Without the Bank Podcast

We are continuing to explore the misconceptions about Infinite Banking and Whole Life policies. Learn about the flexibility of premiums, tax benefits, and the importance of knowledgeable advisors. Discover how to navigate misinformation and find reputable agents to make informed financial decisions.

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Today, we are exploring 5 misconceptions surrounding the Infinite Banking Concept. Learn why it's essential to use your imagination, reason, logic, and due diligence to manage money more effectively.

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Today we are having a passionate conversation about the pitfalls of Universal Life and why Whole Life is the ONLY choice if you want a policy structured for infinite banking.

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Today we are talking about the real reasons behind the obscurity of IBC, understanding the significance of controlling your finances, and navigating through the abundance of financial misinformation.

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Imagination is crucial for understanding and utilizing the Infinite Banking Concept effectively. Learn why it's essential to break free from traditional financial thinking and how you can apply this concept to various areas of life.

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The best tool for IBC  is a dividend paying whole life policy with a mutual company. Today I'm talking about what that all means, how it works, and why it's important for taking control of the banking function in your life.

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We are discussing who ultimately bears the burden of business costs and taxes, using examples such as the North Dakota property tax measure and potential tariffs on John Deere. Let's talk about how businesses typically pass these costs to consumers and the broader implications of such economic policies.

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After reading Becoming Your Own Banker, people want to self-insure for their autos. As I understand what Nelson was saying, I don't necessarily agree, considering today's prices of new vehicles and the cost to repair. This fits in the right situation, but you need to make sure it's actually the right situation.

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Many think they understand IBC and then ask questions that indicate they have missed then entire concept. Let's talk about what this means.

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What if I gave you a dollar in exchange for .50 cents, income tax free? Would you go grow quarters? This is exactly what the life insurance company does when you buy death benefit, and yet so many folks do not understand. Leave generational wealth for your family, use it to help with lost income from care, etc. The ideas are infinite.

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We love the idea of having control of our money and not answering to the bank, but we then end up not knowing what to do. When you become the banker, you have to make your own payback terms; you have to put on your banker hat. When you sign your policy documents, you have, at that moment, become a business owner of a bank! Get ready: you have all the control.

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Stop spreading yourself so thin just because you can do it all. Your business will run smoother and you'll make more money when you focus.

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IBC provides the solutions for needing liquidity, control, and guarantees. That is not provided in a traditional banking setting.

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It boils down to liquidity, control, and guarantees. While the market fell hard this week, it proves IBC is the answer for those three things. The concept is far more important to understand the problem so you can understand the solution.

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What do you pay first if you can't afford both? Well, that depends on many things! Hang in there with me on this podcast; it can get a bit confusing.

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Don't always get your feelings hurt when the bank says no. Sit back, look at why they are doing that, and use it to your advantage. They may just be saving your butt.

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Always be prepared to have cashflow or low debt in the good times. Things always change, and you don't want to be in a situation where you are caught owing money and have no cashflow coming in.

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Be careful when asking others for their opinions when you are an expert on a matter. Knowledge is one thing if it's gained from due diligence; it's another when it's repeated without good sources.

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Justin is using IBC and his life insurance policy like crazy! Listen in and learn how to use your policy and move forward with cash-flow-generating ideas.

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In this episode, we are discussing the misconceptions around term insurance and its value as a short-term death benefit solution. I explain different types of term insurance, highlighting their benefits and when they might be suitable. While term insurance is not a long-term solution like whole life insurance, it is important to maintain some form of coverage to protect your financial future. Tune in to learn how to understand and utilize the benefits of term insurance effectively.

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Here we are again... Dave and I agree, but he seems to be talking out of both sides of his mouth. Finally, he has addressed putting money into things you know, but why then is he talking about putting money into IRA's and 401k's when you don't know those things?

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Have you put money into your business and paid it back? If you are putting a capital investment into a business, you better pay that back to yourself and figure in your time per hour. Without doing this, you are not looking at real numbers for profit and expenses on the business side.

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Wealthion had a great podcast interview that I sum up here as best I can. The moral is, the gov't created a "solution" that is now creating a problem for which they can create another "solution". The opt-out 401k option is not actually helping but could hurt the market, depending on employment rates. Take a listen; there is a lot here.

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Every one of us is a salesperson to some extent, yet so many folks are up in arms over people selling them something. Listen in and challenge your thought process.

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It's about that time of year where parents have college coming up to pay for. Student loans are a joke, and parents are being stuck with the bill. Society has said, pay cash for your kids and never have them pay you back. There are better ways, and you as the parent need to stop using your retirement to pay for the kids' college.

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I stay away from the news for a reason, but I figured I'd take a listen this week, and now I'm mad. We are supposed to lose jobs in order to stop spending and get back to where the gov't thinks we should be. The thought process around this is absurd!

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Why is it that so many of us forget so quickly that we lost money in a market fall? As soon as that rate of return increases, we relax and believe all is good in the world again. Why are we not paying attention and remembering what happened to our money just a year ago!?

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If you have a business that is going nowhere fast, have you asked why? Is it because you don't love it, are you in your own way, or are you not filling your head with the right stuff? Get out of your head, open your mouth, and start working on your business. If you can't do that, then evaluate if you are doing the right thing.

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Here is an example of why Uninterrupted Compound Interest is what you want when looking at interest on anything you're saving. Many talk about compound interest, but they don't talk about what happens when it's interrupted.

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In order to make IBC work with life insurance, you want to have a PUA rider on the policy. In this episode, Ii explain what it is and how it works.

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"It's too good to be true," is what many think, but in reality, there are no deals, and that is what keeps it real. IBC is set on a foundation of truths, and many are not understanding those truths.

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As couples, we can do things together and be successful or we can silently support the other. What we can't do is fight with our partner and expect to make progress. That is an uphill battle, and it's proven when we look at business owners who have both people on board.

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There is a difference between reading the book and re-reading the book. You will not get everything on the first pass!

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You get to choose to muddle through your business or have someone help you grow your business quicker and faster. What is the cost to do that, and are you willing to pay someone to help you get there faster?

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Auto-enrollment in 401K programs is a newer thing. This was not done when I was working for others as an employee. Today, companies automatically enroll you in their 401K program, and many are not aware. Please pay attention to what is happening, and ask the question of whether you want the money there or can use it for something better.

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Many think staring a whole life policy on someone younger is better. It is not if you want to pass on generational wealth and have a "Rockefeller effect". This is where having an IBC practitioner is important to help you strategize.

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Are you willing to admit when you've made a mistake? If not, that is when you have truly failed. Successful people don't blame others for their failures; they look internally, recognize what they did wrong, fix it, and move on. So many people believe someone owes them something because they deserve it. You don't deserve anything. If you make a financial mistake, then figure it out and move on. No one should bail you out of that.

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Let's pick apart advisors' advice. Their thought process is a bit broken, and some things are hidden in their content. Let's tell the whole truth.

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Making a change is not a one-time activity. If you want to be the banker, keep yourself engaged in IBC thoughts and re-read the books.

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Stop being fake; be real and think big. You will go places. Don't allow yourself to hold you back.

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While trying to get ahead in life, so many folks are leveraging themselves to the point of trouble. This is what Nelson did, and learning from these mistakes is where the Infinite Banking Concept came from. Have you caught the Disease of More? Be careful and pay attention to what you are doing so you don't find yourself over-leveraged, even if you are borrowing from your policy.

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Infinite Banking is such a different way of thinking, and we tend to make it harder than it is. We compare it to things we shouldn't, we compartmentalize money, and we struggle with loan paybacks. We have been conditioned not to think and our imaginations have been stifled. Quit making it so hard and get creative!

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People love to blame banks for their financial difficulties, but are they really the ones who bear most of the blame?

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So many people use lump sums of money to start a business but never actually pay themselves back. This makes your books look better than they really are. This was not a free loan to yourself; you must pay it back.

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Are you actually doing your due diligence on what to do with your money, or are you like most of America, just a bunch of sheep? When you come across IBC, you then are labeled a black sheep, and we welcome you here, but you have to understand that you question things while most do not.

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So many people put money into their 401K but don't know the rules. These are not officially hidden, but it seems as if employees don't know on purpose.

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So many people find the infinite banking concept and think it's illegal. In this episode, I explain why I believe we have lost the knowledge of this 200 year-old product and why you need to listen to people who are educated on it.

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Fair warning: this is a rant! ...and I have said most of this before! ...but a lot of you need to hear it again! When you truly understand what IBC is about, you stop listening to the noise. Let's get back to basics!

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Most people associate family money with bad emotions and greed, yet family money can surely get you to the next level.

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Why are some IBC-users successful while others say IBC didn't work for them? Why are some business owners successful while the same type of business can be failing miserably for others? Human error.

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Are you so jealous that it is keeping you where you are? For many, the answer is yes. Look around at those who are jealous; they typically don't even ask questions about how things are done or how people advance in life. These are the, "must be nice," people. Do you want to be like that for the rest of your life? ...or do you want to learn, advance, and enjoy a higher level of success in life?

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So many people are investing in short-term rentals (like AirBnB's), so why not have the experts on the show to find out more about how to do this? I love these ladies' podcast, Catch up with The KarWells, so I brought Emily and Sarah on to share some of their knowledge.

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We talk about being the banker with Infinite Banking, but a lot of people do not understand what that means. There are three characters in play, and you want to be all three, not just the borrower. With that comes responsibility that will either make this work or kill it. You get to decide how good of a banker and bank owner you want to be.

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Let's put this into perspective and look at what Nelson printed in the book. Many want to fast-forward, but Nelson said it'll take time.

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As you are told to pay off debt, what is Dave Ramsey doing? He is building his empire, building his cash flow through business growth and rental properties. Don't just look at his debt program; look at what he and every other wealthy person does: they create cash flow!

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There is so much debate about this, and so many people think what they are doing is wrong. Do what works for you... but here are my two cents on why I don't believe it's necessary and more of a personal issue than a money issue.

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Are you guilty of making this massive mistake?

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On this episode, I interviewed Rebecca Undem from Oakes, ND. We talk about how she is growing her small towns, helping others, her husband farming with her dad, and the challenges of it all. Rebecca is amazing, and you'll love this interview.

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Many have asked, and this seems to stump people: When do I start my next IBC policy? You want to start when you have excess money or are not using the policy you already have. You should know your budget well enough to know where money is going. I have outlined a couple ways to figure this out.

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Today I address common questions where people may get hung up about when to take a cash value loan vs. cash. Even possibly what to use that money for as well... so we will go over thinking about your pool of money, then how to ask those long term questions about what you may need liquid money for in the future.

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Many folks make you believe IBC is risk free. In reality, it is risk-averse but not risk free. There are two factors that will cause IBC to fail: 1. insurance company failure, and 2. human nature. More details in the episode!

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Many use these policies in their estate plans or as buy/sell or even key-man policies. The purpose of them is very misunderstood, and there are many better ways to do this without overpaying for life insurance.

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You have flexibility, but it should only be used when you NEED to, not all the time. Paying premium makes you money.

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Many people feel embarrassed when we meet that they have term life insurance. I do not hate term; it has it's use, just not for the long-term.

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Here are some updates from the insurance company that I write with. Most likely very similar to any company, but good information for policy-holders to know.

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3 things I do not buy into 100% are gold/silver, cryptocurrencies, and velocity banking. Are they useful? Perhaps... yet I don't understand a lot of the hype or why these are the end-all, be-all for some folks.

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Keep in mind, if you are looking for advice from others, your approach will determine your success.

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The naysayers will always say your new idea will be too hard, too much work, etc. However, your new response is, "pick your hard." You may be willing to put the hard work in because you have a passion for what you are doing. Their passion lies somewhere else.

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Who is right in this fight? Who is the door mat, and how long do we sit around waiting?

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Here are some things that will raise your credit score quickly with minor effort.

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You don't get to count your debt as paid-off if you come into money. Be honest and keep paying yourself; those are the basics of the Infinite Banking Concept.

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This is my appearance on the Infinite Wealth Podcast from a couple years ago. Thanks to Cameron and Matt for letting me re-broadcast this! Go check out their YouTube channel here:

https://www.youtube.com/@InfiniteWealthConsultants

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Today's topics: How to get money in for a faster start, when to start new policies, how much death benefit do I need, and don't feel guilty using cash.

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Bankers are normally nice, but when they aren't, they can harm you more than help you. Today's RANT is about how they can actually harm ya!

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Don't let people kill your dreams, and by gosh, don't be scared to share them with me!

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The big IBC debate around IUL vs. whole life has come to a head with the document I received last week. It is full of lies and was given to clients. Chris is a leading expert in IUL and why those policies are not good, so I had him on as a guest to speak about the IUL debate.

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We hear a lot about the MEC when we talk about Infinite Banking, but rarely do we hear the ins and outs of it. Here are the ins and outs, why it matters, when it happens, and how to avoid or work around it.

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Nelson Nash talks about windfalls within the world of Infinite Banking, but loans should not be taken with a windfall in mind to repay, unless it's a unique circumstance.

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There are normally three types of people that take the step to meet with me, but they get there differently and over a different period of time. Who are you?

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In this episode, you will see evidence and real policies demonstrating why universal, variable universal, and indexed universal life policies are not a good options for the long term. IBC uses whole life and only whole life for a reason.

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What is the NNI Council, and why is it a good thing? Also, let's tell the full truth on leasing vehicles to your company and putting that back into your IBC policy.

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You can think about something all day, but that makes nothing happen. If you want to be successful, take action, and get started, regardless of if it's Infinite Banking or business.

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This is a hot topic right now with multiple banks failing and lots of digital currency talk. It’s about more than just these two factors; it’s mostly about how companies manage a product and how agents sell it.

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This is a great episode going over what you should know and expect when starting a business, how the business structure can help with taxes, and what you need to know to be the most financially sound.

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Many waited as the last 10 years were great, and now they wish they had started building their bank in the past. It is never too late; we just have to think differently.

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With the recent bank failures in the headlines, this is a good time to talk about fractional reserve banking and why we do IBC.

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Getting back to the basics of WHY Nelson created IBC and what we have done to forget that.

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It's not easy sharing something new, but here are some tips for ya. I sure hope they help.

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Let's break down some myths that I have been hearing about lately.

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Here is how the policy loan rate changes are determined and, by contract, when they can change. Also a little bit on how loan rate interest is figured and applied.

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Rarely, if ever, do we get to hear from someone internal to a life insurance company. Clay shares some great insights on why a company may not like a 10/90 policy and how that can affect the company. He also talks about Universal Life policies and how they are different from whole life.

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If you are blue collar or in the trades, do you know your value? So many do not, and I am here to tell you, you have value, and you need to start recognizing that.

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Many people think they are too old to start Infinite Banking, which is not true. Also, that ties into when we should be buying a policy on mom or dad, or if we have business partners, when we should be buying key-man or buy-sell policies.

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It was super fun talking to one of the IBC Practitioners I look up to, James Neathery. He knew Nelson very closely, so I wanted to visit with him about Nelson and then get into why we are so passionate about IBC.

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What does 1035 mean and how does it work? Also, I include my suggestions for why you should NOT 1035 a policy and why you SHOULD question your agent if they suggest it.

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Collateral assignments on whole life policies are not a great option if you want to maintain control. Also, the strategy of using a CD as collateral has become a talking point in the last couple weeks, and we need to understand why that is not always good either.

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Inflation truly is the silent thief, and people don't understand how it affects how much money we need saved, what rates of return we need to earn to get there, what percent of income we need to save, and why cash flow is so important. This is the real reason IBC fits into everything you will need for the future. It will also show you why liquidity of money is the top priority as you are young.

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Since we talk about death a lot on this podcast, let's address why you should be funeral planning for locked-in costs and peace of mind for your loved ones.

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