Episode Transcript
[00:00:00] Speaker A: Foreign.
[00:00:11] Speaker B: Welcome to wealth on Main street, where conversations about growing your wealth are fun and entertaining. Wealth isn't just about money. It's the skills and the knowledge that we develop to pass on to future generations.
Tune in each week to grow your mindset and your net worth at the same time.
What does it mean to take a big leap of faith? Well, after 11 years as a financial planner, our guest today traded in spreadsheets for work boots. Spent the last 16 years in construction, residential, commercial, and industrial projects. And over a decade ago, something crazy happened.
He and his family decided to pack everything up and head to Texas. They went with faith, three kids and a dream for a simpler and a more meaningful life. Now they're homesteading, they're building a family legacy, and they're sharing their journey through the Fearless podcast. Now you can find that on the Texas Boys YouTube channel. We'll make sure to put a link in the description for that.
Our guest today, td, he's living proof that stepping out on faith can create both abundance and opportunity. Td, welcome to the program.
[00:01:24] Speaker A: Richard, thanks for having me.
[00:01:26] Speaker B: I'm excited about this because we had this kind of unique opportunity to connect recently where, you know, we've got this great, amazing, wonderful girl who helps us on our podcast, Shilpa. Shout out to Shilpa, who helps us with our show. And she's been posting pretty regular in our community page. And we are starting to do these things called, like, Real Talk Fridays. And there was a great comment that came from your guys's channel about something to do with some policy stuff. I thought, wow, that's a really cool comment. And we found out, wow, you guys have a really neat channel as well. There's a lot of alignment there. Like, you guys are very focused on independence, freedom, a little bit of a libertarian kind of a tinge to what's going on there, which speaks to my soul a little bit. And so we, we reached out and we thought, what would it be great to have you on the show and you learn a little bit about what your guys are doing and your. Your podcast and your platform. So that created a really cool conversation. And here we are today, going to dig in a little bit into not only how the infinite banking concept found you and your family, but just a little bit more on your journey because you have this unique experience, past world stock market, financial planning, you know, kind of what we might refer to as in air quotes, the enemy. You know, in a past world to. To really have fundamentally almost night and day change to how you and your family Operate today.
[00:02:43] Speaker A: Well, my, my background is what shaped me to where we are today.
And what I experienced in the industry is really what drove me away from the industry.
And if you wanted me to kind of dive into that, I could get a little bit into my history in the financial planning industry and what kind of made me realize that that was a really bad idea.
[00:03:16] Speaker B: I think that's a good place to kick it off for our listeners. Like let's, let's unpack. Just quickly, what, what was the, we'll call the straw that broke the camel's back? I mean, 11 years is a pretty decent amount of time. A lot of people leave that industry before the five years is up. I mean, it's still the case today that it's a, it's a, it really grinds people out. But you, you stuck it through. You were in there for 11 years and then there was, there must, there was a combination of events that led to you saying, you know what? Enough is enough.
[00:03:42] Speaker A: Well, so I was a junior advisor, so I would do all the stock analysis. We used a Monte Carlo simulation through Morningstar Principia Pro. And so I would do all of the meeting prep.
And as I'm evaluating all these portfolios, I started noticing very nefarious things in my opinion, just from a fundamental standpoint. And one of the main things that I noticed is I started noticing these five star funds and what they were doing is they were backfilling their one star funds into their, into these five star funds as major holdings.
But the one star funds were outside of the asset class. So like ABC Large Cap Fund. Right. It's a five star and it's great. And one of its top holdings would be the one star ABC Small Cap Fund. And I'm like, that doesn't make any sense from a fundamental standpoint. And really that just smells kind of like a Ponzi scheme to me, you know. And so I started pointing this out.
[00:04:59] Speaker B: Like our one star funds aren't doing very good. Let's buy some of their units with our bigger fund that's doing well.
[00:05:04] Speaker A: Yeah, exactly. Even though it's violating our asset class. You know, and it's like, how do you reconcile that? Like, how do you, that two paragraph.
[00:05:13] Speaker B: Thing that says the fund purpose on how they're supposed to guide all decisions around the fund. It wasn't being met is what you're getting at.
[00:05:20] Speaker A: Right. And so, and, and then the second question is, why are they doing this?
And so, you know, I started having a lot of questions. I started seeing a Lot of weird things. And as God would have it, I didn't necessarily decide to leave.
I had some, I had some equity in a practice and I was kind of forced out.
And you know, and just for anybody out there listening, you know, you have your plans and your goals and your long term strategy and many times I always tell my boys, no plan survives first contact. You know, that's a military saying and there's nothing truer in life than that. And I didn't necessarily decide to leave, but what happened is I got forced out right as the market was crashing.
And another opportunity immediately presented itself to do some day trading.
And so while we were in the bottom of that market, I was day trading for a single investor.
And I took a lot of additional training. I had all my licenses, but I took a lot of additional trading, a lot of additional training like on options and different things, started messing with options, bought some very expensive software to analyze charts. So like teacups and candles and all this stuff.
[00:06:54] Speaker B: And so we were drawing trend lines like they were going out of style.
[00:06:59] Speaker A: Yeah. So we were trading on trends. This, this software would analyze these trends and it would make picks for us and then we would pick out of those picks and, and that's what we would trade on.
So I was knee deep in this from 8:00am to, you know, when the market closed. And so I had all these screen large screens tracking all the stuff.
And I had an epiphany. I'm watching these stocks and interestingly enough, these were all financial stocks. And I would see a stock like AIG or Citigroup or Fannie or Freddie or whoever was still supposedly alive at the time or whatever. And I watched These stocks trade 9 million shares daily and they would oscillate on a penny. So it would be 99 cents a dollar, 99 cents a dollar. And I'm, and I'm sitting there and I'm like, wait a minute, I'm like, I could set up an automation, an automated execution and we could autumn automatically trade these socks all day long.
And for lack of a better term like print money, like we could, if we could do this. So I went on Fiverr and I hit up like five guys and said, hey, can anybody make me an execution software that'll trade on a penny? And this guy in Finland or somewhere over there, he's like 300 bucks, dude, no problem.
So I was trading in Scottrade Elite. So I called the help desk and I said, hey, what's our standard deviation on a sale or purchase? And he said, plus or minus a penny? And I said, okay, well what is it? Is it plus, plus or minus a penny? He said, well, it's plus. I said, so if I try to buy at 99 cents, like where am I guaranteed to buy plus or minus a penny? And I said, you know, but I want the penny.
I said, I went to penny. I don't, I don't want to. And he said, well you, you, you can't do that. You can't do that. He was like, you have to have an institutional account. So I called Fidelity, called Fidelity and I said, hey, I want to open up an institutional account. And they said, yeah, and the guy I was trading for, we could do that easily, you know, accredited investor and all that cool stuff. And I said, okay, so if I establish the account, what's the standard deviation, plus or minus a penny? And I said, well, the purpose for setting up an institutional account is like, I want to guarantee that I'm going to buy this, what I'm asking for it. And they're like, you can't do that. And I called like four big names and everybody told me the same thing.
So I started reading more.
And for any of you that look into this or research it, you learn about the pre market and how all that works and basically the reality of it, and this is just proof of more that the stock market is just a wealth redistribution mechanism.
And the intention is not to transfer any of that wealth to you, by the way, it is to transfer the wealth to the people that have the most of it and they're going to pre purchase anything you buy or which guarantees them a profit. So that was incredibly eye opening to me. And that was number two. And then number three, I, I transitioned out of day trading into construction. Growing up, my dad was a general contractor and unfortunately as a young kid, you know, I work with my dad and my dad worked very, very blue or no collar and he worked very hard, sun up to sundown, six days a week. And I said, you know what, I'm not going to do this. Like I'm going to go to school so I can get a good job, you know, so I can get a good 401k or whatever. And I, obviously in hindsight I, I regret a lot of that.
Long story short, I got into construction and by the blessings of God, he allowed me to hire my dad. And my dad worked for me the last two or three years. So that was like this kind of like incredibly ironic and beautiful thing where I got to spend a lot of time for my dad and continue to learn from him and all these different things.
But what happened is we were, we went to look at a really large product project at a custom home built by a custom builder. And this young kid who was at the time, he was younger than me, he was probably 30 years old, and he had this bayfront house on the bay.
And he's telling me, he's like, yeah, I'm going to remodel the garage. I'm going to put a six car car stacker in here and all this stuff. And he wanted this, he wanted this huge wet bar for having like seafood blowouts in his kitchen with these fountains. And so it was crazy. And I'm like, and he's like showing me around the house and it was all like, smart home. And this was, this was 15 years ago when smart homes really weren't a thing and everything. And, and the, these, the smart sauna and smart shower, all this crazy stuff. And I'm like, this is wild, dude. Like, where's this guy getting his money?
And he said, I said, hey, man, what do you do? He's like, I'm a bond trader.
I'm like, bond trader, huh? So I'm like, well, I know a little bit. So I'm like, I'm gonna keep digging.
And I'm like, you're a bond trader? I'm like, you make this kind of money? So he's like, well, actually what I deal with is credit default swaps.
And I said, hey, man.
I said, didn't. I mean, according to the news, like, that's what crashed the stock market. Credit default swaps. I thought that was, I thought they.
[00:13:00] Speaker B: Thought they got rid of those.
[00:13:02] Speaker A: I thought they got rid of that. That's exactly. Oh, no, man. He's like, they closed it for like 14 days. But he said, it's a 14 trillion dollar market. He was like, he said, there's way too many big people with big dollars. Like, that'll never, that'll never go away.
[00:13:17] Speaker B: So that was just for 14 days?
[00:13:21] Speaker A: Yeah. That was so eye opening to me. And y', all, if you're interested, you can Google right now credit default swaps. And you'll learn how the Dodd Frank cleaned that all up. And it's awesome. But these were the things that were shaping my perspective. And it's just like Nelson says, he's like, if you know the, if you know the problem, right, you'll know the solution. Well, I never heard of Nelson. I didn't, you know, I didn't know anything. So I'm like, well, I know what I'm going to do. I am getting out of the market and I am never going back into the market because it's a total scam.
And simultaneously, my wife and I kept talking about our future and our children.
And we were in the Northeast and taxes were insane, insurance was insane, property values were insane. And so we're like, how can we, like, if we're going to give our children opportunity, right to own property and to, and to build a legacy, we can't do it here. It's too restrictive. And for anybody that's in the Northeast or in these densely populated metropolitan areas, I'm not telling you what you can and can't do.
You can do anything you set your mind to do.
But for us, I was like, I feel that. And at the time, I had a very, very successful construction company. We had a large home. We had about five acres, and we had some backyard chickens and like a goat and a miniature pony. And we almost had a whole. Our own little circus, our own little petting zoo.
[00:15:03] Speaker B: Not quite hobby farm, but funny farm.
[00:15:06] Speaker A: Yeah, yeah, it was a funny farm for sure.
And so we got this crazy idea. We just started doing a lot of research, research in states. We're, we're homeschool people. So we were homeschooling our kids. And we're very constitutionally minded, freedom oriented, freedom minded. So we basically started doing a list like our, what's important to us? Freedom, culture and homeschool freedom. And so we, we got a short list of about three or four states.
One was Texas, one was Oklahoma, and one was Montana.
And I didn't like the medical freedom in Montana.
And we had decided on Oklahoma. We had never been to Oklahoma. We had never been to Texas. We, we didn't know anybody in Oklahoma. We didn't know anybody in Texas. And so we scheduled a family vacation just south of Norman, Oklahoma.
And for any of you that don't know or remember, there was a, a Category 5 that hit Norman, Oklahoma and completely flattened it. And so my wife's like, man, I don't know if Oklahoma is still on the table.
And very long story longer, we decided, we decided on Texas. And what it meant, though, is we were unable because of the housing market, and we were inside this real weird bubble, and because of the housing market, we were unable to sell our home.
So that meant if we were going to move.
And I was a guy with an 800 and 800 plus credit score, you know, I had hundreds of thousands of dollars in revolving credit lines.
I Had a strong business, I had a little bit of cash.
And I'm like, I don't see any other option than just letting them foreclose on the house.
And I'm like, now this is a, this is a strategic move because it's going to, it's going to destroy my credit. And whenever we land where we're at, I am not going to have, I'm not going to have access to credit.
And so that made that step out on faith like that much bigger. So when we're doing this reset, it was an absolutely complete reset and from.
[00:17:44] Speaker B: The ground up, except for family values.
[00:17:46] Speaker A: Yep, yep. And you know, and it comes down to what is truly important to you and if it's, if it's truly important to you. And you know, we are absolutely, we're Christians, we, we trust God, we rely on God. And if what's important to us is important, we're willing to step out on faith and God will take care of us and God will make up the difference. So 14 years ago we moved. I had about 70,000 in cash and we moved to a place that we didn't know anybody, I didn't know anything.
My intention was potentially start a business here in Texas.
And we moved. It took us about eight months to find a fixer upper that we could purchase with cash.
So we did that. We started working on the house and the homestead. We started out with five acres and after we got kind of not really settled in, I think we were here less than 30 days and I'm like, you know what, I just need to get a job. I need to get a job right now and I'll kind of figure it out from there. I had several interviews and lots of different things I was interested in that would have worked well. But I didn't get any callbacks. So I settled for kind of like a fill in position at a supply house construction company.
And my first year I made $31,000.
So the, my last year in construction I made about $450,000.
And.
[00:19:38] Speaker B: My first year, that's the opposite version of 10x if anyone's doing the math.
[00:19:44] Speaker A: My first year I made $31,000.
But here's what's fascinating.
We were incredibly content.
We were incredibly happy.
We started out in a small farmhouse, right, Renting that until we found our house in the country.
I could come out my step, I could look to the left, I could look to the right. If I looked up, I could see cows, longhorns, you know, my neighbor had longhorns and couldn't see my neighbors if I wanted to, if I wanted to pee off my front step, you know, I had the liberty to do that. I didn't have to worry about annoying or bothering.
[00:20:24] Speaker B: It's the little things that matter.
[00:20:25] Speaker A: Yeah.
Yeah. And just as God would have it, I kind of made a niche there at that company and I doubled my income and then I doubled my income again. And then I doubled my income again and kind of carved out my own spot. And that continued to grow. And then I moved from residential to commercial and then from commercial to commercial industrial.
And it's been a, a great run.
But what started happening is I started accumulating capital and I started accumulating cash. Okay. And then I'm like, so what are we going to do with this? Like, you know, we're, we're, we're going to try to farm. We're going to try to grow stuff. We, we're going to have like, meat chickens. We're going to do all the, we're going to do all the stuff, the homesteading stuff. You know, we got the gateway animal, the chickens, and we're doing all these things.
[00:21:21] Speaker B: But you upgraded it from a mini horse to a regular horse?
[00:21:24] Speaker A: Yeah, yeah, five. Well, now we have three horses. But, yeah, I got, we have three horses.
We got a bunch of cows and we got a bunch of chickens. And what happened is I became, when we were in our little country rental, this beautiful old lady, just, you know, salt of the earth, she came over and she brought us a flat of fresh figs. And there was like, I don't know, 3, 300 figs. And I'd never had a fresh fig in my life. And, and I started eating these things and I'm like, what? This is, this is incredible. Like, what, what is it? I, I've never experienced this world, you know, and so I got this, I got this itch, this bug, to start planting fruit trees.
And fast forward five years, six years, and now I have like 400 fruit trees. You know, so I started doing this and so I said, well, if we can't, if I can't invest this money in the conventional system, what can we do? Well, we can buy infrastructure. So we bought another 25 acre property about seven years ago. And that's our la Finca, where we, where we have our cows out there.
It's not a ranch because, I mean, a ranch in Texas is a lot of dirt, but it's our La Finca. We affectionately.
[00:22:46] Speaker B: You can look out, but you're not going to see the end of the ranch, right? Yeah, yeah.
[00:22:51] Speaker A: And we put some cows over there, and I kept accumulating capital, bought a tractor, we built a greenhouse.
We put in just thousands of feet of fencing. And then we had an opportunity. We built another piece of property. We flipped that property.
We. We bought another 20 acres for my boys.
And so they were fixing up that property, and it was, like, maybe three miles from our homestead. And the property next door came up on the market, and we had a family meeting, and the boys were talking, and they were like, we would really want the property next door, like, if we had the choice. And so I said, well, if you. If we sell the other property, you know, we could buy the property next door. So we did that. We bought the property next door at the top of the market and fenced it in and kept accumulating capital. And so now I'm sitting with cash in the bank, and I am, like, scratching my head.
Like, what. I'm like, I'm losing money every day here. Like, what am I going to do?
[00:24:06] Speaker B: And the inflation clock is ticking away, and you're.
[00:24:09] Speaker A: You're like, erosion.
[00:24:10] Speaker B: Something's got to happen here.
[00:24:12] Speaker A: Yeah. And so God is so awesome. I get this email, this random email out of the blue from a subscriber in southern Texas, and he says, hey, I want to send you this book.
And he sends me this book, and it's by John Cummuto. And I'm like, john Cummuto? I'm like, that's so weird. Like, I've heard this guy's name a thousand times.
And so I'm reading this book, and I'm like, this is it. Like, this is. This is what. This is where I need to store my capital, you know? And so I call him back, and then we. We schedule an appointment. I start talking to him, and he said, hey, look, you need to buy this book.
You know, becoming your own banker.
So I get the book, and I'm reading. I'm reading the book.
I'm reading the book, and I'm like, this guy is my guy. Like, if. If I was like.
If I was, like, 80. Like, this is me in the future, you know? And he starts talking about Austrian economics. And I'm like, whoa, this is weird. And it was either somewhere in there or.
Or maybe listening to an audio.
And he says, bob Murphy. And I'm like, bob Murphy. Like, I listened to Bob Murphy's podcast. Like, it was.
Oh, man, it got really crazy. And I'm like, I need to do this. So about two years ago, we. We Started our first policy, and Max funded the first policy, and then we started a second policy.
And now we have a total of. I have two policies, and my oldest son, who just got married, he has a policy. His wife has a policy.
My son that just turned 18, his policy just got approved yesterday.
So he's going to Max fund that. And so we've built.
We're building our banking system.
And by doing that, what I was able to do is I was able to make a loan for my oldest son to buy his. To build his house. So he is in the process of building his house, which, interestingly enough, is bigger than my house.
Kind of ironic. And he's building it right next door.
So this entire dream that we had about building a living legacy, you know, what our thought process that shifted and changed is like, Rather than hoarding and storing and then handing off this future value and after we're dead, why don't we do that while we're alive, you know? And how much more powerful is that and how much more we can participate that, Be. Be a part of it, direct it as best as we can with what we've learned? And infinite. The infinite banking concept is the chassis. Because I was very Austrian, I was. I was very libertarian, and I knew that the problems that we have in society required a parallel solution, you know, so we talk. We always talk about parallel society, parallel community, and parallel economy.
And you can't have a parallel parallel economy without a foundation.
And the infinite banking concept is the foundation for a parallel economy.
And it just allows you to take control of that banking function and to warehouse it. That's what I'm reading right now, is building your warehouse of wealth.
[00:28:24] Speaker B: Of wealth. It's a good book.
[00:28:25] Speaker A: Yep. Yep. And then I'm also. I'm also reading don't spread the wealth and another book.
[00:28:32] Speaker B: I think your boys will like that one too.
[00:28:33] Speaker A: Yeah. Yeah, it's great. And I. I really picked up reading again.
I read a lot of books. Originally, when I started my business, I would read, like, I don't know, a book a week. And I really stopped. It was a very stupid. To break that habit because. And so I picked that habit back up, and now I'm reading about a book a week or whatever.
[00:28:56] Speaker B: And.
[00:28:56] Speaker A: Because you have to rethink your thinking, you know, and the only way you can rethink your thinking is to have other people challenge your current paradigm so that you can shift and change that paradigm.
That's why your podcast is so important.
And other people that are doing what you do Then there's a lot of other, I don't want to call them grifters or anything, and I don't want to malign them, but there are a lot of other people that pick up the infinite banking concept as like this kind of like buzzword thing. And they do implement it, but they're like, you know, you just stack this in your strategy. So, yeah, invest in the stock market, right. But, but change the order of how you do that. And if you truly, you know, and this isn't a test of who's a real believer or whatever, but if you read Nelson, like the snakes and dragons are real, you know, and the power brokers are real, and you can't, you can't dance with the devil.
If you dance with the devil, you are going to get burned. Right? And the beautiful thing is you do not have to, you know, the beautiful thing is volume.
It's not the rate of return, it's the volume. And what happened, right, is I, so I started this, I started a policy and I was so afraid to capitalize it, you know, like, what if, you know, what if I lose my job? What if I can't pay this premium? So you start out and you're, you know, okay, well, I can do 20,000 a year or whatever. You, you know, and fortunately we have the PUAs and all that cool stuff. So, you know, you're not, you, you have room for expansion. Thankfully. Thankfully. Because I just, I started out as a scaredy cat and, and everybody will, I mean, I totally get it. And I was doing this infinite banking stuff. I made three private loans my first year and I did very well.
I made.
[00:31:05] Speaker B: About lending to a third party, you mean?
[00:31:07] Speaker A: Yes.
Yeah. And I didn't, I didn't even know what I was doing, to be really honest with you. And I, I took my interest that I made off of that and put it back into PUAs.
[00:31:17] Speaker B: And which is, which is following Nelson's principles. And that goes directly to the equipment financing example on, I believe it's page 54 of the book. Or 56, sorry, page 58, bottom of page 58. Actually, this interest is not really interest. It is additional premium and capital that has been paid into the policy that equals the interest being paid to the finance company. So you, you took heed and actually implemented exactly what Nelson is suggesting that you do.
[00:31:45] Speaker A: And interesting enough on that note, so I made these private loans and as I was getting paid back, I was paying down the loan and I just text, I text my, my IBC guy and I said, I said, yes, I'm paying down the loan. He's like, well, that's one way to do it.
And I was like, what do you mean? He was like, well, you could always buy paid up additions.
And I'm like, okay.
So I took the, I took the money back out, I took another loan that I just paid back in and I bought PUA with it.
And that's when it clicked.
I'm like, oh, I get it now.
And, and I'm like, oh, wow, I should have scheduled a larger initial premium, you know. And so I opened up a second policy Max funded that, maxed out the PUAs and all that cool stuff. And then my son, my son starts talking to me about he wanted to build this house. I said, okay, let's make a loan. I, I did kind of, I gave him a super sweetheart deal.
So I, I know most guys would probably be charging, being a little bit more of an honest banker with their son, but he, he's got a policy now. His wife has a policy.
And you, you will not, you will not under. It is more caught than taught. You will not understand it, I don't think, until you start doing it. And then once you start doing it, you'll be like, oh yeah, you know, and that it is, you've created a.
[00:33:26] Speaker B: Financial energy ecosystem though. So, you know, you know he's going to make payments to you. And it's a construction draw mortgage basically. So he needs money for more material or this. So every couple of weeks you're taking a draw or a policy loan really. Like you're not taking, you don't have to take the whole lump sum while the whole build happens. You're just taking pieces of it, but you're tracking as that builds up. And he's going to be making payments on the total balance.
Right. So it's not really any different than how any other new construction home would get done. The difference is who's controlling the keys to the kingdom and what direction is the energy flowing. It's flowing literally across the fence.
[00:34:03] Speaker A: Yep, yep. And then the money's coming back.
[00:34:06] Speaker B: Put a little gate in there and just call it, just call it the, call it like the dividend party gate or something. Because as that money's passing through across the fence, you're going to have dividend parties to celebrate every year on the anniversary of your policy.
[00:34:19] Speaker A: Exactly. And the money that's coming back is going right into the family bank. When I die, my son, they all, they all get all the money, you know what I mean? And it is so simple. It, in the beginning it seems complicated. It seems, it is so simple. That's why the interest rate does not matter.
It's the volume.
And so I, I kept thinking about this because that's what Nelson's. When everybody, when anybody reads premium should rise to meet income, right? Your, your, your goal is for your premium to equal your income.
I would say everybody that initially reads that, they totally don't understand it.
And most people I think would say that's crazy.
Like, that's crazy. Like, what do you mean? Like if, if your premium rises to meet your income, how do you pay your bills? Right? There you go, you just got the answer. And I'm like, oh. So I mean as long as you're being honest and as long as you're an honest banker, yeah, this, this can't collapse, you know.
[00:35:39] Speaker B: And interesting enough, you know, a lot of people don't realize too, a dividend when paid and applied back to the policy as to buy paid up additions is also considered a premium.
[00:35:49] Speaker A: Right? Exactly.
[00:35:51] Speaker B: So as a policy grows and matures over times those can become quite large.
[00:35:56] Speaker A: Right.
[00:35:56] Speaker B: And so there's a, there's a whole combination of things taking place that can create an environment where premium and income can match, right?
[00:36:07] Speaker A: Yeah. And that's a. There you go. Now that's a whole. I wasn't even considering that.
Yeah, that, that's really good and that's why it's great to talk about this stuff and think about it.
[00:36:17] Speaker B: But you mentioned something td earlier about of course the, the concept of not only all how this all ties into your family, but specifically you talked about how you can, you can live your, your family living legacy you mentioned, which I really love that terminology. I think that's great. It really reminded me of another mentor that we had. Very similar to Nelson actually in Canada. He was originally from Scotland. We had did some training with him. In fact we were able to put him and Nelson in a, in a meeting together and their wives in Kelowna, British Columbia. I think you've been up to Kelowna once. I think we might have talked about that. And he, they got together and his name was Bob Shields. Not Shield with the D, it's Shields with an L. And he wrote a book called you don't have to die to win.
And he talked about creating your future operating line of credit. So it was very similar, two guys, similar ages, using the power of whole life insurance to create a financial system of implementation. And Bob would say it's for living, not for dying. You have to use it.
[00:37:15] Speaker A: The living benefit, so powerful. And it would also say this, Everyone.
[00:37:22] Speaker B: Should die for two weeks and see what kind of problems you leave behind.
And if everyone knew what that was like, you'd make sure you had the thing that was going to be there when you needed it most.
[00:37:33] Speaker A: And, you know, this topic comes up for me a lot with guys I work with and they kind of complain about money and future and legacy. And what they're all doing is they're worried about, like, they want equity in the company we work for, you know, and I'm like, but there's no control.
Like, I work for, I work for the team that I work for. And I had equity, I had about 18% equity.
And I think when I left, I think we had 75 million under management or something like that. And you can do the math on that. That's how much equity I supposedly had.
And I didn't get a penny of it, you know, and that, you know, and that's. I need, that needed to happen because I needed to take responsibility for our legacy and the incredible power.
What, maybe six months ago, what I realized through the infinite banking concept is you do not need a lot of money to do this, right? Like, but if you can capture your income, let's say you're making $50,000, and it, the biggest problem is obviously that you can't do this overnight. It doesn't happen overnight, right. You got to plan. And that's why I understand that concept from playing a fruit tree. You know, there's, there's so many parallels here, but if you are only making $50,000 a year, but you developed a system that could facilitate $50,000 a year, you build that system, you're still only making $50,000 a year, but now you can capture $50,000 a year, and in 10 years, that's a half a million dollars.
So you can be an average Joe on an average income and you can capture $50,000 a year income and essentially capture $500,000 in 10 years. And I don't. You can talk to all your friends and all of your guys with big 401ks and all that stuff and ask them how long it took them to capture, how long did it take them to capture a half a million dollars in their 401k and, and even though they can't touch it, you know, and just think about the power of that idea. And that's all the infinite banking concept is. It's a concept, it's an idea, right? And if we, if we Change. If we rethink our thinking and we think long range. Our, our living legacy. We were like, we want our legacy to obviously, we want to live our legacy with our posterity and we obviously want it to outlive us. And you know, interestingly enough, the Bible In Proverbs 13:22, it says, A good man leaveth an inheritance to his children's children and the wealth of the sinner is laid up for the just.
And I want you all to think about this.
It isn't just talking about money, but it is talking about money.
This is talking about leadership, direction, guidance and wisdom.
If you know anything about money, you can't passively leave it to a second generation because it'll never get there. It requires leadership, education, forethought, planning, preparation, and infrastructure.
[00:41:33] Speaker B: That last one is important infrastructure. I like the bullet point there. In fact, that quote from Proverbs is on page 71 of Nelson's book when he's talking about an even distribution of age classes.
[00:41:44] Speaker A: Yep. And that's what he was. And I, and when I read that the first time, I didn't get it. You know what I mean? And I had to be exercising and implementing and doing, doing it. And then you're like, oh yeah, there it is.
[00:41:55] Speaker B: You know, I like how you said when I read it the first time, which implies that you've read it more than once. Speak to me td a little bit about for our listeners. What is the value of reading a book a second time, a book like.
[00:42:08] Speaker A: Nelson's, when it's covering fundamentals?
The only way you can implement a fundamental. Well, I take that back. You can implement a fundamental and not understand it, but the only way you can maximize a fundamental is to be able to understand it. And we've always taught our children, study, practice, teach. I am a gigantic, huge raving fan of Jim Rohn and I've read many of his books. I've listened to thousands of hours of his talks and he talks about study, practice, teach. Right? And you cannot teach something.
You can only teach something to the extent at which you understand it. And so as you study, practice, teach, as you're implementing these concepts, you can understand them on a deeper level. Level. So that you can teach. You'll be a better teacher, you know, and you'll be able to use, it's a big word called parrhesia, but you'll be able to say it better. You'll be able to say in a way that's more easily understood or relatable, and that comes with that process. So of course you're going to reread, Right. So you've read it once and every time you read it, you're going to pick up something else and you're going to see something else or something is going to have recently happened or has happened in the past and you're going to apply to that and you're going to be like, okay, that's, that's something new that's happened. And now I can see how that fundamental applies to that scenario.
[00:43:46] Speaker B: Yeah. The application that you didn't see the first time because. Or the second or the third time because you hadn't had a life experience that provided you the insight requirement that to be there, which I think is great. I love that you, you hit home on that. And for a shout out to Jim Rohn. Now, I am curious because before we hit record, I didn't, I intentionally didn't ask you anything. But we launched a book at the time of this recording. It was the beginning of this month. It's a book that I've been trying to get out since February of this year.
Amazing. Mostly written by the amazing Dan Allen.
A great, amazing member of my team has been on the podcast many times. Shout out to Dan Allen. This book is called Growing your own capital. Okay. So you can go to grow your own capital.com to get a copy. Growing your own capital.
Now you got basically an advanced copy TD of this before there was. There was a physical one that could be shipped out to you. So he's got it all printed out there. And I thought, what did I really. You know, Nell, this is kind of inspired by Nelson, actually, because Nelson would see things. He's like, well, by golly, what a golden opportunity we have here. And here I'm speaking to this, this guy who's got this kind of hobby farm, growing farm operation. You've got products to sell on your website from your, from your farm, which is amazing, you know, and, and I'm like, well, this is a guy who moved to Texas who's living in a farming community. You know, you're talking about longhorns and things and ranches. I wonder what his take on this book would be. So I have no earthly idea what your take is going to be, but I'm very curious to hear what you think about growing your own capital.
[00:45:19] Speaker A: So I had mentioned earlier about how IBC correlates to fruit trees, right? And there's a saying among agrarians, like, when is the best time to plant a tree?
And the saying goes 20 years ago and when's the second best time to plant a tree? Today. Right. And the beauty of the book, growing your own capital.
Once again, we were just talking about, right, how you don't fully understand things until you have an experience and the correlation between agrarianism and planting. So, you know, sewing and reaping and waiting, right.
All those correlations are so perfectly illustrated in this book.
And then also how you finance that. Right, because that's always the catch, right? You know, farmers, we, we all hear people talk about there's no money in farming.
We're losing thousands of farmers every year.
Bureaucracy and the government, they're absconding. I just had my buddy Charlie on the podcast. There's this 85 year old farmer on legacy land in Washington state and they're punitively finding him. They're trying to steal his property is what they're doing. And this guy's a hay farmer, right? And he doesn't have to the money to pay this exorbitant fee and none of his children want to farm, right? So this so unbelievable when you take growing your own capital and you're providing people that already have a farming mindset or a farming background and you're putting the infinite banking concept in a format that they can understand and relate with and you are providing them a solution to this gigantic problem.
Not only are you solving a problem for them, but farmers feed the world.
So when you think of the potential impact of that, I don't think, I don't think you can monetarily describe the financial impact of that nor the.
[00:48:00] Speaker B: The.
[00:48:00] Speaker A: Benefit for humanity that, that you're providing. You're providing a financial solution and a financial perspective for the people that are growing our food.
[00:48:13] Speaker B: When you, you also mentioned you're reading building your warehouse a wealth, which Nelson was really proud of the tagline for that. When that book, I remember when he was talking about the book coming out, he's like, but get this, the subtext is, you know, a grassroots method to ending fractional reserve banking. And I'm like. And he was just, he was just like tickled pink. He was so happy to talk about that. And so you're, you know, your Austrian mindset, you know, the, the, the, the kind of taking control, the parallel world, the parallel economy you talk about. And so you, then we're bringing it to farmers you're mentioning, okay, they feed the world. And it's like, it really to me is the grassroots connection of a lot of what Nelson is talking about. And you know, in, in our new book, there's A couple things I, I'm particularly proud of. But I'm curious, you know, what I, what did you think of some of the, the ways that we relayed the concept? Like as an example, we talked about a storage facility, but we relate it to a specific type of storage, the family grain. And how did that connect with you?
[00:49:13] Speaker A: Yes, perfect. I mean, it's a, you know, it's something that a farmer can relate with. Whether you are raising cows, right. And you have a grain bin for your cattle feed or whatever you have in your grain bin. Whether, whether what you have in your grain bin is actually your end product, corn or soy, you know, even if you're, you know, a more industrial type farmer. Or maybe it's not a grain bin, maybe it's a cold storage, maybe you're a dairy farmer, you know, but the analogy is perfect and it's something that people that farm can understand, relate to and they can see the analogy and see how it's. Yeah, it's just a perfect example versus, you know, if you're just talking about finances and you're just talking about, if you're just looking at it from a, a completely like a banking perspective, you know, a lot of people aren't going to relate to that because like, yeah, you want to talk to me about banking, I can barely pay my bills. You know what I mean? Like, I can't even, I can't even get there. It's like a bridge too far. But when you can bring it down to a grassroots or an agrarian level, it makes it very relatable. And yeah, you know, I'm just a poor farmer. Well, you got a grain bin, right? Well, yeah, I mean, but also. So now they could. And the reality is, even if you are on, even if you don't have an excess of cash right there, there's still a starting point. Just like when you plant that fruit tree, you know, you're gonna have to wait five to seven years to get any fruit off of that tree.
And it's so interesting how that policy break even is like right there in that fruiting period.
And you know, there's, there's all these different parallels and these different parallels that you make in the book that it's because truth is universal. You know, truth is true. And you will find how nature and creation and all these different fundamental truths are similar because it was designed that way.
[00:51:41] Speaker B: No, Nelson would say, when people would say something, well, it's going to take a long time. He's like, well, so what? The time's going to go by anyway.
[00:51:47] Speaker A: Exactly.
[00:51:49] Speaker B: And, and that's true. I'm like that. Well, time is how compounding works. You can't separate compounding from time.
And, and with the grain bin. It's also interesting because we, you, you, you said capital a few times.
We've talked about capital when it comes to the grain bin.
Whatever is in the grain bin, whatever the product is that's in there, that is a form of capital for the farmer. It's. If you were to look at the balance sheet of a farmer, what they've got in inventory is a form of capital.
And it. And capital isn't money. This is where people, they always, they hear the word. And the association to money is. No, capital is a resource that could be translated potentially into money, but in order to do that, it needs to go through some transactional element. Yeah, you got to take your grain out of the grain bin, put it in the grain truck, drive it to the market, have it taken out, and then it's got to sell on the open market. You know, that's how that works. And so there's several steps involved. That's the transactional process of selling on the market.
Well, taking a policy loan, having it land in your bank account, deploying that policy loan, which is real cash now, not your cash, the insurance company's cash, redeploying it to construction materials for your son's house.
That's the same as the process of taking the grain out of the grain bin, putting it in the truck and driving it to market.
[00:53:14] Speaker A: Exactly.
Yeah. And that's, you know, that's the beauty of these fundamental truths. They're ubiquitous.
And whatever industry you're in, that. And that's why Nelson says you need to be in two businesses. You need to be in the business that generates your income or revenue stream, and then you need to be in the banking business. And the reality is, is that all of us can be in the banking business if we use this concept. And what I always like to point out is like, banks never lose, right? And the only time a bank fails is by design and just look up tarp, y'. All.
But, you know, the only time. I mean, think about it, right? If you can.
[00:54:02] Speaker B: Barry James Dyke, who we've had on the podcast a couple of times, got some great stories about bank failures and, and the big system. And I know you've listened to a few of his. His conversations probably on with James. Actually, he was just on James's. James Nethery's show recently. So I haven't listened to that episode.
[00:54:18] Speaker A: But yeah, I've had.
[00:54:18] Speaker B: Barry's an interesting character.
[00:54:20] Speaker A: I've had Barry on the podcast twice now, and he affectionately refers to it as the Asset Management Industrial complex. And I couldn't think of a better term.
[00:54:32] Speaker B: I first met Barry, I think it was in 2012 or 2013, and it was at a Nelson Nash Institute think tank. And he was promoting his. The new book at the time was the pirates of Manhattan 2.
[00:54:44] Speaker A: Yeah.
[00:54:45] Speaker B: And Nelson, he came up and spoke and Nelson introduced him. And Nelson said, with what this guy's put in this book, we should make sure. We might have to take up a collection to make sure we can hire Secret Service to protect us, man.
[00:54:58] Speaker A: Yeah.
[00:54:59] Speaker B: You know, because he's, he's, he's open it all up for everyone to see what's really going on. And it, you know, it's, it's a, it's a complex book. There's. You get. You can get really into the weeds on what's going on there. And I have a copy, and I'll be honest, I haven't gotten into the weeds. It's a signed copy from Barry. But just to have the reference material of what is going on in the background with all of these intertwined corporate interests and things that are taking place in the financial sector in the hedge funds, some pretty interesting stuff back there.
[00:55:30] Speaker A: Hit his, his research. You know, he's got Pirates one, Pirates two, he's got retirement ruse, you know, and it's all, it's all stacked with. And this is why. Why I mentioned earlier about these other guys that will use the term ibc and, and say they're IBC practitioners, but then they still kind of promote the kind of mainstream ideas is like, you can't read Barry's material and then dance with the snakes and the dragons. Like, you know, you're, you're asking for it. Like, and I mean, some people might think that they're smart enough to like, not get bitten by the snake or breathe fire on. By the dragon. But, you know, I think it's a fool's errand and it's completely unnecessary. Like, I don't understand if you would do the infinite banking concept. The entire concept is to mitigate risk.
The entire concept is to mitigate risk. And then you'll reinsert all this additional risk. You know, you'll put your capital at risk. It may. It's.
[00:56:47] Speaker B: And take away most of your liquidity. Because if you're doing that, you're probably stripping out your liquidity. So you're not leaving yourself A fallback because you're probably not repaying loans back properly.
[00:56:57] Speaker A: Yeah. And you know, you're doing two, you're taking two opposing ideas and you're trying to marry them together. And it's, it's, it is completely unnecessary. Especially when you have options like private lending. You have other options that, where you can, you can institute strategies to even mitigate risk further.
Why would you want to dance with the snakes and the dragons?
[00:57:22] Speaker B: The, the shiny object syndrome, I think can appeal to us all. And we're all, we're all, hey, when something's shiny, your, your eyes tend to look at it. That's how shiny things work.
It's the degree to which you've prepared yourself with what Nelson would call his noise canceling headsets to be able to ward yourself off. And like, oh cool, I'm gonna hit the dimmer switch. Like I'm, put the sunglasses on so I can, I can reduce the brightness of that shiny object and I can look at it objectively. Yeah. And I think a lot of what Nelson's message is and has been in its simplest form is to get people. You know, he talks about, it's all about how you think he's really trying to reemphasize. Look, just because something looks great over here doesn't mean you should do it. Doesn't mean you should go after it. It's like, what else have you considered before you make these decisions? How are you taking the thought process and evaluating it a couple of times? What other angles are you looking at it from? Okay, now you're down the road, you're down the path.
Take a look at the path you just came from and take a look at what's up ahead. Is there anything from back there that you might want to inform what's going up ahead?
[00:58:30] Speaker A: Exactly.
[00:58:31] Speaker B: That's really what think about your thinking and to, to ruminate truly is all about.
[00:58:36] Speaker A: Yep. Yeah, that's exactly it. And that, and once again, that's why it's so important to read the books. It's so important to listen to the concept, the, your content because it's, it's all it's doing.
If you read the New Testament, you know, the apostles would always say about, I want to put you in remembrance. Like I want to remind you like you, you've been told these things, but I want you to remember, like I want to bring them to the forefront of your mind. I want to remind you of these things. It doesn't mean that those things ever stop being, they never stop being true.
But you're living your life and you get busy and stuff happens and trials and tribulations, right? And you forget. Like it gets, it gets put to the back of your mind.
So to put you in remembrance, that's why content like yours is so important, because it's just a refocus, a recalibrate, a remember. Oh yeah, that's why I'm not doing that.
Like, hey, don't get distracted. You know, people. And it's the same thing with discipline, you know, and we learn things, whether it's with our health, whether it's with our fitness, whether it's with our finance, because truth is ubiquitous, right? And we'll do things and we'll improve and then we'll fall back into an old habit, right? And like, oh, I forgot, that's why I wasn't doing that. I feel terrible or I can't sleep or fill in the blank, you know. But if we are constantly reminding ourselves and refreshing and rereading the books, right, to keep it in the forefront of our mind so that we can reach our goals, you know, the only way you're going to get there is you have to stay the course. You have to stay on the path. You can't get distracted by the shiny object, you can't get distracted by the current hurdle or the current roadblock or what, whatever is in your way. We set out on this path, we know where the goal is. We're, we're pressing towards the mark and we're going to take our children with us along the way. We're going to teach them, you know, my boys with opening these policies. I said, look, you have to understand something like, your mom and I are building this bucket and we're filling it with capital.
And the end game is to pass this capital tax free to you.
If you don't have a big enough bucket, this is where your children's children come in, right? If you don't have a big enough bucket to receive this tax free passage of income, it's going to disappear, right? It's got to have a warehouse, it's got to have a place to stay. So if you start now, when the time comes to when your mom and I graduate, you will have the facility, the infrastructure to, you'll have a warehouse to put this wealth in.
And that's where the teaching process comes in.
[01:01:53] Speaker B: Here's an interesting tidbit that you'll, you'll appreciate because it's actually unique to your, your situation today as you've described it. You know, your oldest being Married, which. Congratulations.
[01:02:03] Speaker A: Thank you.
[01:02:04] Speaker B: And, and that means that probably in the, in the non too distant future, there's going to be some grandkids entering.
[01:02:10] Speaker A: Your world in a month or two. Yeah.
[01:02:12] Speaker B: Okay. Okay. So we went from, from potential to imminent, right? Yeah.
And, and with it, this is an interesting thing that I learned from Nelson. In fact, I, I don't remember where we were. It was that one of the think tanks, or it might have been when we were recording the documentary film that this kind of came up. But Nelson shared a story about where they, they ran into a problem, a challenge. And Nelson was, he got a policy issued, I think maybe two months, three months before he passed away.
[01:02:43] Speaker A: Wow.
[01:02:44] Speaker B: It wasn't on him. He was getting policies, he was just getting them and giving them away.
He says you can't take this stuff with you. He said the best estate plan is to have the final expense checks bounce when you're, when you're gone. That's what he wanted to have happen.
[01:02:58] Speaker A: That's awesome.
[01:02:59] Speaker B: So he was getting policies on his great grandchildren and I believe at the time before Nelson again miss him so much. He passed, I believe he was on great grandchild number six.
And every once in a while I get a picture of him with like, like a newborn great grandchild. He's like, oh, got a policy issued on Jeb, you know, today and stuff. Right. And so anyway, so he, he, he got these policies and. But what they started to find out is they couldn't get the death benefit issued because Nelson wanted to get a policy for $2,000 a year.
The grandparent wanted to get a policy for $2,000 a year and the parent wanted to get a policy for $2,000 a year. And they weren't going to issue that, that much death benefit.
[01:03:37] Speaker A: So.
[01:03:39] Speaker B: And, and the insurance company has to manage that. Like technically no one's supposed to get wealthy from insurance. It's not function, it's not a person. It's a replacement value for, for a lifetime of future income and earning potential and asset potential. That, that's its real function. It's salt. It actually solves a social good. It is one of the first and original free market social programs. It is probably one of the premier only instituted social programs that exists other than tithing to your church.
[01:04:08] Speaker A: Yeah, that, that, that's the, the beauty of reading the book.
Nelson's like, do you Social Security, obviously in its current form, whatever that even is or means is not going to be there. Right. And this is a permanent solution, particularly social.
[01:04:25] Speaker B: And it's not Very secure.
[01:04:27] Speaker A: Exactly. And so if there's a solution that can be resolved, $2,000 a year.
And when you think of the power of that and then the power of the multiplication factor of that, where we ran into this issue, did, did he come up with a strategy to mitigate that?
[01:04:49] Speaker B: Well, here's, here's what they learned. So a couple things. Number one, one of the, one of the, there's certain like limitations with the insurance company and they go through filters, you know, so you're just going through the filter of okay, will we accept it, will we accept it? Will we accept it and eventually get down to the health and all those kind of things. Well, one of the filters is in general they will not issue death benefit coverage that is greater than 50% of what the parent has.
[01:05:15] Speaker A: Okay.
[01:05:16] Speaker B: Okay. So that's, that's one of the first filters.
[01:05:18] Speaker A: Okay.
[01:05:19] Speaker B: So in this case, which is the parent. It's the parent of the insured person, which is the child.
So in your scenario as the grandparent, how much insurance does your son and daughter in law have to determine what you can do on the grandchild?
[01:05:35] Speaker A: Oh, that's beautiful.
[01:05:36] Speaker B: And now I'm going to take you ahead of in time. We're going to go 20, 24 years into the future, 25 years into the future.
You've got a lot of roadmap ahead of you to do that.
[01:05:50] Speaker A: Yeah.
[01:05:50] Speaker B: But now you've got a great grandbaby showing up.
So how much insurance is on your, you're about to be first, you know, firstborn grandchild in order to create the environment where if one day TDs not with us anymore, we're going to have a windfall event of capital.
[01:06:11] Speaker A: Your.
[01:06:13] Speaker B: Children now who are going to be at your level, your age group are now trying to think of what to do through the education and deployment and they're going to want to open up new policies, they're going to backfill loans, they're going to open up new policies. Can they get the capacity that they need?
Does that make sense? So they ran into capacity issue. And, and so there's some things you can do depending on. Again, every insurance company has different structures. I know in Canada, one thing that we use, in fact I have it as a rule for anyone that does, does becomes a client of Richard's. If I'm setting up a policy on a child, there's something we have, it's called a guaranteed insurability rider. And they, they vary by company. The one that we use primarily it works where you're Basically paying for the option to turn on another contract at age 21 and another one at age 25.
The maximum they'll give you is up to 500 grand. So 250 at age 21, 250 at age 25. It's a smoking deal, cost you maybe 100 bucks a year. You don't get anything for the lifespan up until that point, but you're paying for the privilege to turn on another policy regardless of health condition or financial insurability, because both health and financial insurability matter to get a policy.
So if you've maxed out the kids insurance and they're at age 21, they're in school, they're not making any money mathematically, they can't get any more insurance. An insurance company won't give them any more. But we're creating a position to allow you to grow your family system regardless of. So when we talk about like structuring these things, there's so many layers in the onion that we get to peel when we're thinking about a really long future. Nelson taught us, he says, you got to think 70 years down the road. You got to learn how to think beyond your own lifespan. And the moment I heard him say that, I was like, it was like, like a little explosion went off in my brain. I'm like, I didn't know that was possible, but now that I know that it is, how am I going to approach my world view now, considering that it is possible to think beyond my own lifespan?
[01:08:16] Speaker A: How much better would society be, right, if everything wasn't about like McDonald's, if everybody didn't have this like McDonald's fast food mentality and we just all thought one, if we all thought long range, a lot of this petty stuff would disappear.
And a lot of this social engineering that's going on with the psychologists and all this stuff, the stuff that we're exposed to, would really kind of vanish.
Interestingly enough though, you see the reason to do something now, to, to act now.
If, you know, my son and his wife, by proactively doing something now, they're actually ensuring that their child will have more insurability.
But it's because they're doing it now. If they wait, you know, if you wait, it's too late.
[01:09:28] Speaker B: And, and, and just the, the unbelievable power of a lifetime, a literal lifetime of compound potential.
You, you, you know, it's not feasible for a kid under 10 in general to even know that compound interest works. Sometimes you can get there, but it's very, you know, that we're talking about the, the farthest stretch of the pendulum of the, the societal element of human beings.
And so they've lost 10 years of compound potential. Well, if they're going to live to 90, 95 or 100, what does that 10 years of potential mean? It is a, we're not talking a small amount here, we're talking hundreds of thousands of dollars that we can secure within 16 days of a child being born.
That's one of the most beautiful gifts that the life insurance industry provides that doesn't exist anywhere else on the planet as far as I'm concerned. It is unbelievable. And if, if instead of paying for social programs, the government just chipped in 500 bucks a year that you could apply towards a permanent whole life insurance policy on, on any child born.
We could, in one and a half generations we could completely revolutionize the financial landscape that exists in both of our nations.
[01:10:46] Speaker A: Yeah.
[01:10:46] Speaker B: And we would, we would remove the need for half of the social programs that are required because A, there'd be capital access and B, when the worst thing that happens, which is what ruins most people financially, it's when somebody dies.
[01:10:58] Speaker A: Yeah.
[01:10:59] Speaker B: The money would show up to solve those problems and you wouldn't need to go and beg the government to solve it for you.
[01:11:05] Speaker A: Perfectly said. I have a great anecdote on another thing you just said. You were Talking about a 10 year old and I was rereading Becoming youg Own Banker this Week.
And I'm sitting in the living room and it's probably like 8 o' clock and my 10 year old son is sitting on the floor, he's playing with something and he looks at me in the chair and he says, hey dad, when are you becoming your own banker?
And I'm like, you can read that? He's like, yeah, I can read that. And he, and he sat down next to me and he started reading. And the next night, so I was messing with him the next morning I'm like, hey Jed, did you, did you read that book? You know, did you finish? He was like, no. He was like, but you know, I have to, I'm supposed to read today.
So you know, can we sit down and read the book?
And I'm like, yeah. And this 10 year old kid read the first page and there was lots of difficult words in there for him. But that influence, I mean, and that, that's the influence we have as parents. Right. And that's the whole entire point, I mean that's why we're gifted children, is to influence them and to provide them with the type of information that they need.
And what does Nelson say? It's more caught than taught. I'm sitting there, I'm reading the book. He sees that, oh, that's something that interests dad or that's important to him, right. And then he's interested in it too. And just by association being in the same room, you know, he catches on, he starts reading it, he wants to read it.
How much of it does he understand?
More than. Probably more than I think he does, you know, because kids always understand much more than you think they do.
But that is powerful. So if you want another reason for why you should reread a book, that's a great reason.
[01:13:17] Speaker B: I love that. I love that td. This was a ton of fun. Thank you for spending so much gracious time with us and giving us a real peek back at your unique life experience and a look forward as to what's coming up for you and your family and, and the Texas Boys Channel, of course. We want to make sure everyone checks out the Fearless podcast.
In closing, I'd love to know again, you've got these really cool. And depending watching on the video you see, you got this cool wall full of license plates in the back.
Not something that you would see a cape hanging on anywhere. And you probably don't wear one when you're walking around the farm.
But who is it that you'd most wish to be a hero to?
[01:13:56] Speaker A: Obviously my children, you know, and that requires time.
It requires intentionalism. The reason we chose this lifestyle is to slow down, to be intentional, to invest in our family, to be less distracted by all the shiny objects and then simultaneously provide for them and build a future for them. And a lot of people, they want to be distracted and well, maybe we can vote for change.
Maybe we can maybe this next time around and this next four year cycle, you know, if we, if we vote hard enough for the right person, you know, things will change. But you, you have to be the change, you know, you have to make the change. You can make it today. You can plant that fruit tree today, you know, you can start that policy today.
And inside the IBC model, the flexibility of premium is so flexible and, and incredible. You don't have to fear of like, well, what if I can't? What if this happens? What if that happens? What if I can't fund it? There are quite literally thousands, maybe hundreds of thousands of options available to you to meet those challenges if they arise. But the reality of that fear, it's always fear of the unknown and the reality Is is none of those things are going to happen.
The reality is that 10 years are going to pass and none of those fears that you have are going to happen. And what's going to happen is that fear is going to prevent you from taking action and you're going to be 10 years older. And I always worried about these five things. None of them happened. But now you're 10 years behind.
Now you're 10 years behind the curve. Now you have lost 10 years of compounding.
And basically this is a microcosm of life, right? So action cures fear and take action. Do it now and the fear will disappear. The fear will go away. That's why we call our podcast the Fearless Podcast. You know, we want to talk about stuff that matters and we want to inform people and, and we want to help people take action and not wait for bureaucratic agency or someone else, but to implement your own plan and your own strategy and get started.
[01:16:52] Speaker B: Well, I love that. And speaking of that, one of the action steps you can take is you can get a copy of this book, Don't Spread the Wealth.
We'll even deliver it right to your inbox for free. Plus you'll get a copy of the audio if you want. Go to don'tspreadwealth.com that's don'tspreadwealth.com and I love what you said TD, about exercising your democratic power of the vote. Now I choose to exercise my democratic power of the vote by voting to exit the financial system as we know it and choosing a different path. A path that was outlaid by Nelson Nash in An Austrian Minded World.
His concept has been often explained as the. In, as Austrian economics in action.
Because you have the concept of what those economics mean in human action, but then you have the action of putting it into practice conceptually, which is the infinite banking concept. And so that's where those two things really meet. And by voting, by participating in that, you are separating yourself from a system that creates inflation, manipulates the money supply, and generally isn't really your friend. That's my belief and I learned that from Nelson. And God willing, you take that action step to heed and you go and become your own banker. For those of you watching on YouTube, magically, you're seeing another video popped up that says, oh my God, more great content. Go ahead, click through that right now. And we look forward to seeing you on our next episode.
All right, I'm calling all the farmers and the ranchers. It's time that you control how you finance your operation, create the ultimate line of credit and keep the farm where it belongs, in the family. Visit growyourowncapital.com that's growyourowncapital.com get a free copy of our new book that shows you exactly how. Do that today.
