Unveiling the Secrets of the Infinite Banking Strategy with Dr. Rob Scranton

Speaker 1:
0:02

In this episode of the Aim High podcast, I dive into infinite banking with Dr Rob Scranton. Dr Scranton outlines his transition from traditional finance to embracing infinite banking, highlighting the advantages such as safety, tax benefits and the ability to create a lasting and financial legacy. The key takeaways for this episode include the importance of starting early, the holistic approach that personal finance and infinite banking offers, and the potential for building generational wealth through strategic policy management. Hear about all of that and more, where we provide real estate investors with the tools to achieve generational wealth. This is the Aim High podcast, episode 75. Hello and welcome to the Aim High podcast. I am your host, bud Evans, and today I am with Dr Rob Scranton from your financial IQ. Dr. You and I have a love of a specific type of banking that we both share. Can you do me a favor and give me a quick introduction?

Speaker 2:
0:53

Yeah, my name is Dr Rob Scranton. I guess I am a financial doctor. I have practiced in the past as a chiropractor, but my original degree undergraduate was in accounting and finance and I prepared tax returns for large corporations and rich individuals in Chicago. Interesting trivia notes I actually worked on Jay Boehranger's tax return the very first Heisman Trophy winner for any football fans out there and I did audits of companies. I started out my financial career doing what I was told and practicing what I had learned and investing in 401k at work and so forth.

Speaker 2:
1:38

I was so impressed in 2009 when my financial advisor managed to lose 45% of everything I'd worked so hard and saved for my entire working career up to that point In a matter of about three months. Actually, I was really paying attention. Like most people, I was just waiting from my quarterly statement to my quarterly statement. Hey, who took all that? Where did that go? I started looking for a different way and a different approach for the rest of my life because I didn't want to experience that again. It was one of the most sickening feelings of my entire life and I just thought to myself what if this would have happened the year I retired and no longer had an income and couldn't replace that and had no way to recover. Because I actually saw my parents and a lot of my parents friends go through exactly that where they were retiring. About that time, all of a sudden, I would see them when I would go to Lowe's or Home Depot again and they were working in the Isles County and Scrooze and I'm like, oh hey, mr Smith, how you doing. Oh hey, rob, hey, you know me, I try the retirement thing. I'm just too much of a busy body. I couldn't sit at home and do nothing. So I'm back here working. I'm like, yeah, sure, buddy, you're back here because you need to, because I know what happened to everybody's retirement accounts. And so I found this thing called the Infinite Banking Concept.

Speaker 2:
2:59

I read a book by a gentleman named R Nelson Nash, the godfather of that whole movement, and my first initial reaction was like, wow, this is unbelievable. Why does not everybody do this? So that created the second response I had, which is why doesn't everybody do that and why have I never heard of this? And why, with my degree in accounting and finance and working in this industry, have I never heard about this? So I became familiar with the Bible.

Speaker 2:
3:29

All became like Saul, persecuting this thing and kind of on a mission to prove it wasn't true and find the fallacies, and I determined to prove that it was a scam and a sham and a fake. And but I came out of about a year and a half of doing that realizing like, oh, actually everything they're saying is completely true. This is 100% accurate. There is no other financial tool or instrument on the planet with that has the features and benefits that this has. And if you know of something, bud, please let me know, because I've been looking for about 14 years and I haven't found it yet.

Speaker 2:
4:06

And I went from Saul, the persecutor of this infinite making concept, to Paul the evangelist, telling everybody I know that would listen even for a half a second to me about this. And I still teach people. I think about myself more as an educator than than anything else, telling people and explaining this because I didn't know this. With my degree and degrees and background and work experience, I realized if I didn't know about this, I'm pretty sure most of the rest Americans don't know about this either, and so that's just a little brief synopsis of my background and how I got involved in doing this infinite banking thing.

Speaker 1:
4:49

So let's jump into it right off the bat, because I'm on the fan both of what you do personally and of the concept itself. I actually use it myself, but how?

Speaker 2:
5:02

risky, is it? How risky is it? The great thing is, nobody's ever lost money in a whole life insurance contract and these contracts have been around for over 200 years, so we know exactly how they're going to flat. If we get time, I'll even share a story about my great grandfather. So this goes way back in my family. My dad still got a policy enforced today that his dad put on him in 19. That has a 1300% return every single year on the dollars that he puts into there, and most people have no idea that such a thing even exists, but I have it there in paper. He sends me a copy of his statement every single year. This is all you should need to show any of your clients and they ought to know that they need to do this. Just look at this and his grandfather. Actually, this system helps save their family farm.

Speaker 2:
5:54

We were talking about banks before we got on the podcast here and the bank in their hometown went busts during the Great Depression, completely went out of business. A lot of banks were. He couldn't get the seed company. He couldn't get a loan from the bank because it didn't exist anymore. The seed company was not loaning people seed corn for planting for the farmers on credit anymore because they're going to lose their you know what. Because everybody was going bankrupt and so he had no way to get seed corn to plant.

Speaker 2:
6:24

That's important if you're a farmer. And so he's worried about losing the family farm and losing his house. But he remembered he had this old whole life insurance policy he bought a decade or two before that. He thought he remembered the agent had told him like oh, it builds and grows cash over time. Yeah, and that was considered back at that time, and probably even more true today. Actually, we just are lulled to sleep by this FDIC insurance thing that they created to make all of us feel safe and more comfortable. But the reality is but if there was a run in the bank and a scare and we all ran to the bank this morning to try to pull out our money, we'd get about six or seven cents on the dollar, and that would be it of what we have on the post there. Because that's all that actually exists.

Speaker 1:
7:13

There's no risk in putting your money in a savings account, right, you know. Before we got on the you know, it's why I brought it up.

Speaker 2:
7:19

It's exactly why I brought it up. We were just talking about something called a bail in. Everybody's familiar with the bank bailouts in 2008, 2009. But even what? The government printed so much money. Then they printed so much money through the pandemic, and then the what was it called? The inflation? Whatever acts that had nothing to do with the inflation. Oh yeah, I'm printing even more money and but the next time the banks have a real crisis, they're more than likely they're not going to get a bailout from the government. So what they're going to do is a bail in and we just talked about this other thing before we got on the podcast as well where, if you I warn people if you have a line of credit, a business line of credit, a home equity line of credit with a bank, make sure it's a bank that's separate from the bank where you warehouse or store your money. Yet create your own bank and warehouse your money where you have control of the menu and over, but if you've got it in a bank, make sure it's in a separate bank. This is a right or downer for any of your people on your podcast If they have a large line of credit, especially outstanding, the same place that they have their savings or their checking account, the better. Make sure they move that all and put it in a separate bank, Because if they ever have another crisis, they won't get a bailout from the government. They're going to do what's called a bail in which, basically, they're going to bail themselves out. So if you've got money in your savings account and you have outstanding line of credit, they're just going to move that money from your savings account to cover as much as they can of whatever you have outstanding to bail themselves out. And this is perfectly legal.

Speaker 2:
8:55

We talked about the Dodd-Frank Act. I forget what year that went into place, but it's in there and that law that they wrote that they are completely allowed to do that. Most people have no idea that's even a possibility. Like I said, we're all lulled to sleep with this idea that this FDI insurance is going to save us. But there's no way the government could ever print enough money fast enough to cover, with the FDI insurance, all the money that people have on deposit across the country. So it's just not going to happen. Hopefully we never get there, but I would like to be positioned to be less susceptible to it and less at risk if it were to ever happen. At the same time, I just think it's prudent.

Speaker 1:
9:42

Doc, I'm going to ask you because I've used this concept before in purchasing rental properties. So how much money does it take to start doing this?

Speaker 2:
10:30

There's kind of a rule of thumb. The way we design, we use before all your listeners turn off the podcast we use the infinite banking system is the system we're using to take back the banking function in our lives and get the government out of our hair. And we do use the product that we use to do that is a whole life insurance product and, like I said, for everybody who goes running for the doors on that, just remind me. But again your question, make sure I'm specific on the internet.

Speaker 1:
11:12

Sure, yeah, it is basically. The basic concept is you're taking that whole life insurance policy, you're building up a cash savings. You're going to take a loan against that cash savings to use it in other ways, becoming your own bank. So what does it take to get?

Speaker 2:
11:28

started. Oh sorry, yes, thank you for circling me back and keeping me on track. Yeah, so to make sure the way we design these policies, we try to get as much cash stuff in as we possibly can. This is completely opposite the way most people have tried to solve for the life insurance aspect of the protection aspect of their life, because usually most people if they're shopping for life insurance or they've been sold life insurance, they're trying to get the maximum amount of death benefit, and that's what the whole conversation is about the maximum death benefit for the least amount of premium.

Speaker 2:
12:02

The interesting thing about that with the term life insurance policy this is very clever with the life insurance companies is they're doing it for just a term, and usually the term is for the term period of your life when you're very unlikely to die, and so you just make cash contributions to make their company healthy for that period of time. Then they jack up the premium so much sometimes 10 times when you're reached the age you're likely to die, that most people say, whoa, no, I don't want that anymore. I'm getting less death benefit for 10 times the premium. No, thank you anymore. So then they end up with no life insurance of any kind, whereas with this type of product and that's funny I hear people say that, oh, I don't know about that whole life insurance that's expensive compared to what A term policy you paid on for 30 years and you never got any benefit from because you were silly and didn't die when it was still in force, and those are all just wasted dollars versus something that's even the name.

Speaker 2:
13:01

Whole life insurance is designed to be with you your whole life, permanent life insurance. It's permanent, so it's one of the only insurances most people are ever going to have that's guaranteed to pay out at some point in your life. Your car insurance is guaranteed to pay off, unless you're getting an accident. Who wants to do that? So you're hoping that you don't ever get to utilize your own insurance, but this is one that's guaranteed to pay off and the way we design these policies. There's living benefits, so you can use all the money in your banking system tax-free during your lifetime Like you mentioned, bud, that you have on multiple properties, and you'll be able to pass all that money on tax-free to the next generation.

Speaker 2:
13:36

And if you structure this properly, that's how you create generational wealth like the Rockefeller, because you're recapturing, reusing and recycling the same dollars over and over again and never letting them leave the family, never letting them leave your family banking system. Because as soon as they do that especially in the form of interest on car loans, house loans, those interest dollars in particular you might have some equity with those other things. Even on a depreciating asset, there's still something by the time you're done paying for it. But every one of those interest dollars disappear Bye-bye, they float away, never to be seen by you or your family, your children, your grandchildren or anybody in the future and your family ever again.

Speaker 1:
14:19

I talked about pulling money out when you're using these loans. How does that affect your credit score?

Speaker 2:
14:26

It doesn't affect it at all. This is completely off-grid. This is between you and the insurance company. In fact, when you take loans, you have a cash value. We talked about turn term insurance. You have a level death benefit and a level premium With a whole life insurance policy, you have a level premium, but the death benefit keeps going up and the cash values that grow inside the policy keep growing to the point where by the time we get to usually around year 10, we've got as much or more cash inside the policy than the total amount we've paid into the policy up to that point. From then on, to me it's like we have a free life insurance policy and the rest of our life Plus. We've created this banking system.

Speaker 2:
15:10

When you use the money, it's your money and you're able to take loans against the general fund of the insurance company. It's interesting about that because you're not actually taking money out of the policy when you take a loan. I know a lot of real estate investors like to do hard money lenders and get first lien on a property. What's really interesting we talked about those unique features and benefits of this is when you take a loan against the cash value of your whole life insurance policy because you're not actually taking the money out. You're taking a loan against the general fund of the insurance company to make that hard money loan and so you never stop the cash growth, accumulation and compounding inside the policy, even for a single day.

Speaker 2:
15:53

Everybody talks about compounded interest but most people never do it because as soon as they take the money out of the bank that's been compounded, it stops the compounding. Here we never stop the compounding. It's really about to borrow $100,000 out. Give a real estate flipper $100,000 for two months so he can flip that property and he's going to pay you 6%. Then at the end of two months he returns the $100,000 capital. You put it back and replenish that amount in your banking system and your bank and you've got another $6,000 that you earn and you continue that whole time earning, accumulating and compounding on that $100,000 inside your bank at the same time.

Speaker 2:
16:32

So you're really literally able to earn a rate in two places at the same time at the exact same doubt, and that, to all you listening, is just something that most people will tell you is completely impossible. But it is completely possible. People are doing it all the time, every single day. This is what all the large banks do. This is what the rich people do. Most of us, even with my accounting and finance degree and working in public accounting, just didn't know about all this, because all the senators and congressmen in Washington DC all do this. They don't just necessarily want you and me and everybody else to know about all this.

Speaker 1:
17:09

I have a degree in finance. I have a master's in business administration. I had no time throughout any of the years that I was in school Did anyone ever talk about this, this concept number one, and you and I talked about how I was using velocity banking. So I'm going to ask you about the risks involved in this. But they just shut it off without notice. They didn't even tell the guy that I dealt with at the bank that they shut off my line of credit. Some people would say that this almost sounds illegal. And how many times have you heard this? And I'm just going to flat out say it because I was involved with an insurance program before and I was coached to tell people by term and invest the difference Comparatively. How do you deal with?

Speaker 2:
17:54

that, like I said, thankfully I have those stories going back this product hasn't really changed. She lost 200 years, so we know how it works. We know how it's going to turn out. We don't have to guess or wonder I talked about. My parents have had this, my grandparents had this. My great grandfather saved his farm during the Depression and when I first started learning about this and explaining it to my dad, he's wow. He says.

Speaker 2:
18:18

Now I really understand this at a much deeper level. He said I wish I would have known about this 30 years ago when I started my real estate investing career. He said if I had had my own bank and had quick access to capital, he said some of the best deals I ever had I left on the table wasn't able to do because somebody else jumped in there with a larger down payment or cash offer that I missed out on. That was incredible because I had to go through the banks and wait through your system and pray and bow before them and ask permission and all the stuff you got to go through and it just took too long and the seller got. They wanted a quick sale and they wanted to move on with their life and I wasn't able to do that. And that's when he pulled out insurance policy He'd taken out on me when I was a one year old and he said now this is an exciting you know as far as the numbers. But he says I want you to pay attention to this and look at this rod, because this is exactly what the guy you've been learning about this from is talking about. They just know how to do it in a much better way and I didn't understand that to that degree. But I got this policy because your grandfather bought a policy on me and his father bought policy on him. This is just how we used to save money. Because a lot of people don't realize we talked about the banks.

Speaker 2:
19:34

The traditional banks are leveraged at eight to eight or nine to one ratio. The dollars you put on deposit, you put $10,000 there. That's why when you try to pull out more than $10,000, you have to fill out paperwork and say what you're using it for, because they just are trying to discourage you from taking it out because the government allows them to loan that out that $10,000 and make nine other $10,000 loans to other people where the SEC regulations with life insurance companies are much stricter. It's a true dollar-to-dollar Austrian economics $1 equals $1. It's not this magical shell game Traditional banks are playing with that.

Speaker 2:
20:15

My dad showed me these policies. I want to show you this. It was a $50 a year premium policy Again, nothing exciting or sexy. You're going to move or change the world or make a difference in my life, but it was the concept he said. Now look over here. He says we made that $50 premium deposit last year. This is the column that shows the cash that's growing inside this policy, this cash balance. It's totally foreign concept and you're really at that point.

Speaker 2:
20:42

I'm not great at math. I do have an accounting and finance degree so I can work a calculator. I was like okay, so I put in $50 and they gave me $350 back immediately. It's like a 700% return on the dollars I'm putting on there. I was just really mad at my dad that he hadn't done like 500 or 5,000 a year in that policy. I could have added zeros on what the cash value growth was then too, but I really got the concept like holy cow, why is everybody in America not doing this? You and I just admitted that you've got a master's degree. Even I had a degree in accounting and finance. Never heard any of this stuff. Why is this not being taught in high school, for goodness sakes?

Speaker 1:
21:28

Didn't even teach you how to balance a checkbook in high school.

Speaker 2:
21:30

No, I think that's even worse because I have a senior gone through high school and I've asked him about some of these stuff I think we at least they made us go through. Here's how you fill out a check and you had to write out the check and turn it in for credit or something like that when I was in high school. I don't even do that now. I showed my son, I gave him a check. I said go ahead and fill this out. I want you to write a $3 check to me. You didn't know what to put where or where to sign his name, or, holy, I don't know what the thinking is. Maybe they don't think that I'll ever have to write checks, or I really don't know.

Speaker 1:
22:04

Speaking of writing checks, let's talk about the loans, because you're taking a loan against the policy. What are the interest rates?

Speaker 2:
22:11

like the interest rates right now are about 5.28%. The internal rate return is around 5.5% 6%. So even when we're taking a loan, if we're just looking at month one or year one, we're still creating spread. That's why we encourage people to start utilizing their banks If they have any debts or expenses at all. Even if I have three cars in my garage and I bought the cars, got all the money back for all the cars and I still have the cars sitting in my garage out there and when you take those loans. By the way, I got too excited and got off track in your question again.

Speaker 1:
22:55

Now you actually you're killing it. We were talking about the actual interest rates and the Right.

Speaker 2:
23:02

And the spread on the wall. That's the unsexy first year. I always tell people when they start their own banking system I believe everybody should be in at least two businesses. That's a statement Nelson Nash made in his book again, becoming your Own Banker. You believe that everybody should be in two businesses Whatever business like real estate that you use to make the money that you use to put food on the table, and that everybody should also be in the banking business. And because when you start a new business sometimes it takes a little while to get momentum and get it growing.

Speaker 2:
23:37

But again, this is permanent life insurance. It's a whole life for your whole life insurance policy. It's a banking system you're going to be using your whole life and that's great. We create a spread as soon as we take that first loan. We encourage people to start taking loans and paying down debts or expenses or running their money through their own bank even before they make investments. They're going to be better off long term with whatever they do if they first run those dollars through their banking system before they invest, pay debts, expenses or do anything else with it, no matter what they're doing. And so that's great.

Speaker 2:
24:07

I'm making that spread in year one. But that's not really where the exciting part comes. It gets exciting when you get to year 10, year 15, and that's where we start to see the compounding, even though I've been taking loans and reusing the dollars, like you have, but over and over again, I've never stopped the compounding inside the policy itself. So, even if it's only five and a half percent that I'm making year one on $100, year two I'm making that 5% on $105. And the next year I'm making that 5% on $110 and it starts to snowball.

Speaker 2:
24:40

And now where you see, like some of my older policies, I just got my statement. I remember that first policy I got was February 8, 2009, because I just got my statement a few weeks ago and I saw man, I made that $10,000 deposit and the cash value growth was $18,500. So if you could take $10,000 and give it to an insurance company and you knew and it was guaranteed because it's in a contract with an insurance company that they're going to immediately give you back $18,500. How many of your listeners would want to be able to do that?

Speaker 1:
25:12

Yeah, I don't think there's anybody that wouldn't.

Speaker 2:
25:14

Yeah, I think the only reason people don't do that is because you, just like me, at one point, you didn't know about this. Right, if you would have known about it, you would have been doing it, and I really think everybody would be doing this if they really understood what was going on with this infinite banking system. The biggest problem is that most people have never heard of it, and even other people that have heard of it, they don't understand it or they haven't investigated its level, where they know for sure that it's not just something they want to do, but that they should be doing for themselves and their family and their future and their legacy and their future generations.

Speaker 1:
25:48

I'm going to ask you flat out what happens to the cash value should I pass away? I know it's a life insurance policy, but what happens to that cash value?

Speaker 2:
25:56

So that gets added to the death benefit and gets passed on tax-free to your heirs as well. So that's the nice thing about that cash value part is, as you've utilized and I've utilized and a lot of our clients have, those are the living benefits. You can use those dollars tax-free, like we said, earning two places at once at the same time, and then whatever is still left in the cash value if you don't have it out as a loan, that all gets passed on tax-free to your beneficiaries, whoever you name, whoever that is as well. And ultimately, if you happen to take a loan with the intention you're going to live of course bud, don't always take a loan when we're going to die.

Speaker 2:
26:30

Next week you borrow the $100,000 out cash value to buy a piece of property. Your family would get the property and the only thing that would happen your life insurance policy. If you had a million dollars in debt benefit and you just taken that $100,000 loan out, the insurance company would just deduct the $100,000 from the million and your beneficiaries would receive $900,000. That's the only thing that would happen if it was still a loan outstanding. People ask that question a lot of times as well.

Speaker 1:
26:58

But if you're using it effectively, then it won't matter.

Speaker 2:
27:02

Yeah, it won't matter. It's still there in some value, right? Whenever you invest again, it's still part of your financial world and your estate and so forth as well.

Speaker 1:
27:12

Exactly. Hey, give me a favor now. Tell me about your financial IQorg. What do you have going on with that?

Speaker 2:
27:19

Yeah, so we're talking about hitting a lot of fun topics about infinite banking on there. If anybody that's interested in learning more, we have made it for your listeners a free masterclass. We have a link they can go on there to yourfinancialicueorg and sign up for that free masterclass. I have an hour-long presentation that kind of goes from start to finish, soup to nuts, about everything that anybody would want to know about the infinite banking concept. They can sign up for that and watch that for free. That's also a way they can connect with us if they want to learn more or go in a little bit deeper on that either.

Speaker 1:
27:59

Excellent. I know you've been doing this for quite some time. I will ask you this question what is one thing that you've learned as your wealth increase?

Speaker 2:
28:08

As my wealth increases. I would say that's it, as I've watched other people especially that everybody, no matter how they could possibly get hurt financially. If they had run those dollars through their banking system first, they were going to have a lot less trouble and strife. I had a client that he wanted to take a $10,000 loan to invest in this cryptocurrency. He was a sure bet and his friend told him about it. It was a hot tip. It was going to go to the moon and it went to the bottom of the ocean. I reminded him actually made him feel a little bit better.

Speaker 2:
28:43

Hey, thank goodness you didn't just take those dollars out of Wells Fargo and put them into that cryptocurrency, because it would have been like dropping them in the toilet.

Speaker 2:
28:51

Thankfully, you took those $10,000 out of your own banking system and guess what? Those $10,000 are still growing, accumulating cash and compounding inside your policy. Even though you took it out and essentially dropped it over a cliff, you're still getting benefit from those $10,000, even though they disappeared and I've seen this happen with multiple people, even when you try to caution them and advise them against doing some of those things. But they're still a benefit, even though the dollars may have gone. So that's maybe a bit of a negative story in a way, but I still think really cool, because most time people lose that money. Even if you were going to go gambling, you knew you were going to lose a certain amount of money in Las Vegas. Please take the money out of your loans from your banking policy first, so you can still get benefit from the dollars that you waste on the crap stable in Las Vegas, doc, I call that risk mitigation.

Speaker 1:
30:09

So that's a point. You're limiting the downside to this, yeah, so you're deciding to pull that money out, for hopefully it's an appreciable asset, right, yeah. But hey, you want to lend yourself money for a car? Go ahead. What's better than the bank? Absolutely. So let's go on to the story of Ford. These are the same four questions that I ask every guest that can help someone who is just starting out achieve new heights. Question number one is what do you use to keep yourself motivated?

Speaker 2:
30:38

What do you use to keep myself motivated? I think the fact that just I'm not sure that it's like a conspiracy theory, but whatever it is that is stopping the education, even at the level of people getting under grad degrees and accounting and finance, and this should seem like such basic, simple things and a principle and a product that's been around for 200 years that even people with master's degrees like yourself and people with degrees in accounting and finance don't know. I think that's what keeps me motivated is just trying to tell as many people as a cost we can and I get it. You can't cast your pearls before swine. Not everybody's going to get it. Not everybody's going to listen.

Speaker 2:
31:21

A lot of people just feel there is comfort in the herd mentality of doing what everybody else was doing. That's what I worked my first couple jobs and I was dumping it on a 401k. I knew I should do something. I didn't know what else to do and I wasn't as familiar with real estate. I bought real estate. As I've gotten older and realize all the benefits of what my dad was doing. My early working career was in real estate. It's a headache and a pain. You're fixing toilets and meeting people at 2 am, when they're drunk, to get them a key to get back in their apartment and all this kind of stuff. But as I've gotten older and wiser, relearned all the huge benefits of real estate as well.

Speaker 1:
32:03

What is one thing that you learned that completely changed your mindset?

Speaker 2:
32:07

Completely changed my mindset. I think it was when I had those doubts in my mind, learning about this infinite thinking concept, like when I said I had been doing more traditional finance in my life. You mentioned I was a doctor, so I have a chiropractic degrees, a holistic approach to healthcare, and I think this really caught my eye and made sense to me, because it was a very holistic approach to finance as well, and not sort of like the allopathic approach to everything needs drugs or surgery or everything. Everybody should have a 401k. It just drove me crazy in the first place. There's not one script or one formula that works perfectly for everybody.

Speaker 2:
32:54

I think it was that realization that when my dad brought me his policy from 1951 and he bought my policy that he put on place in me and I saw it's reading books and it's theory until you have something that's real and tangible that you can see. Oh, though, these are the insurance companies. Don't send these things out with these numbers on them, because they're lies or they're making stuff up. They're governed by the SEC and they have a lot of heavy regulation around them. This is factual. Yeah, what are some tools you use to keep yourself?

Speaker 1:
33:27

on track.

Speaker 2:
33:30

Tools I use to keep myself on track. Google Calendar runs my life for sure. That's how I got on this podcast in the right time when I woke up this morning and saw my notification. But no, I use something called an app called Leap Connector and that really helps tie in any marketing, my CRM, voicemail, texting, and it just is all in one place and it's mobile and I can take it with me. I've one of my my internet guru people or the guy that can put my website together, tied that all together with that lead connector app, and I'm just blown away. It seems like I learned some new feature about it that I didn't know a month or two earlier. But I'm like that's really smart. That's good that they put that in there. So still learning on it, but I that's been a really great tool that I've just added in the last year, I would say that we use it.

Speaker 1:
34:30

It's fantastic I fully agree and they're always upgrading and customizing and doing all different kinds of things to keep it up at the top of the list of CRM's to use.

Speaker 2:
34:40

Yeah, yeah, very impressed. I've used probably four or five different CRMs in the past, always very clunky, not very intuitive, fusing. I probably was using 10% of its capability and yeah, this has been fantastic. That's interesting to hear you using that too, bud, yeah, it's a credible source, credible process and program.

Speaker 1:
35:04

It's very user friendly. Yeah, what is one thing that you would change if you had to start all over?

Speaker 2:
35:10

If I had this, if I had to start all over. It's hard, like I said, I think, with people with infinite banking. No matter who I talked to, everybody wishes they would have known about it sooner, started sooner and started with a larger amount. So if I guess, if I look back on it but I don't know how I could have learned or became had an awareness about it before I hadn't awareness about it Now, on top of that, I wish my dad would have started with a larger amount. Like I said, that policy he put on me when I was one years old.

Speaker 2:
35:40

I could probably just retire and kick back and do that. I don't think I could do that, but yeah, and that's something I hear from people. That's probably that's what I love doing, what I do so much bud, because really in every everything I'd ever done in my life before that there's you're dealing with people. There's always people are grumbling and unhappy and, honestly, the only complaint I ever hear from people doing this is that they didn't start sooner and they didn't start with more, and we can solve for those and work around those things as well. But those are the two big complaints that I consistently hear from people and I'm like God. That's the only complaints you ever hear from people. You got a lot of really happy people.

Speaker 1:
36:17

Yeah, doc, that's the number one answer. I asked that question specifically so I can hear over and over again what is the one thing you would change if you hadn't started. I started sooner and I do that specifically because I want the 20 year old who's out there, who's out of high school, maybe college, to start to understand it. Yeah, there are other ways to do this so that you don't have to the American dream right? Go get a job, go to college, get a job, get into debt up to about here, live your entire life, throw in the money into a 401k so that when you retire you realize it's not enough money. You gotta get another job until you die.

Speaker 2:
36:52

Plus, you saved up all that money so that you can never enjoy your entire life. Exactly, it was a huge pile of money. You'll never get to spend it, never create memories with it, never use it to pay off debt, never finance your children's education because you're just trying to live off a small sliver of the interest of it and so that you die and then even your errors lose half of it when you pass away in your estate.

Speaker 1:
37:16

Or better, when you pull it out and the federal government takes 36.5% of it. Now they're talking about 44, they're trying to pass on the budget 44% of your. Yeah, just read it this morning.

Speaker 2:
37:28

Wow, there's another interesting caveat too. We talked about the bail in it and I know if you're running out of time, just know when it comes to that most people don't realize that those IRAs and 401ks, those are government sponsored plans and most people don't read, like you said, the zillion pages of fine print in there and they have no idea that those are all FBO plans. Everybody thinks that's actually their money, but in there it states it very clearly but just nobody ever reads it. It states that this money is being held for benefit of Bud Evans. So what is that really? That means it's not Bud Evans money, the government, unless they have a greater need or a bigger emergency than you have and a bigger need for that money, they get to determine that then you have a need for that money and anytime and I forget who the congressman was, but it's during the Obama administration there was a guy actually went down on the floor of Congress and proposed that and said you know what we have about the same amount of money in the federal budget that the country owes, that we have in all these 401ks and IRAs and these qualified plans.

Speaker 2:
38:33

Why don't we just take that money, pay off the national debt start over, reset things and that, after all, it's for the greater good and the benefit of all of us, and he completely had the legal right to do that. If he could have got enough other congressmen to raise their hands, they could have done that in an instant, because that's the law and most people think that's safe and they think that that's their money, and it absolutely isn't. And if our government ever gets into a real bind, they have a massive access to money right at their fingertips, at their disposal.

Speaker 1:
39:07

I hate to sound I keep saying I hate to sound like a conspiracy theorist, but when you're right, a lot it's not conspiracy when you're. But they're talking about this. Oh, it's just a fact.

Speaker 1:
39:18

And why did they write the law that way? Yeah, Now they're talking about converting to a federal crypto dollar, a digital dollar, and that scares the heck out of me, because that means if they don't like what you're doing right now, they can just shut off your funds. They can do that now, but they have to go through a bank that will actually shut the funds down, but it's just. It gives them another step that it would take for them to do that the digital currency. As far as federal government controlling digital currency, I just I have a problem with it.

Speaker 2:
39:50

Yeah, I try to spend cash as often as I can continue to keep people used to it. Give kids quarters when I pay for hamburger. I shouldn't go to fast food joint. You sit there and see them stare at it. What do I do with this? I'm literally a people. Give me that. Look, yeah, put it in the drawer, dude. Or try giving somebody. If you have to pay $2.52 for a burger, give them $3. And give them a $5 bill and $0.52 change and watch them scare at you. Yeah.

Speaker 1:
40:24

What am I supposed to do? No, I'm going to change right?

Speaker 2:
40:26

Oh my goodness Give me three $1 bills and we'll all be good Doc.

Speaker 1:
40:32

if somebody wanted to reach out to you, how would they do that?

Speaker 2:
40:35

Yeah, I would say that's probably the best avenue. I mean, I'm always open to people texting me. I give myself full numbers 309-737-1534. Probably even a better way to connect is just go to our website, yourfinancialicueorg or yourfinancialicueorg, and I encourage everybody. Just the things we've hit on. If this has tickled your ears or is an interest, you'll be blown away. The things that you learn in that masterclass that we have presented and available for people. And if that still makes sense, then, yeah, let's connect and talk. And I love as you probably tell, I'm not, if I ever seen angry, it's just enthusiasm and excitement. I just love talking about this stuff.

Speaker 1:
41:25

All right, Doc, it has been fantastic having you on today. Thank you very much. I know you're very busy.

Speaker 2:
41:30

Yeah, thanks for having me, but it's been great talking to you.