Family Banking Secrets for Generational Wealth

Foreign. Something to you. An email that I received very recently and this is so cool, this gentleman had the pleasure to meet him. He was actually recommended from one of our colleagues in the States to connect with me and had phenomenal conversation. Here's a gentleman who truly has conquered, in my opinion, Parkinson's law. And, and through our conversation indicating some of the things that he was already doing through his savings process. He was meticulous, he was consist. He, he usually gets a pay raise roughly every year. He automatically already puts that pay raise aside into a separate account to increase his savings bucket. Like that right there. That's Parkinson's law. So there was several points in our conversation where he identified areas where Parkinson's law normally impacts people and he'd already solved it and he didn't even realize that he'd solved it. So bringing him back to the connection point in Nelson's book was really helpful and I sent him a number of our resources. So one of the emails I send out is, is talks about the power of child polic for people. And in the example I show, it's maybe about an 18 minute video where I walk through actually my own kids policies. But I take it out over a lifespan and I talk about the later stages. You know, my wife and I are in our 70s and our kids are, you know, you know, they're going to be, I don't know, in their 60s or something or no, sorry, not six. They're going to be like in their late 40s, whatever. Yeah, I'm talking about, okay, how can we utilize those policies? And at some point there's a death benefit from Richard and that's going to come back and it's going to flow in and have a place to replace policy loans that are outstanding on my kids policies. So just taking that experience and in a 20 minute review, basically I can walk through the thinking process. So I got this email from him. I'll read this out to you for everybody here. Hey Richard. It's incredible how much I've learned since being introduced to you. One of the most profound insights has been redefining my understanding of wealth. I now see that true wealth isn't just about accumulation. It's about mindset, knowledge and the ability to pass those on to future generations. The real key to sustaining family wealth across multiple generations lies in equipping one with the skills, the wisdom and the principles to build upon and preserve it. Thank you for sharing the videos. I'll have my daughters go through them and I'm implementing a family coaching session to ensure this knowledge is effectively passed down. His, his daughters, I mean his, I think his youngest is 6 and the oldest is like 12 and they have one on the way. So he's already, he's going to show the video that I created for adults to his kids and have this conversation. He only read Nelson's book like, like three, four weeks ago. And he's going ahead and moving forward with the process and he's just going to be a perfect example of exactly the right individual we're looking for that demonstrates the mindsets, the family values, the thinking, the preparedness. He's an active reader, he loves to learn. He's actually an engineer, coincidentally. And as an engineer, which love and respect, I didn't get all of the typical engineering questions. There was no questions about this spreadsheet or that or the math. It was all very focused on decision making and impact and it was just a. So much fun to be a part of. So shout out to him for his great work because he did all the proactive steps in advance before we had that initial meeting. And he's positioning himself and his family through this model right now. Again, 12 year old, 6 year old and about to have a newborn. Just imagine that, that, that phase of life accumulating throughout, throughout him and being able to start implementing these conversations immediately. Such a tremendous thing. So getting an email like this, by the way, for our clients, if you ever feel so inclined to send us an email like this, I can guarantee you your advisor is more than happy to receive those. Those will brighten up anyone's day. And we do get those, you know, probably once or twice a month I get an email like that and those are just incredible, you know, a, that people love and care about us the way that we love and care about them. But to know that we're making impact, there's nothing greater than that feeling.

Oh, I agree wholeheartedly. It reminds us of our why and yeah, there's no.

Wow.

Yeah, that, that was incredible message and really well put from. On behalf of this, you know, person who's going to be. Become a client and the, the family, the, the family banking, you know, approach the, the system, the everything from how to frame it up, how to host meetings, how to instill this in the family. We, in the second quarter of this year we're going to be launching that where we're hosting, whether it's online, in person, combination of both and hosting sessions where existing clients come in and we can help coach them through these approaches and it'll all be recorded. It'll all be uploaded into the client portal. It'll all be part of what we do. And when I was at. I'll share this with you because this is so powerful. When I was at one of the locations of the five cities that we hosted our Infinite Banking event, one of the questions that was posed at the very beginning, I said, think of the number one most important thing that you either want to learn or take away from your time here today. Write it down. Our teammates will collect it. And I reviewed and scanned each and every one of these responses and made sure that what I delivered during that morning session aligned with what the people said. Hey, look, this is my number one thing that I want to learn or take away. And of course, there were some themes in there, which is. Which is great, but this also informs what we do in the future and going forward. And so, like Richard said, we love to hear what experiences you're having as clients, and we also love to hear what is the number one thing you want to learn and take away. So that we can either point you in the direction of a resource that's already been recorded, that's already been done, or you've just given us a great idea that's going to become a great solution for everybody in the client community. And we do this even in the Facebook community, where somebody says, hey, I have a question about this. And then we start to engage, and it's like, you know what, Rich? We should do a podcast episode on this. And so that's where all these great ideas come from, is from the very people that we most love to serve.

Speaking of the people we most love to serve, we've had so many incredible individuals from our client community actually come on and join us on the podcast and share their story and be willing to be a little bit vulnerable and open to sharing and being part of our experience. We absolutely love those. So if you're listening in and you're already a part of our client community and you want to share your story, you want to have an opportunity to do that and impact someone, please reach out and let us know. We would love to feature on the program. And I just want to give a shout out to one of those individuals, Scott Butt, who was on the program a while back. And Scott, I'm sure you're probably listening, so really appreciate you. And he's actually writing a book a little bit about his story and some of the things that he's done around really getting his health back on track. And a lot of that inspired by Certain things he wanted to do financially, which is so incredible. And so I had the pleasure to have a really fun conversation with Scott. I was driving to Vancouver for Strategic coach and we were able to connect and line up and we probably had, I don't know, maybe 45 minutes or so on the phone and I walked him through some things around the self publishing process which we're becoming more and more familiar with. Not expert level by any shape or means, but happy to provide the insights that we did have. And I also gave him a shout out to Feng Shua, who's an amazing client of mine who's also been on our show, who's helped self publish a number of books himself and helped a number of people do that. So really, really incredible, like how the conversations go beyond of course Infinite Banking. They touch many, many aspects of our lives and there's so many opportunities there. And it makes me think about some of our upcoming books that we have, which I'm really excited about. We've got Dan Allen co writing an amazing book called growing your own capital, control how you finance the operation, create the ultimate line of credit and keep the farm in the family. I'm really excited about that book. It's going to be fantastic. That'll be coming out I think in the next. Well by the time this airs it's probably going to be a month or so out but should be releasing that I believe in April. I know pre sales are up on Amazon for that already. Growing your own capital featuring of course Dan Allen on our team. And then of course Jason, maybe you want to make a little bit of a mention about the upcoming Diapers to Dollars book.

Yeah, thank you for asking. So my son Jackson and my nephew Evan, two 16 year old guys who have. This is all they've known. The infinite banking concept is all that they've known. And they have co authored a book titled Diapers to a teen's perspective on the infinite banking concept and how to build wealth before becoming an adult. And I couldn't be any more excited for them and that book. The pre launch details will be shared at the annual Infinite Banking think tank conference next week, which today's February 28th, so first week of March and you'll be able to get your hands on a copy of that book. It's going to be incredible. It'll be an easy read. Much like what we do with all of our quarterly books. You should be able to get through them in about an hour to 90 minutes tops. And so that's really exciting news and they're going to be doing a talk at the think tank for their second appearance, second year in a row, and they've got a lot of insight to share and they're going to be talking about, you know, debunking some of the myths that adults have around kids and their interpretation of money. A very simple three step guide to introducing this to teenagers and to help them embrace this concept. And then they're going to walk through a number of things that are very applicable to the practitioner community that we think they're going to find really helpful. But two 16 year olds who are going to stand on a stage again and walk through this and it just aligns perfectly with doing simple better in.

Front of almost 250 people, which, you know, I can think back to the first time I stood up in front of 250 people. And you know, there's, there's some, it's not necessarily easy unless you've got some practice there. I mean, I don't think about it a lot these days anymore, but certainly it doesn't start there. It's like anything, you build practice. So anyone who's ever done public speaking before, just consider what that means to be at that age and to do that. It's not only is that such an incredible growth opportunity, but at that level, at their current stage, to be able to level up as they go and develop practice on those things is going to be really tremendous. What, what's in front of them in their.