Episode Transcript
[00:00:00] Speaker A: You are listening to the wealth without Bay street podcast, a canadian guide to building dependable wealth. Join your hosts, Richard Canfield and Jason Lowe, as they unlock the secrets to creating financial peace of mind in an uncertain world. Discover the strategies and mindsets to a financial future that you can bank on.
Get our simple seven step guide to becoming your own banker. It's easy. Head over to Sevensteps CA and learn exactly the learning process required for you to implement this amazing strategy into your financial life. That's Sevensteps ca.
[00:00:39] Speaker B: Rich, let's have a conversation about being your own bank. Sounds good. Yeah.
[00:00:46] Speaker C: So being your own bank, be the bank.
And to be your own bank, you have to buy an the, the, the.
[00:00:55] Speaker B: Infinite banking concept can be the bank.
Here's what comes up for me when.
[00:01:01] Speaker C: I hear that so one of the things is that I think, and you.
[00:01:05] Speaker B: And I had this conversation just recently as well, where we talked about educating with clarity and that we can all.
[00:01:15] Speaker C: Be better at that. I'm the first person to step up.
[00:01:18] Speaker B: And say, early in my journey as an IBC practitioner, I would sensationalize the.
[00:01:26] Speaker C: Message in the sense that I would get really excited about the illustrations, I'd get super excited about accumulating cash values in the policy and place a high degree of emphasis on that. And then having this woodshed moment with Nelson where Nelson said, here are the reasons why I think that's all simply unnecessary.
And he said two things.
[00:01:49] Speaker B: He said, one, people need to develop.
[00:01:52] Speaker C: A deep understanding that the infinite banking concept has absolutely nothing to do with life insurance.
And secondly, the more you see infinite banking concepts, the more you'll see you didn't see. So that was a huge coaching moment.
[00:02:08] Speaker B: But recently there's been just this growing.
[00:02:12] Speaker C: Trend of social media marketing in North.
[00:02:14] Speaker B: America, where a lot of people who.
[00:02:18] Speaker C: Purport to know something about the concept are using this language that I just.
[00:02:23] Speaker B: Described to you earlier, be the bank.
[00:02:26] Speaker C: Buy your infinite banking policy.
Insert whatever here, right? Like buy cars and grow rich. And the list goes on and on and on. And not only are these statements misleading.
[00:02:39] Speaker B: And inaccurate, but they really put the.
[00:02:43] Speaker C: Entire practitioner community in a very awkward position. And before you weigh in, I just.
[00:02:49] Speaker B: Want to say this.
Nelson encouraged us to remember that words matter, words have significant meaning, and that we can easily misclassify things through the use of words.
[00:03:05] Speaker C: And Nelson didn't encourage people to become.
[00:03:08] Speaker B: An institution like be the bank.
[00:03:12] Speaker A: What does that even mean?
[00:03:13] Speaker C: Like, I'm a human being, you want me to become the bank?
How do I become an institution?
[00:03:18] Speaker B: He encouraged us to become our own banker, which is one of the four.
[00:03:24] Speaker C: Characters in the financial play.
And there's obviously, again, catchy marketing. Let's market to it. Let's tell people to be the bank.
[00:03:37] Speaker B: And beat the bank and hug the.
[00:03:40] Speaker C: Bank, or whatever it is that the marketing messages are saying.
[00:03:44] Speaker B: The general public hears the words and may not necessarily understand the meaning behind.
[00:03:53] Speaker C: What'S being said and the fact that it's just inaccurate, plain and simple.
[00:03:59] Speaker B: And so I wrote this article for the upcoming banknotes, a newsletter that's distributed.
[00:04:05] Speaker C: And circulated by the Nelson Nash Institute.
[00:04:08] Speaker B: Just to weigh in on this topic, this hot topic, and try to bring some clarity to correctly classifying the language.
[00:04:18] Speaker C: Around the infinite banking concept.
[00:04:20] Speaker A: Yeah, I think what comes up for me, obviously, I mean, you and I have had a number of conversations about this and hey, like I say, we've walked a path, and in the path of walking it, you know what, you know, at a given time, and you're always expanding and increasing your horizons.
[00:04:38] Speaker C: Yeah.
[00:04:38] Speaker A: So in the early days, I'm sure I said some things that were probably not as, certainly not as accurate as we really try to focus on making them today. And that had to do with my level of understanding at the time, not just with the process, maybe not having enough thorough reads of Nelson's book. Of course, you go, you meet with Nelson, you talk to Nelson, you watch Nelson's dvd, which you can now still do. So those of you who didn't get a chance to talk to Nelson, like you still have an opportunity. There's lots of Nelson available. Oh, and a quick heads up, there's going to be even more of that coming out in the future as the Nelson Nash Institute is going to be producing some more archived footage of Nelson that will be available for the general public, which is a huge blessing to anyone on planet Earth that gets a chance to have that.
So as we grow and develop, we heighten our own level of understanding and we get clearer and tighter on all those things. And so I appreciate how we really take the core, I think, of Nelson's message in the way that, from our perspective to the best of my ability anyway, I believe I can channel what Nelson taught me and move that forward into my clients and into the advisors that we work with and teach and coach and mentor, which is not just people with our organization. There's any advisor who is coachable and actually wants to take this beautiful concept and begin to share and implement that with their clients.
There's a path recommended to doing that with the Nelson Nash Institute of course, being the core of it. But Nelson wrote the book becoming your own banker. It was published in the year 2000. We're recording this in the summer of 2023. So it's not even a full 23 years of that book being in production itself published.
[00:06:35] Speaker B: Right.
[00:06:36] Speaker A: He wrote his second book, building your warehouse of wealth, which the subtitle is a grassroots method of avoiding fractional reserve banking. Think about it. Do you remember when Nelson was telling us about the book? He's like, oh, wait till you see my next book. Get this. The subtitle is think about, like, of all the stuff, the thing that he was most excited about was think about it.
I've got my copy of that book right here.
This book was published in 2012. So that book hasn't even completed eleven years in production. So when I think about when we started this and when we came into the information, it was before this book was published. And the resources that were available at the time was Nelson's book and very little else available, very little online.
If there was, we certainly didn't know about it. Anything available on YouTube, there was no know. The only podcast that existed was like Joe Rogan at that time because he was like the first guy out of the gate or whatever. So there wasn't the level of accessible information available to the general public. And now because of the volume of accessible information, we also see a lot of these content or word choice related issues being created. And the issue is, I think primarily, or for the most part, is unintended, unintentional, the law of unintended consequences. So when you can continually communicate to your clients, your client base, or the general public in such a way that is misleading, even if it's unintentional, the result of that is people are misled. And that misleading activity, well, eventually it rises to things like regulators, like the insurance company, and they start to wonder, oh, what's going on? Why are you saying these things that, well, that's just not really accurate. We don't sell banks here. We have insurance contracts. And then there begins to be, all it takes is for a couple of clients of one advisor to phone into the life company and says, hey, yeah, can you help me work with my banking policy or my banking system? And the person on the other end of the line, who's just a very nice individual that works for that insurance carrier, is like, what the heck is this?
[00:09:02] Speaker B: Take note of it.
[00:09:03] Speaker A: Bring it up to a supervisor. Supervisor brings it up to the next level, the chain. And eventually you're going to have some problems that are created. Nelson Newm was aware that in order for us to use the functionality that is already provided by a beautiful system created by insurance companies for our own purposes and our own day to day life usage, we need to have those organizations effectively on our side, is what he would have said. And the way that you do that is that you play in their sandbox, you abide by their rules and that sort of thing, and that's okay, that they're meant to be there for a certain reason. You have to communicate effectively.
[00:09:45] Speaker C: Yeah, it's just being unequivocal.
When you purchase a dividend paying, participating whole life insurance policy, you're buying a financial product from a reputable life insurance.
[00:09:56] Speaker B: Company that is not infinite banking. And so when we take words and put them together, because we want to be very clever in marketing and we use language like come and buy your.
[00:10:13] Speaker C: Infinite banking policy, or yes, you can.
[00:10:16] Speaker B: Absolutely purchase an infinite banking policy, line.
[00:10:20] Speaker C: Up all the life insurance carriers and ask them where we find that.
[00:10:25] Speaker A: Yeah, where is that on your product shelf? Where's your marketing material for that product?
[00:10:30] Speaker C: So it just opens the door to.
[00:10:32] Speaker B: Unnecessary attention that Nelson again, and for.
[00:10:37] Speaker C: Those who are watching or listening, who.
[00:10:39] Speaker B: Didn'T have the joy of knowing this man, he would tell us often the.
[00:10:47] Speaker C: The infinite banking concept, ridiculously simple. It does not need to be sensationalized. And when Nelson said that people need to develop the understanding that the, the infinite banking concept, absolutely nothing to do.
[00:10:59] Speaker B: With life insurance, he was crystal clear.
[00:11:03] Speaker C: In the distinction between what a person was buying versus what they are implementing. When you purchase a dividend paying whole life insurance policy, you are the proud owner of a unilateral, binding contract.
[00:11:18] Speaker B: That is what you purchased.
[00:11:21] Speaker C: What you are implementing is a process. And the policy, it just so happens to be one element of the implementation of a process.
[00:11:32] Speaker B: It is not one and the same. And we are just receiving because for viewers and listeners.
[00:11:39] Speaker C: So Richard proudly serves as a practitioner council member with the Nelson Nash Institute. I proudly serve as an advisor to the board. And what we want to do is work really hard for the practitioner community, for the benefit of a growing community by shedding light on this very important issue.
[00:12:00] Speaker B: We are not standing or sitting here.
[00:12:03] Speaker C: Before anybody today to say, we're perfect. Hey, we've made mistakes. And to add to what Richard said earlier, we've made mistakes as it related to the process.
[00:12:13] Speaker B: I think we've always done a really.
[00:12:15] Speaker C: Remarkably accurate job of describing the attributes.
[00:12:18] Speaker B: Of a product because all that information.
[00:12:20] Speaker C: Was readily available and we were able to articulate that and communicate that very effectively.
[00:12:28] Speaker B: But as it relates to the process of becoming your own banker, Nelson was clear, and he told us, the moment the message begins to be sensationalized is.
[00:12:44] Speaker C: The moment we can turn something so.
[00:12:47] Speaker B: Wonderful into something that could really draw.
[00:12:53] Speaker C: Unnecessary attention for all the wrong reasons, intentional or otherwise.
[00:12:59] Speaker B: The moment you've got a marketplace conduct.
[00:13:02] Speaker C: A regulator, somebody stepping up and going, has anybody got the file on infinite banking policies? Can somebody bring us the file on that? I don't recall ever having a discussion.
[00:13:15] Speaker B: Around this type of product.
[00:13:18] Speaker C: What is that exactly? And somebody says, oh, it doesn't exist. So they start calling around to the insurance companies going, do you have one of these? Do you have one of these? Do you have one of these? No.
[00:13:28] Speaker B: And then it's not too long before.
[00:13:32] Speaker C: God forbid, if it happened, an advisor.
[00:13:35] Speaker B: Gets that dreaded phone call to say, hey, we're just going to go ahead.
[00:13:39] Speaker C: And put your business on hold until we can sort out exactly what you're communicating to the marketplace. So we got to be very careful in making sure that we're speaking the truth. We're not telling half truths. We're not trying to mislead people, because that misleading can lead to very ill informed financial decisions.
[00:14:00] Speaker B: And people will.
[00:14:01] Speaker A: General public needs to know. The client.
[00:14:03] Speaker C: Exactly.
[00:14:04] Speaker A: Need to know because they're the ones that are their own banker. The advisor isn't their banker. The insurance company isn't their banker. They are the banker. Their banker isn't their banker. They're the banker.
[00:14:14] Speaker C: And thank you for again, using the.
[00:14:17] Speaker B: Correct words, banker, not be the bank.
[00:14:20] Speaker C: Beat the bank, become the bank.
[00:14:23] Speaker B: That's not what you're doing.
[00:14:26] Speaker C: You are becoming one of four characters in the financial play that Nelson so eloquently described in his book titled becoming your own Banker. Unlock the infinite banking concept. There's no subtitle that reads buy infinite banking policies.
[00:14:44] Speaker B: They don't exist.
[00:14:46] Speaker C: They just don't exist.
[00:14:48] Speaker B: And so let's just shed light on this issue and share with our esteemed colleagues that we can all be better.
[00:14:59] Speaker C: And sensational and zinging. It is so unnecessary.
[00:15:06] Speaker B: People are drawn to work with the practitioners now who are just telling the truth.
[00:15:15] Speaker C: Let people decide for themselves. And we don't have to use these.
[00:15:19] Speaker B: Catchy marketing phrases to try and convince people that they need to go and.
[00:15:27] Speaker C: Buy something that doesn't even exist.
[00:15:29] Speaker B: And yeah, we get it.
[00:15:30] Speaker C: Anybody who's proficient would say, well, that's.
[00:15:32] Speaker B: Not what I mean.
[00:15:34] Speaker C: Yeah, but the general public doesn't understand that nuance.
[00:15:36] Speaker B: They don't understand what you're saying. They need to be educated on it.
[00:15:42] Speaker C: So help them understand the problem so that when you present the solution, they.
[00:15:46] Speaker B: Know exactly what to do.
[00:15:49] Speaker D: Become your own banker and take back control over your financial life. Hey, is this even possible? You may be asking, can I even do this? Well, you better believe it. In fact, it's easy to get going. So easy that we put together a free report. Seven simple steps to becoming your own banker. Download it right now. Go to sevensteps ca. That's seven steps ca. Now let's get back to the episode.
[00:16:18] Speaker B: When there's similar to the aspect you.
[00:16:23] Speaker A: Just mentioned, Jason, about, you know, possibilities that exist from the carrier perspective. Well, at the beginning of this year, there was a large, well known carrier in the United States who released an internal memo, or, well, it wasn't really internal because it made its way out to basically their licensed advisory force, of which so anyone that's contracted, when I'm a licensed advisor, that's able to conduct business with them about the fact that they effectively did not support.
I'm going to summarize the infinite banking concept and then, so shoot forward. There's all kinds of content now that's been created about advisors who teach or promote or recommend in some way, shape or form. And however they do that, the concept and all of these clickbait type headlines, I'm like, oh, this company no longer supports the infinite banking concept. Well, the company never supported it to begin with.
[00:17:21] Speaker B: Right.
[00:17:22] Speaker A: The company doesn't have a product on their shelf. You're misleading again, just with the clickbait title, like, there is no support because it's not necessary. The concept has nothing to do with the insurance carrier. The insurance carrier sells a whole life product that any consumer can go and find an advisor with 2ft in a heartbeat and request that they get them a product, whether it's set up appropriately or is up to that person to determine. And then they could begin using it as a policy owner in their life, as a banker who creates and manages the rules of how they dictate that within their own personal economy, which is.
[00:18:03] Speaker B: Completely separate of anything to do with.
[00:18:06] Speaker A: The insurance company's realm. This is internal personal economics, transactional activity, which has good savings mechanisms in place about paying yourself, paying yourself more than you would a third party because you and your family are worth it. If you're willing to go pay ABC bank a certain amount of money, why on earth wouldn't you pay at least that and a greater amount to your own family? Because they're worth it. And you love them, right. Very logical thing to do.
Mechanics of the insurance company is just completely independent of that. They're not even connected. Once you take a policy loan, the only component is the activity of maybe taking a policy loan and making loan repayments. But those are independent transactional items that are determined and decided and implemented through a process by the policy owner.
[00:19:03] Speaker B: Yep. And Nelson always referred to a participating.
[00:19:09] Speaker C: Dividend paying whole life insurance contract as the entity that is the entity.
[00:19:17] Speaker B: And from that place you can implement the process of becoming your own banker. But they're in no way connected.
[00:19:28] Speaker C: Where the process is somehow connected to the life insurance company.
[00:19:31] Speaker B: It has nothing to do with life insurance. It's an exercise in logic, it's an exercise in reasoning, it's an exercise in imagination and prophecy. That's it. He didn't say that it was an exercise in anything other than that.
[00:19:54] Speaker C: And when a person really grasps the distinction between a product and a process.
[00:20:01] Speaker B: It opens your eyes to far more than you ever saw before with the infinite banking concept.
[00:20:09] Speaker C: Hence why Nelson often said, the more you see infinite banking concepts, the more you'll see you didn't see.
And within the life insurance advisor community, what we're seeing is a growing trend.
[00:20:25] Speaker B: Of if I hold myself out there.
[00:20:30] Speaker C: As an, the, the, the infinite banking concept to sell more life insurance policies.
And so I've got to develop this.
[00:20:38] Speaker B: Really gimmicky, catchy marketing to get people.
[00:20:42] Speaker C: Compelled to do something.
[00:20:45] Speaker B: When you're acting in the capacity of.
[00:20:47] Speaker C: A life licensed advisor, you're fulfilling a duty of care to a prospective client to make sure that whatever it is.
[00:20:53] Speaker B: You'Re planning to sell them, that there's a need for it, and that the death benefit has merit.
[00:20:59] Speaker C: That is part of our internal compliance process.
[00:21:01] Speaker B: Not a single file goes from interest to application without going through that filter.
[00:21:10] Speaker C: And there's a reason that we instituted.
[00:21:12] Speaker B: That because we're not beginning to implement.
[00:21:15] Speaker C: A process until we have a policy owner.
And to get from interested to policy.
[00:21:21] Speaker B: Owner, we have to fulfill that duty.
[00:21:24] Speaker C: Of care as a life licensed advisor. And then once the policy owner has.
[00:21:28] Speaker B: The entity, then it's from that place.
[00:21:31] Speaker C: They can begin to implement a process where all the additional coaching, mentoring comes into play.
[00:21:36] Speaker B: And so.
[00:21:38] Speaker C: To preserve our professional standing, speaking to all of our esteemed colleagues who might be viewing and watching this, to preserve our professional standing in the.
[00:21:48] Speaker B: Industry, and to have those companies on our side, we need to make sure that we are telling the truth and.
[00:21:59] Speaker C: That we are drawing a very clear distinction between a process and a product, because otherwise the consequences can be ill fated.
And we do not want to be going down that path because it's far more difficult to try and climb out.
[00:22:14] Speaker B: Of that than it would be to.
[00:22:17] Speaker C: Make sure we're shining a light on.
[00:22:19] Speaker B: This issue and educating the life carriers.
[00:22:24] Speaker C: On the concept which we are, as you know, rich at the institute level.
[00:22:28] Speaker B: We'Re in active dialogue with companies to.
[00:22:31] Speaker C: Say, let us make sure that we help you develop an understanding straight from the source along with an understanding of the marketplace conduct that we support and the marketplace conduct that we will never support.
[00:22:44] Speaker B: And speaking of the source, a couple of great locations where people can dig.
[00:22:49] Speaker A: Deeper into the source. Obviously the book becoming your own banker. In the description below you'll find a link where you can purchase a copy of that book. But we absolutely always recommend that people watch Nelson's documentary film. You can go to nelsonnashfilm.com, that's nelsonnashfilm.com and then additionally we have two other incredible resources over and above that that are available for consumers. You can go to learn from Nelson.com once you go to learn from Nelson.com, you'll see a list of about 30 videos which is an archive footage of Nelson where he walks through a training on the book. You can follow along the book with Nelson and go through some Q A from a group of advisors.
It's all transcribed and ready to go. There's a lot know even like clips of the book is right there in the videos to follow along with. And then additionally we have a tribute project called Dayofnell, dayofnellson.com and you can listen in on interviews and additional archive clips of Nelson himself teaching interspersed throughout that whole segment where you get to learn and meet with people who actually spend a great deal of time with Nelson, talking through this concept, bringing it into their own life and then learning a way that they could take Nelson's message and share it outwardly into the world. And beautiful interviews, people sharing really amazing life stories about their experience with the concept and with Nelson directly. And those are learning opportunities that we all have available in Nelson's book. Again, his two books. I really want to come back to building your warehouse of wealth because this to me and the title I think Nelson has here was really something he was very proud of because at the end of the day you need a place to store your wealth. It's got to reside.
Yeah, what better place to have it reside? What he was talking about is the contract, unilaterally binding contract of dividend paying whole life insurance put together actuarily designed by a quality insurance company, that is a warehouse where capital accumulates capital, not being direct money, but cash value as a form of capital. And your ability to tap into that reservoir isn't you taking your own money and paying interest to your own money or any of those things. Other misleading statements that are out there. You're never accessing your money. You are accessing the insurance company's money from the general fund. That is what a policy loan is. It's an asset on the books of the insurance company. You co own that company as a participating owner. So that co ownership means that, hey, that money is put together in a custodial fashion to be looked after for all participating members. So if Jason and his family are doing business with the company, and I'm my family, and we've got 10,000 clients out there all doing business with that company, we're all taking loans, and we're all putting money back in as loan repayments, those a source of cash flow and earnings for a company that we all share the profits in. And they have to distribute those profits with us. A very beautiful and simple system, all administered at no cost to us by the insurance carrier. So he said, we have the makings of the mechanics of a system that we can then implement the process of utilizing that system at the you and me level. And that's really what Nelson was getting at and all.
[00:26:25] Speaker B: So, you know, we emphasize this because.
[00:26:30] Speaker C: We'Ve been sharing this quite a bit.
[00:26:31] Speaker B: Lately, that quite shocking.
[00:26:37] Speaker C: I talk to advisors all the time.
[00:26:39] Speaker B: And so few understand that cash value isn't actually money, and cash value is.
[00:26:49] Speaker C: The equity that's accumulating in the policy that opens the doorway to ready access.
[00:26:55] Speaker B: Capital on demand, on your terms. But cash value itself is not actually money.
And when Nelson said, hey, you know.
[00:27:05] Speaker C: It'S fundamentally true that your money must reside somewhere.
[00:27:09] Speaker B: Well, when you're paying premium into the insurance company's money pool, the insurance company.
[00:27:18] Speaker C: Is putting that capital to work.
Your cash value is the net present value of the future payment of a death benefit.
And that cash value is a doorway.
[00:27:31] Speaker B: To capital, to real money, that you get to deploy and control how you.
[00:27:37] Speaker C: Finance all the things that you'll need.
[00:27:39] Speaker B: Throughout your lifetime, which you are going to finance anyway.
[00:27:42] Speaker C: You're going to do it anyway.
[00:27:43] Speaker A: Finance everything that you buy.
[00:27:44] Speaker B: Yeah.
[00:27:45] Speaker C: And again, it's just really understanding what's going on so that you'll know exactly.
[00:27:53] Speaker B: What you need to do and credit.
[00:27:57] Speaker C: To people for wanting to get the message out there.
[00:28:00] Speaker B: And to get people excited about the concept. Absolutely.
[00:28:04] Speaker C: Don't ever lose that. Whoever is watching this, viewing this, talking.
[00:28:07] Speaker B: About it, don't ever lose that. Get the message out there, but do it in a way that leaves no.
[00:28:14] Speaker C: Room for misinterpretation and leaves no room.
[00:28:17] Speaker B: For the general public being misled to believe that they're purchasing an infinite banking.
[00:28:27] Speaker C: Policy, or they're getting rich by buying.
[00:28:30] Speaker B: Cars or whatever other catchy things that.
[00:28:35] Speaker C: Are being said out there. And this stuff is just being brought up. Like, literally, I get links from people.
[00:28:40] Speaker B: Hey, take a look at this.
[00:28:41] Speaker C: Take a look at that. It's like, okay, well, let's take a.
[00:28:43] Speaker B: Moment just to address it. Let's reach out, connect with these folks.
[00:28:48] Speaker C: Let them know, give them an opportunity.
[00:28:50] Speaker B: To make the necessary adjustments.
And.
[00:28:55] Speaker C: Hopefully, most, being the professionals that they are, they will.
[00:28:59] Speaker B: They'll say, oh, gosh, you know what? Yeah, good point. I do need to adjust that, and I see the rationale as to why I need to adjust that.
[00:29:09] Speaker A: Well, communicate that to our entire team.
You brought something else up that made me think of this. So a little plug for cashfalls leader. You can get a copy by going to cashfalls.com. One of the reasons we wrote this book has to do with, to some degree, I don't think the intention was that at the time, but I realize now, in retrospect, that that's fundamentally what's transpired is to help people understand the general public. But certainly advisors could take some heat of this as well, is what actually causes cash value to grow to accumulate. And it's a very simple thing.
[00:29:47] Speaker B: We have a death benefit, and there's.
[00:29:49] Speaker A: A contract that says the cash has got to grow to equal the death benefit. It's that simple. So people get into all these hot and bothered conversations, and the keyboard warriors are out there on the blogs and the forums, and they're just like everyone's. It's like chicken little and the sky is falling, and they're losing their minds trying to figure out the rate of return of the policy and how does this grow? And, well, what's the guaranteed amount and what's this amount? And like, oh, my God, what a bunch of white noise.
[00:30:15] Speaker B: Death benefit.
[00:30:17] Speaker A: If well done. And the policy owner's behavior is creating an augmentation and a constant increase of that death benefit, you create a constant increase in accumulating cash value because the cash has got. It would equal the death benefit. It's just so ridiculously simple. None of that other stuff matters whatsoever. And so every time that you increase the death benefit. You're creating an automated, guaranteed, future increasing outcome of cash value which has nothing.
[00:30:43] Speaker C: To do with infinite banking.
[00:30:45] Speaker A: Nothing. It's just how the policy works whatsoever.
[00:30:49] Speaker B: To do with the the infinite banking concept.
It's an entity. You put money into the company that provided you with the entity. The company is contractually bound to ensure that the cash value equals the total.
[00:31:06] Speaker C: Death benefit by age 100 of the.
[00:31:08] Speaker B: Life that is insured. No infinite banking anything is required to own that entity.
[00:31:17] Speaker C: Regaining control of the banking function and reclaiming that from outsiders and becoming your own banker and controlling the process of how you finance the things that you need in life.
[00:31:30] Speaker B: That is a process, not a product. Never has been, never will be.
[00:31:38] Speaker C: The best entity to get the job.
[00:31:41] Speaker B: Of implementing the process done is a.
[00:31:45] Speaker C: Dividend paying, participating whole life insurance contract, ideally with a mutual company, and ideally a system of policies that you put into place gradually and incrementally over a.
[00:31:54] Speaker B: Period of time, respecting the fact that in order to trigger the purchase of that entity, it has to have merit.
So there's a duty of care that.
[00:32:06] Speaker C: The advisor has to the prospective client.
[00:32:08] Speaker B: To make sure that the size of that entity is appropriate long before any process is even implemented. So we just want to make sure.
[00:32:22] Speaker C: That there's just a crystal clear distinction.
[00:32:24] Speaker B: There so that when you see this.
[00:32:27] Speaker C: Content on your social media newsfeeds all.
[00:32:29] Speaker B: Across North America, and you're hearing some of this language where you're like not really quite sure that is that even possible versus I know what the truth is and I understand the problem.
I've developed a reason why I want to implement this process so I don't.
[00:32:52] Speaker C: Lose sight of that. While never forgetting what I purchased from somebody.
[00:32:57] Speaker B: Remember, purchasing something and implementing a process.
[00:33:01] Speaker C: Are two completely different things.
That's what we really want to shed.
[00:33:06] Speaker B: A light on and again, can't express it enough.
[00:33:09] Speaker C: To all our esteemed colleagues, we hope.
[00:33:11] Speaker B: That much like rich and I in.
[00:33:14] Speaker C: Our journey where we had to course.
[00:33:16] Speaker B: Correct along the way, perfection is elusive.
[00:33:19] Speaker C: Because the more you see infinite banking concepts, the more you'll see you didn't see. It's ridiculously simple. It doesn't need to be sensationalized.
[00:33:27] Speaker B: We just hope that this serves as.
[00:33:29] Speaker C: Even just a small dose of inspiration to take that sensationalizing out of the equation and watch what happens to the results of your business.
[00:33:40] Speaker B: It will skyrocket.
[00:33:42] Speaker A: You want to know who did a great job of not sensationalizing, but education to understand the concept in a simple way, using real world analogies, explaining things at what we would refer to as the you and me level was Nelson Nash. The best way to see how he did that is to watch Nelson's seminar series, which is available through the Nelson Nash Institute to go to learn from Nelson.com to watch the Nelson Nash documentary film. All of those resources will automatically clear up a lot of things because Nelson never needed to do like, he never needed to explain things beyond what was.
[00:34:26] Speaker B: Just it.
[00:34:27] Speaker A: Just know. How's that expression go?
[00:34:32] Speaker B: That.
[00:34:35] Speaker A: If you don't understand the problem or what's going on, then the details.
[00:34:40] Speaker B: Don'T matter, the solution just won't matter.
[00:34:43] Speaker A: But if you understand what's going on, well, then the details also don't matter because you get it right. So it doesn't mean that you don't need to have a good meeting with an advisor and confirm important details around what product you're going to get. Of course, getting at, yeah. But recognizing that you can control the method, the way, the ongoing aspect of how you go about purchasing all the things that you're going to buy in your life, which includes things like your income at retirement and other components of life, all these accumulated components of like financing, business equipment, financing, whatever, cars, vehicles, or just purchasing them. In general, we say financing because you're making a financing decision. But the reality is you're purchasing something. Money's got to go flow from one part to another in a short period of time. That's what the banking transactions are all about. The method of you controlling that flow is where the process comes in. So you can be your own banker. Nelson taught us how, and he can teach you how. Just go and get this book and you can begin to. It's not rocket science, because the only thing that's rocket science is rocket science.
[00:35:58] Speaker B: That's right.
[00:35:59] Speaker C: Amen to that.
[00:36:00] Speaker B: Well, that was fun.
[00:36:02] Speaker C: And yeah, we hope those who watched and listened found it valuable as well.
[00:36:08] Speaker B: And we'd love to hear from you.
[00:36:10] Speaker C: And Rich has got his UFC gloves, so if anybody wants to duke it out with him in the octagon, you're welcome to do that, too. But Nelson often shared that.
[00:36:23] Speaker B: The concept.
[00:36:24] Speaker C: Isn'T meant to be.
[00:36:28] Speaker B: Shared in terms.
[00:36:29] Speaker C: Of knowledge and education and awareness through argument.
[00:36:34] Speaker B: It's just shed a light on the problem so that when you recommend the solution, your prospective client knows exactly what to do.
And that's what matters most, is what's best for the prospective client. And.
[00:36:52] Speaker C: It'S not about right or wrong. It's just that we think differently, that's all. And Nelson would be doing backflips in his final resting place if he saw.
[00:37:02] Speaker B: Some of this content that's out there around how what he worked so hard.
[00:37:08] Speaker C: To develop and Pioneer is just being.
[00:37:10] Speaker B: Sensationalized and it simply doesn't need to be. So thank you so much everybody.
[00:37:16] Speaker C: And much like we always see on these videos, there's another one that just popped up, part of the recommended playlist. Rich made some great recommendations too, on some reading material that would be extremely valuable, and we can include links to that where people can get their hands.
[00:37:32] Speaker B: On that great reading material.
[00:37:34] Speaker C: And again, we'd love to hear from you. We'd love to hear what insights have come up for you through this conversation.
[00:37:38] Speaker B: That Rich and I shared and what.
[00:37:41] Speaker C: You find good about it and what you find bothersome about it. We'd love to hear both sides of the argument. Have an awesome rest of your day. Rich, this was absolutely amazing.
[00:37:51] Speaker B: Real fun.
[00:37:52] Speaker A: Thanks for listening to the wealth without pastry podcast where your wealth matters. Be sure to check out our social media channels for more great content. Hit subscribe on your favorite podcast player and be sure to rate the show. We definitely appreciate it. And don't forget to share this episode.
[00:38:06] Speaker B: With someone you care about.
[00:38:08] Speaker A: Join us on the next episode where we continue to uncover the financial tools, strategies, and the mindset that maximize your wealth.
