Life Success & Legacy

In this very special episode, Mike Crawford interviews author Chris Bay about his new book, ‘Family Banking with Purpose.’ In his book, Chris uses relatable circumstances that we have all been through. These scenarios can be used to help families implement Infinite Banking in their lives and create financial freedom. Pick up a Kindle copy for $0.99 from July 23rd to July 29, 2021 on Amazon, or snag a paperback version for $15! Amazon link: https://www.amazon.com/dp/B098KTK2VC Book Website: https://familybankingwithpurpose.com/ The post Family Banking with Purpose: An interview with Author Chris Bay appeared first on Life Success Legacy.

Mike and Chris are digging in for this multi-part podcast on Equipment Financing. For those of you who wanted numbers, here it is. This chapter really starts unfolding the benefits of using Infinite Banking by providing multiple examples of the same situation. This episode is foundational, you may want to listen twice! The post Equipment Financing – Part 1 – BYOB #27 appeared first on Life Success Legacy.

In this episode, Mike and Chris go into one of Nelson’s most intriguing chapters and, for that matter, opening sentences of a chapter. If you’re a veteran follower of the Infinite Banking Concept, you know what it is. For those who are new, you’ll have to listen to find out! The post Expanding the System to Accommodate all Income – BYOB #26 appeared first on Life Success Legacy.

In this #tbt podcast that originally aired March of 2018, the reigns are taken from Chris Bay and handed to Michael Crawford! We drill down into how Chris and his family got started, where they had taken IBC up to that point and more! Take a listen and see where Chris was three years ago in his IBC journey. This is a fun one! Chris Bay Interview. Transcript Michael Crawford: All right, ladies and gentlemen. My name is Michael Crawford, and yes, you may have noticed I am not the voice of Chris Bay. That is because today’s podcast, if you’ve been following our podcast series, is on our team, and Chris Bay is the next victim. Chris Bay: Nice. Nice. Michael Crawford: He is in the hot seat, as it were, and we’re going to go through a little bit about how he got started in Infinite Banking and tell a little bit of his story and give some insight into how it’s working for him and where he sees it going. How are you doing, Chris? Chris Bay: I’m doing great, yeah. Michael Crawford: Awesome. Chris Bay: Doing great. Love talking about this topic. Michael Crawford: Yes, you do. You’re not used to the position though, right? Chris Bay: No. Michael Crawford: You’re the one asking the questions. Chris Bay: I’d much rather be asking the questions, but I think our story will connect with some people out there. Michael Crawford: Absolutely. I agree 100 percent. So let’s dive in. I want to start from the beginning. Your story is unique in how you got started, and I think it’s pertinent for a lot of people. Because we all have different stories on how our money came to be where it is, and learning a little bit about where yours came from and how you took advantage of your next steps with the Infinite Banking Concept, I think the people would like to hear about. Chris Bay: Yeah. Well, at the time when I was in introduced to the Infinite Banking Concept, I was working as an elementary school principal, and my wife and I had worked pretty hard and made a lot of choices and sacrifices to be single-income family so that we could invest in our two daughters. And so at the time, we actually had been practicing the teachings of Dave Ramsey for actually about seven years. And I will tell you, that was a source of frustration and a source of conflict in our relationship, and the word you use in your podcast was hope. The hope for us was so far down the road using this approach, Dave Ramsey’s approach, that our hope was very little. We were not going on vacations. We were not going out to eat very often, and it was really frustrating. And I was working my tail off, doing the best I knew how to do to provide for my family, but we were not doing it very well. I remember, Sean reminds me that we were negotiating with medical care providers who were providing services for our daughters and for our family because we didn’t have the money to pay it, so it was tough. Michael Crawford: Right. And so when you talk about the stress, was it the stress that you were experiencing in your financial picture that led you to investigate alternatives? Chris Bay: Yeah. In fact, I remember there was a teacher that I was working with, and this would have been back in 2007, the fall of 2007, and she had taught for over 30 years, and she came in and said, “I’m going to retire in the spring.” We were celebrating her career. And she came back in in the… Sorry, that was the fall of 2007. In the spring of 2008, so think about the world and financially what was going on, she came back in and said, “I’m not going to be able to retire.” Michael Crawford: Hm. Chris Bay: Yeah. I filed that away in my brain, because I thought… Are we good? Michael Crawford: Mm-hmm (affirmative). Chris Bay: Oh, okay. I filed that away in my brain, because I thought where we all have been told to put our money, it’s not safe. Michael Crawford: Right. Chris Bay: And so I’m working my tail off to do all this and I’m putting it at risk. Who’s to say, depending on the timing of the market going up or down, that it’s going to be there for me when we need it? Michael Crawford: Right. Chris Bay: I didn’t have a solution at that time, but I knew what the world was doing, all the things I’ve been told and taught was not working. The buy term and invest the difference that we hear from Dave Ramsey all the time and others, I didn’t want to go that route because I had seen it doesn’t work. Michael Crawford: So that was 10 years ago, because it’s currently late, well, middle fall here in 2017. Chris Bay: Right, right. Michael Crawford: And so that was 10 years ago today. Kind of give us a timeline from that point until you officially got introduced to infinite banking and how that took place. Chris Bay: Okay. It probably was a little over seven years, probably between seven and eight years ago that I was introduced to it. It

Mike and Chris work through the second half of this awesome chapter by going in to depth on Nelson’s vehicle purchase example. They drill down into the C/D method and the Infinite Banking method, since they are the only two ways to be ahead in the scenario. What might surprise you is the difference financially. The post Start Building Your Own Banking System – Part 2 – BYOB #25 appeared first on Life Success Legacy.

In this episode, Mike and Chris dive into Nelsons chapter titled ‘How to Start Building Your Own Banking System.’ Part of Nelson’s brilliance is how he can bring high level economics down to the you and me level. This chapter is no different. He compares five methods for purchasing a vehicle, something we’ve all done. Mike and Chris unpack these methods and give insight into what Nelson was truly trying to get across. Which, by now we certainly know, is that Whole Life Insurance is the most advantageous place to house your money. Listen for Mike and Chris to give personal stories in this one. You might be surprised! The post Start Building Your Own Banking System – BYOB #24 appeared first on Life Success Legacy.

In the wrap up of the Create the Entity section, Mike and Chris discuss Universal and Variable Life in relationship to Infinite Banking. They talk about how Nelson felt about those products and the reasons why he had those opinions. Enjoy! The post Create the Entity – Part 4 BYOB #23 appeared first on Life Success Legacy.

In the third part of Creating the Entity, Mike and Chris expand upon Nelson’s idea of having multiple policies to accomplish the long term goals of Infinite Banking. They also reiterate how Whole Life Insurance is misclassified. Pay close attention to this one. The principles are integral into the success of Infinite Banking and center to Nelson’s teachings. The post Creating the Entity – Part 3 BYOB #22 appeared first on Life Success Legacy.

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? Thos

Mike and Chris pick up right where they left off and continue to the ins and outs of creating the entity. Nelson spends time explaining the classification of Whole Life, which he contends should have been called a ‘banking system with a death benefit thrown in for good measure’. Remember, we used to think that potatoes were poisonous because of misclassification… rethink your thinking. The post Creating the Entity Part 2 – BYOB #21 appeared first on Life Success Legacy.

This next section will be a multi-part podcast on the idea of Creating the Entity. Mike and Chris take a dive into the world of Life Insurance Actuaries… yeah, we know you’re riveted. However, this is critical to understand, if we are to understand Whole Life Insurance, and how it is the best tool for banking. Watch and learn, we promise it’s more exciting than it sounds! The post Creating the Entity – Part 1 BYOB #20 appeared first on Life Success Legacy.

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

This week would have been Nelson Nash’s 90th birthday and in this episode Mike and Chris pay homage to the man that impacted their lives so much. In fact, we know he left his mark on thousands of people. We hope you enjoy this short tribute. The post Happy Birthday Nelson appeared first on Life Success Legacy.

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 as

Nelson wrapped up the Human Problems section with a one page chapter on the topic of Use It or Lose It. Mike and Chris venture down into the main principle, EVA, or Economic Value Added. Which is the “recognition of the fact that your own capital has a cost, as well as that which has been borrowed from banks.” Seems simple enough, but as Nelson wrapped the chapter up he states it perfectly, “Just like EVA, to be effective, IBC must become a way of life.” The post Use It or Lose It – BYOB#19 appeared first on Life Success Legacy.

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, bu

Nelson states, “This phenomenon probable limited the achievements of mankind more than anything else. When this ‘thing’ infects us, we stop growing, stop learning. We turn off or tune out the ability to receive inspiration — because we ‘already know all there is to know.'” If that doesn’t make you stop and ponder for a moment… Nelson was right, though. Our ability to learn and grow is almost always hindered by our human nature, or the arrival syndrome. Watch and listen as Mike and Chris go deeper into this incredibly short, but packed chapter about that ‘thing’ that is infecting us. You will certainly walk away glad you did! The post The Arrival Syndrome – BYOB #18 appeared first on Life Success Legacy.

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

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

“Those who have the gold make the rules” – Nelson Nash. This episode of our book walk through Becoming Your Own Banker continues to reveal more truths about money. Mike and Chris unwrap The Golden Rule principle, and wow is there a lot to unpack. We think you’ll like this episode, but be prepared, it will challenge the old way of thinking. The post The Golden Rule – BYOB #17 appeared first on Life Success Legacy.

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 star

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,

In this episode Mike and Chris dive into Willie Sutton’s Law. Nelson had a lot of well thought out opinions on things. So why does he follow up the Human Problems with a chapter about a notorious bank robber? Well, I will steal from Nelson (via Willie), “Wherever wealth is accumulated someone will try to steal it.” Watch, listen and enjoy this first episode of 2021! The post Willie Sutton’s Law – BYOB #16 appeared first on Life Success Legacy.

The first chapter of Section 2 is the Human Problems… Gulp. Nelson knew it was important to tackle this topic first, because we all struggle with these issues. The whole chapter is one page, but it’s a packed one page! Take a listen to how Mike and Chris dissect the human problems and even give examples of their own personal struggles. The post The Human Problems – BYOB #15 appeared first on Life Success Legacy.

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

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

We are officially buttoning up Part 1 of Nelson’s Becoming Your Own Banker book review after thirteen AWESOME episodes… whew!! We’re having so much fun taking this deep dive into each chapter of this life changing book. In this episode, Mike and Chris go through the review on page 27 (5th edition) and start with a quote. “The importance of imagination -it is more important than knowledge.” This perfectly captures the simplicity and overwhelming value of how Nelson chose to write this book. Setting the stage early with real stories about how he himself ‘fell’ into Infinite Banking. As we continue through this adventure, our imagination will be of upmost importance. Our Infinite Banking voyage will be marred with us fighting not to fall back into the rut of our ‘old’ way of thinking. The post Review of Part 1 – BYOB #14 appeared first on Life Success Legacy.

This podcast is a wrap up of section one of Nelson Nash’s Becoming Your Own Banker. Mike and Chris highlight the chapters, review key points and sum up the information packed section. After you watch this one, go back and watch the other episodes in this chapter! The post Section One Wrap Up – BYOB #13 appeared first on Life Success Legacy.

In this weeks #tbt podcast, we dive into the third pillar of Infinite Banking. It is probably something that all of us have pondered recently, considering the volatility of the markets with its roller coaster highs and lows. Yes, I am speaking of retirement. That formidable ambition that can keep us up at night wondering if we’ll have enough money or when is the right time to start taking withdrawals? What if you could have your money in a vehicle that isn’t tied to the market ups and downs? What if your money could be withdrawn tax-free? What if you could use and grow your money on your own terms until you choose to retire? Listen to this short, but informative, episode to hear how Nelson taught us a better way. A way in which the performance of our money isn’t reliant upon someone or something other than ourselves. 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’ve been talking about the four areas that Infinite Banking can address for people. First was eliminating debt rapidly, typically in 3 to 8 years, by turning the wind current. Our last podcast we did, we talked about how to finance everything in your life and applying economic value added or EVA, or as Nelson says, “Don’t steal the peas.” Chris Bay: In this next conversation, what I’d like to talk about that I think is going to be really interesting to people, and that is how to get tax-free retirement. Most of us have come up during a time period where we have been told to put our money into certain kinds of tax qualified plans or markets or things like that. So what I’d like for you to do is kind of describe the landscape of what most people know about. Most of the noise that we hear out there about retirement. Let’s talk about that first. And then what we want to do is transition to what are alternatives for that. Mike Everett: Okay. So here’s the way I did things before I learned about the Infinite Banking concept. I got taught to put my money aside into a 401(k), an IRA, a mutual fund, and I was going to do this systematically over a time period. Chris Bay: Mm-hmm (affirmative). Mike Everett: You start out when you’re 25 to 35 years old and you start putting your money aside. Now, you’re supposed to do it systematically, and you’re going to do it tax-free right now, is that correct? Chris Bay: That is correct. Mike Everett: Okay. So you’re going to think through this thing with a customer or a client and help them understand why these things do or do not work. So one of the questions that I ask right off the bat is, are income tax is going to go up or down? Chris Bay: And if you look historically, the answer is yes. Mike Everett: That’s correct. Chris Bay: It’s going to go up. Mike Everett: The second question I would ask somebody is, number two, the money that you have in your checking account or under your mattress, is it worth more today or is it worth more tomorrow? Chris Bay: Today due to inflation. Mike Everett: That’s correct. Well, they keep cranking out dollars in the basement of the White House. And so the dollars are going down. Well, number three, when thinking of income taxes, you want to pay on the seed, the little amount, or do you want to pay on the harvest, the big amount? Chris Bay: I’d rather pay on the little amount. Mike Everett: But yet everything that we’ve been taught to do with our money, we take money, we set it aside income tax-free into a retirement plan, an IRA, a mutual fund, and it grows income tax-free. And then 20 or 30 years from now is when we start pulling money out. And you and I both agree that income taxes are going to go up and the value of the dollars are going to go down. So the dollars that we’d have access to 20 or 30 years from now are worth less or worthless, whichever you like. Chris Bay: So we’re paying higher taxes with dollars that are worth less. And all those tax qualified plans are assuming that that money is going to increase. But I remember a conversation with a teacher back in 2007, 2008, who came in and announced in the fall that she was getting ready to retire. And we celebrated. And yet in the spring, she came back into my office and said, “I’m not going to be able to retire.” And the reason was, what happened in 2007, 2008? Mike Everett: We had our fallout [crosstalk 00:03:42] financially. Chris Bay: That’s right. So the market crashed. So her money that was sitting in one of those tax qualified plans, they lost a great amount of it. Mike Everett: I guess. So the question is, was there money guaranteed? Chris Bay: No. Mike Everett: There you go. Chris Bay: So I filed that away in my head. That was before I knew about Infinite Banking. When I started learning about Infinite Banking and that my money was in

In this #tbt episode, we’re getting into the second pillar of Infinite Banking; How to Finance Everything! This is a critical aspect of Infinite Banking and it can uncover limitless possibilities. As Nelson used to say, this concept, and the ideas within are only limited by your brain. Listen to this early podcast and let us know your thoughts. 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, last time when we were talking on our podcast, we talked about how to turn the headwind into a tailwind and designing plans, where we get people a debt-free in a short amount of time, typically three to eight years, without actually changing their cashflow. Today what I’d like to do is deal with the second aspect of what infinite banking can do for people and that is actually, once you’re debt-free, learning how to finance everything in your life or your business. So we talk a lot about the concept of EVA, economic value added. What does that mean? Where did it come from and why is that important when you think about creating your own banking system? Can you talk a little bit about that Eva and why it’s important? Mike Everett: Economic value added is probably the second most important topic that we talk about. Obviously changing the wind currents number one, economic value added would be number two. The bottom line is all the concept amounts to is the recognition of the fact that your capital has a cost, as well as that which you have borrowed from banks. So the easiest way to explain that is on this side of the scale, and I always do this with folks, on this side of the scale, you’ve got your house, your cars, your credit cards, et cetera, you have to make those payments, correct? Chris Bay: Correct. Mike Everett: Okay. So what if in this relatively short time we can move all of that debt to your side of the scale, meaning that means that you own the debt, the house, the cars, the credit cards, et cetera. So imagine if infinite banking is not a part of your life right now, do you have to make the payments for your house, cars, credit cards, et cetera? Chris Bay: Absolutely. We call that outside debt. Mike Everett: That is correct. So what happens if we shift all that debt to inside debt, economic value added, what we’re doing is we’re adding value to your dollars by giving you the opportunity to make those payments to yourself. Chris Bay: So I’m interested, when we talk about if we have a loan at the bank, are they going to give you that money for free? Mike Everett: They are not. Chris Bay: Okay. So I always ask people, do you care more about your banker than yourself? And obviously they chuckle and they say, well, no, of course not. So if the bank is going to charge you whatever percentage, then wouldn’t, you care more about yourself and charge yourself at least that amount. So let’s take a car loan. Okay. Talk us through how you might apply EVA with a car loan. Mike Everett: Okay. So let’s just take a conventional bank to start with. They charge you, let’s say, anywhere from 1.9 to 8%. Okay. Do you have to make those payments? Chris Bay: Absolutely. Mike Everett: Okay. So if all of a sudden you got yourself to where you own the debt, let’s say we used the activator that we talked about in the previous podcast, or we utilized an asset to pay off that debt. Imagine if you were making that car payment to yourself, would you want to pay yourself a small interest rate or a large interest rate? Remember, it’s your money. Part of the thing is getting people to make the mind shift, to pay themselves whatever interest rate they are comfortable with. I personally, when I borrow money from myself, I charge myself 10% on every loan and people go, you charge yourself 10%, and I go absolutely, because it’s my money and I’m paying myself. So it’s huge. Chris Bay: Yeah. When we do our boot camps for folks, I always try to say if the most important thing we could do today is if I could take a banker’s brain and plop it inside your skull so that everything that we’re teaching you today, you would look at it from a banker’s perspective, it completely changes everything. If you’re a banker, don’t you want everybody to bring their loans through your bank? Mike Everett: Absolutely. Chris Bay: And don’t you want to charge them interest? Mike Everett: As much as you can. Chris Bay: Exactly. So why not charge yourself that interest? Because now that’s additional capital going into a system that is guaranteed to grow and compound and you have access to it again. So the more you put into it, the more it’s going to grow and be available to you and know, by the way, when you pull that money out, your policy is still growing and compounding as if you’d never tou

Part 4 of this chapter, Creating Your Own Banking System, is amazing. There is so much crammed into this episode you may have to listen twice. So, sit back and enjoy as Mike and Chris dig deeper into the nitty gritty of life insurance, the need for protection and the idea of being insurance poor. This truly captures the brilliance of Nelson Nash and the Infinite Banking Concept! The post Create Your Own Banking System PT 4 – BYOB #12 appeared first on Life Success Legacy.

In part three of this ultra packed chapter, Mike and Chris dive into the way insurance actuaries “overbuild” policies. They also discuss dividends. What are they? How do they work? And are they helpful when considering Infinite Banking? The post Create Your Own Banking System Pt 3 – BYOB #11 appeared first on Life Success Legacy.

Today’s #tbt repost is the first of the four pillars of Infinite Banking. In the last #tbt we posted the short introduction to all four pillars, here, we dive in and get a more detailed look at exactly HOW Infinite Banking can help US take control of our finances. Learning to overcome the wind-current we face, is huge. If this is your first listen of this podcast, enjoy, if it’s your second, third, or more… we understand why you keep coming back! 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. On our last podcast, we talked about the four things that Infinite Banking can do for somebody. The first thing we talked about is how it can eliminate debt rapidly. Which for most of our clients, that happens in about three to eight years in general, for some it’s sooner. For some it’s actually the first month, which sounds crazy. For us, for my family, it took us 26 months. But in general, for most people, it takes somewhere in the range of three to eight years. And we talk about that, being able to do that by turning our headwind into a tailwind. And we’ll talk more about that today. The second thing it does is it teaches us how to finance everything in our life. The third thing that Infinite Banking can do for folks is it can give us tax-free retirement. And then the last thing, the fourth thing, is tax-free wealth transfer. And that’s passing on our assets to our future generations or other philanthropic organizations that we care about, churches, organizations and such. So on this podcast, what I’d like to do is really dig into that first thing. And that is, how do we eliminate debt rapidly using Infinite Banking? And we talk a lot about shifting the headwind of interest through financing and shifting it to a tailwind. For those listeners, I’m a runner, and at my age, when I’ve got a headwind that I’m facing, when I’m out running on the lobby, instead of feeling about 47 years old, now I feel about 67 years old. But man, when that wind changes and it comes around behind me, all of a sudden I’m feeling 37 again. So that wind makes a huge difference. Can you explain a little bit about shifting that headwind that people are facing and financing to a tailwind? Mike Everett: Well, when people come to us, usually their debt load is pretty heavy. Let’s just talk about some of the things that they’re spending their money on. They’ve got mortgages, they’ve got car loans, they’ve got credit card debt, usually multiple credit cards. They’ve also got some student loans and even business owners have business loans, equipment, vehicles, et cetera, et cetera. So, changing the headwind into a tailwind is kind of a big deal, because if you think about all the things that we’re sending money out on, we’ve got all these things that we’re … we get paid on Friday, what do we do? We send our house, our car, our credit card, our student loan payments. How much is left over for us? Not very much. So imagine if there was a way to shift the wind current to where all of a sudden you weren’t making those payments to somebody else, but you were making those payments to yourself. What kind of freedom would that create? Chris Bay: Yeah. Mike Everett: It’s pretty incredible. Chris Bay: Yeah. Nelson Nash, in the book, Becoming Your Own Banker, which we always recommend people get a copy from our website, lifesuccesslegacy.com and read that book. Nelson talks about the wind current in the context of airplanes. Can you talk a little bit about that? Mike Everett: Well, if you think about it, you were just talking about it as a runner. A perfect example is, imagine if you had a plane and you were flying into a 345 mile an hour wind. Chris Bay: Mm-hmm (affirmative). Mike Everett: Your efficiency of your plane wouldn’t be very good. But if all of a sudden you wait for the winds to shift and all of a sudden you’ve got that 345 mile an hour wind behind you, how fast are you going to get there? Chris Bay: Pretty fast. Mike Everett: Pretty quick. It’s amazing when you get to explain that to a customer when it comes to their finances. Chris Bay: And I remember when I was first learning about all this, we didn’t have a huge headwind because we were really a save up and then pay cash for things. Mike Everett: Right. Chris Bay: So we really didn’t have a wind going at all, either a headwind or a tailwind. But our problem was, let’s say our airplane’s traveling 100 miles an hour, we’re trying to figure out how to make it go 105 miles an hour by, let’s not go out to eat quite as often or let’s cut our cable bill, those kinds of things. That’s pretty hard to get excited about when you’re going from 100 to 105 mile

In part two of Creating Your Own Banking System, we continue unpacking this dense chapter and helping you get the most out of all that Nelson is trying to teach us! The post Create Your Own Banking System Pt.2 – BYOB #10 appeared first on Life Success Legacy.

In this #tbt we are reposting our second podcast titled The Four Pillars of Infinite Banking. We are adding the transcript as well, just as an extra way to dive into the content. Let us know what you think by adding a comment to the page! 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. Last week, we talked, Mike, about how you were introduced to the Infinite Banking Concept. What I’d like to do is dig a little bit deeper now into what is the Infinite Banking Concept. Chris Bay: When we are conducting our Infinite Banking Boot Camps, we talk about the four things that Infinite Banking does. The first of which is that it reduces debt rapidly by turning the wind current. The second thing we do is we teach people how to finance everything in their life and actually earn the interest that they might be losing by taking loans at banks or other financial institutions or the interest they might be losing because they’re paying cash. The third thing that Infinite Banking does is it provides a tax-free retirement. Then the last thing, the fourth thing, is tax-free wealth transfer. So what I’d like to do is have a conversation about each of those a little bit. Mike Everett: Sounds good. Chris Bay: The first thing of what is IBC, reducing debt rapidly by turning the wind current. People are amazed, and I know you feel this way. When you’re able to show somebody a plan and you show them what’s possible in a very short amount of time really, they get excited, you’re excited, I’m excited, we’re all excited about what’s possible. The power of it is turning the wind current. So can you kind of describe what is the wind current that people are facing, that kind of headwind tailwind thing? Mike Everett: Well, when we’re going into detail with people on how to rapidly eliminate outside debt, people don’t even think through all of the payments that they’re making to somebody else, the house payment, the car payment, the credit card payments, the student loan payments. Imagine if you were just putting part or half of those payments into your own system. So what I normally do is I help people just think through about all of the money that’s going out the door. What if some or all of that money was coming back to them in some sort of way? That’s what we call changing the wind current. Chris Bay: Okay, so then how does that happen? I mean, if we’re thinking about shifting the wind current and we’re turning those payments from going to somebody else to now, all of a sudden, it’s going to themselves, how do you go about doing that? Mike Everett: Well, first of all, you teach them about economic value added, EVA, which is really one of the most powerful things that we teach. What people don’t understand is our money has a cost in some sort of way. So if we’re trying to get people to understand about the costs that they have towards their money, if they were making payments to Visa and MasterCard and Ford Motor Credit and Countrywide Homes for all of the different things that they were paying money towards, what would happen if we taught them how to actually make those payments to themselves? Our question to most people is if you were making all or part of those payments to you, how fast would your money grow? Chris Bay: The amazing thing is so once we turn that wind current for a family or for a business, that money they were making payments on was going to somebody else and they never got to see it again- Mike Everett: Ever. Chris Bay: … but when we turn that wind current, and now all of a sudden that headwind turns into a tailwind, it’s now flowing to them and don’t they get to reuse that money. Mike Everett: They have access to it in an income-tax-free environment. That’s what blows people away, but this is what separates us from everybody else. We show them how to have more than one use of that dollar over and over and over. Chris Bay: So talk to me a little bit about how rapidly because that very first thing is that we reduce debt rapidly. Give me a range. Give me, in general, over the hundreds of clients that you’ve helped turn their wind currents, generally, when are they able to pay off their outside debt? Mike Everett: I would say the average client, and I’m just talking average, is 100% out of debt in a five to eight year range. When you’re showing people this kind of thing, they’re always going, “Well, there’s no way that this is possible,” but once you understand what the wind current is and how you can control the wind current, it makes all the difference in the world. Chris Bay: That’s pretty powerful. Now, I have a little personal story along with that just because you were my coach originally in Infinite Banking. Mik

In this episode we begin discussing a very packed chapter of Nelson’s Becoming Your Own Banker… How to actually create your own banking system. This first part we touch on the idea that you finance everything you buy. Listen to what Nelson was getting at. The post Create Your Own Banking System – BYOB #9 appeared first on Life Success Legacy.

In this episode Mike and Chris unpack Nelson’s chapter on creating a bank like the ones we already know. What does that even mean? How can we create a bank like the ones on the street corners? Take a listen and find out. It may just surprise you to find out how simple the process can be! The post Creating a bank like the ones we already know – BYOB #8 appeared first on Life Success Legacy.

In this podcast Mike and Chris discuss the problem from Nelson’s Becoming Your Own Banker. This can be a pivotal moment in the understanding of Infinite Banking. We all struggle with ‘the problem’, but as Mike and Nelson have said, “Do you want to get better?” Take a deep dive, we think you’ll enjoy it! The post The Problem – BYOB #7 appeared first on Life Success Legacy.

In this episode of the Becoming Your Own Banker book walk, Mike and Chris discuss one of Nelson’s most important concepts, The Grocery Store. Pay close attention, this one is packed with a ton of information! The post The Grocery Store – BYOB #6 appeared first on Life Success Legacy.

In this episode, Mike and Chris dive into one of Nelson’s most simple, yet complicated concepts; imagination. We can all get stuck in our old way of thinking and we must remember that the Infinite Banking Concept is, as Nelson would say, only limited by your imagination! Please enjoy this episode! The post Imagination – BYOB #5 appeared first on Life Success Legacy.

In this episode Mike and Chris tackle Page 12 of Nelson’s Becoming Your Own Banker which is aptly named ‘How the Infinite Banking Concept got started’. Chris immediately points out one of Nelson’s often used phrases, “Hardship often helps us to see things to which we are normally blind.” This introduction to the birth of Infinite Banking reveals something that all of us can relate to: hardship. Take a listen and we think you’ll agree that Nelson left us immeasurable knowledge and expertise in that hardship thing we all deal with. You can listen to more of our podcasts here! The post How the Infinite Banking Concept Started – BYOB #4 appeared first on Life Success Legacy.

#top .flex_column.av-19tdewo-b4c0ed12470d94253c0a244fb38350c8{ margin-top:0px; margin-bottom:10px; } .flex_column.av-19tdewo-b4c0ed12470d94253c0a244fb38350c8{ border-radius:0px 0px 0px 0px; padding:0px 0px 0px 0px; } .responsive #top #wrap_all .flex_column.av-19tdewo-b4c0ed12470d94253c0a244fb38350c8{ margin-top:0px; margin-bottom:10px; } #top .av-special-heading.av-kbgzelri-ebc751656a813579153f4538d6094681{ padding-bottom:10px; } body .av-special-heading.av-kbgzelri-ebc751656a813579153f4538d6094681 .av-special-heading-tag .heading-char{ font-size:25px; } .av-special-heading.av-kbgzelri-ebc751656a813579153f4538d6094681 .av-subheading{ font-size:15px; } Welcome to IBC… The first podcast! #top .flex_column.av-3b0tko-91dec7373005cf04852943befcfd99e6{ margin-top:0px; margin-bottom:0px; } .flex_column.av-3b0tko-91dec7373005cf04852943befcfd99e6{ border-radius:0px 0px 0px 0px; padding:0px 0px 0px 0px; } .responsive #top #wrap_all .flex_column.av-3b0tko-91dec7373005cf04852943befcfd99e6{ margin-top:0px; margin-bottom:0px; } #top .flex_column.av-1b9aeuw-1cc73ccabb9baa4983bb9ab2c447c944{ margin-top:15px; margin-bottom:0px; } .flex_column.av-1b9aeuw-1cc73ccabb9baa4983bb9ab2c447c944{ border-radius:0px 0px 0px 0px; padding:0px 0px 0px 0px; } .responsive #top #wrap_all .flex_column.av-1b9aeuw-1cc73ccabb9baa4983bb9ab2c447c944{ margin-top:15px; margin-bottom:0px; } #top .av-special-heading.av-kbgx9avp-c5a48108b6286312d607ef9a4001d002{ padding-bottom:10px; } body .av-special-heading.av-kbgx9avp-c5a48108b6286312d607ef9a4001d002 .av-special-heading-tag .heading-char{ font-size:25px; } .av-special-heading.av-kbgx9avp-c5a48108b6286312d607ef9a4001d002 .av-subheading{ font-size:15px; } Why the Transcript? We here at Life Success & Legacy take a great amount of time and effort to find new and more inclusive ways to educate about the Infinite Banking Concept. Understanding that everyone learns and absorbs information differently has lead us to review how we publish our podcasts. When we first began our podcast adventure some three plus years ago, we had no idea it would become what it has. Now with more than fifty-five episodes published, we took a look at our catalog of recordings and realized that adding a transcript to the original podcasts and re-publishing them could create an additional avenue of learning! With that said, we hope you enjoy listening and reading, if so inclined, to our re-released podcasts in order, from the beginning. #top .flex_column.av-kz01yw-26cf65e8b4a1cdec01af6ab42962f531{ margin-top:10px; margin-bottom:0px; } .flex_column.av-kz01yw-26cf65e8b4a1cdec01af6ab42962f531{ border-width:1px; border-color:#b5b5b5; border-style:solid; border-radius:2px 2px 2px 2px; padding:0px 8px 6px 8px; background-color:#f4f4f4; } .responsive #top #wrap_all .flex_column.av-kz01yw-26cf65e8b4a1cdec01af6ab42962f531{ margin-top:10px; margin-bottom:0px; } Chris Bay: Hey, welcome to the Life Success and Legacy podcast. My name is Chris Bay. Today I’m joined by my good friend and the founder of Life Success and Legacy, Mike Everett. How you doing, Mike? Mike Everett: I’m doing super good. Thanks, Chris. Chris Bay: Cool. The purpose of our podcast is anything and everything having to do with the Infinite Banking Concept. The Infinite Banking Concept has changed my life and I know, Mike, it’s changed your life. What I’d like to talk about today is how were you introduced to the Infinite Banking Concept? Mike Everett: Well, Chris, Linda and I were at Applebee’s one Sunday after church and we were just sitting there having lunch and all of a sudden, an old friend of mine walked in and he made a beeline for our table. It was obvious that he was pretty excited about something, but he looked at me and he said, “Mike, if I could show you and Linda a way to recover the entire cost of all the cars you buy the rest of your life, is that something you’d be interested in?” I looked at him and I said, “Well, sure, everybody would like to know that.” He said, “Well, I have a book I’d like you to read.” He said the name of the book was Becoming Your Own Banker and it was written by Nelson Nash, Christian gentlemen out of Birmingham, Alabama. He said he would send it to me in the mail. Mike Everett: So lo and behold, this was Sunday after church. We go through Monday, Tuesday, and Wednesday, all of a sudden we got this Manila envelope in the mail. Out slid this wonderful black book called Becoming Your Own Banker by Nelson Nash, and on top of it was two papers. On the top it had a letter telling us exactly how to read the book. It was just an instructional, “This is the way you ought to read it.” I flipped over the letter and underneath it, there was a bill for the book that he wanted me to read. Now, I’ll be honest with you, I was taken back a little bit and I yelled into Linda, I go, “Honey,” I said, “do you remember the book Ra

In this episode, Mike and Chris dive into the first official section of Nelson’s Becoming Your Own Banker titled, very fittingly, Becoming Your Own Banker. Ha! Unpacking this portion of the book is very important in understanding how Nelson chose to frame the conversation about Infinite Banking right from the beginning. Take a listen, we think you’ll enjoy! The post Becoming Your Own Banker – Part 3 appeared first on Life Success Legacy.

In this second episode of our Becoming Your Own Banker walk-through, Chris and Mike finish up the very first section of the book. We spent extra time on this part, as we feel Nelson put a lot of gems in these first few pages of his book. We want to pay respect to his legacy and the incredible knowledge he bestowed upon us. Take a listen, we think you’ll enjoy! The post Becoming Your Own Banker Intro – Part 2 appeared first on Life Success Legacy.

In this episode Mike and Chris start a new journey. We are going to be taking a deep dive into Nelson Nash’s Becoming Your Own Banker, and we start with page 1! Our goal is to honor the book as well as Nelson himself. By taking the years of experience that Mike and Chris have, as well as the many seminars and Think Tanks that have been attended, we hope to give a larger voice to the book and reveal more truths about money along the way. And as Chris says in the intro, “We might have a little fun along the way!” The post Diving into Becoming Your Own Banker – Intro appeared first on Life Success Legacy.

In this episode Chris has the great opportunity to chat with Michael Hon! They discuss everything from Michael’s entrepreneurial background, his coming of age story, and even a little Infinite Banking! Please take a listen and make sure to check out all the things Mr Hon has been leaving his awesome mark on. Key Life Coaching -> Check out his website Podcast -> Known: Digging Deeper Board Member for Heartconnexion -> Learn more about Heartconnexion The post Interview with Michael Hon appeared first on Life Success Legacy.

In this episode Chris and Mike discuss the Convertible Term policy. What it is and if it’s even good! Take a listen and see if and how a properly structured Convertible Term policy could fit into your life insurance portfolio! The post Convertible Term – What is it? Is it good? appeared first on Life Success Legacy.

In this episode Chris and Mike discuss life insurance premiums… Are they just another bill, or could you consider them a deposit into your own banking system? Listen to what Chris and Mike think and how that can be applied to your lives! If you would like to learn more, please contact us today! The post Premiums – Bill or Deposit? appeared first on Life Success Legacy.

In this episode Chris and Mike answer one of our most commonly asked Boot Camp 2 questions. What if I get denied? How does the underwriting process and possible denial of coverage affect your Infinite Banking plan? Can you ever reapply for coverage? Listen to hear how Chris and Mike answer and see if it’s what you thought! The post What if I get denied? appeared first on Life Success Legacy.

In this episode, Chris dives into the idea of ‘culture’ with Frank and Rachel who know a lot about it. Why? Well, that’s what they do! For a living… Tune in and see why this idea of culture is so important to not only your workplace, but also to those you may interact with in other ways… like maybe your Infinite Banking Coaches? The post Interview with the Keck’s Part 2 appeared first on Life Success Legacy.