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245: Arrival Syndrome: "I know all about Infinite Banking" · Wealth On Main Street

• 0:12
  Speaker A: Welcome to wealth on Main street, where conversations about growing your wealth are fun and entertaining. Wealth isn't just about money. It's the skills and the knowledge that we develop to pass on to future generations. Tune in each week to grow your mindset and your net worth at the same time. I'm excited about this upcoming episode. Jason and I were able to finally get together in person and record a few incredible discussions together for the first time in years. It was so much fun. We did have some technology issues along the way and, and we had some audio blips here and there. So I hope you enjoy the content because we had a lot of fun making it. And now on to the episode.
• 1:01
  Speaker B: Rich and I are together now. We're not getting together in Edmonton, Alberta to record or Chilliwack VC to record. We decided to fly all the way to Birmingham, Alabama to sit in a hotel lobby.
• 1:13
  Speaker C: We both wanted to connect through different airports and take a two hour flight. So this is a, this is four flights in the making. Yes. This particular podcast episode. Yes. And what we thought we, so, you know, we're, we're piggybacking the end of this incredible coaching academy for the Nelson Nash Institute that he's delivered. We recorded an additional episode about that. But one of the themes that's been coming up a lot is, and to agree, I'd say with some frustration amongst the community of Nelson National Institute practitioners is when you're communicating with a prospect, they're starting their journey, they're just getting started to learn about this and. Or perhaps you're engaging in conversation with a colleague in the industry, someone who's a financial advisor, life licensed, or maybe they're SEC licensed. They've got a Series 7 something or other. You know, they've got all these different designations and they've heard the term infinite banking. Right? Infinite banking concept, becoming your own bank. They've heard it. Oh, yeah, yeah, yeah, yeah. I know all about that. Or better yet, they, they've read the book becoming your own banker. Maybe they've watched some content, whether it's ours or another colleague in the industry and they say something. Yeah, I love it. I really get, I get the concept. I totally get it.
• 2:32
  Speaker B: Yeah.
• 2:33
  Speaker C: But can you tell me how it works?
• 2:35
  Speaker B: Well, and that that's where the opportunity presents itself, Right? That's right. We, I don't think we've ever met in all these years. You know, we've been blessed to serve people with this process where someone who said that really, truly understands the infinite value concept or really truly Grasps it. They're curious, positive. And this opens that door to ask a really good thought provoking question to say, well, first of all, I'm glad that you understand the concept. Can you just take a moment just so I understand the degree of your understanding, can you just take a moment and walk me through the problem as it relates to your needs? And 99.9% of the time that question is met with a bit of a deer in the headlights. Like, what are you talking about? All I want to do is buy a dividend paying whole life policy. Like, what do you mean? Describe the problem. I don't have a problem. I have a desire to buy a policy from you.
• 3:35
  Speaker C: Yeah. What do you mean? You just. I just want to know how it works. Right. How do I.
• 3:41
  Speaker B: Give me the cold notes, how do.
• 3:42
  Speaker C: I take a policy?
• 3:43
  Speaker B: Yeah.
• 3:43
  Speaker C: I get the insurance contract. How do you, how do you construct the contract? Like these types of questions.
• 3:50
  Speaker B: This is where we need your all.
• 3:51
  Speaker C: Product, product, product, product.
• 3:53
  Speaker B: It's tool based. Yeah, it's like, let's talk about how to use the tool. I'd love to do that. What specifically do you want to utilize the tool for?
• 4:02
  Speaker C: What's the tool going to do for you? Once you, let's assume you have the tool, what are you going to do with it? How is it going to provide some advantage in your life? What do you intend to have it do in your life?
• 4:13
  Speaker B: Talk to me about what does the outcome look like? What does that bigger financial future look like? Be as specific as possible versus somebody sits down with you and says, rich, hey listen, I'm going to need you to do me a favor. I'm going to need you to take me to Home Depot. I gotta get my hands on a.
• 4:33
  Speaker C: Hammer, I gotta get my hands on.
• 4:36
  Speaker B: Screwdriver set, I gotta get my hands on a drill, I gotta get my hands on a saw. Well, your question naturally should be what are you building?
• 4:48
  Speaker C: What are you gonna build that? Right. What are you gonna put? What are you gonna use all that tools to do? What are you gonna put together?
• 4:52
  Speaker B: Exactly. And so this is where.
• 4:54
  Speaker C: And if the response is, I'm gonna mow my lawn, we might have identified a little bit of an issue, a bit of a mismatch in messages.
• 5:02
  Speaker B: And so having this discussion to get clarity on the problem so that the solution actually matters because some people truly just want to purchase dividend paying whole life insurance for the purposes of owning dividend paying whole life insurance.
• 5:16
  Speaker C: It's totally cool.
• 5:17
  Speaker B: Absolutely.
• 5:17
  Speaker C: That's probably a great decision in Many circumstances.
• 5:20
  Speaker B: Absolutely. And so we're always bringing that conversation back to the essence of what Nelson shared with us in his book and that book that we're referencing for anybody who's new to viewing or listening to us, we're referencing the book titled becoming your own banker. 550 plus thousand copies sold for a reason. The concept works extremely well. We're blessed to be alongside teammates who serve North Americans in the implementation of this process every single day while we get to fly to Birmingham to record podcasts. But we bring people back to the book. The essence of the infinite banking concept, which is the solution to the problem. What's the problem? You're doing all the work. Everyone else is getting all your money. There are no exceptions, period. Regardless of whether you're earning minimum wage or you're someone like Leon Draisaitl with Yamonton Oilers who just signed $112 million, eight year deal, if you're somewhere in between those two numbers, you're experiencing this money problem and the infinite banking concept is the solution to that problem.
• 6:30
  Speaker C: Yeah. And so I guess the, the big takeaway is it's common for us to throw a lounge round language about something. As, as an example, I used to be an electrician by trade and I might say to someone, yeah, I'm an electrician. Oh yeah, Yeah, I totally get that. Yeah, my, my brother, you know, my wife's uncle was an electrician. I totally get it. Like, okay, cool. Was he linesman? Was he an industrial electrician? Residential? Was he operating commercial? Did he, you know, I know a guy who works on batteries on locomotives. It's a very specialized leash in electrical work. It's not like, I don't know anything about that. But so that person, unless they had experience maybe in, you know, industrial sites, might not have any idea about how to deal with an explosive environment and the types of things that you would need in that environment. So we're talking about highly specialized areas of a pretty broad trade. Electrician. And every trade has their own. You know, there's, there's people who do electrical work, specifically on boats and marine. There's a whole aspect of electrical code that's marine electrical. So like those are specialty areas and depending on your geography, you might have a lot of people doing it there, but no one doing like as an example, marine electricians in Edmonton, Alberta, for example. So just to give you some context when you say that I get it. What is it that you get? Exactly. And often what they're, what they're referencing in is like Hey, I get the fact that this is a great, constant idea, and I want to explore more. I get that I need to do this thing called being an honest banker, and I can use a type of life insurance to help me do that in some way. Can you expand? Like that's really what you're trying to say, but you're not saying it, you're just saying, I totally get it, but can you tell me blank? Can you tell me blank? And so just consider for a moment if that is you or if you know someone like that. Recognize that we all have an opportunity to learn and to expand on the way that we utilize our language. I like to take a lot of shortcuts, too. In fact, I even have been known to drive through the back alley to zip around some traffic in the. In the today, in the past, you know, mostly. So I get it. I also like to take shortcuts here and there in certain areas of life. I'm able to think about that. But it's okay to be a little bit more specific and a little bit more clear and extend the sentence by adding a few more words about what you specifically get or what you specifically want to understand or seek a deeper understanding of. And so Jason's question about help us. Hey, appreciate your interest and your curiosity. Help me understand what it is exactly you want this to do for you. Or if you're speaking to a colleague in the industry, which is also very, very common all the time, you know, it might be, oh, cool. It sounds like you understand it, but you're like, oh, yeah, yeah, that's using whole life insurance. Okay, well, using it for what? Using it. How? How exactly? And how exactly would you go about using it? Can you expand on what you mean by that? What exactly do you mean by using it and in what way? Right, so yeah, you can help a person get a higher degree of clarity and understanding by just hitting them back with some additional questions that gets them to go a little bit deeper, a little bit deeper into what it is that they're trying to expand.
• 9:56
  Speaker B: And when you're exposed to this concept, it may be from a variety of different sources. It may be from tiktokers, maybe you're seeing some videos, some really short videos with some really catchy language. You know, be the bank, build a bank, buy cars like the wealthy do.
• 10:17
  Speaker C: Make the bank your best friend.
• 10:19
  Speaker B: You know, get rich, insert X. You know, build wealth, avoid tax. All of these catchy things that might pique someone's interest to say, is that even possible? Or is that Something I can do. It's really important to understand that the infinite banking concept is meant to be ridiculously simple. It's not meant to be sensationalized. It cannot be explained in 60 seconds or less. Get your hands on a copy of the book titled becoming your own banker. This is the original, the only, the resource that is going to open your eyes to a whole new financial world because. Was authored by the developer, the pioneer of the process. Yes. There are many different books with a variety of interpretations of the concept.
• 11:13
  Speaker C: Wonderful.
• 11:14
  Speaker B: That, that's great. That's.
• 11:15
  Speaker C: You even look like one of the guys that wrote some of those books. Really?
• 11:19
  Speaker B: Um, well, we've written for them on, on the, on the subject. And that's all meant to build upon what Nelson taught us because.
• 11:28
  Speaker C: Replace it. No, to expand upon, to extend to, to give people a, a different perspective on how to interpret or, or expose themselves to the concept in a, in a different vantage point or light.
• 11:42
  Speaker B: Precisely because we would bless beyond measure to spend years with Nelson. Years, plural. And he could not have possibly crammed all of his wisdom, his experience, his knowledge into a 92 page book. And so all too often he would expand with us on what he wrote in the book. And the books that we've written include all of that additional amazing wisdom that we're transferring to people so that they can further expand their awareness and knowledge of the concept. And if you haven't read Arnelson Nash's book, I can absolutely assure you that you do not understand the infinite banking console if you read all four of our books. And by the time this recording comes out, there might even be a fifth that's launched. We release a book every quarter. If you have not read the book titled becoming your own banker, you do not yet possess clarity on the infinite banking concept. There is no other person, God rest his soul, who could articulate it in a ridiculously simple way like he did.
• 12:49
  Speaker C: Well, and further to that, I would also encourage for anyone, especially if you like video, much as we appreciate and would love of course, for you to subscribe to our channel and the wealth on Main street channel. We would also encourage people to subscribe to the Nelson National Institute channel on YouTube because the degree and the quality of content that's coming out on there, much of which features the man himself, Nelson, you know, he's, he's no longer with us. In fact, today Jason and I were able to do something we've been looking forward to do, which is actually going and seeing Nelson and his wife Mary in their final resting place. And something we do every time we're here. We're able to have a wonderful moment in reflection about all of our great memories. There is know beautiful pristine resting spot, all these amazing trees Forester. There's a beautiful creek kind of in the background there. And so we're we're recording this thinking in reference to all who've learned from him and our respect of course for what he taught us and just him as a person in general. You know being subscribed to that channel is going to give you additional and further clarity and insights to help you continually rethink your thinking about this concept about other areas of your financial life, maybe other areas that are outside of your financial maybe other areas that you could think about around your personal development and your growth. That's something I received a great deal of as a part of knowing Nelson. So I also think that would be an important thing to be aware of. Amen to that.
• 14:21
  Speaker B: We appreciate you tuning in. And remember, much like all of our other videos, you're going to see another video posted credit to our amazing editing team to continue your journey of learning. Because as we always mention, there's no such thing as having arrived in knowledge. Thank you sincerely for tuning in. We'll include a link where you can get your hands on a copy of Nelson's book to make it ridiculously simple for you. And we courier orders to folks regardless of where you are in North America will courier to you.
• 14:49
  Speaker C: We don't mail anything.
• 14:50
  Speaker B: Things get lost in the mail. So get your hands on a copy and as a matter of fact get your hands on two copies. Give a copy to someone who you think would benefit from your gift of what Nelson pioneered to develop. Thanks for tuning in. Make the rest of your week outstanding.