Welcome to the Creative Capital Podcast with Josh Ferrari! In this episode, I welcome David Belfort! David is an Air Force veteran, real estate investor, and commercial airline pilot. He graduated from the US Air Force Academy in 2003 and spent the next 11 years as an Air Force fighter pilot flying the A-10 Warthog all over the world, including multiple deployments to Afghanistan. Dave left the Air Force in 2014 and worked in Corporate America for a couple of years before realizing it just wasn't for him. Dave quit his job in 2017 to run his own real estate investment business. He has had many successes (like closing a $55,000 wholesale deal) and many failures (like hiring a bank robber---literally, no joke---a bank robber) in the investing world and has learned countless lessons along the way. He and his business partner performed more than 50 wholesales and flip over the next two years before realizing his real passion was educating people on the truths about money and, more specifically, the Infinite Banking Concept, of which he has been a user since 2010.
In early 2019 Dave founded Max Performance Financial, a financial strategies company that focuses on non-mainstream wealth and tax strategies for families, business owners, and real estate investors. Dave is an expert on life insurance wealth strategies and a member of the Nelson Nash Institute, whose mission is "to educate and inspire individuals to take control of their financial lives by reclaiming the banking function from outsiders." He focuses on educating current and future clients on the power of creating your own family bank in order to control your wealth, capitalize on financial opportunities, and leave a legacy for your heirs. He has discovered through the first-hand experience how combining the power of the Infinite Banking Concept with real estate investing produces unparalleled results for private investors.
In this episode, David breaks down the whole concept of infinite banking. He talks about its advantages, processes, and fundamentals. He also shares the things you have to know before you start infinite banking. Join us and listen in!
[00:01 - 09:09] Introduction
- Today's topic
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- The infinite banking concept
- Creating your own banking system
- Details about the 30-day capital raising challenge (Link below)
- David shares his background
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- Going to the Air Force
- Transitioning to corporate America
- How he started in real estate investing
- Flipping contracts and houses
- Getting into infinite banking
[09:10 - 32:48] Create Your Own Banking System Using Life Insurance
- What David is trying to achieve long term with infinite banking
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- Getting your money to make more money
- The advantage of the banking business
- David talks about the book "Becoming Your Own Banker" (Link below)
- Creating life insurance policies
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- Having ownership
- Teaching his kids about finance, banking, and investments
- David shares how infinite banking works
- How much money you need to start infinite banking
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- Start where you are
- Save 10-25% of your income
- How infinite banking gives you an advantage
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- Leveraging your cash
- The capitalization phase
- Which is more advantageous: having one policy or having multiple policies?
- Why people don't know about infinite banking
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- Putting your money under your control
[32:49 - 38:28] What You Have to Know Before Starting Infinite Banking
- How you can learn more about infinite banking
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- Find somebody who knows what they're doing
- Why choosing the right company is important
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- Stock owned companies vs. mutually owned companies
- Make sure the company is mutually owned
- Look at the rankings
- Dividend rates
[38:29 - 41:45] The Pod Decks Segment
- Was there ever a time in your life that you thought you were going to die?
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- David shares a story about flying
- If you were required by law to get a full-body tattoo, what would you get tattooed over your entire body?
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[41:48 - 48:26] The Core Four
- What is your favorite real estate-related book?
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- Getting the Money (Link below)
- What do you think your unique skill is that helps you become successful?
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- What's true about real estate that almost nobody agrees with you on?
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- Real estate investing is anything but passive
- What one piece of advice would you give to our listeners wanting to succeed in real estate investing?
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- Get a coach
- Be okay with failure
- How you can connect with David
- Closing words
Key Quotes:
"Be okay with failure because you're going to fail in real estate investing, [On] my first flip, I lost $11,000, but I didn't let it keep me from doing my second flip. If you can't get past failure in real estate investing, you're not going to be a real estate investor for very long at all." - David Befort
"There's no more profitable business in the world than banking, so if you can learn that, learn the fundamental principles of that, that should be one business that everybody is in, especially real estate investors. You should be in the real estate investing business and you should be in the banking business." - David Befort
Resources Mentioned:
- Becoming Your Own Banker
- Getting Your Money
- Max Performance Financial
- Creative Capital Challenge
Connect with David via email and LinkedIn!
You can reach and connect with me on Facebook, LinkedIn, Instagram, and Youtube
For more information about Ferrari Capital visit us on our website https://www.ferraricapital.com
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