Financial Freedom - Ep. 18

[00:00:00] Speaker A: Thank you so much for being here, Devin. I appreciate you jumping on with me, brother. [00:00:04] Speaker B: Yeah, man, thanks for having me on. It's always a pleasure to. To talk about stuff that can change people's lives. [00:00:12] Speaker A: Yeah, absolutely, man. Well, so I have been following your content since I want to say, 2023, and you are primarily known for promoting something that's known as the infinite banking concept, which is a very unique way of managing your finances. But I think it's a very powerful way to manage your finances. And I think that this is a really important conversation. The more I get wrapped up in politics, it feels like the main driver behind a lot of what these politicians are advocating for is economic policies, which really is an indication that people are starting to really try to be more intentional about their own money. And I think this is going to be an awesome conversation to discuss how people can have a lot more freedom with their money, a lot more control over their money. But before we begin, like I said, I think this is kind of a new concept to a lot of people. Would you mind kind of giving a brief overview of what the IBC is? [00:01:21] Speaker B: Yeah, man. Infinite bank. The infinite banking concept is really just mimicking what banks do with money. So think about what a bank does. You deposit your money in the bank. You, your neighbors, your co workers, the money gets deposited, and then the bank pays you for keeping your money on deposit. So they pay you very little. It's on average 0.06%, but they still still pay you something. Essentially what they're doing is they're taking your deposits and they're lending it to other people. So they lend it on car loans, they lend it on house loans, student loans, credit cards. They're lending your money and they're making a difference between what they get and what they pay you. So easy math. If they pay you 1% and they make four, they keep 3%. That's a 300% return on your money. So they're just, they're just using your money to go make more. Infinite banking is doing that with your money instead of letting the bank do it with your money. So what you're doing is you're putting money into a vehicle that's guaranteed to grow tax free, and then you're borrowing against it. So you're borrowing someone else's money, just like the bank does. The bank borrows your money that you put on deposit. You're borrowing someone else's money at a cost, just like the bank does, and you just take it to go make more than what it cost you. So if it costs you 1% and you make four, you just did exactly what the bank did with your money and you're just playing that game. Banking is the most profitable business in the world. So it's like, if that is the case, that is factual. If that's the case, wouldn't it make sense to mimic what banks do with money? And that's what infinite banking is, just mimicking what banks do with money so that you get the benefits instead of letting the bank get all the benefits. [00:03:20] Speaker A: Yeah. And in doing so, the vehicle that you have to kind of run this through, this is through a whole life insurance policy, is that correct? [00:03:31] Speaker B: It doesn't have to be. You can do infinite banking with a HELOC on your house. You could do infinite banking with credit cards. You could do infinite banking with a regular checking or savings account. So again, infinite banking is just using a pile of money at a cost to go make more than what it costs you to use it. So if again, if you have a credit card and you can borrow at 20%, but you can take that money and go make 40, you keep the difference of 20%. That's infinite banking. It's just whole life insurance is the best vehicle to use because one, the money is protected from lawsuits and judgments, so no one can take the money. It's safer sitting there than anywhere else. Two, the money is guaranteed to compound and grow tax free. So it's going to keep getting bigger. The bigger it gets, the more you can use. [00:04:28] Speaker A: Right. [00:04:29] Speaker B: And three, it sets your family up with a tax free death benefit. When the inevitable happens, you're going to pass away, I'm going to pass away, everyone's going to pass away. We just don't know when. [00:04:42] Speaker A: Yeah. [00:04:43] Speaker B: So if you do infinite banking with a checking account, a heloc, whatever, you can do it. It just doesn't give all the protection, the guaranteed growth and it does not give your family legacy when you pass away. Whole life insurance does all those things. [00:05:00] Speaker A: Gotcha. Okay. You know, I never even thought about the HELOC perspective or any of these other strategies. I've always thought about it from the whole life insurance policy. And the reason being is because of those other protections. I felt like those were some of like the most important aspects of having access to your money, protecting your money, making sure that it's in a vehicle that's going to keep it safe. Right? [00:05:24] Speaker B: Yep. [00:05:25] Speaker A: Very interesting. Okay, great. So I guess when it comes to infinite banking, regardless of how you do it, no matter what vehicle, would you Say that there is a set of strategies that this is best used for. Is this something that somebody can think about in terms of replacing say a 401k or a Roth IRA? Is this a retirement strategy? Is this an investment strategy type of thing? Kind of. How would you define the best way to use the infinite banking concept? [00:05:55] Speaker B: The infinite banking concept should be used for anything you use money for. Like. Yeah. Think about what you do with money. Most people, before they even touch their money, it gets directly deposited into their bank account. So money has to go somewhere, it's got to flow somewhere. You can't just keep it under your mattress, right? Has to flow somewhere. And most people have it flow to a bank, right? And then when they, when they need money, what do they do? They go withdraw or they go and borrow the money if they don't have enough to buy a car, a house or whatever. So if you use infinite banking, you're flowing your money to a better place than the bank. It's guaranteed to grow tax free. In the bank, you're getting this much, in the policy, you're getting a heck of a lot more. It's around 5 to 6% tax free. So it's a better place for it to go because it's protected from lawsuits and judgments. So you're flowing money there. That's one thing you do with, with money gotta flow somewhere, right? It's flowing, flowing to a better place. Once it flows there, the more you flow there, the more you could use it for things that you need money for. If you need a car, most people, they're going to go buy it on financing. So they're going to borrow money from a bank, they're going to do a lease or they're going to pay cash, right? If you use a policy now you are the bank, so you borrow from the policy, you go buy the car, cash. All the money you just used for that car, you didn't remove it from the policy. So it's still getting 5 to 6% tax free. Like you never touched it. Now you take the borrowed money, the insurance company's money, you buy the car, cash. You own the car, it's yours, you have the title, right? All you do is, since you're the bank, you treat it the exact same way you would have treated a bank loan. You would have paid the bank back with interest, on time, every month, without fail, 600, 700, 800amonth, whatever it is, all you're going to do is just do that same thing to your policy. So now you're getting all of the money back for the car inside the policy where it's protected from lawsuits and judgments, where it's guaranteed to grow, plus the interest that you would have paid to a bank. So you're getting all the money back plus the interest. That's a great use. Another great use is investments. If you invest money into anything, doesn't matter what it is. Let's say I got $100,000, I invest 100 grand and I go make 15%. Easy math. That's $15,000 in one year. Right. My cash on cash return is 15%. I've got 100 grand, I went and made 15 grand. Right. If you simply take that 100 grand and put into a policy first, here's the crazy thing. You're getting 5 to 6% on the, on that money. You borrow against it. Now you go make your 15. So now you're making 5 to 6 plus 15. So what's that? 20 to 21%. Right. But you didn't use your money, you borrowed against it. So you just have to pay the insurance company interest to borrow their money. Your money's sitting here growing and compounding. So you borrow their money at a cost, just like banks do. Banks use our money at a cost. So if it costs you 5% to borrow the money, which is generally what it is. Right. You just turned 5% into 21%. Remember you made 5 to 6 in the policy plus 15 outside of it. Yeah. So let's say 21. So that's a net return of 16. That's, that means that, that, that's cash on cash of over 300%. By simply changing where the money goes first. That's it. [00:09:55] Speaker A: That's INSANITY. I mean, 16%, that's crazy. And the other thing that I want to call out is if, if it's in a vehicle where it's gaining, you know, 5 to 6%, you're beating inflation. That's another thing that I think is really important. Right. Like we moved off the gold standard way back in 1971, and since then the dollar has been completely, you know, devalued over time. Inflation's going up, the national debt's going up. This is almost a way to safeguard yourself from inflation in of itself. So not only are you splitting the dollar like the example you just made, Right. But you're also storing it in a situation where it's guaranteed to at least keep its value at the very least, which I think is fantastic. That's awesome, dude. Why, why do you think that most people don't know about this concept. Do you think this is something that's kept under the radar deliberately? Do you think that this is something that people just haven't learned about and are going to be, you know, should learn about or, or what do you think that's all about? [00:11:04] Speaker B: I think it's, it's part of times like if you look back in history, most people did whole life insurance like the, the Rockefeller family, you guys can do research on that. The Rockefeller family. Every person that's born into that family gets a whole life insurance policy on them at birth. So they've been doing this for generations. And that's why they become wealthier and wealthier and wealthier because they're storing capital in a place that's guaranteed to grow. And then when that person passes away in the family, the death benefit puts more into their trust. So they just become wealthier and wealthier and wealthier. Tax free. Yeah, that was a big thing up until about, I want to say like early 80s. I think that's when 401ks came about. Early 80s, I could be wrong, but I think it's 83. So the reason 401k came around is because the federal government created a problem with taxation. So the federal government creates a problem and what do they do? They create a fix for the problem that they created which is, oh, defer your taxes. You don't got to pay taxes on this money, just defer it till later. Makes no sense because taxes go up, they don't go down. So they did that so that they could help people defer taxes and help the problem that they created. But then what happens is they want people to get into the stock market. Right? They want, they want people to be in stocks. They want Wall street to be crushing it with infinite banking and with policies. Money isn't made in stocks, it's, it's long term. Insurance companies think long term, they think generation after generation. So they're investing money into really, really sound investments that perform on a long term horizon. Yeah, so most people don't know about this because most people weren't alive back in, you know, 83, 84. They couldn't, they couldn't get into these products because they didn't know about them. You, me and everyone else, all we know about is oh, buy term and invest the difference. Get into stocks, get into the S P500. And then I think a main thing too is term insurance is something that's really heavily pushed. If you will, like think about Dave Ramsey. He says buy term and invest the difference. Right? Yeah. This is crazy. You guys can do the research on this. Term term insurance is the most profitable, which wouldn't it make sense if you're a business owner to push your most profitable stuff? Right. Term insurance pays out less than 2% of the time. And think about so many people have term insurance. But I'm 40. If I got term for 20 years, the likelihood I'm going to die before 60 is pretty low because I'm healthy, I don't do anything crazy. I don't drink, I don't smoke, I don't jump off cliffs. Like, I'm probably not going to die before 60. So my, my coverage is very, very, very, very inexpensive. 100 bucks, 200 bucks for a couple mil. But when I'm 60, if I want to get 20 more years of that same coverage, 2 mil or whatever, astronomically higher, because I'm more likely to die from 60 to 80. So most people, what they do is they outlive their term. They paid all that money to the insurance company. They didn't get any benefit because they didn't die. [00:14:42] Speaker A: Yeah. [00:14:42] Speaker B: And now they're, they're older, they got to get insurance again. They can't afford it because it's so much more expensive. And then, guess what usually happens? They pass away in the next couple years. So term insurance is super, super profitable for the insurance company. That's why it's pushed so much. That's why I think infinite banking isn't something that a lot of people know about. Plus, if, if it's set up for infinite banking, the agent gets paid very little commission. Right. [00:15:10] Speaker A: I was just about to say that, like, they're incentivized to push the term insurance, right? [00:15:15] Speaker B: Yeah. Term insurance, you get paid a lot more. Regular, whole life. You get paid a lot more. Like perfect example, if you were to do a policy for $10,000 a year, let's say if it was regular whole life, I would make as an agent the first year, $9,000. [00:15:35] Speaker A: Damn. [00:15:37] Speaker B: One, one policy. [00:15:39] Speaker A: And that's nothing. That's nothing. 10,000 a year is nothing. [00:15:43] Speaker B: That's a small policy. Yeah. So, but if that's an infinite banking policy, my commissions on that would be about nineteen hundred dollars. So the reason it's so much different is because instead of me getting all the commission as the agent, I'm giving it to you in cash value. So I'm giving up commission so that the person can have cash value, which is what you can use for the infinite banking concept. So the agent has to Be willing to set it up like this. And most agents, they just want their commission. Me and my team, we're focused on volume, man. We, we just want to do a lot of policies, help a lot of people. We'll make a lot of money because there's power in numbers. [00:16:32] Speaker A: Yeah. Do you think that most agents outside of your team are even familiar with ibc? So, like, let's say, for example, some random person comes at them and, you know, particularly when it comes to whole life insurance, it has to be structured in a way where you're overfunding the cash value. If I, if I understand correctly, if someone were to come to them and explain to them, like I want to set up my, my insurance in this specific way, are they going to understand what that person's doing or are they kind of novice and ignorant to the whole system in. Of itself? [00:17:07] Speaker B: No, they, they probably wouldn't even know how to do it because they haven't been trained on how to do it. Like, policies built for infinite banking are, are the least profitable for the insurance company and the least amount of commission for the agent. So there's no real incentive to, if you own an insurance company to teach your agents how to make less money. That doesn't make sense. Right. So the agent has to know how to do it. They have to be trained on how to do it. But more, more than anything they know, they have to know how to do, do the concept, the policy is just the vehicle. Yeah. Like if, dude, if you've got the sickest vehicle in the world, let's say if you're a Ferrari guy, you've got the dopest Ferrari. It's a Ferrari Pista. Like, it's, it's a collector's edition. It's sick. Best color combo, sickest wheels, mint. And it's a manual transmission. But you don't know how to drive a manual. Yeah. All you can do is look at the car. You know, that's, that's a policy. The policy is, is the greatest financial tool if you know how to use it. Yeah. So the agent, the agent has to know how to use it themselves. Because how can you teach someone how to do something you've never done yourself? [00:18:28] Speaker A: Yeah, that's. You know, you're absolutely right. And I couldn't agree more. You know, the more I got into the IBC philosophy and I, I have a policy myself, it does take a lot of intentional thinking and how you're going to use it. Right. Like, you can't just have it set up and, and Let it sit there because there is a ramp up period of I think anywhere from like five to seven years before the policy starts to really kick in and you know, rev its engine, so to speak. How can people start to really think about this concept in a more intentional way? How can people start thinking about money in a more intentional way? You know, the traditional way of thinking is you get a job, you put money into the stock market, a 401k and you just let it sit. Then 59 and a half comes along and now you have access to your money. I genuinely think, Devin, that those days are long behind us. And the people who want to play that game are playing a much more risky game than they think that they are. And so I think being intentional about what you do with your money is, is really important. If you could start to get people to think about how to, to manage their finances properly, what steps would they, would they be able to take today, do you think? [00:19:46] Speaker B: I think the biggest thing is saving. You gotta, you gotta start saving some money because the national average for saving is less than 5%. So if you make a dollar, you're saving less than five pennies every dollar. That's, that's just average statistics. You cannot get ahead if you're not saving something. Because if you don't save anything, guess what? You can't invest. Yeah, right. You'll never save your, your way to wealth. Like if you just save all your money in a savings account, it's making you.06%, you're never going to become wealthy. [00:20:19] Speaker A: Right. [00:20:20] Speaker B: But if you can never save money, you don't have any overage to go invest. Investing is how you are going to get ahead. So first things first, you got to save money. What I'm doing with my daughter, she's 18 this year, this month actually, which is freaking crazy. She's 18 since she's been working since she was 16. We've got a joint account, it's a custodial account. So all of her paychecks come into that account. I see. When they come in, all I do is I automatically take 20% of her money and put it into her own whole life insurance policy. I'm forcing her to save 20% of her income, which does a couple things. It gets it into a place that's guaranteed to compound and grow. And since she's so young, it's going to become a huge number over her lifetime. Huge number. It's also forcing her to live on less than she's bringing in. Most people live on more than what they bring in. They rack up credit cards, they live outside their means. And I look at it like this. If the federal government tomorrow said, you know what, we're putting a 20% tax on everything, you'd kick and scream, you'd bitch about it. But guess what? You'd make it work. You'd cut things back. That's what I'm doing for my daughter. I'm forcing her to save 20%. You got to be able to save money. Once you can do that, you've got a bigger pot of money. You can go invest. And then you want to really start thinking like the wealthy think. If you guys do any research, there is a, there is a concept that is amazing. It's called buy, borrow, die. That's a strategy. Have you heard of that strategy? [00:22:03] Speaker A: No, I've never heard of it. Please enlighten me. [00:22:06] Speaker B: The wealthiest of wealthy do this strategy. So you guys want to learn this? You buy an asset. That's the first thing. You buy an asset that's going to appreciate in value. That could be a house, it could be gold, it could be crypto, it could be whatever. Yeah, you buy an asset that's going to appreciate in value as it appreciates in value. There's no taxation on that, that growth unless you sell it, right? If you sell it now, you got taxation, but if you don't sell it, there's no taxation. Then you borrow against that growth. So let's say it appreciates and you got 500 grand in equity. You borrow that because there's no taxation on loans. You got to pay an interest rate. But it's a hell of a lot better than paying Uncle Sam 40% totally. Right? And then that asset keeps growing because you didn't sell it, you just borrowed against it. And, and then what you do, you use those assets throughout your life, tax free. You're gonna die. So when you die, buy, borrow, die, when you die, the asset is inherited to your family with a step up in basis. What that means, let's say I bought a house for 500 grand. That's the basis now. But when I die, let's say it's worth 3 million. That's the basis when I die. So let's say it's worth 3 million. When I die, my family inherits them, inherits at them. And let's say I owe a million bucks on it because I was borrowing it, I was using it. They could sell it at 3 million, pay off the million that I owed. They pay zero taxes on the other 2 million. Because they had the step up in basis. Yeah. No taxes. But I only bought it for 500 grand. Buy, borrow, die. That's what the wealthiest families do. Elon Musk, when he bought Twitter, did he sell anything? No, he borrowed against his stock in Tesla. That's it. Dude, that's so funny. [00:24:07] Speaker A: I, I was left. [00:24:09] Speaker B: Yeah. [00:24:09] Speaker A: Last night I was, I was looking into how I could borrow against my stock last night because I was like, I don't want to sell it. I went down the rabbit hole with capital gains and, you know, tax and all this nonsense. And I remember somebody talking about, I think it was Jay Z and Beyonce. They bought a house in San Diego and they basically just borrowed against their, their stock to buy a house in San Diego. And so they're not actually losing any money, they're using somebody else's money to buy this asset and then over time they're going to pay it off. That asset in of itself is going to go up in equity. So it's like, it's just, it's really interesting to me to think that there are so many wealth strategies out there that were not taught in school and it's very frustrating. But again, this is why I wanted to have this conversation. And I really appreciate you being here because you just, you're very articulate with how these things work and you're, you're obviously in it, you know, day to day. But more and more people, I think, need to start thinking about how the wealthy think. You know, the, the book that everybody reads that, you know, is maybe, maybe talked about too much is Rich Dad, Poor Dad. And that really changed the way that I thought about money in a very, very significant way. So anybody listening? If you haven't read that, by all means. Like, that book really does reframe the way that you should think about assets and liabilities as far as I'm concerned. So I love that, man. That's, that's great. Do you, I want to go back to the 401k thing because you touched on it having been instituted in like the early 80s. Like, well, we'll just call it the early 80s for that matter. Do you think that that was a product that the system deliberately instituted to keep people in a system of, I don't want to say, I don't want to say debt or poverty, but more or less in a system where the wealthy extracted money from the less, the less, the less well off or the people who are maybe a little bit less knowledgeable of how finances work. [00:26:17] Speaker B: Do you think that it was deliberate 100 dude. Anything again. All the 401k was, was a solution to a problem that the government created. [00:26:29] Speaker A: Yeah. [00:26:29] Speaker B: So isn't it a little. Shouldn't you be leery if that's the case? Like, hey, they created this problem of taxation, but then they're going to give me a solution for the problem they created. Yeah, I probably shouldn't do that solution because if you really stop and think about a 401k, it is the worst thing you could do with money. You're like, I'm 40. Yeah. I could use a 401k for almost 20 years and not have access to the money. Yeah. So I'm just putting money into this 401k. I can't use it without penalty till I'm 59 and a half. That's a lot of time. And right now the money is worth the most. It's not worth more than 20 years. Inflation is going to devalue the dollar like crazy. So I'm, I'm giving up control of money when it's worth the most to have access to it when it's worth less. That in itself makes no sense. And then I'm avoiding taxes now when I know what they're going to be to pay them later when I have no idea what they're going to be, they're probably going to be higher. And I'm paying taxes on earned income. This is crazy. If your Money's in a 401k, it's invested in stocks. Right. Generally like a, like a mutual fund. When you pay taxes on that, that should be capital gains, long term capital gains, which is about 20%. When you get taxed on your 401k, you're taxed on earned income, which is much higher. That's crazy. Then also here's the crazy part too is with a 401k, if you want to use it, you get a 10% penalty. So they're smacking you for using your money. Makes no sense. And then to top it all off, there's a match. Right. My employer doesn't match. That's free money, right? No, it's a dollar for dollar deduction for the employer. So they want to match it because they get an actual tax deduction. Yep. If they matched five grand, they actually were able to deduct, not defer, deduct five grand from their taxes. You had to defer it. You're going to pay the taxes. At some point they got to deduct it. You're also deferring it and not Having access to it for. In my case, it'd be 20 years. So. So even if I got a match, how much is that money worth in 20 years? And there's no guarantee you're not going to lose your money. You could lose money in a 401k? [00:29:03] Speaker A: Totally. Well, it's based on the stock market, like, who knows what's going to happen with the stocks, you know what I mean? [00:29:08] Speaker B: Up, down, sideways. I think it's going to go down a lot really soon. [00:29:12] Speaker A: Yeah, I think so too. Unfortunately. No, I completely agree. And I remember I was trying to take money out of my 401k for. Or I think I had a real estate investment that I wanted to, that I wanted to dive into. And I tried to reach out to Fidelity to get some money out of my 401k and they told me that I wasn't allowed to unless I had. I can't remember exactly what it was, but I had to have like a letter of emergency or something along those lines where if I had like a medical emergency, then I was able to touch my money unless I left my company. So I don't know if it had anything to do with the fact that I was still being employed and that my employer was matching my 401k. But it was probably. [00:29:54] Speaker B: You probably weren't fully vested into it. [00:29:57] Speaker A: That might have been. You probably have more knowledge than me. But, but in either case, the point being is I didn't have access to the money. And that's really frustrating. Right. And that's, and that's something about the whole life insurance policy that I really, really love is the fact that it grows uninterrupted, it's protected and I have access to it when I need it. I mean, that is just absolutely crucial for a lot of people. So I, once I Learned about the 401k, I liquidated that thing as fast as I possibly could and took it out, putting it in other things, investments. You're obviously really big in investing your money. Do you think people need to be more aggressive with investing their money in certain areas? Not just, you know, obviously IBC is really great, but do you think that people can just save their money and hope for the best? How do you think people should start thinking about, like really trying to, to be aggressive with investments? [00:30:56] Speaker B: Essentially what I think people should do. This isn't financial advice. This is just what I think. So what I think is people should save more money. Like I said, if you can't save any money, you're never going to get Ahead, you're just going to keep spending and spending and spending. You'll never have anything to show for it. So first you got to start saving money. That's where whole life comes in. Because whole life is not an investment. With an investment you can lose money. Yeah. With whole life it's guaranteed to grow. So you can never lose money. You're just saving it there and stockpiling this amount of savings that's always going to grow and then you use it when you have an investment. So what I think people should do is force themselves to save money. Like I'm doing with my daughter. I'm forcing her to save 20%. I save about 65% so of my income, about 65% flows to policies first. So my, I've got a lot of premiums going in now. I've got a big stockpile of money from that cash value. So now I can go invest it and I can make really, really steady. I don't gotta go make a crazy return because I'm already making 5 to 6 in the policy. If I even go make a 10% return, I'm making 15 to 16% right there. [00:32:16] Speaker A: Right. [00:32:17] Speaker B: So I would say people need to just start investing something, save, save first and then take a portion of that savings and start investing it now. Because the longer you do it, compound interest takes time. So it doesn't do much at first, but over time it gets crazy. Yeah. So the younger you are, the sooner you should start saving and investing something. It could be buying dividend paying stocks. I do a lot of that. I just buy these dividend paying stocks every single day on just a reoccurring investment. And then since they pay dividends, once the dividend pays, I just have it buy more stocks. So over time, when I'm old and gray, I'll have a ton of dividend paying stocks, which means I'll have a ton of dividends. That's tax free. Passive income, not tax free. I apologize. That's passive income that I had to pay taxes on if I took it. But it's because I started so young. If I started when I was 20. Yeah. Stupid amount. Yeah. So save now, start investing now. Regardless of how old you are, the sooner you do it, the better. [00:33:33] Speaker A: Yeah, you've said this a few times. But saving, I think that's a really big one. Particularly with Americans. Right. We, we always are playing this game of keeping up with the Joneses. We want the nice car because we want to look cool. We want the nice watch because we. [00:33:46] Speaker B: Want to look Cool. [00:33:49] Speaker A: I think a lot of Americans need to learn to just be very humble with the way in which that they leverage their money first and foremost, I think that's really important. Right. I lived in Europe for a while and I remember having a conversation with somebody and we were talking about vehicles and they were saying that Americans are really funny with their vehicles because it's a symbol of status to us. You drive an Audi, you look cool, everybody you know, you're, you know, pick up the chicks, yada, yada, yada. In Europe, cars aren't really that big of a deal because they have a completely different transportation system, right. They have a lot of trains and if you're going to fly from one place to another, it's really, you know, a short distance. So cars aren't really that, they're not important. You can have a kind of a junker and you'd be just fine. In terms of status, Americans, I think, need to get away from materialism, right? I think 70% of the money spent in the United States is just on material items. It's not even on anything that's really important. [00:34:50] Speaker B: So, dude, it's, it's one, it's, it's one of those things where most people, you're 100% correct. If someone gets a nice watch, they're not doing it because they like the watch they're doing because they think it's going to impress someone else. But really, no one cares about your watch. You care about your watch. No one else does. Like, when someone buys a car, they're like, oh, everyone's going to think it's the dopest car. Nobody cares about your car. They care about their car. That's it. So if you can just get that mindset of like, look, no one, no one cares. Like, I got this watch because I really like this watch, right? Like, I really loved this watch. So I got it. I didn't get it because I was like, oh yeah, so and so is gonna think I'm cool. No. Like, could I, could I have spent money in a better place than buying a twenty thousand dollar watch? For sure. But for me, like my level of income, 20 grand wasn't a ton of money. So it's like, I like the watch, I really like the watch. It makes sense for me to buy it now if I made 50, 60, 70 grand a year and I'm like, oh, that watch is dope, I'm gonna buy it. That'd be freaking stupid. You know what I mean? Yeah, it's especially if I'm doing it to try to impress somebody. Yeah. Like, I love cars. When I buy a car, I buy it because I like it. [00:36:12] Speaker A: Right. [00:36:12] Speaker B: Because I think it's going to impress somebody. Like, I just bought a Toyota 4Runner, nothing crazy. I really love that truck. Could I afford something different? Could I afford like a. A Bentley Bentega? Yeah. But then I'd be trying to impress somebody. [00:36:28] Speaker A: Totally. [00:36:28] Speaker B: You know what I mean? [00:36:29] Speaker A: Totally. [00:36:29] Speaker B: People need to get away from trying to impress and just know that nobody cares. Nobody cares what you have. Nobody cares. They care what they have. So if you want to start making a lot of money, help people get what they want. I think it was Zig Ziglar said that, like, help enough people get what they want, and you'll get what you want. [00:36:49] Speaker A: Yeah, I love that. I've been a salesman for 15 years, and I've learned that when you try to extract what you want from people, you don't make the sale. But when you offer value to somebody, ever. But if you try to. But if you actually offer value to other people, then you're more likely to make the sale. So I think just having that mindset's great. Your daughter, you obviously are instilling some really, really good habits in your children. What advice do you have for other parents? Because I think this is really. I think this is probably one of the more important aspects of these types of conversations. Some people in our era in. In our generation, we're a little lost, and it's going to be hard to train an old dog new tricks. How are you teaching your children to be intentional about their finances? [00:37:42] Speaker B: So you can't teach someone something you don't know anything about, Right? Sure. So, like, fair. I can't. I can't teach my daughter rocket science. I know nothing about rocket science. What do I do know about. I know about how to get good credit. I know how to leverage things like lines of credit, how to leverage life insurance. I know how to look at an asset, look at a balance sheet. I know those things so I can teach my kids those things. How do I learn those things? I get around other people that are smarter than me. That's what I would tell parents is like, look at your circle of friends. What do you talk about when you're around these people? Most people, when they get around their friends, they're talking about the sports game. They're talking about, oh, remember back five years ago, we did this. They're reflecting on the past or they're talking about things that don't bring value to them. Financially, you want to get around people that are like, talking about big moves, big things. In finance, I've got a friend that just sold his business for $36 million. That's a big move. I'm learning different things through him because I'm around him. Yeah. So you just want to get around people that are moving and shaking because if you do that, you're naturally going to start picking up on the lingo, you're going to pick up on their mindset, you're going to pick up on different deals that they're in. Like, they might say, hey, I got this deal. I like it, I think I'm going to do it. What do you think about it? And then you might not know nothing about it. You're like, oh, I don't know, tell me more. And then you just start listening and absorbing. All of the deals that I've gotten into is because of the relationships that I've had. Right. So that's it, man. Just start getting around people that are way above you. And it doesn't matter what it is. If, if you want to get in better shape, you got to hang out with people that are jacked. If you want to be a great parent, you got to get around parents that are top notch. If you want to become wealthy, you got to get around people that are wealthy. It just won't happen if you don't do those things. So a product of your environment. That's something that most people have heard. It's so freaking true. If I could go back to 18 year old Devin, I would literally put him in a headlock and say, dude, all these friends that you're hanging out with, none of them are going to be around in 20 years. Get around people that are way ahead of them. [00:40:15] Speaker A: Yeah, I really appreciate that sentiment. I, I quit my corporate job a year and a half ago and I've been on this entrepreneurial endeavor. I appreciate you. Thank you very much. And I think one of the hardest things is that I had a lot of amazing friends that didn't have the same mindset as I had. And I've kind of had to leave them to the wayside. Not because I don't love them as people, but because to your point, you know, you have to surround yourself with the right mindset and it's. You got to do it every day. You know, you really have to just constantly be cognizant of the digital diet that you intake and the people that you're around and the motivation that gets you out of bed every day. So I really appreciate that. I think that's wonderful. And, you know, back to the kids thing, I don't have kids, but I would imagine that they see you doing these things and they pick up on your habits. And even if in their teenage years, they might be a little rebellious, like we all are, subconsciously, they. They pick up on that. And then they want to, you know, instill those same habits in their life, you know, as young adults. So I think that's a really, really good sentiment. And it's obviously nothing new, but that's great, man. So your daughter is going to be 18. She's going to have access to her policy. Are you worried about that at all? [00:41:32] Speaker B: She. She ain't having access to that policy. No way. I'm. I'm the, I'm the owner of her policies, so I own them. [00:41:40] Speaker A: Gotcha. [00:41:40] Speaker B: But I give her access. Like, here's a great example. She bought her first car using a policy. So I funded the policy. It had cash value that was high enough to buy her first car. So we bought the car from the policy, and now she has a job. She pays the car payment back to the policy. So she pays 3, 398 bucks a month. That 398 goes back into her policy, and it's just building up so I could actually pull right now, she has. With the cash value and the 20% that I'm forcing her to save, this girl has saved up almost $7,000. Wow. So if she needs something, she could borrow that 7,000. She's got to pay it back because she is the bank, but she's doing it through me. I'm making sure that she does it correctly. And I don't know, 10 years from now, if I feel like, you know what, hey, she's doing this. I don't have to remind her. She's making all the payments. If I feel like she can do it without me having to, like, you know, facilitate it, I'll assign it to her. Because by then, dude, it's gosh, she got the policy, her first one when she was 12. So if she was 28, that'd be 16 years of compounding. Policy would be cranking at that point. She put in a dollar. It would. It would pump out like four or five. Yeah. So at that point, she really can't mess it up. But yeah, I'm not gonna assign it to her until I know she's not gonna steal from her own bank. [00:43:14] Speaker A: Okay, that's fair. That's fair. I didn't know how that whole thing went down. How that works if she turns 18 and she has access to it or whatever the case is. But I like the fact that you're, you're sitting down with her and you're really hands on with, you know, managing. You know, how she's deliberately paying the policy back and, and really understanding how this, this system works. So I think that's, I think that's fantastic. [00:43:35] Speaker B: Here's a perfect example. She needed to buy something for schools. Like a hundred bucks. It was like. I don't remember what it was. It was something for her stugo student government thing. Okay, 100 bucks. Student. She asked me, hey, dad, can I have a hundred bucks? I'm like, what's it for? So she told me. And I'm like, you've got a hundred bucks. You've got a few thousand in your policy. She's like, oh, well, can I use that? And I'm like, yeah, but you got to pay it back. Yeah. She's like, well, how would, how would that work? And I'm like, well, we'll take a hundred bucks out. You'll pay yourself back over a year, 10 bucks a month. So over a year, you'll pay yourself back 120 bucks. So it was like a 33% return. She's paying herself. So I'm teaching her like, look, if you need money, you've got it. You just have to be an honest banker and pay yourself back just like you would have paid a bank. If you borrowed money from the bank, you'd have to pay them on time every single month with interest. Right? So I'm just teaching her that's what you do with your money. And because of that, over time, this girl is going to have so much freaking money, she won't have to borrow for anything. She'll. It's, it's gonna be silly. And I'll sit back and I'll be old and gray, and I'll just be, I'll be like, yeah, I taught her all that stuff. It'll be cool. You know, that'll be my legacy. Yeah. [00:44:53] Speaker A: That's epic, man. I love that. And, and again, I think that I hope more people, after listening to this and listening to you take on that mindset and, you know, get their kids to be more intentional about, about how these things work. Because we were not taught this in school at all, right? We were taught to be good boys and girls, to be good employees, and to, you know, not don't total line too much. [00:45:14] Speaker B: And so, unfortunately, that's how it's always going to be too. [00:45:18] Speaker A: Yeah, yeah, no, I agree. I think, but I think people are waking up. I think people are starting to wake up a little bit more, to be honest with you. I think people are starting to. To see the government for what it is. And, and I don't want to get conspiratorial here by any means, but I do think people are starting to see that this is a system and that there are ways to get out of it. Whether or not more or, you know, the majority of people are going to come to that, that, you know, that conclusion or not, I don't know. But I think more people are waking up. [00:45:45] Speaker B: Yeah. And it's, it's. It's one of those things where this kind of information, the information that really you need, like school teaches you how to memorize. [00:45:55] Speaker A: Yeah. [00:45:55] Speaker B: And then it, it teaches you basic skills like basic arithmetic and stuff that you need to know, but outside of that, it just teaches you how to memorize things. So this kind of stuff, financial literacy and all that, it's information you have to seek. You have to go find it. But the cool thing is you can find anything on your phone. You can go look up YouTube, you can cross reference. So if you hear something, you're like, I don't really know if that, if that's how it should be. You check something else out and you just, you fill your, your brain with good, positive information. You're gonna get ahead. I always tell people there's two things you can do with your time. You can spend your time entertaining yourself or educating yourself. That is it. Love it. [00:46:42] Speaker A: That's huge. [00:46:43] Speaker B: Whether how you do that is up to you. Like, you could entertain yourself by watching Netflix, by watching sports, by doing a board game, by whatever. Yeah. You can educate yourself by going to events, going to different meetups, you could read a book, you could watch YouTube. But that's all you can do with your time. Educate or entertain the problem. Most people just entertain themselves. [00:47:09] Speaker A: Yeah. [00:47:09] Speaker B: They don't educate themselves. [00:47:10] Speaker A: Yeah. I. A couple of things on that. First of all, I think that's absolutely brilliant. I think the whole purpose of intent fit is being intentional about what you do when you open up your phone. Being be intentional about what it is that you are looking at in terms of scrolling. Right. You. There's a lot of good information on Instagram, on TikTok. That's how I found you. I found you on those things. But it was because I trained the algorithm to show me things that were going to make me better, that were going to help me improve either my finances or, you know, you could follow fitness influencers or health influencers or whatever the case may be. But when you open up that phone, be really intentional about what you want to get out of it, because the one commodity that we don't get back is time. That's. That's damn sure. So I really appreciate that. That aspect of it too, Devin. I know we're coming up at the top of the hour, man. You are an absolute legend for doing this, dude. I really appreciate you, brother. Is there anything else that you want to. You want to end with in terms of just how you think people should start thinking about this, this concept in of itself, A lot of gold nuggets out of this, obviously, but anything that you want to end with, my man. [00:48:20] Speaker B: Yeah, I want people to know, like, with Infinite Banking, it's. It's always one of those things where most people think, well, Devin's talking about this because he gets paid. He gets paid to write the policy. That's not really the case, guys. I don't make a lot of commission. We already went over, like, commissions are a lot less. I. When I learned this concept, I. I was. I was just a real estate investor. I learned the concept and I was like, oh, my gosh, this makes all of my investments more efficient. So I started doing it. I started telling everybody. And then when I was telling everyone, they were like, well, how do I do it? So then when enough people were asking me how to do it, I'm like, well, wouldn't it just make sense? I'm the one that sets it up for them. So I never had, like, a thought of being an agent. I just thought, I'm going to help a lot of people with this. This information that's helping me. So I would tell people, like, look at Infinite Banking not as, like, something that you don't have to do it through me or my team. Like, we're going to make commission. If you do, it's. It's less. But you should just do Infinite Banking in general. If you don't vibe with me or vibe with my team, that's fine, but do Infinite banking. Because with Infinite Banking, you're literally making everything better that you do with money. If we already talked about, if you do an investment, if you put the money into Infinite Banking first, you're making a way bigger cash on cash return than if you just do the investment. You can do Infinite Banking and an investment. It's not one or the other. So you're not putting money in a policy or doing stocks, Putting money in a policy or. Or doing real estate. It's both. You're putting money in a policy, then you're doing real estate. You're putting money in a policy, and then you're doing stocks. You're putting money in a policy, and then you're buying crypto. It's not one or the other. It's an. And asset. You do this and something else at the same time. So I would just tell people to reframe their mind to think of it as not as an investment, but as a foundational asset asset that makes everything else better financially. [00:50:30] Speaker A: Killer, man. That's a great, great way to end it. How can people find you? [00:50:35] Speaker B: Best way is either my Instagram, it's Mr. Burr, just like you see it back here. B with four R's. Or my YouTube, same thing, Mr. Underscore Burr. [00:50:49] Speaker A: Cool. I'll. I'll make sure to put both those links in the. In the description below. Man. Devin Burr, you're awesome, man. Thank you so much for your time, man. Appreciate it. [00:50:58] Speaker B: Of course. Appreciate you. [00:51:00] Speaker A: All right, take care. [00:51:01] Speaker B: Later, brother.