The Money Advantage Podcast

Here’s a listener question about personal finance for beginners: "What is the foundation or the starting point of wealth building? What are the core things I would want in place to start building wealth?" https://www.youtube.com/watch?v=l0T2gjJvaAg You might be asking the same question. Do you have savings you want to do something with? Are you wondering if you are making the best personal finance decisions? Is it time to talk with a financial advisor? What do you need to know to figure out if the plan you create is going to be best for you? Many people with great money habits realize that it’s time to do some planning when they have a stash of savings. Should you invest? In the stock market? Which stocks? With which company? How much risk should you take? How do you track your performance? Will your plan get you closer to financial freedom? Let's talk about the 10 things you want to have in place in your personal finance, to make sure you’re headed in the right direction with a plan you feel good about. Tune in now! Table of contentsWhat is Wealth?Ways to Define WealthOther Ways to Think About WealthWhat is Financial Planning?How Do You Optimize Your Financial Life?Optimize Your Personal Finances: 8 Habits to Have in PlaceConsistent SavingsIncrease Your SavingsSave with Safety, Liquidity, and Growth in Mind15-Minute Money6-12 Months of ReserveThink of Savings as Emergency and Opportunity FundNever Stop SavingLook Into Infinite BankingInvest with Knowledge and Control Start Your Personal Finance JourneyBook A Strategy Call What is Wealth? [8:58] Bruce: “The first thing I would say is that you really have to decide what your definition of wealth is for you.” Bruce elaborates by sharing how, when asked about his Net Worth, he had to unpack the statement. Because typically, Net Worth is someone’s “pile of money.” It’s the culmination of their assets against their liabilities. To some, this may be the most important financial marker. However, Bruce and his wife decided that they valued cash flow more than a pile of money. So for them, Net Worth doesn’t necessarily scratch the surface of what they can do with their money.  Ways to Define Wealth There are three fundamental ways people define wealth, which may help you get clearer on your own personal definition of wealth. Net Worth is the first definition, which is viewing your finances like a balance sheet.  Another way to define wealth is to consider not just your cash flow, but how that cash flow represents your wealth potential. This is more abstract, but consider it for a moment. Say you have $400,000 of cash flow. This is a fraction, or percentage, of your total wealth potential. That total wealth potential represents what your cash flow would be if you saved that money in an account earning, say, 4%. That would make your wealth potential $10 million. If you reverse engineer this, you could theoretically live off of 4% of that same $10 million, which would be the $400,000.  Finally, many people today consider their time to be their wealth. So this may not be represented by a certain dollar figure, but by how much control you have over your time. Many people today choose to be entrepreneurs for this reason or work in the “gig economy,” so that they have more time.  The point is not that there is one ideal of wealth, but that you can reach a point on your journey where you feel as though you are wealthy. So, you must define wealth for yourself. Your definition of wealth may include some combination of these aspects or other ones entirely.  Other Ways to Think About Wealth In the book “Complete Family Wealth,” the authors define wealth as a family flourishing. They pose the idea that if you’re not happy, healthy, well-connected, and in control (among other things) then you are not truly wealthy. Wealth is not simply about money, but about whether you are living the life you wish to live.  Defining wealth for yourself takes on a new meaning when you look at it from this perspective because you’re forced to consider your “why.” Why do you want wealth? What is the purpose of your money? What does it mean for your family to flourish? This encourages you to involve your family in your wealth journey.  When you think about your financial goals, in the context of your family’s flourishing, you can start thinking in a more flexible way.  What is Financial Planning? Once you’ve defined wealth, and you’ve accumulated savings, you may be at the point where you’re ready to consider financial planning. Financial planning, by definition, is taking stock of your current financial situation and your goals for the future, then creating a strategy to get there.  A good financial plan is comprehensive and includes considerations such as: LiquidityRate of returnRisk exposureCash flowSavings for a variety of eventsHow much control do you have?Tax liability InflationWhen you want to access certain funds (like college or retirement) The Guesswork of Personal Finance A lot of typical financial planning is guesswork, unfortunately. There are a lot of things that you cannot predict in this life. Economic crises, inflation rates, tax rates, and much more are just the beginning of events that can’t be predicted. And the problem with much of the typical financial advice out there is that it encourages guesswork. People are advised to invest in stocks with high-risk exposure that can make things much more difficult in unexpected circumstances.  Using a vehicle like life insurance for the basis of your personal finances, on the other hand, can mitigate many of life’s negative side effects. Properly structured whole life insurance can help with liquidity, control, taxes, risk exposure, and the other major bullet points above.  Rather than simply seeking to accumulate a massive pile of money that can outlast life’s variables, what if you instead asked, “What do I have to work with today, and how can I do as much as possible?” How Do You Optimize Your Financial Life? There’s a process that we use when helping people to optimize their personal finances, that happens in 9 steps. These steps can serve as a point of reference for you as you get your own financial house in order.  The first three steps, or the foundation of this process, are about keeping as much of the cash that you make as possible. This doesn’t mean you have to scrimp and live on scraps, it simply requires you to be cognizant of your spending habits so that you can plug as many of the financial “leaks” as possible.  Once you can keep your money, you want to think about protecting that money. This protection is about having insurance in place, as well as estate plans, so that nothing unexpected can erode or steal your reserves.  The final three steps of this process are then about using the wealth that you’ve accumulated and protected to create more cash flow and wealth. At this stage, you’re looking to invest with growth in mind, taking control of your funds, and building out your legacy for your family.  Optimize Your Personal Finances: 8 Habits to Have in Place If you’re interested in optimizing your finances and creating a good financial foundation, you’re in the right place. We’ve gathered a list of what we consider to be the fundamentals of personal finance so that you can get your house in order.  Consistent Savings Consistent savings is one of the first things you can do to change your financial circumstances. Saving money is a habit that you have to cultivate, and it’s worth doing.  Saving money can give you the freedom to partake in opportunities later, as well as cover emergencies.  When you earn money, you want to pay yourself first. It’s wise to save money first, so you can then spend freely. If you struggle with saving, creating an automatic system can help, such as an automatic transfer, or direct deposit into your savings.  https://themoneyadvantage.com/how-to-save-like-the-wealthy/ Increase Your Savings Once you’ve created a good savings habit, you want to work on strengthening your savings capability. It’s a good idea to think of percentages, rather than a dollar amount so that your savings can keep up with your earnings.  When you start out, for example, you may only save 10% of your income. As you’re able, ‌increase what you can save by a few percentage points. The ideal target is usually somewhere between 10-30% savings, but wherever you can start is good. Even if you can only save one percent of your income to start. Another way to increase your savings is to start plugging your financial leaks. As you track where your cash is flowing, you may identify expenses that don’t align with your money principles. Eliminating this expense and saving that money instead is a perfect way of plugging financial leaks.  Save with Safety, Liquidity, and Growth in Mind If you’re going to put in the work of saving money, you want to save your money in a place that is safe, liquid, and growth-oriented. Otherwise, you’re losing out on the efficiency of your savings. Think about it. If your money isn’t safe, it isn’t going to be a good emergency fund. If your money isn’t liquid, it isn’t going to be a good opportunity fund. And if it’s not growing beyond what you contribute, it’s not going to keep up with inflation.  15-Minute Money You’re always going to have the need for 15-minute money. This is money that you can access within 15-minutes–either by a short drive to the bank or in a fire-proof safe in your home. While you may have a liquid asset like whole life insurance, it isn’t quite 15-minute money.  So establishing some savings outside of your main savings account is important. That way you can spend money quickly, as needed or wanted. Just because you’re plugging financial leaks does not mean you’re scrimping in your day-to-day life.  6-12 Months of Reserve

Are you working too many hours?  Chances are, you don’t have the right people on your team. And if you don’t, chances are, your hiring practices are causing more problems than they are solving. Ryan Englin created Core Matters to fix your recruiting and staffing headaches. He coaches and trains business owners to hire better people, faster. https://www.youtube.com/watch?v=D8N47KLdPH4 So, if you want to hire and retain rock star employees… tune in now! Table of contentsHow Ryan Got StartedThe Hiring BottleneckThe Importance of a Good ProcessThe Jim Collins Bus AnalogyHow Do You Start?The Trick to InterviewingBehavior-Based InterviewsConnect with Ryan EnglinAbout Ryan EnglinBook A Strategy Call How Ryan Got Started Ryan's father worked in manufacturing, and his early memories are of spending time with his dad at the plant. He often spent nights and weekends there. It wasn’t until much later that he realized that he was inexpensive labor. And while Ryan’s dad had lots of people working for him, he still struggled to find the right people.  [4:15] “One rock star employee will replace two or three mediocre employees all the time.” It’s really hard to fathom this, though, as a business owner. Most people think they want three sets of hands instead of one. However, as Ryan points out, there’s massive value in having one person that doesn’t make mistakes or create drama.  When Ryan was older, he saw the same issue with his clients. They were struggling to find the right employees, and it was eating into their personal lives. He experienced the problem himself when he became a father, and wanted to spend time with his family. So he began to solve the problem for himself, and later his other clients.  The Hiring Bottleneck Hiring is one of the most common problems for entrepreneurs, and Ryan attributes this to a lack of information. There are so many books and resources on practically every other facet of entrepreneurship that most business owners can easily access answers. There simply seems to be a lack of accessible information about hiring the right people.  In fact, when it comes to hiring, most of the information is about getting bodies in the door and retaining them. It’s about creating the “Silicon Valley” environment of game rooms and food bars, and other attractions. But this has very little to do with finding people who are a good fit, beyond just their resume.  [8:35] “When it really comes down to people–and understanding their hopes, their dreams, their goals, the things that they want to accomplish—there are not a lot of books about that as it relates to business. And so what I think a lot of people do is they look at efficiency as a way to improve their business.” But there’s only so much efficiency that you can accomplish. For example, you can cut expenses as much as possible to make more efficient use of your dollars, but you’ll never get to zero. There are always going to be expenses. When you focus on people, however, you can look toward increasing revenue, and you can increase revenue infinitely. The right people are going to improve your business. The Importance of a Good Process [9:35] “What I believe is—this is probably no secret—humans aren’t perfect, we all make mistakes. And what I believe is, if you have an employee that’s a good employee, and you give them a great process, you’re going to have great results. If you have a great employee and you give them a mediocre process, you’re gonna have mediocre results.” Good people are the first step to good results, but people can only be as good as the process you give them. As a business owner, it’s critical to have a good process.  The Jim Collins Bus Analogy Jim Collins, a prolific business researcher and author, has a bus theory that explains the importance of the “right people.” In essence, it’s about having 5 or 6 leaders on your bus, or team. Ryan takes this analogy a bit further, and considers who else might be on that bus. In other words, what other team members are going to be involved?  Ryan asserts that this is a huge opportunity to hire people with a similar vision. Because while the rest of the people may not have a say on where the “bus” is going, like the leaders do, they are critical. The people who stay on the bus are the ones who are excited about where it’s going and will do everything in their power to make sure it gets there.  When you only think about filling the rest of the seats with bodies, you inevitably get some who jump ship early, or who don’t have an interest in getting to the destination. How Do You Start? When Ryan’s company takes on a new client, they begin with automation. You take stock of the business’s important functions, and make as much of it automatic and systematized as possible, or find the right people to do the job. At the same time, it’s also important to identify who you are as an organization, and where you want to go. This can look like identifying company values, vision, and a purpose statement.  When you know who you are as a company, you also broadcast to potential employees what they can be a part of. The trick is to be honest because that’s the only way you’ll find true alignment with the people you hire. When you’re not honest about who your company is, you take a chance away from the employee to find a “bus” they really want to be on, and you rob yourself from keeping the bus full.  [17:24] “Every job ad out there is about filling a job, about doing the work. More than two-thirds of job seekers say the number one thing missing from a job ad is who you are working for. Not the history, not the bios that are on every website and that we keep touting—like tell me that the guy I’m going to be working for is passive aggressive and he’s going to make me feel like garbage if I show up late every day.” People want to know exactly who they’re working for, and the company culture they’re going to be entering. What are your non-negotiables, your good and bad traits, your working habits? [18:42] “When a job seeker goes to Indeed or any other job board and searches for a job they’re looking for, all the ads look exactly the same.” The Trick to Interviewing Interviewing is a critical part of the hiring process, and if you’re trying to hire the right people, you need to know the right questions. [24:55] “I think it’s all about behavior; everything in the interview process should be about behavior.” Ryan even recommends getting rid of the resume—don’t request it, require it, or even look at it. This is because there’s ultimately two types of resumes in this world: the ones written by professional resume writers, and those written by people who don’t know how to write a resume. In either scenario, you’re not getting an accurate assessment of what’s important about a person. He also believes that resumes can’t even give you an accurate assessment of work history anymore. Thanks to the gig economy, it’s easier than ever for people to freelance and try new things, or switch jobs. This information can be difficult to include on a resume, and many people wrongly assume that because a person has switched jobs that they’re unreliable. In today’s working economy, that’s simply untrue.  [25: 45] “If they’re switching industries, they just don’t know what they want to be when they grow up… But if they’re staying in the same industry and they’re switching employers, they just haven’t found the right one.”  Behavior-Based Interviews [26:00] “When it comes to behavior, interview people based on the way they’re going to be working.” Ryan frequently works with companies that are hiring people to work in customer service. These types of positions are often over-the-phone or online positions. But businesses will request in-person interviews for this type of job and find something wrong. Maybe with how the person holds themselves, or how they dress, or some other factor. But this isn’t how they’re going to occur to the people they help. If the employee is going to be on the phone all day, why would you interview them face-to-face? Especially if they knocked the phone interview out of the park?  If you’re hiring an account manager in a face-to-face role, put them in front of the customer. Let the customers see who they want to work with. It’s out of the box, but it ensures that your customers get the best service, and you get to see the candidate's skills upfront.  Connect with Ryan Englin ryan@thecorematters.comCustomer mobile phone1-480-237-3755 About Ryan Englin Ryan Englin is passionate about supporting growing businesses, particularly in blue collar industries, to build amazingly productive companies by hiring the right people. Growing up, he saw his own father working 12-hour shifts and weekends as an owner/operator, witnessing firsthand the struggles that these companies have in hiring quality frontline employees. Ryan was determined to help them find a better way. His company, Core Matters, provides coaching and training on attracting, hiring, and retaining rock star employees. Using his proven process, the Core Fit Hiring System, small and midsize businesses learn how to start hiring better people, faster. With almost a decade in the business, Ryan has worked with over a hundred clients, helping business owners achieve their goals by hiring the right people. Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!  Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety,

Nelson Nash, Father of Infinite Banking, left quite a legacy.  One of the things that he poured his life into was teaching and training advisors to serve clients with excellence.  Every year, IBC practitioners, clients, or anyone searching for a deeper understanding of Infinite Banking gather at the Nelson Nash Think Tank. There, they share ideas and recommit to the fundamentals of Infinite Banking the way Nelson taught. https://www.youtube.com/watch?v=lMjYKI95DI8 Bruce traveled to the 2022 Nelson Nash Think Tank, and I'm looking forward to discussing his observations and thoughts. So if you would like to hear some of the most important topics, issues, and trends in Infinite Banking ... tune in now! Table of contentsWho is Nelson Nash and What is the Think Tank?The Importance of the FundamentalsPerfect Practice Makes PerfectWhat Are the IBC Fundamentals?Banking is a ProcessIBC Creates “Forced Savings”Human Nature“Don’t Steal the Peas” You Finance Everything You BuyBook A Strategy Call Who is Nelson Nash and What is the Think Tank? There’s an incredible amount of knowledge at the root of the Infinite Banking Concept, which was created by Nelson Nash the author of Becoming Your Own Banker. Whole life insurance itself was not a new product or discovery. However, Nelson Nash realized that there could be a greater purpose and use for specially-designed whole life insurance. He used this strategy himself and later coined the term “Infinite Banking Concept.”  He created his books and the IBC practitioner program to help more insurance producers understand IBC. And subsequently, he created the program so that IBC could help more people. The Nelson Nash Think Tank is an annual conference for dedicated IBC practitioners to keep their knowledge sharp. It also helps IBC practitioners to identify and solve problems in the industry. The Importance of the Fundamentals One benefit of the Nelson Nash Think Tank, for IBC practitioners, is that it is a return to the fundamentals. In other words, the basic essentials of the Infinite Banking Concept. In any industry, it’s easy to look forward to fresh ideas and new ways to approach business. However, the fundamentals are the basic principles that hold everything together and guide your actions. Returning to the fundamentals ensures that you continue to stay on the path, and remain true to the most basic ideas. The same is true for IBC.  [5:25] “Everything you do in life, whether it’s learning a new skill or your own family, there should be some things that should be consistent and repeatable… Kind of like we talk about with money principles.” Not only can refreshing your understanding of the fundamentals help you approach new challenges, but it can also help you retain a “beginner’s mindset.” When you’re an expert in a field, it’s all too easy to forget that others don’t necessarily have the same background or understanding. But if you attempt to teach someone as if they DO, things get lost in translation. Returning to the basics in your own practice can help you more effectively teach or help someone with a beginner’s understanding of a topic.  Perfect Practice Makes Perfect Studying the fundamentals also ensures that you understand all the intricacies and nuance of your craft. True mastery takes time, effort, and dedication. It may seem boring to rehearse the basics, when there may be more interesting or complex things to study. However, it’s critical to know the fundamentals so well that you can recall them at the drop of a hat.  For example, as a basketball player, the fundamentals may be to take proper care of your feet. It seems simple, trivial even. But if you buy the wrong socks, or don’t lace your shoes correctly, you can get blisters that cause more issues down the road.  The more you return to and practice the basics of your craft, profession, or industry, the more you prepare yourself to operate at the best of your ability and minimize mistakes.  What Are the IBC Fundamentals? Banking is a Process When Nelson Nash coined the term Infinite Banking, he emphasized that banking is a process. More important than creating a bank, which is a word with many definitions, is creating a process of banking. This process includes saving money into a system, taking loans from a system, and repaying those loans.  The banking process is one of the most important processes in the economy. Without banks, nothing in our daily life functions. But bank institutions are fragile. So creating your own banking system, or process, with a whole life insurance policy gives you more certainty and control.  The idea of a personal bank is more interesting when you consider how banks make money, which is by selling other people’s money. In other words, banks leverage the money their customers give them and loan it out to other customers. Banks then make money on the interest payments, using none of their own money.  Whole life insurance allows you to create your own warehouse of wealth so you can leverage the life insurance company’s money and continue to grow your money uninterrupted.  IBC Creates “Forced Savings” Whole life insurance is a great example of a “forced savings” vehicle. When you pay premiums, there is a direct impact on your cash value. So every time you pay a premium, you’re saving—it’s like building equity on your Death Benefit. Your premium payments can even be automated, so you’re saving money on autopilot.  One reason homeownership is viewed as a wealth vehicle is that it’s “forced savings.” As you pay down the cost of the home, you build equity in the home. So what if renting gave you shelter at a lower cost, and you were able to put the difference into a savings vehicle like whole life insurance?  Whole life insurance gives you, the policy owner, more control than you have over your home equity. The banks actually control your access to your home equity, whereas the cash value of your insurance is accessible to you for any reason. Human Nature As Nelson developed IBC, he understood human nature well. He knew that those with poor money habits had a tendency to think short-term about finances. People with better money habits lean toward long-term thinking.  Long-term thinking is crucial to infinite banking because it is a long process. It’s not a game of instant gratification, but one of planning and knowing that small steps can add up to a much brighter financial future.  When you can think long term for your future, you put yourself in a position to capitalize on future opportunities and weather economic troubles. However, even the best-intentioned people can still deviate from the long-term plan. So Nelson identified another fundamental of IBC, which he calls “Don’t Steal the Peas.” “Don’t Steal the Peas”  Nelson’s example comes from his knowledge of grocery stores, which run on a small margin. A store may stock a 50-cent can of peas that seem like no big deal in the grand scheme of things. After all, the profit margin on that can may only be 3-cents. But if the owner of the store takes just one can of peas off the store shelf, he’ll have to sell 20 cans of peas to earn enough profit to make up for it.  When you own a business, it can be incredibly easy to skim off the top. It may seem like no big deal to take from yourself. However, each time you “steal the peas,” you make the whole structure less efficient.  Whole life insurance works the same way. If you were to just withdraw the money you want to use, without replacing it, you lose the uninterrupted compound interest. Leveraging that money, however, allows you to benefit from your banking system and earn uninterrupted compound interest.  You Finance Everything You Buy This is a common phrase in the infinite banking world, but it’s really important to understand what this means at a deeper level.  Every time you use money, you’re either paying interest or passing it up. If you take a loan, you’re paying for a car at an interest rate. And the process of paying down the loan is to get to a zero balance. When you pay cash for the car, you may not be paying interest, but you’re also losing the opportunity to earn interest on that lump sum.  The purpose of the cash value is to give you the freedom of liquidity, without passing up interest and dividends, via the policy loan. When you take a policy loan, you’re getting money from the insurance company. That way, your cash value stays intact and earns interest at its optimal potential.  The power of cash value is not in a high-interest rate, but in the power to keep earning on the same dollars indefinitely over a long period of time. It is consistent, guaranteed, uninterrupted compound growth.  [44:38] “I’m not saying only save and never invest. What I am saying is if you have the capability to hold the same dollars and never let go of that growth curve for 30, 40, 60, 70, 90 years, you’re in a position of creating tremendous wealth just from the compound growth piece.” Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!  Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth… plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.

Do you want to write the perfect letter to your kids, but don’t know exactly where to start, what to say, or how to share your heart best?  https://www.youtube.com/watch?v=Nes6G6sX8bk Legacy Letters solve this problem. Blake Brewer is on a mission to help 1 million dads write at least one well-written, meaningful, lasting Legacy Letter to their children. Today, we’re digging into the importance of our parent’s words, how to prepare your heart and mind to write this letter, the three things that everyone needs to hear from their Dad and Mom, and how to ask forgiveness as a parent. So if you want to share the words that best communicate your heart… tune in now! Table of contentsWhy Write Down Your LegacyThe Legacy Letter that Started it AllHelping 1 Million DadsCrafting Your Legacy LetterThe Parent “Wound”Asking ForgivenessThe Most Important Components of Your Legacy LetterConnect with BlakeAbout Blake BrewerBook A Strategy Call Why Write Down Your Legacy Writing a legacy letter, as we’ll explore, is an opportunity to create a tremendous impact in the lives of your children. It’s actually important for the same reason life insurance is important on a security level–because one day, you won’t be around. And like life insurance, a legacy letter can help your children move forward with as few obstacles as possible.  Lucas and I wrote legacy letters for our children after my near-death experience a few years ago. At the time, we wondered: What if we don’t have all the decades ahead that we hope for? How would we be able to communicate all the most important thoughts and lessons to our daughters? A legacy letter is your opportunity to leave a tangible piece of yourself and your wisdom with your children and loved ones. That way, no matter what the future brings, you can be confident that all of your most important thoughts will make it into your children’s hands. It’s a powerful tool for families, especially for families looking to build a robust, multi-generational structure for the future. The Legacy Letter that Started it All [5:44] Our guest, Blake Brewer, shares his own experience of loss, and how that led to his role in helping families create their legacy letters. After his father’s passing, which was incredibly sudden, Blake’s mother gave him the letter his father had written for him. [10:43] “Even before I finished the letter, I felt so loved, that my dad would take the time to write this letter. I don’t know what he gave up, what he sacrificed, what TV show he didn’t watch; but my dad took the time to write down his thoughts and feelings about us, and gave some great life advice. The last line of this letter, only God could have allowed my dad to write it. My dad wrote, ‘As you follow Christ, you’ll often find yourself in the minority here on Earth, but I can assure you in Heaven, you’ll be in the majority…’” The words were the exact comfort that Blake needed at that moment and helped him to begin processing his grief. In fact, it helped him to process his grief in a healthy way, thanks to his father’s words. He says it was that letter that changed his life.  [12:05] “My dad had life insurance, so I’m grateful for that as well. My mom didn’t have to go to work, our life stayed the same, and I’m thankful for that. But this letter is worth just as much as the money that my dad provided for us.” Helping 1 Million Dads A few years ago, Blake decided to write his own letter to his children, so that they would have something of him when they needed it most. But when he sat down to start writing, he saw how difficult it was. He had plenty of ideas to put onto the page, but organizing them into the right words was hard. Other fathers he had talked to over the years, who resonated with Blake’s story, had also found the process difficult.  At the same time, God brought several other men into his life that received letters from their fathers. And these letters also changed their trajectory. This is what spurned Blake’s mission to help one million dads write at least one letter. Now, he’s expanded to helping moms write their letters as well.  Crafting Your Legacy Letter The beauty of the legacy letter, in Blake’s eyes, is that it contains wisdom you can gift to your children at any time. You may write multiple legacy letters over the course of your adult life, for various reasons. For that reason, it’s not something Blake believes you must wait to give to your children. This is a letter that contains your best wisdom to impart, as well as how you feel about your children, and that’s something they can benefit from as soon as possible.  When crafting your letter, it’s important to consider what you want your children right now. Then, make sure that you take the time to craft it into something meaningful. The legacy letter isn’t just a thoughtful note your write in five minutes. It’s something you pour yourself into, to create a lasting impact. The Parent “Wound” Blake also introduces the idea of a “parent wound.” [24:37] “The thing is, none of our parents were perfect, and we’re not perfect either.” It’s important to acknowledge these imperfections as a part of your relationship with your family. Blake guides parents who are writing legacy letters through the process of evaluating their own relationships with their parents, and how that affected them. This process helps parents to consider the ways in which they might be impacting their children.  The process is not designed to create shame or bring up problems. It’s about solving potential issues and healing any generational hurt that may be lingering in families. Identifying and addressing this can aid your legacy letter, and the thoughts you hope to convey.  Asking Forgiveness Forgiveness is one of the last lessons that Blake leads parents through as they construct their letters. Despite this, he recommends that parents put this at the beginning of the letter they write. Asking for the forgiveness of your children is so powerful because, despite your best intentions, there are going to be times when you fail. As a human, you cannot meet every need of your child, as much as you may want to. You can only do your best. And inevitably, this means that there will be times when you must seek forgiveness. If you reflect on your own relationship with your parents, this need to ask forgiveness becomes clearer, because you can probably think of ways your own parents have hurt you. Because of this, you can also likely imagine what an impact it would have if they asked you for your forgiveness.  [28:06] “When you apologize, it brings people in closer. It shows humility. So if you really want to connect with your children on a deeper level, if you really want to impact them and show that humility, apologize.” This also sets an example to your children that taking responsibility for your actions, and apologizing when you’ve done wrong, is important. If you would ask your children to apologize for an offense, it’s wise to model that behavior for them. [30:13] “I think that’s the profound piece of self-leadership. You have to lead yourself in order to be able to lead your family. And really, by writing this letter, it is powerfully leading your family.” The Most Important Components of Your Legacy Letter One of the most important things to include in your letter, as Blake shares, is your love for your children. In particular, there should be an expression that your love for your child is unconditional.  [31:07] “Communicate to your children that you love them, that it’s unconditional, that there’s nothing that they can do tomorrow to make you love them any more or any less. Because really, when a person feels loved by their parents, they just have so much more confidence in life.” The next essential thing to convey in your letter is that you’re proud of your children. All children seek the approval of their parents, regardless of what that relationship looks like. It’s critical that you express this to your children.  [35:09] “I tell parents, let’s not leave it for our children to guess what would make us proud. Let’s tell them. And also, let’s not focus on what they do, but who they are as a person. And let’s affirm their character traits.” Lastly, the letter is not about coddling your children. It’s about calling them up, and helping them become the person they can be. You’re giving your children a vision of themselves at their best so that they can rise to the occasion.  Connect with Blake  LegacyLetterChallenge.com 1-479-466-9922 blake@legacyletterchallenge.com About Blake Brewer Blake Brewer is on a mission to help every dad write one. Blake is on a mission to help 1 million dads write at least one well-written, meaningful, lasting Legacy Letter to their children. Blake has a wonderful wife and loves being a father to his three children, all under 5. As he leads his family, he draws from many mentors, but none more important than his late father, Larry Brewer. Book A Strategy Call We offer two powerful ways to help you create lasting impact: Financial Strategy Call – Discover how Privatized Banking, alternative investments, tax-mitigation, and cash flow strategies can accelerate your time and money freedom while improving your life today. Let us show you how to align your financial resources for maximum growth and efficiency. Book a Strategy Call with our team today. Legacy Strategy Call – If you want to uncover your family values, mission, and vision, and create a legacy that’s about more than just money, we can guide you through the process of financial stewardship and family leadership. Save time coordinating your family’s finances while building a legacy that lasts for generations. Book a Legacy Strategy Call to learn more about how we can help.

Are you feeling the rise in prices and wondering what the long-term effects will be on your financial goals? When inflation eats away at the value of your dollars, how do you protect from inflation? What are your options for a level-headed approach to getting your money to do the most today and in the future? https://www.youtube.com/watch?v=UE5jjK89nRg Today, we're talking about your options to protect your money against inflation...so if you want to keep your money growing, tune in now! Table of contentsShow NotesCommon Advice for Protecting from InflationSeeking Growth in All ThingsArticles ReferencedBook A Strategy Call Show Notes [0:00] Introduction: How should you prepare financially to protect your money from inflation?[2:40] Your goals, principles, and personal economy change what strategies might work for you.[4:15] Not every facet of our lives is foreseeable; so we must prepare for unknowns.[5:05] How the financial entertainment industry affects our perspective.[7:40] The value of truth over opinions.[8:55] The financial philosophy “advance and protect.”[9:55] “I think you need to stick with your fundamentals, even when the information around you is telling you, ‘Do this! Do that!’ Because it can be very attractive and it can pull you towards wanting to do something, or telling you that your fundamentals are wrong.”[10:52] Do not take education as advice. Education should provide you with information to make better decisions, yet it cannot replace personalized advice based on your unique personal economy.[11:55] Financial advice and wisdom don’t exist in a vacuum.[13:51] The importance of questioning everything, and the information you’re given. Common Advice for Protecting from Inflation [14:20] Evaluating the Investopedia article “9 Asset Classes for Protection Against Inflation.”[20:15] How to evaluate the integrity of an information source.[21:00] How different economic philosophies approach inflation.[21:20] The number one question to guide your financial decisions.[23:20] Is gold a good asset to protect against inflation?[27:05] Gold is liquid, the problem is that it’s not always easy to sell. [28:40] What is inflation? Why does inflation occur?[29:23] Are commodities good a good hedge against inflation?[30:05] Why a 60/40 stock and bond split doesn’t work.[35:55] Historic average rates of return don’t guarantee that’s what you will earn.[36:30] What are REITs, and are they a wise investment during an inflationary period?[37:35] Investing in the S&P 500 during an inflationary time may not work out, and it wouldn’t be responsible to recommend. [39:46] Why real estate is a good investment when made under the right circumstances at the right time.[40:30] What are leveraged loans?[40:50] What are TIPS?[41:10] Does the Bloomberg Aggregate Bond Index work as a hedge against inflation? Seeking Growth in All Things [43:10] In order to make better financial decisions, you must seek more education.[43:28] Les McGuire and the Economic Value of Certainty[43:55] The importance of principles in your financial decision-making, and the principles that guide us. [47:10] “Is it going to keep up with inflation? Probably not. But is it going to do better than any other place that I have to store my capital where it’s still accessible? It’s better than anything we’ve found yet.”[48:16] The power of an entrepreneurial mindset to protect from inflation.[50:58 How to hedge against inflation if you’re not entrepreneurially minded. [52:35] Closing thoughts on inflation.[52:58] “You can be more in control of your financial destiny than just having to make decisions based on the sway and the whim of interest rates and inflation and all of the boogeymen on the financial horizon.” Articles Referenced https://www.investopedia.com/articles/investing/081315/9-top-assets-protection-against-inflation.asphttps://www.ssga.com/library-content/products/factsheets/etfs/emea/factsheet-emea-en_gb-sybu-gy.pdf https://themoneyadvantage.com/economic-value-of-certainty-les-mcguire/ Book A Strategy Call Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help!  Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth… plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.

Are you fascinated by the success stories of other entrepreneurs? Today, learn from Dave Menz, the Laundromat Millionaire, Dave Menz's inspirational story, learn the secrets of his success, and find out how you can overcome your own obstacles while building wealth. https://www.youtube.com/watch?v=trhxZsJ0cdc Tune in now! Table of contentsLearning the Laundromat RopesCraigslist BusinessThe Beginning of the Laundromat MillionaireOn Rejection and PerseveranceBuying the Next LaundromatDelayed GratificationServing a CommunityRaising the Bar for All BusinessesA Better Family FutureGet The Laundromat MillionaireAbout Dave Menz, Laundromat MillionaireBook A Strategy Call Learning the Laundromat Ropes When you’re running a business, there’s textbook knowledge and boots-on-the-ground knowledge. Dave Menz is the kind of entrepreneur with real boots on the ground experience running a successful business.  [3:11] “I grew up really poor as a young kid, in Flint, Michigan. And I was never very good at school, and I didn’t see a traditional corporate path for me. It just wasn’t in my DNA… I didn’t know anyone that was an entrepreneur or a business owner. But I was always just, from afar, admiring people that were without knowing them.” [3:40] “I don’t like limitations, I don’t like people or organizations or things telling me that I can’t accomplish x. I like to believe that if I spend enough time and gain the knowledge, and have the right mentors, and the right opportunities—good ol’ fashioned grit plays a part in that, for sure—that I can accomplish almost anything that I want to. Or at least I’m going to die trying.” This mindset, Dave shares, is what he thinks called him to entrepreneurship. While he didn’t start his path as a business owner right away, he always had a keen interest in how businesses were operated. This prepared him for one day taking over his own. When Dave knew he was ready to own his own business, he and his wife began saving and spent 3 or 4 years preparing for what would be their first laundromat.  Craigslist Business Dave actually found his first laundromat on Craigslist, after time spent researching the kind of business he wanted to own.  [11:45] “I just started down the path of due diligence with every business that I found on Craigslist or anywhere else. And every time… I came to a point where there was either a red flag or multiple red flags, that just said ‘this isn’t for you.’” Dave views himself as being somewhere in the middle of analysis paralysis and reckless—he’s a great, detail-oriented researcher, but he doesn’t get too hung up on choices. He can recognize when it’s time to move on from an idea. With the laundromat, there were no red flags he could find, so he just went for the deal.  The Beginning of the Laundromat Millionaire When Dave bought the laundromat for $85,000, it was losing money. But he also saw an opportunity in the business, and he knew he could do something great with it. All the nearby laundromats were in similar or worse condition.  [13:57] “I thought, well, I don’t know a lot about business, but I do understand the laws of supply and demand. And I know my community. I’ve lived here for a long time. It’s a thriving, growing suburb in Cincinnati. It doesn’t appear that any of these laundromats are serving this community well, and so if I fix it up and make it a nice place, seems to me like it should grow and should become profitable.” Over the 4 years Dave and his wife had saved, they had $35,000. They used $20,000 as a down payment. However, they had trouble getting a bank to back them. In fact, they had 25 rejections. This prompted them to look for funding elsewhere, and they ended up getting an SBA loan through a local credit union. After about 11 months, the first laundromat began making 3-4,000 a month.  On Rejection and Perseverance The rejections Dave faced are almost a story of their own—one of resilience. He shares that the process of being rejected over and over was one that was extremely painful. Two or three rejections, in fact, can be a lot for one person. Yet Dave believed in his vision, and what he was going to build.  [15:00] “If you really just bleed business ownership, and you know you’re ready, and you know you want to do this, and you know you’re going to go after this like most of humankind has never seen anybody go after something—it just rips your heart out.” One of the most difficult parts of the rejection, he shares, is that on paper everything was perfect. He and his wife had good credit, a sizeable down payment, a nest egg put away. They lived below their means, and Dave even planned to keep his job while running the laundromat. But the banks believed that it was a bad gamble because he had never run a business, didn’t have a college degree, and the laundromat was already losing money. But the rejection didn’t change his mind.  Buying the Next Laundromat Once the first laundromat was profitable, Dave realized that he could replicate his results and become a full-time business owner. So he started looking for his second laundromat. This location ended up being within a 20-mile radius of his first business and was closed down altogether.  He approached the owner of the shopping center where the laundromat was and struck a deal. They even allowed him 9 months rent-free to get the renovations completed. Dave worked unbelievably long hours to make it happen, but he was confident that his laundromat would serve the community.  [21:00] “My upbringing was very simple. We’re on Earth to serve others.” Dave’s mentor in the laundromat business, who he met through buying equipment, had a similar upbringing. And he taught Dave that if you focus on serving others, everything else will fall into place. The decision to buy up failing businesses and renovate them may seem reckless from the outside, as Dave readily admits. The banks even thought so. But Dave knew he had the right foundation, and that he could make these laundromats into something that the community could actually use and enjoy.  And within the first 30 days of opening the second laundromat, Dave was netting a few thousand dollars. In his industry, those kinds of results typically take anywhere from 1 to 3 years.  Delayed Gratification Another key Dave credits to his success is having the discipline to save and sock away the profits from the company. As he puts it, he had to learn to keep his hand out of the cookie jar.  The goal of scaling his business was to eventually become a full-time business owner and leave his job. Dave’s wisdom is that he understood that once he left the job, he’d be fully reliant on the income from the laundromat. And if he had a major expense, the money would have to come from somewhere.  Rather than expanding his lifestyle to fit his additional income, he and his wife continued to live their lives like they had and save everything that they could. Saving so diligently gave them the firm foundation and confidence to operate the businesses full-time. Dave is a master of long-term thinking and putting in the work over a few years to reap incredible results.  Serving a Community [33:43] “Every penny I’ve ever made in my life, I’ve made in servitude to others. Every penny. And I sleep really well at night knowing that…And how beautiful of a thing that it is to know that I can elevate my family.” Dave extends this mindset to his employees, of which he now has 40, who are members of the community he serves. And his payroll is over $100,000 a month, for those employees. Many of these positions are over entry-level, as well. And Dave knows that each employee really values their job and their ability to be of service, too.  [34:27] “So all these things are a part of what makes me just passionately, obsessively love business ownership and entrepreneurship. And it’s really just a matter of knowledge. It’s just a matter of digging down, talking to the right people, reading the right books, watching the right podcasts; blog articles, magazines—I mean, I’ll take information from anywhere I can get it.” When Dave reads and absorbs, he looks for the “golden nuggets” he can take away and apply, and then finds the team to apply the knowledge with.  [35:07 “I don’t have to be an expert in accounting, but I need an expert in accounting.” Raising the Bar for All Businesses Over the years that Dave has owned his laundromats, he’s improved them both and created a multi-million dollar business. Rather than choosing one business at a time, he chose to improve all existing locations on an ongoing basis. His reasoning is that because he’s committed to his community and serving his clientele, he’s not in competition with himself or anyone else. It matters to him to provide good service at every location.  The only goal he has is to be better than the day before, and he doesn’t want to create competition for others either.  [41:41] “When you do that, what ends up happening is with all those competitors is, typically, one of two things. Either they sit up and they pay attention… and I’ve always said, I want to meet that guy and have lunch with him and I’ll help him. Because servitude to my community matters that much.” [42:44] “I’m not a keep up with the Joneses kind of guy, I’m the opposite. I’m happy to show the Joneses how I did this if they genuinely want to know.” A Better Family Future One of the inciting reasons Dave got into business was to give his wife and children a better reality than he had growing up. He shares that not only did he grow up poor, but he grew up in a really “bad” area. So financial security has always been important to him.  [50:33] “The beauty of that is… you don’t have to choose between money and character.” [50:45] “The beauty of business ownership and entrepreneurship, when done correctly,

It’s time to showcase another client who’s building an Infinite Banking System for himself and his family. https://www.youtube.com/watch?v=G6l1gkv09fg Meet Wesley Smith, real estate investor, business owner in the digital marketing space, husband, and dad. To find out why he’s been using Infinite Banking for the past 7 years, and how it’s helping him in his business, investments, and his family… tune in now! Table of contentsWesley's Entrepreneurial JourneyIntro to Infinite BankingWhy Infinite Banking?Why Multiple Infinite Banking Policies?How Wes Uses His Infinite Banking PoliciesInfinite Banking and Family DynamicsTeaching the Next GenerationWes’ Tips for Business OwnersBook A Strategy Call Wesley's Entrepreneurial Journey Wes’s career launched with his dad’s plumbing company, where he stayed for three or four years. After that, he realized he wanted to get out into the world. His friend had a door-to-door sales job in telecommunications, making a pretty good salary. Wes knew it was his next step.  [4:00] “I think that first sales job really solidified the fact that I wanted to be an entrepreneur… Just learning to be in that sink or swim environment from month to month to month—every month is a new month, right—is kind of what helps you learn what you need to be a business owner, in general.” Over time, he learned he could also build some residual income from this work. Ultimately, this helped him get closer to where he wanted to be financially. But the entrepreneurial piece was still missing. This led Wes to invest in real estate. In order to advertise and maintain relationships with clients, Wes became proficient in all things digital marketing. His proficiency led him to open an agency around 2014 that caters to the tree service industry.  Intro to Infinite Banking Wes stumbled into the world of infinite banking almost by accident. About seven years ago, whole life insurance came up in conversation between Wes and his younger brother. Wes was recently married, and his son was just born, so he knew life insurance was a good thing to look into. After getting set up with an agent, he bought his first whole life insurance policy.  [8:20] “We’re all just like conditioned to not even think about life insurance one bit until we’re married and have kids, then all of a sudden everybody’s beating their door down talking about life insurance to you.” After paying a few premiums, Wes kept wondering where his premiums were going and what he was paying for. Although his agent answered his questions, he was still having trouble wrapping his brain around insurance. So he decided to do some research and learn everything he could about whole life insurance. This search led him to The Money Advantage, as well as some other sites, where he stumbled on the infinite banking concept.  Why Infinite Banking? [9:50] “Once I found that [infinite banking concept], and I ordered Nelson [Nash]’s book, Becoming Your Own Banker… it was as clear as day what I needed to be doing for the rest of my life with all of my savings.” Part of the reason infinite banking appealed to Wes is that it’s flexible and liquid. He had been in corporate settings, with a 401k, where his money was locked away and inaccessible. [10:14] “This is nice to have this [retirement] account over here, but I can’t do anything with this money for the next 35-40 years. What am I going to do if I come across a real estate deal and I need access to 50 or 100 thousand, or whatever the case may be? You just really can’t do that with a retirement account like you can with infinite banking policies.” Another benefit to infinite banking, as Wes sees it, is the ability to grow money even when you’re dormant or waiting for your next investment. The cash value of your policy puts you in a position of cash to jump on opportunities. But even when you’re waiting, your policy is growing and doing more than a typical savings account.  [13:22] “... With infinite banking policies, you’re at least earning a good four or five percent tax-deferred every year without doing anything… Plus, you’re getting the death benefit, you’re getting everything else including the liquidity.” Why Multiple Infinite Banking Policies? [14:16] “As I kept reading and increasing my knowledge base on infinite banking concept, it’s really—it is infinite. You can’t really have too many policies. Like Nelson says, you can’t get too much insurance past the underwriters, they won’t let you get it, anyway. So you have to qualify and you can keep trying to get more and more.”  A portfolio of infinite banking policies can continue to increase your liquid savings and provide you with more opportunities. In fact, as your income, your savings ability, or both increase, the amount of insurance you can buy increases. If you’re using an infinite banking strategy well, the case for buying more insurance as you grow is compelling. This also ensures that you pass your full Human Life Value on to your heirs.  [15:14] “The way I’ve done it is, just every time that I have an additional cash flow, I just make sure I open up a new policy. Because of the policies that you opened up several years prior… if you continue to fund those with your base premium plus the paid-up additions, you’re really funding them max over the first several years. So if you get to a point where maybe you have reduced cash flow for a year or two, it’s not going to be a problem. You’ve already been funding those for several years.” [15:48] “Once you wrap your head around how to use them… they’re very versatile.” How Wes Uses His Infinite Banking Policies Apart from investment opportunities, or opportunities for cash flow, Wes also uses his infinite banking policies in his everyday life. His family bought a new house a few years ago, and a policy loan helped them to remove 6-8 trees and lay sod down. His family can now pay back that loan in a way that works for them.  To manage his policies, Wes ensures that he always has enough money in savings to pay his base premiums. Then, the cash value is available when they need it for home renovations, vacations, and other costs that benefit the family. [16:50] “The greatest thing about the policy loan feature—and you guys have talked about this 100 times—there is no payback schedule. There is no fixed monthly payment that I’ve got to commit to like there would be with a home equity line of credit or a personal loan.” Of course, infinite banking policies also give Wes the opportunity to invest in cash-flowing investments. He often uses a policy loan, when an opportunity arises, to make a down payment on the property. The cash flow on the property can then pay back the policy loan and the mortgage. Then, when the policy loan is paid off, he gets the full benefit of his cash value again, as well as cash flow he can enjoy.  Infinite Banking and Family Dynamics Another benefit of infinite banking, for Wes and his family, is that it can help involve each person. Multiple members of the family can use the cash value to learn financial principles and fund their own endeavors. Each family member can also potentially have a policy, as the insured, to contribute to the “family bank.” [27:45] “When you look at these illustrations and how long they’re going to be in play you say, well I’m just not going to be afraid to put all of my money in these things… These also create individual accounts where—I’ve read a few books too, as well—you can kind of earmark one of these policies for your car loans when you go pay cash for a car… Another one may be college funding, another one may be home repairs, home renovations.” This can help teens buy their first car, go to college, start a business, and more. As a cash warehouse, life insurance creates control, as well as the freedom to change your mind. You may decide that the policy you have earmarked for one purpose is no longer necessary—great! Now you can use it somewhere else. There are many financial vehicles that only serve one purpose and leave no room for you to change your mind. Wes even has ideas for how he may use his policies decades in the future, and what he might do if the unexpected occurs. He’s a true long-game thinker and understands the benefits that life insurance can have on his life and family both now and later.  [31:05] “It just gives you more control and flexibility for your future, honestly. So that’s why I do it, and I know why I’m doing it.” Teaching the Next Generation Wes asserts that teaching his children about infinite banking, and helping them develop a firm understanding of the financial principles of IBC, are important to him. [39:30] “Yes, I want to teach my kids how to use this infinite banking strategy, and I do a lot of training videos, just screen share videos and things like that. So I’m going to probably do that as they get older, and show them how to look at an illustration, how to take a policy loan, how to pay that back, what it looks like over 50-70 years.” By preparing them young, and helping them learn good financial habits early, he hopes he can inspire them to start their own policies sooner.  [40:00] “You always wish you could have started this sooner once you kind of figure it out and you really start seeing it for what it is. It’s a whole life contract that’s beneficial to you the entire way, not just when you’re 59 and a half, not just when you’re 70 and you’ve got to take required minimum distributions.” Wes’ Tips for Business Owners As a business owner and digital marketer, Wes’ best advice for any service-oriented entrepreneur is to have an excellent website. The key is to make sure you highlight your business properly on the website—including who you are and what you do. Having your contact information or scheduling software where it’s easy to find is also helpful.

Want to get more done, quicker, easier, and more profitably? Then, it’s time to do less. Today, we’re talking with Ari Meisel, author of The Replaceable Founder, The Art of Less Doing, On Productivity, Idea to Execution about how to build a business that can run and grow without you. https://www.youtube.com/watch?v=i3dQcZTuKtg So, if you want 2022 to be the year you opt-out of the hustle and make consistent progress… tune in now! Table of contentsThe Art of Less DoingAsynchronous ToolsHow to Get StartedMacGyver Style InnovationThe Ultimate KPIBeing a Better Decision-MakerThe 20-Minute Work DayConnect with Ari MeiselBook A Strategy Call The Art of Less Doing When Ari Meisel graduated college, he went into real estate development and construction in Upstate New York. His hours were grueling, and he was beginning to feel the effects of stress. At 23, Ari was diagnosed with Crohn’s disease, which is an inflammatory condition that is considered incurable. And in his journey to overcome this illness, he went from working 18-hour days to working one-hour days.  And while there were dozens of books on productivity at the time, there weren’t any on the market that addressed people who truly had little time in their day. The Art of Less Doing, Ari’s first book, was born out of the extreme restriction Ari had from his Crohn’s.  Essentially, the framework of “less doing” is to optimize, automate, and outsource. This made framework made it possible for Ari to continue to work and be productive. This idea has since grown into many other things, like The Replaceable Founder.  [5:48] “If you ask somebody… who works like a 9 to 5, what would happen if you had to leave the office by 4? You couldn’t work until 5. Most would just say they’d skip lunch, that’s usually the answer that comes back. But if you ask that same person, what if you only had an hour? It’s perplexing. It requires such a different way of thinking because those things still have to get done. But if you can’t possibly get them done in that hour, then who or what is going to do them for you? It’s that restriction that breeds innovation.” Asynchronous Tools Interestingly, Ari shares an interesting part of his strategy that has helped him put significant time back in his day. That is, the power of using more “asynchronous” tools and communication. It allows people to create more work-life balance and affords individuals control over their workday. However, many jobs are formed around synchronous communication. For example, in a typically 9 to 5 job, everyone is expected to come in at the same time, and communicate immediately, in real time. However, people are not synchronous, and have different rhythms.  Asynchronous communication, on the other hand, is like email. It allows each participant to take the information and control when they read and respond to it. This gives each person more autonomy, and the ability to construct their own work boundaries.  [8:30] “The technical requirements are not really what’s important. It’s really about a mindset, in terms of what you do.” Ari shares that most people try to use texting synchronously. They type a message, send it, and can watch the three dots that signify the other person is typing. Of course, some messages are urgent, and require an immediate response. However, this can often prevent us from simply shooting off quick thoughts, which is what texting was designed to do.  Ari's Favorite Way to Communicate Voxer, which is a voice app, is Ari’s tool of choice. He allows his clients to have unlimited access to him through Voxer, but each person communicates at their own pace. It’s like communicating through voice memos or messages, rather than a phone call. This makes it possible for short, quick conversations that may take place over a day, but ultimately don’t distract or take much time.  The problem with providing coaching is that often the times people need contact with their coach don't overlap with their actual appointments. This forces people to hold on to whatever is on their minds, which isn’t easy for everyone. It can also be hard to reschedule a conversation. Voxer gives Ari’s coaching clients the ability to talk about their needs when they need to. In turn, Ari can think about their situation and respond more precisely. How to Get Started The path to "less doing", as Ari Meisel puts it, is equal parts communication and optimization. Some of this involves self-tracking and awareness.  [13:40] “People who experience the feeling of overwhelm, a lot of times they’re so overwhelmed that they have no idea what’s causing the overwhelm… You can’t read the label from inside the jar.” Identifying the source of the overwhelm starts with tracking—this means tracking your activities and responsibilities. Part of this tracking may include an exercise where you take stock of which of three categories your activities fall into. The categories include things that you’re amazing at and you love doing, things that you’re competent at, and things that you’re bad at but still doing.  Anything in the first category you can keep, and should even be the things you focus on. Things in the second category are things you should work to “re-home” with a team member, employee, or partner. The last category is a list of all the things you should outsource immediately.  MacGyver Style Innovation Limiting circumstances can be the catalyst for efficiency, productivity, and innovation. You just have to handle your overwhelm, and cultivate that mindset. MacGyver is a classic example. No one handed MacGyver a gift card to Home Depot and told him to go buy what he needed to rig an explosion. He just used exactly what he had at his disposal and made it work, even if his resources made his situation look particularly grim.  [17:34] “The human brain actually does really poorly with like lots and lots of options… People like to talk about thinking outside of the box, but we still need to have a box of some sort in order to do that.” When you have parameters or boundaries with which to play, you have to ability to innovate. If you have everything you need, you don’t really need to innovate. So looking for your own personal boundaries can be a good thing to explore. If you don’t have restrictions, you may need to create some in order to innovate.  The Ultimate KPI Another way to track your business activities is something Ari Meisel has dubbed the Ultimate KPI. This is a step above the three-category exercise and is a framework he has developed himself. To do the exercise, you make a list of 20 things that you do on a regular basis. These can be as micro or macro as you want. For example, you could simply write podcasting, or you could break that into several components of podcasting.  Then, you identify 16 of those things (80%) as things you will no longer do in a year’s time. This stems from the principle that 20% of your actions generate 80% of your results. So it stands to reason that the other 80% of your actions can or should be outsourced. That way you can focus more on your most powerful 20%.  Then, the trick is figuring out how you’re going to either optimize, automate, or outsource each of the 16 activities off your plate. Then it’s up to you to track your progress throughout the year. The great thing about the Ultimate KPI is that anyone at any level can do this exercise.  Being a Better Decision-Maker Across countries and continents, Ari has noted that when he asks people about productivity challenges, email always comes up. People find it overwhelming, distracting, and hard to organize.  [29:52] “My argument is that the email problem is not an email problem, it’s a decision-making problem.” Unlike almost any other tool, email is something where you’re presented with hundreds or even thousands of decisions every day. Some of them can be addressed quickly, while other things may send you down a rabbit hole. But at the crux of it all is decision-making.  Ari recommends that for internal team communication, email should never be used. Email is not designed for good team communication and can be a detriment to your flow.  [31:22] The other issue with email, for a lot of people, is that it taxes our context-switching ability, which is what some people would think of as multitasking.” Within the typical inbox, you can have some super important emails followed by moderately important emails, interspersed with social media notifications and coupons, and newsletters. This back-and-forth is difficult for people and can make decision-making a nightmare.  Transforming Your Inbox The first step to taming your inbox is to separate the essential from the optional. One way you can do this is by creating a filter (Gmail) or a rule (Outlook) that moves any email containing an “unsubscribe” option into a folder labeled “optional.” This is fairly customizable too, so that you can make exceptions for a few things.  For the actual emails left in your inbox, Ari says you have three choices. You can delete it, deal with it, or defer it. The option to defer, however, must be intentional. This means creating a time or place to handle it so that it gets addressed. For example, using the snooze function in Gmail to batch your time, so that an email reappears when you’re ready and present to deal with it. In other words, if you defer something, you defer it proactively.  [35:40] “Own your time. Because if you don’t own your schedule, someone else is going to.  The 20-Minute Work Day Ari Meisel works about 20 minutes a day, though he admits sometimes it can be much less than that. The secret, truly, is in how efficient and proficient he has become at outsourcing and automating his work. So for example, if he wants to work on his book or write a blog post,

Have you heard about Infinite Banking, but somehow feel left with a bad taste in your mouth and you’re not sure why? We are airing some of the biggest Infinite Banking objections most people have in regards to whole life insurance. https://www.youtube.com/watch?v=imRoHqAgunk So, whether you’ve heard that it’s trash value insurance, it’s more expensive than term, it takes years to grow your cash value, the returns are garbage, or that the insurance company keeps your cash value when you die … and these dangers you’ve heard about whole life insurance may have also sounded believable, we’ll talk about each.  Today, we’re walking through a specific listener question that outlines probably every one-liner objection you’ve ever heard about whole life insurance. So, if you want to understand the facts, find out the truth, and make educated decisions about life insurance and your finances … tune in now! Table of contentsWhy We’re Answering Infinite Banking ObjectionsClaim #1: IBC is a Gimmick Whole Life InsuranceClaim #2: Whole Life Insurance is Too ExpensiveOwning vs. RentingClaim #3: Whole Life Insurance is Built on Empty PromisesClaim #4: The First Few Premiums Are Agent CommissionsClaim #5: The ROI is GarbageClaim #6: The Cash Value Isn’t Included in the Death ClaimClaim #7: You Have to Borrow Against Your Own MoneyRecycling MoneyClaim #8: Just Because It’s an Established Product, Doesn’t Mean It’s a Good OneClaim #9: Only Those Who Don’t Sell Insurance Can Be TrustedClaim #10: Dividends Are a Return of OverpaymentClaim #11: Cash Value is a Scam“Paying Yourself Interest”Additional Resource:Book A Strategy Call Why We’re Answering Infinite Banking Objections Frequently on our podcast, we receive comments from people who have infinite banking objections. Either they don’t understand whole life insurance, or they have misconceptions of what it can and cannot do. Sometimes, these comments can be downright argumentative.  We get it, we do. There’s a lot of financial advice out there, and much of it is conflicting. We’re not in the business of convincing people who simply want to argue, however, we do hope that by answering some of these Infinite Banking objections, we can truly connect with people who are open-minded and want to understand.  Claim #1: IBC is a Gimmick  A common Infinite Banking objection is that it’s a tactic or gimmick to “sucker” people into buying whole life insurance. Typically, people who make this objection believe whole life insurance to be a scam. This, however, stems from a fundamental misunderstanding of life insurance, and why people can and do want life insurance. This idea also highlights a particular misunderstanding about what IBC can and cannot do.  We address many of these claims in our blog post, “Is Infinite Banking a Scam?” However, we wanted to touch on the idea here, too. IBC is not just a gimmick, it’s a concept that can be applied to how you use whole life insurance. Infinite banking, essentially, is a concept that guides the design of a whole life insurance policy, as well as the usage of leverage.  It is not a get-rich-quick scheme, a magic solution, or an infinite pool of money. It is a school of thought that one can apply to your money. Some of the primary principles of IBC are liquidity, leverage, and uninterrupted compounding interest. Whole life insurance happens to be an ideal asset for applying these principles and more.  [11:35] “Gimmicks don’t last.”  IBC, however, has lasted. Whole Life Insurance On its own, whole life insurance is an incredibly valuable asset. It’s permanent insurance that helps families create a legacy and leave an inheritance, while also protecting income and assets. Having a death benefit, for many people, is priceless. It provides for your loved ones when you're gone, by not only providing a financial cushion but actually giving families the freedom and time to grieve without worrying about finances immediately.  The best way to ensure that this death benefit occurs is by having permanent insurance in place. The living benefits of whole life insurance—the cash value component—are an added benefit that can help individuals and families do the most with their finances. The cash value is like a savings component because it gives policyholders access to a portion of the death benefit while alive. Using policy loans to access your cash value is where IBC comes in.  Claim #2: Whole Life Insurance is Too Expensive It’s also commonly reported that whole life insurance, compared to term insurance, is far more expensive. And although whole life insurance has higher premiums, we wouldn’t call it more expensive. Here’s why… Whole life insurance is permanent insurance. That means that so long as you pay your premiums and keep the policy in force, a death benefit is guaranteed to pay out—either to your beneficiaries upon your death, or you upon endowment. Life insurance is a transaction, and because whole life insurance is essentially guaranteed, insurance companies must charge appropriate premiums. The premiums help pay for the cost of insurance. However, insurance companies also choose to give policyholders access to some of the death benefit as they pay premiums. This is your cash value.  Is Term Insurance Truly Cheaper? Term insurance, on the other hand, is so inexpensive because the likelihood that you will use it is extremely low. Insurance companies sell term insurance to people when they may feel like they need more protection, yet are also the least likely to die (and therefore use the insurance). They pay very few claims, so the cost simply isn’t as high.  You could pay thousands of dollars for term life insurance, and never have anything to show for it (aside from peace of mind, which is priceless). However, with whole life insurance, you get liquidity, certainty, and growth that is not correlated to the stock market. It’s not an investment and it’s not designed to be. It’s a place to warehouse your wealth so that you have certainty, which makes all of your other assets or investments all the better.  As a wealth creator, here’s what this really means: as soon as you switch your lens from a short-term to a long-term—dare I say lifetime focus—whole life insurance becomes the most robust and extravagant savings tool imaginable.   Owning vs. Renting Homeownership can be a good comparison to life insurance. Whole life insurance is like owning your home. It may be more expensive, but every time you make a payment, you build equity. Cash value functions much the same as equity (but better, because the bank doesn't control it).  On the other hand, term insurance is like renting. You’re paying each month for the basic function, but you’re not really working toward anything. Paying rent gets you no closer to owning the home, and you build no equity. Whole life insurance and term insurance are very different products. While they both provide a death benefit, the function is different, therefore the cost is different. It’s not apples to apples, and we shouldn’t treat them as such.  Claim #3: Whole Life Insurance is Built on Empty Promises We read a comment on YouTube that insisted that the client is “promised” everlasting insurance and a lucrative cash value that doesn’t actually deliver.  To this, we’d say yes! In fact, it’s not just promised, it’s guaranteed. Life insurance is a contract, so when you agree to pay premiums, the insurance company agrees to provide you with certain benefits, guaranteed. There’s nothing sneaky about it.  However, we’ll admit, there’s no promise or guarantee that your cash value will be lucrative. Again, this comes from a misunderstanding about whole life insurance and IBC. This isn’t an investment. Rather than promises of riches, life insurance companies guarantee you won’t lose money. In fact, they guarantee that the floor of your cash value will increase every year. You’re even guaranteed to earn a minimum interest rate.  This is not a scheme for riches, it is an alternative to storing money in the bank. This alternative offers more certainty than the FDIC provides for bank accounts, and a better interest rate than most banks (which hover around 1%). Not to mention, you have the opportunity to leverage your cash value for actual investments, while leaving your account to grow uninterrupted. However, life insurance alone will not make you rich.  Claim #4: The First Few Premiums Are Agent Commissions There’s a common misunderstanding that whole life insurance agents are slimy because they earn a commission on life insurance. This feeds into other misconceptions like cash value doesn’t build up in the first few years of owning a policy, because your money is directly lining your agent’s pockets. This simply isn’t true. As IBC practitioners, we are very involved in the design process of policies to help people have the most available cash value possible from year one. In fact, many of the policies we design make 60% to 85% of the cash value available in the first year.  It is true that part of the drag on the policies in the first year is the commissions that are paid out to licensed agents. However, the other people who are paid from first-year premium include the actuaries who design life insurance, underwriters who assess applications, all the service personnel, and other costs it takes for the insurance company to run a business.  [24:10] “It’s no different than the concrete guy that pours your driveway. They are getting paid to provide you [with] goods and services. And a majority of that is getting paid upfront.” This is no different, in fact, than term insurance. Even term insurance would be much cheaper if the insurance companies didn’t have to pay all of their home office personnel.

What does ancient Jewish wisdom reveal about successful family enterprise and leaving a legacy? https://www.youtube.com/watch?v=YrX7GpP4__E Today, we’re talking with Rabbi Daniel Lapin. He is the author of Thou Shalt Prosper—Ten Commandments for Making Money, and Business Secrets from the Bible. In this conversation, we’re digging into ancient Jewish wisdom for successful families, and how to navigate inheritance and family giving. So if you want to do the most for your kids, get more people to listen, and do the most with your money… tune in now! Table of contentsScrolling Through the ScriptureLife is like a Power StationThe Importance of GivingCreating a Financially Responsible FamilyHow to Have More ControlSteering Your Family UnitInheritance and Family GivingPrevious Discussions with Rabbi LapinAbout Rabbi Daniel LapinBook A Strategy Call Scrolling Through the Scripture Since we last spoke with Rabbi Daniel Lapin, he’s been further developing his Scrolling Through Scripture program. He designed this program to help people unpack the Hebrew text. The technology allows people with no background in Hebrew to start understanding the scripture, and understand it better.  [4:39] “In reality, it’s rather extraordinary that we live right now, in the very first time of human history where people who see themselves, and are viewed by their contemporaries, as educated and influential and knowledgeable, are completely ignorant about the Bible.” The Hebrew text reveals answers to questions about the English translations of the Bible and provides necessary context. Because many people seem to have a sort of “amnesia,” as Rabbi Lapin puts it, about the cultural relevance of the Bible.  [9:53] “We’re not necessarily dealing with people who literally have had amnesia, but if you think of people who have come of age in the last 30 years, they’ve got the equivalent of amnesia, in the sense that the cultural bricks that have been put in place to build their personality and their relationships to the world in many ways are distorted and ineffective.” Life is like a Power Station In previous discussions with Rabbi Lapin, we’ve talked about several of his books, which share financial wisdom from the Bible. On one hand, we’ve discussed how making money is a natural progression of doing something of value in the world. On the other hand, we’ve also talked about the importance of giving first, before you even make a profit. Today, we want to talk about this more deeply with the Rabbi.  To this, Rabbi Lapin shares a comparison between operating a car versus a nuclear power plant. A car is typically very straightforward to operate. There’s some learning curve, but it’s not overly complex. So, if something goes wrong while you’re driving, like a crash, it’s instantaneous. On the other hand, there are dozens upon dozens of things to know to operate a power plant. And the system is so complex, you may not understand you’ve done something wrong until much later down the road.  [15:39] “Life is like the nuclear power station, not like driving the car. Which is to say, that many of the things you need to know about the safe and proper operation of your life do not show up immediately.” It may be years before you realize that some of the decisions you’ve made aren’t the right decisions. Sometimes, it takes some time to figure out you’ve done the right thing, too. For example, if you decide to follow the “giving route” and your friend decides to follow the “taking route,” it’s possible that the taking route might seem like the more attractive option at the start.  The Importance of Giving [18:40] “We are made, we are created, to operate. We are lubricated by being givers, not takers—we are corroded by being takers. It’s like running that engine without an oil change. We thrive by being givers.” Rabbi Lapin raises an interesting point about the role of children in families. He acknowledges that as infants and toddlers, children can be very demanding. They’re takers. However, being a parent allows you to thrive as a giver because children allow you to be givers. They create a space for you, as a parent, to learn how to give first and give forward, unselfishly.  Giving is not something you do to right a wrong, or absolve yourself of some guilt. Giving is something you are created to do naturally, first, so that you can thrive. And when you are a truly giving person, don’t you feel wealthy? It’s that spirit of limitlessness that helps you grow: like attracts like. Giving shows your confidence that your needs will cared for. The good you have and experience cannot deplete by doing something for another.  Creating a Financially Responsible Family This topic of giving first, in the context of children, can actually relate to how your raise your kids and the wisdom you impart. Because as an adult, if you’re seeking financial freedom, it stands to reason that this is something you should also want for your children. Yet there’s a challenging mindset that many people must overcome—that if you give money to your children, you’ll spoil them. This fear that money will corrupt your children, and they won’t use it responsibly, causes many parents to give away their wealth rather than keep it in the family. The problem with this logic is that if you think money is going to corrupt your children, it’s because you didn’t formulate and develop that character.  [23:52] “What does it say about your child-raising, through your lifetime, if you don’t trust your children to handle money? I mean, you obviously feel you’ve handled it okay, but you’ve somehow failed to convey your values to your children." How to Have More Control [32:50] “The things we do have the power to impact and change are our finances and our family, and obviously faith, your health, your friendships.” The more you can regain control of your life, the happier and freer you can be. When you’re too dependent on outside forces to keep your life going, there can be a major stressor. And in extreme circumstances, you may quickly find yourself without something you took for granted, simply because you had no control. The way our society is developing, many people depend on others, like the government, Wall Street, or other businesses. So much so that even something like a job loss or a stock market crash can leave people with very limited options. Creating wealth and assets that are independent of these things can be a major boon. Being independent doesn’t guarantee there won’t be hiccups, however, it ensures that you’re not blindsided by outside influences.  To take this kind of control, it’s important not to think just as an individual or a couple, but as a family unit. Because if you’re building a multi-generational wealth strategy, each person in your family has a role to play. So there’s a necessary communication that happens between your family on an individual and team level to be successful.  Infinite banking is a huge piece of this puzzle because it allows you to store cash and capital in a way that the whole family can access to be self-sustainable and also protects the entire unit for generations.  Steering Your Family Unit Within our discussion, Rabbi Lapi raises an interesting point about raising children. That is, it takes moral courage to declare to your children that you’re steering the ship. You may involve professionals at different times, but as the mother and father of your children, you’re at the helm. It’s your wisdom and your values that you must convey to your children to help them understand their role within the family unit and the wider multi-generational role.  [42:36] “Nobody cares more about your money than you, and nobody cares more about your children than you.” This is why it makes sense to have hands-on involvement with the big investment that is your children. In the same way, you want to have hands-on involvement with your money and your finances. Incidentally, the multi-generational strategy that you form using the infinite banking concept applies to both your finances, and the wisdom you impart to your children.  Inheritance and Family Giving Another way to conceptualize this is by thinking of an employer to employee relationship. How would you personally train your employee differently if you knew that one day you were going to pass down your business to them? Then, simply apply this to your family. If you know you’re going to pass down your assets to your children one day, you should have a vested interest in training them to steward it properly. That way, they can be successful, and hopefully mirror the behavior, keeping the money and knowledge in the family for generations.  [50:00] “When your children receive your assets after you pass along to the Lord, it’s not a lottery. They didn’t just win a lottery. They have that because of a lifelong relationship they had with you. People who win lotteries usually do not do well with the money. But people who inherit money properly do just fine with it because they’re part of what built the money in the first place.” Previous Discussions with Rabbi Lapin Thou Shall Prosper: Ten Commandments for Making Money  The Holistic You: Integrating Your Family, Finances, Faith, Friendships, and Fitness Business Secrets from the Bible About Rabbi Daniel Lapin Rabbi Daniel Lapin is an author, speaker, and TV host. He immigrated to the United States from South Africa after studying mathematics, physics, and economics in Israel and the United Kingdom. His books include America’s Real War, Business Secrets from the Bible, and Thou Shall Prosper-The Ten Commandments for Making Money. All have been translated into Chinese and Korean. Rabbi Lapin is a frequent speaker for trade groups, political and civic organizations, financial conferences, and companies around the globe.