The Titanium Vault hosted by RJ Bates III
RJ Bates III, affectionately referred to as the Viking Wizard by his students, started his real estate investing career in 2014 after attending a real estate education program that put him $65,000 in debt. RJ contracted his first deal he found on the MLS and wholesaled it for a $7,500 assignment fee. That was the end of his former life and the beginning of his venture into becoming a real estate investor. Since that moment, RJ has become an influential figurehead in the real estate investing industry. He has successfully purchased and sold over 2,000 properties all across the USA including wholesale deals, rehabs, rentals, owner finances and short term rentals. One of his passions is being the host of The Titanium Vault Podcast where he interviews the top real estate investors and finally, RJ has won back to back Closers Olympics earning him the reputation as the King Closer!
The Titanium Vault hosted by RJ Bates III
Chris Naugle: Be Your Own Bank
Get ready to break free from traditional banking norms and elevate your financial game! We had the pleasure of hosting the brilliant Chris Naugle, who took us on an enlightening journey of becoming our own bank. Chris shared his unique insights on how one can take control of their finances, earn a higher, guaranteed interest rate, and even use their money for tax-free investments. We shed light on the power of this transformative concept - and the profound impact it can have on your financial growth.
Ever wondered how the wealthy maintain their riches? We took a deep dive into the financial strategies of the crème de la crème - the Rockefellers and the Rothschilds, revealing their secrets of safely storing capital in giant, mutually owned life insurance companies. These specially designed whole life insurance policies offer a plethora of advantages including a guaranteed interest rate for life and annual dividends in a tax-free environment. This strategy can be a game-changer for your financial journey, allowing you to reap the benefits just like these wealthy families.
Do you feel hindered by a scarcity mindset? We explored this pervasive mindset that's been a roadblock to financial success for many. We shared our experiences and underscored the importance of shifting this mindset towards abundance. We wrapped up this intriguing episode with a heart-to-heart conversation about real estate investing and financial management with Chris. So, step in, soak up these nuggets of wisdom, and embark on the journey of becoming your own bank! Learn more at https://www.chrisnaugle.com/
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Hey, Chris, I know we're going to talk about you know being in your own bank, stuff like that, but are you cool if I try the greatest podcast intro of all time? Yeah, do it. I mean, we're talking about like Guinness Book of World Records type stuff.
Speaker 2:Wow, all right. Well, hang on, let me. Let me get prepared. All right, get the popcorn and the soda pop, I'm ready.
Speaker 1:All right Production. Are we ready? We're ready. Okay, three, three, two, one. Ladies and gentlemen, boys and girls, let's get ready to rumble on the titanium vault podcast hosted by RJ Bassed Dirt, where we're going to teach you how you can be your own bank with the mystical, the legendary Mr Chris Noggle. What's up, man?
Speaker 2:Oh man, that was epic. I love it. I love I was such a kid that like just was Hulk Hogan, all the way. You know, rowdy, rowdy, piper, all of them and you nailed it. Oh man oh honored to be on man, Honored to be back.
Speaker 1:I have to tell you I practiced that three times in the car on my way to work this morning.
Speaker 2:It requires some practice, man. That's not an easy one to get.
Speaker 1:The second time my voice cracked. I thought it was going to happen there, but it didn't. So, no man, I'm excited to have you back on the titanium vault. We're excited to have you here because you're going to talk about something that I don't think gets talked about enough. I mean, we talked about. This is our 272nd episode, which is an ironic number for you. That's how many episodes you have.
Speaker 2:Yeah, Just yesterday I got my report for the podcast. We had a podcast launch yesterday and it was number 272.
Speaker 1:Yeah, so ironic, crazy. Here we are. Similar paths, journeys, but be your own bank. What do we mean by this? What does that mean?
Speaker 2:Yeah. So being your own bank is a very simple concept and it is literally just a process. Okay, there's a product you can use to make it work better, but let's just stick to a process Every single person that will watch this podcast can apply. Now let me try to just break it down to the simplest way and then we'll basically take it from there. So everyone that's watching this has a similar thing, and that is you all make money in one capacitor to the other. You trade hours for dollars, you run a business, you sell things for commissions, but you make money.
Speaker 2:The question I always have is what do you do with the money once you make it? Hold on, let me guess you take that money and you deposit it in somebody else's bank Bank of America, wells Fargo, chase, whatever it's someone else's bank, the bank doesn't have your name on it and then what does that bank do with your money? Do they take your money, put it in a box with your name on it and shove it in the vault? No, the vault has no money. They take your money that you gave up control of because that's indeed what you did. You gave up control of the money and they make your money go out and work for them, and they do that by lending it out on mortgages, lending it out on car loans, lending it out on home remodeled loans and so many other things. And when they do that, let me ask you a question how much do they charge for the loan? Is it exactly the same amount they pay you for in interest on the deposit? Not at all. Let's say, right now you're getting 3% at your bank and you go back to your bank for a car loan. How much are they going to charge you? Eight, so eight minus the three they're paying you is what. It doesn't matter what it is. It's a spread, it's an arbitrage. That's how banks make money. But they can't make that money if they don't convince you to give up control of your money. So now we already understand how banks operate.
Speaker 2:Now what if you decided to take back the banking functions in your life? You no longer wanted to give up control of your money, you wanted to control the outcome. So you then changed where your hard earned money goes first. That's it, one change. You change where the money goes first and we'll cover. We'll get to the machine that we're going to put that money in the institution where we're going to put that money. So you put it in a place that allows your money to earn number one a higher interest rate than the banks will pay you, a guaranteed interest rate that never changes for the rest of your life. The interest and the dividends you earn on that money in your bank is growing, if it's built properly, tax-free, okay. So that money is growing tax-free, unlike the bank. You get a 1099 at the end of the year and then you have the ability to still use that money in this machine, take it out and buy cars, buy real estate, invest in things. Whatever you're going to do, everything's exactly the same, except for when that money goes to work for you, because you controlled the outcome. When that money goes to work for you, whatever that money earns, you have to condition yourself. When you're going to be the bank, you got to think as if Let me repeat that, think as if you're the bank.
Speaker 2:So if you were to take money from your bank, think of it as a loan. You take a loan from your bank and you buy a car, that car you would calculate what the monthly payment was. I always just ask the car dealership If I'm buying a car. I ask the dealership to figure out the monthly payment and they do, which means they're going to give me the best rate and they're going to tell me the payment. So let's say that car I buy has a $750 a month payment. But now I took the loan from my bank, from my controlled private banking system, and I bought the car. So who am I going to write the $750 a month check to my bank Chris Noggle's bank and that money comes right back around.
Speaker 2:Think of it as a circle, right, your money starts on the left side of the circle, where it's earning guaranteed interest dividends in a tax-free environment, and you can take the money out of your bank and use it for everything that you're going to buy for the rest of your life, just like you would use money that's in the traditional bank or just like you would use bank loans to buy the difference. Then, once you buy the item or invest in the item, you take whatever that would have normally cost you or whatever that makes, and instead of taking the earnings and putting it back in somebody else's bank, you change and put the money back in your bank, completing the bottom part of the circle. You now have created a private banking system that you fully control, that there is no leakage, and indeed you make a spread in the middle, just like a bank makes a spread. And RJ if I can just give one example, a lot of times people lose a piece or two in there. So I'm going to make this simple.
Speaker 2:Just give a hypothetical scenario. Rj, you got, let's just say, $100,000. You just sold the property and you got $100,000. You walk into Bank of America this isn't real folks, this is a hypothetical made-up thing and you give Bank of America $100,000, and they pay you 6% interest on that money. Let's just say you put it into a CD at 6%. Bank of America is paying you 6% on that money. You have a receipt in your hand saying you just made $100,000 deposit in Bank of America.
Speaker 2:You walk two blocks down the street to Chase Bank. You walk into Chase and you say hey, chase, I just deposited $100,000 in Bank of America. I would like to put that deposit here's the receipt up as collateral. Would you be willing to give me a loan for $50,000? Or actually, let's just say would you be willing to give me a loan for $100,000? Chase Bank, of course, is going to say yeah, there's zero risk in that for us, because you're putting $100,000 deposit as collateral. We, chase Bank, are going to go to Bank of America and put a collateral assignment on that money, meaning you can't take that $100,000 out of Bank of America. We control that $100,000, and we will give you a loan for this $100,000 that you're asking for at 4%.
Speaker 2:Now, did everybody follow that? Bank of America paid you 6%. Chase paid you 4%. What are you making in the middle? A 2% spread. How much money do you have in your hand? The exact same amount you started with $100,000. Chase Bank is psyched because they have a zero risk loan that they just made and they're making 4. Bank of America is psyched because they got $100,000 locked up in a CD for a few years that they're going to pay you 6 on. You are laughing all the way down the bank because you're making a 2% spread and you got $100,000 to go reinvest in another property. You died. The next day, chase gets noticed that you died, walks down to Bank of America, says hey, we'd like to collect our money. Here's the death certificate. Bank of America hands them a hundred thousand dollars. Everybody's made whole. That is being your own bank. The only difference is you got to change the name on the banks and there's no longer going to be banks, they're gonna be giant mutually owned insurance companies.
Speaker 1:There you go, couple quiet. I'm gonna probably be writing down questions as we go along and I'll try to make sure we keep you on track as best as possible. But as we're doing this, are we utilizing this only for loans, like when we're buying cars, houses, things like that? No, we're doing this on daily transactions as well great question.
Speaker 2:I I do not teach the infinite banking concept, which is essentially what we're doing. That's what that's what our Nelson Nash pioneered it in, trademarked. It's called the infinite banking concept. That's the process. But we're gonna call it be your own bank today, because that's essentially. You know what you're doing.
Speaker 2:I Don't teach it to pay for household expenses and here's why you could okay, because you'd still make the spread and it would Be better than paying cash. But here's why I don't. Is I think that's the lazy man or the lazy woman's out, because if you take the money from your bank and you Just pay expenses, there's there's no Economic advantage of doing that. The money comes in and it just goes right back out the door and it's not working for you. It's just paying for things that are disposable, that you're gonna eat, you're gonna your your baby's gonna poop in the diapers, whatever.
Speaker 2:So what I always tell people is think of the money in your bank as money you would put into savings for a purchase of something or an investment in something, and in that that thought, how I always do it is let's just assume that your bank is going to charge 5%. That's gonna be the the rule as of 2023 and 2024. 5% is the number, so your money has to go out and work at a rate higher than 5%. I mean, think about that. In today's world, what can you do that pays you more than 5%? Rj, we don't have time on this podcast to go into all the things you can do making more than 5%. Right, those are the things you use the money from your bank for, not household expenses.
Speaker 1:Gotcha Okay, so let's get back to where you were in this journey. We make the hundred thousand dollars. Use the scenario of the two banks. But then you said, hey, we're not using those banks, we're using these Insurance companies. So explain that. What does that mean?
Speaker 2:Yeah. So I also want to first take people back in history a little bit, because it's important that they understand that I didn't come up with this. This isn't some new concept. This isn't some guru get rich quick thing. This is actually a get rich slow thing, because building wealth is a marathon and it does not happen quick. So where this idea in this concept comes from is literally hundreds of years ago.
Speaker 2:The Rockefellers, the Rothschilds, the Morgans, the Stanleys All of which were business owners and bankers back in their day. They had lots of money and they were bankers and they understood the risks with keeping all their money in banks. So what they did is they went out and they were seeking a safer place to store their capital, and in there's their Research, due diligence and their search. They landed in one place. This is go back a hundred years ago. The safest financial institutions back then were giant, mutually owned life insurance companies. So they got this idea Okay, let's take our money that normally would sit in the banks, which we we could lose, and let's put it into an institution where we can't lose any money because they're big enough, they're liquid enough and they're secure enough, based on history, that they're not going to lose their money, and that was insurance companies. But they couldn't walk into an insurance company and say, hey, I'm, I'm, you know, rockefeller, I'm Rothschild, I want to deposit my money. The bank would send you back out the door. We're not a depository institution. You got to go to the bank for that.
Speaker 2:So they had to figure out a way to create a banking system using insurance companies, and here's how they figured it out. They figured it out by finding a product which we all know and most of you hate, called whole life insurance. Now, before you get a Negative condensation in your mind or negative idea in your mind about whole life, let me go into it. Why did they choose whole life? Well, number one, whole life insurance was then, and still is today, one of the only products that can pay you a Guaranteed interest rate for the rest of your life, and it never changes. By today's standards, it's anywhere between two and three and a half percent, depending on the company we use. So just remember that two to three and a half percent, but guaranteed for the rest of your life. Because some of you are thinking well, my bank can pay me more than that. Yes, but it next year when the Fed drops rates. Guess what your bank pays you less. Insurance companies lock it in, okay. Secondarily, every year they pay a dividend, which is a return of unused premiums. Their surplus assets are returned because these are mutually owned insurance companies, not publicly traded. So the these wealthy families said a alright. So interest plus dividends is more than what we could even earn in a bank. So that's better.
Speaker 2:Number two, because it's life insurance first and foremost, it is operating. My money is in a tax-free environment. As you all know, if you buy a life insurance policy and you die, the death benefit is passed on tax-free, right? So if you buy a life insurance policy and you use the money while you're living, the IRS code allows you to use that money Tax-free because essentially, you're actually borrowing from your policy and that Borrowing money is actually taking a loan from the death benefit that is going to be paid someday. So the insurance company you know in the Rothschilds and Rockefellers and the two bankers I mentioned, they're able to use their money, but their money never actually gets used.
Speaker 2:So use your example of a hundred grand. Okay, you put a hundred grand into it and I want to preface it's not a normal whole life, it's especially designed and engineered whole life. It has to be built Completely backwards of a regular life insurance policy. You put the hundred grand in that whole life policy. How much money are you going to make on that money? Well, your gross interest plus dividend right now is going to be anywhere between 5.2 and, I think, 5.2. Actually, 6% is the highest, but let's call it 5.85 for the ones we use. Okay, that's what you're going to make with dividends and that's going to grow tax-free.
Speaker 2:So now you want to borrow, you want to take, you need 80 grand to go buy a piece of real estate. Right, you got a hundred in there and you need 80 grand. 80 grand. You immediately can take 80 grand from that policy to buy that real estate. When you take it, you're not taking your money. You have a hundred grand in there earning let's call it, five and a half percent. We'll cut it in the middle earning five and a half percent, but you need 80 grand. So if you take 80 grand from a hundred, what's left? 20, 20, most they're thinking 20 because you're thinking like a bank. But what if I tell you there's a hundred left? You still have a hundred grand Earning 5.5 percent.
Speaker 2:So most people would say well, where'd the 80 grand come from? I already told you, the insurance company loans it to you While you're living and they just take 80 grand from your death benefit, literally just a. They take whatever your death benefit is, subtract 80 grand and they give that to you and they let you use that 80 grand. Now I called it alone why? Because if it's alone, just like in real estate, right, if you take a home equity line of credit from a house that has equity, do you pay tax on that? Nope, why it's alone, right, loans aren't taxable. Ding, ding, ding. You take the loan from the policy which is advancing your death benefit to you. That Death benefit that you're using in the future will be paid out tax-free. So therefore you're using it now Tax-free.
Speaker 2:So you got 80 grand that you buy the real estate with, but you got a hundred grand still in your account, compounding at a rate of five and a half percent. Now the insurance company does charge you interest on that loan, and right now the interest rates of smidgen under five percent, but let's just call it five. So if you borrow the money at five percent, simple interest, but you've got your money earning five point five compounding interest? How much or what are you making in the middle? A Spread right, just like a bank, but it gets even better. So let me go round two. That's the top part of the circle. So now you know what the vehicle is especially designed and engineered whole life, bought from a Mutually owned insurance company that pays dividends Okay, and all mutuals, for the most part, paid dividends.
Speaker 1:What happens if I take the 80 grand and I buy a rental property? So I deposit the hundred immediately, borrow 80 and then I die.
Speaker 2:Oh, perfect. So I, you know I don't know what the death benefit would be, but let's just make it up and let's just say you put a hundred in and your death benefits 800,000. Your death benefit you dot when you die would not be 800,000 anymore. It would be 800 minus 80, right? So 800 minus 80 would be 720 would be paid to your beneficiaries tax-free.
Speaker 1:Okay, but we still have the rental property. Mm-hmm right, yep, we still owe the 80. No rental property.
Speaker 2:No, no, because never. It's made whole when you died. Which actually is an interesting thing, because a lot of people, when they think of a loan, they think, oh, I don't want another loan, that's another debt. But what if the loan didn't need to be paid back?
Speaker 1:right.
Speaker 2:Okay, because really the insurance company will never call you Asking you for that 80 grand back. Matter of fact, they'd probably prefer that you never pay the 80 grand back. Now I'm not saying to do that because that only works for the insurance company because they're charging you 5%. But if you didn't pay the 80 grand back, they're not gonna ask you for it because they're making interest on that 80 grand at a rate of 5. They're paying you five and a half compounding versus simple. That's a very important difference. Simple interest versus compound interest is a massive Difference.
Speaker 2:But the insurance company knows that someday you're going to die. I hate to tell everybody watching this but that's a fact of life. There's two certain death and taxes. You will die someday. Sorry about the bad news, but the insurance company knows that because I have actuaries. They actually can tell you when you're going to die, which is even freakier. It's almost as freaky, as you know, both of us having our 272 or 272 podcast episodes at the exact same time. This is lazy cash, just you all know, my shop cat.
Speaker 2:He never misses a show. But so, yeah, they don't. They don't care if you ever pay it back, they just subtract it from a death benefit that they know they're gonna pay out someday.
Speaker 1:I love it. Okay, so, from a real estate investor standpoint, I have two kids, right, I want to pass down Real estate to them, right? That's what we want to do. We want to own real estate and then pay beneficiaries. Here you go. If, as I'm doing this, I'm accumulating rentals by essentially borrowing the money from myself through this policy, they, even if I still in pain, back my 80 grand on multiple rentals over time If I die, they now have those free and clear plus whatever is I mean dude. That's that in and of itself, is reason to do this if you're a real estate investor.
Speaker 2:But let's talk about one additional thing, about legacy planning, like you just said, because I have. I have a daughter too. We're always thinking different. When we have kids, right, we're thinking about them and what? What's gonna happen when we're gone? Are they gonna be okay?
Speaker 2:So you do the policies and we used 80 grand. Now I think all of you know well, rj, you don't. You can buy properties at 80 grand in Detroit, but most folks watching this are gonna be like you can't buy property for 80 grand. Great, let's just say it was $80,000 as a deposit on the real estate. The rest you borrowed from the bank. So let's just say you got a $500,000 bank note and you use the 80 grand from the policy as the down payment. Okay, let's just assume that same thing happens. You buy the property and you pass away.
Speaker 2:There's a death benefit that will be paid out to your beneficiaries, which you could even have it pay out to a trust that has rules. In the trust it says before anyone gets this money, all the real estate is paid off in full. So now you take the death benefit, money that literally was made out of thin air. If you really think about it, right, that was money that before you took the policy out, didn't exist. You die a death benefits paid out. That death benefit then pays off the $500,000 loan to the bank on that real estate. The real estate now is owned, free and clear for your family, okay. But there was an additional $200,000, hypothetically, or or $120,000 it's also paid to them to help them finish renovations, to help them stabilize the property, just to give them an emergency fund. You see how this makes sense for real estate, yep, but we got to the good part.
Speaker 1:Okay, we're gonna get to the good part. I got another question, though, on when I start this. Obviously we talk about the amount that the beneficiaries are gonna receive, right, we're using 800,000. Let's just call it a million, as Say I fast forward 10 years. I these are probably gonna be the 10 best years of my prime, of my life, right? I'm hoping I go into another level over the next decade. And what, at any point time, am I able to increase, increase how much my beneficiaries get from this? Like okay?
Speaker 1:so start that a million get, I make it 10 million by the end of the next 10 years.
Speaker 2:That's a great question. So can you make it what you want it to be? No, every policy that we design is engineered and designed around your specific needs and goals and what your specific needs and goals Typically for what we do about being your own bank are gonna be around. How much money do you want to deposit Monthly or annually or however you want to save money? So you're gonna tell us okay, I want to save a hundred thousand dollars a year, just making an easy number. Okay, great, that's a hundred thousand.
Speaker 2:We're gonna build the policy for the death benefit that goes with that policy. How we're gonna design is we're gonna put the lowest death benefit on the policy Possible under IRS rules, which are called the max seven payroll not important to understand the macro. We have to understand that. So now we put a hundred thousand in each year. That's our max amount we could ever put in and we now have a million dollar death benefit. Let's just use those numbers right. Next year you deposit another hundred thousand in the policy because you're having a good year. Okay, your death benefit will automatically go up because of the way we design. It is called paid-up additions. Okay, most of the hundred thousand you're putting in about 75% is going to a special rider inside the policy that's called a paid-up additions rider.
Speaker 2:Now here's why most folks on here have never heard about this from their advisor, their insurance agent or their broke-ass brother-in-law who tries selling them life insurance every holiday. The reason is all that money 75,000 of the 100 that goes into that paid-up additions rider pays 98% less. It's actually a little more, but we'll call it 98% less Commission, then the money that would normally go into a whole life. So what I'm trying to explain to folks is the way we design these will result in a commission that is 60 to 90% less than a regular whole life that is sold to you by your broke-ass brother-in-law and it's actually about a hundred to a hundred and ten percent less than your broke-ass brother-in-law who tries selling you one of those Indexed universal life's horrible product.
Speaker 2:But we won't go there today. So do you see why a lot of people don't understand this? It requires the person setting this policy up to reduce their commission, but it is the ultimate thing, rj, you know, not getting into spiritual stuff or anything like that, but it's universal law. If you give, you get right. So what we're doing, building these policies this way is we're giving you part of our commission, which comes in the form of cash value, and then you basically get to use that money immediately. But that's the only way this works.
Speaker 1:So I interrupt you a couple times now. Carry on with where you said we're about to get to the good part. So let. Let me know what's the good part, because I'm already sold baby.
Speaker 2:Yeah, well, here's where it gets better. Remember, we're talking about you being your own bank and I said earlier, you got to think as if you are the bank. So you took a loan from your policy for 80 grand. You bought a property for 80 grand. Okay, we now know your policies, earning money on a hundred thousand because that's how much cash Fah you had in the policy. It's earning more than what the insurance company charges. So you're making a spread which is just like a bank bank makes a spread. We already went over this. But now you buy the property. That property is going to make money. So let's just assume that properties are rental and that property nets. Let's call it a thousand bucks a month. Okay, we'll just call the properties net a thousand dollars a month. Now we're just gonna do this real high level because we're not gonna get into semantics about it. But where is that thousand dollars net going to go?
Speaker 2:Most people are like, well, it's gonna go to the bank. Yeah, but let me ask you who's bank You're gonna put it in Bank of America because you've been conditioned and taught to give up control of your money. Or have you wised up and started to think like you are the bank because you have set up what would be to the Rockefellers, rothschilds, morgan's and Stanley's their private bank. You've set up your own private bank. It's just, it's called especially designed, whole life, but you can call it anything you want. Think as if you took a loan from your bank. You bought a property. That property earns money. Where does that earning go? Well, I should. If I own a bank, I'm gonna take the earnings. I'm gonna put it back into my bank. Why? Well, because I don't want them to have control of my money. I want to use my money.
Speaker 2:So let's just say you, every month, you're now putting a thousand dollars back into your policy. This is above and beyond your hundred thousand dollar deposit. That thousand dollars that goes back into the policy is called a loan Repayment. So effectively, that thousand every month is reducing the loan to the insurance company by one thousand dollars every month. But every time you reduce the, the loan to the insurance company, that thousand dollars that you just put into your policy as a loan repayment Is a thousand dollars you can use the next day when the check clears. There's no. There's no loss of capital there. So that you deposit a thousand dollars back in your policy as a loan deposit, you now have that thousand dollars to use the next day.
Speaker 2:But if you understand how banks work and how the loans work, and just math, every thousand dollars that you put back into the policy reducing the loan Reduces the effective annual interest rate you're going to pay, because in the beginning you were paying interest on 80 grand at 5%. But now the next month you're paying interest not on 80 grand, you're paying interest on a thousand dollars left less 79 thousand dollars, and then 78, then 77, 76, 75, and over the course of a year you have reduced the loan amount due To, or the loan amount that the insurance company has, which means they're charging 5% on a lower amount. So what does that mean? Your yield, your effective interest rate, is you're paying. Well, it's five, but it's five on a lower amount and we have calculators that will show it. And after a year it's about 4.5. After two years it's it's probably in the 3% range.
Speaker 2:So if you can just in your minds, just remember, you're making 5.5 percent. But now, all of a sudden, you started paying five. You were already making a spread positive, but then the next year you're spread one up. The next year you're spread one up the next year, you're spread one up Mathematically every year. You will make more money, not by working harder, longer or taking on more risk, but because of something you all know and should have learned in grade school called math Mathematics. That is it. When you become your own bank, you build wealth, but not in the traditional sense of how you think you need to build wealth, by hustling and buying assets and investing money, just simply by controlling the flow of the money you are using and saving today, by changing one thing, and that's where that money went first.
Speaker 1:What's crazy about what you just said your last sentence that you just said you said by controlling the flow. And what's hilarious about that is is I talk all the time about when you're talking to sellers you are able to close when you control the flow of the conversation. If you're in control of the flow, then you're gonna win. And now you're sitting here talking about the flow of your money. It's like, bro, you're almost kind of broke my brain there for a second, because I am so used to like rental paid me $1,000. Now I give a thousand to the bank to repay my loan that I use to buy this rental and what I get in return is is a principal reduction of about $38. And the rest of it goes to the bank.
Speaker 2:We're not even gonna talk about how banks screw you on mortgages. That's a whole nother topic.
Speaker 1:So you're like yeah, so you borrowed 80, and then first month you get a thousand and you give it back, and now you're down to 79 and it's like what are you talking about?
Speaker 2:Insurance companies, unlike banks, don't charge you interest every month. So, a bank, when you take a loan from a bank every month, you have to make a monthly payment for them, interest and principal. The insurance companies calculate interest on a daily basis, yes, but you only pay the interest on the loan one time per year, on your policy anniversary. So, therefore, you have an entire year to pay that principal down. And as you're paying the principal down, that interest calculation is always lowering, it's always going down. I have a math calculator that shows you this. It's, and I have YouTube videos tons of them that show this. It blows your mind when you start to understand what's going on. And this is nothing new, folks. This is what banks do every day, but they don't want you to know about it because that's how they make money. That's how they're screwing you on every mortgage. Oh wait, chris, they're not screwing me. I got a 2.5% fixed 30-year mortgage. You're getting screwed. I'm not gonna say it, but you know how you're getting screwed. It hurts. And you don't even know it because you're so fixated on a number that doesn't mean anything, because what you're losing to is the velocity of the money you're giving the bank the banks in the first seven years have it so fixed that almost all the money you give the bank over seven years goes to interest. They're front-loaded. Therefore, and they do this for seven years magic number because they understand two things. They understand that every person has a cycle. They usually will buy a new house or refinance a house every five to seven years. And if you then research why five to seven years, you will find yourself landing at the short-term debt cycle. Watch Ray Dahlio's how the Economic Machine Works. Five to seven years is the short-term debt cycle. Rates go up, rates go down. You're in the midst of seeing it. Right now, we're at high rates. Watch next year, when we go into a recession, you'll be at low rates. Economic cycles five to seven years. Banks understand this. You don't. Banks win, you lose. That's how it works. So it just makes sense for you to understand how to be your own bank, to control the flow of money and what you just said. You're doing nothing different than what you're doing today, but you're controlling your money instead of giving up control to the bank. This is why sometimes I seriously RJ.
Speaker 2:I think sometimes I've gone down the rabbit hole and I just don't know how to come back out. And, to be quite frank, I don't want to, because now I understand how it works. Now I can't think the same way I used to back in the day when I was just like, oh, I want to buy a car, I take a loan out. Hell, no, I'm not going to take a loan for a car, I just bought a. You know I collect porches, so I just bought a new Porsche and it doesn't matter what I pay for the car, because if I use my banking system, I take a loan from my bank. I buy the car, I make a monthly payment on that car, but the payment goes back to my bank, which means I have access to that money immediately the second it hits my bank, but after a five year period of time, just like a car loan. What has happened in my bank? I have gotten all the money back for that Porsche, guaranteed, no ifs ands or buts about it, because I controlled the flow of the money.
Speaker 2:Nothing else changed. And some of you are thinking whoa, whoa, whoa, whoa. Chris, yes, something changed. You needed to save that money in your private bank before you could buy that car.
Speaker 2:Exactly, remember I said building wealth is a marathon, not a sprint. Anybody that's trying to get rich quick stop listening right now. This will not work for you. This is a get rich slow, but I'll tell you the thing that's gonna really benefit every one of your listeners right now If you stop trying to get rich quick and you start being consistent and persistent in your wealth building journey, you will then someday be wealthy. But you will need to understand the difference between being rich and being wealthy.
Speaker 2:Every one of you listening sees rich people every day. They drive the fancy cars, they wear the Gucci and all the other fancy stuff, unlike RJ and I, who normally I have a hoodie on. I'm stressed up cause I gotta go to dinner tonight. Normally, like I'd have a hoodie on and a baseball hat and I wouldn't have shaved. Okay, I don't care. So rich people act and look rich, but when you peel the onion, I have 8,000 clients I know this to be fact and I was a financial advisor for 16 years my clients that I thought were wealthy, that lived in the big houses. When I peeled the onion once and looked at where their money was, they're broke. That's rich.
Speaker 2:Wealthy are when people have learned how never to give the money they've made back. I want you to understand that Rich people just act and look. Rich. Wealthy are. When you figure out how not to give your money back, when you control the flow of your money, when you control how your money moves on, everything you do, the only thing that can ever happen, the only mathematical equation is every day, for the rest of your life, you get wealthier. It's a mathematical certainty.
Speaker 2:If you follow this process, if you learn how your money should flow and I'm not saying, I wanna be clear, I am not saying for this to work, you have to have the whole life. Take the whole life out of it Now. The whole life gives you uninterrupted compound interest on a tax-free basis, so there's a big benefit plus a death benefit. But let's just say you don't want the whole life. Great, use a bank account, but control the flow of the money through the bank account. Never leave money in the bank. Keep it always out there working and then coming back and working. Now you won't ever build as much wealth as I will, or RJ will, using the policy I mean listen, don't believe me Like.
Speaker 2:Why do the Rockefellers and the Rothschilds, the Morgan Sustainlies, ray Kroc, walt Disney, joe Biden hate to use that name. The dude is what I like to call him McCain, warren Buffett, doris, christopher I could go on for days. Why are all of them using whole life insurance? And why are banks traditional banks the number one purchasers of whole life in the world? Why? Why are banks putting money in whole life? Look at them. You don't believe me. Go to fdicgov type in BOLI You'll see how much money banks have in whole life insurance. It's just not called whole life, it's called BOLI, bank-owned Life Insurance. It is all whole life designed and engineered differently than the whole life that your broke ass brother in law tried selling you during Thanksgiving.
Speaker 1:Dude, here's the thing that's hilarious about what you're talking about. You're talking about hey, this is not Get Rich Quick, it's about consistency. Well, of any audience following community, whatever you want to call this, mine should understand that I resonate with what you're talking about because it's what I consistently preach. I preach like every single event that I host, chris, it is pick your hedgehog concept. That's why there's a hedgehog right back here, the Jim Collins good to great book. I always say it hey, the book is good. It wasn't great, but there was a great concept. Okay, hedgehog concept, all right, that's why we got a hedgehog back there. Stop searching for unicorns. They don't exist. So what I talk about there whoever's succeeding that you want to mirror, do exactly what they're doing, use what systems they use, focus your habits. And then the last one I literally have an entire slide about being consistent as a tree. Nothing grows more consistent than a tree.
Speaker 2:You'll never notice it.
Speaker 1:You'll plant a little little little baby flower like this and in two weeks it's this tall and it's pretty and it's got the blooms. Guess what? That's the rich motherfucker, Guess who's the wealthy one? The tree you didn't even notice it, you planted it and then the next thing, you know the motherfucker's a hundred foot tall and you never even knew, but you've been enjoying the shape.
Speaker 2:Oh my God, I've never thought about that. You know my cat's ears perked up, his tail is wagging right now. He is psyched right. His name's Lazy Cash why cats are lazy. But let me talk about that. You're talking about one certain and that's how a tree grows, silently, but consistently and persistently, the most persistent and consistent thing in nature. But there's another consistency in nature Water, the flow of water.
Speaker 2:I want you to think about a river. A river's flowing, it's mighty, it's got. You know, the water never stops moving. But let's just say you want to disrupt the water. What has to happen? Well, first you got to get in the water. Now, let's say the water's 30 degrees. That's gonna hurt, right, it's gonna be cold, your legs are gonna sting, but eventually you're gonna, you're gonna get numb to it and you walk out into the river up to your neck and you're freezing. But your goal is to disrupt the flow of water. So you stick your arms out and you feel that mighty pressure on your arms and you're disrupting that water. And you get this idea If I, standing in this water, had to go through pain and a little bit of suffering, but now I can flow and control the flow of this water in this little space with my arms? What if I built a machine that did exactly what I'm doing? But that machine then converted to energy? We all know that this is actually what happened. You learned how to control the flow of water, but you had to get in the water first.
Speaker 2:People are always like how do I get wealthy? How do I how do I get out of my rut? Disrupt the flow of money. You see, there's one thing that you and most of us are never taught, and that that is that money is always in motion. When I ask people, I ask them what business in the world uses compound interest, everybody says all banks and insurance companies in Wall Street wrong. None of them do Banks. I already told you they don't. They don't sit on money. They don't use compound interest. They charge you compound interest, they pay you compound interest but they don't use it because that would that would require their money to sit. Still, when you deposit money in the bank, that money immediately goes to work for that bank. They're lending it out. All those cubicles, they're lending it.
Speaker 2:When you go into a car dealership and you look at that lot, all those cars are moving. That's inventory. When you walk into a grocery store and you walk down the aisle. The next day you walk down that aisle. That is different inventory in the shelves, because their inventory is always moving. What is inventory? What are cars? It's all money.
Speaker 2:Money is always in motion constantly. So you want to get wealthy. Find a way to disrupt the flow of money.
Speaker 2:Everything I just told your entire audience about how to be the bank is the ultimate in disrupting the flow of money by changing where your money goes, first, and then number two, by adding this process called the infinite banking concept, and all that's doing is controlling the flow of your money so that it is always in your control, always working for you, never stops 24-7. Because your money is always earning uninterrupted compound interest. Notice how I didn't say compound interest, because compound interest, in the way we think about it, requires us to take your money, put it somewhere and leave it set. Put it in a 401K, leave it set. Put it in a bank account or a CD, leave it set. Put it with my advisor, leave it set. That money is no longer there for an opportunity when it strikes. But if you put money into this specially designed whole life and you then immediately take loans and make that money go to work, paying down debts, buying out your car loan and then recapturing the money as a loan repayment the same money you're giving away to the bank. You are changing the flow of money and you're just literally, you're kind of like that guy out there. That's like stopping traffic and directing traffic. You're just saying, hey, money, money, money, stop going to their bank and start going back into our banking system. We now have our own bank, so why would you put money in anyone else's bank?
Speaker 2:I make a lot of money, rj, and you know this and I'm not bragging. I make a lot of money, but I do that and I have built that the hardest way ever, the slow and steady way. I've been broke as a joke. I've been poor. I come from a very, very poor family background and I have built massive wealth. But it has taken me a lot of time and it has taken me a lot of failures and it has taken me a lot of pain Because I had to get in that freezing cold water and figure out how to disrupt the flow of that money and I had to learn it and it took time. But now there's nothing that can happen. The markets, in the economy could crash tomorrow, and all that is for me is a massive opportunity, because I control the flow of money.
Speaker 1:So why, when you use these names that essentially created this, and then you're talking about the people using it today I mean, we're talking about the Rockefellers and Morgan Stanley I mean, why is this not taught?
Speaker 2:Such a simple answer.
Speaker 1:I get it. I know where you're going to go, where it's like hey, because the banks don't want you to know right.
Speaker 2:That's exactly why, but that's exactly why.
Speaker 1:Why are human beings not teaching this? I mean, I get that the massive corporations are like trying to push it down. Why are there not more personoggles out there saying, oh hey, we're just in a president's doing it? I mean, I don't like them either, but I mean?
Speaker 2:where do you know who controls the flow of money? Right, the ultimate control in this country, the United States of America, the land of the free, the greatest country on earth. Ok, don't forget, that is the Fed. The Fed controls all monetary policy, not the government, not the banks. The banks are all controlled by the Fed, right? Ok? So does the Fed want more people like Chris Noggle, teaching people how to be the bank and how to disconnect from what the Fed controls the banking system in this country? Does the Fed want people like me? No, who controls the school systems? Ok, who controls what education there is? That's taught. Who controls all of that? Well, if you follow the chain, follow the dollar up high enough, it all lands at the same place the government and the Fed. But the Fed, I think, controls the government, if you really want my opinion, but there's no factual proof of that. So why is this something that's so hard to learn and why is there not more people? So let's go to the source of how you could learn this.
Speaker 2:Well, 16 years of my life, from 2003 until 2018, when I punched out, I was a financial advisor at a high level. You would think a financial advisor, especially one at a high level would be taught this right. Never once, never once was I taught this. And I remember when I retired in 18, when me and my wife got our TV show, I had to hang up my licenses with the securities business and I had to pursue my dream, which was the show in flipping houses. But I went back to the firm that I used to work for and I took my managing partner, john, out to lunch and I asked him that question. I said, john, do you know what the infinite banking concept is and what bully is? He said, yeah, I think I know what infinite banking is and I definitely know what bully is. I said why didn't you teach us how to do this? And when I kind of explained it and he got here, I have to say, oh yeah, I know exactly what this is.
Speaker 2:Here's why, chris, he said, think of when you first started at this firm. How many Newark agents were there in that room? Newark is all the new guys, the, the pond scum that they hired right, there was about 25 of us in that Newark. He said then go one year later. How many were there? Maybe 10. Go one more year, three years into the profession of commission, only sales as a financial advisor. How many were left? And I had to think about it. And I'm like me and Vinay. And he says, right, three years. We started with 25 and we have two of you left and after another year Vinay was gone and you were the only one that was left.
Speaker 2:Okay, so four years we went from 25 to one, getting paid full commissions, teaching you what we taught you. So now we're going to teach all of those Newarks about this amazing concept called infinite banking that uses specially designed whole life, that requires you to design the whole life, where it reduces your compensation about 60 to 90%. How many people you think are going to be in the room after the first year? Zero, because none of them are going to be able to afford to have a family, to live a life, when their compensation is reduced by 60 to 90%, just so that their clients can have 60 to 90% more money to use in cash value. Now does that paint the picture of why people haven't heard about this?
Speaker 1:It does, but they actually could if they were their own bank, I mean they actually could.
Speaker 2:Well, let me give you another example, and this will sum it all up, and this should and I'll try not to get too loud or emotional with this, because this fires me up, okay or, as family, I would say, this grinds my gears. We live in a society of people that have a very scarcity mindset. We do not live in an abundant mindset type of area. So, yes, could, could financial advisors like me back in the day, could all of them have learned this and understood if I'm abundant and I understand how to do this and I go out and I serve lots of people and teach them this, could I make a living doing this? Yeah, I did, okay, I did it, but I had to understand that the name of the game wasn't in how much am I going to make per client? The name of the game is how many problems can I solve for a mass amount of people? To date, just about 8,000 people. I had to think. I had to think, you know, optimistically. I had to think abundance, but advisors and anybody for the most part thinks scarcity, and I'll prove it to you.
Speaker 2:The other day, I was dropping my car off at the dealership, at the service, to just get some work done on my brakes. And my buddy, brian, who I used to skateboard with, he runs the service department. Me and him were talking I'm going to keep this as short as I can and again try to control myself and you know we're just chatting and he's like yeah, we're so busy. I'm like is it just busy? He's like no, we're always busy. He said you know, if you drive around the back, we got 100 cars out there that are all waiting to be serviced. And he said and here's the funny thing, I'm fully staffed. I got 46 guys and gals in that service department, like we're fully staffed. I said Brian, like how can you have 100 cars? He said because people don't want to work. I said what do you mean? He said well, let me explain this to you. He said a couple of years ago we rolled out this new program.
Speaker 2:We thought this was a slam dunk. We're going to compensate our servicemen and women okay, the people that fix the cars. We're going to compensate them a base salary, which is pretty fair, but we're also going to pay them production bonus based on the number of units they move through, based on their production. So that production bonus, we did it mathematically. We said listen, if each of you stayed one extra hour a day that's five extra hours a week your production bonuses would be roughly about $1,000 a week and extra money on top of your base salary. $1,000 a week, $4,000 a month.
Speaker 2:I'm like holy shit man. I'm like Brian. That's a lot of freaking money for these guys. And he goes. He's like I know. And I broke it all down to him. I said hey, maybe you don't want to work five extra hours, maybe you only want to do three. It's like 500 bucks. We opened up Saturday mornings for these guys to come in so they could get some production bonuses without having to stay after and take time away from their family. And I said, oh my God, dude, like that's incredible, that's like my business, like I'm only paid on production. And I said to him I said how many people take advantage of this? I'm thinking 40 out of the 46. How many do you think, rj?
Speaker 1:Honestly, just because of my experience as a business owner, I'm going to say it's less than 10.
Speaker 2:0, man fucking 0. 0. And I said to him I got pissed, I'm like how can that fucking be? How can zero people not see the opportunity? He says here's what it is 430 year olds run. Those guys are all leading out the door, the first guy and everybody just follows him. I said you know, that's just like the stock market. You know, the people are just piling money in the markets and they're literally being led right off the cliff right now. He said yeah.
Speaker 2:He said one day I sat everybody down because I couldn't understand this. I broke it all down mathematically and I said this and one guy raised his hand. Everybody's just shaking their hand. One guy raised his hand. He says yeah, but Brian, that's not what we take home, that's not what we get to keep. No shit, sherlock, you got to pay taxes.
Speaker 2:You live in this country. Everybody pays their fair share in taxes. Well, not everybody pays their fair share. We're not going to get into that. But in, but like almost as if Brian in the Mercedes dealership keeps that money from them and takes that money. So he said he thinks that people don't want to work because they think no matter how much harder they work, no matter how much longer they work. They're not making any more money because they got to pay more in taxes.
Speaker 2:Do you know how broken that is? Do you know how scarcity-minded that is? Do you know how much that freaking pisses me off? Because I understand the flip side of that. Yes, you're gonna pay taxes on it, but then you could find someone like RJ who can teach you how to do real estate as a side hustle.
Speaker 2:Don't work Saturday for production bonuses. Go out there, find a couple real estate deals, buy a couple rentals. Now you got depreciation. You can take the depreciation in your company, then that flows down to you and now you get to write that off on your taxes. So that extra thousand a week you just made now the taxes that that would have cost you, you can write off by just understanding how the tax code works with depreciation and expenses and having a side hustle.
Speaker 2:But you idiots don't even wanna learn that. You just wanna point fingers and blame people for why you can't get ahead. The reason you can't get ahead is because you don't wanna get ahead, because you're broken, because this society is broken, and it's the exact same reason why this country has a very loose immigration policy. Because listen, love it or hate it, like these immigrants coming across legally or illegally, they will do what most Americans are unwilling to do. They will do what you are unwilling to do and therefore they will take your job because they'll work harder. They'll work longer, because they understand the opportunity before them. Americans have forgotten how this country was built, so you ask why people don't know about this. That sums it up. The people that can teach this have forgotten what doing more and serving others in giving is all about.
Speaker 1:Well, it also sounds I need to get emotional man sorry. No, no, no, I appreciate it and it also sounds to be, like Chris, like society doesn't necessarily, or our culture right now as a country doesn't want to accept this either.
Speaker 2:No, no, because they wanna control it. Like, listen, we think we live in a capitalistic country? Well, we really don't. We are equally as much socialist as we are capitalist. Okay, you want a full capitalist society? You gotta go to Switzerland or Denmark, somewhere where it's a true capitalist society. You don't have those issues. Maybe you do, but here you literally have policies pushing that are all socialist, which basically I had one guy I went off yesterday on our WTF show, which we do every Wednesday morning at 9.30, and it's just.
Speaker 2:I just ran and I went off and on TikTok a guy said we should be able to work 30 hours and afford to live at whatever level we want. I'm like, really, this country was built on 30 hours a week. Now we're measuring how business owners have built their empires on 30 hours a week, because I don't know a single company in this country that was built on 30 hours. Matter of fact, you ask a CEO that's making $23 million that everybody blames is making too much. And so why are they making so much? It's because they gave half their life up, half of the years where their kids were growing up, to build that giant empire, that company that pays them $23 million.
Speaker 2:And people think, oh, why is he paid so much? He doesn't do that much. Yes, he did. He gave up half of his life chasing his dream, building his dream, building that empire. Now, that's not true for everyone, but think about it Like, companies are tough to build. Rj, you and me, we don't work 30 hours a week how we don't work 40. We probably work 50, 60, 70, 80 hours, whatever it takes.
Speaker 2:And we don't count hours, man.
Speaker 1:We count the reduction. I can't tell you how many hours I work, bro, and.
Speaker 2:I don't work, I don't count hours.
Speaker 1:That's necessary.
Speaker 2:Bingo.
Speaker 1:That's necessary for purpose and for my vision of what I want for my life and for my legacy 100%. But see, here's the problem. When you're talking about these 46, 47 employees, they were given an opportunity to make an additional $52,000 a year. There you go, and they said my purpose is not important enough to do that Because I'm going to have to get a percent of that to taxes. That's bullshit, bro.
Speaker 2:Does that piss you off? Yeah, because yesterday it ruined my day, but it made some great content. I did a solo podcast ranting about it. I did WTF about it. I talked about it all day long yesterday because it literally hurt me.
Speaker 2:Because I guess, being an entrepreneur, I go through my days thinking everybody understands opportunities and everybody, when given an opportunity, is going to try to better their family's life. Forget about them. Because I don't think about me, I think about a grander scale. People ask me all the time when's enough, enough money-wise? I say never. Do you know why? Because I've removed myself from the equation. I'm not making money for me. I don't care about goods and things. I collect cars, sure, but I don't need more money. But you know what? The second I sit there and I say, oh, that's enough, I am literally screwing a lot of people, because an abundant mindset means that the more money I make, the more people I can help, the more animals I can help.
Speaker 2:I give a lot of money to animal shelters Because I feel like people have the ability to help themselves to a roundabout degree, but animals don't. So we give a lot to animals. I give a lot to schools that I believe in that are teaching things like what we're talking about here that aren't bound by the traditional education system rules. Private schools are not bound, so I donate a lot. I'm building a building over the next five years at a school right now that is going to be called the Wealth Center to Teach Money to Children and their Parents. Why? Because if I don't fund that building, it won't get built and it won't be there to prove and to teach people that they can take control of their money. So when is enough enough? Never, because I have too many people to help and too many problems to solve to ever say money is good enough or there's enough money Because there never was, Especially when you know that what you understand it's like you said you went down that rabbit hole and you never want to come back out.
Speaker 1:I can't, and you know that the rabbit hole is being suppressed and covered up by our culture, by the companies, by everybody out there that doesn't want this to be known. We need more people like you talking about it. Man, I'm enlightened by everything that you said today, and what's crazy is is I've read books about this and not been as enlightened as I was today by the things that you shared. So thank you so much for that, my pleasure. Where do people go to learn how to work with you, learn from you everything?
Speaker 2:It's so simple Go to christenogglecom, so justmynamecom, and a video will pop up. Watch that video, because how I learned this is that exact same video. It's 90 minutes. It will be the best 90 minutes you ever spend, because it will teach you something you will never learn and it will show you the path. Then, after that, I've got 900 videos on my YouTube and I put a new video up every day. So once you watch that 90 minute video, book a call with us. We'll answer any questions you have.
Speaker 2:But then also deep dive on my YouTube channel, which is very simple. It's the Chris Noggle, or Instagram, the Chris Noggle, or TikTok, the Chris Noggle All the content that I put up 100% free. And then, if you really love that, every single week I do three actually we do five live shows, but let's just start with the three on Wednesdays Every Wednesday, three free webinars that you can register for at christenogglecom. Listen, folks, I was told a long time ago to give my best stuff away for free, and that was when I was broke. Broke is a joke. A very wealthy man, when I asked him how I get ahead, said give your best stuff away for free. I guess I took it too serious. I give all my stuff away for free. So you want a deep dive? Start with that 90-minute video and just go down the rabbit hole.
Speaker 1:There you go. Here's what I need from you guys. Normally, this is where I do my sign off and I bash Steve Train for a little bit and I tell you, go, give him three stars. I give me five stars. Here's what I need. If you want to see more RJ and Chris Noggle working together, leave a comment on the YouTube channel, On this YouTube video. Let us know, hey, I want to see more of this. How real estate investing, wholesaling, the money that we're making, the money that I'm teaching you to make, how Chris can teach you to keep more of it. Become your own bank. Leave us a comment. That's what we want to see. Chris, you lived up to the intro today, brother, you brought it. Thank you so much. And also, first time we've ever had a cat on the show.
Speaker 2:That's awesome man. Well, lazy Cash says you're welcome.
Speaker 1:There you go. All right guys. We appreciate it. Thanks, Chris, Thank you.