Life Success & Legacy

In this episode, the team revisits a question we answered many years ago, but with fresh takes and new perspectives. How long DO you have to pay premiums? Take a listen and let us help you get out of the ruts! The post How long do I have to pay premiums? appeared first on Life Success Legacy.

In this episode we tackle a question that we get all the time, in many formats: What size of policy should I start with?! As you’ll learn, the short answer is, don’t worry about it! However, Mike Everett, Chris Bay and Michael Crawford dig a little deeper to give you insight on how to find out that ellusive number. The post The Burning Question: What size policy to start with? appeared first on Life Success Legacy.

In this episode, we revist the Life Success & Legacy story. It has been several years since we did a deep dive into the history of LSL and how each of us joined the team. For those of you who’ve been around a while, this is a fun refresh. If you’re new, enjoy! The post LSL Story – 2023 Updates appeared first on Life Success Legacy.

In this episode the team has the opportunity to answer a comment from a listener on YouTube! We love this stuff. Our team thrives on being open and transparent in our pursuit of financial freedom through Infinite Banking. Being skeptical is perfectly acceptable! In fact, all of us have had those moments of skepticism and that’s why we are constantly learning and educating ourselves! This is a fun one! The post YouTube Comment appeared first on Life Success Legacy.

In this episode, the team dives into a principle from Nelson we talk about all the time; think long range. We get asked a lot by clients how they can make thier system go faster, or how they can ramp it up, and it always comes back to thinking long range. Even as coaches we have to implement this principle when we’re building strategies for clients! Take a listen, while the principle might not be new, we dig deeper into its value. The post Thinking Long Range. Why it Matters. appeared first on Life Success Legacy.

In this episode Chris has the honor of interviewing mother-daughter power team Winnie and Emaghea Lau. They have created a program called ‘Cash Smart for Life’ that helps parents teach their kids how to be financially independent! During the interview we learn the story behind the project, exciting news about the book being released in conjunction with the program, as well as some details about the 8-week course! You can find all the links and information below! Also, check back often to see when the book is officially available. This is a good one! Website to register for the course: cashsmartforlife.com Primary Website: www.winnielau.com 2023 Program Dates: September 20th through November 8th Email: [email protected] The post Interview with Winnie and Emaghea Lau appeared first on Life Success Legacy.

In this episode we take a look back and discuss things we might have done differently when we first started our Infinite Banking journey. Mike E, Chris and Mike C go into detail about their own plans, things they’ve learned and how it’s affected how we, as a team, coach our clients. Take a listen and learn how things have evovled and grown for the LSL team over the years! The post Looking Back: Things we would have done different. appeared first on Life Success Legacy.

In this episose Chris has the opportunity to interview Haley Davidshofer! Haley has been an avid learner of IBC over the last several years. Her journey includes a different look at who to insure, the structure of said policies and how to better utilize the policies long term. She also has learned how to begin creating passive income and even got her insurance license in order to help others on their journey! The post Interview with Haley Davidshofer appeared first on Life Success Legacy.

In this episode the team ponders the idea of taking a tax exemption vs getting multiple uses of every dollar. The thinking exercise focuses on 529’s and HSA’s. Everett will expound upon Willie Sutton’s law from Nelson’s book and use this as a reference when contemplating these tax exceptions. Put that all together and you have a great podcast! *Life Success & Legacy is NOT suggesting any tax strategies, but merely painting a picture through the lens of Infinite Banking the way Nelson Nash taught it. The post Take a tax break? Or get multiple uses of your dollar? appeared first on Life Success Legacy.

In this episode, we dive into a question that even we have asked! When does it get good? This can be asked in many different forms, and the team works to break down each angle and give our perspective. This is a fun one full of good information and laughter! The post When Does it Get Good? appeared first on Life Success Legacy.

In this episode Chris and the Mike’s discuss skinny policy design. We get asked this question all the time, “Is there a way to make my policy grow faster on day one?” Typically, the solution for faster growth is to modify the policy design structure. Take a listen to see what the team thinks of this approach and how we help our clients think long term. The post Our thoughts on Skinny Policy Design appeared first on Life Success Legacy.

In this episode, Mike Everett, Chris Bay and Michael Kwong discuss a question we get all the time; What’s the best type of policy for IBC? There is a lot of noise out there about this topic, and the Life Success & Legacy team is here to set the record straight. Take a listen and find out! The post The best type of Policy for IBC appeared first on Life Success Legacy.

In this episode, we discuss a boot camp question that we get all the time; policy loan interest rates. Mike Everett, Chris Bay and Michael Crawford unpack this topic by giving more insight into how policy loans work and the role they play in the bigger picture of Infinite Banking. Take a listen, if you haven’t heard us answer this question before, you might be surprised! The post Interest Rates and Picking an Insurance Company appeared first on Life Success Legacy.

In this episode, we discuss the question, “What about a contingency fund?” There are many reasons to need a contingency fund in life, that doesn’t change when you are using Infinite Banking! We discuss real life examples, some personal and some redacted client stories. This is where having a team of coaches with a wide range of experiences comes in handy! Take a listen! The post Accounting for a contingency fund appeared first on Life Success Legacy.

In this episode, Chris has the honor of interviewing Taryn Souza! She is an awesome entrprenuer who found Life Success & Legacy through a coworker, Haley! Taryn isn’t an LSL client, but she is 100% invested in learning about Infinite Banking! Take a listen and hear her inspiring story and journey towards taking control of her financial future! Also, check out her super cool business:Fortissimo Ad Strategy LLC The post Interview of Taryn Souza appeared first on Life Success Legacy.

In this episode, Mike Everett, Chris Bay and Michael Crawford dive into a question we get somewhat regularly. What do we look for in an insurance company, especially as it pertains to Infinite Banking. We take the approach of answering this question from two angles; one as agents and two as clients. We don’t go into details about which companies, but we do dive into how the companies we tend to work with function and what is important for you as clients to seek out. Enjoy! The post What to look for in an Insurance Company appeared first on Life Success Legacy.

In this episode, Mike Everett and Mike Kwong dive into their experiences from this years Think Tank! Kwong has never been and Everett has only missed two! This is a cool look behind the curtain of the Nelson Nash Institute annual Think Tank from the LSL team! The post Thoughts from the Think Tank appeared first on Life Success Legacy.

In this episode Mike and Chris discuss a question we get all the time; what are insurance riders. Many of our clients, and potential clients, have heard of the Flexible Paid Up Additions (FPUA) rider, as it is an integral part of the Infinite Banking Process. However, are there others to consider, and if so what are they and how do they work? Take a listen to find out more! The post Insurance Riders: What are they? appeared first on Life Success Legacy.

In this episode Mike, Chris and Michael discuss the NNI Think Tank. What is it, who can attend and why do we go back. Take a listen to see how our team stays on the front end of Infinite Banking! The post The Neslon Nash Institue Think Tank appeared first on Life Success Legacy.

In this episode Chris Bay and Mike Kwong, with support from Mike C, discuss their two books, ‘Family Banking with Purpose’ and ‘DIBS on Your Money!’. We dive into the books origins, how they fit with Nelsons BYOB and how they can be an integral part of your IBC journey. Enjoy! The post LSL Team Books: The role they play appeared first on Life Success Legacy.

In this episode, Mike, Chris and Mike Kwong dive into another great boot camp question; external lines of credit. We talk a lot about Nelson’s five main principles, which include: Don’t do business with Banks. What did Nelson mean, do external lines of credit fall outside the parameters of the Infinite Banking Concept? Take a listen and find out what the LSL team teaches and practices! The post External lines of credit. Are they good? Should I have them? appeared first on Life Success Legacy.

In this episode Mike, Chris and Michael discuss a real life application of the Infinite Banking Concept. We often get asked what practical ways you can apply IBC, other than debt reduction. We tackle ideas like: Using your system to hold and pay your taxes, or paying annually on a recurring expense, and more! Take a listen and comment what other ways you’ve applied or could apply IBC in your life! The post Applying IBC – Taxes, Recurring Expenses & More! appeared first on Life Success Legacy.

In this episode Chris interviews Mike Kwong about the release of his new book, ‘DIBS on Your Money’! They discuss everything from the inspiration for the book, how his daughter and wife contributed and the foundation for the book. This is a good one; take a listen! The post DIBS on Your Money – Mike Kwong’s new book! appeared first on Life Success Legacy.

In this episode Mike, Chris and Michael discuss a couple of the interesting questions we fielded during the October Boot Camp. First, do you need debt to make IBC work? And, if I have a large pool of assets already, is IBC even necessary. We combined these questions since the approach to both answers goes hand-in-hand. Take a listen to how the team breaks these down into the fundamentals of Infinite Banking and Nelson’s main principles. Enjoy! The post October Boot Camp Questions – A Deeper Dive appeared first on Life Success Legacy.

In this episode Mike, Chris and Michael discuss a question we get all the time. How does the process work for us when we design strategies as a team on Mondays. Many times people are surprised at the level of detail we go to in order to ensure the strategy is designed as precisely as possible. That’s not to say we always hit the mark, but our teams goal is to create trusting long-term relationships, and that requires us to be detail oriented. We hope you enjoy taking a peek behind the LSL curtain into our process! The post A Look at Strategy Design Monday appeared first on Life Success Legacy.

In this episode Chris interveiws Mike Crawford, again. Four years after the original interview, Chris and Mike catch up on what has changed since that recording. The topics include, how Mike’s role has changed within LSL, family updates and policy design! This one is definitely worth a listen. The post Re-Interviewing Mike Crawford appeared first on Life Success Legacy.

In this episode, Mike Crawford interviews the newest team member of Life Success & Legacy, Mike Kwong. Many of you may already remember an interview Chris did with Mike and his wife Pei back in 2019. Since that interview, Mike has steadily become a more integral part of the LSL team and together Mike and Pei have helped foster a relationship between LSL and Tardus. We are so excited that Mike is part of the team and we can’t wait for you to experience his brilliance! The post Interview with Mike Kwong appeared first on Life Success Legacy.

In this episode Mike and Chris discuss the chapter in Nelson’s book titled, “What if I am uninsurable?” This is a super common question we get from clients and potential clients. This chapter discusses how you can still get an IBC plan going, even if you happen to be uninsurable. Listen as Mike and Chris talk through some personal uninsurable moments and how they were able to pivot and continue to grow their systems. The post What if I am uninsurable? (The lost episode) appeared first on Life Success Legacy.

In this episode, Mike, Chris and Mike C go into detail about wind current. Many times at boot camps, or other events and coaching sessions, people point out how invested we are in turning the wind current. We discuss the reasons behind our passion for turning the wind current as well as discuss the tool we use to help accomplish the goal. Our software, Inspiring Hope and Freedom, is all about showing the client the power of their own money. Listen as we give real life experiences as well as a small verbal demonstration of the softwares capabilities. For those of you who aren’t going to watch the video on YouTube, I have added the images we used for that video just below this post. The post What’s the deal with Wind Current? appeared first on Life Success Legacy.

In this episode Mike and Chris revisit policy loans. More specifically, they discuss the name and how it has caused confusion in the Infinite Banking world. Nelson’s chapter ‘Creating the Entity’ plays a big part of this podcast. Listen to see how the Life Success & Legacy team works to scrub the language and make sense of the nonsense. The post Policy Loan… is that the right name? appeared first on Life Success Legacy.

In this episode Mike Everett, Chris Bay and Michael Crawford take a look back at where the podcast started and where it’s at, how IBC has changed in Everett’s 17+ years and our commitment to our clients and the principles Nelson left us. The post Life Success & Legacy’s 100th Episode! appeared first on Life Success Legacy.

In this episode, Mike & Chris dive into another frequent question, Investments. But not the way you’re thinkinig of investments. Nelson starts off Becoming Your Own Banker by stating, “This book isn’t about investments of any kind… [but] it’s about how one finances the things of life…” right? However, the last half of that sentence says, “which can certainly include investments.” Far too often we stop reading that sentence and just assume Nelson dissaproved of investments, quite the contrary! He is just proposed a better way. Mike and Chris dig into this all while answering the question, how to use IBC for investments. The post IBC for investments? appeared first on Life Success Legacy.

In this episode Mike and Chris walk through another popular Boot Camp question; dividends. There are many different schools of thought on the topic of direct vs non-direct when it pertains to the dividends of your Infinite Banking policy. Throughout this episode, Mike and Chris refer to several sources, including Nelson himself, to ‘demystify’ dividends and paint a clearer picture of how Life Success & Legacy coaches their clients. The post Dividends: Direct vs Non-Direct appeared first on Life Success Legacy.

In this episode, Mike and Chris go over another very popular Boot Camp question; Where are the risks? Often times, when people begin exploring Infinite Banking, it seems ‘too good to be true’ at times. Thus, the question of risk immediately pops into our head! Take a listen to what Mike and Chris have to say about this. You’ll even get to hear a personal story from Mike about the early days of his plan! https://youtu.be/u7tft4jWvSQ The post Where is the risk in my Infinite Banking Plan? appeared first on Life Success Legacy.

In this episode, Mike and Chris tackle another very common boot camp question. This one deals with multiple aspects of Infinite Banking, namely think long term. Because in order to see the benefits of franchising, you have to think beyond the first policy. Listen and let us know how you have or plan to implement franchising in your IBC journey! The post What’s the deal with Franchising? appeared first on Life Success Legacy.

In this episode, we tackle another boot camp question that comes up all the time, and has for years. Why isn’t Infinite Banking more popular, or why aren’t more people doing this? A few years ago, we addressed this question and now Mike and Chris are back to update our listeners. (Spoiler, the answers are similar to before!) Take a listen either way though, we think you’ll be able to wax intellectual with your coworkers around the water cooler after you do. The post Why isn’t Infinite Banking more Popular? appeared first on Life Success Legacy.

As we embark on the next phase of the LSL podcast, we shift from Nelson’s Becoming Your Own Banker and begin diving deeper into questions that we get repeatedly at our live or virtual boot camps. The first one is how to get started! Becuase Infinite Banking is so vastly different than what we’ve been taught about how to manage our finances, it can feel like an impossible feat to get things going. Mike and Chris go into the steps we send our clients through. Take a listen and join us on the adventure! The post How to get started with Life Success & Legacy appeared first on Life Success Legacy.

Our two year adventure of walking through Nelson Nash’s Becoming Your Own Banker is at an end. In this episode, Mike, Chris and Mike C go over the journey and talk a little about the books that have inspired them along their IBC journey! Below is a list of the books we mentioned! (in no particular order) Here are the list of Books we mentioned (no paticular order): The Case for IBC – Neslon Nash, Carlos Lara, Robert Murphy Building Your Warehouse of Wealth – Neslon Nash Why the Rich are Getting Richer – Robert Kiyosaki Rich Dad Poor Dad – Robert Kiyosaki The Millionaire Next Door – Thomas Stanley Confessions of a CPA – Bryan Bloom What would the Rockefellers Do? – Garrett Gunderson Busting the Life Insurance Lies – Kim Butler Busting the Retirement Lies – Kim Butler Live Your Life Insurance – Kim Butler The Wealthy Family – Chase Chandler The Tuttle Twins – Connor Boyack Rich Tactic Poor Tactic – Rich Clouse The Fair Tax Book – Neal Boortz Economics in One Lesson – Henry Haslitt What has Government done with Our Money? – Murray Rothbard The & Asset – Caleb Gilliams Farming Without the Bank – Mary Jo Irmen Family Banking with Purpose – Chris Bay The Go-Giver – Bob Burg The post Wrapping Up – BYOB #39 appeared first on Life Success Legacy.

As we near the end of our book walk through Nelson’s Becoming Your Own Banker, Mike and Chris review the Points to Consider. There are seven topics that, in one page, Nelson imparts his wisdom. Listen as Mike and Chris expand upon this wisdom with a bit of their own! The post Points to Consider – BYOB #38 appeared first on Life Success Legacy.

In this episode Mike and Chris dive into Nelson’s viewpoints on the monetary value of college. This isn’t a chapter that we spend a lot of time on, but it is a valuable chapter. Like most of Nelson’s book, this topic is intended to make you stretch your thinking and challenge the ‘status quo’. We think you’ll enjoy! The post A Different look at College – BYOB #37 appeared first on Life Success Legacy.

In this episode Mike and Chris discuss an extremely important chapter, not only to Nelson, but to them as well. This chapter is where the inspiration for Chris Bay’s book Family Banking with Purpose came from. Take a listen to hear how it has shaped their Infinite Banking journey and how they have used this chapter to continue educating the next generation Grab a copy of Chris’ book here! The post Even Distribution of Classes – BYOB #36 appeared first on Life Success Legacy.

In this episode Mike & Chris tackle one of the biggest hurdles to many people truly understanding Infinite Banking; rates of return. In fact, Chris discusses his own struggles with this prior to his family diving into IBC. We believe that when this chapter begins to make sense, you are well on your way to changing your financial future through Infinite Banking. The post Higher Rate of Return – BYOB #35 appeared first on Life Success Legacy.

In this episode, Mike and Chris dive into the Cost of Acquisition. Nelson uses the anecdote from Lee Iacocca’s book ‘IACOCCA’ to explain how difficult, and costly, it can be to play the games of banks. This paints a perfect picture of why Infinite Banking provides ultimate autonomy to YOU the policy owner. Why you ask? Because with Infinite Banking, you are the only decision maker, there is no cost of acquisition. The post The Cost of Acquisition – BYOB #34 appeared first on Life Success Legacy.

In this episode Mike and Chris talk in depth about Nelson’s feelings surrounding ‘retirement’. As we all know, Nelson had very strong opinions about several things in life, and this is no different. Take a listen to this longer-than-normal episode to learn what Mike and Chris take away from this chapter, and how it applies to each and every one of us. The post The Retirement Trap – BYOB#33 appeared first on Life Success Legacy.

In this episode Mike and Chris dig into the capitalizing and implementing your system chapter. This is a transitional chapter from the more foundational and technical aspects of Infinite Banking into application and ways to stimulate your imagination. While this is only a one page chapter, there are several important things to consider. Nelson is reviewing how to get started, the fact that you need a coach and a community, but most importantly to get started now. Listen to see what Mike and Chris have to say about this list. The post Capitalizing Your System and Implementation – BYOB #32 appeared first on Life Success Legacy.

In the last episode, Mike and Chris wrapped up the equipment financing section… almost. There were some that had concerns over the very high dividend scale from when the book was originally published. So Nelson decided to present a new illustration representing a more conservative dividend scale. Listen to see how the numbers turned out. You might be surprised! The post Equipment Financing – Addendum – BYOB #31 appeared first on Life Success Legacy.

In this fourth and final episode of the equipment financing section, Mike and Chris unpack the big picture of this section. It’s long, but 100% worth it. Remember it’s the Infinite Banking Concept, not the one size fits all concept. If you grasp this section, the possibilities are endless! Enjoy! The post Equipment Financing – Part 4 – BYOB #30 appeared first on Life Success Legacy.

Mike and Chris continue working through the equipment financing section of Neslon’s Becoming Your Own Banker. This portion is where you truly begin to see the power of Infinite Banking and how it has nothing to do with the insurance policy, but has everything to do with the owner of the policy. If you’re hung up or just need a review, you won’t be disappointed! The post Equipment Financing – Part 3 – BYOB #29 appeared first on Life Success Legacy.

In this episode, Mike and Chris go deeper into the equipment financing chapter of the book. Which is beginning to transition away from the individual application of Infinite Banking into strategies suited for businesses. Join as Mike and Chris unpack this complex section of Nelson’s book. The post Equipment Financing – Part 2 – BYOB#28 appeared first on Life Success Legacy.

In this #tbt podcast, Mike Crawford is the subject! We dive into the way he got introduced to Mike Everett, his immersion into Infinite Banking and the story of how he and his family are implementing IBC. We hope you enjoy this deep dive with another of our teammates! Mike Crawford interview transcript. Chris Bay: We’re starting down this road of interviewing our team members at Life Success Legacy so that you, the listeners, can get to know us a little bit, but really part of it is for you to hear the diverse ways that we came to know about life’s Infinite Banking and how we implemented it in our own personal lives. Everybody on our team were clients at one point, and we applied Infinite Banking in our own lives. Then many of us joined Life Success & Legacy because of how it impacted our lives. This podcast is going to be talking with Michael Crawford, one of our team members here. These podcasts are because of Michael; he does a lot of the background technology work. He manages our website, the podcast, and other things for us. Today we’re going to get to hear his story. Michael, give us a sense of where you were in life. When you first learned about the Infinite Banking concept, give us age, family, that kind of stuff. Michael Crawford: Sure, I would have been 32 years old. I was working in Baldwin city for a software development company, and I was working a lot of hours and very stressed. It was a good, fun job. I’m very much grateful for it because I’ve learned so much about technology and implementing proper marketing strategies and things of that nature that the time that I spent there was more than valuable. Chris Bay: Yeah. Michael Crawford: But also at that same time, when I learned about Infinite Banking, my wife was pregnant with our son. Chris Bay: Yeah. Michael Crawford: And about 6-7 months pregnant stuff. Chris Bay: What was your introduction to Infinite Banking? Michael Crawford: Well, our office as a software development company, we didn’t get a lot of walk-ins as you might think. We normally dealt with people via email or phone calls or went to their place of business to learn a little bit about them and who they were rather than come to us. One afternoon this gentleman walked in, had a bunch of stuff in his hand, and he goes, I think I need to talk to you, and he pointed right at me, and I thought, do I know this guy from somewhere? Chris Bay: Right. Michael Crawford: Well, it turns out it was Mike Everett, the founder of Life Success & Legacy. He was in desperate need of a website rebuild. Chris Bay: Okay. Michael Crawford: So that was my first introduction to Mike Everett. Chris Bay: Okay. So, you were introduced to Mike Everett, and then how did it place that you were introduced to Infinite Banking? Michael Crawford: Well, you see Mike, didn’t try to sell me on anything at all. In fact, when he sat down, he gave me an overview of the company that he was trying to really take to the next level. He handed me a packet of information between flyers, brochures, handwritten things that were just notes about what he wanted the new website to look like. Chris Bay: Mm-hmm (affirmative). Michael Crawford: And last but definitely not least was Nelson’s book. Chris Bay: Oh okay. Michael Crawford: And being Mike Everett, if you know him at all or have listened to his podcast, he takes the look at the diving board, the high dive, jumps off, and then determines if there’s water after he’s jumped off. Chris Bay: Right. Michael Crawford: Same thing occurred with this website. He gave me all this information. He asked how much it would cost. We wrote up a contract; he signed a check that day. Chris Bay: Wow. Michael Crawford: That was the fastest sale I’ve ever made. And then began the process of building the site, which just by a pure reading [crosstalk 00:03:56]. Chris Bay: Osmosis [inaudible 00:03:57] yeah. Michael Crawford: In osmosis. I started absorbing some of the information and considering that my wife was six, seven months pregnant, falling asleep on the couch. Chris Bay: Mm-hmm (affirmative). Michael Crawford: Early. I did the first cardinal sin that we teach people not to do. And I read the book after nine o’clock. Chris Bay: So, we’re two for two on our team of people reading Nelson’s book after nine o’clock. Interesting. We tell everybody not to read it after nine o’clock, and both you and Everett have both started reading it late at night. Michael Crawford: As it turns out, it was more a matter of like I started reading the material on the website and transferring it to the new website. And I kept thinking to myself; this information is very pertinent to where I was in life. I was adding a new human to the world with my wife. And, finances were obviously a concern [crosstalk 00:04:48]. Chris Bay: Mm-hmm (affirmative). Michael Crawford: Always are right. Most families have that discussi