The Biggest Financial Advice Mistake Most People Make

Very honestly, I really despise it when the people that I love and care for are lied to. And folks, we've been lied to. Create control and take back control from systems that just very honestly have not been there to help us. What do a Vegas casino and a supercar or a sports car have in common? They're all flash and have no substance. The truth in those cavalier, overly embellished statements are nothing short of an unrealistic promise to fulfill your dreams and fantasies. It's all about as pointless is buying a lottery ticket hoping you will win so you can retire. It's gambling, pure and simple.

Hey, welcome back to Wealth on Main Street. Richard Canfield here. I'm excited to introduce Mike Smella, who's going to be walking through some incredible takeaways, incredible observations, as he goes through chapter by chapter with a great review of his observations from Cash Follows the Leader. We love this book. It's a really great book. It's a short read. It's got some fun little images in there, and you're going to hear all about it from the perspective of Mike, with his experience, both in life and with the Infinite Banking Concept. So with that in mind, let's take it away.

Hi, it's Mike again. Cast follows the leader. We're going to continue on. And before we get into chapter 4, I just want to go over a couple things. Number 1, an immense debt of gratitude to our, the 2 authors of this book, Jason Lowe and Richard Canfield. For those of you who follow them at all on social media or Wealth on Main Street or through Ascendant Financial, I hope you get a feel, a little bit of a feel for how big their hearts are and how they as human beings are just absolutely incredible. And as a, as teammates, as mentors for myself, my family, and our entire team, I just want to thank them for everything that they're doing, putting out all these wonderful books, all this great information, all for one purpose, and that's to help you, to help both of our countries create control and take back control from systems that just very honestly have not been there to help us. So thank you much for that. I want to thank you, everyone that's been following this book study series. For just following it. And I'm just, I'm Mike, I'm me, I'm a father, I'm a grandfather, I'm a business owner, I'm a husband. I just love helping people to succeed. Very honestly, I really despise it when the people that I love and care for are lied to. And folks, we've been lied to. And by following this type of information, it turns the tide back to where it ought to be, and that's with each one of us and with our communities and our nations as a whole. So thank you very much for that. Okay, back to the book. Chapter 4. First 3 chapters, we've learned what this infinite banking concept is about. We've learned about the high dividend or dividend-paying whole life insurance and why that becomes a wonderful vehicle to basically to arm and to leverage to implement this bigger system of privatized banking, infinite banking, that we are really looking at doing in our lives. And then we looked at how we can figure out and come up with the monies that we need to start our systems, which is great. It's all our thinking long range, rethinking our thinking, getting creative. All of these things are what Nelson Nash so eloquently learned and gave us great information to continue to help in our own journey. So chapter 4, we're going to be, which starts on page 53, we're going to be talking about what they call is the financial minivan. Basically, we're going to be looking at flash versus substance. Okay. So let's just get on here. Page 53, chapter 4, the financial minivan. So once you've got complete clarity on your financial position,— in the amount of your positive cash flow, assuming you have some or found a way to create it for yourself, what's next? I hear many say we will just invest it into the stock market or stash it away in our savings. Do we really think that makes sense? No. And by now you know that we will say none of those options is a guaranteed way to create wealth, and neither will allow you to become your own banker. A question we'd like to ask in this circumstance is, what do a Vegas casino and a supercar or a sports car have in common? They're all flash and have no substance. Sure, they're fun for short spurts, but they are are not steady and consistent. How many times have you been to a casino and won big? How many times have you lost big? And if you've ever driven a sports car like a Lamborghini or Bugatti, how did it handle in the long haul? Would you use it as your daily driver to take the kids to school, shop, transport the family dog? Not to mention the additional time and costs associated with custom parts and service needs. I've got a good friend of mine that owns the Ferrari dealership here locally. He said, hey, come on out and drive one of the cars. And I'm like, you know, that's okay. I'd love to, but at 64 years old, the thought of someone watching me get out of a car and having that video go viral. Just no, I can't do that. Anyway, why do we ask you this? Well, because the concept of a casino or a sports car deals in short-term fun and highs, not long-term gains and consistency. The same holds true in how you choose your financial vehicles. Think about it. There's always the next new sexy product being promoted as the next best thing. Get in on the ground floor. This will make you richer than your wildest dreams. But the truth in those cavalier, overly embellished statements are nothing short of an unrealistic promise to fulfill your dreams and fantasies, just like the thought of pulling up to the Bellagio Hotel in Vegas in a Bugatti Veyron. The stock market shifts through cycles.

Okay, Mike's walking us through Cash Follows the Leader. It's a great book, but it's only good if you've got one. So go ahead and get a copy. It's free. Head over to cashfollows.com. That's cashfollows.com. And get one dropped right into your inbox.

If you read our first book, you will recall our discussion on the crash of 2008 where half the globe was impacted. Eventually, the market slowly rebounded and we have since experienced a bull market for most the past 10 years up to early 2020. As the rebound began, all the gurus came out of the woodwork professing they had answers to getting back on track and taking a piece of the upswing. We liken it to getting on a roller coaster after it starts to move. It's all about as pointless as buying a lottery ticket hoping you will win so you can retire. It's gambling pure and simple. On May 12, 2022, a CNN article noted that more than 7 $1.5 trillion worth of value had been wiped out of the stock market in the first half of 2022. Even Netflix, something that has become a consumer staple and a globally recognized company, was down over 70% from its peak. The article notes that the NASDAQ was down 27% overall, and the other stock indexes were not faring much better. It's interesting to see Netflix experiencing a surprising turnaround similar to the demise of Blockbuster, which filed for bankruptcy in 2010. Who's to say what the future holds for this streaming service? We don't know, but the safety and peace of mind that comes with the guaranteed growth as your cash follows the leader with your whole life insurance is a stark contrast. Let's go back to the sports car analogy. There's a reason that supercars are not recommended as family vehicles. They aren't built with the features to accommodate the needs of a family. There's little seating, no room for storage or car seats, safety concerns, and may not be very dependable. They're high cost, exciting to drive and look cool, but they won't perform the core functions the way that you like and need them to. And that's the kicker. As I looked and talked to my friend who owned the Ferrari dealership, I said, I said, look, can I even put my golf clubs in the trunk? And he laughed and went, Mel, well, what good are they? You pull up to the golf course with your fancy car, but your clubs aren't there because they don't fit in your car anyway. So as you look at your financial life and contemplate that vehicle to use, do you want speed and all the potential risks it comes with, or do you want flexibility, longevity, and a guaranteed producer? If you answer that question the same way you think about your family, you might have less financial stress throughout your life. Remember the story of the Tortoise and the Hare? Who won the race? Right, the tortoise, because slower slow and steady wins every time. And that vehicle is the dividend-paying whole life policy, or as we call it, the financial minivan. The minivan may not reach top speeds or turn heads, but it is competitive with most vehicles on the road today. It accounts for all your family. It's safe, diverse in its amenities, and reliable. With your hands firmly planted on the wheel of the financial minivan, you can accomplish every financial objective you want by taking it to exactly where you want it to go. It becomes the foundation from which all other financial decisions you must tackle begin. Like a family road trip filled with memories. Your generational legacy will be realized if you engage and teach your children and grandchildren to embrace this mindset of becoming your own banker while using your financial minivan or whole life policy. You will start to think and act intergenerationally and prosper as a family in the same way as the large banking families like the Rockefellers and the Rothschilds have done. Plain and simple, folks. I hope you're really starting to see this. It truly is an incredible way to develop your legacy, your consistency, your growth, Yes, I own actually 3 minivans. My son has one and I have 2 that I use for my businesses because they just flat out carry a lot of stuff and they work and they go and they stop and they're great. And then I also have 4 minivan life insurance policies that are part of my banking system and my family's banking system. We'll go on to chapter 5 here next. Thank you again. I greatly appreciate your ability to be here and want to be here. Give us some comments. Hopefully it's information that you want to see. If there's any additional information information you want to see from all of this, please let us know as well. We'll certainly create that too. Take care, and we'll see you for Chapter 5.

There's always more to learn, so if you like what you heard from Mike, make sure you check out the next video so you can keep your energy going and learn all about the next chapter in this book.