Your Ultimate AMA Guide to Financial Empowerment

We are building a banking system here. Right. So it is going to be unique to each person. Each person's banking system is unique to them. So just like you heard some of the other team members talk here, that they have 18 policies, 15 policies, 20 policies. Someone like me only has one policies and it is in the beginning of the creation of their banking system. So for me to scale up to that point is going to take time as well.

Right.

So when it comes to this thing that is it in a trust or where do you keep your policies? It really does depend on your unique situation. And getting in touch with a coach to go over that unique situation and see what's best for you is very important. Especially for someone like me or someone like a lot of us on the call who are in the beginning stages to get coached correctly. What is the best policy? 90, 10, 75, 25, 60, 40 or anything else.

The best answer I can think of. So when you start that's the best policy you can have is a one you start. And when else would get asked about structure? I'm just going to go back to what he said. If you think about building a skyrise and what happens if you don't have a good foundation? So the answer and he would always ask questions and riddles like that. He would just ask you a question like that. What he's looking for. Well, if you're going to build a skyrise, you need a good foundation. So he really focused on 9010. So that's 10% foundation. Basically his point was that's not going to be strong enough to hold your structure up over time. What's the perfect structure? There is no perfect structure. It's going to depend on you and your circumstance.

When paying back a loan at a higher rate of interest. Does the extra money that I pay back go into the cash value?

I would say in a general way. Feel free to add on team. The only thing that can grow your cash value is by putting in more premiums. So when you put in more interest, if you have room in your premiums, then that goes into the premium and the premium ultimately increase the growth of your cash value. Because. Because the premium goes in as a paid up addition. A portion of the premium goes in to buy additional death benefit. And the death benefit is not the purpose. It's not the only purpose. As you know, we're building an infinite banking concept policy. The death benefit is a why is a reason for the cash value to grow. In a nutshell, if you Refer to page 15 of Nelson Nash book. He's talking about the grocery store example. When you put more capital into your grocery store dollar, don't you have more capital to grow your business? Don't you have a more profitable business? Think about the process rather than just the product itself. Think about this and also read Nelson's book page 15 again as well.

I was wondering what the dividend is calculated on. Is it the premium? Is it the cash value? Can someone shed some light on this?

The dividend is based on how much death benefit you have. So the more death benefit you buy including the paid applications, right? So it is super important if you want to practice infinite banking to increase your death benefits. So the more death benefit you have in your policy, the better dividend you will have next year. So it is based on how much you buy paid up additions and the earlier you buy paid up additions throughout the year, you know that you can buy paid up additions in the beginning of the year, in the middle of the year, at the end of the year. Not with all companies for sure, but with the company that we most work with. The sooner you buy the paid up additions the better death benefit goes up and that is what drives up the dividend for the next year.

I'm very interested in where you all put your family bank policies. My question is geared towards finding out more about trusts and how to set.

Them up for myself and I have a number of policies. I kept them as policies that are still with the life company that I own personally. You know there's different things that as a policy owner that I've got the opportunity to do. You can work with the life company and set up a simple form of trust on your passing. If you're the life insured, how the death benefit is going to be paid. You know there's a great video on it, just basically the graduated inheritance strategy and our colleague Richard had done this video a while ago and that one will talk about that particular idea because again there is an opportunity for you to put it into trust if you want, but you don't have to. There is other options and this is a great would be a great thing for you to have a good conversation with your co chat about because it gets into quite a bit of details when you start talking about trusts and where trusts are good and what's the pros and cons of having such a trust. But there's lots of options. So have a good chat with your specific advisor. Take the time to understand your options there.

Now before I get into deep, I also want to mention that we also have a lot of videos regarding on the family banking system. We actually have hosted across Canada for many live events for the family banking system where many of us shared how we structure our own family banking system and also had a webinar that Vern hosted talking about his family banking system. So every single one of us on this webinar, our team here, we all own our family banking system. We all practice what we preach here. For myself, I have already have 29 policies and counting for my family, for my broader family. Because it's not just about one policy, it's a system of policy. It goes as our financial situations expand and it also how I diversify my portfolio is by the different life insured. So I started with myself first and then expanded on my children and my parents. Someone can also expand on their business partners as well, right?

Everything around policy structuring or location is all based on your situation at the moment. That when you meet with team members like us, we're not going to build a hypothetical situation of where you are. If you want to trust or anything like that, unless the circumstances and your goals and objectives on your wealth accumulating journey is towards that, then that's when we will talk about exploring that. Our conversation is very focused specific to your situation at the current moment, my situation and how I structure myself or how Jinjin structures herself, or how Dan structures himself or Sukhman. Everyone is very different because our goals and objectives different. Jinjin is an all star when it comes to real estate. I don't participate in that environment anymore. I enjoy trading and doing other things and other businesses and I do my structuring different. So everyone has their unique abilities.

We are building a banking system here, right? So it is going to be unique to each person. Each person's banking system is unique to them. So just like you heard some of the other team members talk here, that they have 18 policies, 15 policies, 20 policies. Someone like me only has one policies and it is in the beginning of the creation of their banking system. So for me to scale up to that point is going to take time as well, right? So when it comes to this thing that is it in a trust or where do you keep your policies? It really does depend on your unique situation and getting in touch with a coach to go over that unique situation and see what's best for you is very important. Especially for someone like me or someone like a lot of us on the call who are in the beginning stages to get coached correctly. Does Ascendant Financial special specialize in Cash optimization Slash velocity of money slash income equals premium planning Is there a material change? Monitoring the MEC triggers MEC reversal Grace.

Period I don't have any experience I know about mec, but I don't have experience in US design policies. But I know MEC is something that you have to consider as you design policies in it and depending on how you can design how you design them, you can put risks in place for the policy owner. So something that we typically deal with in Canada. The life companies are very good at not allowing our policies go outside of the laws of the land.

We make sure that we are setting up policies in a way to your best advantage from an insurance exemption standpoint and a taxation exemption standpoint for the policy in the short term and the long term. And this is one of the main reasons why I think our team is top notch when it comes to this practice. Rather than following someone who just wants to mirror a hypothetical design that apparently may be ibc and there's potentially longer term landmines that you want to be very cautious of. For example, Talking about a 9010 policy design is not something we are usually favor.

In Nelson Nash's book, if you all read Nelson Nash's book, do you remember if Nelson was talking about the split anywhere in the book? Probably not. Right? So this is not what we focus on. Split is something that your coach will need you to educate you on what in your situation, how the policy should be designed. We don't really talk much about this place because there's a lot of noise in the Marketplace, especially on YouTube and many other practitioners or any other people are saying they do infinite banking. They are saying that this is infinite banking. But in many cases that's actually not infinite banking. That's something else. But not infinite banking. And focusing on a product can be dangerous and cannot be very practical in terms of taxation and in terms of other things to look at. So please be very careful when you watch things like that because some of those videos may be just noise that you need to avoid.

Is it the insured or the owner that graduates for the policy to be paid? AKA the insured? Right.

That's an easy one. Yeah, it's definitely the insured that has to pass away in order for the death benefit to be paid out. Just to add on to that, if the owner passes away and the insured is still alive, there can be a contingent owner on the policy. So then the contingent owner would take over the policy if the owner passes away but nothing is paid out because the Insured would be still alive in that scenario.

In some cases it may be a joint policy where it is either paid on the first death or on the second death. But the application for those policies may be very specific and not be appropriate in your circumstances. So you need to talk to your coach about it.

What policy instruments do you recommend for growing cash value most quickly? And what policies are paying the highest dividends?

The answer is doesn't matter. Depends on what you are looking for. Remember, what we're doing is a process. We want you to do the process of becoming your own banker. And many of you may hear from many of our educational resources we mentioned that you as a life insured owner, as this policy, become your own banker bank owner. Your behavior is more important than the life insurance company's performance. So there are certain life insurance companies your coach might be recommending you to practice becoming your own banker with due to many different factors. Dividend is certainly not one of them that we will be really considering. One of them will be considering is not the most important to consider because when you are having a bank account, maybe the accessibility, mutuality, there are many different things you want you to pay attention to rather than just the growth. Remember, this is just a process, not a product.

Every everyone here, when we design policies, we design it best optimized for you and best optimized for implementing infinite banking. Implementing the process of infinite banking. Whichever life insurance company can do that, that's who we would go with.

When we talk about implementing a policy for practicing the process of banking, a lot of us probably don't say enough is some carriers may prohibit you to access money immediately. Does that mean now you will be able to practice the process of banking? No. It's really important that when we design our policies for clients who want to practice this process, we want to assure you that you want to be able to access the money immediately. You want to be able to access loans immediately and be able to put your money to work. That is a very big factor when it comes to when we design policies. This doesn't show up in an illustration.

When you focus on the on the product problems create so any illustration. If you've ever seen an illustration, it's simply a snapshot of inputs at the time the illustration was built. It doesn't mean that whether it's man, your life or whoever, that's going to be how their product performs over time. So when you start to focus on numbers, numbers just don't matter. It is the process and if you can understand that, it's about controlling your need for finance. As Nelson says on page three, it's all about banking. And that's what this is all about. It's about controlling your need for finance and it's about getting control of the banking function. So so often if you just get into the products, you look at dividends, rates of returns, it's not about rates of return. It's about capitalization and building capital, building a, well, warehouse of wealth that you can access. And like Henry said, you can't see what the opportunities are that you're going to have. And that's one of the things Nelson did such a good job of speaking about in his second book. If you haven't read his second book, it's called, you know, Building youg Warehouse of Wealth. And he talks about some very specific things that he experienced in life. But you couldn't see it on an illustration.

In layman's terms. What is total cash value net of the loan? Loan of the policy?

So with the total cash value, that's the total cash value that you would have access to within the lifetime of the lifecycle of the policy. As some of you may be aware, the cash value is something that grows every single day in order to reach the death benefit by age 100. This is one of the contractual guarantees that are built into these life insurance contracts, specifically these whole life insurance contracts. So the total cash value is whatever the cash value you have access to on any given day during the lifetime of the contract, the total cash value net of the loan. That would mean the remaining cash value that you have access to after accounting for what you've already accessed. So if you've taken out a loan that would be subtracted minus the interest that would allocate. Because what the insurance company does is they put your cash value as collateral, the portion that you've accessed. You won't be able to access that amount, obviously, but whatever is left over, you would be able to access that.

This question comes from Nelson's book. Right. So in Nelson's book, Nelson is showing the illustrations where he shows cash value net of loans. What it means is that this person was depositing the amounts of money for several years and then he would take a loan and Nelson would illustrate what is the net total cash value net of loans. So basically he will subtract the loan outstanding, and that's what he means.

Do you work with equitable life? We work with all different types of life providers. It's not just equitable life, but they are one of the providers we work with because they are mutually owned, which is great. If I come into extra money and have room to buy paid up additions and or pay off policy loans, what is the deciding factor why I should choose to buy paid up additions instead of paying off my policy? Is there justifications to max out paid up additions before paying out any policy loans?

Yes. This question is great in terms of, you know, maximizing the energy and efficiency of the policy. How do I make sure that my policy is the best in terms of my utilization of this policy? So remember that you are in a driver's seat. You make decision where you want to put your extra cash either to pay off your policy loans or to maximize your paid up additions. If you have not maximized your contribution for the given year, let's say you paid X amount and then you have X plus something in addition to that and you have time till the next anniversary date to pay that. So once this term is gone, then this window of opportunity to increase your paid up additions will be gone forever as well. But for the loans, for the policy loans, you can pay them as you go, whenever you want. In general terms, it will be much better to increase the paid up additions first, maximize it first and then if you have still more money coming in and then you don't know where to put it in, then you can pay off your policy loans. That's what I do personally. I always make sure that I maximize my potential. Because remember, every single deposit, every single premium that you put in, every single paid app addition premium that you put in, it increases not only the death benefit, it increases all future dividends for the all years to come.

You can never get that compounding time back. Once it's gone, it's gone forever. But we have the whole life of the policy to pay back that policy loan.

This is a scenario question, I guess. So if a person has access to 40k0% loan to improve their home, how might one take full advantage of cash flow and premiums in this scenario? Using ipc?

Book a call with your coach and then we'll discuss with your specific a scenario because there's a holistic plan. So that's what I would suggest.

When I looked at my scenario, I looked at it from the standpoint of how much of my capital can I control at that point. And so I took a portion of the 40k and I started a policy with that, something that I could sustain on a yearly basis. And then the remaining I put towards the down payment of the home. So I was still able to achieve both My objectives.

What do you mean by 9010, 80, 20, 70, 30?

Again it gets into just the structure of a illustration that's used as part of a life insurance policy. So there's two elements. One of the elements is going to be the base premium, the required premium. In these cases here where people put out high numbers, it's usually the low number that is referring to the base. Again, it doesn't have to be like I actually own policies that are 87% base and 13% paid up additions like room to buy paid up, additional death benefit. So typically when you see things Scotty, that are saying 9010, someone's referring to 90% of it can be used to buy paid up additions and 10% is the base. But it can be either way. So it's just a term that people use in the industry. Talk about structures related to dividend paying whole life insurance policies. It's really again gets into the structure of the product and it's about the two elements that you can use to build a dividend paying whole life insurance policy.

So Jingjen, based off on the answers you gave in the past, it just says do you mean that I can put in additional funds in my system after I have paid my monthly premium?

The answer is yes and maybe no. Depends on how your structures of your policy. A lot of my policies, I no longer have room after I paid my monthly premiums. Now that way for me to expand my system is by opening up another policy. And that answers also why I have so many policies. So yeah, the answer is maybe I don't know. Your current design. Talk to your coach.

Does your product help solve negative monthly cash flow in a five property rental portfolio and have two high interest second mortgages? Value is 4 million. 3 million mortgages, 500k second mortgages, cash flow is 250,000. What we teach is the IBC concept, right? So the process of becoming your own banker. So what we do is help you take control of the banking process in your life. That's what we help you do to this point. This is another very specific scenario. You'd have to speak with somebody on our team based off that, they'd be able to help you with your specific scenario, right? Because like everyone said on the team here, we are all practitioners that have been taught about the IBC practice IBC concept. And on top of that, we all practice what we talk about so they can go into the weeds of it in your specific situation. Or maybe you might even meet a coach who's been in your situation. So to answer this question, in short, try to book a call with one of our coaches and they'd be able to help you.

The product is not just a solution, you have to participate in that solution. Us as coaches, we can only work with your situation to it. It's not the silver bullet to a problem. Especially if the problem of properties is already in a negative cash flow. There's already fundamentally something wrong.

What are your fees after we. Sorry, when we work with a client we don't really charge anything. And so even after you started your first policy, if you're starting your first five policies, we still continue working with you, we're still meeting with you one on one. We also, we will invite you to participate in the client coaching sessions. We don't really charge anything because we are blessed to work in this industry. Everything is basically already included in whatever your stuff starting the policy. Right. So an insurance company will pay us a finder's fee and that's how we get paid. And there's no other charges that we, that we do for our clients. And we also have membership portal for our clients where our clients can get a lot of resources, a lot of coaching, access to tools, access to calculators, access to previous recorded client coaching sessions and stuff like that. There's a lot of knowledge, a lot of wisdom that is exclusive to our clients. That portal is also free for our clients.

I like to joke with my clients that the only fee that I charge is asking for a Google review after we've interacted.

If you see value that we bring into your life and family, we would also at some point talk to you about, you know, introducing your coach to your family, friends and if you want to help them as well. So then we can work with them as well. We'll be happy. We're never too busy to meet with your inner circle.

The more you use the loan to pay debt or finance life, does that have any benefit within the policy? I guess the more you use it, does that build anything?

So if you borrow from a dividend paying whole life insurance policy and you pay it back at the interest rate the life companies are asking for, it doesn't increase the cash value. No, you can use a lot. It's going to, you know, it's going to work effectively for you because you're no longer sending interest away from you, you're sending interest to an entity that you co own and that's going to influence the dividends, the profit of the life company that you're working with. There's no direct correlation to paying, taking a policy loan, just paying it back at the rate that the life company is asking for doesn't increase your cash values. So if you need more clarification on that question, that's a great one to ask your coach about.

Beyond just the microscope of looking at the product of you using a loan, the fact is that you are tapping into your system. There is a behavior change that you are getting a benefit from from using your own banking system rather than relying on someone else's system to tap into that. And that change is probably the hardest change for a lot of people to get comfortable and used to once they get used to that change, that is where the real benefit comes in for.

People with low earnings. How are they able to fund their policies in order to start taking out loans to fund their lives?

The best time to start is today. And we work with people that start with monthly payments anywhere from $100 a month all the way up to, you know, half a million premiums a year. It's catered to your specific situation. It takes time to build up cash value in your policy. So you do have to be patient. And that's where you can set up a plan. You know, like if you have a certain plan like you want debt recapture or something like that, that's something that you can set up with your advisor and work through a plan. And again, takes discipline and commitment just like anything. But you don't have to have a lot of money to get started with this process.

And the other thing I always go back to is the book. And like Nelson, when he's talked about the problem, he's talking about a family that's earning $28,500. That's their take home. And Nelson used to say this all the time, you don't have to be rich to get into the banking business. You just have to start where you can make a commitment to doing it. And then you go to page 65 in his book and what Nelson talks about, what does it take to get started? It's desire. Without it, you're not going to be able to do it. So he spoke about for himself. It took a real period of time of introspection where he just said, you know, what can I do to be able to put more capital, more premium into my policies? And that's what he started looking at. So I know it doesn't matter if you're earning 30,000 a year, if you're earning 300,000 a year, you have an opportunity to change something by starting to pay premiums and just making a commitment to it because it is, it is a commitment. You got to change your behavior.

Being that in the later stages of my earnings work life. How long does the normal growth rate take to build a solid retirement income fund prior to having passed away for the beneficiary to enjoy the benefits of a policy?

So your policy has to be capitalized well enough in order for you to kind of augment your passive income. So I would say not less than maybe seven years to capitalize your policy before even you start taking the passive income. In some cases it may be 10 years or more, but I would say the minimum is like about seven years. But it really depends on the situation. It may be very different for you depending on the amount you're depositing, right? So based on the amount, you need to talk to your coach and your coach will show you how much you can get. Even if you fund it like for seven years, maybe for less, maybe for longer. Then your coach may have some ideas on how to best structure a policy and maybe even to select a very specific design that is best for the passive income. Not the design to practice infinite banking today, but specifically for passive income. Right.

The two numbers that you may want to share with your coach is your retirement age. When would you like to get, when would you like to retire? As well as the retirement income that you're looking for, the supplement income that you're looking for on a yearly basis. Based on those numbers, your coach will be able to reverse engineer and solve the problem for you and give you an idea of what's possible.

We've all worked with people that come and they ask very good questions like that. They'll say, okay, I'm at such and such an age and I and I want to earn an income for X amount of time. And if I did that and if I put X amount of dollars into my banking system, you know, would I have access and how much access would I have to passive income? So it's like anything else that you do in life. Like I started later in life, you know, my first policy, I was 56 years of age and I just went in with my eyes open and saying, okay, if I'm going to do this, I'm going to commit to doing it. I don't know how many days the good Lord's going to give me here on earth, but I'm going to make a commitment to doing it. And I can thought about what else was I going to do. Everything you do financially compared to something else what other ways that I have to get certainty and estate value compared to this process? That's what I studied. So as per the comments that you've heard here, I would say, you know, that's a great question to have with your coach because still knowing your situation, it's really hard to answer.

How does taking a loan affect the cash value or total premium of the policy?

So taking a loan does not add to your cash value, but what does increase your cash value is opening more policies. And how you can do that is reading Nelson's book and being honest, honest banker and charging yourself more than insurance companies charging you. And that extra surcharge you basically earmark to use to open more policies.

And to add to that, when you do take out a loan, the cash value continues growing from wherever it was from that day. It doesn't stop. You don't interrupt growth of the cash value that continues growing.

And also when you pay off your loan quickly, you have opportunity to capture other opportunities. I mean of course everyone's situation is different depending on what is objective you are using that policy loan for putting the piece back on the shelf. Definitely can capture other opportunities for you depending on your policy design. If you happen to have additional room in your flexible premium, your paid up additions portion of the premium premium, you can direct that extra interest payment there which will directly increase the cash value of your policy.

If you have questions for your coach or if you don't have a coach, well, I'm going to advise you to get in our system and get a coach. Just schedule a call. Numbers come up all the time. Doesn't hurt. We love talking to people. That's what we do. We like to give people clarity around their questions.

So why is it important to have a mutual insurance company in ibc? And is it true that Ecuador Life is the only mutual company left in Canada?

Equitable is not the only one that is left but it is the only one that has amazing product that fits to practice infinite banking and that is mutual. There's another mutual company but that company doesn't have this product and that's why we're not, we're not using it. Why it is important to have mutual company because mutual companies have policy owners as co owners of the company. There's no other owners, there's no other people or group of people for the profit, for the PAR account profit to be shared with. Right? So for example, if you take another company which was mutual but at some point decided to raise capital and demutualize, then they issued stocks and now there's two groups of people. Now there's stockholders or shareholders and there is far account participants or mutual co owners. Right. So all the profit is now being shared with both groups of people. And those groups of people may have different objectives in life. For example, for the shareholders the objective is to increase the cost of share as soon as possible and receive a good dividend on a share. Right. They may be interested in leading the company into a different direction than what the participating policy will be interested. For example, for the participating policyholders the long term objective for the company development is making sure that the company is in good financial shape and the participating our account is doing great long term income and profit for the shareholders, most of them they're seeking short term profits. Right. So that's why it is super important to deal with a mutual company if you can. But in some circumstances you need to talk to your coach. In some circumstances it may actually make sense for you to deal with a different company other than this, this one.

And the only thing I'd add to that, it's about for me it's about control. Who's got control of a stock company and who's got control of the mutual company. And that's as simple as it is for me.

We use Equitable because they also have a very solid track record. We started the whole life policy in 1936 and every single year they've been able to pay dividends to the policy owners without a single niche. Since 1936 it's been the Great Depression, World War II endemics, recessions and the fact they can pay a dividend tells you that they have a very strong track record of building profits to give it back to their owners. And when we talk about becoming your own banker, if the policy is the bank vault and the insurance companies the land, you want to continue building your vault on a land, on land you own or land owned one by someone else. I think it's very obvious you would build your bank vault where you're flowing your wealth to on land that you.

How much is the minimum loan amount we can ask from. Ask for from the, from the company against our cash value. I believe that the maximum is 90% and it is written in the contract. But I don't see the minimum percentage should this be on the contract? My worry is that if I build up, build my warehouse of wealth then the company stated that they will only be able to loan up to 10% of the cash value. I value control of my money very much and that's Why I practice ibc.

When you have a mutually owned life insurance policies, you can see your client portal calculate your loan available which is 90% of your cash value. If you have further question, this is a great question to ask your coach to show you as well.

And the minimum for most life companies is $500. It's not a percentage, it's a minimum loan amount. And great point about should that be in the contract? That's something that I'm going to do some research into. It's just something that put it in their literature that you can get up to 90%. But it's a good point to raise.

Her what is the point of having several policies versus one policy you invest in exclusively? We are new at just figuring things out here. So the point is to start your banking system with the policy that you start with in the beginning, right? When it comes out to having several policies, that's at the point where you've maxed out the amount of premium paid up, additions included that you're putting into the first policy that you've started, right? And then it goes on to starting more branches of your family banking system. So that's a good way to think about it that the benefit of having several policies is expanding your banking system as you're going through the maturity of the banking system that you're creating for your family.

So one of the golden rules that Nelson mentioned is don't be afraid of capitalizing. Of course, if you can put in a lot of money capitalizing the system, that is fantastic. Your situation could be different. For my own family, any premium I want to put in I split with my husband so that we make sure that we have different life insured to cover because we both need death benefit. So your situation could be unique. So speak with your coach.

Mentioning discipline and changing behaviors got me thinking of immersion as a solid way to change behaviors. Being around folks that are doing the desired behaviors and talking about the concepts would be an amazing way to get momentum on that behavior change. What opportunity, what opportunities do you offer to people to have access to those communities?

When you surround yourself with people who are doing amazing, successful things, then you end up being one of those people eventually. So in order to access those communities, I would say well within us we have a Facebook community that you could be part of. You don't have to be a client for this. You can just find us on Facebook or get in touch with your coach and we can send you the link to join our Facebook community and being part of our events, our live Events, our webinars, you know, we don't, we don't say you can just attend one webinar. You can attend as many of these webinars. You can attend the live events, you get to meet the advisors in person, our team and mates in person. You get to meet other like minded individuals in person. I've seen clients in our communities and even non clients in our communities of forming relationships, business partnerships, things of that nature. There's a lot of opportunity when you, when you surround yourself in communities like the ones we have built. So that's, that's where I would start. Just keep attending our events.

We have over 700 videos on our YouTube channel, right. Bankers Vault and then also Wealth About Bay street podcast. So in a way that's you building up your network as well. Like for me before I joined on a team here, I feel like I watched so many videos and that was another way to take in so much content to help me start that process of rethinking your thinking. So that's another way to kind of tackle that way to start building your network there. When I take out a policy on another person and I pass away, first, an example of policy for my child, do they then take over the policy and prepay the premiums? What if they cannot pay the premiums? What are the options?

So yes, it may be a child, maybe the insured person or maybe someone else. For example, if I own the policy and I pass away on my child, then my wife actually can be the contingent owner. As I pass away, she will own the policy, she will be responsible for paying the premium. You need to talk to your advisor to see in your situation who should be the primary policy owner and who should be the contingent policy owner on your children's policies. But generally speaking, yes, if your son or your daughter is a contingent, or even grandchildren, right, are contingent policy owners, then they will be responsible for paying the premiums and also for paying back the policy loans. But guess what, you need to teach them how to practice this. Because if they don't know what they got, they got this cash value, they got this responsibility to pay off policy loans. If they don't know what to do with this, they may actually collapse the policy and then close what you started and all this compounding will be just wasted. Right? So make sure that you teach your children, give them Nelson's book and explain them. And that's why we're actually doing, we're hosting the Family Banking Summit where we teach our clients how to speak with the family, how to speak with children. And we actually started IBC youth program where we will be adding content for the youth, how to teach them about infinite banking and so that they get involved in the family business as well.