The SECRET To Achieving FINANCIAL FREEDOM (How To Make Money) | Chris Naugle

Nobody has an excuse, Steven. No one has an excuse. If they do, they're just, they're not seeing that they can actually get there. For some reason they're stuck. And we've all been there. But you have to find a reason to get to the next level.

I want to jump straight into the content because I've watched a lot of your interviews, I've watched a lot of the content you've been producing. And everything you've been producing is a new spin, if you will, on financial health and wealth and creation of it and all that kind of stuff like that. You know, one of the things that I guess the question that I've always asked is, or one of the discoveries I had was what is ultimately the one or two things that people knowingly get wrong about money?

Because we're taught it that way, very easy control. They get the control part wrong. We have been taught our entire lives to give up control of our money. And that is the number one thing we do wrong.

Well, how did you discover that for yourself?

That's interesting. When I got it wrong, most of my life, just like most other people, I was taught money worked a certain way. And I just was thinking, alright, that's it. And really where it all ended is, you know, my life's been a roller coaster. You know, I had early on born in a very lower middle class family with a dream of being a pro snowboarder. Everybody in my life telling me I can't. I ended up succeeding at that, ran skateboard snowboard shops for a long time. But then the roller coaster really started early 2000s when that.com crash recession hit me. I ended up having to get a job and I landed in Wall Street. Now you would think being the money guy, I learned everything I know about money from Wall Street. And although I learned a lot, that's not where I learned what the wealthy do with money. And I spent a lot of years in Wall Street. Sixteen to be exact. And I remember early in 2008 I jumped into a big development project because I was making a lot of money as an advisor and had flipped a few houses. And that development project ended up being something that brought me right to my knees when the Great Recession hit because I was highly leveraged. And at that moment, if it wasn't for my girlfriend helping pay the bills, I never would have made it. But how did I figure this stuff out really came on the next crash. So I got back after that 2009-14 heavy into real estate. And in 14 I pretty much Lost it all again. And at that moment, I was at a low point in my life. And I remember hearing two people speak. Mike and Greg, their names were. And I remember Mike was talking about what he did with money. And I remember thinking to myself, I'm in the three day event because I got the free ipod shuffle sitting there. And I'm thinking to myself, I'm the financial advisor here. I should be the guy up there teaching this class. And these guys are talking about money in a way that I've never ever heard money used. I've never heard people talking about this. And I'm like, wow. And at the end of it, I'm thinking to myself, what else don't I know? I'm 14 years as an advisor, I should know everything. And these guys are doing the exact opposite of everything I've been taught. That was the moment. That was the moment when I realized that everything I'd been doing was not the complete wrong thing, but the complete opposite of what the wealthy do. Because I was always giving up control of my money. And Mike then in Cheesecake Factory in Salt Lake City, sat me down and started telling me what he does and how he does it. And I literally, I remember sitting there thinking to myself, again, you know that ego of being an advisor? Thinking to myself, this guy's either crazy or I don't know what I think I know. And I leaned into him and I said, mike, I said, what you're talking about doesn't work like that, man. It doesn't. And Mike had been lending me a lot of private money on my real estate deals is he leans back into me, very serious, you know, kind of like I'm watching you. And he says, kris, if it doesn't work this way, how have I been lending you money from this private bank all these years? And I sat back and I said.

Teach me. And then he tells me, I can't. I can't teach you. I didn't. I do this through somebody else. You got to call this guy Brent. So I got on the phone with this guy Brent, and I'm like, brent, Brent, I'm the big advisor, real estate investor. Mike told me about this privatized banking thing. You got to tell me all about it. And he's like, great, I'd love to, but you have to watch a 90 minute video. And I'm like, no, no, Brent, you don't understand. I'm an advisor. Like, I don't need to watch a 90 minute video. Just like, come on, let's go. Tell me how this works. And he says, after you watch the 90 minute video, you will have a clear and concise understanding of exactly what we do. And then I'd be happy to talk to you and just. Have you ever been told to do something and you're reluctantly like, man, I just don't want to do this all the time. 90 minutes, right? That just seems like at that moment, it seemed like so long of a period of time to watch a video. And I remember getting a big cup of coffee. I had my cup, I sat it down, pad of paper, I hit start. 90 minutes went by in like 15 minutes. 4 pages of notes. And my perception on control of money, how money works, completely flashed in front of my face. And I figured it out. And that was the moment. It was 2014, the moment I, I saw the light in terms of what the wealthy do. And then it's just been a journey ever since then. Sorry, I went long in that. But that's how it happened.

I mean, I think that's what everybody needs to hear. They need to see people. It's one thing to have the information, or let's say we have a concept or something worth hearing. It's another thing to say, hey, this is how we got there. You know, it wasn't something. I made it for myself. It wasn't something. This is an experiential base learning lesson, if you will. I myself have made a bunch and lost a bunch twice and then had to rebuild. And on the third time, you're just like, just tell me the right way to do it, man. Really? Like you're kind of in that moment. So when you say control, let's break that down for the audience, because we're our audience, you know, they're either basically in the, in the what I guess some would refer to as the blue collar category. I still wear my blue collar proudly under my other shirt kind of thing. Right. And we also have everything up to Fortune 500 companies, right? CEOs from those companies. So let's break it down in lane brain. Understanding what you mean by control and what the differences were in that control. Sure.

It's very simple. So, you know, for those of you listening, you can't see this, but those watching it, I'm holding a hundred dollar bill in my hand. And you know, we've been taught throughout our entire lives to work really hard for money. And we've gotten very good at it. We all know how to work and make money, and we make that money. But where the problem comes in is not in Making the money, it comes in, what we actually do with it and how we make our money work for us. So we've been taught to make our money. What do you do when you got this hundred dollars from your hard day's work? Right. Don't you go to the bank and you give it to the teller? You feel super good when you walk into a bank. I love making deposits. Cause it's a sense of like accomplishment. And you give that teller that a hundred dollars and now let me ask you a question, Stephen. Does the teller take that money and put it in a little box in the back room with my name on it so that when I come back I just grab my box? Is that what the bank does?

No, they basically steal it and start making money off.

Well said. Well said. They take my hundred dollars and they immediately put my hundred dollars in motion. They move my money in those little glass cubicles behind me. They're lending that money out. And in doing this, banks make between 400 and 1300% more than we do. So if I were to ask people who's in control of that money? It isn't us. And back when Covid started, it's the banks in control. I remember a lot of people telling me, you know, when I was talking to them that they tried taking their money out of the bank and they couldn't get it all. The bank would only give them three or five grand. Who's in control now? But let's go round two. We go to our work and we don't even get the $100. Because now we've got these things that we've been taught about our whole lives. These things called 401ks and employer sponsored retirement plans. So now before we even get paid, the employer in the financial company does us such a favor and they will actually take from our paycheck money and put it into this 401k. And then that money sits in the 401k and goes up and goes down, you know, whatever the market. Someday later, 59 and a half to be precise, we then can take this money back. So let's think about what just happened there. First off, we gave up control of our money again to the financial company because they're putting it in the market and investing it. And yes, we get to pick a couple of the investments, but we are not in control. And then over time, Stephen, let me ask you, money, this $100, is it worth more now or will be worth more in the future?

What depends on inflation. Good point. I would say it's going to be worth less in the future.

Right. And most people would say that, that this hundred dollars is losing value every day to inflation. Now, some people would say, yeah, but in a deflationary period, yeah, we're over a long period of time, like 5, 10, 15 years, this hundred will be worth less. And the easiest way to describe that is 20 years ago, how many candy bars could you buy for a buck more than today? So now this money's in there. We gave up control. Number two, it's going to be worth less when we take it back. And number three, do taxes go up or down or do they go sideways?

They've always gone up. I can tell you that. I'm taxed at about almost half my income.

So there you go. So, you know, I think everybody can safely say today that our taxes are going up. So now we're going to compound the taxes on this hundred dollars that I just put in that retirement plan. And when I take it out, I get weaker dollars, higher tax dollars, the government wins, and now I've got this money to use. But really think about that was a lot of time to give up control. A lot of opportunities came and went during that time when my money was sitting there. And it's funny, because we do things with money we would never do with things that money buys. Would you ever go out and buy a loaf of bread from the store, Nice Italian loaf of bread, come home, put it in the freezer, shut the freezer door, and wait 5, 10, or 15 years, then come back, open the freezer, take the loaf of bread out, look at it and say, oh, yum. Man, you wouldn't eat that freezer burn. You wouldn't buy your dream car and wait 5, 10, or 15 years to drive it. And you certainly wouldn't go with your significant other out to buy your dream house. You get the keys and you look at your significant other and say, oh, hold on, sweetie. We can't move in for 5, 10, 15 years. But see, we do things with money we would never, ever do with things that money buys. We've been taught to do this, and that has to change.

So what is this concept of privatized banking like? It's. So you touched on it a little bit. I'm sure people are like, okay, so what's different? I mean, one of my first mentors basically told me that thinking the way you think controls whether or not you become wealthy or not. Right?

You're absolutely.

What is thinking?

It's very simple. It's something that's been around for hundreds of years, created by the Rockefellers and the Rothschilds back in their day because they didn't trust banks. So what we've been taught to do, like I said, is put money in banks and the bank makes all the money and we get paid hardly anything. And also we, we realized that banks sometimes have troubles like we did in 08. So what the Rockefellers did is they said, you know, well, if I don't trust banks for all my wealth, what do I trust? What's the safest place for me to store my money? And they arrived at giant mutually owned insurance companies. But you can't just walk into an insurance company with your hundred bucks and say, Mr. Insurance Company, can you take my money and put it in your general account so that I can make that guaranteed 4% like you guys are? Heck no, they're not going to do that. But you can get your money into these giant insurance companies and you can share in their long term returns, which are better than just about any other financial company over a long period of time through a vehicle called whole life insurance. Now as soon as I say that word, everybody kind of gets that icky feeling, right, that their hair stands up on their back and their arms and they're like oh no, no, no, no. But that's because you don't know what you don't know. And that's the problem in America, says Will Rogers people, the biggest problem in America is what people is not what people don't know, it's what people think they know. That just ain't so. You think you know what whole life is, but you know what? The wealthy no different. The banks know different. These are not normal whole life policies. They're specially designed and engineered whole life. So let me give you an example. So why would we put our money in this specially designed and engineered whole life versus a bank? Well, first off, the whole life policy and the insurance company guarantees you two things. Number one, a 4% guaranteed interest rate as of 2021. This change is in 2022. Just so everybody knows. Secondarily, yeah, it sucks, everything's changing, but.

Yeah, but what's the, what's the expected change in 20?

Oh, down, of course. Yeah, down. The guaranteed rate is going down next year, so. But right now you can grandfather in at 4%. So we're getting 4% plus, they're mutual, so they pay dividends every single year. So right now one of the companies we use pay 6% with dividends. So that's not a bad return. Versus what you're getting in the bank. So that's better. But here's where the really important part. That's the first guarantee. I put my hundred bucks there. And I'm just going to do this example here using real money. Now, let's just say I have some credit cards that I pay every month. I pay 10 bucks to. Let's say I owe the credit card $60. So immediately I put this $100 in the, in the insurance company policy, that specially designed whole life. And I immediately, in the first 30 days, take out $60 from that money. Now, when I take this $60 out, I'm going to take it as a loan. And most people, when I say loan, they think of a bad word. Oh, my God, I'm going to pay off visa with this $60. Why would I take another loan? I want to get rid of debt. But the loan from the insurance policy is a loan that never needs to be repaid. The insurance company will never ask me for this $60 back. And the reason for it is guarantee number two. The insurance company promised a death benefit will be paid out upon my graduation date. I don't mean high school or college. I mean the big graduation. I just hate saying die. So now let's get down to it. I got $100, earning 4% dividend. I take $60 as a loan. Now when I do that, how much money is the insurance company still paying me interest on? Okay, is it the 100 or is it the $40 left in the account? Most people would say the $40 because they're used to a regular bank. Except for the insurance company, if it's done properly with the right company, will pay you interest and dividends on the full 100, even though I'm holding 60 of it in my hand because the insurance company gave me $60 from their general account so that my money never had to leave the account. My money just acts as collateral. So now we're already way better off. I get to use my money and continue earning uninterrupted compound interest on that hundred. Like it never left my account. Sounding pretty good. But now I got. This is the most important part. So now let's get away from the whole life. Let's talk about banking. This is what people don't learn, that everybody should. If I have $60 and I owe Visa $60, the most natural thing would be to do is take the 60 and pay off Visa. So now I no longer owe Visa any money. But most people would stop there. But remember, every month Stephen, I was given Visa $10 a month, and that $10, let's just pretend, was 20%. Pretty good rate that the credit cards charge. So I'm paying them $10 a month, minimum, and it's 20% interest. If I want to build wealth, wouldn't it just make more sense to just take back the money I'm giving to all the credit card companies and all the debtors that I give my money to, versus going out and trying to risk more or work harder?

So you're trying to make compound interest work for you, not against you.

Bingo. So if I just take that $10 I used to give the Visa, and now that Visa is not owed anymore, I just changed the name on the check and I paid that check back to the bank of Naugle. I now literally just recaptured and recycled the equivalent of 20% that I used to give away. That was the easiest return I've ever made on my money. And while that was happening, remember, my hundred dollars never left the account. So I was making uninterrupted compound interest on that hundred dollars. And the only thing in the middle that I missed out on that I lost was that loan the insurance company gave me. Even though they don't want the loan back, okay, they're going to charge interest on that at a rate of 5%. So if they're charging me 5 and I'm making 6, I'm still ahead of the game. Plus, I just recaptured the 20%. So I want everybody to envision the circle we just did. My money started on the left in this specially designed whole life. It moved over here and it paid off. Visa. And then I just changed the name on the check I used to give to Visa, and I then deposited that money back in my account. Imagine how many times you could do that in your life. Visa, Amex, Amazon credit cards. How about those pesky car payments you make every month? Wouldn't it be fun to make those car payments back to yourself? And then what about all those real estate deals we want to do? Wouldn't it be cool to finance them through our own bank and pay our bank back every month? And private lending? If I had a better place to take money for private lending or my investments, where I would still make uninterrupted compound interest, but yet I could still use the money and invest it and then take the returns from the investment or a portion and put it back in my bank. The funniest thing is, that whole thing I just explained is exactly what every single person does today. But they Use somebody else's bank. They do every one of those things, but they use somebody else's bank. So somebody else is making money on their money, and then they give all their money away to someone else's bank, but they never get it back. That's what we do.

Yeah. And if you think about it, the. So I'm. I'm fortunate enough to be in a place of what some would consider wealthy. And, you know, getting there was a struggle. You know, I did the whole debt free thing. Got out of debt. I started having excess capital. I started putting that excess capital to work in ways of either passive income or immediate income, things of that nature, which allowed me to compound, which allowed me to continue to build up. So when the market, like for example, when Covid hit, when 2008 hit, I had capital on the sidelines, allowing me to buy things on sale when everybody else was paying a higher price, not even a week earlier.

Precisely. You were able to take advantage of an opportunity because of one reason. You were in control of your money. If you weren't in control or your money were somewhere where you couldn't get it, you could have never taken advantage of those opportunities in March. And you know, it's interesting because the wealthy, just like yourself, I'll do the exact same thing. They understand these simple concepts and they apply them every single day in their lives. Which is why when everything crashes and burns, they get wealthier, not poor.

Yeah. I was watching a show last night with my wife, just trying to relax for a minute. And we don't watch a lot of tv, but this one caught my eye. During the COVID scenario that we've all, hopefully we're shaking ourselves out of. There were someone there that had lost their home because the person that was leasing them the home got scared, decided they needed to sell it because the world was going to come to a crash. Right. That is one mindset that I think that would kind of go back to that place where the money's on the left and it hasn't quite made it to the right. That's where fear comes from. It's when you handle money. Right. Right. By getting started and actually just taking the time to build that portfolio. Over time, slowly, securely, correctly, you end up with capital to then invest and buy other things. I was able to have capital sitting on the sidelines and buy other properties that now return a higher passive income. So how do we take someone's mindset from what you referred to earlier as the money on the left, or at least my left on your Screen right. And move it and help them move over to the money on the right. How would somebody actually just get started? Especially maybe, you know, because a lot of folks, if you think about the average American, I think they said the average American has what, 40 plus thousand dollars of debt in between student loans and credit cards. Most of them are still living paycheck to paycheck. You know, for me, my first step was just getting my butt out of debt and stop being stupid with my money, right? Stop my spending habits, all that kind of stuff. What would be the first step that you would advise? Would it be something similar or would you build off that first step almost like a second step?

Well, I would certainly the first step is you just got to look at where all your money goes, right? So everybody has money coming in in one way or the other, and then it's all going out somewhere. We make more, we spend more. You've heard that before. So the first place people need to start is very simply, like, I mean, some call it a budget. Just literally go through your checkbook, go through your bank statement, figure out who are you writing checks to every month, who's that money going to? And then second thing is, ask yourself, how much interest are they charging me? So that that $20 or $10 that I was given to Visa, I found out they're charging me 20%. Then write all these things down. And then at the end, you're not.

Finding out they're charging you 20%.

Put your name on the line.

I sure hope so, because if that's the case, we might have a problem getting over this next time. So, you know, you look at that and then add it all up. Add up all the monthly checks that you write to somebody else, and then do an average return on the interest rates that you're paying the number. Those two numbers should wake you up really quickly because I bet you you're giving away 90 cents of every dollar you make. And I bet you the average return or interest rate you're paying to everybody else is more than what you're making on your investments. And as soon as you realize that, you should be very willing to accept that the way you've been taught to handle money and the way you've been taught to use money might not be the right way. And then at that point, the next thing is, you do need to change just one thing. Change just one thing, add one step, and that is change where your savings or the money that you invest goes first. Because the money you're going to spend in Your regular household expenses. That's going to, that's still going to go out. That's always going to. Money in, money out. You can't help, you know, feed yourself and shelter and all that stuff. But you're all saving money. And some people are like, oh, I'm not saving any money. Okay, how much is left in your savings account and checking account every month? Oh, there's about $600 left after I pay everything. That is the same as saving. You just haven't yet registered it as savings. That's how you got to look at it. And you know, I'll go use your story. I mean, you came from next to nothing in a broken home, so you climbed your way up. Yeah, exactly. Like I've read your story. Yeah, like, think about that. Like, nobody has an excuse. Steven, Steven, no one has an excuse. If they do, they're, they're just, they're not seeing that they can actually get there. For some reason they're stuck. And we've all been there. But you have to find a reason to get to the next level. And here's the biggest advice.

Money.

And this has not all this money that I'm throwing around here, forget all this. You know what life's about. We're here for a very short period of time and we have to realize, and not many people do realize this, but we have to realize that on that short time that we're here, our main function should be solving other people's problems, helping other people get what they want. But we don't. We live in a me society.

Consumer.

Yeah, we live in a society where it's all me, me, me, my car. I want the bigger car, the bigger house. This, this. You will never hit your goals. You might get lucky and hit them, but then you'll hit Arrivals syndrome and then you'll just crash and burn. The second you change your mindset to helping other people solve their problems, you become selfless and your wealth will explode. I don't know why I can't give you the reasons. I think it's like a universal law.

But if you give, I would say, I've actually heard it articulated this way, that if you're, if you're. Faithful with the little you, a master over much. And that has been my experience. Right. I've been faithful over time with patience. And yes, there were times I wanted to be impatient. Yes, there were times I wanted to go buy the hot car, buy the nice house, all that kind of stuff. And there's a season for all of that. Stuff, but it's a climb up, not a jump over kind of thing. And I think that concept of climbing up versus jumping over is what's created the wealth gap in the country. But on top of that, when that wealth gap is created, most people look at that wealth gap thinking what's evil? The people that are wealthy are just evil? No, they're just thinking differently and taking action differently. You mentioned the other 600 bucks, right? Well, if the $600 can go into a bare bones to get started a money market or something that has some kind of interest bearing to work for yourself, you're at least on the road. Would you agree with that?

I would 100% agree, absolutely.

Rock on.

And let me, let me say one other thing because you kind of mention something that's really important and this is a pure statistic. But if I went around and interviewed 120 year olds and I asked them one question and that was this, are you going to be successful at the age of 65? I wouldn't even get that question out to most of them before they said absolutely yes. There would not be one of those 120 year olds that would tell me no. So let's go into the future now. Let's go to age 65 with all those 120 year olds. Here's what would happen. According to the Social Security statistics, out of those 100, only five would be financially successful. The other 95% would be different variations of not financially successful. So what the heck happened from that 20 year old to when they turned 65 where 95% of them failed, what they set out to accomplish? And the answer is so profound and simple. It is this. Those five, right? The five that made it, they did one thing different. They decided to create. The other 95% conformed. They conformed to what everybody else said their life should look like. To what everybody else said they could or could not do, to what everybody else told them should and will and has to happen. Five of them created something and created their financial futures. And that is what we're lacking is the creation in this world, in this society we're in, is designed to make us conform. Look around. So it's a very hard thing for people to get out of their way. But you have to sometimes rise up, stand up and say I'm going to be the light in the darkness. Because otherwise there's only other one other way you can do it. You could bury your head in the sand and you're going to get trampled.

Make your choice yeah. And you know, as you mentioned, the word conformity, that there is a. The American culture itself is buy it now, pay for it later, which keeps you trapped and in shackles. Okay. Inside of that conformity is what I refer to as recklessness. Right. You're just, you're reckless. It's happenstance. You're not, you're not, you're not, you're not even paying attention to what you're doing with your money. Right. You see the new iWatch, the iWatch and you want to, oh, I gotta have the new iWatch. Jane over here's got the new iWatch and Tom O' Beir has a new iWatch. I got to go fit in. Let me go get the new iWatch. Right? That's a culture that people that are wealthy don't do. They use a strategy. They follow strategy. They follow proven principles, they take specific steps, and as a result, at some point in time, like in my shoes now, I'm fortunate enough and blessed enough to be able to give away more than I spend on my own. Right. That didn't happen overnight. And which one is more fulfilling? Because that iWatch is just the watch. A year from now is going to be the, not the latest and greatest, but the forgotten about kind of scenario. Now, are you seeing that with a lot of the folks that you work with? Because I know a lot of folks you work with have been starting at a tough place, but then kind of beginning to build financial independence.

Yeah. You know, it's almost every person I meet with. I mean, we're all conditioned the same way from a young age. I mean, like, that's the reason we have this problem. It's not, not because we did something wrong. It's just, that's just what we've been fed. That's, you know, and you are what you eat and you are what you learn your whole life. So. But the one thing that I think really happens is, you know, I alluded back to that 90 minute video that I watched. Well, what I do is I have that 90 minute video still. I've never got rid of it because it changed my life. What I have people do is just, I say, listen, if you really want to see what the potential is, watch this 90 minute video. And if nothing else, what that 90 minute video video does for people is it shows them that this is possible. That by just changing one thing, adding one step, they can change everything. And when they see that, there's a powerful thing called hope that comes into play and now they're willing to receive. But that hope wasn't there before. They felt doomed. They felt like, I can't ever get out of this. I'll never get out of debt. I'll never be able to get into real estate. I'll never be able to do this because I don't have money. Hope is what people. Sometimes that's the only thing they need to just see their way out of their hole.

Yeah. I mean, hopelessness, when it comes down to it, is a lack of knowledge and a lack of diligence. Absolutely. If you can gain the knowledge, you can follow the diligent practices. You get to move into the area of what some would refer to as a successful life, no matter what that means for you. You know, I always said a long time ago that, you know, if you live your life by principles, directly inside of each one of those principles is a promise of what is to come. And if you live the principle long enough, you get to obtain that promise.

So that's one of the things that I've used those. One of the things I like about your content specifically is that you have turned on the selfishness off and turned on the selfless behavior of becoming a servanthood teacher. Right.

Well, the interesting thing is a lot of people, you know, like, what I do is I didn't create it. It's been around hundreds of years. But the reason why most people have never heard about it, which is sad, but I know this because I was in Wall street for 16 years at a high level, and I was never taught this once. And I'll tell you exactly why. To do privatized banking, to build that specially designed whole life policy so that it works in a way. Like, you know, I teach, somebody has to give up 60 to 90% of their pay. And that somebody is the person, the IBC practitioner or the money mentor that's doing that design. Because those vehicles off the shelf, a regular whole life off the shelf. It's a terrible place to put your money. I make no two ways about it. Dave Ramsey specifically. Right. Like a terrible place. But these are not normal. These are built specifically for banking. And to do that, it's just taken from how the banks do it. Somebody's got to give up up to 90% of their income. Like, how many people do you know for the better of somebody else are willing to give up 90% of their income? Not many, man. Not many at all. As an advisor, the reason they didn't teach it to us, they knew all about it. Oh, my God. They did it for the banks. They knew all about it, but they wouldn't ever tell us about it because if we had to give up 60 to 90% they make less. And I probably never would have made it making 60 to 90% less. So it makes sense. But the name of the game in this and the reason why the wealthy have always understood it and used it is because they don't have commission based advisors or advisors that are chasing each sell to make a living. They put them on retainer. So their advisors are just out there finding the best things and guess where they landed. Hey, we just found this thing called privatized bank and this is awesome. Take a look. We can use this for the family office and have all of our money start here and all of our money earns uninterrupted compound interest. Oh, and the only thing I had to do is I had to give up 90% of my commission. So we can do this for you guys. What do you guys think? Yeah, they're like, they're like, man, pat them on the back, give them a bonus and say, dude, you found a really, really amazing thing. Like the average person doesn't because the advisor, no disrespect to advisors, I was one, but either they're not taught or they can't physically, they can't give up 60 to 90% so that you have access and control of your money. That's what it comes down to.

I'm actually glad you brought up Dave because I've known Dave for gosh, pushing 10 years and he's very critical by nature of whole life policies in general. Like he's historically against them. Now you've mentioned, hey look, a traditional whole life policy versus this customized whole life policy. What is the difference? And kind of from your perspective and then also what do you think maybe Dave is misunderstanding about this new system that you're kind of talking about?

Sure. And you know, first off, like a lot of people that do what I do, they don't like Dave. Where I am a huge Dave fan, I always have been. I think Dave has helped millions and millions of people free themselves from financial slavery, from the bonds of debt. And I commend him for that. I think the only thing that Dave does is, you know, and I understand why he's gotten so big. He's gotten so used to talking about what he does, you know, term and invest the difference. Which that strategy can work, but the people will fail more often than not with that because the invest the difference, they don't invest it or they take it and they don't do what he teaches them. So I think it's not so much that Dave doesn't understand whole life. I think he has a very, very distinguished understanding of whole life. But he is talking about regular whole life. We're talking about a whole life that we literally take a standard whole life from a very special insurance company. There's probably only 10 that we can work with. And what we do is we deconstruct it and put it together backwards. And I don't want to get into the nuts and bolts, but it's basically where the money goes. So there's always a base part of the whole life policy. And that's the part Dave talks about. It's very expensive, okay? The cost of insurance is costly because you have insurance your whole life. And buying term is much cheaper. And if you can build up enough wealth with the invest in the difference, you'll have enough to at least support your family and, you know, the legacy side. So the term does its job. I own a lot of term insurance because my whole life policy isn't designed to be my life insurance policy. It's designed to act and function as a bank to do that. Most of the money I deposit under the IRS guidelines called the MEC 7 pay not to get in the weeds, but there's some rules. Has to go into the insurance company's general account because that's what I want. I don't want my money going to cost of insurance like Dave says, is, you know, it's too expensive. You're giving away all your money to the insurance companies. Of course, I don't want to do that either. I got to give a little away to them because I need that death benefit because that's what allows me to do everything tax free. That's what allows me to use the money the way I explained. But the majority of the money I deposit is going into the insurance company's general account through a special rider that not many people talk about because it's not something that they can make money on. And that's the problem. So when we build it, we build it backwards. So when you actually look at the plan designs, these don't even really look like whole life. They don't even look like a life insurance contract. Unless you look and say, what is that death benefit thing over there? Oh, yeah, don't worry about that. That's just there so that we can use the insurance company's money and then we don't have to pay it back. Oh, and someday there would be a legacy so remember we're doing this totally different than any whole life was designed to be used and we're doing it, you know, for banking. Banks do this. Anyone can look at this up, it's called Boli b o L I google that and you'll see hundreds of pages of how banks have been doing this. And the other thing is a lot of people like, well, you know who else uses this? Well, how about banks? They're the number one purchasers of whole life in the world. So you know, against what Dave would say, I would, I would say, well banks are either really stupid because Dave says whole life is terrible, but banks are the number one purchasers or do banks knew something we don't know and that's what it is. So kudos to Dave. My hat's off to him. I love what he does. I just sometimes wish he would set the bird free when he gets them to the point where they, where he brings them. But he, he, he loves holding onto the bird.

Yeah, and I definitely think that, you know, knowing Dave as long as I have, he's definitely got a lot of wisdom. He shared a ton with me. Just even one on one before.

I do think when it comes to people's financial future they've got to do their due diligence and I think they need to look everything with open minds, open hearts and look at it objectively for what it is. You know, have a financial advisor possibly involved with it. Maybe somebody that understand it. Someone like yourself that understands this, the special style of whole life, not a traditional principle based whole life policy. I think that's very important. As a result, where can we find this actual 90 minute video that you've mentioned before? I know if I'm not mistaken, you've got to host it on your website, is that right?

That is correct. So you just go to my website, which is easy, it's chrisnaugle naugle.com and then go to free resources. Two swipes of the index finger right there. 90 minute video. It's free. Watch it and it will completely change your perception on how money really works. And then you'll start to really dive in and learn the truth about what money does and how to make your money work for you.

Rock on, dude. Well look, so they this, they go do this first step done. How do they connect with you? What's the next step?

Easy. One more swipe on the index finger after and I could be clear about this. After and only after you watch the 90 minute video. There's a schedule a call. And you can schedule a call with myself or my team. But if we find out you didn't watch the video, we will kindly say, all right, watch the minute. Watch the video. And because I don't want to waste their time, and I don't want to waste my time. And that's like the toll, right? That's the 90 minute video. That's the gate. You got to go through the gate before you can get access to us. And all we're going to do is answer your questions and help you better understand it and find out more about your needs and goals. Because again, I already said it earlier. You got to give. And that's all we do. We just give, give, give. We never sell anything. Everybody that we work with, every one of our 3,300 clients, we call our clients members, asked us to help them. We never asked them if they wanted to do business.

Yeah. And then here's the deal. With anything in life, finance, relationship, whatever that thing is, there is a cost, so to speak. An investment, so to speak. So, you know, if you're always looking for the free thing, you're very seldom going to find the right thing, because that you can go from free, quote, unquote, like, you know, a free concept to understand, okay, how something works. But at some point in time, you're going to have to step to the plate and make a decision for yourself.

Couldn't agree more. There's a statement that says, you know, we live in a time where we know the cost of everything and the value of nothing.

That is so true, man. That's so true. Dude, I love having you on. We got to do it again. Thank you so much for coming on Stockton's top a little bit.

Thanks, man. It was my honor and privilege.

See you, buddy.

Bye.

Bye. I hope Kris's approach to money gave you a new insight.

And if you did, I know you're.

Gonna love this next video right here. So make sure you check it out. People don't appreciate the journey of entrepreneurship is designed by design. It is difficult. Right. It's the thing that most people don't do because it's hard.