Ray Poteet joins us to share strategies and tactics for building and leaving a legacy of wealth. A must listen for any parents, grandparents, and expecting grandparents.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
If you're a new listener, Ray Poteet is the founder of Living Wealth and author of The Tree of Wealth. Join us as he draws on and shares his vast experience in teaching future generations about money and helping them achieve financial significance.
Topics Discussed:
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
We share how to best position yourself to make it through the unexpected catastrophes of life, both big and small. Plus, we'll share how infinite banking can be a great foundation to have in place when the unexpected hits.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
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No one likes to think about all the things which can go wrong. With all the turmoil in the world right now it's understandable; it's just too much. But whether an event is small and personal, or significant and widespread, you can do simple things to protect and insulate yourself from financial crises.
Join us as we explore how to become prepared for unexpected financial crises in your life.
Topics Discussed:
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
We discuss two end of year tax strategy misconceptions that you should avoid. We'll also deep dive on how to think big picture when you're making your tax plan.
~ Access our FREE Infinite Banking Beginner course here:
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Sometimes, our well-meaning accountants make strategy suggestions. However, these suggestions may not feel quite right. This unease is especially true when you take the long view on your tax planning and question whether what you're doing is a tax saving or merely a tax deferment.
Join us as we explore two tax misconceptions that could end up costing you big money in the future.
Topics Discussed:
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
e discuss the danger of letting your emotions dominate your decisions. We also share how you can learn to start with your head, not with your heart.
~ Access our FREE Infinite Banking Beginner course here:
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Today we're talking about a matter that has serious consequences for your financial health. It also ties into anything decisions in life.
As a society, we tend to make decisions more with our emotions. Human beings tend to lean heavily towards emotion rather than logic. (We're not Vulcans, after all.) We also follow closely how different ideas, strategies, and tactics make us feel.
If you go back to a lot of the mistakes and bad decisions that you've made, the reason you made the wrong choices were due to how you felt. You may have rationalized it later, but it all started with emotionally made decisions.
Join us as we dive deep into making better money decisions with your head and not your heart.
Topics Discussed:
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
We discuss the impact opportunity cost has on your money. Plus, we'll share how you can avoid missing out on the wealth caused by idle or misused dollars.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
There's an underpinning principle of the Infinite Banking we teach. It underscores a lot of the financial decisions that you're going to make. The principle is this: You finance everything that you buy in one way or another.
You see, most people believe they're financing something only if there is a loan process--purchasing a car, for example. Here's what those people don't realize: even if they pay cash for a car, you're still financing it.
People often think of financing being something only done through a bank instead. However, the reality is we finance our utility bills, we finance groceries, and we finance the gasoline that goes in our car. We finance all the things in our life whether we realize it or not.
Join us as we explain in more depth and how to best implement this understanding.
Topics Discussed:
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
We discuss the best investment you can make and how infinite banking can help you become a better investor. Tune in to this episode of the podcast and find out now.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
People often ask where we invest money. Or we're asked, "Where can I get a high rate of return? What is the best investment someone could typically make?"
Everyone is always looking for that next gold mine of an investment. So what's the answer? Find out in this episode.
Topics Discussed:
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
We discuss the dangerous pitfalls of trying to use Universal Life Insurance to act as a bank. Plus, we explain why Participating Whole Life Insurance as your IBC banking tool is far superior.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
Topics Discussed:
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
In this episode, find out about the three most common bank myths costing you money. Changing the way you think about banking can put thousands of dollars in your pocket.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
Today, we share how to build your own bank and some of the issues with traditional banking. You see, the way that most of us treat our money actually costs us money and we don't even know it.
If you change the way you think, we believe you can make a lot more money because banking is probably rather inefficient for most people.
Topics Discussed:
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
Get the three biggest rules you should follow to be successful financially. Learn the most significant principles and structure to follow for building real wealth.
~ Get resources and transcripts from this episode by visiting:
Having structure is very important in most areas of life. If you want to be successful with your family, your work, getting in shape, your best results will come from picking a sound system and sticking with it.
Structure and following principles are beneficial. This is why people like Dave Ramsey are famous authors: their primary goal is to provide principles and structure to follow to make the end goal simple and clear. Whether we agree with everything they say or not is moot. That's the reason why people flock to them.
There could be a million rules here on how to be successful with money. But we're going to focus in on the three most significant principles that you should adopt in order to be successful financially.
Our mission is to help people break the bonds of financial slavery. That's why we are so passionate about sharing. These rules will benefit the vast majority of people in real money terms. They will also impact your emotional and spiritual life in substantial ways.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
Topics Discussed:
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
In this episode, we discuss what Ron Paul calls, "The biggest financial bubble in the history of mankind," and how you can survive the next financial disaster.
~ Get resources and transcripts from this episode by visiting:
This bubble is built on the fact that the U.S. debt to spending ration is completely out of balance. Basically, we're not doing anything to reduce our debt, but we also just keep spending, and spending, and spending.
The U.S. debt to spending ration is more than merely bad budgeting, though. It also impacts the stock market. Most of us would probably agree that the market is overpriced right now. It's inflated, it's a bubble as they would say. Even though most of us have this feeling that, "Okay, it's true that markets go up, they go down. Ride them out and up, then it crashes, then you ride it back up." Most of us are aware that it's been 10 years since the last major crash, the last major correction. That's a long time in the world of stock markets continue without a major correction.
The question most of us are wondering is why did the market recover and reach all these new time highs, and how are we able to sustain all this debt? Then the bigger question, "What can we do to insulate and protect ourselves?"
~ Get resources and transcripts from this episode by visiting:
Topics Discussed:
· We're already at 20 trillion dollars owed in debt as a country, and then to add 1.2 trillion each and every year for the next 10 years.
· You have to be prepared for the fact that this could happen. And where is most of your retirement or your investment lying?
· You shouldn't ask the question of if a crash is going to happen. You should be asking when it's going to happen and how you'll protect yourself.
Episode Resources:
* Gain access to our Beginner's Course now FREE to listeners of the podcast here now https://livingwealth.com/beatinflation/
* What is Infinite Banking? We make it simple in this article https://livingwealth.com/infinite-banking/
* Who was Nelson Nash? Find out in this article https://livingwealth.com/who-is-nelson-nash/
We discuss when it makes sense to stop paying premiums towards your whole life policy when you're using it as a banking tool. We'll also share why you'll probably have to change your perspective on the word "premium" if you want to be successful at IBC.
The trouble comes in when people viewer their whole life insurance policy as just another insurance. If I make a $500 payment towards car insurance, home insurance, and different things, we all know I have less money the next day. I'm poorer now.
But IBC is actually a different type of premium payment. The money doesn't vanish into someone else's pocket.
We need to change the way we see these premiums from adding into the payment side of the budget to the asset side of the budget. Then you get to see what happens when you pay the premiums.
~ Get resources and transcripts from this episode by visiting:
We discuss the mental barriers that prevent your financial success. And we'll share the things that you need to do to create a proper financial strategic vision instead of just counting on hope and fantasy to take you where you want to go.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
Mental barriers are insidious and elusive. Often, it takes someone else to point them out to you. And these roadblocks could be a great hindrance when it comes to your wealth creation.
Join us as we break down the walls and rebuild workable solutions.
The 401(k) match is probably the most common tool used by Americans today as they try to save for the future. But is it right for you? In this episode, we will discuss the many questions to ask yourself to decide if it is a good fit for you. Your home may need a new home.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts here:
People ask us almost every day what they should I do with their 401(k). The answer is not a black or white. It requires asking critical questions that will help you make the right decision for your circumstances.
There are several inherent problems with the 401(k). However, the main redeeming factor in them is the employer match.
But most of the people we've spoken with on a daily basis are only doing this because everybody else is doing it. And they don't know what else to do. The truth is this: Most people know little to nothing about what's going on with the money inside their 401(k).
In this episode, we discuss how you can avoid going bankrupt paying for college.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts here:
There are a ton of questions parents ask themselves when thinking about paying for their child's college tuition. What are some things we can avoid when we send our kids to college? How do we pay for this and not go bankrupt in the process?
And merely to send them to med school, it can cost up to $2.6 million in some situations. This is putting your kid through college, med school, and specialty. Now that doesn't mean you will have all that debt, but they're going to graduate with a lot of debt.
It is possible in the world we live in today to have this kind of debt when they graduate. And we as parents want nothing more than to have our kids succeed, be successful, and to pursue those dreams they want to do.
But at what cost? Every year it's getting more and more and more expensive.
~ Paying for College Without Going Broke Topics Discussed:
In this episode, we discuss the importance of defining financial freedom for yourself, so you know the exact steps you need to take to get there.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get the discount code, resources, and transcripts here:
We're often asked, "How do I actually be financially free and what does that mean?"
The simple truth is this: financial freedom can mean different things to different people. And we often try to put ourselves in a box by judging ourselves against what somebody else is doing.
But that's their definition of what being financially free is. By using someone else's interpretation, we're not building a roadmap that meets our personal needs.
The answer is to not try to fit your dreams into other people's expectations, or just try to model it after somebody else. Because we believe that if you know what you're striving for, it's way easier to backtrack and see what steps you have to take.
So the real question we should be asking ourselves is this: What is financial freedom mean to you?
To help narrow things down, we'll explore three ways to understand and define your own route.
~ Thee Ways to Define Your Finacial Freedom:
* When your passive income surpasses your lifestyle
* Finally being in control of your money and getting rid of the debt that's nagging you
* Being able to leave a legacy
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In this episode, we discuss how businesses can use the Infinite Banking concept to solve their need for capital, potentially lower their taxes, and even lower employee churn.
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A quick disclaimer: This is going be tailored towards business owners. And it is going to be more tailored to the concept that we teach here at Living Wealth: Infinite Banking, maybe even more so than we have in the past.
If you're not a business owner, there will be a lot of valuable information for you also. And if this is one of the first episodes you've listened to, you may want to go back and review a couple of the past episodes because this one is gonna be more detailed and in-depth; it might go right past you if you don't.
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We discuss why it is so important to make your money do multiple jobs at the same time. In other words: Make your money work for you. If you're thinking that you have far too little to show for all the work you've done over the years, maybe it's time to have your money pick up the load and start doing the work for you.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get the discount code, resources, and transcripts here:
https://livingwealth.com/e42/
~ Get the discount code, resources, and transcripts here:
In this episode, we're joined once again by Rabbi Daniel Lapin. He enlightens us on the biggest retirement myths, the biblical implications, and what leaving a legacy really means.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get the discount code, resources, and transcripts here:
Retirement Myths and Legacy Topics Discussed:
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In this episode, we sit down with Rabbi Daniel Lapin. He enlightens us on the spiritual nature of money and the tragedy of resentment.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
Rabbi Daniel Lapin is the author of Thou Shall Prosper and Business Secrets from the Bible, among many other works. He is the President of The American Alliance of Jews and Christians and is an exceptionally gifted communicator.
He reaches out to both Jews and Christians with Biblical money principles and ancient Jewish wisdom, mainly in regards to finance and business. And he has become one of America's most compelling and persuasive voices in defense of what he calls "Ethical Capitalism."
In this episode, we will discuss the three biggest whole life insurance myths so you can clearly see how whole life insurance could work for you.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
We try to reveal some things, common myths, common outside-the-box thinking strategies to help you. And probably the most important one to us is this thing called the infinite banking concept, how become your own banker.
And it uses this tool, whole life insurance, in a way that most everyone, including myself, including Holly, would have had no idea that whole life insurance could work this way.
One of the things that we've certainly found is there are a lot of myths floating around. And these are certainly prohibiting people, due to things they've heard in the past, from even opening up to this new concept and on how to use this tool.
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In this episode, we discuss the differences between Austrian economics and Keynesian economics. And will explain how you can use infinite banking to break free from the money manipulation of the Federal Reserve.
~ Get a Free Copy of The Tree of Wealth by reviewing this podcast here:
https://livingwealth.com/review/
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In episode 36, we covered hyperinflation, cryptocurrencies, infinite banking, and how all of them go hand in hand. And we talked a little bit about economics.
Today, we're going to go deeper into Keynesian economics and Austrian economics. Which ones better? Which one presents the greatest benefit for you and society as a whole? And we'll even examine how infinite banking applies on a grander scale of economics.
"I like the simplicity of the fact that in Austrian economics, one dollar is one dollar. If you don't have the dollar to represent the dollar, then you don't have a dollar."
"In Keynesian economics, you're essentially saying a dollar isn't necessarily just one dollar. Most of us would say its kinda funny money."
"The main difference between the two is that the Keynesians believe that there should be an authority manipulating the market, whereas the Austrians believe the market should be free and in control."
"We say, a dollar today is stronger than a dollar in the future, just because of inflation and the economy."
"You can break free from the system, and if we get enough people to really be their own bankers, we may be able to, in the grand scheme of things, kind of cripple this Federal Reserve system."
In this episode, we will discuss the power of using your imagination with your money. And we will deep dive on outside the box thinking that almost always produces better results than doing what everyone else is doing.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get show notes and resources here:
This is a topic that rings true for us and our podcast. You see, there are reasons why like outside the box: Typically, things inside the box don't always produce success. And using the average strategies and tactics will end up netting you status quo finances.
As the tagline of the show states, if you follow the heard you will be slaughtered. The average person goes along with what the crowd is doing without question. And they don't put much thought into it. They relinquish their control to an idea that it will all work out in the end. It has to; everyone else is doing it, after all.
We challenge those beliefs and arm you with the knowledge to question conventional wisdom today.
"There are reasons why like outside the box: Typically, things inside the box don't always produce success."
"Most of us do a 401K, not because we necessarily believe in it, but because everybody else is doing it. Instead, start asking the question, "Why are you actually putting money into a 401K?""
"I've heard people verbatim say this: "We thought we were doing everything right." It turns out it wasn't enough or some extenuating circumstances took it away from their retirement."
"You have to realize when you put your money even in a 529 program it limits you on what you're able to use it for, and it also can hinder even your kids and their financial aid in going to school"
"Don't be afraid just because nobody else is doing that, that you're wrong. Think outside the box and question the status quo."
"There can be times when it makes sense to use other people's money, whether it's a HELOC or other ways. A lot of people are so locked into trying to get to where they don't owe anybody anything, which is a good goal, but you may be letting the nickel hide the dime."
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In this episode, we discuss the effects of hyperinflation on Infinite Banking policies. We also dive into the rise of cryptocurrencies and how you can remain flexible to navigate the issues that are on the horizon.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
Hyperinflation, in a nutshell, is when a country's currency becomes devalued. And people lose trust in the money, consequently.
We've seen hyperinflation in the US to a certain extent back in the 1980's. But we've never experienced anything like what took place in Zimbabwe here in the US.
Some other countries, like Zimbabwe and the Weimar Republic, experienced hyperinflation to extreme levels. These are instances where the peoples of those countries were forced to carry around millions of dollars to fill up their cars with gas, sometimes trillions of dollars to do anything. So this is an almost foreign to us.
The problem starts when a government decides to print more money. That's the number one cause of inflation: the increase in money supply. Just like anything in the world, when supply goes up, typically the price goes down. The same thing happens with money.
When the money supply goes up, the value of the dollar becomes less; especially when other countries start to stop accepting the money. Then it can go out of control. This is when hyperinflation is experienced: Rapid inflation.
This inability of governments to 'help themselves' can be said to be one of the contributing factors of the rise in popularity of cryptocurrencies.
The big question here is this: What impact does all this have on IBC policies?
We answer all this and more in this episode.
"Hyperinflation is when inflation hyperinflation happens rapidly."
"Many of us think, "We're in a hyperinflation state," yet we honestly don't know what it is. I would say we're totally headed there, absolutely, 100%."
"The world is seeing that the governments entrusted with controlling the money supply is a dumb idea. So, that's why the cryptocurrencies are a thing."
~ Get resources and transcripts from this episode by visiting:
In this episode, Ray Poteet is back to share the Infinite Banking History with us. Ray's also going to be telling us exactly what he has done over the past 17-years with Infinite Banking. And he'll open up about the wealth that's been created by following the principles taught through these concepts.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
"As I read the book I became very, very upset. Not upset with the book, but upset with my industry. Why had it had not shared Infinite Banking with me?"
" We went through twenty-six cars in twenty-five years... if I had the ability to use my policies on all of those cars, I would have $323,000 that I didn't have now."
"all of a sudden I thought, "Well this would work for a vacation. This would work for an addition to the house, this would work for new furniture. If I had known this.""
"one thing I've noticed at my age is a lot of people are concerned about running out of money. I can tell you I do not have that fear today."
"Not that it's unhealthy to be a penny pincher but it really turns off the stimulation and kills your dreaming if you're worried about money all the time. You're not as productive or as creative."
"your money's not locked up and you're thinking differently."
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In this episode, we have special guest Ray Poteet. He shares lessons on the importance of grandparents in the lives of their grandchildren. And we discuss how grandparents can their grandchildren grow with understanding about money how money works.
Ray Poteet helped his grandchildren by what he's done with them and for them, especially financially. As many of you know, he's the founder of Living Wealth a mentor to the hosts of the show.
~ Access our FREE Infinite Banking Beginner course here:
https://livingwealth.com/beatinflation
~ Get resources and transcripts from this episode by visiting:
Being a grandparent and now a great-grandparent, teaching other grandparents what he's learned is a passion of Ray's. So this is a special episode and topic to him.
Speaking about money is often a taboo subject in most homes. But as Ray says,
We teach them how to drive. We teach them how to run on a computer. [...] but we don't teach them about money.
Yet, it took money to buy a car. It took money to buy a cell phone. It took money to go out to eat. It took money to take them to Disneyland. The item that we needed to do all those things we forget to talk to them about.
So let's get to talk about money and other wisdom grandparents can share in this episode.\
Grandparents on Money Topics Discussed:
It takes money to do most of the things we do every day in life. Yet, we forget to ever talk about money with our children and grandchildren.
As a grandparent and great-grandparent, teaching about money is the greatest joy I have right now. And I have the tool to be able to teach them.
I was so used to storing money. I was very fearful of not having enough. Now I'm more concerned if money is sitting and not moving rather than an amount of money.
Teach them motion of money instead of money sitting. Teach them replenishing and recapturing instead of just spending money.
The word God says knowledge is power. It also says in Hosea, "My people perish for lack of knowledge.