Breaking Banking Myths: Who Controls Your Money?

Great question that I got asked. I was going to say this to you before you said, hey, let's record this because we got a jam on this we need to record.

Oh my God, hit the record button.

Podcasts. So a question I got asked when I was finally I was going to say that I was able to make scheduling work and I was interviewed on much like you've been already. And our listeners should definitely check this out. The Nelson Ash Institute, the Infinite Banking Initiative podcast. So Rich has already been interviewed. I just got interviewed today and one of the questions that Lee, one of the co hosts, David Stern's daughter, asked me was when you encounter somebody saying, I've listened to financial entertainers, financial personalities out there and they're talking about, you know, buy term life insurance, invest the difference, or putting money into dividend paying whole life insurance is not as effective as putting it into the stock market or some variation of that. How do you respond to that? So first of all, I thought that was a really good question to ask given the audience of the podcast and I had expressed it's my, my response is the same. So if a person were to express that, then I would just ask a follow up question. So take a moment, just take all the time you need and help me to see how Buy Term and Invest the Difference puts you in a position of controlling how you finance the things that you need throughout your lifetime. In fact, just let me know what does Buy Term and Invest the Difference have to do with controlling how you finance the things in your life? Knowing that there's a very clear distinction there because it has nothing to do with controlling how you finance the things that you need. And if you genuinely need, if there's merit for temporary life insurance coverage and you have a desire to invest money in mutual funds or the stock market, then you should go and do that. It doesn't take away the truth, the fundamental truth that someone must control the banking function as it relates to your needs, how much of that function are you presently in control of? And most often, of course, the answer is none. And so let's set aside something that you already desire to do with your money and let's talk about who's controlling the function of banking as it relates to your needs. And let's start putting you in a position of control over how you finance the things that you need. And ultimately the conversation goes to I've heard about recapturing interest, the interest that I pay to banks or to finance companies. I just asked all of our teammates, Rich on Tuesday, can you tell me in two words or less. Can you tell me what recapturing the interest you would otherwise pay to someone else's bank is just two words or less? Well, we got feedback from like 30 plus teammates that were on the zoom. And then I said, can I offer you what my insight is? And everybody's like, yeah, yeah, yeah, for sure. I said, pay premium.

You mentioned page 58 of Nelson's book. For those of you that don't have, please get a copy of Nelson's book because it's epic. On page 58, there's a footnote. This is often the most misunderstood. I don't know, I want to use the word confusing, but it's just not well understood. As people go through the book, they think they get it, but they don't often get it and they have to be brought back to it frequently. In fact, it even happens with a lot of advisors. Most financial advisors who are not authorized practitioners, and they claim air quotes, claim or think that they're teaching infinite banking concept, often do not understand this. And that's not a slight against them. It can be a little bit unclear to get it. But the footnotes reads, actually this quote, unquote, interest is not really interest. It is additional premium or capital that has been paid into a policy that equals the interest that was being paid to a finance company. In other words, what was the amount of money and interest that was going to a third party? They were getting all the money before because we're now redirecting that and paying a premium. And that's increasing the growth of our system. That is the reason it is adding to the cost basis of the policy. If you have trouble understanding this, go back to the grocery store on page 15. If you still don't understand, then contact me now. Nelson, of course, is no longer with us. We miss him daily. But what that really means is contact an authorized practitioner to get them to review and explain this to you. If you don't really understand. Now, Nelson, in practice and talking to people, he would actually say, if you still don't understand, then you're probably unteachable and this is probably not for you. Yeah, you know, and he does actually indicate that. There's several points in his book where he says, if you don't get this, go back to this page. And if you don't get this, go back to this page. And if you don't get this, then probability is this is not for you. So he, he really has it right in the book. And so I'm glad that you're going to be talking about that in, in simplicity at the think tank. And further to, to that you also just indicated that, you know, we talked about the Infinite Banking Initiative. Now we obviously want people listening to our podcast. So thank you for being here. But I'm really, really excited about the Infinite Banking Initiative. They've released a number of episodes. I was able to be actually the first recording, though I wasn't the first one released. And we had a lot of fun on that discussion. And this is really centering around different practitioners sharing their journey and their story of learning about Nelson's concept, embracing it, their trials and tribulations of entering the world, of trying to teach and coach and mentor other people, their client base on the Infinite Banking concept, how they've seen it shift and change over the years. And it's phenomenal because it's, it's exactly what the general public is looking for. And the Infinite Banking Initiative, a great, number one, great name. I, I may have known who suggested the name. His name was Richard. So I'm really glad they accepted that suggestion. Great initiative and they called that the name of the show, which is awesome. And in fact they already had some ip, some, some logos and stuff that we had pre const from the past where they had the Infinite Banking Institute, which was what it was called prior to it being the Nelson Nash Institute. So they already had some of that in place, which kind of made a lot of sense. But if you haven't subscribed, make sure you subscribe to their, their channel on whatever podcast player that you use or you can also find it on their YouTube channel. Going to the Nelson Nash Institute YouTube channel, which we certainly recommend. Amazing content that's out there. We're actually going to be talking about that. David Stearns has some incredible stats. He's going to be sharing about how their YouTube program has been growing, but also he's going to be sharing an incredible timeline. Jay, when you see it, you're going to love it. He's going to show this incredible timeline of the phases of Infinite Banking, starting right away from Nelson's first policy at age 14. And he's got this timeline of events again. I may have suggested this would be a good idea for him, but the way he built the slides, I got to see him the other day, they look awesome. And it really just shows this progression and growth over Nelson's lifespan. What he went through, the changes when eventually Infinite Banking came into practice and when the book was launched, he's got the different edition covers of the book there. And then all the new things that the Nelson Nash Institute and the Council, which I have a pleasure to serve on the Council, you are an advisor to the council for the Nelson Nash Institute. Amazing initiatives that we're building that are going to help expand Nelson's message more and more and more out into the marketplace as we seek to raise the level to 10%. And so for those of you that don't know, building the 10% is really this concept, this idea created by Carlos Lara, that if we can get 10% of the financial professionals in the marketplace teaching understanding and then teaching Nelson's concept to their client base, we can reach 10% of the population. And so in North America, that's a pretty big goal. It's a pretty big ask. But that is the mission, what we're trying to accomplish with the Nelson Nash Institute, and hopefully our program here at wealth on Main street, we're supporting that initiative by sharing these great, great ideas, concepts, and furthering Nelson's teaching with everyone listening today.

Yeah, and, you know, serving. Serving North Americans in the implementation of this is. I love the momentum. I. I love what I see, you know, happening and how people are. Because what. What is going on now is people are. When we ask them, like, how long have you known about us? And what piece of content triggered you wanting to connect and speak to someone on our team now? And the response is frequently, you know, we've been stalking you guys on the podcast for, like, the past few months. And, you know, the, the content. Just today, just this morning, as a matter of fact, feedback that was delivered, a physician, a doctor, tuned in to some content. And then when the question was asked, you know, why now? Like, why did you create a time now? He said his words verbatim. The advisor who is serving him now shared this with me this morning. This gentleman said, verbatim, I just love the way that these guys think and the way that they communicate in a way that I can understand. And that's what we try to do with every episode that we have and with everything that we express around this concept. I think we've really taken it to a new chapter of how we've embraced that the infinite banking concept is meant to be ridiculously simple. It's not meant to be sensationalized. It's very, very simple. And if you think about this, the notion that. And one of our colleagues shout out to Ryan Griggs, one of our colleagues, just an amazing guy. I think he's just such a brilliant thinker. And he had shared a Facebook post today where he was talking about a client who had got rid of the conventional bank, no longer has a mortgage.

This client, he paid cash for a property or. Sorry, yeah, pardon me, a policy loan. So, yeah, yeah, yeah. He bought a policy loan, but then basically paid cash for the property. So there's no one else on title other than himself. No debt on that property directly.

100%. And Ryan brought back the importance of recognizing the human condition. And Nelson said it best, that the policy owner's behavior is far more critical than the behavior of the insurance company. And in the industry, what happens is there's a lot of emphasis on the numbers. But if you truly implement this concept, then it is the policy. The numbers follow the policyholder's behavior, not the other way around. And I communicated that back to Ryan to say, we need to see and hear more examples like this, because this is everything that we're trying to impart. The autonomy, the control, the freedom from financial servitude that people find themselves in right now. And recognizing the human condition that your behavior is far more critical.