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Because when I die, I need you to use a portion of the death benefit proceeds to backfill your own system so you can reuse all that capital again.

Isn't that good? 17 death benefit checks were written to beneficiaries. When Nelson died, 17 policies were on his life.

Okay, page 85. This is going to touch on a key point for intergenerational wealth. Nelson asks bullet point number two. If you knew at passive income time that you would be getting back everything that you paid into a system tax free, would you object to putting more money into it? Not at all. When you get paid for your work, you put all of it into someone else's bank and then write checks from the account to buy the things in life so someone else's bank gets all of your money. If you owned a banking system, wouldn't you want to run all of your business through your bank? If this is so, then life insurance premiums paid each year should ultimately equal annual income. This can't be done immediately. It will take the average person about 20 years to reach this level. If this message is taught to succeeding generations, then a perpetual banking system can be achieved. If you have policies in place on your life, your children and your grandchildren. When death occurs on your life or your spouse, the system automatically becomes self sustaining. Because what can the kids do with the death benefit proceeds from your policies? They can pay loans back, they can pay their own premiums, and then.

They can create a place to store future windfalls inside of the grandkids policies by utilizing the policy loan provision in retirement. Imagine for a second you've got a system of policies on your life, you're ready to retire, you access policy loans and you have no intention of repaying them. You want your death benefit to extinguish those loans, but the loans are on your children's policies, not yours. You die, death benefit comes in, the children are already instructed on what to do with the money. You need to get it back into your own system, backfill your system, and then when you're ready to use it in passive income time, you're going to access policy loans on all the grandkids policies, and then you're going to leave behind a tax free windfall and that's going to go into their system and so on. That's why we have five policies in place on each of our children. And number six is in underwriting right now. Because when our kids are old enough to conceptually understand, to really conceptually understand what we've done in the way of a Family banking system. Our family attorney, he's going to sit down with the kids. Our children are adults, young adults. And the family lawyer sits down with the kids and says, I need you to understand that your parents have put something in place and you're here today to understand that you have options.

Your parents have created a family banking system. As you know. You've been to all the annual family banking meetings. You've accessed and repaid policy loans. You understand fundamentally what's been done. But what you don't understand is just how much of a windfall is going to show up at some point.

And I've even joked around with my wife Rebecca, I said, gosh, heaven forbid, if something happened to me, please pretend to be upset for at least 15 minutes at the funeral.

Because whomever you end up with is going to end up with one heck of a signing bonus. But I say that just in humor. Now the lawyer is going to say your parents want to give you an option because they don't want to force you into implementing this in your own lives.

So when you need access to vehicles, property, business equipment, automobiles sound familiar? Everything from the book. When you need access to these things, you can get the capital from the family banking system. You have to repay the family banking system at an interest rate of 10%. And that rate is not subject to negotiation. Remember the grocery store, don't just pay 60 cents for the canopies, pay 62 cents right now. Your parents will be very flexible on the repayment schedule in the terms of the length of time that you repay your loans. But the interest rate is not subject to negotiation.

Every dollar that you repay back into the family banking system will be re accessible by you while you're alive. And when your parents pass away, they're going to leave behind to you policies and a tax free windfall of money. The system will be self sustaining.

If you choose to do business outside of the family banking system, your parents will characterize that as theft.

And your parents have been very clear with me that they don't do business with thieves. And if you shop outside the home for all those things, financially you're not going to receive any of the death benefit proceeds from your parents life insurance policies and the policies that they own on your life will be transferred in ownership to a charitable organization of their choice. Take all the time that you need to decide which option is best for you. And once you've made that decision, we're going to sign off on this memorandum of understanding.

Let that sink in for a moment.

Who's having the discussion with them.

The lawyer. And so when the kids get home from that meeting with the attorney, my plan, Rebecca's plan, is going to simply ask, how'd the meeting go? Because we don't want to force that upon our children. Remember what Nelson said, right? It's more caught than it is taught. So we want our children to weigh the options and to think, to rethink their thinking so that the natural logical choice for them is going to be, of course, we want to shop at home for everything we need financially. That's all that mom and dad have been talking to us about. And then what are they going to do for their children?

Because what's Nelson Nash's first golden rule? Does anybody remember? Think long range. Think three generations past your own. The second golden rule is don't be afraid to capitalize your system. Your money must reside somewhere. The third golden rule is don't steal the peas. Now you know what that means. The fourth golden rule, don't do business with banks. The fifth golden rule. Rethink your thinking. And now, as of Thursday, Nelson Nash's son in law announced the sixth golden rule. Create a storage place for windfalls. Because David Stearns, Nelson Nash's son in law, Nelson approached him shortly before he passed away and said, nelson, what's your outstanding policy? Or said, David, what is your outstanding policy loan balance in your system of policies? And David thought that by sharing it was a half a million dollars that Nelson was going to say, I'm upset with you about something. He just, he was reluctant in that moment, but he said, nelson, our policy loan balance in our system is a half a million bucks. And Nelson replied, I'm so happy to hear you say that because when I die, I need you to use a portion of the death benefit proceeds to backfill your own system so you can reuse all that capital again.

Isn't that good? 17 death benefit checks were written to beneficiaries when Nelson died. Seventeen policies were on his life. He left money behind to family. He left money behind to his church. He left money behind to the hospital that saved his life and so much more. But what he really left behind is 22 additional policies that were on the lives of other family members that were now fully funded in perpetuity. Isn't that good? These are our four kids. That's an older picture. My son and my daughters are a little bit older now, but we teach our kids about this character, right? Who is that? Real or fiction? We teach our kids about the Easter Bunny. Real or Fiction. We teach our kids about the tooth fairy. Real or fiction? Okay, you can imagine when there's like a few hundred people in the room, right? They just burst out laughing. We teach our kids about Nelson. This is my daughter, one of my twin daughters, Caitlin. Her words, not mine, verbatim. My dad put life insurance in place for me. Not on me. In this picture, she was six years young. Those words coming out of a six year old. Her nickname's Katiebug. If you ever get a chance to meet her. 5. Follow the policies enforced by age nine. Number six is on the way. $879,000 death benefit rising every year.

$37,000 in cash value rising every day. What is her total cash value going to be when she's 47?

Much bigger than what mine is at age 47. Better believe it. She'll never see a commercial bank for any financing needs. This is my nephew Ethan. This is a signed loan agreement from the family banking system to purchase this car. 2003 Mitsubishi Lancer. He makes a repayment back to the family banking system through automatic withdrawal every month. He's 16. This is my nephew Evan signing a loan agreement from the family banking system to purchase a computer.

He delivers flyers and he referees hockey games. He gets paid $30 every time he refs a hockey game. He has payments policy loan repayments being made through automatic withdrawal every month. He's 13. This is my son Jackson. Now he's been accessing and repaying policy loans since he was 11. Now I'm six' three, he's 13. There's my twin daughters. This is Katie Bug. This is Carly Bear. That's my oldest daughter, Anna Grace. They all practice the system. Page 72 of Nelson's book. The right hand side of the page, the bullet points. There are a number of significant advantages to this plan. It covers multiple generations and promotes long range planning. Underwriting problems are minimized when you put policies in place on young children. They're not subjected to paramedical examinations. Tax free buildup of cash values over a long period of time. Outlay is very small compared with the ultimate yield. Right. When I started policies on our kids, the very first policies we would put in place were 100 bucks a month.

Very small outlay. The generation paying the premiums. Mom and dad can most easily afford them. When death benefit occurs, the system becomes self sustaining. It precludes any need for Social Security. Passive income is assured. Estate planning is greatly simplified. Wealth mentality is transferred to succeeding generations over a long period of time to produce a consistent Understanding, they are learning a process, not buying a product. And you promote the understanding of what stewardship is all about. Now, Nelson said, money won't buy happiness. And I say, but poor won't buy you a damn thing.

Do you know who this gentleman is? Simon Sinek? Do you know who he is? So do I.

Simon's an amazing guy. I was at an equitable leadership conference in Chicago, and I was speaking at that event as well, and went to lunch with a colleague at a restaurant in Chicago. And I looked across the restaurant and Simon Sinek was there dining. And I had the. Called the waiter over, and I said, you see that guy over there and he's got a guest with him for lunch? I said, yeah. I said, can you just bring me his check? I'm going to take care of his check, but don't say anything to him. He said, sure, no problem. I said, so when he's ready to go, bring me the bill. So he brings me the bill. I take care of it. Simon's waving the waiter over. And then you can see all across the restaurant, you can see Simon sitting in his chair. And he goes.

Gets out of his. Sharon. I'm strolling over, and he goes, hi. I said, hey, Simon, how's it going? He goes, good. Do we know each other? I said, no, we don't, but I've read your book. Got a minute to chat? He said, yeah. So I stood up, we shook hands, and he said, thank you so much for taking care of my lunch. That was so kind. I said, you're welcome. We chatted. He gave me this beautiful coin, amazing gift. He shared some really amazing wisdom with me. And he said, you know, nobody's ever done that for me before, but I'm going to do that for someone else. What a great way to meet someone, huh? Isn't that cool? But the one thing that he said to me.

He said, make sure that your family, your friends, your clients all start with yes, because if they don't define the reasons why they're doing this, all they're going to remember is what they purchased from you.

He said, simon, I'm going to use that. And he said, you go ahead and use that.

Isn't that good? So start with your why. Because if you don't have it defined, all that you're going to remember is what you purchased, in this case, a policy or a system of policies. You want to define the reasons why you're doing this.