Why The Wealthy Think Like Bankers

0:00Welcome back to the Be Wealthy Podcast. My name is Brett Tanner and on this podcast, we aim to do two things. Number one, we want to give you strategies to grow your business. Number two, once you're more successful and have more wealth, we want to show you the things that you can do with that wealth to create the life that you want. Today's episode, I jump in with my good friend Kyle Fuller, and we're going to talk about all things infinite banking. how the game banks play a radically different game and how you need to think about it and a couple interesting ways that you could reach out and learn the strategies of the wealthy. With that, let's jump in with my good friend Kyle Fuller. Kyle, welcome to the podcast.
It's an honor to be here, Brett. I'm really looking forward to this.
So, Kyle, we met each other, I'm going to call it five or six years agoish. Um, I actually was sitting down with you and you know, Factum Financial does lots of things, but you guys, in my opinion, are the leaders in the life insurance education space. And as we go

1:04through this today, uh, one of the things I want to break down is life and you I talk about this all the time. Life insurance is the most confusing uh, most misunderstood. It's actually not the most confusing. It's the most misunderstood industry out there. I can't think of anything that would be more misunderstood. And what I fell in love with about what you do is it's the education, right? The education that you put together and show folks um all aspects of their financial world, specifically the things you're doing with tough money, which we're going to get to all of that here. Um so just man, thanks for being here and you have so much I we're going to have a hard time packing all this in uh to the next little over an hour, but um I want to start with your journey, Kyle. We like to take all of our our our listeners through that journey and really understand where did Kyle come from, right? You know, he's built this massively successful business, but where did it all start? So, go back to your 10 years old. You're talking about money around the family dinner table. And how how was it at the Fuller household?

2:07Yeah, I would say, you know, money was a subject we did not talk about a lot. I I knew my dad worked really hard cuz I saw it every single day. And you know, so he was always working hard, but it was it was never really talked about at the dinner table. And as I got a little bit older, I started to learn that like two generations prior, my greatgrandfather was a mega mega multi-millionaire, owned a helicopter, 50 gas stations.
And when I started learning about this, I was like, well, where is all that money? Because he had built it in his generation, but my dad grew up really poor. And so it was like this wealth transfer did not happen. and money conversations just were not happening in our household on a regular basis when I was a young kid. Was money um scarce? No, not not did you have it, but when they thought about it, was it like a scarce resource that if we ever found it, we got to hire it and bury it, never tell anybody about it, or was it like, hey, there's some money out there. We just got to figure it out. You know, I think my dad was always

3:08optimistic and entrepreneurial. So, he was an architect by trade, so he owned his own business. And so we got to see that and that was really good for us kids. Uh but money was always tight. You know, I'm the second oldest of 11 kids, so it's not a cheap endeavor to raise and support that many children, especially when you're, you know, a newer business owner and just getting that started. So it was there, but it was never there was never uh an abundant amount of resources. We can just put it that way.
Okay. Okay. So then you you're growing up and you get to experience the the great financial crisis and that was kind of a big that really shaped your perspective. Now how old were you when the GFC hits? Um, so I'm 19, 2008. I graduated high school 2007. And you know, I watched my dad, Brett, work so hard for 10 years building his business, raising all of us kids, getting us out of uh kind of a ghetto area in Mesa, Arizona, and moving us to a nicer

4:11neighborhood. Like, we watched all these things happen. And he had saved up $500,000 during this 10-year time period. So did everything right by the business, you know, everything right. And then when that event happened, they were, my parents were overleveraged in real estate, were not holding enough cash reserves or liquidity. And when that shift happened, it took us from being like doing pretty well to almost bankruptcy in a matter of months. Wow. And you're So you're 19 years old and you're kind of getting a you know, you're a young adult at that point. So you're getting the adult view of where money I mean if if you don't have the right liquidity, let's just go there, right? If you don't have reserves to survive whatever timeline the problem is, right? So if the it's a three-month problem, you got four months reserves, you're great. It's a three months problem and you have two months reserves, you're you're toast, right? I mean, that's it's simple. And and so our listeners out there, it we talk about in the wealthy all the time. We believe six

5:14months is like bare minimum. And we talk about it through your burn rate, Kyle, which your vert whatever amount of money you naturally spend.
Yeah.
I'm not telling people to kill their Netflix and, you know, turn off every luxury they possibly have in their life. You're you're naturally spending a certain amount of money. Take that amount times six. You need that in a saving somewhere liquid. Pick your vehicle of liquidity. Um but and ideally growing that to 12 months in my opinion. So what you take me through that. So you watch your parents go through that. What lessons do you learn as you go through that and see it from a firsthand?
Yeah, it was one of those things where, you know, I've heard you talk about you got you have some scars on your back from 2008. So does our family. You know, we had to move from the house we were living in, went to church with everyone in the neighborhood, very close. We had to kind of pack up from that house and move across the street into a rental cuz we didn't know if we were keeping that house. Like that that was not a fun time for our family. But it it also changed who we were as a family, right? Some of those events, they just make you tougher and we got closer together. But I mean,

6:19I I still to this day have no idea like how my dad survived that. That that cannot be a fun time as the bread winner, kind of the leader financially of a family to experience that. And you know, it kind of it rocked his world for a while. We'll put it that way. Like it was not an easy time for him. But some of us, we kind of just banded together as a family and those of us that were already working that had some resources, we kind of all just chipped in and we made this thing work. And you know, today we're closer than ever as a family, which is really cool.
That's really, really cool. So, if you were talking to someone and going back, would you say what would be some of the like if you could go back and we had a time machine and you were going to like fix it, what would be the things that we could we could learn, right? Reserves being one, right? And I I mean I could give my own I have I have 500 of these for the great recession that I could uh you know my scars that I could say hey I I I could did this I understand that part you know when you look at are there a few lessons you could distill that you go man this is what I goes through my head today when I think about it or when

7:21I'm talking to you know your clients.
Absolutely. One of them is you got to really know your investing criteria. you know, we picked up so many great things that we've learned from you and uh be wealthy, KW Wealth about, you know, uh risk, return, noise, how much of this are you looking for, what type of assets are you going to buy, why are you buying them? I think most people don't really have an an investing criteria. So, they go out and they just kind of they they speculate is honestly what it is. And then they consistently lose like every 5 to seven years and we're wondering why this is happening. But if you don't know the game, you know, losing is going to be a part of that game. So, we did not have an uh an intentional investing criteria number one. And then we didn't have the proper foundation built to support us, not if, but when events happen. And part of that was we didn't know what our cash reserves needed to be. Because at the exact same time that our family was experiencing a lot of pain and discomfort, other families survived 2008, 9, 10, and then when the ones that had resources, they bought

8:24real estate in the Phoenix area that we might not ever see prices that low ever again in our lifetime. I mean, it was like they created fortunes during the same event where we were experiencing uh call it near bankruptcy. Same same event. Well, I love what you said there about investing criteria. So, one of my lessons when I look back at 2008, I was buying real estate, which was, you know, the the thing to do, but my criteria around what I was buying and why and the risk, right? That wasn't, you know, that wasn't as thought through, right? My 28-year-old brains investing thesis was pretty basic. And, you know, I got the opportunity once I got through it on the other side and I I had resto I I weathered the storm, but I got some pretty good scars. I got to go look and learn like okay what what re what houses what real estate investments worked great which ones didn't why you know and part of it goes around the the asset class and do you understand why and I think Kyle to your point what people go

9:25out and do is their neighbors doing something right or now social media you see oh my gosh they're buying some you know crap coin that's some cryptocoin or they're doing this or they're getting an NFT or whatever the thing is and they're like I got to do it because people are doing And and that is the dumbest reason that you could ever do anything is because someone you even you know like and trust is doing it. By the way, if someone you know like and trust is doing something, sit down with them and ask why. Veted against your own thesis. It might be genius. But if you don't even know why they're doing it and they don't know why they're doing it, which is probably the case, it's just risky. And you know, we talk so much about your unfair advantage,
right? your money should be placed to where you know more like if you if the things I do in real estate and the investments I do today if they were in the stock market I'd go to prison for them right because it's insider trading in real estate people clap right it's it's just knowledge and you know the industry so well or you know what's happening with a single house because I marketed to that customer and they told me they want to sell their house or

10:26whatever and so I think that's a great one I think people they don't have an investing thesis around an asset class then they don't have the reserves to to meet to match the timeline that they would need. So when you think about your investments today on an investment basis, how do you think about the reserves needed? Uh I'll ask you two questions. Number one, how do you where do you go to get education around asset classes when you think about that if you're talking to our audience? And then secondly, what kind of reserves do you think they need?
Yeah. So when it comes to just like what are we going to be investing in to me, you got to start with the end in mind. So what's the type of life you want to build? For us in fact, you know, our community was built off this principle of living abundantly in all areas of life. Spiritually, personally, family, in your occupation, in the financial area with abundance is what funds everything you want to do in the other areas of life. So, as long as we can agree that's what I want, I have to be very selective now in what type of investments I'm going to pursue that make that reality happen. So, I've had a Roth IRA since I was 16, Brett. And that was a retirement vehicle, not

11:30self-directed. We'll probably talk about that in a minute, but so there was no control. I had no control over it. And the the purpose was you're going to fund this now with money. And at 60, you can enjoy this and then travel and then do the things that you want to do. The problem is I got young kids right now, Brett. They're only this age for this year. And if we don't do stuff now, we miss maybe the greatest opportunities of our life. And so I learned that my investments have got to produce income or cash flow. So that's like non-negotiable. I don't even look at investments that just accumulate for later. I want investments that pay me now because it supports the vacation I want to do, the truck I want to drive, the home I want to live in, all of those things. And so I think we got to get real clear with like what do you want to do with your life and then find the investments that directly support that. And that makes it really easy to say no to a lot of things and it really narrows it down. From there, if we go to like the returns, risk noise. I learned a valuable lesson trying to buy into a business a few years ago, 50% equity

12:34partner. It looked amazing. Uh the two guys I was getting into business with were total studs, tons of integrity. This looked awesome, but it required so much more time than what I was uh thinking it would have been. And so it became way too noisy and it took me away from doing the things that I actually love doing, which is teaching people about life insurance, tough money, infinite banking. And so I had to get out of the equity partnership there. And I've turned it into a loan. And it's been one of my my most profitable loans to date and I got all my time back with zero noise. And so I learned there like there's certain things I just won't go pursue now. And so I tend to look for very uh low risk, decent return, and almost no noise are the investments I'm looking for. I um I think that's I there's so much genius in what you just said, right? That um we wake up and how people would listen to this, they go, "Kyle, but it was a business. Now you got two businesses, right? If one's cool, think how awesome two is." Uh or or or 10. But you know, it depends on what resource

13:37you're providing, right? three resources in life we always talk about. You got money, talent, and time. And you know when you start your everyone starts their career the same way. Or I started my career the same way you started yours, which I had lots of time and no money. And no, I didn't have a lot of talent. Maybe you might have had talent. I didn't have any. I just had time. And as I invested the time, I I started getting more talent, right? And so as you get more talent, you can kind of pull the time back. Then you get money, you could pull the time back, right? You can invest that. That's people or whatever. And so, you know, when I look at a thing, I'm I'm looking, okay, I I'm happy to provide money. I'm happy to provide talent or influence. You know, the most precious resource we all have is time.
Yeah.
And I don't think people look at it that way. They're like, oh, it'll just take a little bit of time. Like, well, everything requires management. Everything in your life, Kyle, you buy any I would say this. Any purchase over 500 bucks requires management.
Anything like this. I'm filming today on the greatest I got to tell you I got this this new thing I've got uh my mobile I'm filming on my cabin right now

14:39uh because I just closed on that resort last week conversation for another day. Um but I got my little mobile podcast. My whole studio fits in this B right. But I got to manage it, right? If I don't charge it and I don't do those things, it doesn't work. Everything in your life. So, at some point there's this saying, you know, if you get really, really wealthy and you buy enough things, one point you'll be a slave to your actual things,
like they'll actually own you because you just spend your whole day trying to manage the things. And so, I love what you said, you got to get real purposeful. What kind of life do you want? And what you said was, hey, passive income is really the thing because I I want to make investments, but even though there might be an investment that I hold today, like Tesla stock, it doesn't dividend or cash flow today. So I today I want I got you like you said I got little kids. I want to be able to have cash spent off of my investments that ultimately exceeds my income so that I could take a 100% of my working income and go do really cool things and great experiences with people and live an epic life. Right? I think people get that all in that weave of net what's more important I get that

15:40question all the time. What's more important net worth or cash flow? So, if I only had to pick one, cash flow
now, usually they're they're linked, right? There's some sort of link. But, you know, I've given that story of I have two buddies that are both worth about $50 million. One owns 15,000 acres farmer. Uh, one has the 50 million in all cash flowing assets. I'm going to tell you, they live two radically different lives, right? One guy live lives just like you think he would, right? It's the greatest. I mean, it's all the I mean, it's literally like an Instagram reel. Uh that's not one of those fake ones. It's absolutely real. The other guy uh has love of the game, right? It's all a love of the farming and that and that thing. Yet, when you really look at it, you go, man, there there's zero cash flow. I mean, it is a super lean bad cropier. You could get knocked out of the game. And so, the point you made is just so good. And I want to just anchor it in that we got to get real clear on what we're even going for. like what is your objective? What's your ideal life? And

16:42then what are the things that fit in there? All right. So, go to your, you know, Kyle, you you you got this IRA at 16 years old. Um, but your early influence, you had this, I think, the same influence that I did, but you got you got hit by the rich dad poor dad. Uh, I'm going to call movement of that time. Uh, cuz I'm like almost 10 years older than you and I got hit, you know, probably the same time you I got hit in my early 20, maybe 19 or 20. So when did you get you know what was that spark that kind of sent you down the road that I'm going to do something different with my career with my money?
Yeah. So you know I didn't love I mean I enjoyed high school Brett but it wasn't my passion. You know I was a C student. I just kind of did what I needed to do to just kind of finish. But I didn't like love learning back then and I definitely didn't enjoy working. I would work for my buddy's dad who owned a landscaping company and I would like split gravel jobs with him and I'd make like decent money and you know at that time my grandfather set all the grandkids up with a Roth IRA put a thousand bucks into it and just said hey listen this is up to you from here and

17:45it was one of the greatest lessons because he's like if you start early and you start funding this thing now it's going to grow taxfree and you if you start now you could retire when you're like 40. So going to high school not enjoying working. I hadn't found my passion yet and I didn't enjoy like learning in the public school system. Retiring at 40 and golfing sounded like that's the greatest thing on earth, right? So I would work these jobs and like save 50% of my income and put it into this Roth. And when 2008 came along,
I watched 40% of that Roth just disappear. It was gone. The value was gone. And so I didn't have a good relationship with the company managing it, but the question I asked was like, you know, hey, where what happened to this money? And what they told me was, "Oh, don't worry. Like, this is this is part of it. You're going to win, you're going to lose, but you're young, so you can recover." And my my point back to them was like, "Well, what if I'm 58 and this happens? What if I'm two years toast and I go from one point, you know, a million to one

18:48to 600,000 in like six months? That drastically changes things. So, it kind of just made me pause. And about that same time, I was reading The Total Money Makeover by Dave Ramsey. Kind of like if I just stay out of debt my whole life, I'll be a millionaire for sure. And then at the same time, my dad gave me Rich Dad Poor Dad. So, it's kind of like all these things at once were just floating in my head. And I definitely leaned more towards the the rich do things not differently than poor people, they do the exact opposite. And so that's what I started looking like if this is the traditional path, I just don't think this is my path. So I started looking and I didn't go to college. So what I did, Brett, is I would go to networking events like a be wealthy, except I couldn't afford that event back then. So I would try to go to these networking events. I would try to identify like a millionaire in the room, probably one of the ones speaking, and I would say, "Hey Brett, can I take you to lunch? Like, I'll buy. I just have some questions for you." And like 95% of the time, they were very open to that. So, I'd sit down with them and be like, "Hey, what what do you wish you would have done at my

19:49age? What should I be aware of?" And that's where I got kind of my formal education around money. And that's what led me into just kind of alternate investments, cash flow, different types of mentality with wealth building that were very opposite from, let's say, the typical financial planning route. Nothing wrong with that. It just didn't fit the way I wanted to live my life.
So, wait, how old are you now? How old are you that you're you're just going to networking events and sitting down with wealthy people? What age is this?
That would have been right out of high school till I was 24. And that's when I found whole life insurance, infinite banking, and that's the piece that I was looking for. And and yeah, so that would be like the next transition of my life. How many people do you think you sit down with? How many people you're showing up these network events, you're a you're an 18 to 24 year old kid. You're just Well, first of all, how do you even find these events? So you're you're like cuz the internet I know for the all of our viewers here today back then there wasn't uh you weren't going to go on X or you know and just find

20:53your event, right? There was none of that. So I did How many events you go on? Where did you find them? Yeah. So I had a really good buddy of mine and early on we both like 16 17 years old we were like hey we're going to be billionaires. That was just our conversation, right? Like we're going to do everything together. We're going to this is what we're going to do. So we both have strong roots here in Arizona. So big spheres of influences, lots of family here and so it was fairly easy to find like wealthy mentors that we knew going to church or just like you know in real estate whatever it is. So yeah, there was not a whole lot of internet presence. So it would just be random events. We would find a networking event, a real estate investing summit that we knew someone wealthy, you know, and we would just show up to these and then it was kind of like, oh well here's this guy Brett. Brett, can I take you to lunch? And most of the time they're very open to that. They want to give to the next generations. Of course, a lot of times they see like the younger version of us when that's happening and they're like, "Yeah, let's let's talk." And so it was just call it a grind. We would

21:57just go out there and find, but we were always looking. I think that's the biggest piece. If you're always looking for it, you'll find it.
And so how many of these did you go on? How many people did you go to?
Uh at least a dozen. like probably 20 30 events and of those 30 events I probably found a dozen good uh actually wealthy got it dialed in people uh and then it eventually led me to some of my first two mentors which was a very wealthy orthodontist. So he had invited me like hey if my wife worked for him at the time Brett so he was like if Kyle's looking to you know learn about money have him come down to my my office after hours. So he would teach wealthb buildinging after hours at his orthodontic practice to other millionaire dentists, surgeons, orthodontists, and then it's 25-year-old Kyle sitting there. I make almost no money and I'm just like, this is the greatest room to be in. And I mean, that's and I got to learn from these guys that were 60 and 70, Brett. Like, you know, we've talked about gray hair

22:59matters. I think that's an ability the younger generations are starting to lose. There's so much we can learn from people in their 60s and 70s that have done everything we can think of and they're like, "Let me tell you exactly how that's going to pan out. Here's what I wish I would have done." And it was like the greatest education around money. So, first of all, I just I I I think every listener out there, right, but especially if you're in your if you're 18 to 24, Kyle, I actually couldn't think of a better activity that someone could do would be to go sit down. Um, and so I want to go there cuz I want like I want our listeners that are that I I did a version of this. Um, but I want to go. So you're sitting down, you invite a millionaire. You're like, "Hey dude, you're successful.
I'm not yet. I want to be where you are. You know, could we possibly sit down with an hour? Can I take you to lunch?"
Then you get to the lunch or however you get them there.
What's the conversation sound like?
Yeah. So I think the most important thing was to remember why this was happening. I just got crushed in 2008 and I lost like $4,000 in my Roth IRA

24:02rent. It wasn't like a ton of money, but to a high school kid, it was like I could have done a lot of things with four grand and I chose to save it and then invest it. And so it hit me hard. Like that's a lesson I was looking to never experience again. And so when I would take these guys and gals to lunch, I would just ask them. I say, "Hey, listen. What's the most important thing that you learned about money? If you could go back and be my age again, what would you have done? and what should I be aware of? And they were always very open with it and that was generally the questions and then we would just sit there and talk like normal human beings and learn about their life and so I'm a high nurture individual. I'm really big on relationships. So I genuinely want to know about their life. But those would be like the three fundamental questions. Um what do you wish you would have done earlier? What should I be aware of now? And like you know basically that was the framework.
Wow. I I can't think of something and I'm sure that after this the people said, "Hey, if you want to follow up or if you got questions, send them to me." I mean, I I've had the same experience

25:04you have, which very very successful people that I reached out to early on were so giving of their time. They were so willing to help. Um, and to your point, I think there there's a there's a variety of ways to learn, right? One, you could read about stuff that happened, which is super valuable, right? Others experiences and how they overcame things. There's just raw knowledge in books. One, you could live it, right? like I you and I lived the financial crisis. The other way to learn which I actually think is the best way is to learn from others experiences that you didn't have to go through. Like I spend um a lot of my friends are uh today 60 plus years old and that's probably always been the case since I was even in my early 20s
because I found that they were so wise, right? Like gray hair like life experience matters. Um scars matter, right? I don't anybody's like, "Oh, I got to the top of the mountain. I have no scars." I'm like, well, I don't know what mountain you're climbing, but the mountain I've been on been pretty treacherous. Why? We've fallen down a couple times. They got scars. I got some joint issues. Um, and so, but learning from their experience, right? Even to this day, I'll ask, hey, like a super

26:05successful, you know, entrepreneur who's 75, I can learn so much from that. Hey, if you could go back in time and you were 44, my age, what would you do different? What are your regrets? Right? Right? Were there any things that you if you could go back and like their insights now I don't have to agree with it but Kyle we could learn so much from the experience of other you and I don't have to go cuz the downside Kyle if you and I get to 75 and you got regrets you can't you know there's no time machines yet you know Elon hasn't figured that out how we get to go back in time and get to replay the game like um I was going to think of that movie I can't even think of that movie you know that Tom Cruz movie where he dies like every day and then he gets reborn and he has to like survive the day and it's the edge of tomorrow. I'm gonna go edge of tomorrow and I don't know if that's right. Um but but we don't get to go back and do it right. So we only get one shot at this thing called life.
Um I love what you did. So you get this knowledge. So now you've got here's all these millionaires. I'm sitting in this orthodontist meeting with really

27:07successful people. I'm 24 years old. And you go and he now was your first really intro right to the infinite banking, right? That was the the guy that kind of sparked the idea. Is that right? Yep. Yeah. So, I'm I'm sitting in in this room and I'm looking for basically I'm looking for there's got to be a different way to build wealth out there that there there has to be, right? And so, as soon as he started teaching and I'm just sitting in there listening, right? Like, I'm not raising my hand. I'm not talking. I'm just listening in this room to all these successful business owners and they're learning from his life experience. And literally he's like, I would trade all my wealth now to go back and be 20 years old with nothing just to know this earlier. Right? And so, and that's experience. That's why you go talk to people that have life experience. And so, he's talking about this concept, this book actually right behind me, becoming your own banker. And it is so backwards from the way I was taught to think about money. And so, you know, as soon as he was done teaching, I'm like, where do I

28:11get this book? can we go to lunch? I've got some questions for you. And you know, he was very open to that. So when when we're talking and I'm telling him, you know, hey, Dr. Dykeman, I'm trying to learn about money. And he's like, well, Kyle, if you want to learn about money, why don't you go to like the top of the food chain? And I'm like, well, who's that? And he's like, it's commercial banks. You know, banks are some of the best players in the money game. And they do things really differently than we do as employees, self-employed individuals, business owners, or investors. the banker mentality is very different than the other players in the money game. And so when I started looking at that, I'm like, this is what I want to do just on like a personal level, right? How do we do what these companies are doing, but we just do it at a family level? And as it was like one of those things as soon as you see it, you know, I got to start teaching this cuz it was it was exactly what I was looking for. And I was very passionate about it. And that was the early start into my life insurance career as well. So you go from there and you learn this, you know, radically different way to

29:14think about money. Um, and by the way, that book, everyone, you I very rarely make wide sweeping comments like everyone should do this. Everyone should read that book whether they want to get into the life insurance game or not. Um, becoming your own bank, get the most recent edition. Uh, how many years ago? That's an I mean it's an old book. When was it first written? The first edition. What year?
Uh, 2000.
Okay. I thought it was even older, but so 25 years old at this point and that book will stand the test of time, right? I mean, it's it's in 25 years it it's still going to be this the content will be as might even be more relevant actually than it is today. U but everyone should go read that book. So Kyle, for people that don't like you're now going down this road and he really showed you the first concept of infinite banking. So for those that don't know and it gets super confusing, what is infinite banking? Yeah, infinite banking is really a mindset and a lifestyle first. I think everyone tends to just hear about it and they reduce it to like some type of product you're buying. And it's it's a mindset and a lifestyle. So,

30:18if you're going to commit to becoming a banker, you got to live the banker's lifestyle and mindset. So, it is a paradigm shift around how you think about money flowing through your life. So, if you think about it, Brett, you got employees who save money with a bank. You got self-employed individuals who save money with the bank. So do the business owners. So do the investors. The banks take in these deposits and they hold it for us. And then they lend out money to employees, self-employed individuals, business owners, and investor. They're just they're touching and controlling the money way more than the other four players in the money game. And so the whole idea behind the concept is if we know we're going to finance major things in life, vehicles, real estate, investments, college educations, weddings, whatever it is, wouldn't it kind of make sense to start your own private banking system to where you as a business owner or investor can tie into a system you own and control when, not if, you need to finance things in life. And then you kind of recapture and control those dollars in your life

31:23as opposed to sending out a lot of principle and interest to a banking institution that may or may not have our best interest at heart. We'll just put it that way. And
so the main idea I'm going to I'm going to just So the main idea is I we all have expenses in life, right? And we all have some sort of income coming in to pay those expenses, right? Um, the way I think about that and the way you've heard me teach is like I believe that every single person, whether they're in infinite banking or not, let's take one step back. Every single person listening to this or watching this is running a bank personally.
Yeah.
A personal bank at home. Your per and I'm just talking about your personal checking account. Why do I say your bank? Well, you have deposits coming in and you have the things going out. Withdrawals. We'll call them withdrawals. That's what banks call them. Does every person have that? Well, yeah. So in that context, you got to you got to ask yourself, well, number one, do I want to recognize that? And do I want to run a really good one or a really crappy one? And the difference at the end of your life will be millions and millions of dollars and likely the

32:25life you want or you could put your head down and avoid it. And what you're saying is there's another way, right? So you take that idea and now you go down this infinite banking route where hey, I've got there's a tool, there's a way, a strategy. It starts with the mindset of just I'm a bank. And though I'm I'm going to I'm going to think a little differently about it. And so when you start when they're when they're thinking about infinite banking, I the way you presented it, Kyle, there's not a person listening to this is going to go that makes total sense. I get it. I want to move forward. So what what's the next step of infinite banking to kind of start start thinking about, you know, that idea? If I'm like, "Okay, Kyle, I like that. I like the idea that I'm gonna have a I have a car payment now. I'm paying a bank which sucks. I don't want to do that. It doesn't s just it's annoying, right? I think paying interest to anyone's annoying. Um how give it like could you give a little like how would that work, right? Instead of paying and let's set up the scenario. I Brett and going down buying a car. Uh I'm buying a $30,000 car and I'm going to put five grand down and I'm going to

33:28have a $500 a month car payment or whatever it is. Uh and my interest rate is 8% today. We'll just That's probably pretty close if I have average credit today um on a used car. All right. So, that's one option. 500 a month. I get that. That's that's the option that the world views is the only option. Now, how would Kyle how would that work if I had this mindset lifestyle strategy put together? How is it different?
Yeah. So, I think it kind of goes in three three phases. Number one, you got to get the banker's mentality down first. If we can think like a banker, we're already going to start looking at money differently. And then the next thing that we really got to get dialed in on is there are rules to banking, right? Just like there are rules to investing. Like you want to follow a criteria. So there's rules to this infinite banking concept you want to follow. And then the last piece, which is unfortunately the most piece that's talked about most frequently, is the product that we're going to use to build our banking system on. And what Nelson Nash, who wrote the book Become Your Own Banker, identified was because he got in

34:30a real estate pinch a long time ago back in the 80s. And so he had this a bunch of debt he owed on real estate at, you know, really high 23 and a half% interest rates. And he's kind of like, where am I going to get the money or the the person who's going to buy this from me? And he was kind of like trying to figure out what to do. And then he realized, I've been paying these large insurance premiums for a number of years. and he could go borrow against his cash value from the life insurance company at like really favorable interest rates. And so that's when he's kind of like, what I just did is I just borrowed for my life insurance policies to pay off the real estate and then he just became the banker and paid back those policies. And that's where the idea was formed was really back in the 80s with a product that's been around well over 150 years. And so the way I think about this is if you got the banker's mentality, then there's certain rules you want to follow. And if you insert a whole life insurance policy, not your standard whole life, it's got to be properly designed with the right carrier. And you need a team to run with you so they can show you really how to

35:33use life insurance. A lot of people own life insurance, Brett, but they do not use life insurance. And so the situation,
Hold on, let's pause. That's a that's a huge point. I want to pause there. A lot of people just because you own a tool. There's lots of tools like I got I got a Roth IRA. Well, I'm like, well, do you have it self-directed? Okay. Well, you're at level one and you know there's level 10 in this game. And so it it just because you got it. Uh even so I I'll I I'll be the first example here. So I had a really large policy before I met you and I would say on the one to 10 scale 10 being you know ultimate black belt knowledge I could trade seats with you and teach this one being I have a policy I think I was operating at a three
right like I had a policy and I was doing things um but it was it was like kindergarten level stuff and when I met you and I sat down I remember we were sitting at Charleston I'll never forget I was like no dude pull out your I want I'm here as a student and I'm here to alert. You go. And you went off for like 90 minutes. I was like, whoa, there's a

36:35whole different world. So, just right there, just because you have a tool, if you don't understand it and how to maximize it and right, and how it could actually be meaningful, you're not even in the game. You're just, you know, and it's that saying we have be well. I said most people's lives, people listening this and watching this, their financial lives are junk drawer. I wish I could whip around and show you my junk drawer behind them up by cabin. Um, and it's not that the stuff in my junk drawer, Kyle, if I was to show it to you, you would go, "Well, that's not junk. I mean, there's a scissors and a tape measure and keys to stuff." And we've got 10,000 keys, and I don't know what any of them are, but they're in there just in case, you know, we're ever going to have a problem. Um, but so I've got this junk drawer, but most people's financial lives are just like that. They got a drawer of stuff. Oh, I've got a life insurance policy. Oh, underneath that's an annuity. Oh, there's the Roth. You know, there's this other thing. Well, there's my bonds that my, you know, my parents gave me. I got a I got a I got a 30. They got all this stuff. Oh, I got an umbrella policy. Got one of those. Got just And no one's ever gone

37:38into the I've got all these insurance things that are overlapping. And And how many times have you gone to the junk drawer and organized it? Not that it's junk. And then actually said, "Okay, each thing in here, I'm actually going to learn how to use it." And so, I just want people to stop there. If you've got a if you've got a whole life policy, if you've got an umbrella policy, if you've got a go understand what do I have? Cool. What are my options? And don't, by the way, the person that you're talking to may, right? Like if you're dealing with a normal, you know, financial adviser, keep in mind, you got to also ask how they're compensated, right? That financial adviser wants you just to put more money with them and they're going to get and they're never going to say, "Don't ever pull. Don't self-direct it and put it into something that you know really well because that'd be crazy. I wouldn't get paid." Um, sure it reduces your risk. It lands you where you want to get in the future. So, I just love what you said that people might even have a whole they might even have a version of the right policy, but do you even know what you have? And then do you know how to use it? So, that was my little rant. I think it was such a good point you made. You I had the right pol I had all the right stuff.

38:43Policy design, I I had the right thing, but without the right education doesn't matter because I'm not using it right. And I'm not going to maximize my opportunity. So, I just wonder if you'll keep going.
Well said. It's the same with real estate, right, Brett? A lot of people own real estate, but they don't use it. They don't cost segregate it. They don't create cash flow. You might not exchange. Like, there's so many things you can do with these assets, and it's why you need that wealth team working alongside you. So, that family office mindset, which we love. So, when you got the banker's mentality, you kind of know what rules you're going to be following with this banking system. When you you can save money a lot of different places. A checking account, savings account. There's a lot of liquid safe assets you can use. And this is where the biggest misconception of life insurance comes into play. And the first time I ever heard you talk about life insurance, I knew you knew what you were talking about because you got up in front of the room, you showed a 10-year-old policy that you have. By the way, everyone when they see 10-year-old whole life, they're like, I want that. They just aren't willing to go through the first three years to get to the 10. It's the same thing in business, right?

39:46I love watching Brett teach. I don't want to go through the first three to five years that he went through to get there, but I want what he has now. And that's just human behavior, right? And so, yeah, you you you hopped up in the front of the room and you said, "Listen, I'm just going to tell you, if you look at this asset as an investment, you're never going to end up buying it because you won't understand it." And I was like, "Bingo. That's it. Life insurance is not an investment grade vehicle. If you look at how it's built and the benefits that are in it, it is nothing more than a liquid safe asset that has death benefits built into it as well. So, we'd never call it an investment. And the banks know this, by the way. So, it has more to do with a foundational asset. And once you see it there, then you start to go, "Oh my gosh, this is like the greatest tool to build a banking system off of because it has certain benefits you just will not get in any other liquid safe asset. It just gives you some advantages to the money game. So to your point, now we're saving money with whole life. We still have a

40:49checking account, but I might put more of my long-term wealth of whole life. And now I need to finance a vehicle. So I got two options. I can go the most typical route, which is walk down to a financial institution, borrow at 8% and we pay them interest payments. And here's where like my parents were saying, "Listen, we don't we don't borrow money, right? We are the pay cash family because paying cash is more efficient." And this rocked my world when I learned this from that orthodontist 11 years ago. He said, 'When you pay cash and you give up that $30,000 for that vehicle, yeah, we're not making interest payments, but that cash is gone forever. It's out of our personal economy forever. And that carries what's called an interest cost, which means what could we have earned on that $30,000, assuming I could keep control of it and earn interest on it for however much more time I have on this earth, which for me is probably 65 to 70 more years. That's a long time to give up an interest cost. It's hundreds of

41:51thousands of dollars. And so here's how this plays out, Brett. We have three options now. If we're going to assume the banker role, you can be the saver and you can save up money and deplete your accounts down to zero, constantly interrupting any potential growth, which a lot of people are doing. Or you can go into debt and make payments back to a financial institution and also have nothing to show for it after driving and owning multiple vehicles. If you start saving with whole life insurance, there's a benefit in there called the flexible loan provision, which allows you to say, "Hey, insurance carrier, I've got $30,000 in this policy in cash value, and it's growing net of taxes like 3 to 4% every year," which is like incredible for a liquid, safe asset. And instead of pulling the cash value out of the policy, what we might do is say, "Hey, would you lend me money from your general portfolio, that's the insurance carrier and let my money sit in the policy continually earning interest." So, you are using a loan. You walk over to the dealership, pay for the car cash,

42:54and now this is where the rules of banking come into play. You got to make the same payments I would have paid to a financial institution. We're just going to send it back to where we actually have some ownership of now, like you said. And if we do that over four or five years, the growth inside that policy is now at a new high when we're done refilling that loan. And you go do it again and you do this again and again. And so here's the average numbers, Brett. The average American will drive about 13 vehicles in their lifetime, spend roughly $400,000 doing that, and they will have nothing to show for it at the end of that time period. If if you utilize the infinite banking concept with properly structured whole life, you could spend the same 400 grand and have at least a million dollars in your control based off kind of when you're starting this. Now, that's a huge difference. And what God Yeah. Should we stop there for a second?
No. No. I was just say like that's not like nothing, right? I I go from zero to a million on something we're all going to do is a massive change. And we're

43:58talking just about cars. Like you're not going any other areas. You're just you're talking about just cars. And a lot of people will start by re redirecting the flow of money for like some debt they have or large purchases like vehicles. Where it gets fun is where like how you're using it, Brett, is you're using policies to go out and fund investments. You see, when you got that system working to now create cash flow, you kind of get the best of both worlds. You get the strongest, in my opinion, the strongest foundational asset working really hard for you
and then you you've got your investing game dialed in. When those two components are working together, you're you're unstoppable. And well, I think what people miss Kyle, to your point, so I just want to go back to this or keep going and I want to go back to how this transaction I want to anchor a couple points.
Yeah. Let me just the piece that got me so excited is I'm a big family guy and so when I saw this I'm like okay if we could control all the flow of money in our life which is different bankers think about controlling the flow of money investors and business owners we think about creating new money right like that's what we want to do and so if

45:01I said my wife and I Diane if we could get just control all the principal interest payments that flow through our life that's going to keep way more money in our control when you take that to a family level we got four young kids now, but we've been working at this for 11 years. So there will and that means all my siblings, all 10 of my siblings, my parents are involved with this now. We have built a family banking business now that when any Fuller born in the next generations, when any of them need a vehicle to finance, they will never go outside the family for financing. They'll come into the family and all of the principal and interest for every vehicle purchased now and any future generation will stay within our family's wealth generation to generation. Now, that took us 10 years to build it. I'll tell you the next 10 years is we're going after all the mortgages next. And it has nothing to do with investing. It has everything to do with control. Now, you got to have the right conversations, contracts in place. But you know, I told

46:03you earlier on in my life, my family, money was kind of a taboo subject. Brett, we're like this now. Our family's tight. Our family's tough. We talk about these things. We rely on each other. And it's a concept we call interdependence. We're all working, you know, in our own separate families, but we operate as a strong family unit. And that is a wealthy family mindset. So, I want to go back to your example. So, Kyle, the the average person, I was doing the payments. Um, that car, $30,000 car. We put five grand down, $25,000 borrowed, 8% interest. I did it over 5 years, you know, normal payment. It's 500 bucks, $56 a month. So, like you said, the option are pay cash, write a check for the full 30. In this case, I put I wrote a check for five grand down, went to Chase or wherever, and got a loan. Uh, and you described instead, you're going to go to the to your the carrier, right? You go to your life insurance company, you borrow from them, and instead of paying Chase, I'm just going to send a check to the carrier, right? Same $56,

47:06but I'm borrowing at much more favorable terms usually from the carrier. Correct. And because it's and walk them through why like why can why is Chase charging me eight yet I go to my life insurance company and I'm paying le why why is that?
That's a great question. It's a risk conversation. So when when I have cash value in my whole life insurance contracts, uh the carrier, they know because they built the product that I'm purchasing from them, right? So they kind of know Kyle's got $100,000 in cash value here. So if I say, "Hey, I want a loan for 50." They're like, "Where do you want this thing?" Like they know I'm good for it. It's right there. They've got the financials.
Now cash. In other words, if it Yeah. So they It's pretty easy to load against cash because if you don't pay, they just go, "Right. I mean, not a complicated thing on there. You're guaranteeing it essentially with cash.
It is the safest place for the insurance companies to lend because my policy is literally sitting with them, right? So, I'm fully collateralized and cash is the

48:10is the best source of collateral for loans. You got someone with a ton of cash, that's a very safe bet. Now, if the the loan provisions, which is this is they're called unstructured loans. So, there is no amortization schedule. you basically have an interestonly loan that you could extend for 30 years if you want it. So really favorable. And this is why you have to get your rules of banking down cuz that can bite you if you're not disciplined. You don't got tough money habits. And so now real quick, I want to be clear on the criteria of this loan, Kyle. When I go to Chase, like I got to provide them stuff and my credit and based on my credit, my loan cost is going to vary based on my credit pro, my depth of my credit, my employment. But let's just say I if I just lost my job and my credit's impacted and I go to Chase, I may be able to get a car loan, but it's not going to be at 8%. It's going to be like hard money and it's going to be 13 or I'm going to have to go to a shark on my So, same scenario though over here. The loan rates are the same for everyone. They're just the best rate because it's cash. So, if I've lost my

49:11job, got crappy credit or whatever, I still get favorable treatment because it's a different and I think that's a huge point. People don't get that that these loans you could do whenever and it's not based on it's based on the policy you have not the individual.
Absolutely. So there is no credit check. They don't ask you what you're using it for and there is no amortization. So when we're helping people build tough money habits, this is why keeping a certain amount of cash reserves liquid in your policies is so important. The best time to borrow money from a bank is when you don't have to prove that you need it, right? when times when times are good, that's when you want to go use the banks. And now I'll use policy loans for a lot of things, but a lot of my policy cash values. Uh I heard you use the words recently like this is the liquidity reserve and we don't use it for anything unless our family has to eat. Like that's like that's when you'd go dip into this. It's there to protect you. So, if I get into a position where I've jeopardized something and I have no other options, I lost my income, no job, no credit, it's destroyed, I could still

50:16go to the insurance company with no questions asked and get a policy loan to float myself through a 2008. And you know, the individuals that learn this later in life, this is when you start hearing things like, "Had I had known this stuff 20 years ago, things would be much different today." And so the loan provision is unbelievably uh advantageous to you as a business owner, as an investor, because you essentially get to create how and when you're going to pay these things back really favorable terms. So So now we've got our we got our loan set up. So I'm aiming the $500 back at my bank. So at the end of this 60 months, I've net dollars paid the same, right? I would have paid Chase and I paid my policy. However, when I paid Chase, I've got a car. When I paid over here, I also have a car. But when I Chase, the money's gone. Now, I paid on my policy, that loan now was paid off early because it was at a lower rate. Actually, essentially, I paid it off sooner to But the overage got to go into my policy.
Correct.

51:18
Right. And so I ended up with an asset that I could use for the next one. Right. Like I've got on one scenario I'm left with nothing in a car that's, you know, I bought it for 30. Hopefully 5 years from now it's worth 10. You know, that'd be amazing. Um I go over here, I still have the $10,000 car, but I also have the 30 plus the interest, but by the way, that entire time my policy was still earning the 3 or 4%. Correct. Out there, whatever. Like it's still in play with the carrier.
Yep. every every level
in a guaranteed contract. So, when I was buying this stuff uh 11 years ago, interest rates were still extremely low. You couldn't find places to store cash that had any type of yield, but insurance companies have been offering it for hundreds of years. It's it's sitting right there. But because the education bread is just not there, people think like, oh, 3 to 4% net rate of return, I'll just go buy real estate at 8. I'll go to the stock

52:20market for nine. Whatever it is, those are investments. We're talking about where you hold money. And specifically with a banker's mentality, when that light bulb moment goes off, everything will change for someone financially. It's like Gary's got that path of money, you can do four things. Spend, donate, hold, and invest. Most people where they hold wealth, Brett, liquid safe assets, it works. It's barely working for them. They keep it in such inefficient environments. That's why people hate to save because they never see their savings do anything. But I got policies that a lot of times some of my policies will beat people's investments and it's not even an investment. It's a guaranteed contract. And that to me makes me a tougher investor as well. If I got this account that I can hold cash in that always goes up regardless of what's going on economically, I'm getting wealthier every year. And not if, but when the opportunities come along, the resorts, we have cash or capital to go put down on these properties, make a big return. What are we doing with that return? It's going to

53:23go right back into our banking system, and we're going to keep this cycle going.
Well, I love where you went. you went right where I was going to go, which is people also when you have the ability to pay cash for something versus financing it, there are times where you can get a better deal. Um, the way I was able to buy this resort is there was there were people that were willing to pay more money than me. But I said, I'll tell you what I'll do. I'll close in cash. I I can close in three weeks. And they were like, so they for and it this was not a small sum of money we're talking about. Um, it was significant, but because I had the type of policy you're talking about and I've been doing it, you know, my first one's now, gosh, what is it now? My first one's 12 or 13 years old and I got a second one with you that's pretty big that's three or four years in. But those and then I've got them on my kids and you know, so all those combined, you know, I've got access to such a tremendous amount of cash that when you want to go do a deal, you you can save money, right? Like there's times where speed and efficiency matters, right? Someone needs, hey, I'll sell my house for $300,000. Cool. It's

54:26going to take me 45 days to do a loan. And they're like, dude, I'm in foreclosure. I'm going to I need to close in two weeks. Well, cool. I can't pay 300 in that time, but I could pay 270 and I could close in a week. Well, what did we just do there? We made $30,000 just because we had the right structure. Now, what's that return, Kyle? like how I mean when you're saving I mean it's ins and in 45 days or in this case it's only for 5 weeks you made 30 grand on the same thing you were going to do it's it's a pretty the numbers are going to be pretty staggering on that so I think number one capturing all the flows of your money is great but then you start investing it or you're you're using it as a vehicle to back up kind of be a foundational lever that you can pull in your investing and I think I mean that's we're getting into a different a higher level conversation It all links. But it starts with to your point, you're you're saving your money somewhere. You could put it in, you know, most savings accounts pay, you know, now they're paying a little if you have them right. But, you know, the other thing,

55:28Kyle, the vast majority of folks don't know that interest rates today on a savings account are, as we're the day we're filming, it's around low threes, right? Three and a half, three and a quarter. You might find some place that's four, you know, and they're trying to just capture customers, but people don't realize that that's today. But there are some folks even hear that they're getting zero or they're getting 04% and some and so just when you say these numbers I I to your point I'll hear someone go uh oh but it's only 3 or 4%. I'm like well first of all it's it's after tax so let's start there.
Yeah. Secondly, it it's not an investment if you just got it. This is a savings vehicle where you're flowing in money you would have done. You you were storing it somewhere and so it's just you're changing the storage place and it it's a benefits conversation. I think most people are not maximizing the benefits they deserve with where they hold cash. So, you know, you you really helped educate me on I had a lot of accounts at Chase Bank and I remember you coached me and you were like, "Hey, why do you have all these accounts here? You should find a smaller regional bank that's more relationshipbased. Like,

56:31they'll actually get to know you. They're going to pay you more money because they want to incentivize you to move your money there." And they're just easier to work with. Even if you're I mean, a big player, you're still nobody just a bank like Chase, you know, like you have to be massive. And so you you get tough money habits by finding more efficient places to store short-term wealth. Well, the benefits I get with a a savings account and a checking account, which we have to use to operate, you get liquidity, like it's accessible, you get safety, and hopefully you get some type of yield. The yield I was getting with the regional bank you clued me on to was way more than I was getting at Chase. So, I got an extra benefit by going over there. The reason I sto store store most of my long-term cash and life insurance is because they give me a contract that's guaranteed for the rest of my life. That's a long time to get a guaranteed contract. Uh it's completely liquid. It's private. So very few people have seen my full system of of insurance policies. You're one of them, my estate planner, my brother, my wife. But it's a

57:33very private asset class. It's got a really competitive yield, 3 to 4% net every year. If you're in a 30 40% tax bracket, that's like six 7% and you get that locked in forever. And then you have this loan provision that you can borrow against those cash values on unstructured terms. It's phenomenal. You also get death benefit. You get legacy. So at the same time I'm buying investments, I'm buying vehicles, we're doing family vacations, we're repaying our banking system, my legacy for the next generation is also being created at the same time. And not everyone's into that multi-generational wealth piece, Brett. One of the cool things about whole life as well is you get these things like really funded. When you're if your plan is to retire, you can convert these policies into passive income streams. They're a huge supplement to your Roth IRA, whatever other investment vehicles you have. We have clients that don't they don't want to leave anything for the next

58:35generation or maybe they don't have kids like you and I do. Hey, build up this banking policy and then spend that thing down in the later years and have a blast doing it. Your checking account will just never do that. And so it becomes a benefits conversation. It's just a more efficient place to hold wealth just like you said.
You know, and there are there's so many things we can't get into the other benefits that you're touching on right here. Right. That part where everyone's going to leave a legacy. Just which one will you leave? Right. And you know when some people say like I'll hear that Kyle sometimes go say I don't have kids so what's I go well do you have things you care about on this planet? You got something you care about. you care about saving the, you know, the seagulls or do you care about some environmental cause or you care about some fine give it to them, right? Or to your point, spend it down and give them part of it, but like it gives you all these other options to think about. So Kyle, you've went down this journey now for a long period of time studying wealth, teaching this now and helping people build these policies that get them exactly what they want.

59:38And so tell me today when you look at that library and this long experience that you've got to have and this great opportunity of seeing what didn't work with money, what did when you look at it today, what does wealth mean to you now? Uh wealth to me means abundance and or excellence in all areas of life. So like I got a strong spiritual purpose in my life. Like I look at like the American landscape. We live in the wealthiest country in the history of the world, Brett. And we have so much income and opportunity available to us, but the average savings rate of Americans is less than 5%. We make all this money. We just don't keep any of it. And if we,
by the way, it's not even five. It's like it's like less than four. And it's it's doing this right now, right? We're we were at five. Now we're you know the same. We're literally like I I bet you if they and I bet you the next report comes out it'll be under three for the average American. Less than 3%. They said
I I think you're right. And so it's one of those things like and we hear it all

1:00:39the time. I want to invest Brett. How I want to invest. But if we don't get our path of money down, how much you're spending, how much you're donating, which is next one is how much you're holding or saving. If you can't get the third piece, you don't get to do any of the cool stuff at the end. You'll never be in the position to invest. And Gary's got a great quote uh from the millionaire real estate investor. What you do in the beginning of your money will dictate what you can do with it at the end. And if we the front part of our money, we never get to do the really cool stuff. And it starts with savings. And so our company's on a mission to help impact Americans, help them increase how much they saved, where they store it to get them more benefits. And once they're there, that's part of our tough money curriculum. And so that for me is like the spiritual part. So that's part of being wealthy is having a strong mission in this life. Um, and then, you know, having the personal health. I need the money to to pay for my garage gym, gym memberships. I want to eat good foods. I want to have good mental relationships with myself, physical relationship, and then I'm a big family guy. So, the family experiences. We were

1:01:43talking earlier about uh you sent me a picture with one of your sons. You and him were on a vacation, just the two of you. And you said, "I I I hope you, you know, be thinking about doing this." And I was like, "How young should I start doing this?" And you said, "Knowing what I know now, I wish I would have done this earlier." So, you know, things like that, that's wealth. It's the experiences of life. It's the relationships in all areas of life. And, you know, I love what I do for an occupation. I'll never stop doing this. I'll always teach in some facet. And so, that to me is what wealthy is. When you have all those areas of life really dialed in, going, that's when you wake up and every day you just love every second of every day because it's fulfilled. It's abundant. And if you can if you can live that that's a life you never want to retire from. Gosh that's um you know it's I ask this question to everybody. What does wealth mean to them? Bright and I never get an answer that it was about the accumulation of the asset. Like it's never like well money is this thing that I like it's always the other things that matter that make life you know really really rich. Uh I think that people also

1:02:46realize what good you could do with money. And just an example of my own life, you know, you know this that my, you know, my dad had this emergency back surgery about over a year ago and he was in this near our small town where I grew up and we're in like a, you know, like a regional small town hospital for an emergency fusion back surgery. Uh, Kyle, they don't have the resources, right? So, you're kind of get what you get and they want to get you out of there. There was no recovery facility. Um, and I had to bring like an air ambulance, like a plane in the sky to medically airvac him to the Mayo Clinic and just get him out of there. And, you know, it was against the doctor's wishes and I had to sign something that if he, you know, if he doesn't make it, it's on me and I'm his healthcare power of attorney. So, there's a lot of hard decision-m um, but it saved his life. And so, having the money, if I didn't have the money, you know, we I just got to I've got to do whatever. I mean, we're just there, right? It just is. And so, I mean, I was able to make a decision in seconds and go that this reality is not our reality.
Yeah.
Uh, I'm not doing it. And and it literally and we're about to get him to

1:03:48walk again here soon. And from, you know, like he might not be here. And so, just an example of money, right? Like, you never know when you're going to need it. It's actually not all the things about buying a Maserati or all the crap that you might see on Facebook or Instagram, wherever you go, your social media that try to live, you know, someone else's life. It's none of those things. It's shared experiences, taking care of those you love, leaving a legacy in whatever manner you want, and living I love your five areas uh of wealth conversation. I think it's so important. So, you know, as K we're wrapping up here, um you know, talk us through at the end here. I want to go through some I want to go through like these questions I ask everyone. Um top three books that most impacted your life. Love it. We still read these every year for our company. So, every January we read The One Thing by Gary Keller. Uh, I was making $60,000 a year as an insurance agent. And when I picked up that book and applied it, it took me

1:04:50from 60 grand to a quarter of a million in less than 12 months. And so, oh, that book was like, you just cut out all the nonsense. You go all in on the one thing. And so, we read that book every January as a team. and you get new insights every time you read it because you're growing. So that was the first one. The second one is the compound effect. Um and so we read that every February as a team. I believe that's by Darren Hardy.
Yeah, that's an applicable life rule to everything. Health, spirituality, wealth. Just get 1% better every day. You give yourself some time and you start to separate yourself from who you used to be and who you're becoming. And you also separate from the herd, right? Um, and so time and consistency. And then the third one is the go-giver. Um, the go-giver. And that's one of my personal favorites. It's it's a lifestyle, right? It's like I love to take people to lunch. I enjoy being at the table and I want to be the one that picks up the bill because that's something that gives me fulfillment. Like I love to connect with people. And

1:05:52the whole premise behind it is like just give more value than you're ever going to get compensated for and just live your life that way. every interaction you have with a human being, leave them with more value than you would ever get compensated for. And you just start looking at people differently, relationships differently. And so those are the three that we read January, February, March of every year. We've been doing it for the last 6 years now. And those would be the three that I think really impacted most things for me.
Who's the go-giver author? Um, it is. Let me find it. And I might be able to snag I might be able to snag it real quick.
Bob Burg.
Bob Burg. All right. I love it.
Bob.
Those three book, by the way, I read the uh I'm two of three on my annual reading list. Uh the one thing by Gary um is super special to me. Uh is I got to sit in his masterminds for the decade or longer leading into that and I got to see a lot of um he was teaching that material. A lot of the way he writes a

1:06:53book is, you know, they do the research and they do all that, but he believes you take that and then you start teaching it. You start teaching the concepts inside the book. So, I got to live the concepts and then the book came out. You're like, "Oh my god, it it's just um that's one of my favorite books. It's definitely one of my most recommended books." Um, all right, Kyle, little different question. Best purchase last 12 months under $200. It's most improved your life. Yeah, this one this one's interesting. I think it's just a phase of life. So, you know, we have a lot of people reaching out to us, Brett, asking us to come out and bring infinite banking education, our tough money curriculum. And so, I'm traveling what I think is a lot right now. And so, I have like a $5 little like covers your eyes when you sleep. I don't ever wear these, but I got them because every hotel room's a little bit different. And it's made my sleep so much better. And so that little $ five dollar thing has added a lot of value to my life recently. So that that's the one that I came up with is

1:07:56
Oh, I uh I love that one. I I can tell I'm in the IMAS game, Kyle. Mine's $11. Um but I couldn't live with I mean, I've tested all of them, right? Cuz I'm a nerd. Uh I love that one. All right. So, as we wrap up, Kyle, I want you to go and imagine you're talking to your 21-year-old self, and you're going to give him a a 60-second just all the lessons you can distill about this journey you've went on. What do you say to your 21-year-old self? Yeah. I think what I would go back and and tell my 21-year-old self is like, you know, we did it and you got to just do it now. You're you're going to have fear. You just can't have any doubt. That's what I would do.
You're going to have fear, but you don't need to have how do you say it? You're going to have fear, but you don't need to have any doubt.
You're going to have fear, but you can't have any doubt. what we committed to do. We are doing it. We're on the path. It's

1:08:58going the direction we want it to go. You're going to be scared every day you're doing it. You just can't have any doubt. You can be afraid. You just can't have any doubt.
Yeah, Kyle, that is so good. So, before we wrap here, I want to say a couple things. You mentioned this Tough Money, you know, workshop that you guys have built. Um, if someone's, if the listeners are out there, they want to bring that workshop, whether that's a group of dentists, whether that's a real estate office, whether that's whatever, you go out and bring this three-hour workshop, which people leave there just understanding how to use, I'm going to use your language, how to get tough with their money, how to have tough money. Um, give us a short version. What does that workshop, what does that look like if you when you go out there and do that? Yeah. So, we have uh we lead with a few banking concepts up front. We call it the vacation. Once you kind of see some of like what does it look like when you are the banker, I think people get really excited like, "Okay, that's Bora Bora. How do I go there, Brett?" Well, you got to start saving some money. We

1:09:59got to start prepping for that vacation, right? And so, we usually lead with like 90 minutes of infinite banking to kind of show them some really cool things they can do with their money. And then, naturally, it's like, "Okay, well, what do we have to do to get that done?" And that jumps into a series of conversations around how much do you need to be saving? How much cash reserves do you need to be holding? Do you understand your debt to income ratio? Are you holding wealth in the right environments? And we go through what we call the five most important financial questions. And that's what the workbook entails. So those questions, Brett, are do you know how much passive income you need to be earning to live the life you've always wanted? That's our big question. Question two is, do you know how much you should be saving to achieve your passive income goal? Question three is, do you know how much cash reserves you need to be holding to guarantee your protection and opportunities when events happen? Question four is, with the current environment where you hold money, are you maximizing the benefits you deserve? And the fifth question is, if you had to

1:11:02rate your current money management habits, would you say, I don't have any. They're weak. they're average, strong, or can you confidently say, "I've got really tough money management habits." And the workbook will allow you to write your own wealth story into it so you know for sure that you have all of those things dialed in. If those things are dialed in, you will be successful at infinite banking. If those things are dialed in, you will be successful as a business owner and as an investor, an employee, self-employed. Tough money is very universal. And so that's kind of what they can expect. It's our one piece of educational uh curriculum, Brett, that we get more of our adult clients bringing their teenagers back for round two because they're like, if I would have had this at 15 18, things would be much different. We would have more millions more in our control today.
That's so it's so good. And so Kyle, if if people want more more Kyle, more Factum, or they want to bring the Tough Money Workshop out to them, where should they reach out to you?

1:12:05
Uh, I'm I'm probably most active on Facebook, so they can just find me, Kyle Fuller, on Facebook. You'll see my background picture. It's our authentic family picture where all the kids are crying. It's not staged and everyone's happy. That's how family pictures go with young kids. And so you you'll see it right away. You can go to our website, factumfinancial.com. will come right up. Um, yeah, there's a few different ways. We're on social media, website, and I'm sure you'll link everything below on this episode as well. Yep, we'll put everything else in the show notes. Kyle, uh, thanks for being such a rockstar, man. I got to have you back and we got to dig in. We'll go deeper in the tough money, but thanks for all you do to educate so many and I I greatly appreciate your time. Thanks so much for all of our listeners. Go out, have a huge week, and we'll see you back here next week for our next episode. Go out, be wealthy. See you next time.