Richard Canfield and Micah discuss whole life insurance and infinite banking as wealth-building tools. After a cancer diagnosis made him uninsurable, Micah built a strategy of stacking multiple policies across generations to keep money in the family and fund needs through policy loans.
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I would much rather to be able to start the next whole generation to create their own peace of mind and their ability to create futures for their kids and their grandkids.
My friend and my teammate, Mike Smella, he's a proud third generation Detroiter who's been living embracing the infinite banking concept since 2011.
If we open that door, hey, there's a whole other party going on. Looking in his eyes throws a whole other level of why the good Lord put us on this ear. I had cancer six years ago and so the underwriters said, we don't want you. You're done.
Your lived life experience and recognition of not only you have kids, you have, you have six grandkids as well, which we're going to talk a little bit about. So you're, you're seeing this progression of time throughout your life and you're, you're, you're looking beyond as to how do I prepare for these things in advance before even kind of really entering the business, which I think is really commendable. Micah. It really is. Not everyone brings that approach to it.
Yeah, yeah. Well, I was, you know, I was very fortunate that shortly after my Paula passed away, I met, and I know that Paula had something to do with this. I met my Diane and we've been together now for 12 years. And so I've got my three boys, she has three kids. So you know, we've got the Brady Bunch. I've got my, my three, three bonus kids and five bonus grandkids on her side. And my oldest son Michael and his wife Alex just had my first grandson and he actually was eight months old today. He just left a little while ago. Eight months old. And it. Looking in his eyes throws a whole nother level of why the good Lord put us on this earth, right? Yeah, yeah, yeah.
It's given you, it's not that you didn't have purpose before, but it's elevated, it's expanded it to a new level, right?
Oh, it has. I mean, all of a sudden I think about my father and both my grandfathers who were from Metro Detroit, and now me and my son, two of my sons, two of my three sons are still in Michigan. And now it's like, oh my gosh, he's, he's the fifth generation of our family. And, and yes, the stories passed down is one thing, but for me, with the, with what I know now, the knowledge and the practice and the tools to help my son, my daughter in law, my grandson, hopefully other great, hopefully my bonus kids to realize we can have so much more. The abundance of, not of everything, our own happiness. What we want to achieve, what we want to help the world to do, we have the ability to do that. And it's been, I don't want to say hidden from us because it's been there all the time. It's just like we've been walking down a hallway. We never knew there was a door on the right and if we open that door, hey, there's a whole other party going on. We never even knew that door existed. And now that I know that door exists, if I, if I don't share this with my kids, my family, other people that want to know about it, what good am I? That's, you know, so it's exciting. It's a new excitement that, you know, a 64 year old all of a sudden has.
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 for as many generations as 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.
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You're going to love it. And so you've got policies in place now, more than one. You started with original one for you and you've been able to start expansion. And so talk us a little bit about now, not just what that feels like, but like, how did you start to think about creating expansion for yourself?
That, it's a great question, Rich. You know, I, I, yeah, I started to think about this several months ago. I'm like, okay, I need to expand my own policies, I need to expand my own bank branches. Unfortunately, I had cancer six years ago. And so the underwriters said, no, we don't want you, you're done. That's, you know, what you got right now, is it, I'm like, oh crap, okay, so what do I do now? So all of a sudden I looked up and I went I knew that my, my oldest son was open to this. We've talked about infinite banking. I've, I've, I've told him about things and he kind of grasped it. So we sat down with his wife and kind of went through all this. And I said, you know what I'd really like to do is I'd really like to put policies on each of you, all three of you, so that, number one, your entire family is protected. God forbid something horrible happens, you are protected and you've got that huge safety net. And I will fund them. While I am still here, I will fund them. I will leverage the dollars as I need to. And as a family, we will continue to talk about things. If there's a car loan that you want to get paid off, let's sit down and talk about it. If we've got the funds available and the capital available for a policy loan, great, let's talk about that. Let's restructure a loan program so that we'll continue to keep capitalizing it and leveraging it as a family. When I'm gone, you pick it up from there. And if they are fortunate to have other grandkids, it'll be the same thing. So it'll be more in their control. And all of a sudden I'm like, you know what? I'm glad that I couldn't put another one on me. I would much rather to be able to start the next whole generation to create their own peace of mind and their ability to create futures for their kids and their grandkids. And hopefully they'll think that grandpa, great grandpa, great, great, great Grandpa Mike carried on, you know, started a new tradition and carried on our family legacy of education and just. And just love, really.
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