siblings as you do. We don't have enough for a hockey team. But, you know, I do have, I have three older half siblings. And, you know, everyone, love everyone, they're wonderful. But I was blessed by being, you know, the youngest of everyone in that I had the ability to see things take place in life ahead of me. I almost had, like, maybe not a crystal ball, but I had an ability to say, okay, here are things that are happening with other people, and do I want to have more of that or do I want to have less of that? Do I want to have a different path? It gave me an opportunity to think through things. And I didn't even know I was doing it. It just kind of naturally happened. I was like, oh, what happened over there? Maybe doesn't seem like it worked out so good. Perhaps I will choose a different path. And so there's people in our life that can help us do that. Whether you're the oldest or the youngest of siblings, you have no siblings. There's a Some older, wiser person. There's an older person that you know in your life or that you see on the street and you can have a conversation with them and find out where was some of the turning points and the pivot points in their life and their journey that maybe caused them to go a direction they didn't want versus the direction that they did. And if you ask enough of those questions and you, you speak to enough of those individuals, you're not just getting the hyperbole and the social media quote, post about what to do, you're getting the real life story about what happened. And what happened can turn into a question about what you might do differently. You don't need to necessarily, you might want to repeat some of those lessons. Some of them you may not. So you can ask those different questions. And I suspect that that's coming up in the conversations you're having in these family meetings to some degree and that with the clients that you serve. Would that be a fair assessment?

Absolutely. You know, one of the common things that we Hear is number one, I wish I would have known this 20 years ago, or I wish I knew then what I know now. Right. And it's that retroactive perspective where if you could go back and be able to chart your course a little bit differently, you know, it makes a world of difference. And one of the ways that we can kind of hack into that, it, you know, our books are other people's models of success. That's why becoming your own banker is so vital to people learning about this process is because how many years did Nelson kind of stumble through things and have it, never really see it, and then kind of like didn't know exactly how to fund the policy or you know, taking dividends to pay premiums, things like that, instead of buying paid up additions. Right. There's all the things in there that we get to learn and benefit from now. And I think that's one of the most rewarding parts about being a leader and a trailblazer is sometimes people think, well, it kind of stinks that we're the ones that build it all because the generations after us reap. And I don't really look at it that way. You know, it's, I love the idea of what we're building. We're kind of the first to do it. I feel like it's a rite of passage. It's a wonderful opportunity to be a leader. And there's a quote that we like and we share in a lot of our meetings that the person that plants A seed, knowing that they'll never sit under the shade of that tree is starting to understand the essence of life. And a lot of us that are doing this for the first generation, our families are those individuals. I'm okay with that. I will take that all day long, knowing that all the future Fuller generations will be set up. And as long as we have the right team, the right documentation in place, the leadership and stewardship is instilled, most likely the Fullers will end up producing a lot of good people in this world with a ton of resources. And that's something I think we desperately need, especially in the United States. You guys probably need it in Canada too. We need more good people with good resources.

What's interesting that you mentioned that, and I'm glad that you brought that up because, you know, whole life insurance is the original GoFundMe account. And it doesn't take you long to scroll a social media feed to see GoFundMe's out there. And absolutely, there's people that are in need, they need these, whatever that help is. But oftentimes that help could have been simply fixed by having the insurance in place, because that's what it was designed for. And when you think about the system, and I say the system aggregately, as in, you know, the bureaucratic machine of the system, and there's all of these social programs, they're called social programs because they're a program created by a bureaucratic entity to help some social good that people are in need. Okay, so we want to help people in need. We can understand that. However, if we had proper insurance for people and there was cascading death benefits coming along. I mean, just imagine if every child born within 16 days of being born was issued their own whole life insurance policy. That, that wouldn't immediately fix everything overnight. But over a generation or a generation and a half, virtually almost every social program that we need to fund with tax dollars could probably be eliminated because the dollars would show up and there wouldn't need to be a burden on the system in the way that there has been. I really do believe that fundamentally. And so the work that we're doing by teaching Nelson's message, if you want to look at creating generational impactful change, change begins with you. It begins at home. It doesn't begin out there in the real. In the world. Everything starts and begins at home. And then it echoes outside of that, the lessons that we teach, the things that we do. You have autonomy and control of those decisions at the home level. You don't have them at the protest level necessarily. So if you focus on what's going on here in the local environment, your personal economy, then it can spread to your local economy and then it can spend to the state or the provincial like you can, you can build things out the same way. You know, when a rock hits a pond, it's not the last ripple that shows up first. It's the first ripple. You're the first ripple is kind of what I'm getting at.

Yeah, it's, you know, the most important part of an organized society is the family unit. You know, it is that first ripple. And so that's something that we believe. And so when we fix our own homes, you know, we have this terrible problem of kind of peeking over the backyard fence, if you will. We love to point out what's wrong with other people's backyards. But like the reality is we got to fix our own backyards first. Let's focus on that. And if we would all do that financially, it would solve so many issues. I think we all know at this point it'll never be a top down approach. We're kidding ourselves. There's too many shenanigans and games that are being played. And probably one of my favorite parts about being in the infinite banking world is that, you know, the conversations around the Federal Reserve centralized banks, that is a common conversation that we all understand. We know the games that are being played and we know the solutions. But most Americans are just living their lives and out of total, you know, they're just ignorant. We just don't know what we don't know. So we just participate in the system and it is absolutely broken. You know, I Learned that at 19 years old that something was not quite right with the financial system. There was a game that was being played. And I think one of the most rewarding parts about what we teach Richard is as soon as people see it, it's like Nelson says in his book the Baseball Bat, right? Eventually this stuff hits you and once you see it, you will never be able to look at the money game the same way ever again. It changes everything. And when someone has that moment and you can see it, click, that just lights me up because, you know, everything just changed. Because what you described when the kids are born and you know we buy, we're talking 5 to $6,000 in premium per year, 8, $900,000 of death benefit on that two week old, like instantly. That little policy is so efficient to go throughout that child's life even if they don't buy Any more insurance just to wipe out any potential debt. Right. Any ties to other people, financially, it's just completely obliterated. And if more American families would operate that like that, think about the economic impact it would have. That's a battle that I think we're both willing to fight until, until our time is up here.

Well, it, and, and not only that, you know, everyone's ranting and raving about the, the vast problems of inflation, yet most people don't seem to understand what inflation is. They look at it as a rise in prices. It's not a rise in prices. It's, it's a hidden tax on everything that you buy and spend primarily. But one of the ways you can, you can have a measure of control over that is to lock in premium with the stronger dollar today. You know, if I, if I bought a, you know, I bought a policy 14 years ago, I'm paying it with, you know, $4,000 of Canadian currency. But it's 2010 currency, it's not 2024 currency. But when I, when it grows, it's growing in a vastly greater environment because I locked in the premium way so long ago. So I, I get the advantage of those better dollars that I put into my system now. If you think about that over a lifespan of a child, it is drastic and dramatic. What can be created? And here's the other beautiful thing about a policy on a job. And there's so many incredible things about it. I mean really, truly one of the most important and powerful things I think anyone can do financially is get an insurance contract on their child dividend paying whole life insurance contract. It, it is, it is a tool with no breakable parts. It won't end up in a toy graveyard. It won't be too small. It'll be there to help them at every major life event in their, in their entire life. And if you're the, the, the controlling interest in that system, you can help utilize it to steer the ship of stewardship around the mindset and the incentive that you're hoping to achieve within your kids to some degree. I, I firmly intend on doing that. I mean, kids may or may not know that now, but they will, they certainly will as time goes on. And so I'm able to utilize that for the things that we do for them. Presently, we're going to go on family vacations. Why? Well, we, we want to go on family vacations. We want to have fun, we want to have those memories. We want to, we want to be able to connect with those incredible moments. And I want to be have those as part of our life while my kids are with me. Not so much when they're, you know, also when they're gone and they move out of the nest. But I want those now, those memories. I'm willing to invest in those memories today, but I can access the family system to do it. And when we do that, the kids already know. Oh, we use the family bank to get here. We have a conversation about using the family bank and then we talk about what has to happen. Well, in order if we want to go on another trip and have these great memories, we have to put the money back in so we can reuse it again for the next part of the system. That basic lesson. And you know, at, at 4 and 6 years old, my kids are now 6 and 8. They're starting to understand those components. They don't know about insurance, they don't know about dividend paying anything. They don't know what an illustration is. They don't know about policy lo. They don't know. They, they, they're pretty confident dad doesn't really care for the government much. They do know that. I mean there's some fundamental things that they do know, but they don't know anything about any stuff that just doesn't matter. And you know, tying into that, what I'm, what I'm curious about Kyle, because I know Jason, he recently attended one of your events. Unfortunately he couldn't be us with here today, but I believe he brought some of his, his, his important family youth with him. Maybe share a little bit for our listeners. What was the experience of having, you know, Jason and his son and his nephew come down and join you guys at your event recently?

You know, it's so awesome because I think people that tend to love the concept of becoming your own banker, the infinite banking concept, they're, they tend to have a lot of the same type of values.

Right.

There's usually some type of distrust for the government. They know something's not quite right, which is why they're searching. They know the, the financial system's broken. They usually have strong family values. Not everyone, but a lot of them. Right. And so to have Jason come down with as many years of experience as he has, to bring two teenagers who are having conversations around money that are still basic and foundational.

To the audience in the room, but to a 15 and 16 year old, they are top 1% of the 1% for their age group. And it's nothing that complex. It's just their habits around money are Going to be infinitely stronger than most individuals at that age. They have been programmed with all the truth immediately. That's the biggest the deal, right? So when our clients got to see that, number one, I think it gets them hungry to have better conversations with their kids which when has that gone bad for anyone? To have a stronger, closer relationship with your child. And this time it's around money. And the second part was this transition of like, you know, going from a small banking system that Jason shared first policy to the current size in a relatively short amount of time. We're not talking a 30 year trajectory. This is like 10, 15 years. Everything changes and it changes drastically. And so I think for our group to see that it was so compelling and so good and it just changes the conversations and you know, for my boys and this is how fast it can happen. Richard, I got a five year old, a three year old and a one year old. Now at about two years old, I just start talking to them in the language of money. I say, Ridge, he's my three year old now. You know, where do we put our money? And he can tell you right now. He will say in his broken English policy, he doesn't know what that means or what that is, but it's important that he's starting to get the programming of this is where we store wealth right now, my five year old, we've had more time with him. If he goes out in the backyard and pulls weed, pulls weeds, we give him 10 bucks, $1 bills, 10 of them. And now we've had so many conversations around saving that if I give him 10 bucks, I say some of that has to go in your piggy bank. The rest you can spend. How much are you going to save? Naturally he'll save at least 50% of his income. Like that's what's normal to him. By the time that kid hits real life, if he's saving 50% of every paycheck or whatever he's earning, he is doing 10 times greater than the average American. You know, he'll beat them by default, which is what Nelson said. Now the fun part is getting them to understand what's happening in their policy. So I tell him one night, I say, riker, do you know like, do you like pulling weeds in the backyard? Yeah, it's okay, it's work, right? I said, do you know that every night you go to bed and you wake up there's more money in your insurance policy? He says, that is amazing. Like he didn't really know what that means, right? But he's starting to get an idea of what's happening with money. It's really interesting how fast they'll pick up on this stuff. And as long as they can get the basics, think about how much easier the conversation is for us being parents, Richard. By the time they get to like 10 to 15, and if you start it young enough, the result that you get is what you see with Jason's nephew and his son. They're at a level where they, those kids will have so many advantages being an employee, a self employed individual, a business owner or an investor because they understand the function of banking, which I would argue is more important than all four of those players in the money game. If they understand the banking part. The rest of the money game is quite simple.

Yeah, absolutely. I love, I love the, the connection that you're making, you know, with your kids around the fact that the money's growing every night. And I think that's absolutely phenomenal. You talk about the programming and words have a lot of power and they have a lot of meaning. Now there's the meaning that Webster's dictionary would give them, but then there's the meaning that they hold for us based on when we hear or we interpret the word and we put that word through our own filtering process. That's the programming you're talking about. And some words like the word retirement that has a form of programming attached to it. For a lot of people it has a meaning for something and you know, retirement or to retire means to basically go to sleep. And so retirement for many people, although they might not know that it might be alluding to the great sleep, the big sleep. And so similarly, the word insurance has a connotation for the average person. By the time you get into, you know, age 30, you've had encounters in life with both people and then your own personal experience with insurance. Travel insurance, luggage insurance, you know, cancellation insurance, you know, warranties on a product that you bought, on the next last thing that you bought. You know, right now you buy something electronic on Amazon. They're trying to sell you some kind of warranty type thing or like a form of insurance. You know, you've got your car and home and auto insurance. You're gonna have an experience with these things. And because they're all attached to that same word, if you have a negative experience or you have a family member who had a negative experience because they didn't get their insurance payout for that car on that car accident, it begins to, to nullify the feeling, the positive potential of that feeling of that word in your brain, and then you develop potentially a jaded view. And I find that that's the case that happens with most people, especially by the time that they're over the age of 30. The concept and the simple mentioning of the word insurance becomes almost like a poison in their brain. We can control that. You can control that as the listener by changing how you think about something. And in the space of whole life insurance, whole life insurance as a phrase and put together, it has its own meaning because the financial industry for the last 40 years has basically. You ever see that movie Office Space? Years ago, there's this, there's this printer that's jamming up and not working in the office, and everybody hates it. And there's a scene where they take the printer out to a field and they've got baseball bats and they're just smashing it to like, loud rap music. And it's this really kind of impactful, impactful scene. And I just imagine, like, that's what's happening essentially for, for what the industry did to the concept of whole life insurance because it wasn't as profitable. And there's all these, all these reasons. And so thankfully, Nelson, through the mechanism of understanding what, you know, the, the mislabeling of things, things need to be called based on their major characteristics. That's how we classify them. It should have been called a personal monetary system with a death benefit thrown on the side for good measure. Of course, we need some kind of a great acronym to explain that. And, and when you quantify things by their major characteristics, you can actually think through them clearly and it becomes much easier to interpret. All we're doing and all we're teaching people is how to interpret the utilization of monetary principles through the implementation of a very efficient tool. But even if you don't have the tool, you can still implement the principles. But the key thing is you got to start understanding and thinking through them properly and having really good discussions. And your, your team at Factum is doing a great job of starting to spread that word, and you're growing as an organization. So talk a little bit about where you see the growth of infinite banking, of people embracing and learning the concept of becoming your own banker. What do you see in the trajectory for our future for our listeners? Tuning in, Kyle, what's, what's your vision coming about?

You know, I think the next 10 years, Richard, are going to present the greatest opportunity the life insurance realm has ever seen. You know, we're, we're coming into a, coming into a Very uncertain time. And when the market shifts and things become uncertain, that's when everyone starts to hunker down, look around for more certainty in their life. And there is no other certain asset than whole life insurance because of those guarantees. And so I think that alone is going to open up enough people's minds, but also the access we have to education now is so vast that people can go do their own research. And I think there's a huge awakening happening right now. Americans are waking up. I'm sure Canadians are waking up. We're starting to get tired of some of the games that have been played. And as soon as we find the right education, you know, it's that phrase, truth is sweet to the ears. And as soon as they see it, they hear it, you know, they find it, they know exactly it's what they've been looking for. And what's really helping is there are some very, very large companies out there that have come across this now, vetted it, tested it, and have organizations inside, you know, their companies that are teaching this at a high enough level and teaching it properly, because there are a lot. A lot of marketing companies out there that will. They love to use the term, you know, but it's. It's more of, like, an arbitrage play, and it's a product conversation. And we both know the process of banking is a mindset. You got to understand why you want to be a banker, how that works. There's rules to it you have to follow. And if you insert the right tool into that mindset and those rules, you get something really amazing called infinite banking. And like you said, you could do this with a checking account, hypothetically, a 401k, an index, universal life policy. There's a lot of tools you could use as your primary banking tool, but the tool we would recommend is the whole life insurance policy. And, you know, there's so much good education out there, and the institute is really starting to take off as well. And, you know, all this stuff takes time. And to me, I always just think back to just Nelson. Like, we're out here, you know, doing the same things you guys are. Richard. And it kind of feels like we're small, but I know we're growing. It's. It's happening right now. It's starting to pick up. People are seeing it. But I think back to Nelson. I only got to meet him one time in person. Ran into him into the hall, and I just had to say, thank you, Nelson. Because of you and that book, my kids will never have to walk into the inside of a commercial bank ever again. You know, my, my oldest was like one at the time, and, you know, it's. I only met the guy once, but he had such a tremendous impact on our family. And I think back to him teaching this without a lot of the tools, without a lot of the online platforms we have. This guy was a true maverick, teaching to whoever would listen when everyone probably thought he was crazy. It's hard enough to do this with a company, Richard, with a bunch of colleagues all over the US And Canada. Imagine being the first one. You have to be a completely different type of individual. And where it's at now, I think it is past that point of no return. Now it's going. The compound effect is in place. What's in motion now will not be stopped. It's just a matter of how fast and how accurately can we push it forward with the right education, the right people. And, and that's kind of what's happening now. You know, the bad ones will get weeded out. They always will, because good education exists out there. But I think what we'll see in the next 10 years, whole life insurance and this concept of infinite banking will be on the map at a bigger scale than we've any of us can imagine right now. I am super excited for it.

Oh, it's amazing. I love it. And, and I, I agree with you. I concur that the trajectory is in motion. We've got the right, you know, foundation is, is being built and has been built, laid. The groundwork was laid by Nelson. There's many amazing people who are looking to bolster and, and, and, and strengthen and manage that foundation work at the Nelson Nash Institute. And so the, the future is very bright. So bright we may even need to wear some shades. Of course, I'm sure you do that out in your local market a lot more than I do here. Now. One of the things we love to do, Kyle, of course, as we look to come to the end of our show, is not everyone is, of course, watching us on you. If they were, they would recognize you didn't show up to the session today wearing a cape. However, you probably have one in the closet there somewhere. Yeah, I'm sure you bring it out at parties and at client events. Now, you, you may not realize this, but when you show up with your team, when you show up with a big vision, when you show up to the gym to work out, and I see all these amazing videos of you working out with your family and your teammates, and you're holding people accountable to a high standard. You're showing up like a hero. And so the question we have for you is who would you most like to be a hero to?

That's a great question. You know, honestly, it would be my brother Joe. The. Some of the. One of the closest guys to me. I look at him and I see a younger, better version of myself. Right. We have a lot of similar characteristics. And I kind of see, like, this is a chance for me if I could go back to his age and, and know everything. I know now, this is kind of the opportunity to do it. And I think, you know, from a personal perspective, he's just a better human being than me. And so that would be like the first person I would want to be a hero to and pour into. And then next it would be. It would be my boys. And then our team here, you know, we have. Our Factum team is really a family. It is the right people come and, you know, circumstances change and people leave. And that's all good. It's all supposed to happen that way. And so what we're trying to do here at Factum is we need younger, better leaders in the life insurance industry. And so a lot of people would say, oh, Factum is a sales organization. You guys sell life insurance. And I would say that's incorrect. We are building a leadership development company that sells life insurance. And there's a very big difference there. We actually look for those young leaders because life insurance is such an amazing asset. You pair it with the concept of becoming your own banker and you get something so insanely powerful for families. We need younger leaders that are hungry to change, that want, impact, fulfillment. It's all here. And so that's ultimately who I want to be a leader for. And the way we're going to push that is through our immediate team right now. And I would start with, you know, my younger brother, Joe.

Amazing. Well, there you go. That, that is the power of having a clear and concise vision, seeing a bright future and getting the work done. Beginning with the work, starting on the mindset, being a leader. Kyle, so excited to have you with us here. Thank you so much for everything. You've added amazing value to our. Our listeners. And of course for our listeners, if you're watching on YouTube, poof, right there, you're going to see there's a new video that just popped up and it says, you should watch this right now. Well, that's a hint. You should actually watch it right now. That', content, we recommended it just for you. Thanks so much and we will catch you on the next episode.

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