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Welcome to the Infinite Mindset Podcast,
the show where we explore the power of
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the infinite banking concept and how to
take control of your financial future.
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I'm your host Andy, along with
Scott and frequent guest Jared.
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We're here to help you think
bigger, build smarter, and
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create freedom on your own terms.
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Let's get started.
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Welcome everyone to another episode
of the Infinite Mindset Podcast.
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It's myself, Scott, and Jared Again,
we'll be talking about product versus
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process, but before we do that, Scott,
if you wanna give us an update on where
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you're at and becoming a practitioner.
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For test complete, We got that
done at the end of our last
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podcast, with all the struggles and
internet connectivity and stuff.
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But, hot spotted from the
phone, got the test done.
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It was like 89, 90, something like that.
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I don't know, it was right
in that area, but, hopped on,
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applied, applied for the license.
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I got the confirmation email and
I gotta do the fingerprints yet.
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So that's all done, everything should
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Okay, cool.
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So then, and then you're done with that
and you'll be reaching out to the n
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and I for the interview, is that right?
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correct.
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Yep.
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cool.
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All right.
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Hopefully that will get, be, get going and
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guy that I talked to about being
a mentor message and let him
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know that that's all done too.
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So, but
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Good deal.
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hard part's over,
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Done, man.
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Kudos
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you should say the, the,
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Yeah.
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hard part's over.
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So.
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state.
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Hard part.
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Yep.
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the,
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let's the, the, the not
so fun part is over.
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Now we get to actually get into
the more IBC related stuff.
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So I guess that's what I really
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That's right.
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was
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Yep.
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It's just an obstacle.
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Once you get past that, and I get it,
you know, you have to have some kind
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of barrier to entry to make sure that
you have people that are somewhat
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educated, although it's a very low bar,
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It's, yeah.
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but now you able to get properly
educated on what's going on.
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I was like three quarters
freaking out over the test.
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'cause I was like, man, there's
just all this other stuff to know.
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And it's like, after I took
the test, I was like, okay.
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It hundred, I think it was 105 questions.
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It was 105 questions, and they
threw like five questions out.
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I don't know what the deal was with that.
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I mean, it's like, okay, you gotta get
a 70, we'll give you 105 questions, but
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we'll throw like five wrong ones out.
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Or I, I don't know what that
was all about, but anyhow.
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Yeah, I wonder if they're testing
stuff for like a new question
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bank or something like that.
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You're the Guinea pig form.
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yeah, So, but yeah, it was,
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Yeah,
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there's a significant difference
between what we talk about here
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and what that test was all about.
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So
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Yeah, I can totally get that.
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Concur.
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Yep.
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Cool.
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Jared, I'll hand it off to you,
man, since you're running this one.
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So if you wanna take it away.
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Cool.
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You got it.
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Well, this time we were gonna
chat about product versus process.
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So, just wanted to kind of, you know,
lay some of the groundwork for that, you
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know, the, the in, in order to understand.
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The difference, I'm sorry.
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In order to understand IBC truly, it's
important to understand the difference
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between the product and the process.
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But even before that, kind of
opening up with a joke, right?
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A, a man walks into the library
and asks the librarian, do
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you have any books on wisdom?
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And the librarian asks, yes,
but they're all checked out.
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And they never seem to come back.
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So, you know, kind of the idea is
where do you, where do you seek and
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find this wisdom that you're after?
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I mean, I think that's one of the ideas
of, of what this podcast tries to provide
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is a different look, a different spin.
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So, you know, when, when seeking
the wisdom, where do you reach for?
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And, um, you know, the, the idea
for me was do you, do you go after
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this old weathered man, or is this
newly minted rookie, you know.
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I think we both know the answer.
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I think we all know what the answer is.
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You clearly want that weathered man,
that weathered, you know, the person
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that's been through this process before.
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but we live in, we live in a world
of immediate gratification, right?
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So you know the answer.
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You might be able to find through
a quick AI search, you might be
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able to find some YouTube videos.
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but do those answers provide wisdom
or do those answers provide noise?
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the, the best description I could come
up with is that, you know, the old
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weathered man, provides an answer to
the question that is quiet, is scarred
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from experience, and is found in just
a couple of short sentences that.
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The answer feels obvious
after you've lived it.
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You know, the words are
like, they're like oak.
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They're slow and dense and hard
to burn, and this, this kind of
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imaging was something I came up
with that I really, really liked.
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If you're sitting around a campfire
all night, you know, that smelled,
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that's on you at the end of the night.
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Yeah, that smell, that's how
you can recognize wisdom.
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Someone that's been through it,
someone that's lived it, someone
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that's been a part of it, and, and
not just someone that talks about
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LED lights that look like fire.
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so even before we just talk about this
whole process, I just wanted to lay
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the groundwork a little that, you know,
seek the wisdom, seek out the person
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that's going through this, you know,
you know what your path looks like
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on on your plan, on what's up ahead.
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Seek, seek someone out that's, that's
been through it or been a part of it.
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Guys, any, any comments or any
thoughts just on laying the groundwork?
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Yeah.
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So for me, I think that's a great point.
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I think people want those immediate
answers and gratification.
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so I just wanna reiterate that, you know,
this was a 10 hour seminar put into a
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book, and then if you look at the back of
the book, look at all the recommendations
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that Nelson puts out there to read.
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And so, it's kind of your point.
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I do like doing a quick search of
something, but it's more or less to get an
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overview of what I'm about to dive into.
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But I don't stop there.
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So, you know, if somebody's interested
in IBC or, they want know what's
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going on and they want that quick,
you know, AI synopsis for a paragraph.
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not gonna give you all the detail,
but it's gonna be like, okay,
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what am I about to learn about?
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You haven't actually learned
anything at that point.
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All you've done is, you know,
shine the light on what you're
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about to actually look into.
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And the way that I compare this
as well who's ever out there?
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Think about something that you are
an expert in, because all of us
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are an expert in something, right?
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Do a Google search or YouTube search
on that, and then see what comes up.
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then you'll probably smile and go,
well, what did this actually capture?
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What's wrong?
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What's right?
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What are people missing
by doing it this way?
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And now think about IBC
and do the same thing.
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If you're new to this, or even
if you know what's going on, just
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realize there's a lot more to it
than what you're seeing there.
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So it's really important to go to a
trusted source and do that deep dive
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into it to understand what's going on.
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Yep, completely agree.
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So, so when we think about the difference
between the product and the process,
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let's use an example just to kind
of lay, lay the groundwork for that.
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And, and in this case, I used a, a cake
and not just because I'm a, a foodie or
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a, a fat kid at heart, but just 'cause
it helps me understand the difference.
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So let's compare you.
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The product versus process, broken down
into four different type of aspects for,
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for the cake, the what it is, the cost,
the improvement, and then the success.
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So remember, the product is the cake.
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That's what you get at the end.
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It's the tangible, it's what you can see.
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It's measurable.
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It's the object being created
and delivered, whereas
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the process is the recipe.
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It's the how you get there.
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It's the, the sequence of
actions or the methodology.
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So, you know, you've got a
difference there in the product.
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And the product just in what is
being, what is being produced.
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if you go even further now, and you
look at, you know, same example for
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the cake, the product, who pays for it?
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What's the cost of that?
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Well, the, the customer
is gonna pay for the cake.
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They're the one that's
paying for the final product.
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But what are some of the items that they
don't pay for or that are not included?
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Which is part of the process.
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Again, you know, the customer is not
gonna directly pay for the recipe.
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You know, they don't say, you
know, here's a couple of dollars,
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thanks for providing that recipe.
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but the final inco, the final cost of
everything that's included in the cake
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must include, you know, the cost to
run the bakery, the cost to buy the
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materials, the labor to create, and so on.
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So, again, the difference in the
cost slash value of the difference
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between product versus process.
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Then if you're gonna improve
that product versus improve the
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process, what does that look like?
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You know?
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So innovation is gonna be, on
the product side, it's gonna be a
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better taste than your competitor.
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It's gonna be more options,
size, color, customizable.
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All of that goes into the same idea.
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For the product, but what does it mean
if you improve the process where it
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means the bakery is more efficient
and the chefs are well informed
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on how to react to the unexpected?
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You know, these are just all
similar ideas as we break down
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that product versus process.
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And then last, the success.
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What does the success of the product mean?
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Well, the success of the product
means that it meets requirements.
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It's free from defects.
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The customer loves it, and they
desire to purchase the cake again.
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Whereas the success of the products,
I'm sorry, the process means that
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it's repeatable, consistently
lacking waste, and scalable.
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So again, we haven't talked even
a a minute yet about IBC yet.
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That's a perfect example to try to
highlight the difference between
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process and product in something
that's completely unrelated to IBC.
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Any, anything to add there, gents on,
you know, pick that apart or what some,
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some of the things I might have missed.
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I.
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I think it's a great analogy.
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there's many ways to make a cake, right?
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but in the end, it's really the consumer
who's gonna determine how they want
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it to taste and look and what their,
the best cake they're gonna get for
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the least amount of money or the best
value is a better way to put that.
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And so, even though there's
so many ways to arrive at that
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end goal, the key is factoring
everything in everything the total.
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You know, everything that goes
into it from the recipe all the way
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to the end, like the success and
what the customer actually wants.
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And using those best methods, tools, and
ingredients to beat out the competition.
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Right.
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in this case, the competition
is what of the products are
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there to actually practice IBC.
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That's right.
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That's right.
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the key is with IBC, whether you've
decided you want to practice it
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or you decided you wanted the cake
at the end, you see the value.
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In the cake or you see the
value in leveraging an asset
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to get your final goals.
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That's the process.
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the key is what is the best
recipe, ingredients and all
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that, or what is the best tool?
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You know, is it a whole life policy?
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And we'll get into that just a little
bit or something else to actually
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leverage to accomplish those goals.
238
00:10:04,657 --> 00:10:06,817
So I think that's a great analogy
and just another way to look at it.
239
00:10:07,988 --> 00:10:09,278
Yeah, spot on.
240
00:10:09,368 --> 00:10:13,298
You know, and the, the, the wisdom
piece that we started off with
241
00:10:13,298 --> 00:10:15,548
applies to all of this moving forward.
242
00:10:15,548 --> 00:10:19,478
You know, you just said, well,
where do you find that option?
243
00:10:19,478 --> 00:10:19,778
Right.
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00:10:19,778 --> 00:10:23,498
And, and we, we all know from our
many days and many hours in the
245
00:10:23,498 --> 00:10:25,238
cockpit how quick someone can.
246
00:10:25,458 --> 00:10:27,768
Just throw a dart and go, that's crap.
247
00:10:27,978 --> 00:10:28,758
That doesn't work.
248
00:10:28,818 --> 00:10:29,598
I don't like that.
249
00:10:29,598 --> 00:10:30,738
And they're talking about the cake.
250
00:10:30,738 --> 00:10:32,148
They know that they can make it better.
251
00:10:32,388 --> 00:10:34,128
Well, I challenge you to go do that.
252
00:10:34,128 --> 00:10:34,818
Go make it better.
253
00:10:34,848 --> 00:10:37,458
'cause a lot of the guys that
are quick to throw darts are
254
00:10:37,458 --> 00:10:38,868
not quick to pick up a shovel.
255
00:10:39,108 --> 00:10:39,378
You know?
256
00:10:39,378 --> 00:10:42,018
So like, go, go make the process, yours.
257
00:10:42,018 --> 00:10:45,798
Go, go learn, go, go talk to the people
that are, that are doing that daily.
258
00:10:46,226 --> 00:10:47,391
I think that's a great point.
259
00:10:47,451 --> 00:10:51,351
With this here, it's, we're not
gonna feed you all the information.
260
00:10:51,351 --> 00:10:52,941
We're not gonna give
you all the information.
261
00:10:53,151 --> 00:10:55,066
We're just gonna shine that light
so you know where to go look.
262
00:10:55,827 --> 00:10:56,247
That's right.
263
00:10:56,286 --> 00:10:58,421
But you know, it's gonna take
some work on your part as well.
264
00:10:59,037 --> 00:10:59,487
That's right.
265
00:11:00,627 --> 00:11:04,797
So all of this from, from Wisdom
to the cake example, all of this
266
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to lead us into, you know, let's,
let's focus now on the IBC side.
267
00:11:08,787 --> 00:11:09,122
What, what is it?
268
00:11:10,302 --> 00:11:15,072
What does it look like to understand the
difference between product versus process?
269
00:11:15,582 --> 00:11:18,082
So, we kinda switch gears a
little bit as, as it relates
270
00:11:18,082 --> 00:11:19,342
to infinite banking concepts.
271
00:11:19,372 --> 00:11:22,492
So let's talk specifically product.
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00:11:22,552 --> 00:11:23,812
What is, what is delivered?
273
00:11:24,172 --> 00:11:28,012
You know, if we're talking
specifically IBC, the product is a
274
00:11:28,012 --> 00:11:29,932
properly structured dividend paying.
275
00:11:30,427 --> 00:11:33,277
Whole life policy, preferably
with a mutually owned company.
276
00:11:33,907 --> 00:11:39,377
it's important that your product
is not considered an IUL a VUL
277
00:11:39,457 --> 00:11:40,867
or any other variable product.
278
00:11:41,287 --> 00:11:44,257
We can save this for a whole other
discussion on another podcast.
279
00:11:44,257 --> 00:11:49,287
But, suffice to say that the, the
product is important and that's
280
00:11:49,287 --> 00:11:52,497
right out of Nelson's book that
says, here's what the product is.
281
00:11:52,497 --> 00:11:55,737
You're playing vanilla whole life yet.
282
00:11:56,112 --> 00:12:01,682
If we compare, compare that to the
process, the process of practicing IBC
283
00:12:02,012 --> 00:12:04,802
is through a specific and individual.
284
00:12:05,942 --> 00:12:10,592
Conversation with a Nelson Nash
Institute practitioner to include
285
00:12:10,622 --> 00:12:14,492
a depth of conversation as to
what is customizable for you.
286
00:12:14,762 --> 00:12:19,082
It's gonna look at current finances,
what your mindset is even on money and
287
00:12:19,082 --> 00:12:21,802
saving, what your future forecast is.
288
00:12:21,802 --> 00:12:24,562
What are your needs, or do
you have possible windfalls?
289
00:12:24,712 --> 00:12:28,352
These are just a poss a couple
of items to scratch the surface.
290
00:12:28,472 --> 00:12:30,632
Again, to shine light on,
as Andy had just said.
291
00:12:31,247 --> 00:12:33,827
On some items that are likely
gonna come up that you're gonna
292
00:12:33,827 --> 00:12:35,147
talk about with a practitioner.
293
00:12:35,717 --> 00:12:39,437
The goal there is to make
something that is customizable
294
00:12:39,437 --> 00:12:45,222
for you so that this recipe fits
exactly what your cake needs are.
295
00:12:46,727 --> 00:12:50,267
And so if you go even further
beyond that in terms of a, a
296
00:12:50,267 --> 00:12:52,667
value and a cost to the customer.
297
00:12:53,147 --> 00:12:58,997
So the, the cost of the product or the
whole life policy is gonna be that the,
298
00:12:58,997 --> 00:13:03,857
the customer or the client pays premium to
an insurance company and then in return.
299
00:13:04,352 --> 00:13:06,272
The customer is gonna
receive a death benefit.
300
00:13:06,662 --> 00:13:10,592
Now there's a whole slew of other
factors that we can get into from base
301
00:13:10,592 --> 00:13:13,262
to pua, to riders to all these items.
302
00:13:13,472 --> 00:13:17,042
Again, we're gonna save that for a
little bit more detailed version of that
303
00:13:17,042 --> 00:13:18,362
or something that's already been done.
304
00:13:18,752 --> 00:13:22,952
But just know that that is, that is
the base of the product you are paying.
305
00:13:23,557 --> 00:13:27,337
A premium to an insurance company for
which they provide you a death benefit.
306
00:13:28,117 --> 00:13:33,537
Now, in a similar process for the bakery,
we're talking about the process of IBC.
307
00:13:33,817 --> 00:13:37,387
There's a cost to conduct that
business, and so when we look
308
00:13:37,387 --> 00:13:38,917
at what the insurance company.
309
00:13:39,257 --> 00:13:43,457
Does with that premium that they take
in, they're, they're ensuring that your
310
00:13:43,457 --> 00:13:47,657
benefit is paid for at some point in the
future, but there's also a whole slew of
311
00:13:47,657 --> 00:13:52,577
upfront costs, just like the bakery had
with, with labor, with materials, with
312
00:13:52,697 --> 00:13:54,167
all those items that we talked about.
313
00:13:54,287 --> 00:13:57,197
You know, the insurance company's gonna
pay for their back office staff, their
314
00:13:57,197 --> 00:13:58,907
lawyers, they gotta keep the lights on.
315
00:13:59,117 --> 00:14:00,857
They're gonna pay commission to agents.
316
00:14:00,947 --> 00:14:04,457
They're gonna invest those funds and
ensure that those funds are available
317
00:14:04,697 --> 00:14:06,737
to you at a certain point in time.
318
00:14:07,092 --> 00:14:13,932
And so again, that, that process, you're
not typically as involved in as, you
319
00:14:13,932 --> 00:14:18,162
know, you're paying premium to the
insurance company, yet you don't have
320
00:14:18,162 --> 00:14:20,622
a vote in how they invest that money.
321
00:14:20,952 --> 00:14:25,362
So again, that's, that's kind of the,
the, the process along the way there.
322
00:14:25,632 --> 00:14:29,532
And again, you know, the, the IBC
practitioner is gonna be an invaluable
323
00:14:29,532 --> 00:14:34,122
resource in terms of how you set up the
policy to make sure that it's attainable
324
00:14:34,332 --> 00:14:36,252
to both your current and future goals.
325
00:14:37,637 --> 00:14:38,927
anything to add there?
326
00:14:38,927 --> 00:14:42,767
Kind of, we, we, we still have two
other parts of the product or process,
327
00:14:42,767 --> 00:14:43,712
but anything to add from you guys?
328
00:14:44,788 --> 00:14:45,058
Yeah.
329
00:14:45,058 --> 00:14:48,028
I think for me, this is a good point
to jump into where you'll hear somebody
330
00:14:48,028 --> 00:14:49,343
say, Hey, I want an IBC policy.
331
00:14:50,198 --> 00:14:52,688
And so I think what you're doing
here that's really nice is you're
332
00:14:52,688 --> 00:14:54,098
kind of separating the two.
333
00:14:54,308 --> 00:14:56,678
One is the process, which is
you're leveraging an asset.
334
00:14:56,678 --> 00:14:59,528
You understand the value in doing that
versus paying cash or taking out a
335
00:14:59,528 --> 00:15:01,208
traditional loan, and you're doing that.
336
00:15:01,208 --> 00:15:03,278
So you have an asset that continues
to grow in the background.
337
00:15:03,458 --> 00:15:07,418
And the other side of it is the product,
which is your properly structured dividend
338
00:15:07,418 --> 00:15:10,718
paying whole life policy, preferably
with a mutual or mutual holding company.
339
00:15:11,018 --> 00:15:13,868
So if you can understand that those are
two separate pieces, that's really great
340
00:15:13,868 --> 00:15:18,278
because the idea of leveraging an asset
is, has been out there for a long time.
341
00:15:18,593 --> 00:15:20,183
What IBC does is it structure.
342
00:15:20,183 --> 00:15:25,373
It gives you the the best product
for the long term accomplish that.
343
00:15:25,433 --> 00:15:27,893
And I think if you can understand those
two things, then you're on your way.
344
00:15:28,443 --> 00:15:32,913
so, talking about product versus
process as we talk about improvement.
345
00:15:33,303 --> 00:15:37,863
remember on the product side, you know,
there's, there's a whole, a wide variety
346
00:15:37,983 --> 00:15:39,898
of, of, of products that are available.
347
00:15:40,458 --> 00:15:43,368
You know, these, these insurance
companies don't just offer one product.
348
00:15:43,368 --> 00:15:46,878
They, they wanna market to anybody
that's willing to show up, you know,
349
00:15:46,878 --> 00:15:52,008
so it's important that in terms of
the product for IBC, you know, we've
350
00:15:52,008 --> 00:15:54,648
already highlighted, we're highlighting
it again, it's properly structured,
351
00:15:54,648 --> 00:15:56,268
dividend paying, whole life policy.
352
00:15:56,628 --> 00:15:58,003
but like we said, there's
a lot of different.
353
00:15:58,638 --> 00:16:02,978
Customizable, riders and options and
things that you can add or not add.
354
00:16:03,338 --> 00:16:06,848
And again, we've, we've already covered on
part of that in a previous pod, so we'll
355
00:16:06,848 --> 00:16:09,168
leave that for, for your own research.
356
00:16:09,798 --> 00:16:13,258
Remember, on the Improvement Pro,
focus for the, for the process.
357
00:16:13,618 --> 00:16:17,428
That, what that means to me
is constantly learning, always
358
00:16:17,428 --> 00:16:19,558
being a, a, a perpetual student.
359
00:16:20,038 --> 00:16:24,568
And that you're not only learning,
but understanding what you've created.
360
00:16:24,988 --> 00:16:29,428
You know, so when we talk about if
you've, if you've just got into this
361
00:16:29,428 --> 00:16:32,878
and you're still learning and maybe
you're only one year in, it could
362
00:16:32,878 --> 00:16:36,898
be real easy to just give up on, I
don't understand why I'm doing this.
363
00:16:37,198 --> 00:16:37,498
Well.
364
00:16:38,248 --> 00:16:39,178
Educate yourself.
365
00:16:39,418 --> 00:16:41,788
You know, are you talking
to your practitioner?
366
00:16:42,088 --> 00:16:46,138
You know, did you, did you ask
questions in order to, to understand
367
00:16:46,438 --> 00:16:50,878
what you're truly creating and what the
power of sequencing money look like.
368
00:16:51,238 --> 00:16:55,008
So, again, that's just kind of what the
improvement looks like from the process
369
00:16:55,008 --> 00:16:56,988
standpoint is how are you getting better?
370
00:16:57,138 --> 00:16:58,728
How are you educating yourself?
371
00:16:58,938 --> 00:17:03,288
Because when we look at, you know, from
a practitioner standpoint, We're, we're
372
00:17:03,288 --> 00:17:06,588
gonna, we're gonna get you up and running
and try to lay that groundwork, and then
373
00:17:06,588 --> 00:17:10,458
we're gonna spin you like a top, we're
gonna pull that string and let you go.
374
00:17:10,758 --> 00:17:13,278
And then, you know, you,
you've, you're creating an
375
00:17:13,278 --> 00:17:14,658
asset of which you can leverage.
376
00:17:14,928 --> 00:17:18,078
So, a couple of different ways on
how you can gauge success there.
377
00:17:19,033 --> 00:17:19,363
I'm sorry.
378
00:17:19,363 --> 00:17:22,813
A couple of different ways on how you
can gauge improvement and then remember,
379
00:17:22,843 --> 00:17:27,043
success for the whole life policy,
the product is contained within the
380
00:17:27,043 --> 00:17:31,633
guarantees that are provided, and it
is an absolute means to get rich slow.
381
00:17:32,143 --> 00:17:35,933
whereas success for the process,
means that you've created a system
382
00:17:35,933 --> 00:17:38,033
that's scalable and repeatable.
383
00:17:38,528 --> 00:17:43,058
You know, expandable, which are often
included in, the, the policies that
384
00:17:43,058 --> 00:17:47,138
we're gonna create in terms of, you know,
we're, we're looking forward for you as
385
00:17:47,138 --> 00:17:49,058
well as creating something right now.
386
00:17:49,708 --> 00:17:52,858
so, you know, I, I guess
I'll pass it back to you.
387
00:17:52,888 --> 00:17:55,178
before we wrap it up, Andy
or Scott, anything to add?
388
00:17:55,730 --> 00:17:55,940
Yeah.
389
00:17:55,940 --> 00:17:58,745
I think something that I take for
granted a lot is we're talking about
390
00:17:59,720 --> 00:18:03,320
this all the time, and important
to remember where we came from and
391
00:18:03,320 --> 00:18:04,610
where we were when we first started.
392
00:18:04,970 --> 00:18:07,790
And the fact that a lot of people
come in here and they get a policy and
393
00:18:07,790 --> 00:18:11,420
they're probably not as involved with IBC
'cause they have other things going on.
394
00:18:11,690 --> 00:18:15,860
And so I've seen it before where people
kind of lose track of why am I doing this?
395
00:18:15,890 --> 00:18:16,820
You know, what's going on.
396
00:18:16,820 --> 00:18:19,310
So it's really important to be
part of a group and if you do
397
00:18:19,310 --> 00:18:20,540
forget, don't be embarrassed.
398
00:18:20,540 --> 00:18:22,010
Ask questions like, what's going on here?
399
00:18:22,010 --> 00:18:23,390
Again, you know, pick up the book.
400
00:18:23,390 --> 00:18:24,320
You don't have to read it all at once.
401
00:18:24,320 --> 00:18:25,340
Just pick up a section.
402
00:18:25,650 --> 00:18:28,710
podcast once in a while is great if
you're doing this or, you know, look at
403
00:18:28,710 --> 00:18:30,450
some of the books at the back in Nelson.
404
00:18:30,450 --> 00:18:33,270
But the, the bottom line is that if
you get to that point where you're
405
00:18:33,270 --> 00:18:34,860
starting to go, what am I doing?
406
00:18:34,860 --> 00:18:37,710
And why is this happening, again,
reach out to your practitioner
407
00:18:37,920 --> 00:18:39,150
and then come in full circle.
408
00:18:39,150 --> 00:18:41,310
You know, Scott, you just took
the test, your license now.
409
00:18:41,610 --> 00:18:44,610
But I think what separates us from where
you're gonna be, you know, eventually
410
00:18:44,610 --> 00:18:48,420
and the rest of the insurance agents out
there, are we not, I won't say all of
411
00:18:48,420 --> 00:18:51,510
'em 'cause I can't speak for all of 'em,
but I think as a community with the NNI
412
00:18:51,510 --> 00:18:53,310
and the authorized IBC practitioners.
413
00:18:53,730 --> 00:18:57,300
I am proud of the fact that we take it to
another level where we continuously stay
414
00:18:57,300 --> 00:19:00,510
engaged with our clients and we wanna
make sure that they stay on this path.
415
00:19:00,510 --> 00:19:03,720
We are not gonna be the banker for
you, but we will do what you need.
416
00:19:03,810 --> 00:19:06,030
We will make sure that you understand
how to be your own banker, is
417
00:19:06,030 --> 00:19:07,320
probably the better way to put that.
418
00:19:07,610 --> 00:19:11,240
so yeah, and know I'm coming back full
circle, but if you find yourself confused
419
00:19:11,240 --> 00:19:13,940
or what's going on or what's happening
again, reach out and we're happy to
420
00:19:13,940 --> 00:19:15,145
discuss things and clear up any questions.
421
00:19:15,734 --> 00:19:15,914
Yep,
422
00:19:16,053 --> 00:19:16,428
I don't want my
423
00:19:16,634 --> 00:19:17,414
completely agree.
424
00:19:17,533 --> 00:19:20,268
I had to, I had to, I had to
make a couple phone calls,
425
00:19:20,268 --> 00:19:21,648
like, why am I still doing this?
426
00:19:22,473 --> 00:19:27,243
Yeah, it was after, after
reading Nelson's book.
427
00:19:27,393 --> 00:19:30,783
I've picked it up two or three
times now and just skimm through
428
00:19:30,783 --> 00:19:34,923
stuff and I read it two full times
just to remind myself of things.
429
00:19:34,923 --> 00:19:36,543
But yeah, podcasts are another good one.
430
00:19:36,843 --> 00:19:40,533
Hop on and just listen to a couple
and it's a pretty solid reminder.
431
00:19:40,878 --> 00:19:44,628
And, and one thing I do wanna say
you know, we're, we're not gonna
432
00:19:44,628 --> 00:19:46,533
write a policy or do something
until we feel that you're ready.
433
00:19:47,333 --> 00:19:51,353
That being said, when you're ready, you're
still not gonna be, you're, you're gonna
434
00:19:51,353 --> 00:19:54,953
have probably training wheels and be able
to get up on the bike and ride around, but
435
00:19:54,953 --> 00:19:55,913
the training wheels aren't gonna be off.
436
00:19:55,913 --> 00:19:57,413
You're still gonna have to
do some more and learn it.
437
00:19:58,133 --> 00:20:00,713
Once you're comfortable, at least that
you're on the right path, once you
438
00:20:00,713 --> 00:20:03,653
actually start doing this, you're gonna be
amazed when you actually start practicing
439
00:20:03,653 --> 00:20:04,913
something, how much better you're doing.
440
00:20:05,003 --> 00:20:06,803
And I kind of bring back for a
lot of the pilots that are out
441
00:20:06,803 --> 00:20:07,703
there, think about ground school.
442
00:20:07,703 --> 00:20:10,673
You can only talk about flying so
much, but at some point you need
443
00:20:10,673 --> 00:20:13,283
to actually jump in that seat and
get airborne and then it's gonna
444
00:20:13,283 --> 00:20:14,603
start making a lot more sense.
445
00:20:14,633 --> 00:20:16,043
Kind of the same thing is true for this.
446
00:20:16,043 --> 00:20:18,683
You need to do the ground school work,
but you also need to get a policy
447
00:20:18,683 --> 00:20:20,693
and get airborne at some point if
you do believe in what you're doing.
448
00:20:22,444 --> 00:20:23,369
Yeah, spot on.
449
00:20:23,369 --> 00:20:24,289
Couldn't agree with that More.
450
00:20:26,294 --> 00:20:29,474
Well, I guess to, to kind of put
a bow on it then and wrap us up.
451
00:20:29,594 --> 00:20:36,044
You know, we, we don't really know whether
the answers we're seeking in terms of the
452
00:20:36,044 --> 00:20:40,424
questions that are asked or wisdom, and
you don't really know if it's wisdom until
453
00:20:40,424 --> 00:20:42,374
life punches you in the mouth, you know?
454
00:20:42,374 --> 00:20:45,794
So I'm not, I'm not en engaging or
saying that everyone else should go
455
00:20:45,794 --> 00:20:46,904
out and get punched in the mouth.
456
00:20:47,054 --> 00:20:49,454
I know that's not necessarily
the most fun process, right.
457
00:20:49,784 --> 00:20:50,744
But it's gonna happen.
458
00:20:51,104 --> 00:20:51,749
And when it does.
459
00:20:52,994 --> 00:20:54,674
Are you in control of your finances?
460
00:20:54,794 --> 00:20:57,884
Are you the one that has
access to your capital?
461
00:20:58,154 --> 00:21:01,968
You know you Whether you traded time
for money and that's your capital,
462
00:21:02,058 --> 00:21:05,988
whether you built businesses, whether
it's, you know, some form of income
463
00:21:05,988 --> 00:21:08,028
that shows up, like that's your money.
464
00:21:08,328 --> 00:21:09,318
Who's in control of it?
465
00:21:09,948 --> 00:21:12,498
You know, so do you have, do
you have access to the capital
466
00:21:12,498 --> 00:21:13,638
that's in your ecosystem?
467
00:21:14,058 --> 00:21:17,058
And, and many think you know that
the only option is indentured
468
00:21:17,058 --> 00:21:18,588
servitude to the banking system.
469
00:21:19,098 --> 00:21:22,578
And we've gotta sift through some
of the noise to find the answers.
470
00:21:22,878 --> 00:21:26,988
That's gonna lead to our own wisdom
combined, you know, as a community, as,
471
00:21:26,988 --> 00:21:30,258
as Andy said, I completely agree with
that, you know, and Nelson offers that.
472
00:21:30,258 --> 00:21:33,978
We rethink our thinking, you know, so
a better understanding of the process
473
00:21:34,398 --> 00:21:35,898
will help you to see the problem.
474
00:21:36,828 --> 00:21:40,278
And by seeing the problem, that's gonna
lead to the application of the wisdom
475
00:21:40,308 --> 00:21:43,218
to understand even more so the product.
476
00:21:43,608 --> 00:21:46,188
But I think that helps maybe
differentiate a little bit better
477
00:21:46,188 --> 00:21:48,888
between product and process guys.
478
00:21:49,360 --> 00:21:50,590
Yeah, I think I want to come back.
479
00:21:50,590 --> 00:21:52,570
You know, we had a post recently
where somebody brought up
480
00:21:52,570 --> 00:21:54,200
another tool, to leverage.
481
00:21:54,200 --> 00:21:55,280
It was the HELOC and it was great.
482
00:21:55,280 --> 00:21:56,600
I actually learned a
lot going through that.
483
00:21:57,051 --> 00:21:57,291
Yep.
484
00:21:57,645 --> 00:22:00,985
I will say when I looked at it, it's
something I could see potentially using,
485
00:22:00,985 --> 00:22:02,095
especially if you're gonna do a mortgage.
486
00:22:02,095 --> 00:22:03,835
You know, it might be in
place, something like that.
487
00:22:04,075 --> 00:22:07,375
But for me, all of these are short term
and I realize that I am doing business
488
00:22:07,375 --> 00:22:10,495
with the bank and the limitations that
come with that when it comes to long
489
00:22:10,495 --> 00:22:13,345
term and actually having control of
the capital and not being dependent
490
00:22:13,345 --> 00:22:16,105
on the bank to do something, there
is nothing out there from a product
491
00:22:16,105 --> 00:22:17,575
side that I've seen that is better.
492
00:22:18,880 --> 00:22:21,550
And, and I've said this before
too, you know, if you look at the
493
00:22:21,550 --> 00:22:24,130
Snakes and Dragons that Nelson talks
about, and some of the people in
494
00:22:24,130 --> 00:22:26,770
IBC, they're gonna tell you to never
do business with the bank again.
495
00:22:27,520 --> 00:22:28,450
no issues with that.
496
00:22:28,450 --> 00:22:31,390
I realize that everybody is on a
different journey though, and so
497
00:22:31,390 --> 00:22:32,500
that doesn't work for everyone.
498
00:22:32,740 --> 00:22:35,410
My big thing and, and it's worth
repeating because in case you're
499
00:22:35,410 --> 00:22:38,020
listening to this and you haven't heard
the other episodes, even if you are
500
00:22:38,020 --> 00:22:40,780
doing business with a bank, at least
have enough capital somewhere else
501
00:22:40,780 --> 00:22:43,330
that if something goes wrong, you can
get yourself outta that situation.
502
00:22:43,330 --> 00:22:44,890
You just don't wanna be
dependent on the bank.
503
00:22:44,890 --> 00:22:46,990
That's the main thing I wanna
stress for people out there.
504
00:22:48,241 --> 00:22:52,201
Yeah, and I don't wanna be a doomsday
guy, but like, if you go back to oh eight
505
00:22:52,321 --> 00:22:56,611
people that had HELOCs when everything
crashed, they immediately wiped that out.
506
00:22:56,851 --> 00:23:00,001
You know, you might have had a
hundred, 200, 500,000 in equity in
507
00:23:00,001 --> 00:23:05,281
your house, and yet when the market
dropped 30%, the banks shut off your
508
00:23:05,281 --> 00:23:07,411
ability to borrow from your heloc.
509
00:23:07,711 --> 00:23:11,641
So it, you know, it's, it's, it's
that constant idea that they, they
510
00:23:11,641 --> 00:23:15,271
can change the rules at any time
because you are, you are a, you know.
511
00:23:15,691 --> 00:23:16,981
Dependent on their system.
512
00:23:17,401 --> 00:23:20,281
And, and there's always gonna be
some other rule that can be changed
513
00:23:20,281 --> 00:23:23,371
to maximize the, you know, the,
the product that they're using.
514
00:23:23,671 --> 00:23:27,601
So it's, I, I hope that doesn't happen
again, that was a once in a lifetime
515
00:23:27,601 --> 00:23:32,041
event, but in that time that somebody
else got punched in the face, were
516
00:23:32,041 --> 00:23:33,511
they able to control their capital?
517
00:23:33,931 --> 00:23:36,121
And the answer was in that instance, no.
518
00:23:36,621 --> 00:23:39,651
so I guess it's just as much
learning from the past as it
519
00:23:39,651 --> 00:23:40,791
is preparing for the future.
520
00:23:41,171 --> 00:23:44,201
Yeah, so you know that example, kind of
how I look at this is, you know, we're
521
00:23:44,201 --> 00:23:47,471
not telling you not to do that, but do
you have an out, if those people had cash
522
00:23:47,471 --> 00:23:50,351
value and a whole life policy and all of a
sudden that other line of credit dried up.
523
00:23:51,066 --> 00:23:54,036
Yeah, it's gonna be difficult, but you're
also able to pivot and go do something
524
00:23:54,036 --> 00:23:55,806
else and still move on and survive.
525
00:23:55,956 --> 00:23:56,256
It's the
526
00:23:56,427 --> 00:23:56,667
Right.
527
00:23:56,886 --> 00:23:59,676
have that other line of credit or
that that other option somewhere else.
528
00:23:59,676 --> 00:24:00,456
So they were
529
00:24:00,542 --> 00:24:00,762
Yep,
530
00:24:00,876 --> 00:24:02,136
the process either way.
531
00:24:02,346 --> 00:24:04,566
But in these, now we have two
different products that we're
532
00:24:04,566 --> 00:24:07,056
comparing, and I think that's probably
a good way to look at this as well.
533
00:24:07,857 --> 00:24:08,042
that's right.
534
00:24:08,707 --> 00:24:09,217
Awesome.
535
00:24:09,757 --> 00:24:12,127
Well process, product.
536
00:24:12,397 --> 00:24:13,117
Wrapped it up.
537
00:24:13,957 --> 00:24:15,097
I don't have anything else to add.
538
00:24:15,367 --> 00:24:16,417
Thanks for joining up guys.
539
00:24:16,417 --> 00:24:19,177
Appreciate the, ability to
turn it over and, and let me
540
00:24:19,177 --> 00:24:20,407
take one on, so that's great.
541
00:24:20,963 --> 00:24:21,623
Jar, this is great.
542
00:24:21,623 --> 00:24:22,373
Thanks for putting it together.
543
00:24:22,373 --> 00:24:25,073
Hopefully people got something
out of it and, feel free to
544
00:24:25,073 --> 00:24:27,478
throw questions out there and
we're, we're happy to answer 'em.
545
00:24:31,509 --> 00:24:33,309
Thanks for tuning into
the infinite mindset.
546
00:24:33,789 --> 00:24:36,879
If you found today's conversation
valuable, share it with someone who's
547
00:24:36,879 --> 00:24:40,389
ready to think differently about
finances, and don't forget to subscribe.
548
00:24:40,749 --> 00:24:43,509
Your journey to financial freedom
starts with the right mindset.
00:00:03,090 --> 00:00:07,470
Welcome to the Infinite Mindset Podcast,
the show where we explore the power of
2
00:00:07,470 --> 00:00:11,370
the infinite banking concept and how to
take control of your financial future.
3
00:00:11,940 --> 00:00:15,240
I'm your host Andy, along with
Scott and frequent guest Jared.
4
00:00:15,810 --> 00:00:19,200
We're here to help you think
bigger, build smarter, and
5
00:00:19,200 --> 00:00:21,090
create freedom on your own terms.
6
00:00:21,270 --> 00:00:22,170
Let's get started.
7
00:00:26,184 --> 00:00:29,214
Welcome everyone to another episode
of the Infinite Mindset Podcast.
8
00:00:29,214 --> 00:00:33,214
It's myself, Scott, and Jared Again,
we'll be talking about product versus
9
00:00:33,214 --> 00:00:36,034
process, but before we do that, Scott,
if you wanna give us an update on where
10
00:00:36,034 --> 00:00:36,939
you're at and becoming a practitioner.
11
00:00:38,641 --> 00:00:43,032
For test complete, We got that
done at the end of our last
12
00:00:43,032 --> 00:00:46,942
podcast, with all the struggles and
internet connectivity and stuff.
13
00:00:46,942 --> 00:00:49,632
But, hot spotted from the
phone, got the test done.
14
00:00:50,022 --> 00:00:52,782
It was like 89, 90, something like that.
15
00:00:52,782 --> 00:00:55,751
I don't know, it was right
in that area, but, hopped on,
16
00:00:57,641 --> 00:00:59,602
applied, applied for the license.
17
00:00:59,632 --> 00:01:02,961
I got the confirmation email and
I gotta do the fingerprints yet.
18
00:01:03,052 --> 00:01:05,241
So that's all done, everything should
19
00:01:05,263 --> 00:01:05,723
Okay, cool.
20
00:01:05,723 --> 00:01:09,654
So then, and then you're done with that
and you'll be reaching out to the n
21
00:01:09,654 --> 00:01:10,973
and I for the interview, is that right?
22
00:01:11,227 --> 00:01:11,676
correct.
23
00:01:11,947 --> 00:01:12,217
Yep.
24
00:01:13,283 --> 00:01:13,584
cool.
25
00:01:13,614 --> 00:01:13,914
All right.
26
00:01:13,914 --> 00:01:15,144
Hopefully that will get, be, get going and
27
00:01:15,396 --> 00:01:17,827
guy that I talked to about being
a mentor message and let him
28
00:01:17,827 --> 00:01:18,907
know that that's all done too.
29
00:01:18,907 --> 00:01:20,947
So, but
30
00:01:22,223 --> 00:01:22,674
Good deal.
31
00:01:22,717 --> 00:01:23,526
hard part's over,
32
00:01:23,630 --> 00:01:23,990
Done, man.
33
00:01:23,990 --> 00:01:24,470
Kudos
34
00:01:24,487 --> 00:01:25,602
you should say the, the,
35
00:01:25,764 --> 00:01:26,154
Yeah.
36
00:01:26,527 --> 00:01:27,487
hard part's over.
37
00:01:27,877 --> 00:01:28,177
So.
38
00:01:29,155 --> 00:01:29,505
state.
39
00:01:29,505 --> 00:01:29,945
Hard part.
40
00:01:30,050 --> 00:01:30,320
Yep.
41
00:01:30,533 --> 00:01:31,044
the,
42
00:01:31,087 --> 00:01:33,947
let's the, the, the not
so fun part is over.
43
00:01:33,947 --> 00:01:38,147
Now we get to actually get into
the more IBC related stuff.
44
00:01:38,237 --> 00:01:39,527
So I guess that's what I really
45
00:01:39,599 --> 00:01:39,969
That's right.
46
00:01:40,007 --> 00:01:40,337
was
47
00:01:41,499 --> 00:01:41,739
Yep.
48
00:01:41,914 --> 00:01:42,664
It's just an obstacle.
49
00:01:42,664 --> 00:01:45,273
Once you get past that, and I get it,
you know, you have to have some kind
50
00:01:45,273 --> 00:01:49,354
of barrier to entry to make sure that
you have people that are somewhat
51
00:01:49,354 --> 00:01:51,544
educated, although it's a very low bar,
52
00:01:51,722 --> 00:01:52,592
It's, yeah.
53
00:01:52,684 --> 00:01:55,503
but now you able to get properly
educated on what's going on.
54
00:01:55,801 --> 00:01:57,992
I was like three quarters
freaking out over the test.
55
00:01:57,997 --> 00:02:00,092
'cause I was like, man, there's
just all this other stuff to know.
56
00:02:00,092 --> 00:02:02,462
And it's like, after I took
the test, I was like, okay.
57
00:02:02,822 --> 00:02:05,792
It hundred, I think it was 105 questions.
58
00:02:05,972 --> 00:02:08,822
It was 105 questions, and they
threw like five questions out.
59
00:02:08,822 --> 00:02:10,322
I don't know what the deal was with that.
60
00:02:10,322 --> 00:02:15,122
I mean, it's like, okay, you gotta get
a 70, we'll give you 105 questions, but
61
00:02:15,122 --> 00:02:16,892
we'll throw like five wrong ones out.
62
00:02:16,892 --> 00:02:20,072
Or I, I don't know what that
was all about, but anyhow.
63
00:02:21,139 --> 00:02:23,149
Yeah, I wonder if they're testing
stuff for like a new question
64
00:02:23,149 --> 00:02:24,108
bank or something like that.
65
00:02:24,108 --> 00:02:24,839
You're the Guinea pig form.
66
00:02:25,052 --> 00:02:27,872
yeah, So, but yeah, it was,
67
00:02:27,927 --> 00:02:28,137
Yeah,
68
00:02:29,500 --> 00:02:32,260
there's a significant difference
between what we talk about here
69
00:02:32,260 --> 00:02:33,760
and what that test was all about.
70
00:02:33,790 --> 00:02:34,240
So
71
00:02:35,178 --> 00:02:36,528
Yeah, I can totally get that.
72
00:02:36,777 --> 00:02:37,407
Concur.
73
00:02:37,697 --> 00:02:37,998
Yep.
74
00:02:38,667 --> 00:02:39,027
Cool.
75
00:02:39,927 --> 00:02:42,117
Jared, I'll hand it off to you,
man, since you're running this one.
76
00:02:42,117 --> 00:02:43,002
So if you wanna take it away.
77
00:02:44,088 --> 00:02:44,418
Cool.
78
00:02:44,507 --> 00:02:45,048
You got it.
79
00:02:45,317 --> 00:02:49,918
Well, this time we were gonna
chat about product versus process.
80
00:02:50,098 --> 00:02:53,668
So, just wanted to kind of, you know,
lay some of the groundwork for that, you
81
00:02:53,668 --> 00:02:56,248
know, the, the in, in order to understand.
82
00:02:56,683 --> 00:02:58,103
The difference, I'm sorry.
83
00:02:58,103 --> 00:03:00,983
In order to understand IBC truly, it's
important to understand the difference
84
00:03:00,983 --> 00:03:02,393
between the product and the process.
85
00:03:02,993 --> 00:03:06,623
But even before that, kind of
opening up with a joke, right?
86
00:03:06,698 --> 00:03:09,623
A, a man walks into the library
and asks the librarian, do
87
00:03:09,623 --> 00:03:11,333
you have any books on wisdom?
88
00:03:12,053 --> 00:03:15,053
And the librarian asks, yes,
but they're all checked out.
89
00:03:15,408 --> 00:03:16,998
And they never seem to come back.
90
00:03:17,808 --> 00:03:21,078
So, you know, kind of the idea is
where do you, where do you seek and
91
00:03:21,078 --> 00:03:22,488
find this wisdom that you're after?
92
00:03:22,488 --> 00:03:26,148
I mean, I think that's one of the ideas
of, of what this podcast tries to provide
93
00:03:26,148 --> 00:03:28,008
is a different look, a different spin.
94
00:03:28,488 --> 00:03:31,848
So, you know, when, when seeking
the wisdom, where do you reach for?
95
00:03:32,238 --> 00:03:35,718
And, um, you know, the, the idea
for me was do you, do you go after
96
00:03:35,718 --> 00:03:39,738
this old weathered man, or is this
newly minted rookie, you know.
97
00:03:40,493 --> 00:03:41,813
I think we both know the answer.
98
00:03:41,813 --> 00:03:43,283
I think we all know what the answer is.
99
00:03:43,283 --> 00:03:47,713
You clearly want that weathered man,
that weathered, you know, the person
100
00:03:47,713 --> 00:03:49,753
that's been through this process before.
101
00:03:50,393 --> 00:03:54,533
but we live in, we live in a world
of immediate gratification, right?
102
00:03:54,773 --> 00:03:56,393
So you know the answer.
103
00:03:56,723 --> 00:03:59,933
You might be able to find through
a quick AI search, you might be
104
00:03:59,933 --> 00:04:01,973
able to find some YouTube videos.
105
00:04:02,343 --> 00:04:07,323
but do those answers provide wisdom
or do those answers provide noise?
106
00:04:07,863 --> 00:04:11,103
the, the best description I could come
up with is that, you know, the old
107
00:04:11,103 --> 00:04:16,943
weathered man, provides an answer to
the question that is quiet, is scarred
108
00:04:16,943 --> 00:04:21,683
from experience, and is found in just
a couple of short sentences that.
109
00:04:22,028 --> 00:04:24,578
The answer feels obvious
after you've lived it.
110
00:04:25,778 --> 00:04:27,818
You know, the words are
like, they're like oak.
111
00:04:27,878 --> 00:04:32,288
They're slow and dense and hard
to burn, and this, this kind of
112
00:04:32,468 --> 00:04:35,168
imaging was something I came up
with that I really, really liked.
113
00:04:35,558 --> 00:04:39,308
If you're sitting around a campfire
all night, you know, that smelled,
114
00:04:39,308 --> 00:04:40,658
that's on you at the end of the night.
115
00:04:40,943 --> 00:04:44,333
Yeah, that smell, that's how
you can recognize wisdom.
116
00:04:44,423 --> 00:04:47,093
Someone that's been through it,
someone that's lived it, someone
117
00:04:47,093 --> 00:04:50,903
that's been a part of it, and, and
not just someone that talks about
118
00:04:50,903 --> 00:04:52,523
LED lights that look like fire.
119
00:04:53,073 --> 00:04:56,763
so even before we just talk about this
whole process, I just wanted to lay
120
00:04:56,763 --> 00:05:00,033
the groundwork a little that, you know,
seek the wisdom, seek out the person
121
00:05:00,033 --> 00:05:03,663
that's going through this, you know,
you know what your path looks like
122
00:05:03,663 --> 00:05:05,823
on on your plan, on what's up ahead.
123
00:05:06,243 --> 00:05:09,513
Seek, seek someone out that's, that's
been through it or been a part of it.
124
00:05:09,933 --> 00:05:12,288
Guys, any, any comments or any
thoughts just on laying the groundwork?
125
00:05:13,384 --> 00:05:13,624
Yeah.
126
00:05:13,624 --> 00:05:15,364
So for me, I think that's a great point.
127
00:05:15,414 --> 00:05:17,969
I think people want those immediate
answers and gratification.
128
00:05:18,804 --> 00:05:22,044
so I just wanna reiterate that, you know,
this was a 10 hour seminar put into a
129
00:05:22,044 --> 00:05:25,494
book, and then if you look at the back of
the book, look at all the recommendations
130
00:05:25,494 --> 00:05:26,994
that Nelson puts out there to read.
131
00:05:27,234 --> 00:05:28,284
And so, it's kind of your point.
132
00:05:28,284 --> 00:05:32,334
I do like doing a quick search of
something, but it's more or less to get an
133
00:05:32,334 --> 00:05:34,194
overview of what I'm about to dive into.
134
00:05:34,194 --> 00:05:35,484
But I don't stop there.
135
00:05:35,694 --> 00:05:38,154
So, you know, if somebody's interested
in IBC or, they want know what's
136
00:05:38,154 --> 00:05:41,514
going on and they want that quick,
you know, AI synopsis for a paragraph.
137
00:05:42,234 --> 00:05:44,004
not gonna give you all the detail,
but it's gonna be like, okay,
138
00:05:44,004 --> 00:05:45,174
what am I about to learn about?
139
00:05:45,174 --> 00:05:46,794
You haven't actually learned
anything at that point.
140
00:05:46,974 --> 00:05:49,314
All you've done is, you know,
shine the light on what you're
141
00:05:49,314 --> 00:05:50,754
about to actually look into.
142
00:05:51,144 --> 00:05:55,224
And the way that I compare this
as well who's ever out there?
143
00:05:55,224 --> 00:05:57,474
Think about something that you are
an expert in, because all of us
144
00:05:57,474 --> 00:05:58,974
are an expert in something, right?
145
00:05:59,394 --> 00:06:02,814
Do a Google search or YouTube search
on that, and then see what comes up.
146
00:06:03,474 --> 00:06:06,384
then you'll probably smile and go,
well, what did this actually capture?
147
00:06:06,384 --> 00:06:07,014
What's wrong?
148
00:06:07,044 --> 00:06:07,644
What's right?
149
00:06:07,674 --> 00:06:09,804
What are people missing
by doing it this way?
150
00:06:10,014 --> 00:06:11,904
And now think about IBC
and do the same thing.
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If you're new to this, or even
if you know what's going on, just
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realize there's a lot more to it
than what you're seeing there.
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So it's really important to go to a
trusted source and do that deep dive
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into it to understand what's going on.
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Yep, completely agree.
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So, so when we think about the difference
between the product and the process,
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let's use an example just to kind
of lay, lay the groundwork for that.
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And, and in this case, I used a, a cake
and not just because I'm a, a foodie or
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a, a fat kid at heart, but just 'cause
it helps me understand the difference.
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So let's compare you.
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The product versus process, broken down
into four different type of aspects for,
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for the cake, the what it is, the cost,
the improvement, and then the success.
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So remember, the product is the cake.
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That's what you get at the end.
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It's the tangible, it's what you can see.
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It's measurable.
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It's the object being created
and delivered, whereas
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the process is the recipe.
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It's the how you get there.
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It's the, the sequence of
actions or the methodology.
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So, you know, you've got a
difference there in the product.
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And the product just in what is
being, what is being produced.
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if you go even further now, and you
look at, you know, same example for
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the cake, the product, who pays for it?
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What's the cost of that?
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Well, the, the customer
is gonna pay for the cake.
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They're the one that's
paying for the final product.
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But what are some of the items that they
don't pay for or that are not included?
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Which is part of the process.
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00:07:33,067 --> 00:07:36,937
Again, you know, the customer is not
gonna directly pay for the recipe.
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You know, they don't say, you
know, here's a couple of dollars,
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thanks for providing that recipe.
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but the final inco, the final cost of
everything that's included in the cake
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must include, you know, the cost to
run the bakery, the cost to buy the
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materials, the labor to create, and so on.
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So, again, the difference in the
cost slash value of the difference
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between product versus process.
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Then if you're gonna improve
that product versus improve the
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process, what does that look like?
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You know?
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So innovation is gonna be, on
the product side, it's gonna be a
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better taste than your competitor.
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It's gonna be more options,
size, color, customizable.
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All of that goes into the same idea.
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For the product, but what does it mean
if you improve the process where it
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means the bakery is more efficient
and the chefs are well informed
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on how to react to the unexpected?
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You know, these are just all
similar ideas as we break down
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that product versus process.
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And then last, the success.
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What does the success of the product mean?
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00:08:32,712 --> 00:08:35,712
Well, the success of the product
means that it meets requirements.
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It's free from defects.
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00:08:37,302 --> 00:08:40,182
The customer loves it, and they
desire to purchase the cake again.
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00:08:40,722 --> 00:08:45,102
Whereas the success of the products,
I'm sorry, the process means that
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it's repeatable, consistently
lacking waste, and scalable.
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00:08:49,902 --> 00:08:54,732
So again, we haven't talked even
a a minute yet about IBC yet.
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00:08:55,102 --> 00:08:58,282
That's a perfect example to try to
highlight the difference between
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process and product in something
that's completely unrelated to IBC.
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00:09:03,832 --> 00:09:07,672
Any, anything to add there, gents on,
you know, pick that apart or what some,
211
00:09:07,672 --> 00:09:08,962
some of the things I might have missed.
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00:09:10,227 --> 00:09:10,347
I.
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00:09:10,426 --> 00:09:11,596
I think it's a great analogy.
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00:09:11,646 --> 00:09:13,326
there's many ways to make a cake, right?
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00:09:13,651 --> 00:09:16,861
but in the end, it's really the consumer
who's gonna determine how they want
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00:09:16,861 --> 00:09:20,071
it to taste and look and what their,
the best cake they're gonna get for
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00:09:20,071 --> 00:09:23,191
the least amount of money or the best
value is a better way to put that.
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00:09:23,521 --> 00:09:25,711
And so, even though there's
so many ways to arrive at that
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00:09:25,711 --> 00:09:29,551
end goal, the key is factoring
everything in everything the total.
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00:09:29,866 --> 00:09:31,996
You know, everything that goes
into it from the recipe all the way
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00:09:31,996 --> 00:09:34,366
to the end, like the success and
what the customer actually wants.
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00:09:34,486 --> 00:09:37,996
And using those best methods, tools, and
ingredients to beat out the competition.
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00:09:38,182 --> 00:09:38,532
Right.
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00:09:38,566 --> 00:09:40,576
in this case, the competition
is what of the products are
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00:09:40,576 --> 00:09:42,406
there to actually practice IBC.
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00:09:42,472 --> 00:09:42,892
That's right.
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00:09:43,102 --> 00:09:43,462
That's right.
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00:09:44,176 --> 00:09:47,056
the key is with IBC, whether you've
decided you want to practice it
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00:09:47,056 --> 00:09:49,966
or you decided you wanted the cake
at the end, you see the value.
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00:09:50,356 --> 00:09:52,696
In the cake or you see the
value in leveraging an asset
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to get your final goals.
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00:09:53,896 --> 00:09:54,946
That's the process.
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00:09:55,027 --> 00:09:57,367
the key is what is the best
recipe, ingredients and all
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00:09:57,367 --> 00:09:59,287
that, or what is the best tool?
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00:09:59,347 --> 00:10:00,397
You know, is it a whole life policy?
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00:10:00,397 --> 00:10:02,797
And we'll get into that just a little
bit or something else to actually
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leverage to accomplish those goals.
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00:10:04,657 --> 00:10:06,817
So I think that's a great analogy
and just another way to look at it.
239
00:10:07,988 --> 00:10:09,278
Yeah, spot on.
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00:10:09,368 --> 00:10:13,298
You know, and the, the, the wisdom
piece that we started off with
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00:10:13,298 --> 00:10:15,548
applies to all of this moving forward.
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00:10:15,548 --> 00:10:19,478
You know, you just said, well,
where do you find that option?
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00:10:19,478 --> 00:10:19,778
Right.
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00:10:19,778 --> 00:10:23,498
And, and we, we all know from our
many days and many hours in the
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00:10:23,498 --> 00:10:25,238
cockpit how quick someone can.
246
00:10:25,458 --> 00:10:27,768
Just throw a dart and go, that's crap.
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00:10:27,978 --> 00:10:28,758
That doesn't work.
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00:10:28,818 --> 00:10:29,598
I don't like that.
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00:10:29,598 --> 00:10:30,738
And they're talking about the cake.
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00:10:30,738 --> 00:10:32,148
They know that they can make it better.
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00:10:32,388 --> 00:10:34,128
Well, I challenge you to go do that.
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00:10:34,128 --> 00:10:34,818
Go make it better.
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00:10:34,848 --> 00:10:37,458
'cause a lot of the guys that
are quick to throw darts are
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00:10:37,458 --> 00:10:38,868
not quick to pick up a shovel.
255
00:10:39,108 --> 00:10:39,378
You know?
256
00:10:39,378 --> 00:10:42,018
So like, go, go make the process, yours.
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00:10:42,018 --> 00:10:45,798
Go, go learn, go, go talk to the people
that are, that are doing that daily.
258
00:10:46,226 --> 00:10:47,391
I think that's a great point.
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00:10:47,451 --> 00:10:51,351
With this here, it's, we're not
gonna feed you all the information.
260
00:10:51,351 --> 00:10:52,941
We're not gonna give
you all the information.
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00:10:53,151 --> 00:10:55,066
We're just gonna shine that light
so you know where to go look.
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00:10:55,827 --> 00:10:56,247
That's right.
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00:10:56,286 --> 00:10:58,421
But you know, it's gonna take
some work on your part as well.
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00:10:59,037 --> 00:10:59,487
That's right.
265
00:11:00,627 --> 00:11:04,797
So all of this from, from Wisdom
to the cake example, all of this
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to lead us into, you know, let's,
let's focus now on the IBC side.
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What, what is it?
268
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What does it look like to understand the
difference between product versus process?
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00:11:15,582 --> 00:11:18,082
So, we kinda switch gears a
little bit as, as it relates
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00:11:18,082 --> 00:11:19,342
to infinite banking concepts.
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00:11:19,372 --> 00:11:22,492
So let's talk specifically product.
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What is, what is delivered?
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00:11:24,172 --> 00:11:28,012
You know, if we're talking
specifically IBC, the product is a
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00:11:28,012 --> 00:11:29,932
properly structured dividend paying.
275
00:11:30,427 --> 00:11:33,277
Whole life policy, preferably
with a mutually owned company.
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00:11:33,907 --> 00:11:39,377
it's important that your product
is not considered an IUL a VUL
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or any other variable product.
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00:11:41,287 --> 00:11:44,257
We can save this for a whole other
discussion on another podcast.
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00:11:44,257 --> 00:11:49,287
But, suffice to say that the, the
product is important and that's
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00:11:49,287 --> 00:11:52,497
right out of Nelson's book that
says, here's what the product is.
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00:11:52,497 --> 00:11:55,737
You're playing vanilla whole life yet.
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00:11:56,112 --> 00:12:01,682
If we compare, compare that to the
process, the process of practicing IBC
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00:12:02,012 --> 00:12:04,802
is through a specific and individual.
284
00:12:05,942 --> 00:12:10,592
Conversation with a Nelson Nash
Institute practitioner to include
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00:12:10,622 --> 00:12:14,492
a depth of conversation as to
what is customizable for you.
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00:12:14,762 --> 00:12:19,082
It's gonna look at current finances,
what your mindset is even on money and
287
00:12:19,082 --> 00:12:21,802
saving, what your future forecast is.
288
00:12:21,802 --> 00:12:24,562
What are your needs, or do
you have possible windfalls?
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00:12:24,712 --> 00:12:28,352
These are just a poss a couple
of items to scratch the surface.
290
00:12:28,472 --> 00:12:30,632
Again, to shine light on,
as Andy had just said.
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00:12:31,247 --> 00:12:33,827
On some items that are likely
gonna come up that you're gonna
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00:12:33,827 --> 00:12:35,147
talk about with a practitioner.
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00:12:35,717 --> 00:12:39,437
The goal there is to make
something that is customizable
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00:12:39,437 --> 00:12:45,222
for you so that this recipe fits
exactly what your cake needs are.
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00:12:46,727 --> 00:12:50,267
And so if you go even further
beyond that in terms of a, a
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00:12:50,267 --> 00:12:52,667
value and a cost to the customer.
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00:12:53,147 --> 00:12:58,997
So the, the cost of the product or the
whole life policy is gonna be that the,
298
00:12:58,997 --> 00:13:03,857
the customer or the client pays premium to
an insurance company and then in return.
299
00:13:04,352 --> 00:13:06,272
The customer is gonna
receive a death benefit.
300
00:13:06,662 --> 00:13:10,592
Now there's a whole slew of other
factors that we can get into from base
301
00:13:10,592 --> 00:13:13,262
to pua, to riders to all these items.
302
00:13:13,472 --> 00:13:17,042
Again, we're gonna save that for a
little bit more detailed version of that
303
00:13:17,042 --> 00:13:18,362
or something that's already been done.
304
00:13:18,752 --> 00:13:22,952
But just know that that is, that is
the base of the product you are paying.
305
00:13:23,557 --> 00:13:27,337
A premium to an insurance company for
which they provide you a death benefit.
306
00:13:28,117 --> 00:13:33,537
Now, in a similar process for the bakery,
we're talking about the process of IBC.
307
00:13:33,817 --> 00:13:37,387
There's a cost to conduct that
business, and so when we look
308
00:13:37,387 --> 00:13:38,917
at what the insurance company.
309
00:13:39,257 --> 00:13:43,457
Does with that premium that they take
in, they're, they're ensuring that your
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00:13:43,457 --> 00:13:47,657
benefit is paid for at some point in the
future, but there's also a whole slew of
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00:13:47,657 --> 00:13:52,577
upfront costs, just like the bakery had
with, with labor, with materials, with
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00:13:52,697 --> 00:13:54,167
all those items that we talked about.
313
00:13:54,287 --> 00:13:57,197
You know, the insurance company's gonna
pay for their back office staff, their
314
00:13:57,197 --> 00:13:58,907
lawyers, they gotta keep the lights on.
315
00:13:59,117 --> 00:14:00,857
They're gonna pay commission to agents.
316
00:14:00,947 --> 00:14:04,457
They're gonna invest those funds and
ensure that those funds are available
317
00:14:04,697 --> 00:14:06,737
to you at a certain point in time.
318
00:14:07,092 --> 00:14:13,932
And so again, that, that process, you're
not typically as involved in as, you
319
00:14:13,932 --> 00:14:18,162
know, you're paying premium to the
insurance company, yet you don't have
320
00:14:18,162 --> 00:14:20,622
a vote in how they invest that money.
321
00:14:20,952 --> 00:14:25,362
So again, that's, that's kind of the,
the, the process along the way there.
322
00:14:25,632 --> 00:14:29,532
And again, you know, the, the IBC
practitioner is gonna be an invaluable
323
00:14:29,532 --> 00:14:34,122
resource in terms of how you set up the
policy to make sure that it's attainable
324
00:14:34,332 --> 00:14:36,252
to both your current and future goals.
325
00:14:37,637 --> 00:14:38,927
anything to add there?
326
00:14:38,927 --> 00:14:42,767
Kind of, we, we, we still have two
other parts of the product or process,
327
00:14:42,767 --> 00:14:43,712
but anything to add from you guys?
328
00:14:44,788 --> 00:14:45,058
Yeah.
329
00:14:45,058 --> 00:14:48,028
I think for me, this is a good point
to jump into where you'll hear somebody
330
00:14:48,028 --> 00:14:49,343
say, Hey, I want an IBC policy.
331
00:14:50,198 --> 00:14:52,688
And so I think what you're doing
here that's really nice is you're
332
00:14:52,688 --> 00:14:54,098
kind of separating the two.
333
00:14:54,308 --> 00:14:56,678
One is the process, which is
you're leveraging an asset.
334
00:14:56,678 --> 00:14:59,528
You understand the value in doing that
versus paying cash or taking out a
335
00:14:59,528 --> 00:15:01,208
traditional loan, and you're doing that.
336
00:15:01,208 --> 00:15:03,278
So you have an asset that continues
to grow in the background.
337
00:15:03,458 --> 00:15:07,418
And the other side of it is the product,
which is your properly structured dividend
338
00:15:07,418 --> 00:15:10,718
paying whole life policy, preferably
with a mutual or mutual holding company.
339
00:15:11,018 --> 00:15:13,868
So if you can understand that those are
two separate pieces, that's really great
340
00:15:13,868 --> 00:15:18,278
because the idea of leveraging an asset
is, has been out there for a long time.
341
00:15:18,593 --> 00:15:20,183
What IBC does is it structure.
342
00:15:20,183 --> 00:15:25,373
It gives you the the best product
for the long term accomplish that.
343
00:15:25,433 --> 00:15:27,893
And I think if you can understand those
two things, then you're on your way.
344
00:15:28,443 --> 00:15:32,913
so, talking about product versus
process as we talk about improvement.
345
00:15:33,303 --> 00:15:37,863
remember on the product side, you know,
there's, there's a whole, a wide variety
346
00:15:37,983 --> 00:15:39,898
of, of, of products that are available.
347
00:15:40,458 --> 00:15:43,368
You know, these, these insurance
companies don't just offer one product.
348
00:15:43,368 --> 00:15:46,878
They, they wanna market to anybody
that's willing to show up, you know,
349
00:15:46,878 --> 00:15:52,008
so it's important that in terms of
the product for IBC, you know, we've
350
00:15:52,008 --> 00:15:54,648
already highlighted, we're highlighting
it again, it's properly structured,
351
00:15:54,648 --> 00:15:56,268
dividend paying, whole life policy.
352
00:15:56,628 --> 00:15:58,003
but like we said, there's
a lot of different.
353
00:15:58,638 --> 00:16:02,978
Customizable, riders and options and
things that you can add or not add.
354
00:16:03,338 --> 00:16:06,848
And again, we've, we've already covered on
part of that in a previous pod, so we'll
355
00:16:06,848 --> 00:16:09,168
leave that for, for your own research.
356
00:16:09,798 --> 00:16:13,258
Remember, on the Improvement Pro,
focus for the, for the process.
357
00:16:13,618 --> 00:16:17,428
That, what that means to me
is constantly learning, always
358
00:16:17,428 --> 00:16:19,558
being a, a, a perpetual student.
359
00:16:20,038 --> 00:16:24,568
And that you're not only learning,
but understanding what you've created.
360
00:16:24,988 --> 00:16:29,428
You know, so when we talk about if
you've, if you've just got into this
361
00:16:29,428 --> 00:16:32,878
and you're still learning and maybe
you're only one year in, it could
362
00:16:32,878 --> 00:16:36,898
be real easy to just give up on, I
don't understand why I'm doing this.
363
00:16:37,198 --> 00:16:37,498
Well.
364
00:16:38,248 --> 00:16:39,178
Educate yourself.
365
00:16:39,418 --> 00:16:41,788
You know, are you talking
to your practitioner?
366
00:16:42,088 --> 00:16:46,138
You know, did you, did you ask
questions in order to, to understand
367
00:16:46,438 --> 00:16:50,878
what you're truly creating and what the
power of sequencing money look like.
368
00:16:51,238 --> 00:16:55,008
So, again, that's just kind of what the
improvement looks like from the process
369
00:16:55,008 --> 00:16:56,988
standpoint is how are you getting better?
370
00:16:57,138 --> 00:16:58,728
How are you educating yourself?
371
00:16:58,938 --> 00:17:03,288
Because when we look at, you know, from
a practitioner standpoint, We're, we're
372
00:17:03,288 --> 00:17:06,588
gonna, we're gonna get you up and running
and try to lay that groundwork, and then
373
00:17:06,588 --> 00:17:10,458
we're gonna spin you like a top, we're
gonna pull that string and let you go.
374
00:17:10,758 --> 00:17:13,278
And then, you know, you,
you've, you're creating an
375
00:17:13,278 --> 00:17:14,658
asset of which you can leverage.
376
00:17:14,928 --> 00:17:18,078
So, a couple of different ways on
how you can gauge success there.
377
00:17:19,033 --> 00:17:19,363
I'm sorry.
378
00:17:19,363 --> 00:17:22,813
A couple of different ways on how you
can gauge improvement and then remember,
379
00:17:22,843 --> 00:17:27,043
success for the whole life policy,
the product is contained within the
380
00:17:27,043 --> 00:17:31,633
guarantees that are provided, and it
is an absolute means to get rich slow.
381
00:17:32,143 --> 00:17:35,933
whereas success for the process,
means that you've created a system
382
00:17:35,933 --> 00:17:38,033
that's scalable and repeatable.
383
00:17:38,528 --> 00:17:43,058
You know, expandable, which are often
included in, the, the policies that
384
00:17:43,058 --> 00:17:47,138
we're gonna create in terms of, you know,
we're, we're looking forward for you as
385
00:17:47,138 --> 00:17:49,058
well as creating something right now.
386
00:17:49,708 --> 00:17:52,858
so, you know, I, I guess
I'll pass it back to you.
387
00:17:52,888 --> 00:17:55,178
before we wrap it up, Andy
or Scott, anything to add?
388
00:17:55,730 --> 00:17:55,940
Yeah.
389
00:17:55,940 --> 00:17:58,745
I think something that I take for
granted a lot is we're talking about
390
00:17:59,720 --> 00:18:03,320
this all the time, and important
to remember where we came from and
391
00:18:03,320 --> 00:18:04,610
where we were when we first started.
392
00:18:04,970 --> 00:18:07,790
And the fact that a lot of people
come in here and they get a policy and
393
00:18:07,790 --> 00:18:11,420
they're probably not as involved with IBC
'cause they have other things going on.
394
00:18:11,690 --> 00:18:15,860
And so I've seen it before where people
kind of lose track of why am I doing this?
395
00:18:15,890 --> 00:18:16,820
You know, what's going on.
396
00:18:16,820 --> 00:18:19,310
So it's really important to be
part of a group and if you do
397
00:18:19,310 --> 00:18:20,540
forget, don't be embarrassed.
398
00:18:20,540 --> 00:18:22,010
Ask questions like, what's going on here?
399
00:18:22,010 --> 00:18:23,390
Again, you know, pick up the book.
400
00:18:23,390 --> 00:18:24,320
You don't have to read it all at once.
401
00:18:24,320 --> 00:18:25,340
Just pick up a section.
402
00:18:25,650 --> 00:18:28,710
podcast once in a while is great if
you're doing this or, you know, look at
403
00:18:28,710 --> 00:18:30,450
some of the books at the back in Nelson.
404
00:18:30,450 --> 00:18:33,270
But the, the bottom line is that if
you get to that point where you're
405
00:18:33,270 --> 00:18:34,860
starting to go, what am I doing?
406
00:18:34,860 --> 00:18:37,710
And why is this happening, again,
reach out to your practitioner
407
00:18:37,920 --> 00:18:39,150
and then come in full circle.
408
00:18:39,150 --> 00:18:41,310
You know, Scott, you just took
the test, your license now.
409
00:18:41,610 --> 00:18:44,610
But I think what separates us from where
you're gonna be, you know, eventually
410
00:18:44,610 --> 00:18:48,420
and the rest of the insurance agents out
there, are we not, I won't say all of
411
00:18:48,420 --> 00:18:51,510
'em 'cause I can't speak for all of 'em,
but I think as a community with the NNI
412
00:18:51,510 --> 00:18:53,310
and the authorized IBC practitioners.
413
00:18:53,730 --> 00:18:57,300
I am proud of the fact that we take it to
another level where we continuously stay
414
00:18:57,300 --> 00:19:00,510
engaged with our clients and we wanna
make sure that they stay on this path.
415
00:19:00,510 --> 00:19:03,720
We are not gonna be the banker for
you, but we will do what you need.
416
00:19:03,810 --> 00:19:06,030
We will make sure that you understand
how to be your own banker, is
417
00:19:06,030 --> 00:19:07,320
probably the better way to put that.
418
00:19:07,610 --> 00:19:11,240
so yeah, and know I'm coming back full
circle, but if you find yourself confused
419
00:19:11,240 --> 00:19:13,940
or what's going on or what's happening
again, reach out and we're happy to
420
00:19:13,940 --> 00:19:15,145
discuss things and clear up any questions.
421
00:19:15,734 --> 00:19:15,914
Yep,
422
00:19:16,053 --> 00:19:16,428
I don't want my
423
00:19:16,634 --> 00:19:17,414
completely agree.
424
00:19:17,533 --> 00:19:20,268
I had to, I had to, I had to
make a couple phone calls,
425
00:19:20,268 --> 00:19:21,648
like, why am I still doing this?
426
00:19:22,473 --> 00:19:27,243
Yeah, it was after, after
reading Nelson's book.
427
00:19:27,393 --> 00:19:30,783
I've picked it up two or three
times now and just skimm through
428
00:19:30,783 --> 00:19:34,923
stuff and I read it two full times
just to remind myself of things.
429
00:19:34,923 --> 00:19:36,543
But yeah, podcasts are another good one.
430
00:19:36,843 --> 00:19:40,533
Hop on and just listen to a couple
and it's a pretty solid reminder.
431
00:19:40,878 --> 00:19:44,628
And, and one thing I do wanna say
you know, we're, we're not gonna
432
00:19:44,628 --> 00:19:46,533
write a policy or do something
until we feel that you're ready.
433
00:19:47,333 --> 00:19:51,353
That being said, when you're ready, you're
still not gonna be, you're, you're gonna
434
00:19:51,353 --> 00:19:54,953
have probably training wheels and be able
to get up on the bike and ride around, but
435
00:19:54,953 --> 00:19:55,913
the training wheels aren't gonna be off.
436
00:19:55,913 --> 00:19:57,413
You're still gonna have to
do some more and learn it.
437
00:19:58,133 --> 00:20:00,713
Once you're comfortable, at least that
you're on the right path, once you
438
00:20:00,713 --> 00:20:03,653
actually start doing this, you're gonna be
amazed when you actually start practicing
439
00:20:03,653 --> 00:20:04,913
something, how much better you're doing.
440
00:20:05,003 --> 00:20:06,803
And I kind of bring back for a
lot of the pilots that are out
441
00:20:06,803 --> 00:20:07,703
there, think about ground school.
442
00:20:07,703 --> 00:20:10,673
You can only talk about flying so
much, but at some point you need
443
00:20:10,673 --> 00:20:13,283
to actually jump in that seat and
get airborne and then it's gonna
444
00:20:13,283 --> 00:20:14,603
start making a lot more sense.
445
00:20:14,633 --> 00:20:16,043
Kind of the same thing is true for this.
446
00:20:16,043 --> 00:20:18,683
You need to do the ground school work,
but you also need to get a policy
447
00:20:18,683 --> 00:20:20,693
and get airborne at some point if
you do believe in what you're doing.
448
00:20:22,444 --> 00:20:23,369
Yeah, spot on.
449
00:20:23,369 --> 00:20:24,289
Couldn't agree with that More.
450
00:20:26,294 --> 00:20:29,474
Well, I guess to, to kind of put
a bow on it then and wrap us up.
451
00:20:29,594 --> 00:20:36,044
You know, we, we don't really know whether
the answers we're seeking in terms of the
452
00:20:36,044 --> 00:20:40,424
questions that are asked or wisdom, and
you don't really know if it's wisdom until
453
00:20:40,424 --> 00:20:42,374
life punches you in the mouth, you know?
454
00:20:42,374 --> 00:20:45,794
So I'm not, I'm not en engaging or
saying that everyone else should go
455
00:20:45,794 --> 00:20:46,904
out and get punched in the mouth.
456
00:20:47,054 --> 00:20:49,454
I know that's not necessarily
the most fun process, right.
457
00:20:49,784 --> 00:20:50,744
But it's gonna happen.
458
00:20:51,104 --> 00:20:51,749
And when it does.
459
00:20:52,994 --> 00:20:54,674
Are you in control of your finances?
460
00:20:54,794 --> 00:20:57,884
Are you the one that has
access to your capital?
461
00:20:58,154 --> 00:21:01,968
You know you Whether you traded time
for money and that's your capital,
462
00:21:02,058 --> 00:21:05,988
whether you built businesses, whether
it's, you know, some form of income
463
00:21:05,988 --> 00:21:08,028
that shows up, like that's your money.
464
00:21:08,328 --> 00:21:09,318
Who's in control of it?
465
00:21:09,948 --> 00:21:12,498
You know, so do you have, do
you have access to the capital
466
00:21:12,498 --> 00:21:13,638
that's in your ecosystem?
467
00:21:14,058 --> 00:21:17,058
And, and many think you know that
the only option is indentured
468
00:21:17,058 --> 00:21:18,588
servitude to the banking system.
469
00:21:19,098 --> 00:21:22,578
And we've gotta sift through some
of the noise to find the answers.
470
00:21:22,878 --> 00:21:26,988
That's gonna lead to our own wisdom
combined, you know, as a community, as,
471
00:21:26,988 --> 00:21:30,258
as Andy said, I completely agree with
that, you know, and Nelson offers that.
472
00:21:30,258 --> 00:21:33,978
We rethink our thinking, you know, so
a better understanding of the process
473
00:21:34,398 --> 00:21:35,898
will help you to see the problem.
474
00:21:36,828 --> 00:21:40,278
And by seeing the problem, that's gonna
lead to the application of the wisdom
475
00:21:40,308 --> 00:21:43,218
to understand even more so the product.
476
00:21:43,608 --> 00:21:46,188
But I think that helps maybe
differentiate a little bit better
477
00:21:46,188 --> 00:21:48,888
between product and process guys.
478
00:21:49,360 --> 00:21:50,590
Yeah, I think I want to come back.
479
00:21:50,590 --> 00:21:52,570
You know, we had a post recently
where somebody brought up
480
00:21:52,570 --> 00:21:54,200
another tool, to leverage.
481
00:21:54,200 --> 00:21:55,280
It was the HELOC and it was great.
482
00:21:55,280 --> 00:21:56,600
I actually learned a
lot going through that.
483
00:21:57,051 --> 00:21:57,291
Yep.
484
00:21:57,645 --> 00:22:00,985
I will say when I looked at it, it's
something I could see potentially using,
485
00:22:00,985 --> 00:22:02,095
especially if you're gonna do a mortgage.
486
00:22:02,095 --> 00:22:03,835
You know, it might be in
place, something like that.
487
00:22:04,075 --> 00:22:07,375
But for me, all of these are short term
and I realize that I am doing business
488
00:22:07,375 --> 00:22:10,495
with the bank and the limitations that
come with that when it comes to long
489
00:22:10,495 --> 00:22:13,345
term and actually having control of
the capital and not being dependent
490
00:22:13,345 --> 00:22:16,105
on the bank to do something, there
is nothing out there from a product
491
00:22:16,105 --> 00:22:17,575
side that I've seen that is better.
492
00:22:18,880 --> 00:22:21,550
And, and I've said this before
too, you know, if you look at the
493
00:22:21,550 --> 00:22:24,130
Snakes and Dragons that Nelson talks
about, and some of the people in
494
00:22:24,130 --> 00:22:26,770
IBC, they're gonna tell you to never
do business with the bank again.
495
00:22:27,520 --> 00:22:28,450
no issues with that.
496
00:22:28,450 --> 00:22:31,390
I realize that everybody is on a
different journey though, and so
497
00:22:31,390 --> 00:22:32,500
that doesn't work for everyone.
498
00:22:32,740 --> 00:22:35,410
My big thing and, and it's worth
repeating because in case you're
499
00:22:35,410 --> 00:22:38,020
listening to this and you haven't heard
the other episodes, even if you are
500
00:22:38,020 --> 00:22:40,780
doing business with a bank, at least
have enough capital somewhere else
501
00:22:40,780 --> 00:22:43,330
that if something goes wrong, you can
get yourself outta that situation.
502
00:22:43,330 --> 00:22:44,890
You just don't wanna be
dependent on the bank.
503
00:22:44,890 --> 00:22:46,990
That's the main thing I wanna
stress for people out there.
504
00:22:48,241 --> 00:22:52,201
Yeah, and I don't wanna be a doomsday
guy, but like, if you go back to oh eight
505
00:22:52,321 --> 00:22:56,611
people that had HELOCs when everything
crashed, they immediately wiped that out.
506
00:22:56,851 --> 00:23:00,001
You know, you might have had a
hundred, 200, 500,000 in equity in
507
00:23:00,001 --> 00:23:05,281
your house, and yet when the market
dropped 30%, the banks shut off your
508
00:23:05,281 --> 00:23:07,411
ability to borrow from your heloc.
509
00:23:07,711 --> 00:23:11,641
So it, you know, it's, it's, it's
that constant idea that they, they
510
00:23:11,641 --> 00:23:15,271
can change the rules at any time
because you are, you are a, you know.
511
00:23:15,691 --> 00:23:16,981
Dependent on their system.
512
00:23:17,401 --> 00:23:20,281
And, and there's always gonna be
some other rule that can be changed
513
00:23:20,281 --> 00:23:23,371
to maximize the, you know, the,
the product that they're using.
514
00:23:23,671 --> 00:23:27,601
So it's, I, I hope that doesn't happen
again, that was a once in a lifetime
515
00:23:27,601 --> 00:23:32,041
event, but in that time that somebody
else got punched in the face, were
516
00:23:32,041 --> 00:23:33,511
they able to control their capital?
517
00:23:33,931 --> 00:23:36,121
And the answer was in that instance, no.
518
00:23:36,621 --> 00:23:39,651
so I guess it's just as much
learning from the past as it
519
00:23:39,651 --> 00:23:40,791
is preparing for the future.
520
00:23:41,171 --> 00:23:44,201
Yeah, so you know that example, kind of
how I look at this is, you know, we're
521
00:23:44,201 --> 00:23:47,471
not telling you not to do that, but do
you have an out, if those people had cash
522
00:23:47,471 --> 00:23:50,351
value and a whole life policy and all of a
sudden that other line of credit dried up.
523
00:23:51,066 --> 00:23:54,036
Yeah, it's gonna be difficult, but you're
also able to pivot and go do something
524
00:23:54,036 --> 00:23:55,806
else and still move on and survive.
525
00:23:55,956 --> 00:23:56,256
It's the
526
00:23:56,427 --> 00:23:56,667
Right.
527
00:23:56,886 --> 00:23:59,676
have that other line of credit or
that that other option somewhere else.
528
00:23:59,676 --> 00:24:00,456
So they were
529
00:24:00,542 --> 00:24:00,762
Yep,
530
00:24:00,876 --> 00:24:02,136
the process either way.
531
00:24:02,346 --> 00:24:04,566
But in these, now we have two
different products that we're
532
00:24:04,566 --> 00:24:07,056
comparing, and I think that's probably
a good way to look at this as well.
533
00:24:07,857 --> 00:24:08,042
that's right.
534
00:24:08,707 --> 00:24:09,217
Awesome.
535
00:24:09,757 --> 00:24:12,127
Well process, product.
536
00:24:12,397 --> 00:24:13,117
Wrapped it up.
537
00:24:13,957 --> 00:24:15,097
I don't have anything else to add.
538
00:24:15,367 --> 00:24:16,417
Thanks for joining up guys.
539
00:24:16,417 --> 00:24:19,177
Appreciate the, ability to
turn it over and, and let me
540
00:24:19,177 --> 00:24:20,407
take one on, so that's great.
541
00:24:20,963 --> 00:24:21,623
Jar, this is great.
542
00:24:21,623 --> 00:24:22,373
Thanks for putting it together.
543
00:24:22,373 --> 00:24:25,073
Hopefully people got something
out of it and, feel free to
544
00:24:25,073 --> 00:24:27,478
throw questions out there and
we're, we're happy to answer 'em.
545
00:24:31,509 --> 00:24:33,309
Thanks for tuning into
the infinite mindset.
546
00:24:33,789 --> 00:24:36,879
If you found today's conversation
valuable, share it with someone who's
547
00:24:36,879 --> 00:24:40,389
ready to think differently about
finances, and don't forget to subscribe.
548
00:24:40,749 --> 00:24:43,509
Your journey to financial freedom
starts with the right mindset.
