Life Success & Legacy Triagle

Chris interviews Mike Everett in the first of our team interviews. We cover the gamut and think you’ll enjoy this #tbt post!



Mike Everett Interview. Transcript

Chris Bay:

Welcome to the Life Success Legacy Podcast. My name is Chris Bay and I’m joined today with the founder of Life Success & Legacy, Mike Everett.

Chris Bay:

Thanks to our listeners for joining us today. This next set of podcasts are going to be a little bit different. What we want to do is we want to introduce you to the team members of Life Success & Legacy and our stories as to how we got introduced to the Infinite Banking Concept. How we learned about it, how long did we study and research it, how it’s impacted our lives, et cetera. So today what we want to do, and each of our stories is unique and diverse, and you may find that you connect with some of these different stories because we all have very different stories of how we were introduced to IBC. Today what we’re going to do is focus on Mike Everett, the founder of Life Success & Legacy and how he was introduced to the infinite banking concept. How it’s impacted his life and where he is today with his IBC strategy.

Chris Bay:

So, Mike, why don’t you start off with telling us, take us back to the day when you were introduced to the Infinite Banking Concept. How old were you? Where were you in life? With kids and that kind of thing.

Mike Everett:

Well, I had just turned 50 years old and I was a little bit disenfranchised with where I was in my career in the property-casualty business. And then I had gone into Applebee’s after church one day and all of a sudden this guy made a beeline over to our table and said, “Hey Mike-”

Chris Bay:

So you knew him?

Mike Everett:

I did.

Chris Bay:

Okay.

Mike Everett:

I did.

Chris Bay:

Okay.

Mike Everett:

Yeah. He basically asked, he says, “If I could show you and Linda a way to recover the entire cost of all the cars you purchase the rest of your life, would you be interested?” And I said, “Well, who wouldn’t?”

Mike Everett:

Long story short, he sent me the book. It came on that following Wednesday in a Manila envelope. So I opened this envelope, out comes a book, out comes a letter that tells you exactly how to read the book. And the book we’re talking about obviously is Becoming Your Own Banker by Nelson Nash. And along with all of that, there was a bill for $22 there. And I literally hollered in at Linda. I go, “Honey.” I said, “He sent us a bill with the book.” This is a book he wanted me to read. So I was a little upset about it. So I just took the bill and I tore it up and I threw the trash. So literally I threw this book over by where I do all my reading and this was Wednesday. So Thursday, Friday, Saturday, Sunday came along. Right after the news, the book somehow made it to the top of the pile.

Mike Everett:

And so I said to Linda, she was getting ready bed and I said, “I’m going to read this book.” I said, “I’m going to read it tonight.” Because it was only 92 pages. So I started in on it at 10:30 at night, began to read it and-

Chris Bay:

Oh, wait a second because that goes against everything we tell people.

Mike Everett:

It does.

Chris Bay:

Please do not read this book after eight or nine o’clock at night because it’ll mess with your sleep.

Mike Everett:

Well, let me just tell you, after my first reading, I was so excited. I did exactly what the letter said and I read it a second time and finished my second reading at 1:30 AM and immediately went in and woke my wife up and said, “Honey, I know what I’m going to do for a new career.”

Chris Bay:

So, you weren’t just thinking about how this could impact your financial life. You were looking at it in addition to because it was so powerful to you.

Mike Everett:

It was.

Chris Bay:

It just made sense to you.

Mike Everett:

It did. As many of the people who know me, I’m the guy who jumps off the high board and I don’t really check to see if there’s water in the pool. So literally I have decided at 1:30 AM that I was changing careers, just like that. But it wasn’t a giant shift in my career change. I went from property-casualty insurance to dividend paying whole life insurance. So it was all in the same family, just a little bit more specific, a little bit more focused.

Chris Bay:

Yeah. That makes sense.

Mike Everett:

I woke up at 7:00 AM and started calling this guy’s office at 8:00 in the morning only to find out that their office doesn’t open until 9:00. I left three voicemails between 8:00 and 9:00 AM in the morning, I was that amped up about it.

Chris Bay:

So you went to work with him?

Mike Everett:

I did.

Chris Bay:

Okay.

Mike Everett:

I did.

Chris Bay:

Tell me about just your personal IBC experience. When did you start your policies? How did you get started? Those kinds of things.

Mike Everett:

I immediately did two applications the first time I met with him within that first week. I decided to do a policy on myself and a policy on my wife. But then all of a sudden it dawned on me, I didn’t have any money. So I had to figure out how to go get money. So literally I went down to the bank and one of the loan officers-

Chris Bay:

This is going to be exhibit two of what not to do, right?

Mike Everett:

It is.

Chris Bay:

Are there future exhibits?

Mike Everett:

Well, I’ll just tell you. I went about it a different way, let’s put it that way. But there’s a really great ending to this story.

Chris Bay:

Absolutely.

Mike Everett:

I went down and borrowed money to do policies for my wife and I. Number one, I tell people don’t do that unless you have equity in a place that you can use. I had no equity. So I borrowed money, started my first policies and then off we go.

Chris Bay:

Yeah. So at that point, tell me where you were in life with family. And what was your thought process in terms of how is this going to benefit you or family or who’s going to benefit from this?

Mike Everett:

I think my daughter was a sophomore or junior in high school and my son was already out of college. So this was a pretty big shift for us because I had started to then think about infinite banking in a completely different way.

Mike Everett:

First off, when you buy life insurance, normally you buy life insurance because you love someone. It is that simple. You’re actually not buying it for yourself, you’re buying it for the people that you love and care about. So when I was buying my policies for Linda and I just knew deep down that these were not for me, they were for the next generation.

Chris Bay:

So you didn’t see how this IBC thing was really going to benefit you in the meantime?

Mike Everett:

No.

Chris Bay:

Okay.

Mike Everett:

But let’s just go back to Nelson’s number one principle, think long-term. So I knew when I was purchasing the policies that somewhere down the way my family was going to benefit.

Chris Bay:

Right. So talk to me about implementation of your IBC strategy. How did that go in the early years?

Mike Everett:

Well, there were about 25 to 35 of us. Some real small number where we literally, we were learning this thing as fast as we could. We were going around wherever Nelson was, we’d go. We’ve needed information because literally it felt like something so new and so different. But yet it was so exciting because we just needed information. So literally we were doing three, four, five seminars a year and going to places wherever Nelson was, or having him come to Lawrence, Kansas and learning about IBC. It was pretty darn exciting because nobody had ever taught me about something like this that can set people so free in their financial life.

Chris Bay:

Yeah. So fast forward for me now, how long has it been since you started your first policies?

Mike Everett:

Well, I just paid my 13th premium, so 13 policy years. But I’ve only been in this for a little more than 12 years and this is all part of the learning that we help with clients learn. But, so I started out with two policies. I think in the first year I had five policies. I borrowed all the money to do this, which I was telling you, I was an idiot. But…

Chris Bay:

How’s that played out for you now?

Mike Everett:

Well, now it’s played out unbelievably because what happened was, as life grew and things changed quickly, so did a number of things in my life that made it easier to purchase additional policies. Now we have 16 life insurance policies. They’re not all on me. I’ve got some on me, some on Linda, some on Kurt, some on Karen, some on the grandkids. So-

Chris Bay:

I know at one point Nelson had 49 life insurance policies and now you’re up to 16 policies.

Mike Everett:

16.

Chris Bay:

That’s right. Yeah. Have you learned a few things from the time you started that you might put in the category of wisdom that you can share with your clients-

Mike Everett:

Let’s put it this way, let’s go back to day one when I went to the bank and borrowed money. Now, because of the way we’ve assembled our team and the learning curve that I’ve gone through and the things that were misfortunes to me, can greatly benefit the clients that we work with. We can see a little bit further down the road to where we can help somebody avoid the mistakes that I made.

Chris Bay:

Absolutely. Mike, thanks for sharing your story. When we do our live boot camps, when you do share your story, it always has the room just rolling. And at first, just honestly, it used to freak me out because you just messed it all up so bad. But the beauty of it is, even as bad as you messed it up in the beginning-

Mike Everett:

It still works.

Chris Bay:

… it still works.

Mike Everett:

It does.

Chris Bay:

That is what’s amazing to me. So thanks for sharing your story-

Mike Everett:

You bet Chris.

Chris Bay:

… appreciate that. To the listeners, our next podcasts are going to be you getting a chance to know the rest of the team of Life Success & Legacy and how we got introduced to this crazy thing called the infinite banking concept. Check out our website, lifesuccesslegacy.com. And if you have not read Nelson Nash’s book, Becoming Your Own Banker, we cannot encourage you strongly enough to do that. Thanks for joining us.

Life Success & Legacy Triagle

In this #tbt podcast we review the question that we get all the time; is Infinite Banking a scam. The original podcast was released in February of 2018, and honestly, the question probably gets asked more now than back then. We all get so caught up into our current way of thinking, that when something comes along that challenges those thought processes, we often find ourselves doubting the validity of it. If you haven’t listened to this podcast, or even if you have, it’s a great one to review.



Is IBC a Scam? Transcript

Chris Bay:

Welcome to the life success legacy podcast. My name is Chris Bay and I’m joined today with the founder of Life Success & Legacy, Mike Everett. Mike, today we want to talk about a question that if you do too much Googling it doesn’t take you long to find the question, “Is IBC a scam?”

Mike Everett:

All right.

Chris Bay:

So when people bring that up in their investigation of the Infinite Banking concept, we always tell them education research, those kinds of things are going to tell you whether it is or not. We know it’s not. Everybody on our team was a client at one point.

Mike Everett:

Correct.

Chris Bay:

So including myself, this is something that we experienced personally. And then I personally left a 22 year career to teach other people how to apply Infinite Banking into their lives.

Mike Everett:

That’s correct.

Chris Bay:

The way that I got there was through educating myself. So walk us through the education process that helps people understand and learn why IBC truly is not a scam.

Mike Everett:

Well, first off you’re using a 250 plus year old product called dividend paying whole life insurance, number one. Number two, because we are using a dividend paying whole life insurance, all we’re doing is we’re re-engineering or reallocating the money. So literally we’re using this product that’s been around for all these years. So how could it be a scam if we’re using a product that is sanctioned by every state in America, and we’re utilizing it as a financing option in somebody’s life? We don’t really do anything but educate people about dividend paying whole life insurance. But the Infinite Banking concept just happens to be a strategy that we use.

Chris Bay:

It’s not fancy.

Mike Everett:

It’s not.

Chris Bay:

I tell people all the time, it’s not fancy, it’s not sexy. It is simply dividend paying whole life insurance. And then what Nelson introduced in his book, Becoming Your Own Banker, is simply re-engineering it.

Mike Everett:

A hundred percent.

Chris Bay:

De emphasizing the death benefit, emphasizing the cash value part of it, and then you have a tool that you can use to finance your entire life. That can be debt. That can be your living expenses. That can be investment. That can be business. It can be all kinds of… It could be your family members debt. Some of our clients, they’re doing very well for themselves simply by financing their extended family’s debt. They have become the bank for those people.

Mike Everett:

A couple of questions that we always ask somebody is, “Would you spend $0 to find out the possibilities? Or would you take two steps backward to go 10 steps forward?”

Chris Bay:

Unpack that a little bit. That, “Would you be willing to spend zero to see what was possible?” If a client contacted us, and we always encourage people to just call us, we love teaching this concept to people. We will never ask you. We aren’t going to try and sell to you. We just want to educate people. And when we do that, it becomes pretty clear. So can you talk about for that $0 that they’re going to pay, what do people get as they go through our education process?

Mike Everett:

Well, literally when we say spend $0, we’re talking about potentially doing one of our online webinars or attending one of our boot camps. We don’t charge anybody any money to find out what’s possible in their lives. The only money that they will ever spend, ever with us, they’re going to spend $20 if they buy the book, it’s 25 on the website, cause we got to send it to you. So we’re going to charge you five bucks, even though it costs me 6.95 to send it to them. But the bottom line is we want people to educate themselves, spend some time learning about this, because if half of what we’re telling people really does work, it would be totally worth their time to check it out.

Chris Bay:

If it were a scam do we think that our existing clients would be coming back to us to open new policies?

Mike Everett:

They would not. And I’ll tell you where this all came from. This came from back in the late seventies, early eighties, when a company called AL Williams was doing buy term invest the difference, they got kicked out of all 50 states. That should tell you something. But part of the reason why it’s been coined it’s a scam, is life insurance agents in general have not done very well in educating themselves about the products that they sell. We do. We spend hours and hours and hours educating ourselves of what is the best possibilities. What is the best design? What is the best strategy for each and every customer?

Chris Bay:

Yeah, it’s interesting. Since the time that I came on board with Life Success & Legacy, of my client base, and I’m going to say it’s, I’m going to guess, I know it’s probably about 170 or more now. Not one client has dropped their policy. Not one. Now I attribute that to several things. One, is we do an unbelievable job in my opinion of educating people up front.

Mike Everett:

Yes, we do.

Chris Bay:

And we do not let them move forward with this until they understand what they’re doing.

Mike Everett:

That’s correct.

Chris Bay:

And that if there’s a marriage that both parties are on board.

Mike Everett:

That’s right.

Chris Bay:

Secondly, we do an unbelievable job, in my opinion, of not overextending people. We design policies. We design IVC strategies to address their needs, to solve their problems.

Thirdly, we become their coaches going forward. You and I know that all day long we’re getting emails, text messages, phone calls from our clients, and they’re paying how much for our…

Mike Everett:

Zero.

Chris Bay:

Zero. We become their coaches going forward. One of our biggest challenges that we face is when we have clients who this really clicks in for them and they get down the road a little bit using their policies, they see the power of it with their lives, they want to start new policies right away.

Mike Everett:

Right away.

Chris Bay:

And what do we do?

Mike Everett:

We have to pull them off the ledge.

Chris Bay:

So many times we’re saying, “Yes, we understand, but you’ve got to wait. We got to capitalize this what your system that you’ve got in place first. And then we’ll go from there.” So yeah, we’ve got returning clients who are wanting to do more policies, not one of my clients has dropped their policy. It’s because of all these reasons that we listed. And that truly is a reason why, if you do all that, you know it’s not a scam.

Mike Everett:

That’s right.

Chris Bay:

Yeah. Well, it’s a good question. There’s, of course, lots of information out there. I’ll finish with this. I’ve read some stuff out there on the internet, around looking at IBC. And the main thing that people forget when they start analyzing it is, they look at it as an investment. It is not an investment. In fact, in Nelson Nash’s book on page three, second column, first full paragraph, it says “IBC is not about investments of any kind. It is a way to finance your needs in your life.” And that certainly can include in vestments, right?

Mike Everett:

Yeah.

Chris Bay:

Good discussion, Mike. Thanks for the time. For those of you listening in, again, we encourage you to go to our website, lifesuccesslegacy.com. If you have not read Nelson Nash’s book, Becoming Your Own Banker, it is a life changing read. Again, it is not a how-to book. It is a book about imagination and possibilities. If you want to see what is really possible in your life, we will charge you $0 to find out. Just give us a call. Thanks for joining us.

Life Success & Legacy Triagle

In this #tbt podcast, Mike and Chris dive into something we hear all the time, that whole life insurance is a bad place to store your money. In fact, I bet you’ve either said it yourself, or heard someone make the claim. However, this is the absolute brilliance of Nelson Nash and his Infinite Banking Concept. When you take a step back and look at it through the lens of this podcast, or for that matter through the lens of Nelson Nash himself, you will quickly realize that there is in fact NO better place to store your money. If you are still in the camp that whole life is bad, I suggest listening to this podcast, you might come away with a new perspective!



Whole Life Insurance is bad, right? Transcript

Chris Bay:

Welcome to the Life Success & Legacy Podcast. My name is Chris Bay, and I’m joined today with the founder of Life Success & Legacy, Mike Everett.

So Mike, today, I want to address one of the questions that was a huge stumbling block for me. When Shawn and I first were introduced to this concept of Infinite Banking and I got a hold of Nelson Nash’s book, Becoming Your Own Banker, and I read it multiple times, there were pieces that really fit and made sense to me. But I had a mental block, and that was because I had been taught that whole life insurance was the worst place in the world to put our money.

Mike Everett:

We hear this over and over.

Chris Bay:

So let’s dig into that. There’s a lot of people out there, a lot of financial people, a lot of financial personalities, that are out in the world that are saying whole life insurance is the worst place in the world to put your money. Why did they say that?

Mike Everett:

Well, if you go and you look at a traditional whole life insurance policy and the way it’s designed, I really would tend to lean towards what those personalities have said, that whole life insurance is a bad place to put money.

But if you go back a couple of generations right now and you think, “Where did people put money before 401ks and IRAs became the traditional place to put money … ”

Chris Bay:

Tax qualified plans.

Mike Everett:

You got it.

Chris Bay:

Before those every came about.

Mike Everett:

I’m going to just tell you. The only place most of those people, and you’re talking about my grandparents and my great-grandparents, they only had one place that they could … Well, excuse me, two. They put it in whole life insurance programs, policies, or they put it under the mattress at home. That’s the only place that they did.

But if you go back and you think like Nelson does, you think long term. Whole life insurance is the safest place you can put your money regardless of how it’s designed. But because of the way in which we go about re-engineering the way the money is allocated in the policy, it’s the safest, best place in the world, and it’s got more guarantees than anything that somebody would put their money in.

Chris Bay:

Yeah, I think from my standpoint, or at least how I was taught to think about money, it’s because whole life insurance may be traditionally designed, which was designed to emphasize the death benefit. You want to pay as little as possible.

Mike Everett:

That’s right.

Chris Bay:

Right? Well, when you look at that and you’re looking at it purely as an investment, that maybe it doesn’t match up to some other things. But honestly, I’ve seen some work out there by some folks, where actually it can even show up to be better than some of the investments that are out there.

Mike Everett:

Well, in Nelson’s book, I’m going to just tell you, he uses a couple of examples, one with the twins and one with the equipment financing. If you look at this over the long haul, I’m just telling you, it outperforms the market. It outperforms inflation.

Chris Bay:

What’s interesting, when we read Nelson’s book, the examples in the book aren’t even designed-

Mike Everett:

They are not.

Chris Bay:

… to emphasize the cash value part, which is how we would design it for people.

Mike Everett:

That’s correct.

Chris Bay:

Why did he do that?

Mike Everett:

Well, the reason why he did that was he wanted to make sure people knew that it would work even if the policy wasn’t designed properly.

Chris Bay:

If it’s designed traditionally to emphasize death benefit-

Mike Everett:

The death benefit.

Chris Bay:

… and pay as little into it as possible, there’s some debate amongst people whether it would be better to do that versus some other things.

But when you start factoring in that a policy could be designed to de-emphasize the death benefit and you could emphasize the cash value portion of it, and then you introduce the whole concept of using it for banking, financing your financing needs in your life, there is no comparison.

Mike Everett:

There’s not. One of the questions that we always ask people right this very minute, “What is more important to you, cash or life insurance death benefit?” What do they all say?

Chris Bay:

Cash.

Mike Everett:

Cash every single time. What if there was a program out there where you could put money in and have access to it income tax-free all along the days of your life. We need cash from right now til the day we die. We only need death benefit one day. We can show you through the program, through IBC, through the policy, that if you did this all along your life, not only would you have access and be able to utilize the cash that’s flowing in and out of your money; but at the time of your death, you’ll end up having two, three, four, five times more death benefit than what you could purchase right now.

Chris Bay:

You know how I would phrase it is, so many of us look at, whether it’s whole life or an investment or whatever, we look at it as an either/or. Really what this is about is a yes/both.

Mike Everett:

That’s exactly right.

Chris Bay:

If you really want to invest in the market or other types of things, you can do that.

Mike Everett:

Yeah, absolutely.

Chris Bay:

But if you’re smart, you’re going to run your money through your IBC system, get all the guarantees that they offer, and then take loans against your policy and go do the stuff that you love to do.

Mike Everett:

Exactly.

Chris Bay:

Yeah. It’s a great question. It’s a hard one in our culture because so many of us have been told that whole life insurance is bad, bad place to put our money. But truth be told, it’s actually the best place in the world to store our money. It’s foundational to a whole financial economic system for ourselves.

Mike Everett:

It is.

Chris Bay:

Yeah. Great discussion, Mike. Thanks.

Folks who are listening, we encourage you as always to go to our website, lifesuccesslegacy.com. If you have not read Nelson Nash’s book, Becoming Your Own Banker, please get yourself a copy of that and spend the time to read it at least once, if not more.

Life Success & Legacy Triagle

This weeks #tbt podcast was originally released January 4th, 2018. The sustainability of Infinite Banking has very little to do with the concept itself, but is a question about the insurance industry itself. I believe this question is rooted in the uncertainty of the federal reserve and our monetary system, and as a result, we feel like the insurance companies must be as unstable as those entities. However, if you take a listen (or read) to this podcast, you’ll quickly realize that the two are not equal. A lot has changed since the original release of this podcast, but the constant is that there is not a more reliable and sustainable vehicle than whole life insurance.



Is Infinite Banking Sustainable transcript

Chris Bay:

Welcome to the Life Success Legacy Podcast. My name is Chris Bay and I’m joined today with the founder of Life Success & Legacy, Mike Everett. Hey Mike, one of the other questions that we run into amongst the variety of questions that are out there has to do with, okay, once people get to the idea where they’re like, this really makes sense, why would everyone not be doing this? Right? Then they start thinking, well, what if everyone started doing it? Could the life insurance companies handle that? Is it financially sustainable if everyone started doing this? So what I’d like for you to do is talk a little bit about how insurance companies, how they design this, the work that they do, the actuaries do, the engineers of the life insurance companies, and how it truly is sustainable.

Mike Everett:

Well, first of all, life insurance actuaries work with 10 million selected lives. That means that they know how many people are going to die every year, regardless of what’s going on. And they can do this very, very accurately, number one. Number two, I guess I start to think about whole life insurance in the term of IBC, because most people, when they go to buy life insurance, what do they buy? They buy term insurance. So it’s really just a little tiny premium to get a great big death benefit. And that’s the way 90% of the people out there are buying life insurance. So you have 10ish percent that are out there buying whole life insurance, but they don’t understand how the policy can be re-engineered so they can start utilizing their cash. So you think about it from a life insurance company’s standpoint, they’re normally used to getting 300, 500, 1,000, or $2,000 for premium for term life insurance.

And Oh, by the way, term life insurance is one of their most profitable centers. So you think about it from a life insurance company’s standpoint, and you said, is this sustainable if everybody starts doing it? Well, most of the people that we work with, at least a great percentage, their premium amounts aren’t two or three or $4,000 a year. They’re five and 10 and 15 and $20,000 a year. So from a life insurance company’s standpoint, do they want a little money sent to them? Or do they want a lot of money sent to them? The more, the better. So part of the thing is we have to get people to understand that the whole life insurance company knows what they’re doing when they’re designing the policy.

Chris Bay:

So in our culture though, we always hear people talk about high risk investments. You want to get your money into higher risks because you have higher returns, greater returns, those kinds of things. Can you talk about the risk involved in kind of the investment thing? Because life insurance companies are doing something with that money. Right?

Mike Everett:

They are.

Chris Bay:

And isn’t that putting my money at risk?

Mike Everett:

Well, here’s the nice thing. When you work with a hundred year old companies, and all the companies that we work with are more than a hundred years old. That means that they’ve been doing the same thing day in, day out, day in, day out for more than a hundred years. In fact, one of the insurance companies that we work with has paid dividends for more than a hundred years. So they’re not putting any of the money at risk. So what they’re doing is they are taking those premium dollars and they are taking those out and investing them in very, very conservative ways so it’s not putting any of the money at risk.

Chris Bay:

Bonds, things like that.

Mike Everett:

Yeah. Very simple investments. [crosstalk 00:04:15].

Chris Bay:

Things that are [crosstalk 00:04:16].

Mike Everett:

Guaranteed.

Chris Bay:

Yeah. Guaranteed. That’s right. And that’s one of the surprising things to people. It actually was really attractive to me because, back in my days when I was a principal, I remember a teacher came in, would have been in 2008 and she was ready to retire. And then come the spring when the market crashed, she couldn’t retire.

Mike Everett:

The 2008 meltdown.

Chris Bay:

That’s right. And I didn’t know about IBC at that time, but when I heard that story, I filed that away in my head. And I thought, I don’t want my money at risk. I wonder if there’s a way to do, a place to put my money where I can benefit from it. And it’s not at risk like her money was.

Mike Everett:

Yeah.

Chris Bay:

Yeah. So there’s also some regulations with life insurance. Right? That kind of guarantees that they’ve got to have a certain number of reserves and those kinds of things. Can you talk a little bit about that?

Mike Everett:

Well, in the banking industry, I’m going to start with the banking industry. The banking industry, when you put a dollar on deposit at the bank, so you’re saving a dollar, they have the ability to loan out $10. That’s called fractional reserve banking. So here’s the deal. You and I put a dollar in and they’re able to loan out 10. So the question that we always ask is where did they get the $9 to loan out? Well, they got it from thin air because the federal government, the federal reserve, said that you guys can do this. If you get a dollar in, you can loan out 10. Now you think about that from a customer’s or a client’s standpoint. Is their money at risk. Yes, it is. There is so much stress on that money. That’s why you hear about banks going down all the time. A life insurance company, on the other hand is when you put a dollar in, they have to have a dollar set aside for death claims and the life and death claims, dividends, et cetera, et cetera. So there is absolutely zero stress on that money at all.

Chris Bay:

So when a person, let’s say that Joe, we’ll just take Joe as a name. Let’s say that Joe is issued a policy. At that point, day one, if he were to pass away, that company has to have the ability to pay that death claim. Right?

Mike Everett:

Yes, they do.

Chris Bay:

Okay. And they’ve got to have, by law, they’ve got to have reserves.

Mike Everett:

That’s correct.

Chris Bay:

Can you talk a little bit about that number? The amount of reserves and then also really the companies that we work with and how safe they are.

Mike Everett:

The average life insurance company is required by law to have at least a hundred percent in reserves, a hundred percent. So that means that you have to have a hundred percent of the money set aside so if everybody dies on the same day, guess what? We can pay a hundred percent of the death claims.

Chris Bay:

Even in a catastrophic event.

Mike Everett:

Even in a catastrophic event.

Chris Bay:

They have to be prepared for that.

Mike Everett:

That is correct.

Chris Bay:

Yeah.

Mike Everett:

But the companies that we work with have 600 plus percent in reserves. They have six times more than anybody else out there in order to make sure that there is absolutely zero stress on your money plus the fact that they can actually guarantee that they will honor the contract that they have made with you through whole life insurance.

Chris Bay:

Yeah. It just came to mind, a lot of times and what’s out there in terms of financial conversations and stuff, the term diversification comes up, and people will ask from time to time, they’ll say, well, Chris, don’t you diversify? And my way of thinking is, well, the reason that we diversify a lot of times is because there’s risk.

Mike Everett:

That’s correct.

Chris Bay:

But if there’s no risk involved, is there a need to diversify?

Mike Everett:

None.

Chris Bay:

None.

Mike Everett:

Zero. Nada.

Chris Bay:

Now, if I have cash value, I can use that for a lot of different reasons. Right?

Mike Everett:

Absolutely.

Chris Bay:

What are some of the ways that people utilize their cash value?

Mike Everett:

Well, we show them how to take policy loans against their policy to pay off credit card debt, to pay off student loan debt, to pay off auto loans, and even mortgages. So imagine if we were able to actually utilize a policy loan to get somebody debt-free how simple would their life be?

Chris Bay:

Okay. So one is turning the wind current that we’ve talked about in previous podcasts.

Mike Everett:

That’s correct.

Chris Bay:

That’s one. What are some other ways that people use their cash values?

Mike Everett:

Well, some of the, sometimes what they do is they use them to go on vacation. They use them to pay for their kids’ college.

Chris Bay:

So living expenses.

Mike Everett:

That’s exactly right.

Chris Bay:

So once you’ve paid off debt, you can then utilize it for what we talk about the second pillar. And that is financing your life. Right?

Mike Everett:

That’s correct.

Chris Bay:

What about businesses? Business opportunities?

Mike Everett:

Well, it’s amazing when you have a pool of cash available business opportunities find you, so you’d have the freedom to be able to invest so to speak in another business, whether it be real estate or whatever you choose.

Chris Bay:

Nelson talks about the golden rule in his book. What’s that golden rule mean?

Mike Everett:

Those who have the gold, make the rules.

Chris Bay:

That’s right. So there’s opportunities for people. And we have clients like this that they have started business opportunities, utilizing their cash value and their policies. They’ve taken loans to start businesses. They’ve used it for real estate. And let’s just say, somebody loves the stock market.

Mike Everett:

They can go do that too.

Chris Bay:

Couldn’t they borrow from their policy, against their policy…

Mike Everett:

Yeah. That’s correct.

Chris Bay:

… take a loan against their policy and go invested in this great stock that they heard about, they got a tip about? They’ve got the guaranteed growth from their policy, plus the death benefit. Right? And yet they can still take a loan against their policy and go and invest it in this great tip that they got.

Mike Everett:

Absolutely.

Chris Bay:

So there’s all kinds of ways that they can do it and limit their risk factor and actually be safe with their money as well. And have lots of flexibility with it. Well, Mike, thanks for talking through that. A lot of people wonder if it is sustainable, if everyone started doing it. And clearly as you’ve explained, it’s very safe. Life insurance companies are built for this kind of thing. Please join us in future podcasts. I’m Chris Bay joined today by Mike Everett, the founder of Life Success & Legacy. Check out our website by the same name, Live Success, and Legacy. If you have not read Nelson Nash’s book, Becoming Your Own Banker, you can get a copy of that on our website. We highly recommend that you educate yourself in reading that book and utilizing some of the other resources we have on our website.

Life Success & Legacy Triagle

In this #tbt post, Mike and Chris talk through a question we get all the time. Is Infinite Banking too good to be true? Honestly it’s a question most of us have asked too! Take a listen to this podcast, and we feel you will be pleasantly surprised that our goal is not to ‘prove’ someone right or wrong, but it is to educate and re-educate. Skepticism is expected, and even welcomed! Enjoy this gem of a show!



Is IBC too good to be true transcript

Chris Bay:

Welcome to the Life Success & Legacy podcast. My name is Chris Bay and I’m joined today with the founder of Life Success & Legacy, Mike Everett.

Hey, Mike. In all the conversations that we have with people, there’s several questions that continually come up. We talked about another one in a different podcast earlier. The one I want to tackle right now is pretty common. And it is once people start to learn about this, especially after they’ve come to one of our boot camps, they say, “This sounds too good to be true.” Right?

Mike Everett:

We hear that all the time.

Chris Bay:

All the time, yeah. So when you first learned about IBC, you read the book and everything. Did you have the same feeling?

Mike Everett:

Well, being an entrepreneur, I didn’t have the same feeling because I always look a little bit on the super positive side of everything. So after I got done with the book, the second time, I literally thought I’m leaving a career and I’m doing this full time because it did sound too good to be true. But I thought, okay, I was 50 years old. I’d been doing what everybody else was doing. I was putting money into my 401K, my IRAs and mutual funds. I even had a stock account, but yet wasn’t getting ahead. So there was a part of me that said, “Yeah, it sounds too good to be true.” But there was a part of me that goes, “Wow, if this thing works…”

Chris Bay:

Well, let’s be real. Knowing different personalities and such, your personality is going to be a quick start. I mean, you’re going to see something and you’re going to process it in the snap of fingers. You’re like, “This works. I want to get into this. Let’s go.”

Mike Everett:

Yeah, let’s go.

Chris Bay:

But not everybody’s like that.

Mike Everett:

That’s right.

Chris Bay:

Present company included.

Mike Everett:

That’s right.

Chris Bay:

So for some people it’s not this, “Wow, I’ve tried all this.” Not everybody was at the stage of life where you are when you were introduced and not everybody’s had a chance to try all those things. And so, all they’ve heard out in the media and in the financial thinking is different ways to manage money. Then they get introduced to IBC and the common question is, “It sounds too good to be true.” Right?

Mike Everett:

That is true.

Chris Bay:

So talk to us a little bit about those kinds of things. When people come to us and they say, “It sounds too good to be true.” How do you talk to them about it?

Mike Everett:

Well, I get back to some pretty basic stuff. Is number one, you got to think long term. You hear that thing, if it sounds too good to be true, it probably is. Well, we take a different approach and we think you ought to do some more research and spend some time with us and let us educate you. Because if we can somehow educate you, you’re going to be able to see IBC in a different light. And one of the things that Nelson has said that is IBC is caught not taught. There’s a certain portion of us that can learn that, but there’s a certain portion of you that says, “Golly, this just sounds right.”

Chris Bay:

That’s how it was for me. But it took me a long time to get to that point. And part of my, I mean, just being honest, part of my stumbling block was that it used whole life insurance. And from my previous exposure to financial information, whole life insurance was the worst place in the world to put money.

Mike Everett:

We hear that all the time.

Chris Bay:

Absolutely, right? So we tell people to research it. We tell people to educate themselves. We tell people to come to our boot camps, go to our websites, all those kinds of things. Right?

Mike Everett:

That’s right.

Chris Bay:

Now, do you push people to make a decision?

Mike Everett:

No, absolutely not. We want people, we want husbands and wives, we want partners to be fully on board with each other.

Chris Bay:

Talk about that husband and wives thing.

Mike Everett:

Well, I’ll tell you what I learned. I learned the hard way. Me, being an entrepreneur type, one of the things I want to do is just get out and talk to people. I want to talk to anybody and everybody about IBC. That’s how excited I am about this. But learning that the hard way was tough for me because sometimes I would just go and see just the husband or I would just talk to the wife and I can tell you exactly what’s going to happen. Is if I talk to one without the other, I’m going to have to tell the other one the same exact thing and spend the same exact amount of time with them again. So we really believe that husbands and wives are going to do this together. They are going to share in the experience before they proceed. We will not talk to one spouse or the other without the other one.

Chris Bay:

I just had a conversation with somebody recently and it was the husband and we were talking about IBC and he was wanting to meet. And he’s like, “Yeah, my wife trusts me and all that.” And I said, “Let me give you an example. Let’s say that your wife and you have talked about doing some counseling, okay? And your wife goes to a counselor and they’ve had maybe three, four sessions. So they’ve developed some rapport. They’ve gone a little deep. They’ve had those conversations and then they invite you to the next session. How effective is that going to be? How comfortable are you going to feel? Right? Is there going to have to be some going back and covering some groundwork with that?” And this is the same thing.

Mike Everett:

Yeah. That’s why we don’t push the sale.

Chris Bay:

We don’t. And we really are pushing for mutual purpose, mutual understanding with the couple. And it doesn’t mean that both parties have to know every cell of every spreadsheet and all that, but we want to help them get on the same page because we talk about this all the time, this is so much bigger than just numbers.

Mike Everett:

It is.

Chris Bay:

And what is one of the top stressors to a marriage?

Mike Everett:

Money.

Chris Bay:

Absolutely. So if we can take away, or at least reduce one of those key stressors in a marriage, how much power does that give to a couple?

Mike Everett:

It is truly unbelievable. My wife and I have experienced it ourselves. And I know that you guys have as well.

Chris Bay:

Absolutely. Yeah, that’s good.

It’s interesting when, we do our boot camps, this is almost a quote from your mouth. You say, “We want you to be skeptical.”

Mike Everett:

Absolutely.

Chris Bay:

Why do you say that?

Mike Everett:

Well, part of it is, if somebody comes in a little bit skeptical, what we’ve got to do is we’ve got to educate and then we’ve got to educate again. And then we’ve got to educate again, because we believe that education is the key piece to why somebody would think that Infinite Banking would even work. Because we were taught to be skeptical about everything with our money.

Well, what we’re doing is, in this education piece and this, we are teaching people. We are empowering people in a way that no other financial group is doing throughout the entire U.S.

Chris Bay:

Yeah, when people come to our boot camps and they see us wearing shorts and tennis shoes and we’re goofing around and having fun, talking about money and things, they’re always a little surprised, but it’s refreshing. People laugh. They leave having… They’ve had a good time. They haven’t felt pressured. And they feel like they walked away with a new perspective on money and really with hope.

Mike Everett:

Well, this is why we offer every other Tuesday, a webinar free of charge, regardless of what state or where you’re at in life. We offer those every other Tuesday, you ought to go to lifesuccesslegacy.com and check out, under bootcamps, and find out when our… Tuesday evening from 6:45 to 8:00 PM Central. It’s unbelievable.

But when we aren’t doing our Tuesday evenings, we do these boot camps. We do a boot camp one, which is really just a gigantic book review. And then we do a boot camp two, but this is where we offer people a live version of exactly what we do. But we do it in a fun, no pressure atmosphere, where you can ask questions. You can be skeptical. You can throw things at us if you want to. We want people to be skeptical. We want them to think, “Golly, this just does sound too good to be true.” But once they get in and they find out that they can control things in their own way, it’s unbelievable what happens.

Chris Bay:

Yeah, so it really is too good to be true, isn’t it? It actually is true and it is good.

Mike Everett:

That’s right.

Chris Bay:

That’s right.

Well, thanks for listening. Again, we point you to our website, lifesuccesslegacy.com and check out some of our other resources that we have there. I’ve got some other podcasts for you to check out as well. Thanks again for joining us.

Life Success & Legacy Triagle

In this #tbt episode Mike and Chris break down the reasons so many of us have never heard of Infinite Banking. Mike separates it into three main points: 1. Nelson didn’t write Becoming Your Own Banker until 2000. 2. There aren’t enough IBC practitioners. 3. Third, it takes time and energy to educate yourself about IBC. This includes potential clients and agents. In other words, it’s too time consuming.

What can we learn from this? Well, if you want to be the one in charge and control of your own money and financial future, you have to educate yourself. You can’t rely on the ‘old way’ of thinking and expect different results than what we’ve all been subjected to for years. The other take-away; using whole life insurance as a cashflow vehicle isn’t new. It’s just that we’ve never been taught about its power, until now.



Chris Bay:

Welcome to the Life Success Legacy podcast. My name is Chris Bay and I’m joined today with the founder of Life Success & Legacy, Mike Everett. Hey Mike, over the years as we have talked with people about the Infinite Banking Concept, there’s lots and lots of questions that come up. There’s one that we hear frequently, and that is why haven’t I heard of IBC before, right? Have you ever heard that before?

Mike Everett:

I’ve heard that so many times, it’s unbelievable. Yeah.

Chris Bay:

And it’s a legit question, right?

Mike Everett:

It is.

Chris Bay:

Personally, I had never heard about it until, back in the day when I was an elementary school principal and I went to one of my dad’s, who was a business owner in town, and I said, “How do you manage your finances?” And he said, “Have you ever heard of Infinite Banking, IBC?” I said, “No.” So right there, I was thinking, why haven’t I heard of this? Why has no one taught me this?

Mike Everett:

Well-

Chris Bay:

You hadn’t heard of it either right?

Mike Everett:

No, I hadn’t.

Chris Bay:

Yeah.

Mike Everett:

Well, there’s several reasons probably why people haven’t heard about it. Number one, Nelson didn’t write his book, Becoming Your Own Banker, until 2000. What he did though, was he utilized the Infinite Banking Concept for about 20 to 30 years prior to writing his book because he wanted to know that it worked. Secondly, there’s not enough practitioners, guys like us, who are effectively teaching the Infinite Banking Concept. Third, most of the people, and this includes potential clients and advisors, don’t take the necessary time to educate themselves and understand the true power of Infinite Banking or IBC.

Chris Bay:

Right, right. Now, let me ask you this. You and I had not heard about Infinite Banking beforehand and Nelson hadn’t written his book until 2000, but were people or organizations or somebody out there using the concept in general and then Nelson added to it? Corporations were using this, right?

Mike Everett:

Absolutely. Absolutely.

Chris Bay:

Can you talk a little bit about that?

Mike Everett:

Well, individuals, corporations, businesses have been using this for centuries, actually. All that Nelson did was, he refined the process through Becoming Your Own Banker in the Infinite Banking Concept. And all he did was he learned that there was a better way to engineer or reallocate the money inside the life insurance policy. It’s really that simple.

Chris Bay:

Yeah. So I always think about Nelson, the key pieces that he added is he looked at how a dividend paying whole life insurance policy could be designed more effectively for financing our own needs.

Mike Everett:

Yeah.

Chris Bay:

So that was one of the things. And then he brought that together for a common people and taught banking concepts along with it. And that’s really what he’s done for us.

Mike Everett:

Well, and the crazy thing about it is, the question is why haven’t I heard about IBC before? Nothing in our conventional financial wisdom leans towards this. Nothing. But yet, all it is is taking a 250, 260 year old product and re-engineering the way the policy works and making it so the individual, the company, the corporation can learn how to control their own money by investing in themselves.

Chris Bay:

So I’m going to ask you a different question now. I haven’t heard about it and we’re saying conventional financial wisdom out there is teaching other things. Why is the financial institutions out there, financial planners, investment companies, all those kinds of people, why are they not teaching this concept?

Mike Everett:

Because they won’t make as much money, and they’re not taking near, near enough time to educate themselves. It’s too much work.

Chris Bay:

You know what I love about IBC personally? Is that it is about autonomy. It’s about me having control of my money and not everybody wants to take that control. When you look at traditional financial planners and that kind of thing, it’s managed money. It’s me giving control to somebody else.

Mike Everett:

You have given all of the control to somebody else. And that kind of just goes back to the thought process is, we know that this isn’t for everybody and we’re okay with that. So the question that we always ask people is, where do you store and invest your money?

Chris Bay:

Yeah, that’s a good question to ask.

Mike Everett:

Yep.

Chris Bay:

All right. Hey, thanks for spending the time. For those of you listening, check out some of our new podcasts coming up. As always, we encourage you to go to our website, lifesuccesslegacy.com. Got a lot of resources on there available to people. Check it out.

Life Success & Legacy Triagle

In this #tbt we wrap up the Policy Design discussion by going into the details of what Nelson discovered. So many of us buy life insurance for just the death benefit and never think of the possibilities that lie within that contract. Mike continues to challenge us and asks which is more important to you today; cash or life insurance death benefit. It’s always cash. But using this tool we can not only gain incredibly flexible access to cash, but we also get to continually grow the death benefit for those we love and care about. Take a listen, this is an excellent episode that keeps reminding us that we must change our way of thinking.



Chris Bay:

Welcome to the Life Success Legacy podcast. My name is Chris Bay, and I’m joined today with the founder of Life Success & Legacy, Mike Everett. Mike, in our last podcast we started to talk about the policy design for Infinite Banking. And one of the phrases that you used is, “What’s more important to people? Is it cash, or is it death benefit?” And obviously, for most of our life, cash is more important than death benefit. So now what we want to do is dig in a little bit more into how we design the policies to emphasize the cash value, and then how that is utilized to, for example, turn the wind current, or, people use their cash value for investment purposes, retirement purposes, a variety of things. So can you talk a little bit about the two pieces of a policy design, and what I’m getting into is the base portion and typically what it generates, and then the paid-up addition portion and what it generates.

Mike Everett:

Okay. Traditionally, once again, life insurance was designed almost 100% for death benefit. So one of the things that Nelson discovered was, if you can reengineer or rearrange the way the premium is allocated internally with the policy, there are these two pieces that you’re talking about. We have the base premium. The base premium purchases almost 100% of the death benefit in the life insurance contract. So basically what you’re doing is, you’re taking a certain percentage of the premium and you’re allocating it to what we call the base premium.

Chris Bay:

So in a traditional life insurance policy, most, if not 100% of that premium, is going to go to base-

Mike Everett:

That’s true.

Chris Bay:

… and so it’s going to be 100% going towards death benefit.

Mike Everett:

That’s correct.

Chris Bay:

Okay. So how is this different?

Mike Everett:

Well, then Nelson realized that there was a way to actually create cash in your life insurance contract by adding a piece called the paid-up additions rider. This paid-up additions rider, what it does is it creates almost 100% cash value available in the contract that people can access. Now, there is a certain portion that purchases a little bit of death benefit. Remember, it’s a life insurance contract, but yet, I asked the question again, what’s more important right now, cash or death benefit? We’ve all said cash. We’ve said this a number of times, but we want to reiterate this to the people listening because cash is king, and if we can get access to that cash in some sort of way, and still have the life insurance contract in place, why wouldn’t a person want to do this?

Chris Bay:

Let’s put this into specifics for people. Let’s say that I come to you and I say, “Hey, I want to start an Infinite Banking concept policy. And I want to be able to put, I’m going to say, $10,000 annually into this policy.” Break that out for me, then. If I’m putting money into it, when do I get access to the cash value that I can then utilize for turning wind current and other things?

Mike Everett:

Well, if you were going to put $10,000 in, then there’s a certain way to allocate these dollars. So what we’re going to do is we’re going to take 40% of those dollars or $4,000 of that 10,000, and we’re going to buy the base portion of the policy. Then we’re going to take $6,000 or 60% of those dollars and buy the paid-up additions rider. Now, the easiest way to explain the paid-up additions rider is the Apollo rocket. You know, when it goes up into space, it gets up into space and it’s on the Apollo rocket. It’s got these turbo boosters. Well, after they get up into space, what do they do with the turbo boosters?

Chris Bay:

They drop off.

Mike Everett:

That’s exactly correct, but they need those two turbo boosters to get the rocket up into space. With the way that Nelson created the Infinite Banking concept, you need the turbo boosters or the paid-up additions rider in order to get this thing up and going.

Chris Bay:

So it’s flooding it with cash.

Mike Everett:

That is correct. Now, your question was, when do you have access to that cash? With the companies that we utilize, you can have access to that cash within the first month of starting your Infinite Banking Concept policy.

Chris Bay:

Now, when you say that you’re talking about an annual premium, so someone would pay the full 10,000 upfront.

Mike Everett:

That’s correct.

Chris Bay:

We also have clients who, for various reasons, they decide to do a monthly premium. So would they get access to that money right away?

Mike Everett:

They would not.

Chris Bay:

Okay.

Mike Everett:

Because, the way you explain that to people is, if you were going to write a check on your checking account, how much can you have access to? With whatever you’ve got in there?

Chris Bay:

Right.

Mike Everett:

So if you have somebody who pays an annual premium, they have access to their portion or their 60% of their policy when they pay that premium in the first 30 days. But if you have somebody who goes on a monthly plan, it’s going to take them the full 12 months or annual premium of monthly payments in order to have access to those dollars. In the great big scheme of things, it doesn’t make any difference.

Chris Bay:

Yeah. Yeah. So, if I understand correctly, when we put a chunk of money in, I’m going to get access, or I can borrow against my policy-

Mike Everett:

That’s correct.

Chris Bay:

… and really that’s a loan. It’s called a policy loan, but it’s not really money from my policy. It’s really a loan from the company.

Mike Everett:

That’s true.

Chris Bay:

And they’re using my policy as collateral, which is an unbelievable trade of this is that our policy stays fully intact and it continues to compound and grow for us on the full, let’s say it’s $10,000, even though I’ve pulled out a loan for $6,000.

Mike Everett:

That’s correct.

Chris Bay:

So, we’re never interrupting the compounding interest of our policy.

Mike Everett:

Eighth wonder of the world.

Chris Bay:

It’s unbelievable. Now, some people might say, “Well, I just put in 10,000 and I’m only getting access to six.” Well, let’s talk about capitalization and thinking of our policies as businesses a little bit.

Mike Everett:

Well, we’re going to go back to Nelson’s three main principles. Number one, you’ve got to think long-term. Remember, Nelson was trained as a forester, so he thinks 20, 30, 40, 50 years in advance. Infinite Banking is a long-term thought process, so we tell people, “If you’re not in this for the long haul, this is not a good thing for you.” But number two, you can’t be afraid to capitalize. That means that you have got to put some money into this thing in order for it to work. If you think traditionally about life insurance, and it doesn’t matter if it’s term or whole life or universal life, most of the financial gurus out there say, “Let’s buy as much death benefit as we can and put as little premium in there as we can.” With Infinite Banking, it is completely opposite. We’re wanting to flood this thing with as much cash as we can get and get as little a death benefit as possible in order for you to be able to access the cash efficiently in your own life.

Chris Bay:

In fact, we call our premiums, premium deposits because it deposits into a banking system, really, that we own and control. So, if it’s a deposit into your banking system, do you want that deposit to be a little or a lot?

Mike Everett:

I want it to be a lot, but we need to be careful here because, this is called the Infinite Banking Concept. But we want to reiterate that we’re life insurance guys, and you are purchasing a life insurance policy. And in that purchase, you are creating absolute control of that contract. So you get to decide or control where 100% of that investment goes when you access that cash through a policy loan.

Chris Bay:

Okay. I want to take you back to your analogy of the space shuttle.

Mike Everett:

Correct.

Chris Bay:

Or the Apollo, or whatever it was that you used. And you talked about those booster rockets falling off. And that is what we call the flexible paid-up addition rider.

Mike Everett:

Correct.

Chris Bay:

That flexible piece is an important word. And you talked about, on the rocket, those falling off. Does the flexible PUA, the paid-up addition rider, do those ever fall off the policies, and why?

Mike Everett:

Well, once again, it’s called flexible because you have the flexibility of deciding what you want to do with that. We personally would like people to leave that flexible paid-up addition rider on there, but we can adjust the premium or keep it flexible enough to where you have a place to put some additional cash if you want to. Or you can actually reduce that to a minimum flexible paid-up addition rider payment of $100. Remember earlier we talked about 6,000, but then it goes to a hundred. So that creates a whole bunch of cash flow on your side of the fence, so to speak, when we help you understand how the policy is designed.

Chris Bay:

Yeah. It’d be easier if we had some visuals for people to teach them this next concept. But in theory, if we think of our policies as businesses.

Mike Everett:

Correct.

Chris Bay:

And let’s say we’re in the business and let’s use McDonald’s as an example. Obviously McDonald’s started with one restaurant. Well, now they’re everywhere across the world, right? They franchised them. So if we think of our policies as businesses, are we able to franchise our policies?

Mike Everett:

Absolutely.

Chris Bay:

Nelson, I think, we know this. I’m not sure he says it in his book, but at one point he had 49 life insurance policies.

Mike Everett:

That’s correct.

Chris Bay:

And I think you’re up to what? 17 now?

Mike Everett:

  1. Almost 17.

Chris Bay:

Yeah. And in, gosh, seven years, I guess of doing my plan, we’re up to six policies. Explain to people why in the world would they want to start adding additional policies?

Mike Everett:

If you look at your policies as a business and your one policies or two policies or three policies are doing well, why wouldn’t you want to go and start more? All we’re trying to do is create a system to where you control 100% of your own cash flow. So, bottom line is, Nelson on page 48 talks about expanding the system to accommodate all your income. He’s helping people think through, why in the world would you want to continue to build policies? But the way we design the policies is, your policy is going to get better every year, regardless of the economy, regardless of the financial landscape in our country. So if that’s true, why wouldn’t you want additional policies at certain time periods as you’re growing this thing?

Chris Bay:

And, theoretically, we’re able to show people that they could actually start a additional policy of roughly the same size every five years without any additional cash out of pocket.

Mike Everett:

That’s true.

Chris Bay:

And so, eventually, aren’t they going to be capped on how much life insurance they could get?

Mike Everett:

There’s a possibility of that happening, but it really takes a large number of years. 15, 20, 25 years before they really need to worry about that.

Chris Bay:

Okay. And obviously we coach people through all of that.

Mike Everett:

That’s correct.

Chris Bay:

That’s part of the strategic planning that we do with people. My great topic, for some people this may be a little too much in the weeds for them, but I think there’s probably some folks out there that, I know this for a fact, that they like to understand the design of the policy and why it’s different than a traditional life insurance policy would be designed. In the future podcasts, what we’d like to do is get into some of the applications of how people are utilizing their policies in their life for the different ways that they do that, whether it’s for business, addressing debt, college financing, things like that.

So, to our listeners, thanks for joining us. Lots more information on our website at lifesuccesslegacy.com. If you haven’t got yourself a copy of Nelson Nash’s book, Becoming Your Own Banker, you can get that at our website as well. We encourage you to read it. Come back and join us again.

Life Success & Legacy Triagle

In this weeks #tbt, Mike and Chris go into more details about the types of life insurance, why most people buy life insurance, and how Nelson, through his own struggles, came to realize the true power of whole life insurance. This part 1 of policy design does really give context to how Infinite Banking works and really challenges us to think beyond death benefit. Take a listen, heck, read the transcript, this one will have you clamoring for part 2!



Chris Bay:

Welcome to the Life Success & Legacy podcast. My name is Chris Bay, and I’m joined today with the founder of Life Success & Legacy, Mike Everett.

Mike, we’ve talked in previous podcasts about how Nelson came to discover that whole life insurance, if designed properly, can be an unbelievable tool for really privatized banking, and controlling your own finances and all that. So, what we’d like to accomplish in this podcast is to educate people about different types of life insurance, why whole life insurance is the tool to be used, and why is this type designed differently for the purposes of Infinite Banking? So to begin with, can you just kind of give our listeners a broad perspective on the different types of life insurance that are out there, and why people buy life insurance?

Mike Everett:

Well, traditionally, life insurance was bought for one reason. It was bought for death benefit. If you go back, I’m going to say 40, 50, 60, 70 years, there was really numbers of different kinds of products out there in the life insurance industry, but the only difference was the design of what was going on. Some people, if you go back to my grandpa’s era, what they did was they bought whole life insurance and they bought it for death benefit. What they planned on doing was, they just planned on putting money aside just like you would for a savings account, but they just stored money into a life insurance policy.

There were all kinds of products out there. There was a 20 pay life. That means that you could pay the premium for 20 years and then it was paid up for the rest of the time. There was life paid up at 65. So you paid the premium until age 65, and then the policy paid for itself. Then you had your ordinary life or permanent life insurance, and you paid the premium all the way up to age 99. Basically what happened was, in all of those policies, the traditional life insurance policy, which was bought specifically for death benefit, the policy endowed at age 100. Meaning the death benefit amount and the cash value amount were equal amounts. What they did was, they turned around and they gave you the cash and said, “Hey, thanks a bunch for paying on this thing and thanks for not dying.”

Chris Bay:

I know from my past history in finances, personal, we were following some teachings of Dave Ramsey. Dave is famous for encouraging people to buy term and invest the rest. So can you just talk about term life insurance?

Mike Everett:

Term life insurance is exactly like renting an apartment. You’re basically renting your life insurance policy for a certain time period. There are all kinds of time periods that you can do. You can do annual renewable term. That means that you pay the premium every year and every year the premium goes up. It’s called attained age. As you get older, what happens to the cost of life insurance? It goes up because you’re just a little bit closer to death. That’s annual renewable term. You can get 5-year level, 10-year level, 15, 20, and even up to 30-year level.

If you think about it from an insurance company standpoint, the insurance company offers term life insurance for whatever time period you choose. Five years, you pay the premium for five years and at the end of five years, the premium goes up and you choose another term. 10 years, 15 years, 20 years and so on. If you think about it from a life insurance company standpoint, they just want you to pay your premium. They’d like you to not die. Right before you die, what they’d like you to do is, they’d like you to cancel your life insurance. Term life insurance is the number one profit center of most life insurance companies out there. So why wouldn’t they do that?

Chris Bay:

Yeah, so Infinite Banking obviously does not use term.

Mike Everett:

They do not.

Chris Bay:

You mentioned earlier that term life insurance is kind of like renting life insurance.

Mike Everett:

That’s correct.

Chris Bay:

So if we make that correlation to our living situations, if we’re renting, we’re not building equity.

Mike Everett:

That’s correct.

Chris Bay:

Okay. So then the option is then whole life insurance, and that’s kind of like buying a house where you’re building equity and that equity, we use the term cash value. Can you talk a little bit about whole life insurance and the cash value piece and why that is so important to the concept of Infinite Banking?

Mike Everett:

Well, this is one of the awesome things that Nelson discovered was, he realized through his own trials and his own tribulations, that there was a way that he was building equity. What ended up happening was, he had incurred a tremendous amount of debt. At the time that this had all come due, interest rates had soared extremely high, like 18, 19, 20, 21%. He realized that he had all kinds of equity, or all kinds of value in his life insurance policies, that he could tap into.

Instead of borrowing the money from traditional financial institutions at 18 to 21%, he was able to go to his life insurance policies and do a policy loan. Borrow against the cash value of his life insurance policy and be able to pay off some debts that he had out there. This is exactly what Nelson discovered in his book, Becoming Your Own Banker.

Chris Bay:

So, with a whole life insurance policy, you’re building equity, which can be borrowed against from the life insurance company and then utilized for many different purposes.

Mike Everett:

Correct.

Chris Bay:

Can you talk a little bit about the design of the whole life policy, because the traditional whole life policy… If I went down to some life insurance company and said, “hey, I want X amount of coverage.”, they’re going to design the plan a certain way, but if you went to an Infinite Banking coach, they’re going to design it differently. What are those differences?

Mike Everett:

In a traditional life insurance format, you’re buying literally a hundred percent death benefit. One of the questions that we ask every potential client is, “if we had to ask you right now, what was more important to you, cash or life insurance death benefit, what would you say?”

Chris Bay:

I’m going to say, “cash.”

Mike Everett:

It’s cash every single time. What if there was a way to design the policy where you could have both in ample supply? You would not only have death benefit, but you’d have the cash that you need now. We need cash from right now until the day we die. We only need death benefit one day. What if there was a way to design the policy to emphasize the cash value now, still get a death benefit, but yet really, we need the death benefit 20, 30, 40 years from now, not today. This, once again, was the beauty of what Nelson discovered. He realized there was a way to completely re-engineer the policy to work for you today and still have the death benefit when you needed it 20, 30, 40 years from now.

Chris Bay:

In the middle of Nelson’s book, Becoming Your Own Banker, he uses an example of a business person. He’s an equipment finance person, and he shows a couple of examples. One is first, this business owner simply putting money into his policy and just letting it be life insurance. It turns out to be a really incredible result for him. Then what Nelson shows is, if he actually uses the cash value of his policy and takes loans and utilizes that to finance his business expenses in his life, that he actually ends up with a better result. Simply by using his policy to finance everything in his life. That, sometimes for people, is a hard leap to make.

We always encourage them. If you think like a banker… In fact, in our boot camps, we say, “we’re going to remove your brain from your skull today and we’re going to replace it with a banker’s brain.” We want you to think like a banker. How do banks make money? If we can apply that to utilizing their own whole life insurance policy, but having it designed to emphasize the cash value portion versus the death benefit, it’s an unbelievable tool for banking.

Mike, thanks for explaining some of the ins and outs of life insurance. This is a topic that I think is going to take a little bit more explaining. I think what we’ll do is do another podcast that digs in a little bit deeper. We’re going to talk about the base portion of the policy. We’re going to talk about the paid-up addition portion of it and how those policies really can be thought of as businesses and how we can actually franchise our policies. Thanks for the information. Listeners, thanks for joining us and catch us on our next podcast.

Life Success & Legacy Triagle

This #tbt podcast is from August of 2017 and over three years later, it’s still one of the most asked questions. How do you actually get started in Infinite Banking? Listen to how Mike and Chris reframe the conversation and you might just realize that getting started is the easy part, it’s getting out of our old way of thinking that can be most difficult.


 


Chris Bay:Welcome to the Life Success Legacy podcast. My name is Chris Bay and I’m joined today with the founder of Life Success & Legacy, Mike Everett.

Chris Bay:

Mike, today we want to talk about something that comes up a lot of times in our boot camps, in our seminars that we do, as people start to learn about the Infinite Banking Concept, they want to know well how does this apply to me? How do I get started? So I guess probably the best place to start with that is going back and talking about the wind current and how most people, not everybody, but most people are really fighting what we call a headwind. Can you talk a little bit about that?

Mike Everett:

Well, in some of our older podcasts we talk about a headwind tailwind, but we’re going to just specifically talk about the headwind right now. What is the headwind when you’re talking about your finances? Do we have a mortgage on the house? That’s a headwind. Do we have a loan on the car or cars? That’s a headwind. Do we have credit card debt? We have student loan debt or bank loan debt. That is what we call a headwind.

Mike Everett:

And if you think about it, when you get paid on Friday where does the money go? It goes to the bank. And then after you get that money in your bank what do you do with it? You have to make your house and cars and credit cards and student loans and bank loan payments before anything else happens. That is what we call the headwind, you are fighting a wind current because that money is not under any of your control.

Chris Bay:

And in Nelson’s book, Becoming Your Own Banker, he talks about the headwind and he talks in terms of interest and the amount of interest that the average American is sending out the window. Talk about that amount and what that’s doing to people’s lives.

Mike Everett:

Well, Nelson talks about the interest that we spend on all of that outside debt so to speak. He says that it’s 34,5% after taxes. So can you imagine the headwind that people are really truly fighting after taxes, that almost 35% of their money is going to interest alone?

Chris Bay:

Wow.

Mike Everett:

That’s a mountain.

Chris Bay:

It is. And yet our mindset, what we’ve been taught to think about money is, okay, we’re financing all this stuff in our life and yet we’re trying to save how much and put it towards retirement or some kind of tax qualified plan, an investment or so forth. And how much are we actually sending away for those types of things?

Mike Everett:

Well, for investments, for your 401K, IRAs, mutual funds and the like, you’re supposed to be saving somewhere between five and 10%. So if you think about it you’re sending 34,5% and supposedly saving five to 10%. Well none of that even makes sense if you really turned around and you looked at it according to the airplane world. If you were fighting a headwind of 345 miles an hour let’s say, and you’re… Let’s just say you’re saving 10% and your airplane goes 100 miles an hour, well, you’re going backwards.

Mike Everett:

And the financial gurus out there are saying, “Well, oh by the way maybe we could get your airplane to go five miles an hour more.”

Chris Bay:

Yeah.

Mike Everett:

So none of this really makes any sense to be honest with you, but that’s the awesome thing about what Nelson Nash’s book becoming your own banker has taught people. There is a way to change the headwind into a tailwind.

Chris Bay:

Well, I always… When I talk with people it just makes sense when you say, “Okay, so average America has 34,5% of their dollars leaving their control in interest.

Mike Everett:

Yep.

Chris Bay:

And they’re sending another five to 10% to investments, and those investments are not guaranteed.

Mike Everett:

No they’re not.

Chris Bay:

So what would you rather have? Would you rather have the maybe eight to 12% maybe return on an investment or would you rather have the 34,5% that’s going to interest, that if you just turn the wind current from a headwind to a tailwind it’s guaranteed to you. I mean it’s pretty obvious right?

Mike Everett:

It is obvious.

Chris Bay:

Okay, so let’s talk about that. We talk in terms of outside debt, that’s money that we’re sending out to somebody else, car loans, student loans, mortgages, those kinds of things. And inside debt, we want to switch that outside debt to our side and make it inside debt and then we’re making those payments to ourselves. Can you describe how that happens?

Mike Everett:

Well, one of the things that we get people to understand is we are trying to get these things under our control, which is then the inside debt that we’re talking about. So imagine if all of a sudden you were able to create a system where you controlled your car payments and credit card payments, student loan payments, and even possibly your mortgage.

Mike Everett:

So think about those payments that you are planning on paying for the next five, 10, 20, 30 years to somebody else, and then all of a sudden we were able to create a system to where you were making those payments to yourself. This is when economic value-added comes into the picture, EVA, which is one of the most powerful things in Nelson’s book. And really all we’re doing is we’re adding value, we’re telling people, “Your money has a cost.”

Mike Everett:

And what we’re trying to do is we’re trying to transfer that control that you were making to outside debt to your control and now you make those payments to yourself. It completely changes the way you think about your money.

Chris Bay:

So if I’m able to switch my outside debt where I’m paying to other people, and I shift it over to my side of the scales where it’s now inside debt, and I’m an honest banker and I apply economic value-added, that means I’m making those same payments to myself which then I get to reuse those dollars, don’t I?

Mike Everett:

That’s correct.

Chris Bay:

Okay. So here’s the question that people always have, and if I’m listening right now to the podcast, I’m saying, “Well that sounds great but how do I get the outside debt to my side of the scale and make it inside debt?” That’s the question we want to answer right now.

Mike Everett:

Well, part of that thought process is how does this apply to me?

Chris Bay:

Mm-hmm (affirmative).

Mike Everett:

Okay, so people go… Just like you said, this all sounds fine and great, but how do I get this thing going for me? We have what we call activators and we teach this in our boot camps. People go, “Well, how do I get started?”

Mike Everett:

Well, we throw the question out to the group, where would you find money if you were thinking about doing something like infinite banking? And some of the things that come back to us are home equity lines of credit, cash, CDs that are setting in the bank. We even have some people utilize their 401ks. There are all kinds of ways for you to access dollars and create your own activator in order to get Infinite Banking implemented in your life.

Chris Bay:

Well, I remember examples like so many of us, and this would be us included back when we were doing another program, a financial program, as we were paying extra on our debts. So we were sending extra money to somebody else that we were losing control of that money. We have folks who… Basically what it is is with Infinite Banking is we were trying to increase the amount of money that people are using and controlling and sending their direction rather than sending it out of their control to somebody else.

Chris Bay:

We want to increase the pool of money that they can control. And we help… As you mentioned, it’s all… It’s unique. It’s individual. And where do people find out what can work for them, when does that happen?

Mike Everett:

Well, it happens in a number of different ways. It really happens mostly when they come to one of our boot camps or if they go to one of our online boot camps that we do every other Tuesday. We have these online boot camps where we’re creating ways that they can educate themselves to get the tools that they need in order to make the decisions of whether or not infinite banking is for them.

Chris Bay:

Mm-hmm (affirmative), yeah. And what’s always surprising is people may not think that they have a pool of money that they have control of, and that’s where the coaching sessions that we do with them is we help them discover where that pool of money is that they have control of and how they can leverage that pool of money to turn their outside debt to inside debt and start taking advantage of those dollars and getting multiple uses of those dollars.

Mike Everett:

Chris, this could happen really quickly for some people because everybody has a pool. Every single person has a pool but nobody has ever showed them how to take advantage of the pool that they have access to.

Chris Bay:

So when we do our client conversations we talk with people about what are their goals, those things, and a lot of times debt is one of the things that they’re concerned about. Give the listeners just a feeling of in general, how quickly are people able to shift their outside debt to inside debt?

Mike Everett:

Well, it really depends on the access that people have to their own pool. The average client, and I’m just talking about the average client, can be 100% out of debt, to any outside debt, any other financial institution I’m talking about, in five to eight years.

Chris Bay:

Yeah.

Mike Everett:

But we do have some people that have the ability to change that wind current in the first year.

Chris Bay:

Yeah, yeah. Some cases the first month, which that sounds insane to people probably but it’s pretty fun to be a part of designing those. Mike, I appreciate you talking about how people can get started. This may seem a little vague to folks and really for the best… The best way for them to find out, I always tell people, “Would you be willing to spend $0 to see what was possible?”

Mike Everett:

Absolutely.

Chris Bay:

I don’t know why you wouldn’t, but if people want to find out they can contact us through our website at lifesuccesslegacy.com.

Chris Bay:

Again, we always encourage people to educate themselves through either coming to one of our boot camps, joining us on a webinar. They can register for all of those on our website. And of course we encourage them to order Nelson Nash’s book, becoming your own banker, off of our website, and read that and educate themselves.

Chris Bay:

Next podcast we’re going to get into and it may take a couple of podcasts, and that’s getting into policy design. Why are the policies for IBC different than what you might find in other circumstances. Mike, thanks for joining us and listeners, thanks for joining us.

Life Success & Legacy Triagle

This #tbt is awesome. Mike and Chris dive into the heart of who we are. Why do we exist? “To inspire financial hope and freedom by revealing little-known truths about money while investing in trusting, long-term relationships.” That sentence is more than just our mission statement. Take a listen, you will not be disappointed!

Original recording: July 2017



Chris Bay:

Welcome to the Life Success & Legacy Podcast. My name is Chris Bay and I’m joined today with the Founder of Life Success & Legacy, Mike Everett. Hey Mike, we’re excited today to talk a little bit on a topic that is foundational to Life Success & Legacy, and that is who is Life Success & Legacy? Because a lot of times people are like, “Okay, great. I’ve researched this Infinite Banking thing and I’m interested in learning more about it, but who are these people that are going to be teaching me, designing plans, working with us?” So, I was just wondering, tell us a little bit about how Life Success & Legacy has come together, what drives it, and we can dig into more details about that.

Mike Everett:

Well, Chris, it’s funny that we’re discussing that today. I remember a trip that you and I had made to Iowa.

Chris Bay:

Mm-hmm (affirmative).

Mike Everett:

And on our way home, you started firing questions at me right and left about what my passions were, why I enjoyed Infinite Banking, what is it that we were trying to achieve? And I remember it to be not just an informational Q&A, but there was some pretty intense, emotional stuff that was going on too, to find out what this thing was all about and where were we going with it?

Chris Bay:

I remember that conversation. It was a good one.

Mike Everett:

It was. And then I remember by the time we had got done with our four and a half hour trip, you had given me a few things to think about. But then the question that arose was, why does Life Success & Legacy exist? And I think what culminated from that whole conversation that we had literally four and a half hours was to inspire financial hope and freedom by revealing little known truths about money while investing in trusting long-term relationships.

Chris Bay:

I remember that conversation well, like it was yesterday. I remember it was dark and I had my phone out and I still have in my notes the results of that conversation. Because as you were talking and I was asking you questions, for me as somebody who is new to the organization, I wanted to know more about what was this whole thing about. Why were we really doing it? To me, it’s got to be purpose driven and it’s got to be bigger than just helping people with their money. It’s got to be a broader scope, a broader purpose. And so yeah, you did a fantastic job of answering the questions that I was asking. And then we just put it together in this, I guess, purpose statement, we just call it why we exist. I want to break it down just a little bit. When you look at the different sections, there’s three different sections to that why we exist. Can you talk about those different sections?

Mike Everett:

Well, I’m going to start with the last line, investing in trusting long-term relationships. This is really about friendships, it’s about relationships. And when we turn around and we’re talking and teaching and educating people about Infinite Banking, and trying to get them to say, “Why would we invest our money with you? Or why would we trust you to handle this thing in our lives?” We realized that there must be a tremendous amount of trust in the relationship. We don’t want the relationship to happen for the next 12 to 18 months, we want the relationships to happen for the next 30, 40, 50 years.

Chris Bay:

Mm-hmm (affirmative).

Mike Everett:

And so that is where I would start, number one. Number two is we’re giving people information. We are educating people in ways that 99.9% of all financial planners will not take the time or the energy to give them these kinds of truths about money. So trusting long-term relationships, little known truths about money, but yet where we’re all trying to go is we want financial hope and freedom.

Chris Bay:

Mm-hmm (affirmative).

Mike Everett:

So there is a great big picture here that we are trying to create for our clients, but yet in the midst of all of this education, we are giving them the tools that no other financial institution or no other financial guru will take the time to give to them.

Chris Bay:

Yeah. The first part of why we exist to inspire financial hope and freedom actually goes, in my view, even beyond that. Because so many times there’s a barrier for people to really create the life that they want and that barrier is their finances.

Mike Everett:

Yep.

Chris Bay:

And so once we teach some of these truths about money and they apply the Infinite Banking concept in their financial world and they take control of that process, all of a sudden it opens up all kinds of possibilities for our clients to actually create the lives that they want. I mean, we’ve got quite a few people that have quit their jobs because they’ve been able to remove those barriers and they are actually now pursuing dreams that they’ve had for many, many years in their life. That to me is really rewarding and it’s motivating. And it’s one of the reasons that I love doing the work that we do.

So I want to touch on that second piece about teaching little known trues about money. Talk to us a little bit about the philosophy of Life Success & Legacy and educating people. Do people have to be qualified to work with Life Success Legacy? What does it cost to come to a bootcamp to learn? When we design plans as a team for our clients, what is involved in the cost and those kinds of things?

Mike Everett:

Well, one of the things that we have discussed at length is we shouldn’t get paid until we add value to somebody. So when we put together a plan or an illustration or an educational seminar, or a bootcamp, or a one-on-one conversation, we don’t charge anybody anything. The only cost that someone might have is the cost of Nelson Nash’s book, Becoming Your Own Banker. The cost to them is $20. If they’re standing in front of us, everybody’s got a $20 bill in their pocket. So we charge $20 because we want people to have a little bit of skin in the game before we move forward. And usually, if people will buy the book, they’ll take time to read it. But once again, we have these educational bootcamps and we have educational online bootcamps, and we don’t charge anybody anything to attend any of those things because we would like people to investigate and spend some time investing in themselves, time, energy, a little bit of money, in order to find out if Infinite Banking is really for them.

Chris Bay:

Yeah. I tell people back in my education days, the 22 years I spent in education, I spent a lot of time designing strategies and plans for kids to try and help them be motivated to be in school, and some of them just really did not want to be there. And so I made a promise to myself in working with clients, I’m not designing behavior plans for the clients. I’m only working with the people who want to learn about this concept. So in my mind, if people are willing to come halfway, I’ll meet them halfway and I will teach them as long as they want to learn about this concept, until they decide they want to move forward, or they say, “Chris, I just don’t think this is for us.”

Tell me a little bit about the team. Because when you first started, we joke about this all the time as you being a rugged individualist out there, moving along solo, but now there’s a team with Life Success & Legacy. Talk a little bit about that team, how the pieces fit together, and how people have come to join the team.

Mike Everett:

Well, let’s touch on the rugged individualist for just a second. You and I, we literally kid back and forth on this. When I first got started in this, I told you within a couple of months of you coming on board was that you were probably going to be out on your own in the next 18 to 24 months. But in the midst of all of that, there were some pieces that were missing in Life Success & Legacy that you brought to the table. So, you were the first piece, or the first edition, the first team member, along with myself, that brought Life Success & Legacy to where it is today.

I am a shoot from the hip kind of guy, there’s not much organization, let’s get done what needs to be done right now. But you brought this organizational thought process and this let’s get some things done that would make sense for the organization, not just in the next two to three weeks or two to three months, but for the next four, five, six, 10, 15 years from now. And that’s really what we’re doing with Infinite Banking, we’re making people think long-term, and I never did that personally. So me to say that I’m thankful for Chris Bay is pretty incredible. And then all of a sudden it was just like, now we were at a place where it made sense that maybe we should build a small organization.

Chris Bay:

Mm-hmm (affirmative).

Mike Everett:

I remember when we got started, I was calling people and having people do website stuff, I was designing brochures and I was doing all this on my computer. I had absolutely no idea what I was doing, but then all of a sudden I got introduced to a guy by the name of Mike Crawford.

Chris Bay:

Yeah.

Mike Everett:

And this guy is just a wiz with social media, with our website, with some of the internet stuff and how we’re even creating these podcasts. So him to come on board as part of a team too, now that’s our Lawrence team, and now what we’ve started to do is we’ve started to build out from that. We have Chris Garret’s out in Pennsylvania, we’ve got Clint Bradfield down-

Chris Bay:

Wichita.

Mike Everett:

…in Wichita. And then we’ve got Joe Frazier out in Western, Nebraska.

Chris Bay:

Yeah. Matt Zimmer up in North Dakota.

Mike Everett:

I’m telling you. So this thing is continuing to build, and we’re still adding pieces to this puzzle, which is very, very exciting.

Chris Bay:

The thing that I’ve really enjoyed as this organization has grown is that each person who joins, and we’re pretty selective in who we add to the-

Mike Everett:

Very.

Chris Bay:

Integrity has got to be a huge piece of it. But we know whether they have integrity because every single person who’s joined our team has been a client.

Mike Everett:

That’s right.

Chris Bay:

There’s nobody who has come in and they’re already an IBC coach or a life insurance agent, or somebody out there doing this work. These are people like myself, like you, like Crawford, and others who were in other professions. And they experienced IBC personally, and what it can bring to their life. And they were so impassioned by it that they chose to join on, to teach other people about this.

Well, I love the organization that we are. I feel like we’re doing things the right way. I think some of the common values go back to that, why does Life Success Legacy exist? And it is, it goes back to inspiring financial hope and freedom, it’s about educating people about money in a different way, and it’s about long-term trusting relationships. How many of our clients now are our friends?

Mike Everett:

It’s pretty incredible. In fact, how many texts a week? How many phone calls a week? How many emails a week do we get from clients just saying, “Hey, thank you,” or, “Hey, I’ve got a question about this,” or “How do I implement that?” So it’s very exciting stuff.

Chris Bay:

That’s right. Well, thanks for sharing with that, Mike. Our next podcast that we’re going to talk about is, well, okay, so we’ve learned a little bit about Infinite Banking, we’ve learned a little bit about who Life Success & Legacy is, how do people get started? How do you take those first steps getting started? So we’ll look forward to that conversation next. Thanks for joining us.