The Money Advantage® Podcast | Infinite Banking Concept & Family Banking

The Money Advantage® Podcast | Infinite Banking Concept & Family Banking

By Bruce Wehner & Rachel Marshall | Family Banking GuidesBusinessEntrepreneurshipEducationSelf-ImprovementInvesting
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The Money Advantage® Podcast | Infinite Banking Concept & Family Banking episodes

  • Grow Your Business by Design, with Cesar Quintero
    Are you looking for a formula to grow your business? Cesar Quintero, Certified EOS Implementer and visionary of The Profit Recipe is here to help!
    So, if want to figure out how to tap into your purpose, get traction, and solidify a healthy team… tune in below! 
    Table of contentsUnique AbilitiesThe Power of VulnerabilityThe E-volution FlywheelThe Ikigai ConceptEOS and The Profit RecipeContact Cesar QuinteroAbout Cesar QuinteroBook A Strategy Call
    Is there a formula for business growth? As it turns out, there just might be, and Cesar Quintero holds a key to entrepreneurial success. Now, he's sharing his lessons about entrepreneurship with us. We're sharing the highlights of our conversation below.
    Unique Abilities
    Dan Sullivan of Strategic Coach teaches about unique abilities--the skills that we all inherently possess and are uniquely positioned to do. When we work from these abilities, we have more energy and create more value than when we do things we are not uniquely designed to do. And this idea is the foundation of Cesar's work with entrepreneurs.
    [8:15] “Everybody says that entrepreneurs can change the world, and businesses can change the world—and I’m a true capitalist. I really feel that if we can generate value we can change the world... I truly believe that only happens if the entrepreneur... really leverages their unique ability.”
    When you take care of your team, and have them working in their unique abilities, they can take care of clients and create more value. So focus on creating a team that thrives first—so your customers thrive naturally as a result. 
    The Power of Vulnerability
    Building a team of entrepreneurs who are working in their unique abilities takes vulnerability. It’s not always easy, but it fosters trust and growth. Opening up your numbers to your team, for example, takes massive vulnerability. However, the amazing result is that people take ownership of those numbers—they’re contributing, and that’s empowering. 
    [12:39] “I started my business at 24, and most people around me were older than me. Every room I went to... I was always the youngest guy there. I had to prove something to people, I think, in my mind I always had to prove that I knew, and I was right. And I think letting down my ego helped me become a better leader and a better businessman.”
    The E-volution Flywheel
    Cesar shares one concept behind his upcoming book, and the foundation of his business, the E-volution Flywheel. 
    [15:39] “After hundreds of different entrepreneurs that I helped, I saw a pattern... There’s five stages. The important thing with this cycle, is that true entrepreneurs and true leaders and people, we don’t go through this on a sequential aspect.”
    The stages of Cesar’s model are:
    Startup—You’re seeing opportunities in the marketplace.
    Leader by Design—Understanding what you can and cannot do.
    Team by Design—Delegating what you cannot or will not do to internal and external teams.
    Biz by Design—Create systems for your business to work without you, so you can continue to scale and create value. 
    Life by Design--Living life on your own terms.
    While these stages can be happening at once, Cesar has found that moving sequentially helps you get unstuck. So if you’re stuck designing your team, you need to look at the next stage of the cycle—Biz by Design—to get some clarity and get unstuck, and on and on. So rather than a linear cycle, the E-volution Flywheel deals with the stages on a random and cyclical basis.
    The Ikigai Concept
    In this Venn Diagram of sorts, Cesar shares with us the components of the Ikigai Concept. The heart symbolizes purpose. The star is for things you’re great at. The bottom represents things that make you money. Finally, the globe represents things that benefit the entire world. The intersections of these traits are what society often says should be your hobbies, profession, vocation and mission.
    [27:15] “The Ikigai concept is, 'What’s best for you? What makes you tick? What’s your purpose, what are you great at, where do you make money, and what’s great for the world?'”
    You need the intersection of all four for true fulfillment, and it’s a fallacy to think that you have to box yourself in—that you should only work where you’re skilled and make money, or only treat your skilled passions as hobbies. 
    Instead of striving for a work-life balance, strive to have a life you don’t need to escape from. If you’re seeking more balance because you don’t enjoy your career, it’s time to make some changes. 
    EOS and The Profit Recipe
    The EOS (Entrepreneurial Operating System) is a model that Cesar follows and uses to coach clients through their businesses. It equips entrepreneurs and teams with systems, so that they can be self-sufficient in the future. 
    [35:28] “EOS has 6 key components. So the six components are Vision, People, Data, Issues, Process, and Traction.” 
    Cesar uses EOS is his businesses, including The Profit Recipe, explained below. 
    [36:10] “What The Profit Recipe really is, is... a firm that’s based on this cycle. So we help entrepreneurs uncover their ‘why,’ understand what they’re great at and what they want to do, improve their leadership...creating peer groups and community...and we implement EOS and implement operating systems. So, as a firm, as the Profit Recipe, we do these five stages. EOS is mostly on stage four, which is Business by Design. So EOS happens to be one of the things that we do within our firm, when helping entrepreneurs evolve.”
    The Profit Recipe is ideal for entrepreneurs or business owners who feel stuck in some way—whether they’re wondering what’s next, or don’t know how to grow their business further. It’s also great for businesses who want to create more functional teams. 
    Cesar’s closing advice? Take it one step at a time and avoid the analysis paralysis. 
    Contact Cesar Quintero
    786.222.6296
    The Profit Recipe to get next steps, books, and tools to help you build systems and scale fast.
    About Cesar Quintero
    Cesar Quintero’s purpose is to empower leaders to build a business by design so that they live a life by design. His core values are to Share Vulnerably, Spark Action, Spot individuality, and Spread Passion.
    At age 24, in 2004, Quintero moved to Miami given the economic turmoil in Venezuela to pursue his dream of starting a business and helping others achieve a healthier lifestyle by founding Fit2Go. (The first corporate healthy meal delivery service in Miami.) In 2013, Quintero graduated from the MIT Entrepreneurship Masters Program and founded two new companies: RawBar2Go (the first licensed food boats in Florida) and The Profit Recipe, a coaching firm that focuses on empowering entrepreneurs through a journey of focus ON the business and not IN the business by implementing best practices and the Entrepreneurial Operating System (EOS). 
    Cesar has been an active Entrepreneurs’ Organization (EO) member for over 10 years and has held multiple volunteer leadership positions at the chapter, regional and global level for the organization.
    His passion for teaching and business have also compelled him to get certified as a Trainer for Traction implementation, Why Discoveries, EO Accelerator Program and EO Forum. 
    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.
    53 min
  • Top Questions About Infinite Banking, Part 1
    Are you considering Infinite Banking, but you aren’t sure yet if it’s a good fit for you, and you’d rather figure it out before investing time into a personal conversation with an advisor? Look, your concerns are absolutely valid!  But let’s let those questions propel you to action, not indecision. Today, we're answering the top questions about Infinite Banking that we have heard.
    https://www.youtube.com/watch?v=qVZbt1tog3w
    Hopefully, we’ll cover the question on your mind.
    So, if you’d love to clear up your doubts, find out exactly what to do about your concerns, and know what to do next, join us for the conversation below!
    Table of contentsWhat is Infinite Banking?Your Top Questions About Infinite Banking, Answered1. What if I don’t like whole life insurance?2. What if I don’t need insurance?3. Can’t I get better returns in the stock market?4. Will I lose access to some of my cash at the beginning?5. I already have a policy; is it a good one?6. I’ve heard many people talk about the "ideal" policy design—how do I know if I have that?7. Am I overpaying for insurance?The Reason for Infinite BankingBook A Strategy Call
    What is Infinite Banking?
    Infinite Banking is a strategy of using a financial product in a way that accelerates growth. We use specially designed, high cash value life insurance with mutual companies that pays dividends. These policies grow with guaranteed interest, and non-guaranteed dividends (although dividends are highly anticipated and have a good track record of being paid). 
    This means that you have access to cash that is growing, liquid, and will not drop in value. Infinite banking is often misunderstood, yet it’s a strategy that has been used for centuries by our country’s wealthiest people as a means to build and protect wealth.
    If you have questions about Infinite Banking, we highly recommend checking out this post to get some of your top questions about infinite banking answered. 
    Your Top Questions About Infinite Banking, Answered
    1. What if I don’t like whole life insurance?
    When this comes up in conversation, we often come back with the question, “Compared to what?” In reality, life insurance is hard to compare to other assets because it is fundamentally different from many assets. Rather than getting hung up on the product itself, we encourage you to take a different route.
    When we meet with people, one of the first things we ask them to consider is the purpose of their money. If you’re looking for growth, availability, investment capital, etc—those are purposes. 
    When you can define what you want to do with your money, then you can determine the best products to use. Despite what you’ve been told, insurance may be the ideal asset for the goals you want to accomplish. It may not. However, you cannot judge it simply based on whether you like it—you have to see it as a means to an end. 
    2. What if I don’t need insurance?
    We hear this question often, for many reasons. Some people view insurance as something to protect their children. Others view insurance as unnecessary because they have enough money to “self-insure.” 
    We think the better question to ask is, “Do you want everything that comes with insurance?” Insurance companies will never sell you more insurance than you “need,” so we prefer to look at the benefits. Beyond the living benefits, insurance protects your estate and can help ease unexpected costs (including loss of income). Insurance helps your money go further and your assets last longer.
    3. Can’t I get better returns in the stock market?
    Let’s start with this: life insurance is not an investment. When we compare insurance to investments, we’re setting it up for failure. We prefer to look at cash value insurance as an alternative to savings accounts. Investments have risk involved, and therefore the potential for different returns. Savings, on the other hand, provide certainty and liquidity. Your cash value is the money you will access in emergencies and opportunities. In fact, you can even use your cash value to make investments. 
    Insurance is a long-term strategy for wealth building (and asset protection). And Infinite Banking is a both/and strategy—you can invest AND save, and you can often yield better results in the long-term with both. 
    4. Will I lose access to some of my cash at the beginning?
    In the short-term, it’s true that your cash value will have a lower value than the premiums you pay into your policy. However, in the long-term, your cash value will surpass your premiums paid after a certain period. 
    It’s difficult for many people to deal with this initial drop in liquidity. However, this discrepancy between your cash value and your premiums in the beginning pays the cost of insurance. This protects the contractual guarantee that the insurance company will pay a death benefit when you pass on. This trade-off protects the strength of your insurance policy, so that you can reap the long-term benefits. 
    5. I already have a policy; is it a good one?
    While a policy you have may not be optimized, having any whole life insurance policy is often more beneficial than no policy. If you were to start over, you’ve lost the years of progress you’ve made by paying into this policy. 
    If you’re unsure of the design of your policy, you have options beyond surrendering or selling your policy. 1035 Exchanges are one way to convert a life insurance policy that you feel isn’t working. The other solution may be to fund a new policy that achieves your goals while keeping your old policy—so you can benefit from the cash value you’ve already accumulated and build more optimal cash value moving forward. 
    6. I’ve heard many people talk about the "ideal" policy design—how do I know if I have that?
    Policy design ultimately depends on what you want out of your policy. Some policies can be designed for better long-term performance, while others provide more early cash value to access. Some policies are designed for greater guaranteed death benefit over cash value. 
    Depending on where you are in life, you’ll have different goals for your policy design. It’s important to speak with a professional about what you’re looking for. There is no one-size-fits-all policy design. 
    7. Am I overpaying for insurance?
    This, like the question before, takes a sensitive consideration of what you want out of your policy. However, we recommend looking at the big picture—often, people sacrifice better long-term performance because of a high premium in the first few years. Know what you can afford and know what you want—and be willing to look at the long-term.
    Often, with Infinite Banking, you want to pay as much as possible. That’s because you’ll optimize your cash value and build more wealth and liquidity as you go. The only way you can truly overpay for your insurance is if you “MEC” your policy, or pay beyond what the IRS has set as a limit. (To learn more about MECs, and the changes made in the last few months, read our article on the 7702 Plan.)
    The Reason for Infinite Banking
    The best time to start a policy was yesterday. The second best time is today. The longer you can fund a policy, the more you can benefit from compound interest (not to mention lower premiums). After all, you can’t guarantee your future health or insurability. If you’re on the fence, we hope this discussion will help you see the real, applicable benefits of infinite banking beyond insurance. 
    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.
    1 hr
  • The Morning Routine to Take Bold Action I Learned from Dan Sullivan
    How are your New Year’s resolutions going? We’re almost three months into 2021, and it’s a great time to take an inventory of how you’re doing. This one simple morning routine I learned from Dan Sullivan has had a greater impact on my year than anything else.
    https://www.youtube.com/watch?v=EahEyM9wj-Q
    Today, we’ll talk about that one little idea that has the power to change everything for you.
    So, if you want to find out how to master your emotions, step into confidence, and get more done… tune in below!
    Table of contentsA Daily Morning Routine1. What’s my biggest danger for today?2. What is my biggest opportunity for today?3. What strengths do I have that I can reinforce today?Setting Your Foundation with a Morning RoutineBook A Strategy Call
    Dan Sullivan of Strategic Coach is an inspiration to entrepreneurs everywhere, which is why I always appreciate his words of wisdom. Dan calls himself a simplifier—he takes processes and makes them even simpler. When his email came across my inbox, I knew I had to share it with you. 
    A Daily Morning Routine
    If you’re looking to be even more successful, and find even more inspiration in your day, creating good habits is a great place to start. That’s why Dan Sullivan proposes his specific morning routine—one that has been a game-changer for him personally. 
    Having morning routines and habits can keep you grounded in an otherwise uncertain world, and it can also keep you on track with your goals. It starts with questions, which help to keep you focused on your goals. Here are the three things you should ask yourself to stay on a trajectory for success:
    1. What’s my biggest danger for today?
    Or, "What am I afraid of?" At the heart of this question is structure. What you’re really doing is assessing your fears. What are you afraid of not doing, and how will that impact your success?
    Asking this question as a part of your morning routine sets you up to take action in the face of fear. And it keeps your fear from growing, like when you put off a project and it snowballs, progressively becomes more overwhelming. 
    This question, consequently, can also help you filter out tasks that aren’t meant for you. If you’re dreading a task, and you’re dreading the consequences of not doing it, it’s likely a task you should delegate. You’re still taking action by delegating, and it gives you more freedom to do what you want to do.
    2. What is my biggest opportunity for today?
    This is your chance to examine what you’re looking forward to in your day. If you follow these opportunities that you’re excited about, and take action, you can put yourself further ahead.
    In the first question, we addressed the importance of handling fear and delegating tasks. Following what energizes you is another great way to identify how you should fill your day, and what tasks you should delegate.
    Good tasks, activities, or opportunities are ones that will leave you feeling as energized as when you started (if not more energized).
    3. What strengths do I have that I can reinforce today?
    The third question in this morning routine is about building confidence. It’s about taking action so that you can practice your strengths, hone them, and come out on the other side more confident and capable.
    There’s no better way to celebrate your strengths than by using them! If you continually work on your strengths, you allow them to develop and blossom. If you don’t use them, they atrophy.
    You likely know that it feels great to use your strengths, so don’t be afraid to use them often. This will help you feel more confident and step into your full potential. It also helps you be as energized as possible. 
    Setting Your Foundation with a Morning Routine
    The world is so overwhelming right now, and if you're an entrepreneur, your mind is probably being pulled in a million directions. This exercise helps you simplify and focus on what you can do, today. It’s about pulling you into the moment and cutting out the background noise so that you can focus. 
    These questions are tied to the emotions you probably feel each morning—fear, excitement, and confidence. When you can work through these emotions and apply them to your day, you can move from a place of inaction to action. 
    There’s no better time than the present to plunge into the things you're excited about, take action on things you’re fearful of, and celebrate your strengths. Incorporating these principles into your morning routine will help you take action and be more successful.
    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.
    28 min
  • Profit First for Dentists, with Barbara Stackhouse
    Do you want to be more profitable, and enjoy the success of a thriving business, instead of running ragged on the hamster wheel of chasing the next sale? Barbara Stackhouse is writing Profit First for Dentists. 
    https://www.youtube.com/watch?v=EzsWDyjLA2Q
    Sound familiar? It’s the specific application of Mike Michalowicz’s Profit First system, tailored to the dental industry, with their unique challenges and solutions.
    So, if you’re a dentist who would like to build a successful practice, or a chiropractor or physician, or even a business owner in another industry who wants to find out the secret code to profitable and sustainable business… tune in below!
    Table of contentsMike Michalowicz’s Profit First SystemLeave the Grind BehindThe Sales ProcessProfitability in Any BusinessSolving Business ProblemsFixed vs. Variable ExpensesPut Systems in PlaceWhy “Profit First”? Links MentionedAbout Barbara StackhouseBook A Strategy Call
    Regardless of your experience in the dental field, we think that Barb has amazing lessons to teach business owners. Her experience in Profit First systems make her an expert at organizing systems that help you keep more of your revenue.
    Mike Michalowicz’s Profit First System
    After discovering Mike’s Profit First system, Barb could instantly see how the Profit First system fit into the dentistry field, despite being a system geared towards CPAs. She contacted Michalowicz to see if she could go through his professional training process, despite being in a completely different industry. Now, not only is Barb a certified Profit First professional, but she is releasing a book for dentists to implement this process. 
    Leave the Grind Behind
    [7:50} “If you’re an entrepreneur, you get stuck in the grinding it out. You're the technician in the business, you’re the person doing it all. And it doesn’t have to be that way.”
    Too often, entrepreneurs enter the business thinking that they HAVE to be un-profitable for a while. They grind and work hard, and hope that in five years, their business will be where they want it so they can slow down a bit. To Barb, this couldn't be further from what should happen.
    Instead, entreprneuers need to work smarter and build out their own profit, so that they can be prosperous now, enjoy their practice, and set it up for decades of success.
    The Sales Process
    [8:11] “So the main other thing that I talk about—which is another big area that dentists struggle with, and even team members sometimes need training with too—is kind of the sales process in dentistry. And it’s actually the same sales process that I use myself when I talk with a client. It’s all about serving that client. And really putting the need for the sale over on the shelf and just connecting. Having that relationship first and not pushing.”
    Through her work, Barabara created a system to facilitate this sales process, called P SERVE. The P stands for purpose, and Barbara urges dentists or team members to understand their purpose before taking a call, and then truly giving service from the heart. SERVE, as an acronym, describes the steps in the process. 
    This methodology is something that Barb speaks on and teaches—to help dentists serve their clients first, knowing that the profit follows. Money flows by creating value—so serving and giving allows any business to flourish. This is very similar to Bob Burg's Go Giver mentality.
    [10:34] “The more you help people get what they want, the more you will get what you want.”
    Profitability in Any Business
    [10:53] “If you are an entrepreneur, and you open a business, you have a dream of being your own boss, probably. You want to call the shots. These are the common themes that I find. But you have to make a living at it. If you’re not profitable, then you have a hobby, you don’t really have a business. So I think that profitability has to be baked into the plan, if you will. It has to be a part of what happens from the start.” 
    What Barb has found in her coaching is that too often dentists opening their own practices aren’t paying themselves when they start out. What she helps dentists learn is how to pay themselves first so that they can continue to keep their practice open. It starts with having a plan. 
    The problem is that many businesses don’t follow a “Profit First” mentality. Entrepreneurs expect to not be profitable, or they’re "waiting for the leftovers." It can be rooted in scarcity thinking, yet once you pay yourself first, AND offer value to your clients, you can find true profit. 
    One key problem? People don’t really know their true overhead. 
    Solving Business Problems
    Here's what Barb identifies as some of the key problems that dentists or other independent medical practices face:
    [18:50] “So I would say that one of the big ones, especially now post-covid, is team. Its sad, but a lot of team members left the profession, because of covid... So there’s been big changes in their practice. Not all, but some younger teams.” 
    Barb has noticed that in dentist practices, one of the biggest expenses can be the team members, however they can also be the biggest asset. When team members leave or retire, this can change an entire practice. Often, clients become accustomed to the team members, and form relationships with them too--they can have a huge impact on client retention.
    And of course, the second problem is personal debt. Many dentists have mountains of student debt and don’t have hope for getting out of it. Then, of course, many dentists don’t know how to read their profit-and-loss reports and see how debt factors in. They wonder where their “missing” money goes, and often it goes to debt payments that don’t appear on the reports. 
    This is yet another reason for entrepreneurs to follow the profit-first system: so that they can pay down debt AND save for their futures. It's important to save and/or invest while paying down debt, so that you can tackle emergencies and opportunities that happen along the road to debt reduction. If you don't pay yourself first, this becomes a challenging task.
    Fixed vs. Variable Expenses
    [26:53] “The difference between fixed and variable: fixed expenses generally stay the same, or about the same, every month regardless of what the production and collections does. So in a dental practice, we’re producing, we’re delivering dentistry, we’re collecting that money. And we have these fixed expenses such as, I already mentioned, our team. So payroll expenses typically one of those things that are about the same every month, you know doesn’t really fluctuate much. So, our rent, our occupancy... pretty much stays the same. We can plan on that every month. And then our equipment, and our build-out loan.”
    The three expenses above are the big, fixed expenses in a dental practice. These likely aren’t much different from other businesses. A retail store, for example, is likely paying the same fixed expenses—payroll, rent, and leased equipment. 
    [27:17] “Then we have our variable expenses, and in dentistry I have four categories for those variable expenses.”
    Those categories include:
    Supplies
    Lab costs (where tests are run, for example)
    Marketing
    Business admin expenses—credit card fees, telephone bills, etc. 
    Because these things are variable, you actually have the most control—contrary to what you may think. Barb’s advice is to start with these variable expenses (since your fixed expenses aren’t going anywhere). You do this by determining what your supply budget is and planning out what you will buy. 
    Put Systems in Place
    Anything you can do to increase efficiency and reduce costs helps everyone in the dental practice benefit. Barb often recommends that dentists who are interested in providing bonuses to their team create a separate team profit account. Then, if all expenses are paid and everything stays within the spending plan, once a quarter you can pay out profits to the team members. 
    Even better, if the team knows that there is a profit-sharing system in place, you can put them in charge of ordering supplies. Then they have incentive to work hard to stay within the spending plan and have what’s necessary for operation. The office becomes more efficient, and the employees know they get to reap the rewards too.
    Then finally, go through your line items and decide how to change spending. Determine what’s necessary for quality care, and remove what’s unnecessary, or get better prices or more efficient tools. Rather than having fiver different tools with five different functions, try finding tools with multiple functions.
    Ultimately, patients do not stay with your practice because of the tools or technology you have. This is true for dentists, chiropractors, or any other professional service. Clients stay with you because they have a good relationship with you. 
    Why “Profit First”? 
    [46:35] “[Profit First] is a cash flow management system that helps entrepreneurs understand that they have to flip the equation and set aside some money first, before paying all their bills. Because if you leave that money in one account, our nature is we will spend it. If we divide it up into multiple accounts, and we know what the purpose of those accounts are, our natural human behavior is that we will follow that system.”
    Links Mentioned
    Dentist’s Only Facebook Group
    Profit First for Dentists Facebook Page
    Email Barb at [email protected] 
    About Barbara Stackhouse
    Barb puts relationships and the success of others at the heart of all she does. Her focus is on teaching dentists the simple skills required for a highly profitable practice. Her profitability model uses the Profit First System.
    Dentists choose Barb when they want to take control of their finances once and for all. They want proper solutions using simple steps. They are seeking sustainable profits for years to come....
    55 min
  • Is Infinite Banking a SCAM? Dave Ramsey Says So.
    Have you heard Dave Ramsey’s opinion of Infinite Banking and Whole Life Insurance? He says it’s a scam, a joke, hogwash, horrendous, a pile of manure, old school life insurance done poorly, a jumbled word picture, you can’t cut through the BS, screwing people, and just doesn’t feel right.
    https://www.youtube.com/watch?v=Jnbs0iANdMU
    Today, we’ll separate opinion from fact, so you can decide for yourself if Infinite Banking is a scam (or not) based on knowledge and understanding.
    So if you want to find out why the wealthy and independent thinkers have been using the profound guarantees and wealth-building strategy of Infinite Banking for centuries … tune in below!
    Table of contentsAre Insurance Agents Financial Advisors?How Do Mutual Companies Work?What is a Dividend, and How is it Non-Taxed?Are You Paying for Your Own Money?What Happens When You Die?Is Whole Life Insurance Expensive? Summing Up What Dave Ramsey Says About Infinite BankingBook A Strategy Call
    Dave Ramsey does a lot of good for a lot of people—he helps them to get out from under crippling debt and create better money habits. However, he has famously spoken against Infinite Banking, or what we often refer to as Privatized Banking. 
    Are Insurance Agents Financial Advisors?
    To evaluate whether infinite banking is a scam, it's important to understand who is giving the advice. When met with a question about whole life insurance, Dave Ramsey was not thrilled about the idea, to say the least. However, his first criticism was that the advisor who recommended insurance was only an insurance agent and not a financial advisor or planner. However, most insurance agents often have other certifications—like CFP (certified financial planner) or a Series 65 (for giving financial advice).
    Just because someone is able to sell insurance does not mean they can’t sell investments or give advice. Insurance is simply one certification.
    How Do Mutual Companies Work?
    Infinite Banking works with mutual life insurance companies. Dave correctly identifies the difference between mutual companies and stock companies. Policy owners own mutual companies, while stockholders own stock companies.
    This means that mutual companies pay profits to the policy owners, while stock companies pay profits to stockholders. Critics who call infinite banking a scam often overlook how mutual companies are structured to serve the policyholders. This is where his accuracy stops.
    According to Dave Ramsey: “If you are the owner of the company and you’re also a customer of the company, and the only place the company gets money is from the customers that are owners, and they give you money from profit, by definition, that means it’s because they took too much from you as a customer. There wouldn’t have been a profit otherwise.”
    This, however, is not true. The life insurance companies make profits outside of premiums paid into life insurance policies. Companies also make money from their conservative investments--many of which are corporate and treasury bonds, as well as derivatives, mortgage backed investments, and some equities. 
    Policy owners receive dividends based on these profits after policy expenses. It’s not accurate to say that premiums are the only profits. His understanding of mutual companies is not accurate.
    What is a Dividend, and How is it Non-Taxed?
    Dave Ramsey says, "So the IRS has deemed, consequently, that mutual life insurance company dividends are not dividends, in the true sense of a dividend, that they are instead, and this is the IRS’s language 'the refund of a deliberate overcharge.' So they overcharge you in order to give you some money later and make you feel like you’re making money off of them. And it's absolute hogwash. It’s a pass-through. Mathematically, it’s a pass-through. It’s the way it has to be, it’s the legal definition the freaking company, and the IRS says so."
    The government considers dividends non-taxable because they are considered a refund of an overcharged premium, but it’s important to realize that not all dividends are overcharged. The government also decides not to create a taxable event because it wants to incentivize people to have insurance.
    While dividends are not guaranteed, mutual companies have paid them consistently for over a century. If you're wondering 'Is infinite banking legit,' the tax treatment of dividends is part of the value proposition.
    Here’s the bottom line—if dividends were only a return of premium, you would never receive more than what you paid into a given year. However, if you look at an illustration, you will eventually come to a point where your policy’s cash value far exceeds what you’ve paid into your policy total.
    Are You Paying for Your Own Money?
    Next, Dave raises an objection to the policy loan provision. He says, “You’re borrowing your own money, and you’re paying them interest?! This is Infinite Banking for them!”
    While he raises a valid concern, policy loans are commonly misunderstood. Your cash value is accessible to you; however, it’s ideal to access it through a loan so that your account can compound uninterrupted.
    Does infinite banking really work? Yes, when structured properly, it gives you liquidity and control without interrupting compound growth. When you take a policy loan, you’re actually borrowing the company’s money, using your cash value as collateral. This means that your entire cash value can continue to earn interest and dividends at its full capacity. You’re paying the company an interest rate to allow your cash value to grow uninterrupted.
    Think of it like using a home equity line of credit: you're accessing the equity in your home without selling it, allowing the property to continue appreciating while you use the funds for other opportunities. The arbitrage opportunity comes when you can earn more with the borrowed funds than you pay in interest.
    What Happens When You Die?
    A huge component of whole life insurance is that it pays a death benefit to your loved ones when you pass on. This tax-free death benefit creates a powerful legacy tool that goes far beyond the living benefits of infinite banking. In turn, this can help your spouse, children, or other loved ones continue to support themselves in a time of hardship.
    Dave Ramsey, however, dismisses your cash value as something that “dies with you.” He claims that when the death benefit is paid out, the cash value vanishes.
    The ideal way to view the cash value of your policy is that it’s the usable portion of your death benefit. Cash value is like equity in a home. Your home equity is a portion of the full value of your house, not a separate entity. If you sell your house, you don’t get your home value plus the equity. Instead, you receive a check for the sale price, which includes equity, less any remaining balance on your mortgage.
    Just like with your house, when you die, your beneficiaries get the death benefit, which includes your cash value. The legacy benefit means your family receives the full death benefit income tax-free, regardless of how much cash value you've accessed during your lifetime.
    Is Whole Life Insurance Expensive? 
    Dave says, “So you’re dealing with one of the most expensive insurance products in the marketplace if you’re dealing with either of those two companies, I would stay completely away from both of them.”
    People who ask whether infinite banking is a scam often don't understand the design differences between traditional whole life and policies  optimized for IBC. We think that expensive is a poor way to describe whole life insurance, for a few reasons.
    First, permanent insurance is guaranteed to pay out—death is not a possibility, it’s a certainty. Because the company knows they’ll pay out one day, your premiums cover the cost of insurance (which they use to invest). Then, you have access to part of this death benefit your whole life, with the ability to leverage it for growth.
    On the other hand, term insurance is temporary coverage that rarely pays out and offers no additional benefits. You’re paying into a policy that may offer nothing other than peace of mind. Then you have investments that Dave Ramsey recommends. While there’s potential for gains, there’s also great potential for loss. Stock market returns are not a certainty, not even the 12% returns he speaks about frequently.
    In that context, given the cost of whole life insurance, is it really expensive?
    Summing Up What Dave Ramsey Says About Infinite Banking
    We want to reiterate that Dave does a lot of good for a lot of people! Debt can be a big burden to deal with, and he helps people learn to navigate debt. However, much of the information he shares about whole life insurance and infinite banking is misguided and inaccurate.
    While Dave Ramsey has called infinite banking a scam, his critique focuses on half-truths about traditional whole life insurance. The truth is, standard whole life insurance is a great product—and when structured for IBC, it becomes a powerful cash flow management system..
    We think facts are extremely important, so that you can form your own opinion. After all, you belong in the driver’s seat of your financial picture. Take what you learn, separate it from opinion, and learn to apply it to your own personal economy. That’s how you’ll get results and accomplish what you’re aiming for!
    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 to learn how the family banking strategy, alternative investments, or cash flow strategies can help you accomplish your goals better and faster.
    That being said, if you want to find out how our privatized banking strategy gives you the most safety, liquidity,...
    1 hr 9 min
  • Thou Shall Prosper with Rabbi Daniel Lapin
    Do you want to make more money this year? Today, we’re talking with Rabbi Daniel Lapin, author of Thou Shall Prosper — Ten Commandments for Making Money, one of the deepest and most profoundly philosophical books about the wisdom you need to be successful.
    https://www.youtube.com/watch?v=wTujheo9dAk
    So if you want to learn about the steps that make success possible and make more far more money than you’re making right now… tune in now!
    Table of contentsThe 10 Commandments (of Making Money)Business is Not Piracy Biblical Wisdom as a FoundationThou Shall Prosper (and Be Happy)Charging InterestThe Most Important Thing To Starting a BusinessSpiritual CharacteristicsRabbi Daniel LapinBook A Strategy Call
    We’re excited to bring you a unique guest who may surprise you. Rabbi Daniel Lapin is more than just a man of faith, he’s also an accomplished speaker, scholar, and author of a book on our favorite topic—Prosperity. 
    The 10 Commandments (of Making Money)
    While most financial books focus on returns and strategies and products, Thou Shall Prosper is a deeply profound look at the philosophical underpinnings of success and wealth. The book sprung into being after a series of lectures Rabbi Daniel Lapin gave on socio-political topics, when his most frequently asked question was, “How come Jews are so good with money?” 
    It was a question many were sheepish to ask, yet it gave the Rabbi cause to study the question. Especially when he realized he did not have the answer readily at hand. And so he pursued the history of the financial success of many Jews, and in the process debunked many of the bogus explanations. 
    He boiled his research down to one truth: 
    [7:43] “It is that the vast catalogue of ancient Jewish wisdom embedded in the Hebrew scriptures, that have been part and parcel of Jewish culture. Whether it’s a man, dedicated sages who study the word diligently, or whether it’s among secularized Jews whose conversation around the dinnertable revolves around the way they raise their families and inculcate their children. All reflect these intrinsic values and so, in a nutshell, that’s what it was. And I worked as hard as I worked in my life to condense all of that into ten fundamental principles.”
    Business is Not Piracy 
    In his research, Rabbi Daniel Lapin learned many Jews became pirates in the 17th century. They pillaged and plundered and built a trove of treasure. Then when they were ready to retire from piracy, they funded churches or other projects to reenter society peacefully. It's dangerous to compare modern day business to the same model. The wealthy should not have to buy their way back into polite society.
    Today, people compare businesses to this same model, despite being very different from piracy. Businesses are lauded for their donations, yet criticized for their income. Giving to charity should be a moral act, and it cannot "right" something that is not inherently wrong, like making money.
    [13:02] "If giving charity is giving back to society, then what the hell were you doing to society when you were making money in the first place?"
    No one complains athletes make too much. Yet people complain about CEOs—they do specialized work and are the linchpin of many major decisions. 
    Biblical Wisdom as a Foundation
    Our world as we know it is based on principles and ideas found in the Bible.
    [23:50] “So ancient Jewish Wisdom explains that—that is the way that it teaches and explains that—you’re not allowed to exploit a lack of information in a business transaction that isn’t transparent. And so, I’m actually prohibited from offering you a price for your property without disclosing to you that I’m aware that there is a plan development or infrastructure that is going to be built there that is going to increase the value of your property—I am not allowed to make you an offer for it without disclosing that information.”
    In the same way, there’s a verse in Genesis 2 that says gold is very good. This is one reason that gold became a method of monetization. On its own, it has no intrinsic value. Yet we've interpreted the scriptures in a way that makes gold valuable to us.
    [25:50] “It’s just that from time immemorial, people read that God said gold is good.”
    Rabbi Daniel Lapin also points out that when God says it’s not good to be alone, it is not simply regarding marital prospects, like Adam and Eve. It also explains the human need for connection—it is not good to be solitary. 
    Thou Shall Prosper (and Be Happy)
    [27:59] “Many people say money doesn’t make you happy. And, you know, that is a mistake. It’s like saying a car doesn’t drive you anywhere. Well, yeah, it doesn’t. You’ve got to put gasoline in it, you’ve got to put a driver behind the wheel, but yes, with those provisos a car absolutely does get you places. There are certain provisos with respect to money as well, and with those provisos in place, money makes you very, very, very happy.
    "And the chief, and most important, of those provisos is that you have to make the money yourself. And I think we all know what happens to families who win the lottery. I know you may have contradictory information, but I do not know of a single instance of people who won the lottery, and two years later were happier and better off for it.” 
    Charging Interest
    Another component of our conversation with Rabbi Daniel Lapin involves the stigma of charging interest. He points out that the bible does not say you cannot charge interest; it says that you should not charge interest without disclosing all the information. This understanding allowed a lot of Jewish people to go into banking with a mind for commerce and how to provide loans in a way that benefits many. 
    [31:06] “You see, as part of God’s love of connection, he prefers equity to debt.”
    When you owe someone money, you cross the street to avoid them—that’s debt. However, when you have an equity investor in your business, you seek them out because your interests align. It’s a mutually beneficial relationship. Debt can cause rifts, while equity can strengthen bonds. 
    The Most Important Thing To Starting a Business
    [32:49] “I think the most important thing is that there is no one important thing. Because business and life are far too complex to be operated on the basis of a silly slogan. There are profound and consequential principles that you need to wrap your entire being around. And one of them, for instance, is that if you consider business to be a reprehensible activity [you cannot succeed].”
    For each of us to be successful, we must believe, honestly, that we are doing something great for others. Because, if you view yourself as a thief and a pirate, you will not be very successful in your industry. Find your specialty, find your area of interest, and make it worthwhile to the world. Then, if you’re good at what you do, and have a passion, you’ll be paid for it. 
    Spiritual Characteristics
    There’s more to making money than a simple transaction. You must build relationships to make money—whether personal, business to business, or even on a “brand” level. Giving value, being skilled, and finding opportunities are components of wealth. These qualities simply scratch the surface. These are the spiritual qualities of money, the things that you express that are valuable—optimism, integrity, ingenuity, and more.
    You are not a thief for making money. You bring innate skills to the table in order to make that money. Your wealth can reflect your spiritual qualities. 
    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. He regularly appears on radio and television shows. Newsweek magazine included him in its first list of America’s fifty most influential rabbis. His weekly podcast now enjoys over 100,000 downloads, as do his weekly columns.
    With his wife Susan, he hosts the daily TCT television show Ancient Jewish Wisdom. An enthusiastic boater who has sailed his family across the Pacific, Rabbi Daniel Lapin lives in Maryland. With him, he has his seven children that he and his wife homeschooled. His website is www.YouNeedaRabbi.com  
    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.
    1 hr 1 min
  • Is Infinite Banking Dead? 7702 Plan and Law Changes
    Right now, you have a fantastic opportunity to use whole life insurance as a place to store cash, build capital reserves, get better than bank rates on savings, AND the ability to earn never-ending compound interest, even WHILE you’re using the same money for something else. And you don’t have to qualify to access your capital. You can thank the 7702 Plan for that.
    https://www.youtube.com/watch?v=7lMnZARrqys
    But is this long-time financial bunker of the wealthy about to become an obsolete vintage classic?
    The recent spending bill Trump signed into law went into effect on January 1, 2021. As a result, we'll be seeing some critical changes to the IRS code that has made Privatized Banking such a powerful opportunity. 
    There’s still much to be determined, but today, we’re looking at tax code changes and how they affect you.
    So if you want to find out what these changes mean for your ability to get the profound guarantees and wealth-building strategy of Privatized Banking… tune in below!
    Table of contentsWhat is the 7702 Rule?What is a MEC?What's Changing with 7702 Plans?MEC QualificationsChanges in GuaranteesThe Impact of the 7702 Plan Changes7702 Plan Changes and MECSDid the 7702 Plan Change Destroy Privatized Banking?Book A Strategy Call
    What is the 7702 Rule?
    In short, this is the part of the tax code that enables Privatized Banking strategies with life insurance. The way life insurance has been defined in the past, according to the Federal Government, offers many tax advantages.
    Tax-deferred growth, which can sometimes be experienced tax-free if used properly,Tax-free policy loans,And an income-tax free death benefit.
    Because of these tax advantages, there is a provision that prevents whole life insurance from being abused. If too much premium is funneled in too quickly through Paid-Up Additions, a policy can become a modified endowment contract (MEC).
    What is a MEC?
    Up until the 80s, people were abusing the benefits of life insurance by purchasing a small face value, funneling in extra premium, and calling it life insurance. Then, they were reaping all the tax benefits.
    In 1984, the government put a stop to that by placing limits on over-funded policies. While still possible to do, once a policy becomes a MEC, it no longer carries the same tax advantages.
    The trick to Privatized Banking is to design policies with as much premium as possible, without a policy becoming a MEC. That way, you can get as much cash value as possible, while still reaping the benefits of tax advantages.
    What's Changing with 7702 Plans?
    The bill, signed in December, went into effect in January. The 5,593 page document has taken time to wade through, but here's what we now know. Regulations for what constituted a MEC are changing.
    MEC Qualifications
    Prior to this bill, a life insurance policy had to pass something called a 7-pay test to qualify. The test determines how quickly a policy could be considered "paid-up," or fully funded. If your policy was paid-up within the first seven years of the policy, it would fail the test and become a MEC.
    Now, the MEC test will be based on a floating rate relative to the Prime rate.
    Changes in Guarantees
    One of the greatest strengths of a life insurance policy is certainty: there are guarantees built into the policy that keep your money secure—and growing. Previously, the minimum guaranteed interest rate on policy growth was 4%, however the government lowered that rate to 2%. However, it's important to note that insurance companies have been successfully navigating a low-interest rate environment for a long time. And just because the floor has lowered does not mean rates can't be higher.
    The Impact of the 7702 Plan Changes
    While these changes will affect policies going forward, it's important to note that any policies currently in-force will not change. Life insurance is contractual, and companies are required to uphold current contracts. New policies, both whole life and universal life, will be affected.
    However, we see this as a positive change overall. Low bond yields overwhelmed insurance companies as they worked to meet their contractual obligations. This new minimum will allow insurance companies to continue to meet their guarantees in this low-interest-rate environment.
    It's important that life insurance companies maintain their longevity and integrity, and the returns were almost too good for how low bond yields were in 2020. We want mutual companies to succeed, because it allows our policies to succeed, too. Remember, mutual insurance companies share profits with policy owners—if yields go up, so do dividends. The lower guarantee threshold allows companies to stay afloat in leaner times.
    7702 Plan Changes and MECS
    One of the other powerful side effects of lower interest rates is that you can funnel in more premium dollars per death benefit without a policy becoming a MEC. In the long run, this can improve compounding, and in the early years of your policy makes more cash value available to you.
    This happens because of the cost of insurance. Based on the face value of the death benefit, and actuarial tables, the insurance company carefully calculates the cost of insurance. Base premiums are based on this calculation, and in the early years of a policy most of your premium goes to paying the cost of insurance. Paid-up additions allow you to funnel money in beyond that amount, which means more of your premium will go into your cash value. These additions can improve the amount available to you in early years.
    The downside is that your guaranteed cash values will be lower because of the lower guaranteed rate.
    Did the 7702 Plan Change Destroy Privatized Banking?
    Ultimately, we don't think so. While adjustments will need to happen when designing new policies, we see this change as an opportunity to grow. The changes we see will contribute to the sustainability of mutual insurance companies, allowing more people to partake in the benefits of Privatized Banking for years to come. We think that's a win.
    While some guarantees have changed, and the government has redefined MECs, the strongest aspects of permanent insurance have not been changed. Guarantees still exist, there are still tax advantages, and the policy loan remains. In other words, the way we use Privatized Banking strategies is unchanged.
    Only time will tell how some of these changes play out, and we look forward to seeing them unfold.
    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.
    58 min
  • Attracting Influencers and High Net Worth Clients, with Steve Sims
    If you want to achieve the impossible, connect with the most powerful people in the world, achieve the next level in your business, strengthen your relationships, lead your community, and make an impact… listen in, because we're talking with Steve Sims.
    https://www.youtube.com/watch?v=oHXpuecDrjM
    Quoted as “The Real Life Wizard of Oz" by Forbes and Entrepreneur Magazine, Steve Sims is the best-selling Author of BLUEFISHING—The Art of Making Things Happen, a sought-after coach, and a speaker at a variety of networks, groups and associations, as well as the Pentagon and Harvard—twice! 
    So if you want to transform your life, attract influencers and high net worth clients… tune in below!
    Table of contentsSteve SimsThe Number One Mindset Tip“You Are the Room You’re In”How to GrowEntering with a SolutionSteve Sims' Millionaire PartiesA Note to EntrepreneursLinks MentionedBook A Strategy Call
    Steve Sims
    Steve Sims is a master at helping people achieve the impossible with the most powerful people in the world. Or, if you ask him, he’d say he’s good at achieving the stupid, or the unexplained. That’s because, as Steve shares, once you label something as impossible, you’ve created a mental barrier for yourself. So if one thing is clear, Steve knows how to transcend the unthinkable, and impact the world. 
    Steve has had many paths in life, all of which hae led him to where he is now. For the last 25 years, he's been in what is technically the concierge and spa business. In his own words:
    [2:27] “One of the famous stories everyone knows was I had a client who wanted to have a meal in Italy, and he wanted it to be unforgettable. And so I closed down the Academia, the Galleria in Florence, that houses Michel Angelo’s David. Set up a table of six at the feet of David. And halfway through the pasta I had Andrea Bocelli come in and serenade them. And so I’m basically the Make-A-Wish foundation for people with really, really, really big checkbooks.”
    Now, Steve acts as a mindset coach to help people get the clients that they deserve and want, rather than the clients they get. 
    The Number One Mindset Tip
    When asked what his number one mindset tip is, Steve answered to not identify the problem. Which at first may seem completely counterintuitive. That is because in his experience, people spend the bulk of their energy telling you why they can’t do something. Either they don’t have the money, or the time, or the resources. 
    The trick is to shift to how you can do something. The answer may be to set aside thirty minutes a day to reach your goal, or write grants to fund your project, or build more cash flow with a side hustle. Maybe, the solutions are far more creative than that, as Steve Sims shares with us in the interview. There’s an infinite number of solutions for an infinite amount of ideas—it just takes work and a vision. 
    As Steve says:
    [5:02] “Have you ever noticed that when you get into a room full of entrepreneurs, you’re at home?”
    That’s because the entrepreneurial mindset is energizing—it’s about innovation, creativity, and finding solutions. It’s the exact opposite of the—"Here’s why I can’t”—mindset. 
    “You Are the Room You’re In”
    You’ve likely heard the statement before—you’re a combination of the five people you spend the most time with. One of Steve Sims' strategies, regardless of his position, has been to surround himself with wealthy people. This could be people of intellectual wealth or monetary wealth. This strategy has allowed him to grow, and to be the person with all the solutions, instantly making him one of the most valuable assets in a room of wealthy people.
    How to Grow
    [10:38] “Sometimes the greatest growth comes from the most devastating problems and mistakes and issues."
    Later in our conversation, Steve shares a personal story of how he was flown to China for work, then fired. What seemed like a dark situation turned out to be a phenomenal opportunity that led him to being a bouncer and making connections with some of the most affluent customers in the establishment. 
    This growth was fueled by the idea that he could not remain stagnant. He is always seeking opportunities and solutions, so that he can becomes a better version of himself each day.
    [15:02] “I say, ‘If I don’t try to get there, I’m going to stay here.’ Whoa. I don’t want to be me, even today. You know, I live well, and I’m absolutely fine, but I don’t want to be me this time next year. And I remember someone saying to me the definition of Hell is to have met the man you could have been.”
    Entering with a Solution
    Steve Sims will tell you, he’s not a networker in the typical sense. He’s not about the watercooler talk or casual conversation, he’s all about solutions. That’s how he made some of his greatest connections—he didn’t enter a conversation until he had a solution to present. 
    Part of being the solution requires listening and paying attention—you must understand the problems people are facing, so you can position yourself to be the person to solve them. The second component is to ask questions. 
    The best question to ask, in Steve's opinion, is “What would help?” You provide at least two solutions, so that you’re offering a choice. This removes the liability off of you--you're not leaving room for an answer you don't want, such as '"no." If you can create a scenario in which the answer is what you want it to be, you've made yourself valuable.
    Steve Sims' Millionaire Parties
    After Steve’s solution-finding epiphany, he started to throw parties exclusively for millionaires (in the 80s and 90s). Through these parties, he made a name for himself, and created a niche commodity for the types of people he wanted to work with.
    And he found new solutions to his own problems—one of which involved a liquor license. Steve Sims' was required to have one to sell alcohol, which meant jumping through hoops. However, giving the liquor away did not require a license. So he made the alcohol free, and increased the ticket price from $500 to $1500. The parties became increasingly exclusive, and Steve ended up better for it because he didn't dwell on the problem of "can't." 
    A Note to Entrepreneurs
    In closing our conversation with Steve Sims, we circle back to the story of dinner with Michel Angelo’s David. There’s a story beneath that popular anecdote that few people know. And that’s that as he was setting up this once-in-a-lifetime event, he got pushback from the museum curator all the way through. 
    When the night finally rolled around, everything was perfect. It could be called Steve’s magnum opus. And he asked the curator how he, Steve, of all people pulled it off. There were answers he expected to hear—he’s well connected, he’s passionate, he’s an accomplished negotiator. However, what the curator told him was that Steve was the first to have asked for these things. 
    At first, this deflated his ego a bit. This remarkable event was the first of its kind simply because no one had asked. Yet that detail was the lesson—until you ask for what you want, and pursue your dreams, they won’t exist. It’s not that they’re not possible, they simply have not happened yet.
    Links Mentioned
    https://www.stevedsims.com/podcast/
    https://www.stevedsims.com
    https://www.forbes.com/sites/petertaylor/2016/05/11/the-5-keys-to-success-from-the-man-with-the-worlds-coolest-job/?sh=ee63994550dd
    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.
    59 min
  • Best Places to Save Money: Secure and Grow Your Savings
    Americans are saving more money than ever, yet interest rates are at an all-time low. If you're looking for the best place to save money, it might be time to stop saving with banks.
    https://www.youtube.com/watch?v=dl02XkqwwDg
    A recent CNBC article states: "In the midst of the coronavirus crisis, many Americans are spending less and saving more. At the same time, banks are paying next to nothing on those deposits."
    Are you, too, looking for the best place to keep savings but want to make sure you’re doing the most with your money? Today, we’re talking about this unspoken challenge from a fresh lens.
    So if you want to learn about one of the best places to save money, so you don’t have to give up returns or resort to high risk in search of them… tune in below!
    Table of contentsWhy More People are SavingInterest Rates and the Federal Reserve Decline of Customer ServiceBank Accounts and LendingTraditional and Alternative Savings Options ComparedWhere Is the Best Place to Save Money?Whole Life Insurance: Emergency Fund and Alternative High-Yield Savings AccountWhy isn’t it Mainstream?Common Savings Mistakes to AvoidBottom Line
    Why More People are Saving
    Americans are saving more money than ever, yet bank savings rates are at an all-time low. So, how does a scenario like this happen?
    We think primarily, COVID-19 has been an eye-opener for the world. On one hand, workers who were affected by job closures have likely realised that they didn’t have enough money saved to fall back on. While a tough lesson to learn, the fact that Americans have been successfully saving more money gives us hope. After all, having money saved is what enables you to weather economic storms (and seize opportunities when things are going well).
    On the other hand, business closures meant a lack of things to do. Movie theaters, aquariums, museums, restaurants, and shops all closed. Pretty much all indoor (and many outdoor) businesses had to shut down for a good portion of the year. This also means that many families turned to other alternatives for entertainment, in other words, free. Hiking, swimming, and being outdoors became more popular. Americans started saving more money by default because so many businesses put a halt to operations.
    So not only are people choosing to create better savings habits, they’re also creating better spending habits. Now that you have the money, it’s time to ask—where is the best place to put your money?
    Interest Rates and the Federal Reserve 
    A tumultuous economy means changing interest rates. The Federal Reserve controls interest rates, and in order to boost the economy, they’ve lowered rates dramatically, almost to zero. Meanwhile, they’ve also pumped trillions of dollars into the banks. Now, banks are at a surplus - meaning that overnight lending between banks is down, as are savings rates.
    In the past, banks would use high-interest rates and “prizes” to incentivize opening accounts at their establishment, appealing to people who were looking for the best places to save money. Now, with a surplus, there’s no need for banks to offer this incentive. High savings rates are the bank's way of broadcasting that they want your money, and they’re willing to offer something in return. Now, banks can lower these incentives almost to zero, because they aren’t relying on that money to come in.
    We’re seeing a mismatch in supply and demand. While there’s a high demand for a safe place to store liquid cash, where it will also grow, there’s relatively low demand from banks for new accounts.
    Decline of Customer Service
    One unfortunate consequence of this low-interest-rate market is a decline in customer service. Because banks do not need new accounts, they are not incentivising new customers, which also means that there is no incentive for them to provide better customer service. Combine that with a high demand for saving and a pandemic, and the issue worsens. Lobbies are closed, drive-through lanes are cramped, and phone service is difficult.
    Bank Accounts and Lending
    Under normal circumstances, banks have higher interest rates on savings accounts and money market accounts because they want your money. Ultimately, because that’s how they make theirs. You see, banks don’t lend their own money to their customers. They leverage their customers’ money - YOUR money.
    For example, if you deposit $100,000 into a savings account, making 0.05%, you’ll earn $50 on that deposit. Then, say that the bank agrees to loan that same $100,000 to someone else for their mortgage. If they offer an interest rate of 3%, that’s $3,000 of interest. So the bank is making 60 times what they’re paying you in interest. In other words, for a $50 investment in your savings account, they’ve made $3,000.
    We’re not arguing that banks shouldn’t make a profit. However, we are saying that this is the reason for low interest rate markets - to bolster banks and get money recirculating.
    Yet what if you could store your money elsewhere, earn a better savings rate, and be able to leverage that money in the same way as the banks do? Because if the bank can do it, so can you. 
    Traditional and Alternative Savings Options Compared
    Let's compare the places to save money that might be described as popular, mainstream options. 
    Traditional savings accounts offer FDIC insurance but minimal growth. They keep your money safe, but let inflation quietly chip away at its value. Money market accounts might be a slightly better place to keep savings with marginally higher rates and check-writing ability, but they still fall short of true growth.
    CDs lock your money away for months or years. Many consider these a good place to save money they won't need right away, but early withdrawal penalties can be steep.
    Apart from banks, other options exist for anyone looking for the best places to save money:
    High-yield online savings accounts typically offer better rates than physical banks. They could be worth considering when looking for where to save money for better returns.
    Credit unions are member-owned and often provide better savings rates than commercial banks, and could be another viable place to keep your money.
    Treasury bills and notes offer government-backed security with potentially higher returns than standard savings accounts. Generally speaking, they are a good place to save money for those with a slightly longer time horizon.
    Money market mutual funds, though not FDIC-insured, provide another place to keep savings. They usually offer higher yields than traditional accounts while maintaining reasonable liquidity.
    But Where Is the Best Place to Save Money?
    When families ask me about the best place to keep savings, I have to be honest with them. While the aforementioned suggestions are viable, they just aren't cutting it anymore - you can do so much better.
    Your money should be safe. It should grow. And you should be able to use it when you need it! Most savings options force you to give up at least one of these essentials. But what if you didn't have to compromise?
    Utilizing a strategy we call infinite banking, you can do what the banks do, and at a better savings rate than you’ll get with the banks. It starts with a specially designed whole life insurance policy with a mutual company.
    This concept has been used for hundreds of years, yet it feels like it’s one of the world’s best-kept secrets. Why? Because today, it’s primarily the super wealthy who use this strategy.
    Whole Life Insurance: Emergency Fund and Alternative High-Yield Savings Account
    To clarify, life insurance is not a savings account. However, it is the best place to store money in the form of liquid capital that we have found.
    One of the great strengths of a whole life policy is the savings rate. Whole life insurance has a cash value benefit, on top of the death benefit. This is cash that you have access to while living and is guaranteed to grow each year. You can also receive non-guaranteed dividends. However, most companies have paid dividends for over a hundred years.
    To do what the banks do, you can take a policy loan. Rather than liquidating your cash value, you’re using your value as collateral to get a loan from the insurance company. When you withdraw money from a savings account or money market fund, you stop the full compounding growth of your money. When you take a whole life insurance policy loan, you keep your money in place so it can compound uninterrupted…and you still have money to use.
    Then, you can use that policy loan for cash-flow investments and opportunities. As Robert Kiyosaki says, you should look to use “other people’s money” (OPM) as often as possible. The more you can create situations of leverage, the more you can grow your wealth at the same time as you create new streams of income and cash flow. 
    Why isn’t it Mainstream?
    One reason Privatized Banking strategies aren’t well-known is that insurance companies are very conservative with their spending. This says something about the safety of life insurance companies and how they’ve survived every economic downturn. One way these companies cut spending is by limiting their advertisements; instead, they rely on their producers or agents to do the advertising or word-of-mouth ads for them.
    Common Savings Mistakes to Avoid
    Over the years, I've watched families make these costly mistakes when considering the best places to save money:
    Letting cash sit idle in checking accounts isn't being conservative; it's missing opportunities to grow your family's future. Remember, every dollar deserves a purpose!
    Jumping from one "high-yield" account to another. The best place to keep your money involves so much more than simply hunting down an extra 0.1% interest.
    Forgetting about inflation is another common mistake....
    1 hr 1 min
  • The Go Giver Influencer, with Bob Burg
    There is a major problem in the world today: it’s not people disagreeing with one another… it’s that they cannot disagree agreeably, civilly, and most importantly, persuasively! Here, at the end of a turned upside-down year, the gift we need most is a solution. That's where The Go-Giver Influencer comes in.
    https://www.youtube.com/watch?v=wtLxPvRHxZ4
    In this interview, we’re talking with Bob Burg, co-author of The Go-Giver Influencer. 
    So if you want a way to find common ground where there appears to be only irreconcilable conflict, and get the secret to achieving your goals, this is the answer you’re looking for… tune in below!
    Table of contentsWho “The Go-Giver: Influencer” is ForWhat is Influence?Healing Political RiftsThe 5 Secrets of Genuine Influence1. Master Your Emotions2. Step Into the Other Person's Shoes3. Set the Proper Frame4. Communicate with Tact and Empathy5. Let Go of Having to Be RightAbout Bob Burg
    Who “The Go-Giver: Influencer” is For
    Bob Burg, along with his co-writer John Mann, has now written four books about the “Go-Giver” parable. The first story is about the seemingly counterintuitive steps to success that can make a vast difference in your life. The Go-Giver Influencer is the second book which tells yet another parable of success, and important lessons about relationships.
    [5:09] “John and I… really wanted to take [the concept of] influence to a deeper level because of its importance. Now, in both of the other parables… influence was certainly a part of it. It was even law number three—the law of influence in The Go-Giver. So we have to really look at, ‘What is influence, and why is it important?’”
    The answer is people skills. Talent can only take you so far in business and in life. And of course, hard work keeps your talent honed. Yet without people skills, you’ll have a hard time making actual progress toward your goals. Everything we do in life is filtered through the relationships we have with other people. That is where The Go-Giver Influencer comes into play.
    What is Influence?
    [8:18] “I think that’s the essence of influence, it’s pull. Pull as opposed to push, right? As in, how far can you push a rope? And the answer is not very fast or effectively. Influencers don’t push… their will on others. They don’t try to push their ideas on others.”
    You can’t push your way to what you want—it won’t end well for anyone, nor is it sustainable. Influence is the art of pulling, or better yet attracting, people. In fact, the best influencers do this genuinely, because they understand that there’s power behind being inviting.
    [10:20] “[Genuine influencers] will ask themselves questions. How does what I’m asking this person to do… align with their goals? With their needs, with their wants, their desires?... How am I helping them overcome a challenge...Now, when we ask ourselves these questions thoughtfully, intelligently, genuinely, authentically—again, not as a way to manipulate another human being to our will, but as a way of building [inaudible]---[we earn] that person’s commitment, as opposed to trying to depend on some type of compliance.”
    Healing Political Rifts
    2020 has been a tough, sometimes contentious year, and the rift between political affiliations has only grown. We’ve been most concerned by the conversations across political divides, which have put a strain on relationships of all types. And we’re even seeing a shift in the conversation. Between parties, we used to see, “I’m right, you’re wrong” discussions. Though not the healthiest outlook, there was still discussion. Now, the conversation is, “I’m right, you’re evil.”
    [18:44] “This is a totally different frame, and one which makes it nearly impossible to engage. Because you’re not going to engage with evil. Evil is incorrigible. There’s nothing you can do with evil. So because of that, what people have done on both sides is hunker down, listening only to the information that supports what they already believe.”
    This creates rifts, and healthy communication can’t take root in this type of environment. Healing these rifts and re-opening conversation begins with a willingness to engage. The second step is to try to understand where the other person is coming from, and why. This doesn’t mean you have to agree. Yet, you must attempt to understand those thought processes.
    The 5 Secrets of Genuine Influence
    1. Master Your Emotions
    [22:09] “It’s only when we’re in control of our own emotions that we’re even in a position to take a potentially negative situation or person and turn it into a win for everyone involved. The challenge is, as human beings we’re emotional… Now, what we’re not saying is to deny your emotions…What we can say is, make sure you’re the master of your emotions and they’re not the master of you.”
    2. Step Into the Other Person's Shoes
    It’s easier said than done.
    [23:10] “The fact is, most of us don’t have the same size feet. So we literally can’t step into another person’s shoes. More importantly, we can’t figuratively step into another person’s mind, or set of beliefs, because we’re not them.”
    [24:18] “And the only way we can really step into another person’s shoes is to ask questions and then listen. Really listen. Listen not to shoot them down or to disagree, or to tap into our own biases…just listen.”
    3. Set the Proper Frame
    [25:00] “A frame is simply the place where it all begins. The frame can be defined as the premise; the foundation from which everything else takes place.”
    To have productive conversations, have the right foundation. Just as you must master your emotions, you must also be intentional about the environment you create. Before posting a retort on a Facebook post or making a quick comeback, consider how you want to frame your response and what sort of frame will give you the results you want.
    4. Communicate with Tact and Empathy
    [29:51] “My dad always defined tact as the language of strength. Which I love, because it takes strength to not just blow up… Tact can really be defined as a way of communicating an idea to someone that they ordinarily would not be accepting of, in a way that, not only are they not defensive of you or your idea, but they’re open and accepting of considering your idea. Empathy is what makes this possible, because it means that we realize this person feels a different way than we do. And we may not understand their feeling exactly because we’re not them, but we can understand they’re feeling something.”
    5. Let Go of Having to Be Right
    [30:40] “We don’t mean, don’t care about being right, okay? Of course, you want to be right; you want to prepare to be right, you want to have the information to be right, but let go of your attachment to having to be right… Because when we’re not open to this, we become that person, ‘My mind is made up, don’t confuse me with the facts.’ And that person can never learn. When we’re at least open to not having to be right, we go into learners mode. And we can actually equip ourselves with the information to be more right, more times.”
    You also broadcast to those you’re speaking with, and those watching that you’re seeking truth, not just seeking a winnable argument.
    About Bob Burg
    Besides coauthoring the bestselling Go-Giver books with John David Mann, Bob has authored several popular books, including the critically acclaimed, Endless Referrals: Network Your Everyday Contacts Into Sales and Adversaries into Allies. His total book sales are well over a million copies.
    The American Management Association named Bob one of the 30 Most Influential Leaders and he is one of Inc.’s 100 Great Leadership Speakers. Richtopia named him one of the Top 200 Most Influential Authors in the World.
    Bob is an advocate, supporter, and defender of the free enterprise system and believes that the amount of money one makes is directly proportional to how many people one serves. He is also an unapologetic animal fanatic, and served on the board of directors of Furry Friends Adoption & Clinic in his hometown of Jupiter, Florida. For more information, articles and free resources, please visit www.burg.com.
    Find Out Your Next Step to Time and Money Freedom
    Do you want to use Privatized Banking, alternative investments, or cash flow strategies 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 would love to help you.  
    Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/.
    By the way, to find out more about how Privatized Banking gives you the most safety, liquidity, and growth … plus gives you the ability to have your money do 2 things at the same time, boosting your investment returns. 
    Go to https://privatizedbankingsecrets.com/freeguide to learn more.
    40 min

About The Money Advantage® Podcast | Infinite Banking Concept & Family Banking

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The Money Advantage® Podcast helps successful, legacy-minded families turn wealth into stewardship, unity, and multigenerational impact through the Infinite Banking Concept, Family Banking, legacy…

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