FIRE Social Worker Show
Welcome to The FIRE Social Worker Show, where financial independence meets compassion and purpose. Hosted by Joey Laswell, a Certified Financial Social Worker and military veteran, this podcast is your guide to building a brighter financial future while staying true to your values.
Join us for candid conversations, actionable money tips, and inspiring stories from industry experts, military members, and everyday changemakers. Whether you’re a social worker, part of the military community, or simply seeking financial freedom, this show is here to empower you.
It’s time to ignite your financial independence and create a lasting impact. Start your journey with The FIRE Social Worker Show!
FIRE Social Worker Show
Veteran Financial Mastery: Dan Farnsworth on Infinite Banking, AI Innovation, and Building Wealth After Service
Unlock the secrets of financial success with insights from our special guest, retired Navy lieutenant Dan Farnsworth, in this episode of "Money in the Military." Dan takes us on a compelling journey through his distinguished 23-year military career, from enlisting in 2002 to serving as a cryptologic specialist and later becoming a limited duty officer. He shares personal stories from diverse assignments, including ship tours and a year in Baghdad, and offers essential advice for veterans transitioning to civilian careers.
Ever wondered how you can build wealth like a seasoned pro? We dive into the concept of infinite banking and how it can benefit veterans. Dan explains how permanent life insurance products can be structured to maximize cash value growth while minimizing death benefits. Learn about the financial advantages of these policies, such as high returns and tax-free income streams in retirement, and discover how to access your cash value without penalties.
Join us as we highlight the dynamic world of veteran entrepreneurship and the supportive veteran business community. Dan discusses the impact of veteran-owned businesses on the economy and how Victory X Financial helps veteran entrepreneurs thrive. We also explore how AI is revolutionizing financial education and the importance of fostering financial literacy within families. This episode is brimming with practical advice, inspirational stories, and valuable resources, making it a must-listen for veterans and anyone interested in mastering financial strategies.
Please join me on my different platforms and follow along my journey towards FIRE.
https://laswell.veteran.cards/
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Speaker 5:Military Broadcast Radio, the station that's giving veterans a voice.
Speaker 1:Find us on the web at mbradious.
Speaker 4:Opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent find us on the web at mbradious all right, welcome, welcome.
Speaker 6:Hello everyone, this is money in the military. Um, this is on military Radio. For those of you who are maybe new to this platform, we're a nonprofit based out of Denver. We help veterans create podcasts, and I was one of the people that they helped me create this podcast. So shout out to Joel and the guys and gals at MBR. And today we're going to go ahead and jump right in. We have a special guest, a finance professional, dan Farnsworth. We're going to go ahead and bring him into the stage. Dan, how's it going?
Speaker 7:Hey how you doing. Joey, Thanks for having me on, Really appreciate it, brother.
Speaker 6:Yeah, yeah, of course, of course. So you know our time is limited, so I want to jump right in and kind of get the ball rolling. You know, obviously this is Money in the Military and you know I'm curious, let's hear a little bit about your military background and, you know, if you could give us a little bit of highlight of maybe some of your military career highlights? And then, how did you eventually get into finance?
Speaker 7:Absolutely Well. I'm sure it's no mystery to the audience here based on my background that I was a Navy guy.
Speaker 7:I, yep. I enlisted in 2002 and I just recently retired. Not too long ago, I did almost 23 years active duty. I made chief I was actually a cryptologic guy for the majority of, in fact, all of my career and then I commissioned as a limited duty officer in 2014. So retired as a lieutenant here just recently, just recently. And yeah, I did a whole host of tours, you know, from everything from ship tours to overseas to I did a boots on ground tour in Baghdad for a year.
Speaker 7:So kind of ran the gamut of you know the different types of opportunities that we had available to us and really had a lot of fun doing it. So kind of what got me into finance. Incidentally, about 15 years ago I was actually approached by a financial firm that was based out of Salt Lake City at the time and they're still around it's Prosperity Economics. They had reached out to me because I was interested in learning more about the infinite banking concept. There was an agency called Bank on Yourself that had sort of rejuvenated a concept that was engineered and sort of made popular by a former insurance broker named Nelson Nash, who wrote the Infinite Banking Concept book, and basically what it? What it focused on was using whole life insurance and permanent life insurance products to be able to minimize the death benefits and maximize living benefits for building generational wealth.
Speaker 7:And I was fortunate enough to kind of get in on this early on and to really see it in action, really see it work. I was able to get set up with a whole life policy. I was able to overfund that in a way that enabled me to grow my cash values in the policy. I was able to transfer debt into the policy and I really saw a lot of the financial benefits of using life insurance products to be able to ultimately plan out a retirement and grow our wealth.
Speaker 7:So as I kind of came nearer toward retirement, I was, you know, looking for ways to kind of you, obviously one, transition from the military and be successful, but two, kind of leverage my experience and things that I would be interested in doing and helping other people learn. And I, almost kind of by accident sort of ended up in the industry. I was sort of recruited into the industry but once I got into it and I realized you know the potential and the capabilities and you know how we can really teach other people how to you know, leverage these processes and these strategies that most people, frankly, don't even know about. It really was a driving force for me to be able to grow my own agency now with Victory X Financial and really focus on helping veterans, because I feel like veterans, you know, could benefit really, in some ways, the most from you know these types of strategies and these types of products.
Speaker 6:Wow, that's amazing, you know it's funny. Actually just recently, and I mean you know, I'd say within the last couple of weeks, stumbled upon infinite banking as a concept. So I've, I've, I'm just kind of scratching the surface of it. But you know, without giving away the goose, but like, could you give a little bit of a background on, maybe, what infinite banking is just for for everyone else and for myself included?
Speaker 7:Yeah, no problem. Yeah, so infinite banking is just a process where we use permanent life insurance products. Depending on what we're doing. We can we can use whole life or we can use indexed universal life in certain applications. But basically we structure these policies in a way that we minimize the actual death benefit, minimize the actual death benefit, right? So all of these policies are sort of regulated under IRS code 7702, which is what allows us to grow money tax-free in these policies.
Speaker 7:And so what Nelson Nash and even other entrepreneurs before him, but what they had sort of come up with and realized, is that we can actually use these products to grow cash values independent of the insurance itself. And what is the advantage of that? Well, there are a number of advantages. One we get the safety of being able to grow our money without the money actually being in the stock market. Right, we've seen a number of folks that have had, unfortunately, in the last several years the last 20 years in fact. You know, when the stock market crashed in 2008, and then when we had the COVID you know cycle that, uh, we saw 30, 40% dips in the market. Unfortunately, a lot of people lost a lot of money during that time. Yeah, yeah.
Speaker 7:The that had money in in life insurance policies literally lost zero money. Right, they lost zero money because we have what we call the power of zero. Right, you can never go below zero in an index strategy. If we're using indexed universal life or if we're using whole life with a mutually owned company, you're never going to get net less than zero in a life insurance policy. So you have the safety of it. Right, the index growth has been very, very impressive.
Speaker 7:When we do these illustrations, we can only, by law, illustrate at about a six and a half percent growth rate because it's tied to some of the larger indexes if we're using Index Universal Life or IUL. But we know that the indexes have historically, over the last 20 years, performed at much higher levels, some of them as high as 20%. So the growth in the policies is extremely aggressive. Without again incurring the risks of going into high risk investment vehicles. And then the probably the largest benefit and the one that I see is being sort of like the you know this is the cornerstone of what I do is that all of the money that we grow in the cash values of these policies is one completely liquid right, so we can access that money anytime we want. There are no restrictions on having to wait until you're 59 and a half. There's no minimum distribution periods, no required minimum distributions, so you can access that money whenever you want and for whatever reason that you want.
Speaker 7:And when you access it, you're actually accessing it in the form of a tax-free loan against your death benefit. So you're essentially borrowing against your future dead self is what it really boils down to, and by doing that we leave all of the principle in the policy. So the principle just continues to compound and compound, and compound. And in many cases when we see folks that max fund these properly structured and properly engineered policies, in retirement they could easily be drawing six figures of tax-free income for the rest of their lives, right, Every single year, tax-free. And even if they spend every single dime of every dollar that they draw tax-free from the policy, when they die it's still going to confer a tax-free death benefit to their beneficiaries, and oftentimes that can be in the hundreds of thousands, if not the millions, by then. Wow.
Speaker 6:Wow, that's a lot to process, but I mean, that's really, it's really a fascinating stuff to me. Uh, you know, just it's like my mind is just just processing everything right now, but uh, um, yeah, so I guess, uh, with, with that being said, what is, uh, if you were to talk to let's say you're talking to an e5 right now that's in active duty, what are some kind of good tactical tips and tricks that you would give them financially If they're, let's say, eight or 10 years in E5, e6, what's some advice that you would give them?
Speaker 7:Absolutely no. And at that age and at that stage in life. Those are the type of clients that I personally love working with and love connecting with and introducing to this concept and these type of strategies. Because, especially when we're dealing with insurance products, there's two major advantages that folks that you know, maybe in their late 20s or early 30s, are going to have, even over the rest of us that are a little bit older, right, and that is one the insurance component is extremely cheap, right, so it's very cheap to insure somebody that's in their 20s and 30s, because the reality is they're just not very likely to die, you know, anytime soon. So the it minimizes even more the cost of the insurance itself to be able to grow your cash values.
Speaker 7:And then the second biggest benefit is that they also have time right, and with time you have the power to be able to compound your interest even more over the length of your life, so that when you do go to draw out your money in retirement, whether that's to supplement your pension, let's say, or supplement other income maybe you have income from real estate or you own a business or something to that effect it's just going to give you that much more money in retirement, you know, to be able to, you know to leverage for whatever you want, and it's also going to subsequently allow you to grow your death benefits.
Speaker 7:You know that much more as well, because the death benefit will grow in relation to the cash values as well. So by the time these guys are, you know, ready to, you know, graduate and move on to heaven, we're literally creating generational wealth to the, you know, their, their children later on, so that their children can use these same strategies and they can just continue to roll the money in and just keep it tax free and just keep it growing.
Speaker 6:Wow man I've got. I've got so many follow up questions, but we actually are at a point where we have a little bit of a break. We're going to do a commercial break, play a little bit of music. I've been stuck on Noah Peterson. He's a United States Marine veteran, Plays kind of like a funky jazz, modern jazz music. But I always play his music. We'll play a song of his and then we'll come back after the break.
Speaker 4:Sounds good, thank you. Thank you. Opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent find us on the web at mbradious.
Speaker 6:All right, we are back. This is Money in the Military on Military Broadcast Radio, where we're giving veterans a voice, and the veteran that I'm giving a voice to is Dan Farnsworth from Victory X Financial. We've been talking to him. He's a finance professional and where are you based out of?
Speaker 7:I'm out of Hampton Roads, Virginia.
Speaker 6:Okay, hampton Roads, virginia, all right. So out of curiosity, if someone wanted to book your services, do they have to live in Virginia or are you able to do like remote online stuff?
Speaker 7:Yeah, no, absolutely. We're licensed in a number of different states, pretty much all of the surrounding States here along the East coast, uh, and then also several States out West as well. Um, yeah, if they, if they want to book an appointment. Uh, my calendar is available at victory X financialcom and also at my business Facebook page at uh, victory dash X financial.
Speaker 6:So yeah, I actually wanted to pull it up real quick because I really, you know, as a budding entrepreneur myself, I'm very impressed. Obviously, your website is really cool and slick. Thank you, yeah, so it's a really really very professional website. Tax-free income for patriots. Let's see. Is it showing up? Okay? Yeah, um so yeah, like I just uh, I just I just wanted to show it off. I just think it's a cool website, um, veteran and first responder focused. Um, so, yeah, you've talked a little bit about, um, these things, but you know, I just wanted to highlight the victoryxfinancialcom uh to uh to book dan for his services, um, but, uh, okay, um, cool, all right. So, um, entrepreneurship, I was curious, um, if you were to maybe give some aspiring, you know, future veterans, or even current veterans, some advice on entrepreneurship, what kind of advice would you give?
Speaker 7:Well, first and foremost, I would say if you have it in, you go for it. You know, if there's anything that you know that I think that we need more of in of in this country, it's veterans and private business. I love for, for country and for family. You know we, we really do have a lot to offer the the private private economy and I just love seeing you know vets as they, as they sort of retire and separate and move on from service really to continue their service in a way that becomes a service to the public. You know we served our nation, of course, and you know, by wearing the cloth and doing the deployments and everything else, now we have an opportunity really to serve in the market and bring those skills, you know, in a way that that really benefits the consumer. And I think we've seen this, you know, repeatedly throughout our nation's history. I mean, we've seen it all the way back to, you know, the post-revolution era and the Civil War, where we had, you know, veterans of the country that you know hunted the buffalo and pushed westward and really were responsible for a lot of the expansion, you know, and a lot of the, obviously, in the post-World War II, you know. We saw veterans, you know, as they left the service and went into the factories and were responsible for really ushering in the industrial revolution that put America, you know, at the top of the chart in the world. So I highly encourage any veterans that want to go into private business or that are seeing opportunities to definitely, definitely capitalize on that and follow through with your dreams.
Speaker 7:We have lots of funding sources. There's, you know, there's the veterans, small business groups, there's a ton of resources on social media and, personally, that's one of the things that I do, that I specialize in with my agency is helping veteran business owners not just, you know, not just veterans in general, but veteran business owners to be able to use these same strategies in a way that actually benefits and funds their businesses. One of the businesses that we're working with currently is based out of based out of Florida, but they have, you know, operations in multiple States and we're helping them to get set up with, you know, a working capital fund that we can use. We can basically ensure a key person within the business and the business then can become the beneficiary of the insurance right, of the insurance policy. So what we're allowing them to do is take money that they would have otherwise just been spending, right, and we're actually taking the money and we're filtering it through these strategies and through these types of policies in a way that they can grow that cash value while they're continuing to expand their business operations.
Speaker 7:While they're continuing to expand their business operations and ultimately, what that's going to do is it's going to become an asset for the business, right? Because someday down the road, if they want to sell the business now, they're selling the business in addition to a multimillion dollar death benefit. That then is going to increase the valuation of the business, right? So now they've acquired an asset that is going to pay out, you know, millions of dollars later and many times you know when that sale does happen, the, the previous business owner, the entrepreneur, is, you know, able to keep the, the annual revenues that they're generating, the tax-free revenues that they're generating from that policy, after they've already sold the business and moved on into retirement. So a lot of really good opportunities, a lot of really good options for entrepreneurs.
Speaker 6:Yeah, and I mean I'm sorry, but I'm thinking the whole time. I'm like man, I should be a client of yours because I literally, if literally, started a business. I need funding. I'm like, I'm like asking all these like real questions because, like I'm trying to pick your brain for myself. I'm just being selfish right now, but I know that other veterans can can benefit from this information too.
Speaker 6:So yeah well, we'll definitely have to get together offline, because my my eyes are getting just a big with with ideas, cause I do have some, some ideas for my business that I'm I'm wanting to to grow and share and, um, so I don't know, we, uh, we can maybe talk about that offline, but uh, but uh yeah, I'm just really curious to pick your brain. We do have actually quite a few questions and some comments, so I'm going to bring a couple on stage and maybe we can talk about them. Absolutely.
Speaker 6:So another podcast host, tracer Rounds. Terry is a podcast host and she asked can these strategies work for people that are closer to retirement age? And then would you suggest life insurance investments over 457 or Roth accounts?
Speaker 7:So, yes, I mean the short answer is absolutely.
Speaker 7:We actually have strategies.
Speaker 7:We work with clients that are in their 60s and 70s that oftentimes have, you know, have acquired a significant you know nest egg in their savings and are getting ready to retire and ultimately want to be able to enjoy the fruits of what they've sown.
Speaker 7:And so what we can do in a lot of these cases is we can actually max fund these types of policies in as little as four or five years. So if somebody is, let's say, they're, 65 years old and they want to retire at 70, you know, we can do what we would call a strategic rollout, even from a qualified account like a Roth or a 401k or an IRA, and we can roll the money into indexed universal life over the course of five years. We do five years because it is based on, kind of how the IRS allows these policies to be structured in a way that minimizes the death benefits, so it doesn't become taxable. And so what they're doing essentially is they're taking post-tax dollars and they're putting them into these vehicles where then, over the course of four or five years, they're able to generate a stream of revenue that is literally tax-free for the rest of their lives, and by doing so they also create the instant estate with the death benefit that then is going to confer tax-free to their families when they go.
Speaker 6:Well, there you go, so you might have some more people knocking at your door here, because we got a lot of comments. Another comment from Terry love to see veterans in business, love to highlight them, absolutely, yeah, and let's see. We also over your contact information for businesses that I've interviewed. So, yeah, I think what's cool about the veteran business community, or just the veteran community in general, is that we really are, for the most part, we're trying to help each other out. We're trying to. We're all still on the same team.
Speaker 6:We all fought the gay fight and and you know, we're, we're, we're, we're helping because, like I'm, I'm on all these different Facebook groups, you know, like veteran Facebook groups, like there's all kinds of different, you know flavors of that, but ultimately people are trying to help each other, like other veterans are trying to help other veterans and and that's what I really like about um, about the MBR um family, so they're, you know, they're always really supportive and helpful and and I think that's just indicative of, you know, the veteran community, like you mentioned earlier, um, like you mentioned earlier, but yeah, yeah, and I really appreciate you, you made a post and I, you know, on Facebook that really kind of inspired me. I really liked that post, but you don't have to really comment on it. I just wanted to highlight it, that it really resonated with me. So thank you for saying that. I really appreciate it.
Speaker 6:Thank you it that it really resonated with me. So thank you for saying that. I really appreciate it. Thank you, all right. So we're gonna take another quick break, um, and let's see. I I guess joel said we have some new music. I'm uh, I'm a little behind, but let me see. Uh, all right, yeah, we got, we're gonna try a new, a new song. I'm not really sure which one this is, but we'll see what it is. I'm sure if it's, if it's on here, then it's been approved and everything. So, all right, so we're going to listen to Andrew Roboro. I hope I'm saying that, right, looking forward to it.
Speaker 9:I've been ten years since I'd seen his face. Not much had changed. Just a different time, Different place. Just a different time, different place. When I shook his hand, I knew something had changed. This was a different man from the one I knew back then.
Speaker 10:I knew back then. That's when he said we do the goals, yes, I stand in line.
Speaker 9:And watch the flag wave and drag.
Speaker 10:You see, this is what I do. Yes, I bleed, Red, white and blue. You see this is what I do. Yes, I please Red, white and blue.
Speaker 9:He told me the tales of his journeys far away and three times gone, and land most only seen on the front page With honor and glory. He stood so tall and fought for you and I so we could be free from it all that's when it's said we do the goals.
Speaker 10:Yes, I stand in line and watch the flag wave. The pride you see, this is what I do. Yes, I bleed. Red, white and blue when duty calls. Yes, I stand in line and watch them weep and pray. You see, this is what I do. Yes, I bleed. This is what I do. Yes, I bleed. Oh, this is what I do. Yes, I bleed.
Speaker 4:Little, I know opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent.
Speaker 1:Find us on the web at mbradious.
Speaker 6:All right, we're back. Man, that was a great song, Like I was very much impressed by that.
Speaker 7:That rocked out really.
Speaker 6:I mean that was, that was a great song. I'm going to definitely put that. That rocked out, really. I mean, that was that was a great song. I'm going to definitely put that in my in my rotation. Listen to more and more of this, this guy's stuff. That's awesome. Andrew Roborow Roborow. Well done, well done, andrew, good job. Yes, and speaking of music, I'm going to put you on blast a little bit, but you're you're a musician yourself, are you not?
Speaker 7:I am, yeah, I've actually been a musician since I was about 10 years old, so a guitar player, and I do a little bit of singing here and there and songwriting, although I haven't written anything in a long time, but yeah it's a nice little hobby.
Speaker 6:Yeah, so you, you want to put one of your videos on the on the rotation list?
Speaker 7:We'd definitely be willing to support you. There you go, man. I'll have to. I have to get one in the in the mix there.
Speaker 6:Yeah, yeah, of course. Yeah, I mean, you know we're all about supporting veterans and you know like it's a passion of yours and you know I'm definitely willing to to put you on blast and get your record deal that you've been dreaming of.
Speaker 7:Realizing the childhood dreams. Right there you go.
Speaker 6:Sometimes it takes a little windy path, but that's right, that's right, all right. Well, let's see what we were. Uh, I guess I'm I'm going through some of my questions. Um, that I have, that I had planned, um, okay, so this is a little bit of a of an inch like a an interest of mine lately, as as many people have, but artificial intelligence, I wanted to kind of pick your brain a little bit and see what your thoughts are in the general sense, like with the financial industry. Do you see artificial intelligence being a good thing, bad thing, kind of neutral, or what is your expectations or your perception of it right now?
Speaker 7:Well, I would say that you know, just from my perspective now, I mean AI whether we like it or not, it's here and I think it's here to stay, and I think it is pretty much, you know, made its way into almost every industry at this point.
Speaker 4:And.
Speaker 7:I think it's a good thing, I think, as long as we, you know, we continue to, you know, to harness it in ways that you know are beneficial, of course. I mean, I think from the standpoint of, you know, the financial industry, one of the areas where I feel like you know, ai has been very beneficial with this. One of the areas where I feel like you know AI has been very beneficial with this, with the strategies that we use, like with my agency, has been kind of in the educational space, because it allows us to really amplify that message and to very quickly replicate it and so that we can get it out there and in a way that you know is very controlled, and we, you know, obviously want to make sure we maintain our checks and balances on the technology itself, but you know, it allows us to educate a larger audience, because obviously we can't be everywhere. The people that you know that sort of work in the same industries and do sort of the same things that I do. You know we obviously there's only so many of us and we're swimming upstream. I mean that's the reality, many of us and we're swimming upstream. I mean that's the reality.
Speaker 7:A lot of these, you know a lot of these strategies. We run into interference because, let's face it, you know the banks, I mean, they don't necessarily want people putting you know all their money in life insurance because they make tons of money off of the investments, right. So we're working against. You know that. You know resistance In many ways. You know that that you know resistance in many ways. You know the IRS, the government, doesn't want, you know, too much money going into these, into these policies, because they kind of like to be able to tax it, right. So as we're kind of playing chess with the IRS on these policies, you know the government ultimately in the public education system, is going to have 90% of the narrative. So when they're teaching young kids coming out of high school and even college about, hey, where should you put your money when you get into the workforce, they're telling them things like 401ks, iras, traditional retirement accounts, all the areas where the money is pretty much 100% taxable and it's facing it's in the market, you know. So we have that to contend with right out of the gate.
Speaker 7:And so to be able to get this message out and to be able to propagate these strategies and kind of teach people from the ground up and to sort of retool their thinking on how they manage money, and being able to help them understand that by using these type of strategies, they can become their own banker.
Speaker 7:And that was sort of the theme of Nelson Nash's book. It was the infinite banking strategy becoming your own banker. So you're basically using the exact same strategies that millionaires and billionaires have been using for almost 200 years and that banks are continuing to use, and they're continuing to use it to the tune of billions of dollars. But now we have found a way to bring that same type of strategy down to veterans and their families and veteran business owners and just people that are kind of in the in the working classes, so that they can harness the same power that you know banks and large institutions have been using. But in order to do that, of course, we have to be able to get the message out, and so I think that AI has really helped us to be able to get that message a lot wider now, and it's it's bringing it more to the, you know, to the average household.
Speaker 6:Yeah, yeah, that's a, that's a good. I like that. I like that, that perspective. You know you're you're using it for good. You know you're training, because we're training these AIs, for better or worse, we are training them and and I have a bit of the mindset of like we should be training them for good instead of for evil, but there's always going to be that, that push and pull, where there's always going to be the, the bad actors, you know. But I'm hoping to to to train the AI for good, you know.
Speaker 7:I, I, I gotta say, man, I'm still of the mindset that we, should you know, apple and Google and all these others, man, they could have really done us a service if they made it to where you know.
Speaker 6:Siri and Alexa only worked. If you said please and thank you. Yeah, that is definitely sorely missed, for sure. Yeah, or? Lacking.
Speaker 6:Oh man, oh well, let's see. So, let's see, I've got a couple of random questions, but I, I guess we'll we'll keep the rest towards the end. But, like you know, in the next segment we're going to talk about, like your, I guess, your longer term plans. Sure, you know, like in the next you know, five, 10 years, like your, your goals and aspirations for the business and your vision for for where you want to go. Let's see, Looks like we've got a comment yes, ma'am, and no, ma'am too.
Speaker 4:Yes.
Speaker 6:There you go. What a concept, what a concept Agreed. Yeah, and then MJ, another podcast host, I guess she was referencing kind of like family banking. Is that kind of how you see it as infinite banking?
Speaker 7:Yep, and we can structure these type of policies and strategies to include the entire family unit multi-generational parents, children, grandchildren.
Speaker 7:That was a very, very similar strategy to, in fact, what the Rockefeller family did, where they basically had what they would consider a family bank and every person in the family was insured At the time it was using whole life insurance because we didn't have indexed universal life back then but every member of the family was insured and so they would take loans, essentially from the family bank and the owners of those you know the policies, the trust essentially that own the policies.
Speaker 7:They would have to get together and decide what was a worthwhile cause for, you know, for the kids and the grandkids as they came up, to be able to take these loans, and so it gave them a lot more control and a lot more opportunity to teach their kids about how money works and how best to use their money. And I think that that's something too that, unfortunately, even you know, as I was, you know, being raised, I mean, you know we didn't have too many hard lessons on money and other than just you know kind of the standard stuff that you know you teach your kids. But you know this is really getting into the real inner workings of how money actually works and how we actually grow wealth and, frankly, how people become rich.
Speaker 6:You know this is sort of the blueprint and, frankly, how people become rich.
Speaker 6:You know, this is sort of the blueprint.
Speaker 6:Yeah, I really like the uh, the family-oriented nature of that, um, because you know, like I've been trying to advocate for normalizing, just just talking about money, like in society we just don't do it with our friends or family, or you know, like we just don't talk about money, um, and I'm really just trying to dispel that, that stigma and stigma, and change that narrative a little bit.
Speaker 6:But yeah, and I appreciate you know, these kinds of conversations, like hopefully you know somebody will take a nugget and you know if they're listening or they're watching later on, you know, maybe they'll be like oh OK, this is a cool concept. Maybe I'll talk to my family about this, you know, and that's what I plan to do. I plan to talk to my family, my dad, and be like look, we need to, we need to come together as a team. You know, and and and really like, instead of having our own little pockets of money, when you know like it's a personal finance, I get that, but you know, I like that you're, you're really kind of encouraging more of a, a sense of family and and connectedness and unity. You know, within the, within the family unit.
Speaker 7:So that really resonates with me.
Speaker 6:Yeah, and so my kids yeah, good, oh, I was going to say, well, I'll transition to another topic real quick, but go ahead and finish your thought with your kids.
Speaker 7:Oh no, I was just going to say my kids have policies set up themselves and, yeah, that becomes a regular topic of conversation. You know, when we start to you know, coach them at a very early age on how to you know, when we start to, you know, coach them at a very early age on how to you know how to manage these type of things and how to really think about money in a way that you know the people that are sort of, you know, leading the economic sectors are thinking about money, because, at the end of the day, that's what financial independence and financial freedom are really all about.
Speaker 6:Yeah, absolutely yeah. So we're going to take another quick break, but before we go I wanted to set you up for a question or a series of questions. I wanted to kind of talk a little bit about financial literacy and maybe some good resources that you could recommend, so kind of you know, maybe some of your greatest hits of books and podcasts and things like that that you'd like to listen to.
Speaker 6:So, I'll put you on the spot later, but for now we're going to try to do another song, and this is going to be another new one. So this is Chemistry Club Blended Colors. So we'll see how this one goes. Hopefully it's as good as the last one.
Speaker 3:All right, blended colors. So we'll see how this one goes. Hopefully it's as good as the last one. Alright, I'm walking down Lincoln. Again, droplets form against the windows, early morning light and shadows bend to colors, reaching for the lenses in my eyes which take them, turn them upside down and, though I do not know quite how they will be, turned right back around and spit back out Conduits and cabling which disassemble them. Processing from noise and light still springs in static to motion and to information. I suddenly see that the reason is everywhere around us, it's everywhere around us. Bus stops standing on the corner, passengers are waiting and they sit in silence, half asleep, and they wonder what they each are thinking. Woman with off white woolen cap, the young man staring at the sidewalk where the tip of her umbrella touches to the ground and the distance between strangers can sometimes be quite alarming, but today the bus comes to carry us together into the morning is everywhere around us, is everywhere around us, it's everywhere around us.
Speaker 9:Thank you. Droplets form against the windows, early morning light and shadows bend to colors reaching for the lenses in our eyes.
Speaker 3:We take them, turn them upside down and, though I do not know quite how they will be turned right back around, spit back out the conduit and cableway. We're disassembling the processing, the noise of life still frames in static motion and the information oh, I don't see that the reason is everywhere around us, is everywhere around us. Oh, I don't see that the reason. Outro Music.
Speaker 4:Thank you opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of any entities they represent find us on the web at mbradious all right, we are back.
Speaker 6:That was another banger of Uh had a little bit of a block party vibe Um, for those of you who know that band um. And then also a special guest cameo from our one and only Joel um, joel Hunt. He was acting in that Um and I guess he was a producer of that. So that's uh, that's really cool. Uh, our, our, our head, our head, honcho Joel, he's, he's a, he's just a big, uh, a big teddy bear. That just uh, he's. He's. Also he's got the heart of a lion, so he's a really great guy. Um, actually, wait, he's in the background. That's h, right there all right.
Speaker 6:So, uh, before we get into your, your suggestions for financial literacy, we do have a comment. So, on a serious note, can a 501 C three leverage financial wealth with life insurance investments?
Speaker 7:Yes, so in the case of nonprofits they're completely unlinked to the actual performance of the market itself. So yes, 100 percent. I mean if we have funds that we can you know that again is you know, in the form of working capital. If it's funds that we want to be able to save from any other income that the business owners have, they can certainly benefit tremendously from these type of strategies and we can roll the gains from these cash values and from the dividend yields back into the 501s so they can just continue to grow their operations as well.
Speaker 6:Okay, well, I hope you're taking notes, terry, because we're probably going to have some follow-on discussions after this. All right, so okay, thank you for answering that question and answering all these questions. It's really kind of putting you on the spot, but you're, you're, you're shooting them down. I love it, man, I love it. Yeah, all right. So, um, yeah, just the quick lightning round of uh some of your best um financial literacy or just financial, um, you know, uh potential, you know nuggets books podcasts, anything like that.
Speaker 7:What is your usual like top three go to Sure? Yeah, no, I would say, you know, right off the top of my head. I think that the Infinite Banking Concept book by Nelson Nash is kind of a must read for anyone that's interested in getting into this business. It was actually where I started, in fact. You know, god love them, the, the agency that I first started my first whole life policy with. They insisted, in fact, that I read the infinite banking concept by Nelson Nash before we even got started with this.
Speaker 7:I tend to not take as hard of a line with my clients, but I'm glad that they did so that would be number one. I really am a fond fan I guess an avid fan of Doug Andrew and the Three-Dimensional Wealth agency that he started many, many years ago. Doug's been in the industry for, you know, over five decades, has pretty much written the book on how to maximize the benefits of indexed universal life. But at the same time, you know, I realize that there is a. You know there can be a great deal of feud on sources like YouTube, you know, between the two different schools of thought. You know whole life versus index universal life. I like them all, man. I mean I subscribe to Chris Noggle's channel, the Money Multiplier. I subscribe to Chris Kirkpatrick's channel, life 180. These are guys that you know have sort of made their brand out of, you know, leveraging whole life policies which, hey, they both have their advantages in my opinion.
Speaker 7:I tend to, you know, favor the indexed universal life, but that's just because you know I use it for certain applications and I'm not opposed to using others. Books I mean, like I said, infinite Banking I love the Confessions of a CPA series, those are awesome. The Doug Andrew book, iul Insiders that's his organization that he's sort of crafted and yeah, there's a lot of really, really great resources out there.
Speaker 6:Yeah, we're going to have to put all that into the show notes and make sure people uh can, can, uh find all that on the on the backend, uh, cause that's some really good, uh, really good resources there, and I'm I'm definitely going to be going down the rabbit hole. I'm I'm really bad about finding something and just like really latching onto it and then something new that I'm like, okay, I want to learn about this and I really go into it. So, yeah, I'm definitely going to be reading those and watching podcasts and listening and stuff.
Speaker 7:So yeah, and I do stand corrected. The book was called the Laser Fund. I misspoke there. Yeah, doug Andrews' book is called the Laser Fund, very, very informative.
Speaker 6:He pretty much wrote the book on how we can optimize indexed universal life to really see some market-like gains, to get the upside potentials with the downside protections and the safety, security and liquidity of indexed universal life policies. All right. Well, let's see. That's not the end of the show, but we're getting towards the end. So I wanted to give you a chance. I wanted to kind of pick your brain about. What is your future plans going to look like? Maybe aspirations, visions, just dreams? What are you working towards?
Speaker 7:Like, what are you working towards? Yeah, no, absolutely One of the biggest goals and sort of you know plans really. I mean, these are things that are actually in the works. They're not just dreams and visions. At this point, we plan to expand our services and, you know, and ultimately partner with other agencies and larger financial firms. We've got several deals in the works right now that will be expanding a number of our services.
Speaker 7:We do offer, you know, as components of the agency right now, we do offer some lending services, commercial lending services, so we can get business loans. We can help new entrepreneurs or business owners that currently have businesses that they want to expand operations or maybe acquire new equipment or new technologies or hire. We have SBA options, we've got private equity options, but we're going to be expanding that a lot and my goal really is to become sort of the one stop shop for all things. You know, veteran entrepreneur or vetrepreneur, as we might call it. Right, you know, we know that wealthy people again have been, have been doing this for many, many years, right, I mean, we don't often walk into the local bank to deposit a check and see multimillionaires standing beside us. Right, they don't go to the bank, right, because they have their own private banking services and they have people that sort of cater to them that bring all of these services and consolidate them. Well, there's really no reason why it should only be exclusive to millionaires and billionaires.
Speaker 7:This sort of stuff is here, it's available and we're bringing it to, you know, and we want to continue to serve our own people because we understand and we recognize their sacrifices and we understand and we know, you know, we're familiar with the lifestyle so we can communicate easier.
Speaker 7:Or mortgage services, even credit card services, you know, all these other things that the banking industry has kind of had sort of a monopoly on up to this point. We want to try and bundle all that together. And when veterans are starting businesses, I want to be, you know, I want Victory X Financial to be, you know, the agency that gets them set up with their initial startup loans, that gets them set up with their you know key man insurance policies to grow their working capital, that gets them set up with their property and casualty insurance, because that's another component and ultimately, you know, is a. You know we're going to be there with a lifetime partnership with our clients to help them to ultimately get all the way to retirement and be able to enjoy their money and then let their families continue to enjoy it even after they're gone.
Speaker 6:Yeah, yeah, cause I mean, ultimately, you know we're we're talking about generational wealth. This is like the whole family, you know, concept, which is something that, like I said, resonates with me. So, yeah, I mean it's not, it's to me, it's not. Wealth is and I mean this gets into the philosophical but what is wealth? What is, you know? Like it's not about being ultra rich or anything like that.
Speaker 6:Like, for me, I'm thinking about it as, yeah, like you said, taking care of your family, making sure that that that there is a legacy of of yours behind. And then you know, if you do have enough money left over, then you can be charitable with your money. If you do have enough money left over, then you can be charitable with your money. And that's, that's something that really resonates with me too. Is that, like you know, if I was a billionaire or whatever, you know, I would be funding every single nonprofit that I could get my hands on, you know, just because I know how, how difficult it is as a nonprofit, you know, and as a as a as a starting business owner.
Speaker 6:Um, yeah, financial independence, um, independence is is really the goal, but you know, everyone's reasoning is different for financial independence. So that's just something that you know. I've been thinking about a lot lately, just, you know, with this rat race, but like it's really, you know, it's really about, you know, taking care of each other and taking care of your family. You know, that's, that's what resonates with me.
Speaker 7:Absolutely, and I love what you touched on there about charitable giving as well. You know that's. That's another. You know another personal area for me as well. I've basically taken a business stance that you know 10% of our profits with Victory X Financial will go to benefit the Ronald McDonald House and Charities. I think they're a great organization. They've helped my family tremendously and those that kind of know the inside story on that know why that is. But yeah, I truly do believe in giving back to the community because I think it really makes a big difference, you know.
Speaker 6:Yeah, absolutely, man, like we. The time it just just zoomed by, but we're going to have an hour real quick. That was a great, great engagement. A lot of people were commenting and and throwing out the suggestions and questions, so that was really awesome. You know, like I said, we're going to have to either have you on again or just well, no, yeah, we'll just have to have you on again. Keep coming on.
Speaker 7:Love to be back, yeah.
Speaker 6:And get some of your music on here, and then we'll just keep pushing forward and keep fighting the good fight together. You know it All right. Well, dan, I really appreciate it. This is going to be the end of the stream. Trace Around says thank you for the great advice.
Speaker 4:Thank you.
Speaker 6:Yeah, and then we'll catch up later and catch you guys on the next stream. All right, thanks again, joey. Really appreciate it and had a guys on the next stream.
Speaker 7:All right. Thanks again, Joey. Really appreciate it and had a great time being on here.
Speaker 6:Thanks Dan, I appreciate it.
Speaker 5:Ladies and gentlemen, thank you for tuning in to Military Broadcast Radio. As we wrap up today's show, we want to remind you that the podcast of today's episode will be available right after we go off the air, so if you missed any part of the show or want to listen again, be sure to check it out. And remember we're here to support and honor our veterans. Your stories and experiences matter and we are committed to giving you a platform to share them. That's right. We're here to give our veterans a voice, so don't forget to catch the podcast and stay connected with us Giving our veterans a voice.
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