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253: Lasting Peace of Mind Through Infinite Banking with Nate Dean · Wealth On Main Street

• 0:00
  Speaker A: Foreign welcome to wealth on Main street where conversations about growing your wealth are fun and entertaining. Wealth isn't just about money. It's the skills and the knowledge that we develop to pass on to future generations. Tune in each week to to grow your mindset and your net worth at the same time. What exactly does it take to be a cash flow legend? Well, we're going to learn a little bit about that because we have the co host of the Cash Flow Legends podcast with us today. Gentleman has been married for 20 years with four kids and he is also the co founder of Unlimited Life Concepts. Welcome back to the program. Nate Dean, Happy to have you with us.
• 0:54
  Speaker B: Thank you so much. Great to be with both of you. It's no secret to the people that know us that you guys are very special to us. So it's an honor to be with you.
• 1:06
  Speaker C: Yeah, likewise. And I wanted, I thought a great place to begin because given that your journey over these past number of years has been amazing and I'll never forget, you know, the first time that I met with met you and that we had an opportunity to begin connecting and getting acquainted and to see your journey and how far it's evolved has been amazing. And so if you were to think about all of your experience with the infinite banking concept and how that's helped shape what you're doing, you know, financially in your life and the control that you have and you, you bring all that journey to today. So what would be one really impactful lesson that you would want to share with others that you would invite them to embrace or take away regardless of where they are in their journey? What would be one really impactful lesson that you would share with listeners and viewers?
• 2:00
  Speaker B: I can confidently say leaning into this process and this community has brought a caliber of people into my life that I never expected.
• 2:10
  Speaker C: Simple as that.
• 2:12
  Speaker B: Simple as that.
• 2:13
  Speaker C: All about people.
• 2:14
  Speaker B: I mean, yeah, the, the IBC community in just by itself has just been life changing for, for me and for Brandon, my business partner.
• 2:28
  Speaker C: Love that. Absolutely love it. And of all the things that you've. Because Nelson always, always told us the more that you see infinite Banking concepts, the more you'll see you didn't see. And so can you think of, you know, something recent in your journey where that that became truth for you?
• 2:48
  Speaker B: I think one of the biggest aha moments is understanding the power of controlling the banking function and understanding how banks make money. Because it was probably three years into our IBC journey that me and Brandon had this epiphany one day of how banks make money. And it was from a Todd Langford video that we had seen where he was talking about how banks make money. And all of a sudden we had this epiphany about the cash value and how we were using it and the way we were miscalculating the rate of return on the money that we were using for investments or maybe some short term loans for people or something like that. We were just thinking, hey, we're doing them a favor. We're getting a little bit of interest along the way, but we're doing them a favor where they're not having to jump their hoops with a bank or something like that. And then all of a sudden we had this epiphany one day and we're like, we're making like, I mean technically like 100% rate of return on this money that we're loaning out, thinking we're doing people a favor, you know, and we, we didn't even realize it. That was, that was a big aha moment is just understanding how banks make money and how Nelson was so ingenious in what he saw that nobody else saw.
• 4:14
  Speaker C: Very true.
• 4:15
  Speaker A: I think that's powerful. And I mean to quantify that for people. You're not really using your money, you're using someone else's money, which is the insurance companies and the power of opm. Other people's money, in this case, the other people, yeah, we say it's the insurance company, but the other people who own the rights to that pool of money that the insurance company is custodially looking after is everyone else that is in the same game that you are, which owns a dividend paying whole life policy with that same company. So there's something powerful about mutual ownership. And I think we say that do, you know, do business with a mutual life company, but people don't really recognize what does mutual ownership mean. And fundamentally, this is something I've been talking about a lot lately, Nate, so I'd love to get your thoughts on this. But when you decide voluntarily that you're going to go and proceed with getting an insurance policy, dividend paying policy, so you become a participating owner in a giant pool of money, and you now have a co ownership relationship with that pool of money because of the virtue of this thing called participation, the moment you do that, you're protecting your family members. So if you just think that through for a minute, people that are prepared to do that, that want to go do that, and they're willing to go through the necessary hoops and effort to get an application, get an approval and pay a premium. There's a little bit of work that's involved in that. Okay. I look at that work as a bit of a pre qualifier for people who are ready and willing to say I value my family and what's important to me more than other things that I'm prepared to go through this experience to become part of this co ownership pool. So by, by, by automatically, by deciding to be a part of that pool, you're already in business, mutually speaking with other people who share some family related values, they care enough about their family to be in the pool in the first place. Does that make sense?
• 6:19
  Speaker B: Yeah, absolutely. And you know, really when you think about this entire process, it's one of the most selfless things that you can do. It's one of the most selfless things that you can participate in because yeah, you're getting some short term benefit along the way and there's some long term benefit along the way. But at the end of the day, like you are thinking generationally and I think that's one of the things that's really valuable, valuable about what we do and the caliber of people that we get to work with is it weeds out the ones that are just, you know, get rich quick. People who are trying to show up and make a quick buck or something like that. You get to work with just a really high caliber of people, people who have strong values, who are willing to think long term, thinking generationally about their family and everything like that. One of the other aha moments that I had that I thought of as you were speaking was the fact that peace of mind is left out of almost every conversation when it comes to money. Like the value of peace of mind is completely left out of the conversation. When you show up to a traditional financial advisor, they're going to figure out how to get you, you know, some, some sort of rate of return. You know, that the typical conversation is I'm going to get you this amount of return with the lowest fee than the person down the street or something like that. That's, it's a, it's a competitive market, it's a competitive game and everything like that. But very few that I know of are actually taking the time to figure out how to create as much certainty in someone's financial life. And peace of mind, like I said, is just left out of so many conversations. And that's another aha moment that I've had along the way is I want the more life insurance I have, the more peace of mind I have 100%.
• 8:17
  Speaker C: And it, what you both shared, it reminds me every single time that we look inside of this book and we read it, we see something that we didn't see and we learn something new. And this book that we're referencing for people who are listening is the book titled becoming your own banker. And on page 30, Nelson was describing that we, we all needed, we all need to protect ourselves from this, this phenomenon that's going on out there. All of these, you know, government programs and that you don't have to play their game and, and so on. And the best way to do so is through the magnificent idea of dividend paying whole life insurance. It has been around for over 200 years. It has stood the test of time. It is not compulsory, it is not a government sponsored idea. It preceded the income tax idea by a very long time. It's private property and only people who care about others that are dear to them participate in the idea. What a great group of people to be associated with in business. And then secondly, I was sharing this earlier, Nate, you'll get, I think you'll get a kick out of this. So there were a few financial professionals, you know, Investment Portfolio Managers, MBAs, you know, otherwise fairly successful people. And a colleague had reached out to me and said, hey, these two gentlemen wrote an article criticizing the infinite banking concept and would you be interested in reading it? I think that you would be the right person to read this and provide some insight and some feedback. And I said yeah, absolutely. And so firstly, credit to those professionals for asking this person to say, do you know anybody who could read this article? We just want someone's insight who actually practices this process before we publish it. And so credit to them for doing that. But within this construct of financial planning, or what was referred to as principled financial planning. Principled financial planning, I'll say that again. So in my insights that I shared, one of the exercises that I invited the co authors of this article to go through was to examine all their personal assets and evaluate which of the features I outlined those assets do well on and which features they fail to satisfy. And you guys know the whole list. Contractually guaranteed daily growth, ready access capital without reducing the assets value without triggering tax. You can contribute almost unlimited sums. The list goes on and on and on. Guaranteed death benefit, contractually guaranteed daily growth dividends that once declared cannot be repossessed, cannot ever lose value. A laundry list of features. And then I invited the authors to apply some critical thinking in two aspects. One, identify one of those features that is not dividend paying whole life insurance. And B, identify one or more of those features that do not align with, with principled financial planning.
• 11:32
  Speaker A: Wow.
• 11:34
  Speaker C: And there's no discussion around the peaceful, stress free way of life that you can achieve when you get the bankers out of your life. It's always this, the most common playbook that gets trotted out there when somebody critiques this in the from the financial sector. The most common playbook. You guys correct me, stop me when I'm wrong. The first is a comparison between dividend paying whole life and investment portfolio growth metrics. A comparison that is completely irrelevant. It's like comparing a bicycle to a washing machine is what I put in my remarks to these gentlemen. You wouldn't buy a bike to wash your clothes and you wouldn't buy a washing machine to get from point A to point B. They both spin though, right?
• 12:23
  Speaker B: Yep.
• 12:24
  Speaker C: And so it becomes an, it's presented as though it's an either or option, which is absurd. And the second is advisors are motivated solely by commissions to sell these products, which is again utterly absurd. If, if you have an issue with commissions, take them up with the life insurance carriers that set them, not the professionals that deliver the value. And thirdly, it's this, this whole focus on product. And there's no mention anywhere of the process. There was nothing in that article that spoke to the infinite banking concept. The actual process. It was, here's a low income, high income, medium income, above average income, subpar income. Here are a bunch of comparisons of paying premium or putting money into an investment portfolio. What on earth does that have to do with controlling how you finance the things that you need throughout your lifetime? RSPs 401ks, Roth IRAs, tax free savings accounts. Name one of those tools that equips me to control how I finance the things that I need throughout my lifetime.
• 13:43
  Speaker A: The answer take all the time you need.
• 13:45
  Speaker C: The answer is they don't. So what are we even talking about? At least if you're going to critique something, at least know what you're critiquing.
• 13:54
  Speaker A: Right.
• 13:55
  Speaker C: Otherwise it's, otherwise it's just noise.
• 13:58
  Speaker B: Well, and the, the criticism is, is twofold or it's one of the two. It's either by ignorance or it's by agenda. It can only be one of those two.
• 14:12
  Speaker C: Right?
• 14:13
  Speaker B: So when you hear criticism, you have to kind of run it through the filter of are they speaking out of ignorance or are they speaking out of agenda? What my experience has been since I've been doing this is the interactions that I have with financial advisors, traditional financial advisors, they are very threatened by this idea that someone could think that they don't need them.
• 14:39
  Speaker C: Right.
• 14:40
  Speaker B: They don't like the idea of feeling like they are not important. And, you know, and they've been made to feel, they've been made to believe that they are very important in someone's life. And I do think that, like, I'm not totally against people investing in the stock market. What I am against is people blindly putting money into things that they don't understand.
• 15:05
  Speaker C: Right. And, and doing that under the guise of, you know, everything will be fine someday in the future. Like, if you just put a bunch of money here, don't worry, everything will be fine someday in the future. Okay, how do you know you're right? Well, I. I gotta look back historically and say, well, the market returns an average of X percent. Insert whatever percentage point you want. Okay. On whose timeline, on whose schedule. And we're not, again, discussing controlling how one finances the things that they need and the control in that relief, that relief of control and what that brings to somebody. And to say that putting money in a participating whole life insurance contract or investing like it's somehow mutually exclusive, like what it's. There's no other tool that's ever been presented to me, and I'm completely open if there's another strategy of controlling how you finance the things that you need in life that has all the benefits and more of the tool that we use to do that dividend paying, participating whole life insurance, I'm all ears. But if we want to entertain a discussion around critiquing a concept and the concept hasn't been critiqued, I would wholeheartedly encourage you to go and do some research and understand it. Right. And. And so. And then the other thing that gets glossed over, Nate, and you may have seen this as well in your journey, there's no mention of real client experiences. It's all academic musings and theoretical analysis and opinions. There's no real clients, whom we've interviewed, several on our podcast, who actually share their experience. And so to leave their voices unheard in a critique just displays the complete absence of critical thinking.
• 17:28
  Speaker B: There's a guy named Bob Castellone who said, money is not math and math is not money, and that is, That's. It reminds me of what you just said because there's so much. There's so many variables that are left out of conversations when you're speaking about a product versus a process.
• 17:52
  Speaker C: Right.
• 17:53
  Speaker B: Like you. They are, they are. They are singling out this financial product and trying. And without applying a process and trying to apply it to every single individual. And you can't do that. This is not a cookie cutter approach or anything like that. Everybody is going to be a little bit different in how they operate. But I was meeting with a couple this past week, and the husband's just very kind hearted, very warm, just really great guy to be around. And he was asking me if I. If I just put this money in the bank or put it in an investment, you know, how much different would it be? And so I said, well, you know, these are some things that you would have to consider. But also remember, you become more and more liquid every year, which means if you still wanted to invest, if that was still really, really important to you, you could take these dollars and, and put them over here. And now you've got equity in two different assets with the same dollar. And he was like, I think I just felt a tear in my eye. He's like, this is. This is crazy. And I was like, yeah, it is. And that's what's a lot of fun, is not only when you get to experience, because you guys have been doing this a long time. We're going on seven years, so we've seen some really cool transformations with people. So being able to be a part of someone's story. And I always say, you know, thank you for letting us be a small part of your story. And they typically are like, you don't realize what you've done for me. But, you know, I try to try to stay very humble in that. But getting, getting to see those transformations take place, but then also sitting across from someone and just being able to speak possibility into them and see hope sort of restored in their eyes, and you feel a little bit of confidence coming back in their voice, man, that's, That's a crazy. Like, what, what a cool job we have.
• 20:10
  Speaker C: It's pretty fulfilling, right? And. And we share with clients and. And Rich might get a chuckle out of this because we, we share with clients all the time that when we get together to have a conversation that if you were to think of the industry language around that, like doing a review, like a periodic review, right? We call it getting together to catch up. And when we get together to catch up with people, there's never a bad conversation around how things are progressing as it relates to the tool that they're utilizing to implement this process. It's an ongoing journey of learning. And. But when we just sort of isolate the tool and we take a look at how that's progressing. There's never a bad conversation because it can't go backward. Right. And so you're never in a situation where it's like, oh boy, like, I got to have a discussion around some portfolio that's been completely zapped in value versus a tool that just keeps getting more and more efficient.
• 21:07
  Speaker B: It's also really cool to experience is as you're teaching someone else and they have an epiphany and they come back and share that epiphany with you and it becomes a teachable moment for you and you learn something from your client. Yeah, that's pretty cool too.
• 21:26
  Speaker C: Yeah, absolutely.
• 21:28
  Speaker A: One thing that's really interesting, I was on a call with a gentleman this morning before we started doing some podcasting here. And this gentleman, wonderful young man, he's got a 16 month old son and he's 28 years old. He attended one of our recent events. We just did a national event where we did events in five different cities in Canada at the same time, which was pretty, pretty awesome. And we were going through the discussion and looking at a plan design for him. And what was interesting is we went through the impact of behavior. I talk a lot about their behavior versus the insurance company behavior. And I went through an example of. Okay, here's an example. Let's assume that you only put to pop premiums in. You paid premiums for six years and then you decided to stop doing that. I don't recommend it. Point number two on page 85 of Nelson's book, we would always recommend you continue continue funding premium, but just for the purpose of learning an experience, we looked at the example and we walked through some different highlights. And I said, now let's bring up the second example. Whereas you made the decision, your decision, not the life companies, to fund that premium one more year, you put in a seventh premium. Now let's go through those same places, those same milestones that we talked about in your life, and let's look at the difference. And at age 93, roughly speaking, in this example, it was about a $30,000, $36,000 annual premium. He was looking at doing, okay, ballpark, 28 years old. And at age 93, the difference in cash value for him was getting pretty close to $500,000, you know, somewhere between 475 and $500,000. So, you know, in your lifespan, your, your flow of financial energy, seven years from now, $36,000 is going to run through your life. It will happen. You're earning the money, the money's going to come in and the money's going to go out. You get to choose how to allocate it in your Life. But if 36,000 doesn't go into a policy that you create, here's an outcome of future value that you could basically lock into your family's financial future that you're choosing not to do. The opportunity cost for you of $36,000 represents in your lifespan, should you live to 93 years old, about $475,000. Now that's based on your behavior, not the life companies. So that's you choosing to pay a premium, which you don't technically have to do. And the outcome of that behavior and the policy is the same. It's the exact same structure, it's the exact same everything. It's the same insurance company, it's the same dividend scale. All the other metrics are the same. The only difference is the policy owner's behavior. Nelson taught us that the policy owner's behavior is the most important, most critical element. So I use that example to help isolate the behavior of the individual in their own life. And it's a very impactful conversation with them. Coincidentally, I did a couple other illustrations. We do require to do an illustration in relation to the work that we do. But the purpose of the illustration is to, is to create a good conversation around our thinking. Right. And following example I said okay, so here's an example. Well, let's just say you funded all this premium all the way for till the end of time till age 100. And then here's a variation if you did less, just so you can see again the variability for yourself. And when I looked at the two numbers, I just highlighted age 100 because it's easy to go to that level. I don't have to like scan the document. And one example had like a $19 million, almost $20 million death benefit. The other example was like 10,500. Okay, something like that. The difference between the two examples was $9.1 million. The difference in funding capacity, like how much more premiums were paid was 1.4 million. So 1.4 million more inputs, premium inputs, 9.1 million more outputs. That's a pretty big gap. Mathematically it's six and a half times. So in other words, for every dollar of input, 6.$5 of output was created in that scenario. Wow. That's the impact of just recognizing long term value, maintaining control, decision making process. And all of that was within the illustration. None of that was what you can do with the Money outside of the illustration, the seen versus the unseen. And I just think that being able to explain those things to people who don't understand what's possible is that you're opening their mind to possibility.
• 26:03
  Speaker C: Right. And you're helping them to really examine their thinking, you know, as, as Nate described too. And the longer people are on the journey, and Nate, you. You can agree to this. So the longer that they're on the journey, the more that they simulate, the more that they're experiencing it, the more they begin to realize everything that they learned at the onset, you know, as to what now. These possibilities are becoming achievable realities. And they're describing how much less stress they have and how much more peaceful a life it is financially. And Rich mentioned earlier that our podcast guest that we were honored to interview just before hopping on with you, she purchased an all cash deal piece of real estate, closed the deal in seven days on her terms, and was able to finance it entirely through the mechanism of a policy loan. She didn't have any lengthy, nosy credit applications, disclosures, income verification, credit checks, a structured, you know, amortization schedule. She's in total and absolute control. And you should have seen her light up like a Christmas tree when she was describing this. And this asset is going to produce real money income for her every single month. And she used the life insurance company's money to acquire it.
• 27:29
  Speaker A: And it was a multiple offer type situation for a desirable piece of property. And so she was able to win the deal because she was able to close and meet the requirements. She could negotiate the requirements because she had that power. Like, that's not a financial benefit directly, it's an indirect control benefit that she was able to create to maximize her opportunity potential that otherwise wouldn't have existed. That, that's the piece that you can't mathematically quantify on any spreadsheet.
• 28:00
  Speaker B: Yeah, yeah, I, I've done some work with Garrett Gunderson, and, you know, he told me that one of the things he loves about whole life insurance is, well, let me back up. He said one of the biggest mistakes people make is feeling like they always have to be invested in something. He said, what I love about whole life insurance is that I can put my money there, store it there, know that it's growing, not have to think about it, and then instead of chasing opportunities, I can wait for opportunities to show up. Another thing that's left out of the conversation, and this goes right in line with her story, is the value of positioning yourself where you have access to Capital as opposed to it being locked up and someone else has control of it and everything like that. Just, um, our, our friend James Nethery says that, you know, one of the two of the greatest frustrations you'll have in your life is when you have an emergency you don't have the money for. An opportunity you don't have the money for.
• 28:59
  Speaker C: Right.
• 29:00
  Speaker B: And so, you know, that's another thing that is, you know, they're not going to do a write up on that when they're criticizing the infinite banking concept. They're not going to talk about peace of mind, having access to capital. You know, all those things, those aren't going to show up because they are, they're more, a lot of those things are more academic and just trying to run the numbers and, and trying to look at those things side by side and just make these clear cut comparisons to things that shouldn't be compared to one another.
• 29:36
  Speaker A: Well, you know, Nate, what they'll say is, but I don't need to have the leverage of a policy because I can leverage against my house or another asset, or maybe I can even borrow against a portfolio of investments just with some restrictions as an example. So I don't really need that because I can have access to money. Well, okay, maybe that's today's situation. But what that doesn't account for is the change in the lending rules, the change in the economic landscape, and the change in your income and ability to qualify. Now, over the last five years, we've seen that change quite a bit for us in both US and in Canada, both from a political, economic environment standpoint. But then additionally, something called Covid came around that caused a lot of people who could have qualified before COVID no longer able to qualify after job change, job transition, house value change, et cetera. In Canada and in the States, we have seen interest rates go up. It's time of this recording. They're starting to trickle back down. We'll see how that progresses. But that increase in rates puts an increase in debt servicing. Debt servicing is one of the number one impacts that impacts the ability for someone to qualify. So if the debt servicing goes up, you might have a boatload of equity, but you can't touch it because the bank won't give it to you. So in order to use equity, you have to be able to unlock it. And the only way you can unlock it is if the rules are in your favor. But if you don't control the rules, then you can't control the favor.
• 31:11
  Speaker B: Well, I don't know it was a knee jerk reaction. And I don't know how long it lasted, but I know as in the early part of COVID Wells Fargo shut down their home equity lines of credit. They. They basically froze them.
• 31:26
  Speaker A: So that's happened in two decades, by the way.
• 31:29
  Speaker B: Yeah. So anybody who said, I don't need a whole life insurance policy to do infinite banking, I can use my line of credit for this process or whatever. Well, you can until the rules change.
• 31:42
  Speaker C: Right.
• 31:43
  Speaker B: And then you're in a different situation. Yeah, makes the rules.
• 31:50
  Speaker C: And Nate, I'm curious. I love to ask fellow practitioners, what is one or more favorite parts of Nelson's book that just sort of really brings you back, it draws you back to reading it, to sort of refreshing yourself on it. What is one or more favorite parts of Nelson's book that really clicks with you?
• 32:13
  Speaker B: The thing that's always clicked with me is, I believe it's page 48 and 49, expanding the system to include all income. Because I remember my very first policy. I got really excited about it. It wasn't a big policy because it was all I could afford at the time, but I got really excited about it. And then I realized I'm going to outgrow this policy. Like, I'm going to have to, like, this is just one policy I'm looking at. Like, I don't even know what it's going to look like as we continue to expand. And so we have followed the principle of expansion, not only personally, but also in our business. We have seven policies in our business that we're running our revenue through. So expanding the system is something that I get really fired up and excited about.
• 33:02
  Speaker C: Yeah, I love that. And it demonstrates obviously your commitment to its value.
• 33:07
  Speaker A: Right.
• 33:07
  Speaker C: When you're able to, you know, speak with people that you're establishing a basis to serve or that you're already serving, it really demonstrates that commitment to the value. And so congratulations for doing that.
• 33:19
  Speaker A: Thank you. What would you say, Nate, you're most excited about right now? I mean, in relation to. So there's a couple things that my question is entailing. So now that you've been helping people for the period of time you have, as you help more people, not only do you see a different dynamic of people, the more that you're able to help. Okay. So you start to see more walks of life, more financial circumstances. All right. You've gone through a little bit more understanding of economic change and cycles in the timeframe since you started doing this. And you've also been able to start to, you know, increase your own learning and doing more, like for Brandon and yourself, you're doing more things personally that increases your knowledge and expansion. So when you think about assisting your clients in the process of education, which I know you're very passionate about, what has you excited about, what you guys are, where you're going, the direction that you're heading in your bigger future.
• 34:19
  Speaker B: I think just continuing to learn and understand all aspects of financial education has been really powerful for us because infinite banking is the absolute foundation of everything that we do. But as we start to learn more about the people that we work with, we find other ways that we can help them sort of increase their opportunities for what they have available to them. So we are experts in whole life insurance. We're going to remain experts in whole life insurance, you know, when practicing the process of infinite banking. But we have relationships with experts in other areas that if we see a need where we, where someone could be assisted in another aspect of their financial life, we can connect them with that expert. And we're starting to call that our wealth web. And it's just a way where when someone comes into our process, no matter where they are financially, we have a way where we can help them. I mean, we even have some tools. Now for someone who may be in a place where they're just not ready for infinite banking, either they just, they haven't created enough disposable income yet or whatever the case may be, we can, we have some tools that we can assist them with in just building out and developing a cash flow management system that prepares them for when they are ready for infinite banking and shows them what they're capable of creating. Because there's some people who, because this is such a new idea, there's still a little bit of hesitation from time to time of someone starting to commit to a whole life insurance policy because it's unknown, it's, it's new and everything like that. So for someone who may be feeling that well, why don't we work on building up your, your monthly cash flow and structuring it. We call that mindful cash management. Making sure that you're structured properly, make sure that have the right amount of what I would call a peace of mind fund, some people call it an emergency fund. And also understanding like what you're capable of creating between your inflows and your outflows, your money coming in, money going out and everything like that. And this is not like revolutionary or anything like that, but it's conversations that a lot of people just aren't having when it comes to managing their monthly cash flow.
• 37:02
  Speaker C: It's very true. And it, it reminds me of when Nelson described in his book when he said that you're already allocating 100% of your financial resources to what you have indicated is a priority. And so it sounds like with this, this process that you're able to help lead people through that, you're able to help them really examine their priorities around money and to find a way to shift some of that allocation of money and get prepared and get geared up to embark on this journey with the process and everyone who's watching or listening. You're already 100% disciplined in your own set of habits, in every aspect of your life, including money. And so it just requires adopting and shifting some allocation of money and developing and instituting a new set of habit that you can become 100% disciplined in. Because it's not impossible for anyone to become 100% disciplined in their habits. They already are. They just have to be shifted. And so I love the fact that you're not leaving people behind. You're saying, look, you're not only are you not ready, we can't serve you. And so credit to you for developing something that you can serve the people with who are not ready to go right away.
• 38:28
  Speaker A: Yeah, absolutely. Fantastic. I, I, I love that your focus is on continued growth and learning and, you know, listening to a number of your podcast episodes. Congratulations on the podcast, by the way. Thank you. Know, you guys do certainly represent that in, in the shows that you have. And so talk to us a little bit, Nate, about the inspiration for you guys to start the podcast and to, you know, what was important for you guys to launch Cash Flow Legends, and how have you been enjoying that journey? What are you guys learning along the way of that journey so far?
• 39:03
  Speaker B: It was a long, the, the idea for the podcast was really a long time coming, and most of it came from our clients going, hey, you guys need to do a podcast. Because early on in our business, we would go live on Facebook and me and Brandon would just talk back and forth. We would take a topic and we would talk back and forth about it and everything like that. And, and then we stopped doing that, and people were like, hey, where'd you go? Well, we just, we shifted our focus and we started doing some, some different things. But a lot of that encouragement just came from existing members that we had. That was just like, man, y'all, y'all really need to do a podcast. What I have learned the most, what's been the most exciting for me is not necessarily like growing the podcast and getting a ton of people to listen or anything like that. It's actually been the feedback from existing clients that we have that say, I feel like I get to sit down with you every week now. And that's what's been the most fun for me, is just getting the feedback from people that we already know, that we work with that say, like, I feel like I get a sit down session with you every week just by listening to the podcast, which is really cool. And that was sort of like, that was sort of an unintended consequence of creating the podcast to begin with. Because, you know, when you think about doing a podcast, you're like, hey, this would be really cool to, to be able to put this out. And, you know, hopefully we can grow our business through it and everything like that. But the idea of just bringing so much value back to our existing members where they feel like they are staying close to the fire, I think that's really invaluable in the grand scheme of.
• 40:53
  Speaker A: Things like the analogy of the fire, because it's like anyone sat around the campfire, you know, the closer you get to it, the more heat that, you know, more warmth that you get and the further away you go. I mean, clearly you. You get out into the cold. And I think that's a such a good, you know, visual of what happens. For people learning this process. There's a need to get yourself around the fire. And the other thing that people resonate with a campfire is there's a community aspect. There's a component of you're generally not sitting by the fire by yourself, you know, although on many occasions I'm sure people can think about in their own life, they've sat by a fire, maybe by themselves, and they found themselves in introspection. It creates a perfect period of time for you to think on your thinking. You get stare at the flames, your brain kind of starts to wander. There might be some stars going on, it's peaceful, but it gives you an opportunity to think about parts of your life. I'm sure most people have experienced something like that. I know that I have. So I really love the analogy, Nate, on that, because there's a component of community, there's a component of thinking, there's a component of proximity. Proximity to the flame. Nelson's book is, in my opinion, is the flame. And so the more you read the book, knowing where the book is, having conversations about it, that brings you close to the fire, listening to the good Podcast that brings you close to the fire. Being around other people who are, who are also near the same fire allows you to have those kind of high quality conversations. So it's not just you or I or Jason. It's for all of our clients and the people who are incorporating Nelson's message into their life. There's many places, there's lots of fires being lit all over the, all over North America that you can go and warm your feet by.
• 42:39
  Speaker C: That's such a great analogy. And we, you know, all of our practitioner colleagues that we respect and we respect the work that they do, we always encourage our, our listeners, our viewers get connected. Tune into the Cash Flow Legends podcast. Subscribe. You will learn. You will hear a different perspective. You will hear a different voice. And because we received the same feedback all the time. And what will start happening, if it hasn't already, is that people who are connecting with you, who want to explore a basis to work together, where they want to implement this process, they're going to show up very well marinated because they've consumed so much and they feel like they already know you. Like, at this live event that we did in five cities simultaneously just this past Saturday, the number of people that approached, and I haven't had a chance to confirm this with Rich, but I can share from firsthand experience people who approach you and say, I feel like I know you. I've been listening to you, watching you for so long, I wondered what you were going to look like and be like in person. Right? Because it's that they've just been marinating in your content. And so we encourage our viewers and listeners, make sure that you get subscribe to the podcast and I guarantee you that you are going to learn something new.
• 44:05
  Speaker A: The, the common feedback, by the way on that is, oh, wow, you. You are exactly like you are. Yeah. Like, you literally are exactly like you are on a YouTube video. That's very interesting.
• 44:15
  Speaker B: Like, yeah, we did a, we did a live event a few weeks ago and someone came to the event and she goes, man, y'all are way taller in person than I realized. I was like, yeah, you just see us sitting down. You never, you never really know. But, you know, Brandon's six three plus, he wears cowboy boots, you know, and I'm six two. So for. And, and to her credit, she's probably like 5 4. So, yeah, we probably do look like giants to her. But aside from that, just from a business perspective, when it comes to the podcast and the value of the podcast, I don't know if you've ever had this situation where maybe you're having a conversation with a stranger or an acquaintance and they're like, what do you do? And you may give them just a highlight. And then the moment you mentioned that you have a podcast, they're like, oh, well, let me check out your podcast. And they go, and they start, you know, doing their own research and learning just by listening to your podcast. That happened to me recently, where actually a gentleman from church, we were having a conversation and I shared the podcast with him. Next time I saw him, he's like, we got to sit down and talk.
• 45:35
  Speaker C: And I was like, okay, that's so great. And this will be happening to you too, if you're, if you travel a lot. I travel a lot, a lot. I get in Canadian airports in particular. Not. Not. It's never happened to me in the United States. But in Canadian airports in particular, it's not unusual for someone to come up to me and say, guy that talks about infinite banking. It's JLo. It's Jason J. Lo. That's your last name, right? You're this. You're the guy? Yeah, that's me. Yeah, that's me. Oh, wow. Okay. Oh, we love your podcast. Or, you know, we, we Love, love the YouTube channel or thank you for stalking me on my Facebook profile because apparently you're following me everywhere that I go now. And it's like, yeah, we, we pixel people, and that's technology based and we just follow you everywhere. So. But it's so nice when you see people come up to you and, and say, I recognize you. You're that guy on the Internet. You talk about banking or you talk about infinity, something like, you're all over my damn phone.
• 46:42
  Speaker B: We were at. I followed you here.
• 46:45
  Speaker C: I'm flying on the same aircraft that you're on.
• 46:48
  Speaker B: We were at the think tank. Me and Brandon were walking down the hallway day one, and we were walking towards the convention hall and everything, and there were some people walking towards us. We didn't recognize them at all. And they were like cash flow legends. And we were like, oh, yeah, that's us. And so just within our community, it's. It's really cool to get feedback from colleagues. They're like, hey, I really, really enjoy what you are putting out and everything like that. And, and I know there's a ton of people in the community that are just really love what you guys are doing.
• 47:23
  Speaker A: Well, we're appreciate that.
• 47:25
  Speaker C: We're just following orders, brother.
• 47:28
  Speaker A: I. I have, I have an idea.
• 47:30
  Speaker B: Or be great Stewards of the information. That's what we're called to do.
• 47:33
  Speaker A: That's it. Go where called. One thing I would suggest that you guys consider, and it's not something that we were. I don't think we've been intentional about, but it sort of worked out. At least we were intentional one time. Although it may seem like we were intentional, it really happened more. A little bit more haphazardly. But thinking about, like, some milestone type, like episodes, like episode 50, episode 100, like, as you go through, and there might be certain content pieces that you really want to make sure you have for your client community, for people that ask certain questions. It's like a. Not exactly a frequently asked question, but maybe it's one particular question that you can go deep into. So as an example, we have episode 100, which has to do with a question that's commonly asked in Canada. Fundamentally, it's around, how can you access tax free passive income and access policy loans tax free and blah, blah, blah. It's a common question. So we made that a big episode, and we literally, like, rich, you know, I'm drawing on the screen, and Jason and I are narrating what's happening. And so I have it. So that is a requirement for anyone who becomes one of my clients, that they have to commit to a couple of things. Number one, you have to watch that episode once a year. It's annual homework. You need to watch it before we even get started. If you haven't watched it, you shouldn't be getting a policy because you need to know this information number. Number two, you need to attend one of our quarterly group coaching sessions, at least one a year. If you're not doing that, it tells me that you're not. You're. You're getting away from the fire. All right? And now this is gonna be on the honor system. I'm not gonna track you and yell at you, but if I do find out, I'm gonna have some words to explain how I feel about that. Right? You made a commitment to me getting started. You need to read from Nelson's book every year. You don't need to read it cover to cover, but you need to read from it. And I recommend at least you read the first 50 pages. You have to do that every year. 50 pages a year? Where. Half. Where you know. Really, if you. If you take out the table of contents and a bunch of other things and a couple of basic illustrations, I mean, really, what you have is you have maybe 40 pages, 42 pages. I mean, you mean to tell me you can't read 42 pages a year. I think you can get that done. Like, I'm not asking for a big commitment here, but you need to commit to some of these things. And I have that conversation with people right out of the gate. I never used to do that, but I do now. And having that episode 100 is very beneficial because we're bringing people back that information on a regular basis. So just from your own perspective, Nate, because I know you're as a quick start guy, a simplifier, it'd be nice if you pick some of that, like episode 25 episode, pick some of the high level ones so you guys can kind of remember and have a little list. Yeah, you might want to go do this episode for that content and it'll, it'll really help you be able to serve your client community. I think if you're more intentional with that. And that's something I think that we, we can also work on a little bit more. And don't get me wrong, there's a little bit of effort there. You have to line up the calendar and the schedule and, and the, you know, the production team. Like there's a few things that need to happen, but I can see a lot of value from that now, having had that particular episode in place that we leverage on a regular basis.
• 50:39
  Speaker B: Very cool. I know one thing that we are about to launch probably in the next month is we're going to do a Turn the Page series on Becoming youg Own Banker, where we're going page by page just talking through it. And, and I know you guys have done that. I know there's other podcasts that have done it as well, but that's going to be fun for us just to be able to, to walk through the book like that. Because not only is it going to be good for our listeners, but it's also going to be good as far as content that we can bring back to our existing members and say, hey, here's how you stay close to the fire.
• 51:14
  Speaker C: You know, that is such a great idea. And it, pun intended, pays enormous dividends. Yeah, it really does. Because you're giving your community what they want in the context that they want it in when they want it. They're not reliant upon having to create a time to meet with you. They just need to be pointed in the direction of that resource. And that's one thing that I think we can all continue to optimize and get really good at, is just letting people know that those resources are there and that we share them among practitioners within the community. In the sense that I know I regularly encourage people to investigate other practitioners resources because I know that the dividends paid are going to be enormous. Because people hear. They hear a different voice, they just. They receive a different insight, their thinking is affected differently. And it's always there to serve, it's always there to be helpful. Like practitioners who are close in this community, and there are many, they not only serve the people, they serve each other. And what a great community of people to be associated in business with.
• 52:38
  Speaker B: Yeah, well, and also kind of along those same lines, I think one of the things that's really powerful about this community is it's rare, but there's been occasions where I might connect with someone because they were interested in the concept, and then they found another practitioner that they connected with at a deeper level and they went and worked with that person. And I'm cheering them on. Hey, I'm just glad you're doing it. Yeah, that is. That is rare in this financial space that we operate in where we're all kind of rooting for one another. And so where I'm encouraging people to go listen to other people's content, not because I'm afraid that they're going to. That I'm going to lose them or anything like that, but I'm just convinced that there's a lot of powerful information out there that people need to hear.
• 53:28
  Speaker A: You want people to work with who they want to work with.
• 53:31
  Speaker C: That's right.
• 53:32
  Speaker A: And, and often that will be you, but it won't always be you. And probability is if, if it wasn't going to work from their perspective, most likely it wasn't going to work from your perspective either. And they, they have the ability to be empowered to make that choice. I think that's absolutely beautiful. I'm really glad that you brought that up, Nate.
• 53:50
  Speaker B: We. We made the decision, I mean, very early on that we were just going to be who we are. Um, and that wasn't like a conscious decision. Like, it's just we can't be anybody else. And, you know, there have been. There have been times where people have connected with us and they said, you know, I learned about ibc, but I'm here because of y'all. Like, I've. I've listened to y'all, I've watched your content. Like, your faith shines through in what you do and your message and everything like that. And I'm here because of y'all. And you know, what a. What a really cool opportunity that we have to just be who we are and the right people show up.
• 54:38
  Speaker A: Love it. Well, and for our listeners and Those watching on YouTube, of course, we're here for y'all. So we appreciate you listening in and tuning in and hearing from Nate. Nate, thanks for coming back and being with us again. Absolutely loved it. Thanks so much for everything you do. Keeping the torch lit, keeping the fire warm, stoking it, throwing some logs on there. And for everyone else watching, you can keep your own fire of education lit by clicking on that next video that popped up that says, I'm amazing content, please watch me. So go ahead and do that. And thanks for tuning in.