A conversation hosted by Richard Canfield with Nate and Holly about financial freedom through Infinite Banking and building family legacy. Nate recounts Living Wealth's origin — founded by his father Ray as a life insurance agency in 1972 — and how R. Nelson Nash’s book inspired a mission to "break the bonds of financial slavery" and teach families to keep wealth in-family. Holly and Nate reflect on Ray’s compassionate approach to clients and the firm's goals (e.g., reaching 10,000 families). The video also promotes the book "Don't Spread the Wealth."
Chapters
How do we really break the bonds of financial slavery? And how do we teach them how to pass a legacy?
By you listening in, you'll feel the weight of what's really possible when values and vision come together. And so let's dive right in. Welcome, Nate.
Welcome, Holly.
Once he read the book, he couldn't believe what he read.
I wanted people to know about Ray. His legacy was just the actual tender to actually care about the well being of people.
It's not the money, it's the legacy and the freedom they have.
For our audience who may not know the Poteets family story, can you share how Living wealth got started and what inspired its mission?
Nate, do you want me to do that?
Go for it, Holly.
Okay. Living wealth really got started initially just as a life insurance agency. My dad founded it in 1972 and the mission was always really serving people and meeting them where their needs were with a, with our faith being ever present, never being in the, in the shadows that we were going to walk in faith and we were going to have integrity. And so as my dad, I'm going to say, grew the business, he became very successful. And then one of his mentors actually passed away and he found on his desk the infinite banking book by R. Nelson Nash that his mentor had actually a couple years before. It said, why don't we stop in Alabama and go visit Nelson? And my dad said there was nothing that he could learn there. And once he read the book, he couldn't believe what he read. And at that time, Nelson's phone number was in there and he actually called Nelson on the phone and Nelson answered and my dad asked him, where, where are you going to be? And he happened to be the next day in Kansas City near, near Lawrence. And, and my dad said, okay, I'm going to go to the event. And he goes, well, the registration's closed. My dad's like, what's it going to cost? I'm just going to go and really for I'm going to say the next nine months, my dad, wherever Nelson went, my dad went, Ray went. And, and then it became about really not just taking, just not just Nelson's book, but how do we really break the bonds of financial slavery for parents, individuals, families, and how do we teach them how to pass a legacy? And really the goal was eventually like, we want to reach this many families, we want to reach this many. Right after we pat, after he passed, we talked about what do we want to accomplish. And one of the things was being able to, to reach over 10,000 families, you know, and I think that that's still the goal is wanting to change people's lives and transform them with the tools that they need. It's not the money, it's the legacy and the freedom they have.
Yeah, 100%. Okay, so you want to keep the wealth in the family. I get it. I hear you. Me too. That's why we wrote this book, Don't Spread the Wealth. Everyone tells you that you want to spread the money, spread the wealth around. No, no, no, you don't want to do that. You want to keep the money in the family with the people you love and care about, where it belongs to for as many generations as possible. That's what we talk about in this book. In this book we have an incredible 15 page bonus you can download which instructs you on how to start the conversation with your family on annual family banking meetings, how to host them, some sample exercises and a sample agenda. Tons of amazing great benefits. Go ahead, get a copy right now. Head on over to Don't Spread Wealth. That's Don't Spread wealth dot com. Don't Spread wealth dot com.
Going to love it.
Given that, you know, Ray is no longer with us, what do you want people to remember most about him both personally and professionally?
Yeah, Holly and I actually did a podcast about this right after he passed. That would have been, I think it was maybe May of 2023. I actually can't remember when it launched. I just remember when we shot it, but I remember we did the repotit episode and it was, it was what you. It was a whole 30 minutes on what you just past.
You know, we'll put a link to that in the.
Yeah, I think that'd be great. What is the real legacy of Rabot? And both of us were but always astounded at his desire that no matter who was with him, if he was with somebody, he was always 100 there. And I know that's just like easy to say, but until you had sought in Ray, you never knew that because he would go from a meeting with some sort of multimillionaire successful business owner and, and he just 100% there for three or four hours, just loving the conversation. All in trying to teach them about becoming your own banker. And then he would go right after that he would have a meeting with a poor missionary or something that was one of his good friends who is also a client of his and, and he would give the same exact complete and total focus and energy for that person as it. In other words, it, it he was not, as he said, a respecter of persons. There was no such thing as someone who sing in front of him that wasn't worthy of all of what he had. And that was just the way he was. I mean, that, that truly was the way he was from, from start to finish. We got to see that behind the scenes. You know, no man is perfect. And so, I mean, that's 100% true. But nonetheless, we got to see that front hand. And I, it was convicting to me to watch that because I could tell myself that depending on who I was talking to, I might give more focus or not so much focus. And then I would go look at Ray and I was like, well, he doesn't do that. And I was like, that's, that's the answer right there. And so that's one of the things I wanted to, that I wanted people to know about Ray. His legacy was just the actual tender. It's something that can be taught to actually care about the well being of people. Right. Regardless if it has anything to do with you, that is, that was what he truly was able to leave to us as his family. Yeah. So, I mean, that was probably the highest thing we could learn from him was the actual to be tender and tender hearted towards clients. It's no longer like just a business transaction. It's I want your life to be better. I'm, I'm in your life because I want it to be better. That's the reality of it. So, yeah.
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