Round Table | Nelson Nash - The History of the IBC Concept

It’s Thanksgiving Week, and we’d like to thank the man who introduced a completely different concept in the insurance industry -- the Infinite Banking Concept or IBC. We’ve been discussing IBC in this podcast, but today we’ll share an interview last May 2018 with this great man, our IBC mentor, R. Nelson Nash. A former forester, airline pilot, and life insurance advisor, Nelson discovered IBC in the early 1980s. He struggled with high interest rates (23%) on loans from commercial banks. While ruminating over his financial predicament, Nelson realized he could fund whole life insurance policies to create his own set of “banks” or storehouses for his savings and allow him access to finance large purchases. Introspection is really important. In his words, “IBC is about how you think.” Our need for financing is greater than the need for protection. Thus was born the idea for Becoming Your Own Banker (BYOB). Before writing the book, Nelson spent years sharing his vision by doing live seminars. At first, no one showed up, so he redesigned how he delivered the message and eventually found receptive listeners. It’s still a long way to get more people educated on IBC. But once you understand the potential of a properly designed dividend-paying whole life insurance policy and dig deeper into the Infinite Banking Concept, you will appreciate the vision of Nelson Nash and his tremendous impact on the world of financial literacy. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches.

Round Table | Is Index Universal Life Insurance Good for IBC

Is IUL or Index Universal Life Insurance good for IBC? We’ll answer this in today’s round table. First, let’s try to understand the context of IUL and IBC. IUL is essentially a risk mitigation tool providing “upside potential with downside protection.” It is built on universal life insurance and meant to offset or compete with what’s happening in the market. IUL provides a constant rate of return and the cost of insurance premiums. Now, IBC is about Becoming Your Own Banker, a concept introduced by Nelson Nash. Its process revolves around accumulation and distribution, taking control of your finances, and buying assets to have cash flow. Now that we fully understand both concepts, let’s go back to our question, is IUL a good fit for IBC? Our goal is to get back our time and have flexibility. Let’s take a look at the 3 Essential Guarantees with Whole Life Insurance that are not in IUL: 1. A guaranteed premium 2. A guaranteed cash value 3. Guaranteed death benefits We can also refer to these as the “certainty inside guarantees.” Now you decide what you want to do with your money. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches.

The Value of Going to College | BYOB Book Review part 16

Why do people go to college? Is it a must? To continue our review of R. Nelson Nash’s book, Becoming Your Own Banker, let’s talk about the value of college education. People spend a considerable amount of money to go to college, business school, or medical school to learn a skill or get a certification. Taking the cost of a college education into account, is it worth it? Today’s students get sent to the business school to be trained, not to learn. Instead of spending money outright on college education, why not start saving? To illustrate: 1. Consider the standard cost of US$20,000 per year on a 4-year college education = US$80,000 (excluding board, lodging, other expenses) 2. If you put the same amount to an insurance policy, you will have a value of US$2,457,303, which will allow you to withdraw US$145,000 annually for 16 years while maintaining US$3,200,000 in death benefits. A person should not wait until he’s 70 years old before enjoying his retirement. Going to college is good, but why not consider internships or learning from experts as an alternative? Education is not limited to institutions. Your financial education is your responsibility. An insurance policy is a better place to save money.

What is the alternative if you don’t go to college

The value of getting a mentor

The value of understanding infinite banking

Round Table | How to Make a Policy 3 Years Old in 18 Months

What’s one thing you wish you can do again if you can go back in time? Have you ever wished you’d known something sooner? Why would someone want to go back in time? We’ll answer these questions in relation to infinite banking. We can achieve three years of growth in just 18 months by backdating the policy, a common practice in the insurance industry. Compressing time and accelerating growth is something that many people are beginning to consider now. For someone with a lot of cash available, this is a good strategy. To illustrate: 1. Your birthday is June 1st, and today is December 1st, we’ll write a policy dated June 1st (6 months ago); you’ll pay the first annual premium 2. June 1st the following year; you’ll pay the 2nd annual premium. By this time, you would have paid 24 months worth of premium in just 6 months (December to June) 3. By year 3, June 1st, you would have 3 years or 36 months worth of premium (in 18 months) -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches.

The Profitable Niche of Land Flipping with Adam Southey and Justin Sliva

Most people dream of having financial freedom, but get stuck working endless hours in a job until they’re 60! Ready to take control of your life and create a business that is not a job? Tune in to this episode. Today's guests, veteran real estate investors Adam Southey and Justin Sliva, share how they discovered the wildly profitable niche of land flipping as a way to create wealth and live life under their own terms.

How to make money in real estate.

The strategy and business model used by Adam and Justin.

Discover the process to create financial freedom .

Adam and Justin

Adam Southey used to work as a train conductor. Justin Sliva spent years working as a full-time real estate agent. They joined forces to try out land investing. Today, they’re both living the life of their dreams. They share their experiences to teach others how to build massive cash flow and huge profits from this highly lucrative niche of land flipping through their podcast, Casual Fridays REI.

From Self Storage to Self-Sustaining with Scott Krone

In these times of market uncertainty and job layoffs, no wonder so many people are escaping the 9-5 and seeking financial freedom. Making that decision may be half the battle, but where do you go from there? Today’s guest is Scott Krone, the owner and founder of Coda Management Group. Coda is an international award-winning design and build firm that manages self-storage and other real estate assets, whose values range in the hundreds of millions. In this new episode, they discuss why you should look for problems to solve during a recession, how to keep your investors committed and happy in every deal, and the ways to leverage a variety of deals to create a life truly worth living.

How to identify problems with a high ROI.

The concrete steps to tackling an old problem in a new way.

The key to creating sustainable passive income streams.

Scott

Scott Krone’s background lies in architecture and contracting, working on multiple million dollar deals in his early years. In 2012, Scott founded SSSK Capital Fund, a firm that managed real estate assets in the excess of $30 million. In 2018, Scott combined SSSK Capital Fund with his other company, Coda Design + Build, to create the current Coda Management Group. Coda is now a staple in self-storage asset management.

Our Passive Income Report - September 2020

Welcome to the continuation of the Wealth Without Wall Street Podcast's Monthly Passive Income Report. This episode we go over our September 2020 passive income streams and show you how we had a 30% percent increase from last month. We discuss why some strategies didn’t work for us, but could still work for you. From taking on more expenses to dealing with neighbors who want us out, we go over every aspect of the business and give you exact numbers to put into perspective. Money is just a tool that we trade for time, but time waits for no man. Short-term rentals have increased our income greatly from month to month, however land-flipping took us backwards this month. These episodes also show us where we can improve and learn from the mistakes we made month to month. Overall, September was a good month for us and we are excited to continue expanding in some areas. We hope this episode inspires you to use your money wisely and allows you to learn from our mistakes.

Round Table | What A Properly Structured Policy Looks Like

What would you have done differently after knowing what you know now? We all have this habit of doing things on our own. We only consult an expert after we’ve messed up. Take the question of what’s the best way to design a policy. Clarity is the key. If you understand the problem, the solution will be clear. You have to identify what’s important to you and why, where you’re headed, and how you’re going to get there. Focus on long-term results and be ready to infuse capital. When we talk about owning your journey to financial freedom, it’s best to work with a trusted practitioner to coach and guide you. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches. Join here: https://wwws.link/inner-circle-sign-up

Round Table | What is a Term Conversion?

When we talk about life insurance, people usually think of a whole life policy—your policy is active until you pass away. This has its benefits, but many people would benefit more from a term life policy. Simply put, a term life policy is active for a designated set of years, which allows it to have lower premiums and the ability to convert into a whole life or infinite banking policy. Most whole life insurance policies are calculated based on the number of working years someone has left, which can both be wrong and unsettling to think about. In contrast, a term life policy is great for someone building a family, whose needs will change over time. Before you settle on one or the other, know what your specific needs are and discuss them with an insurance company you trust. -- Want to go even deeper into the conversation? Join our IBC Inner Circle Group membership and gain access to our live podcast recordings, interactive Hot Seat guests on the topics, and exclusive Q&A sessions with other members and our coaches.

Using Real Estate to Make Your Finances Soar with Travis Wood

Money is a powerful resource, but nothing is more universal than time. So, what if you have more money than time? You work diligently at your job and are paid well for it, but if you don’t possess the time to reap the benefits, what was the point? Today’s guest is Travis Wood, a full-time airline pilot who loves his job and is compensated well, but he found himself reaching the end of his job’s ladder and feeling stuck. He knew that there was more to life for him and his family, so instead of settling into an “Oh well” mentality, Travis leveraged his love of learning to enter the real estate game and begin his journey to financial freedom. For him, the secret to success is not a fancy degree or expensive real estate seminar. Instead, Travis thought of an old product in a new way, invests in his imagination, and reminds himself that not being in a rush is the key to financial freedom.

Imagination and dedication define your ability to be financially free, not background or education.

How to avoid the proverb of “the borrower is slave to the lender.”

Why you should take your time and enjoy the process.

Travis

Travis Wood is a full-time airline pilot from Louisville, KY, husband, and father to two young boys. He and his wife realized the power of passive income, so they leveraged their well-paying jobs to enter the real estate game and slowly earned the financial freedom to give their family the life they deserve.

Feeling Unfulfilled? Develop the Right Mindset W/ Rod Khleif

Mindset is Important no matter where you are at in life. It can be helpful whether you’re starting and running a business or if you’re trying to be a better steward of your money at home. Today’s Guest, Rod Khleif, tells his story of great rises and great falls and how he found the true meaning of success. Early on, Rod got everything he wanted. He even bought his dream multi-million dollar house on the beach. And yet after only 60 days of obtaining his house, he realized he was fully depressed. He was simply unfulfilled and his expenses did not fill the void. Now, Rod is on the path of saying that there’s much more to life than all the things that can be accumulated.

There’s more to life than filling it with sought-after expenses.

You can be successful, but unfulfilled.

How to stop and force yourself to write down the goals

Rod Khleif

Rod Khleif is an entrepreneur, real estate investor, multiple business owner, author, mentor, and community philanthropist who is passionate about business, life, success, and giving back. As one of the country’s top real estate trainers, Rod has personally owned and managed over 2,000 properties.

Our Passive Income Report - August 2020

Welcome to the continuation of the Wealth Without Wall Street Podcast's Monthly Passive Income Report. This episode we highlight our August 2020 passive income streams. We’re opening up the books and are sharing our actual passive income numbers with you. We want you to see if they’re working and to help inspire you to start today on growing your passive income. If you don’t keep score, it’s hard to know how you’re doing. These episodes help us open up our eyes. We’re also unlocking not only the revenue from our passive income sources but also talking about how passive they actually are. We offer our community affiliate passive income opportunities and we want to be transparent with our community so that we can both support each other on our paths to Financial Freedom.

How ATM Machine Investing Works W/ Dave Zook

Can ATM’s be a solid investment opportunity? All of us know that feeling of being in a situation where you need immediate access to cash. In those situations, the importance of the need for that cash greatly outweighs the hefty service fee the machine tacks onto the withdrawal. Someone is benefiting from those transactions and today’s interview is with one of those investors, Dave Zook. Dave walks Russ and Joey through how you can make money from ATM machines and how intensive it might be. We talk about the end users of ATMs and if they’re going away or not in a now cashless society. We also discuss the various types of ATM machines and which ones you can get into investing in. This is a highly-requested podcast interview from our Wealth Without Wall Street community and we’re excited to be able to share out the wonderful world of ATM machine investing.

How long it takes to get your investment back

What types of ATM machines are investable

Other avenues of revenue ATMs offer than just transactions

Dave Zook

Dave Zook is a successful business owner and an experienced real estate investor active in Multi – Family Apartments, Self-storage and the ATM space. Dave has acquired more than $100 million worth of real estate since 2010. At the time of this writing, he and his investors own approximately 3000 Multi-family Apartment units.

How to Build a Life Worth Chasing - With Chase Maher

We are trained in American society to get into debt. How can you do the opposite of what the middle-class is trained to do and do what the wealthy know how to do? Even for those who choose to save up and then spend, there are very little ways to get out of the cycle. We should make our earnings go to work for us and if we’re going to spend anything, we’re going to spend what that produces. Chase Maher of The Life Worth Chasing Podcast, comes on our show to share his perspective of never fitting in. Chase is a real-estate investor who is simply thinking differently. His goal is to buy the assets that create the lifestyle, not have a corporate job that spends down for a lifestyle. He found ways to create the assets that built the life worth chasing.

Understand the difference between “Have. Do. Be” and “Be. Do. Have”.

Learn what Location Independence means and how you can set out to achieve it.

How to treat your personal life expenses as a profit and loss sheet seen in a business.

Chase Maher

From flipping cars to building wealth in Real Estate, Chase is well on his way to retiring by the age of 40.

Long Range Thinking Required | BYOB Book Review Part 15

In this episode of The Wealth Without Wall Street Podcast, Joey and Russ take on part 15 of the Becoming Your Own Banker by R. Nelson Nash book review. They discuss the chapter about "An Even Distribution Of Age Classes" and the importance of thinking long-range. Legacy in its simplest forms is at play here. You need to think about passing along the knowledge to future generations. Nash is all about making you to think “how do I play out this becoming your own banker process for generations?” Chances are, you’re the first person to start this process in your family and you’re starting to realize this process can play out for generations to come.

Learn that there’s something more important you can eave behind than just wealth.

See what Steve Jobs, Martha Stewart, and Walt Disney have in common.

Understand that Becoming Your Own Banker is deeper than just money.

What on Earth are Tax Liens? W/ Joanne Musa

Today's podcast interview is all about understanding Tax Liens and we brought in the Tax Lien Lady, Joanne Musa. Tax liens are fairly straight forward, but they can get complex in a hurry. Tax liens at their core are the result of when people don't pay their property taxes and cash-strapped states will sell these taxes to investors, resulting in a lien against the property. Auctioning these liens can be lucrative and an effective way of working towards financial freedom.

How tax liens work and how it varies by state.

How you can bid down the tax liens to make more lucrative margins.

How to pick the right states to bid on tax liens

Joanne Musa

The Tax Lien Lady, known online as America’s most trusted teacher and trainer on tax lien investing, helps investors who want to reap the rewards of from safe, profitable tax lien certificates and tax deeds. For the past 15 years Joanne has specialized in training people on how to build a profitable portfolio of tax lien certificates or tax deeds, so that they no longer need to take their chances in the stock market.

Our Passive Income Report - July 2020

Welcome to another first on the Wealth Without Wall Street Podcast! Today, we’re opening up the books and are sharing our actual passive income numbers with you. We want you to see if they’re working and to help inspire you to start today on growing your passive income. If you don’t keep score, it’s hard to know how you’re doing. This episode has helped us open up our eyes. We’re also unlocking not only the revenue from our passive income sources, but also talking about how passive they actually are. We offer our community affiliate passive income opportunities and we want to be transparent with our community so that we can both support each other on our paths to Financial Freedom. Check out below our numbers in July, 2020: July 2020 - Passive Income Revenue By the Numbers: Gross Revenue: $ 16,164.22 Total Expenses: $ 11,216.70 Net Profit: $ 4,947.52 ____ Affiliate Marketing - Revenue: $6,095 | Expenses: $0 Community - Members: 2,700 | Revenue: $ 538 | Expenses: $0 Long-term Rental - Revenue: $ 915 | Expenses: $ 941 Short-term Rental - Revenue $3,207 | Expenses $2,619* Crypto - Revenue $2,128 | Expenses $1,206 Multi Family - Revenue: $0 | Expenses $0 Cattle Business - Revenue: $0 | Expenses $0 Land Flipping (Tri Star) - Revenue: $1,488 | Expenses: $677 Land Flipping (Everland) - Revenue: $1,330 | Expenses: $0 *Wake Up In Birmingham labor expenses: $ 4,166.66

How to track expenses a lot better

Why the guys want to put more money in land

Why putting all of this on paper is the only way we’re going to get our passive income greater than monthly expenses

Traveling 10,000 Miles to Reach Financial Freedom w/ Reed Goossens

What are you doing with your time right now? Are you going to use this time, especially during the continuing COVID-19 outbreak, to educate yourself on areas that will give you MORE time to spend with your family? Or are you going to just scroll through one more YouTube Video or news article? Our guest on today’s show, Reed Goossens, shares his story of escaping the cubicle and investing his time so that he could have more freedom to spend with his family. Reed explains why he quit his job as a structural engineer in Australia and moved to the United States to pursue real estate investing. He talks about purchasing his first property for $38,000 just outside of New York City and how easy it was to begin investing in real estate in the US when compared to Australia. Despite this, he realized he was still thinking too narrowly about investing and entrepreneurship. Then he met a friend that shared the benefits of real estate syndication, which led him to start RSN Property Group, which has gone on to acquire over $60 MILLION worth of real estate to date. Reed talks about the importance of getting out of your own way and ensuring you invest your time into doing the work that helps you move the needle. If you’re looking for ways to better invest your time so that you can have more freedom to live your life, this episode is crucial to helping you make that dream a reality.

What makes the US a perfect market for real estate investing and why Reed moved from Australia to pursue it.

How you can create a network in a new country, city, or market regardless of where in the world you travel.

How Reed segued his business from a small rental property portfolio to syndication and what the benefits of syndication are.

Reed Goossens

Reed Goossens is a real estate investor, entrepreneur, author, and public speaker whose real estate investing journey began in 2009 thanks to picking up “Rich Dad Poor Dad” by Robert Kiowsaki. Reed worked in civil/structural engineering before taking the plunge full time into real estate investing and development. In 2011, Reed and his wife moved to the US from Australia and purchased his first duplex for $38,000. The experience taught him a lot about the benefits of investing for cash flow in the US, which has much lower barriers to entry than Australia’s markets. Reed founded RSN Property Group, a multi-family syndication investing firm involved in the acquisition of over $60 million worth of real estates to date. He hosts the podcast ‘Investing in the US – An Aussie’s guide to US real estate’, interviewing top real estate professionals to better educate other investors who want to break into the US Market.

Get Your Teens to Start Thinking About Financial Freedom W/ Dan Sheeks

How can we teach our teenagers about financial literacy? What are the ways we can present ideas about finances to teenagers that will not only be engaging, but create lasting concepts in their minds? Our guest on today’s show is Dan Sheeks, founder of SheeksFreeks, a blog dedicated to helping young people make intelligent financial decisions that allow themselves to reach early financial independence and live their best life. Dan tells the guys how he’s teaching teenagers about the core principles of financial education and how he’s creating communities to help them stay accountable to their goals. Dan then explains how parents can begin the conversation with their own teens to get them thinking differently about finances. If you have teenagers or even pre-teens, this is an invaluable episode to give you the resources you need to get them to start approaching financial literacy differently!

Why personal finance education is such an important topic to begin teaching in schools, especially during high school.

How parents can begin having conversations with their teens to create a foundation of financial literacy before they graduate.

How to get teenagers and young adults talking about different financial concepts and how communities like SheeksFreaks help foster that discussion.

Dan Sheeks

Dan is a high school Business and Marketing teacher, real estate investor, and personal finance advocate in Denver, Colorado. In his 17 years of teaching high school, he has taught a variety of business subjects,including financial literacy, entrepreneurship, personal finance, and marketing. Dan and his wife have a variety of real estate investments,including multifamily, single-family, Airbnb, and out-of-state BRRRRs. They currently have 14 units in the Denver metro area, Colorado Springs, and Detroit and continueto grow their portfolio

What Mortgage Note Investing Can Do For You! With Jamie Bateman

Why should you consider investing in mortgage notes? How can investing in mortgage notes, specifically notes where the borrower is not making all of their payments, can be profitable? Our guest, Jamie Bateman, explains how he began investing in mortgage notes and created significant returns by buying notes at 50-60% discounts. He tells our listeners how he finds notes online, which notes are the best to purchase, and how to flip the properties to maximize his returns. He also shows the reason purchasing notes pairs well with IBC and how both investments offer an incredible amount of control when compared to traditional IRAs or 401Ks. Since 2018, he has grown his portfolio to include over 20 notes in 10+ states and now works to help others discover how they can earn income through note investing. This is an episode that shows how unconventional methods of investing in real estate and IBC pair together perfectly, so you won’t want to miss this conversation with Jamie Bateman.

How mortgage note investing allows you to be as passive or active as you would like and how both can create significant returns.

Where to find mortgage notes online and the best systems, tools, and vendors Jamie is currently using when purchasing notes.

Why IBC and mortgage note investing synergize so efficiently to one another and how mortgage note investing through IBC offers YOU almost complete control of your investment.

Jamie Bateman

Jamie Bateman has been an active real-estate investor since 2010. He and his wife, Emily, manage a portfolio of investment properties in Baltimore County, MD. They have experience in both the mortgage and the title industries. He takes pride in assisting those who are motivated to incorporate non-traditional investing strategies into their wealth-building plan. He also recognizes that sometimes homeowners come across challenging circumstances that necessitate creative solutions to help them stay in their home. Jamie loves to spend time with his family. A former U.S. Army officer and collegiate lacrosse player, he enjoys slowly progressing at Brazilian jiu jitsu, watching football, and coaching youth lacrosse.