The Money Advantage Podcast

Are you working too many hours?  Chances are, you don’t have the right people on your team. And if you don’t, chances are, your hiring practices are causing more problems than they are solving. Ryan Englin created Core Matters to fix your recruiting and staffing headaches. He coaches and trains business owners to hire better people, faster. https://www.youtube.com/watch?v=D8N47KLdPH4 So, if you want to hire and retain rock star employees… tune in now! Table of contentsHow Ryan Got StartedThe Hiring BottleneckThe Importance of a Good ProcessThe Jim Collins Bus AnalogyHow Do You Start?The Trick to InterviewingBehavior-Based InterviewsConnect with Ryan EnglinAbout Ryan EnglinBook A Strategy Call How Ryan Got Started Ryan's father worked in manufacturing, and his early memories are of spending time with his dad at the plant. He often spent nights and weekends there. It wasn’t until much later that he realized that he was inexpensive labor. And while Ryan’s dad had lots of people working for him, he still struggled to find the right people.  [4:15] “One rock star employee will replace two or three mediocre employees all the time.” It’s really hard to fathom this, though, as a business owner. Most people think they want three sets of hands instead of one. However, as Ryan points out, there’s massive value in having one person that doesn’t make mistakes or create drama.  When Ryan was older, he saw the same issue with his clients. They were struggling to find the right employees, and it was eating into their personal lives. He experienced the problem himself when he became a father, and wanted to spend time with his family. So he began to solve the problem for himself, and later his other clients.  The Hiring Bottleneck Hiring is one of the most common problems for entrepreneurs, and Ryan attributes this to a lack of information. There are so many books and resources on practically every other facet of entrepreneurship that most business owners can easily access answers. There simply seems to be a lack of accessible information about hiring the right people.  In fact, when it comes to hiring, most of the information is about getting bodies in the door and retaining them. It’s about creating the “Silicon Valley” environment of game rooms and food bars, and other attractions. But this has very little to do with finding people who are a good fit, beyond just their resume.  [8:35] “When it really comes down to people–and understanding their hopes, their dreams, their goals, the things that they want to accomplish—there are not a lot of books about that as it relates to business. And so what I think a lot of people do is they look at efficiency as a way to improve their business.” But there’s only so much efficiency that you can accomplish. For example, you can cut expenses as much as possible to make more efficient use of your dollars, but you’ll never get to zero. There are always going to be expenses. When you focus on people, however, you can look toward increasing revenue, and you can increase revenue infinitely. The right people are going to improve your business. The Importance of a Good Process [9:35] “What I believe is—this is probably no secret—humans aren’t perfect, we all make mistakes. And what I believe is, if you have an employee that’s a good employee, and you give them a great process, you’re going to have great results. If you have a great employee and you give them a mediocre process, you’re gonna have mediocre results.” Good people are the first step to good results, but people can only be as good as the process you give them. As a business owner, it’s critical to have a good process.  The Jim Collins Bus Analogy Jim Collins, a prolific business researcher and author, has a bus theory that explains the importance of the “right people.” In essence, it’s about having 5 or 6 leaders on your bus, or team. Ryan takes this analogy a bit further,

Nelson Nash, Father of Infinite Banking, left quite a legacy.  One of the things that he poured his life into was teaching and training advisors to serve clients with excellence.  Every year, IBC practitioners, clients, or anyone searching for a deeper understanding of Infinite Banking gather at the Nelson Nash Think Tank. There, they share ideas and recommit to the fundamentals of Infinite Banking the way Nelson taught. https://www.youtube.com/watch?v=lMjYKI95DI8 Bruce traveled to the 2022 Nelson Nash Think Tank, and I'm looking forward to discussing his observations and thoughts. So if you would like to hear some of the most important topics, issues, and trends in Infinite Banking ... tune in now! Table of contentsWho is Nelson Nash and What is the Think Tank?The Importance of the FundamentalsPerfect Practice Makes PerfectWhat Are the IBC Fundamentals?Banking is a ProcessIBC Creates “Forced Savings”Human Nature“Don’t Steal the Peas” You Finance Everything You BuyBook A Strategy Call Who is Nelson Nash and What is the Think Tank? There’s an incredible amount of knowledge at the root of the Infinite Banking Concept, which was created by Nelson Nash the author of Becoming Your Own Banker. Whole life insurance itself was not a new product or discovery. However, Nelson Nash realized that there could be a greater purpose and use for specially-designed whole life insurance. He used this strategy himself and later coined the term “Infinite Banking Concept.”  He created his books and the IBC practitioner program to help more insurance producers understand IBC. And subsequently, he created the program so that IBC could help more people. The Nelson Nash Think Tank is an annual conference for dedicated IBC practitioners to keep their knowledge sharp. It also helps IBC practitioners to identify and solve problems in the industry. The Importance of the Fundamentals One benefit of the Nelson Nash Think Tank, for IBC practitioners, is that it is a return to the fundamentals. In other words, the basic essentials of the Infinite Banking Concept. In any industry, it’s easy to look forward to fresh ideas and new ways to approach business. However, the fundamentals are the basic principles that hold everything together and guide your actions. Returning to the fundamentals ensures that you continue to stay on the path, and remain true to the most basic ideas. The same is true for IBC.  [5:25] “Everything you do in life, whether it’s learning a new skill or your own family, there should be some things that should be consistent and repeatable… Kind of like we talk about with money principles.” Not only can refreshing your understanding of the fundamentals help you approach new challenges, but it can also help you retain a “beginner’s mindset.” When you’re an expert in a field, it’s all too easy to forget that others don’t necessarily have the same background or understanding. But if you attempt to teach someone as if they DO, things get lost in translation. Returning to the basics in your own practice can help you more effectively teach or help someone with a beginner’s understanding of a topic.  Perfect Practice Makes Perfect Studying the fundamentals also ensures that you understand all the intricacies and nuance of your craft. True mastery takes time, effort, and dedication. It may seem boring to rehearse the basics, when there may be more interesting or complex things to study. However, it’s critical to know the fundamentals so well that you can recall them at the drop of a hat.  For example, as a basketball player, the fundamentals may be to take proper care of your feet. It seems simple, trivial even. But if you buy the wrong socks, or don’t lace your shoes correctly, you can get blisters that cause more issues down the road.  The more you return to and practice the basics of your craft, profession, or industry, the more you prepare yourself to operate at the best of your ability a...

Do you want to write the perfect letter to your kids, but don’t know exactly where to start, what to say, or how to share your heart best?  https://www.youtube.com/watch?v=Nes6G6sX8bk Legacy Letters solve this problem. Blake Brewer is on a mission to help 1 million dads write at least one well-written, meaningful, lasting Legacy Letter to their children. Today, we’re digging into the importance of our parent’s words, how to prepare your heart and mind to write this letter, the three things that everyone needs to hear from their Dad and Mom, and how to ask forgiveness as a parent. So if you want to share the words that best communicate your heart… tune in now! Table of contentsWhy Write Down Your LegacyThe Legacy Letter that Started it AllHelping 1 Million DadsCrafting Your Legacy LetterThe Parent “Wound”Asking ForgivenessThe Most Important Components of Your Legacy LetterConnect with BlakeAbout Blake BrewerBook A Strategy Call Why Write Down Your Legacy Writing a legacy letter, as we’ll explore, is an opportunity to create a tremendous impact in the lives of your children. It’s actually important for the same reason life insurance is important on a security level–because one day, you won’t be around. And like life insurance, a legacy letter can help your children move forward with as few obstacles as possible.  Lucas and I wrote legacy letters for our children after my near-death experience a few years ago. At the time, we wondered: What if we don’t have all the decades ahead that we hope for? How would we be able to communicate all the most important thoughts and lessons to our daughters? A legacy letter is your opportunity to leave a tangible piece of yourself and your wisdom with your children and loved ones. That way, no matter what the future brings, you can be confident that all of your most important thoughts will make it into your children’s hands. It’s a powerful tool for families, especially for families looking to build a robust, multi-generational structure for the future. The Legacy Letter that Started it All [5:44] Our guest, Blake Brewer, shares his own experience of loss, and how that led to his role in helping families create their legacy letters. After his father’s passing, which was incredibly sudden, Blake’s mother gave him the letter his father had written for him. [10:43] “Even before I finished the letter, I felt so loved, that my dad would take the time to write this letter. I don’t know what he gave up, what he sacrificed, what TV show he didn’t watch; but my dad took the time to write down his thoughts and feelings about us, and gave some great life advice. The last line of this letter, only God could have allowed my dad to write it. My dad wrote, ‘As you follow Christ, you’ll often find yourself in the minority here on Earth, but I can assure you in Heaven, you’ll be in the majority…’” The words were the exact comfort that Blake needed at that moment and helped him to begin processing his grief. In fact, it helped him to process his grief in a healthy way, thanks to his father’s words. He says it was that letter that changed his life.  [12:05] “My dad had life insurance, so I’m grateful for that as well. My mom didn’t have to go to work, our life stayed the same, and I’m thankful for that. But this letter is worth just as much as the money that my dad provided for us.” Helping 1 Million Dads A few years ago, Blake decided to write his own letter to his children, so that they would have something of him when they needed it most. But when he sat down to start writing, he saw how difficult it was. He had plenty of ideas to put onto the page, but organizing them into the right words was hard. Other fathers he had talked to over the years, who resonated with Blake’s story, had also found the process difficult.  At the same time, God brought several other men into his life that received letters from their fathers.

Are you feeling the rise in prices and wondering what the long-term effects will be on your financial goals? When inflation eats away at the value of your dollars, how do you protect from inflation? What are your options for a level-headed approach to getting your money to do the most today and in the future? https://www.youtube.com/watch?v=UE5jjK89nRg Today, we're talking about your options to protect your money against inflation...so if you want to keep your money growing, tune in now! Table of contentsShow NotesCommon Advice for Protecting from InflationSeeking Growth in All ThingsArticles ReferencedBook A Strategy Call Show Notes [0:00] Introduction: How should you prepare financially to protect your money from inflation?[2:40] Your goals, principles, and personal economy change what strategies might work for you.[4:15] Not every facet of our lives is foreseeable; so we must prepare for unknowns.[5:05] How the financial entertainment industry affects our perspective.[7:40] The value of truth over opinions.[8:55] The financial philosophy “advance and protect.”[9:55] “I think you need to stick with your fundamentals, even when the information around you is telling you, ‘Do this! Do that!’ Because it can be very attractive and it can pull you towards wanting to do something, or telling you that your fundamentals are wrong.”[10:52] Do not take education as advice. Education should provide you with information to make better decisions, yet it cannot replace personalized advice based on your unique personal economy.[11:55] Financial advice and wisdom don’t exist in a vacuum.[13:51] The importance of questioning everything, and the information you’re given. Common Advice for Protecting from Inflation [14:20] Evaluating the Investopedia article “9 Asset Classes for Protection Against Inflation.”[20:15] How to evaluate the integrity of an information source.[21:00] How different economic philosophies approach inflation.[21:20] The number one question to guide your financial decisions.[23:20] Is gold a good asset to protect against inflation?[27:05] Gold is liquid, the problem is that it’s not always easy to sell. [28:40] What is inflation? Why does inflation occur?[29:23] Are commodities good a good hedge against inflation?[30:05] Why a 60/40 stock and bond split doesn’t work.[35:55] Historic average rates of return don’t guarantee that’s what you will earn.[36:30] What are REITs, and are they a wise investment during an inflationary period?[37:35] Investing in the S&P 500 during an inflationary time may not work out, and it wouldn’t be responsible to recommend. [39:46] Why real estate is a good investment when made under the right circumstances at the right time.[40:30] What are leveraged loans?[40:50] What are TIPS?[41:10] Does the Bloomberg Aggregate Bond Index work as a hedge against inflation? Seeking Growth in All Things [43:10] In order to make better financial decisions, you must seek more education.[43:28] Les McGuire and the Economic Value of Certainty[43:55] The importance of principles in your financial decision-making, and the principles that guide us. [47:10] “Is it going to keep up with inflation? Probably not. But is it going to do better than any other place that I have to store my capital where it’s still accessible? It’s better than anything we’ve found yet.”[48:16] The power of an entrepreneurial mindset to protect from inflation.[50:58 How to hedge against inflation if you’re not entrepreneurially minded. [52:35] Closing thoughts on inflation.[52:58] “You can be more in control of your financial destiny than just having to make decisions based on the sway and the whim of interest rates and inflation and all of the boogeymen on the financial horizon.” Articles Referenced https://www.investopedia.com/articles/investing/081315/9-top-assets-protection-against-inflation.asphttps://www.ssga.com/library-content/products/factsheets/etfs/emea/factsheet-emea-en_gb-sybu-gy.

Are you fascinated by the success stories of other entrepreneurs? Today, learn from Dave Menz, the Laundromat Millionaire, Dave Menz's inspirational story, learn the secrets of his success, and find out how you can overcome your own obstacles while building wealth. https://www.youtube.com/watch?v=trhxZsJ0cdc Tune in now! Table of contentsLearning the Laundromat RopesCraigslist BusinessThe Beginning of the Laundromat MillionaireOn Rejection and PerseveranceBuying the Next LaundromatDelayed GratificationServing a CommunityRaising the Bar for All BusinessesA Better Family FutureGet The Laundromat MillionaireAbout Dave Menz, Laundromat MillionaireBook A Strategy Call Learning the Laundromat Ropes When you’re running a business, there’s textbook knowledge and boots-on-the-ground knowledge. Dave Menz is the kind of entrepreneur with real boots on the ground experience running a successful business.  [3:11] “I grew up really poor as a young kid, in Flint, Michigan. And I was never very good at school, and I didn’t see a traditional corporate path for me. It just wasn’t in my DNA… I didn’t know anyone that was an entrepreneur or a business owner. But I was always just, from afar, admiring people that were without knowing them.” [3:40] “I don’t like limitations, I don’t like people or organizations or things telling me that I can’t accomplish x. I like to believe that if I spend enough time and gain the knowledge, and have the right mentors, and the right opportunities—good ol’ fashioned grit plays a part in that, for sure—that I can accomplish almost anything that I want to. Or at least I’m going to die trying.” This mindset, Dave shares, is what he thinks called him to entrepreneurship. While he didn’t start his path as a business owner right away, he always had a keen interest in how businesses were operated. This prepared him for one day taking over his own. When Dave knew he was ready to own his own business, he and his wife began saving and spent 3 or 4 years preparing for what would be their first laundromat.  Craigslist Business Dave actually found his first laundromat on Craigslist, after time spent researching the kind of business he wanted to own.  [11:45] “I just started down the path of due diligence with every business that I found on Craigslist or anywhere else. And every time… I came to a point where there was either a red flag or multiple red flags, that just said ‘this isn’t for you.’” Dave views himself as being somewhere in the middle of analysis paralysis and reckless—he’s a great, detail-oriented researcher, but he doesn’t get too hung up on choices. He can recognize when it’s time to move on from an idea. With the laundromat, there were no red flags he could find, so he just went for the deal.  The Beginning of the Laundromat Millionaire When Dave bought the laundromat for $85,000, it was losing money. But he also saw an opportunity in the business, and he knew he could do something great with it. All the nearby laundromats were in similar or worse condition.  [13:57] “I thought, well, I don’t know a lot about business, but I do understand the laws of supply and demand. And I know my community. I’ve lived here for a long time. It’s a thriving, growing suburb in Cincinnati. It doesn’t appear that any of these laundromats are serving this community well, and so if I fix it up and make it a nice place, seems to me like it should grow and should become profitable.” Over the 4 years Dave and his wife had saved, they had $35,000. They used $20,000 as a down payment. However, they had trouble getting a bank to back them. In fact, they had 25 rejections. This prompted them to look for funding elsewhere, and they ended up getting an SBA loan through a local credit union. After about 11 months, the first laundromat began making 3-4,000 a month.  On Rejection and Perseverance The rejections Dave faced are almost a story of their own—one of resilience.

It’s time to showcase another client who’s building an Infinite Banking System for himself and his family. https://www.youtube.com/watch?v=G6l1gkv09fg Meet Wesley Smith, real estate investor, business owner in the digital marketing space, husband, and dad. To find out why he’s been using Infinite Banking for the past 7 years, and how it’s helping him in his business, investments, and his family… tune in now! Table of contentsWesley's Entrepreneurial JourneyIntro to Infinite BankingWhy Infinite Banking?Why Multiple Infinite Banking Policies?How Wes Uses His Infinite Banking PoliciesInfinite Banking and Family DynamicsTeaching the Next GenerationWes’ Tips for Business OwnersBook A Strategy Call Wesley's Entrepreneurial Journey Wes’s career launched with his dad’s plumbing company, where he stayed for three or four years. After that, he realized he wanted to get out into the world. His friend had a door-to-door sales job in telecommunications, making a pretty good salary. Wes knew it was his next step.  [4:00] “I think that first sales job really solidified the fact that I wanted to be an entrepreneur… Just learning to be in that sink or swim environment from month to month to month—every month is a new month, right—is kind of what helps you learn what you need to be a business owner, in general.” Over time, he learned he could also build some residual income from this work. Ultimately, this helped him get closer to where he wanted to be financially. But the entrepreneurial piece was still missing. This led Wes to invest in real estate. In order to advertise and maintain relationships with clients, Wes became proficient in all things digital marketing. His proficiency led him to open an agency around 2014 that caters to the tree service industry.  Intro to Infinite Banking Wes stumbled into the world of infinite banking almost by accident. About seven years ago, whole life insurance came up in conversation between Wes and his younger brother. Wes was recently married, and his son was just born, so he knew life insurance was a good thing to look into. After getting set up with an agent, he bought his first whole life insurance policy.  [8:20] “We’re all just like conditioned to not even think about life insurance one bit until we’re married and have kids, then all of a sudden everybody’s beating their door down talking about life insurance to you.” After paying a few premiums, Wes kept wondering where his premiums were going and what he was paying for. Although his agent answered his questions, he was still having trouble wrapping his brain around insurance. So he decided to do some research and learn everything he could about whole life insurance. This search led him to The Money Advantage, as well as some other sites, where he stumbled on the infinite banking concept.  Why Infinite Banking? [9:50] “Once I found that [infinite banking concept], and I ordered Nelson [Nash]’s book, Becoming Your Own Banker… it was as clear as day what I needed to be doing for the rest of my life with all of my savings.” Part of the reason infinite banking appealed to Wes is that it’s flexible and liquid. He had been in corporate settings, with a 401k, where his money was locked away and inaccessible. [10:14] “This is nice to have this [retirement] account over here, but I can’t do anything with this money for the next 35-40 years. What am I going to do if I come across a real estate deal and I need access to 50 or 100 thousand, or whatever the case may be? You just really can’t do that with a retirement account like you can with infinite banking policies.” Another benefit to infinite banking, as Wes sees it, is the ability to grow money even when you’re dormant or waiting for your next investment. The cash value of your policy puts you in a position of cash to jump on opportunities. But even when you’re waiting, your policy is growing and doing more than a typical savings account.

Want to get more done, quicker, easier, and more profitably? Then, it’s time to do less. Today, we’re talking with Ari Meisel, author of The Replaceable Founder, The Art of Less Doing, On Productivity, Idea to Execution about how to build a business that can run and grow without you. https://www.youtube.com/watch?v=i3dQcZTuKtg So, if you want 2022 to be the year you opt-out of the hustle and make consistent progress… tune in now! Table of contentsThe Art of Less DoingAsynchronous ToolsHow to Get StartedMacGyver Style InnovationThe Ultimate KPIBeing a Better Decision-MakerThe 20-Minute Work DayConnect with Ari MeiselBook A Strategy Call The Art of Less Doing When Ari Meisel graduated college, he went into real estate development and construction in Upstate New York. His hours were grueling, and he was beginning to feel the effects of stress. At 23, Ari was diagnosed with Crohn’s disease, which is an inflammatory condition that is considered incurable. And in his journey to overcome this illness, he went from working 18-hour days to working one-hour days.  And while there were dozens of books on productivity at the time, there weren’t any on the market that addressed people who truly had little time in their day. The Art of Less Doing, Ari’s first book, was born out of the extreme restriction Ari had from his Crohn’s.  Essentially, the framework of “less doing” is to optimize, automate, and outsource. This made framework made it possible for Ari to continue to work and be productive. This idea has since grown into many other things, like The Replaceable Founder.  [5:48] “If you ask somebody… who works like a 9 to 5, what would happen if you had to leave the office by 4? You couldn’t work until 5. Most would just say they’d skip lunch, that’s usually the answer that comes back. But if you ask that same person, what if you only had an hour? It’s perplexing. It requires such a different way of thinking because those things still have to get done. But if you can’t possibly get them done in that hour, then who or what is going to do them for you? It’s that restriction that breeds innovation.” Asynchronous Tools Interestingly, Ari shares an interesting part of his strategy that has helped him put significant time back in his day. That is, the power of using more “asynchronous” tools and communication. It allows people to create more work-life balance and affords individuals control over their workday. However, many jobs are formed around synchronous communication. For example, in a typically 9 to 5 job, everyone is expected to come in at the same time, and communicate immediately, in real time. However, people are not synchronous, and have different rhythms.  Asynchronous communication, on the other hand, is like email. It allows each participant to take the information and control when they read and respond to it. This gives each person more autonomy, and the ability to construct their own work boundaries.  [8:30] “The technical requirements are not really what’s important. It’s really about a mindset, in terms of what you do.” Ari shares that most people try to use texting synchronously. They type a message, send it, and can watch the three dots that signify the other person is typing. Of course, some messages are urgent, and require an immediate response. However, this can often prevent us from simply shooting off quick thoughts, which is what texting was designed to do.  Ari's Favorite Way to Communicate Voxer, which is a voice app, is Ari’s tool of choice. He allows his clients to have unlimited access to him through Voxer, but each person communicates at their own pace. It’s like communicating through voice memos or messages, rather than a phone call. This makes it possible for short, quick conversations that may take place over a day, but ultimately don’t distract or take much time.  The problem with providing coaching is that often the times people need contact with thei...

Have you heard about Infinite Banking, but somehow feel left with a bad taste in your mouth and you’re not sure why? We are airing some of the biggest Infinite Banking objections most people have in regards to whole life insurance. https://www.youtube.com/watch?v=imRoHqAgunk So, whether you’ve heard that it’s trash value insurance, it’s more expensive than term, it takes years to grow your cash value, the returns are garbage, or that the insurance company keeps your cash value when you die … and these dangers you’ve heard about whole life insurance may have also sounded believable, we’ll talk about each.  Today, we’re walking through a specific listener question that outlines probably every one-liner objection you’ve ever heard about whole life insurance. So, if you want to understand the facts, find out the truth, and make educated decisions about life insurance and your finances … tune in now! Table of contentsWhy We’re Answering Infinite Banking ObjectionsClaim #1: IBC is a Gimmick Whole Life InsuranceClaim #2: Whole Life Insurance is Too ExpensiveOwning vs. RentingClaim #3: Whole Life Insurance is Built on Empty PromisesClaim #4: The First Few Premiums Are Agent CommissionsClaim #5: The ROI is GarbageClaim #6: The Cash Value Isn’t Included in the Death ClaimClaim #7: You Have to Borrow Against Your Own MoneyRecycling MoneyClaim #8: Just Because It’s an Established Product, Doesn’t Mean It’s a Good OneClaim #9: Only Those Who Don’t Sell Insurance Can Be TrustedClaim #10: Dividends Are a Return of OverpaymentClaim #11: Cash Value is a Scam“Paying Yourself Interest”Additional Resource:Book A Strategy Call Why We’re Answering Infinite Banking Objections Frequently on our podcast, we receive comments from people who have infinite banking objections. Either they don’t understand whole life insurance, or they have misconceptions of what it can and cannot do. Sometimes, these comments can be downright argumentative.  We get it, we do. There’s a lot of financial advice out there, and much of it is conflicting. We’re not in the business of convincing people who simply want to argue, however, we do hope that by answering some of these Infinite Banking objections, we can truly connect with people who are open-minded and want to understand.  Claim #1: IBC is a Gimmick  A common Infinite Banking objection is that it’s a tactic or gimmick to “sucker” people into buying whole life insurance. Typically, people who make this objection believe whole life insurance to be a scam. This, however, stems from a fundamental misunderstanding of life insurance, and why people can and do want life insurance. This idea also highlights a particular misunderstanding about what IBC can and cannot do.  We address many of these claims in our blog post, “Is Infinite Banking a Scam?” However, we wanted to touch on the idea here, too. IBC is not just a gimmick, it’s a concept that can be applied to how you use whole life insurance. Infinite banking, essentially, is a concept that guides the design of a whole life insurance policy, as well as the usage of leverage.  It is not a get-rich-quick scheme, a magic solution, or an infinite pool of money. It is a school of thought that one can apply to your money. Some of the primary principles of IBC are liquidity, leverage, and uninterrupted compounding interest. Whole life insurance happens to be an ideal asset for applying these principles and more.  [11:35] “Gimmicks don’t last.”  IBC, however, has lasted. Whole Life Insurance On its own, whole life insurance is an incredibly valuable asset. It’s permanent insurance that helps families create a legacy and leave an inheritance, while also protecting income and assets. Having a death benefit, for many people, is priceless. It provides for your loved ones when you're gone, by not only providing a financial cushion but actually giving families the freedom and time to grieve without worrying about finances immedi...

What does ancient Jewish wisdom reveal about successful family enterprise and leaving a legacy? https://www.youtube.com/watch?v=YrX7GpP4__E Today, we’re talking with Rabbi Daniel Lapin. He is the author of Thou Shalt Prosper—Ten Commandments for Making Money, and Business Secrets from the Bible. In this conversation, we’re digging into ancient Jewish wisdom for successful families, and how to navigate inheritance and family giving. So if you want to do the most for your kids, get more people to listen, and do the most with your money… tune in now! Table of contentsScrolling Through the ScriptureLife is like a Power StationThe Importance of GivingCreating a Financially Responsible FamilyHow to Have More ControlSteering Your Family UnitInheritance and Family GivingPrevious Discussions with Rabbi LapinAbout Rabbi Daniel LapinBook A Strategy Call Scrolling Through the Scripture Since we last spoke with Rabbi Daniel Lapin, he’s been further developing his Scrolling Through Scripture program. He designed this program to help people unpack the Hebrew text. The technology allows people with no background in Hebrew to start understanding the scripture, and understand it better.  [4:39] “In reality, it’s rather extraordinary that we live right now, in the very first time of human history where people who see themselves, and are viewed by their contemporaries, as educated and influential and knowledgeable, are completely ignorant about the Bible.” The Hebrew text reveals answers to questions about the English translations of the Bible and provides necessary context. Because many people seem to have a sort of “amnesia,” as Rabbi Lapin puts it, about the cultural relevance of the Bible.  [9:53] “We’re not necessarily dealing with people who literally have had amnesia, but if you think of people who have come of age in the last 30 years, they’ve got the equivalent of amnesia, in the sense that the cultural bricks that have been put in place to build their personality and their relationships to the world in many ways are distorted and ineffective.” Life is like a Power Station In previous discussions with Rabbi Lapin, we’ve talked about several of his books, which share financial wisdom from the Bible. On one hand, we’ve discussed how making money is a natural progression of doing something of value in the world. On the other hand, we’ve also talked about the importance of giving first, before you even make a profit. Today, we want to talk about this more deeply with the Rabbi.  To this, Rabbi Lapin shares a comparison between operating a car versus a nuclear power plant. A car is typically very straightforward to operate. There’s some learning curve, but it’s not overly complex. So, if something goes wrong while you’re driving, like a crash, it’s instantaneous. On the other hand, there are dozens upon dozens of things to know to operate a power plant. And the system is so complex, you may not understand you’ve done something wrong until much later down the road.  [15:39] “Life is like the nuclear power station, not like driving the car. Which is to say, that many of the things you need to know about the safe and proper operation of your life do not show up immediately.” It may be years before you realize that some of the decisions you’ve made aren’t the right decisions. Sometimes, it takes some time to figure out you’ve done the right thing, too. For example, if you decide to follow the “giving route” and your friend decides to follow the “taking route,” it’s possible that the taking route might seem like the more attractive option at the start.  The Importance of Giving [18:40] “We are made, we are created, to operate. We are lubricated by being givers, not takers—we are corroded by being takers. It’s like running that engine without an oil change. We thrive by being givers.” Rabbi Lapin raises an interesting point about the role of children in families.

Do you want to be rich, or do you want to be wealthy? There’s a huge distinction between being rich vs. wealthy. Understanding the difference is the missing ingredient you need to truly enjoy your money. https://www.youtube.com/watch?v=y2X6mPMi9Q0 So, if you want to be wealthy, find out the one thing you need to create wealth that makes a real difference, not only in your life but also in generations to come… tune in now! Table of contentsRich vs. Wealthy: What's the Difference?Make Your Money Do The MostWhat is Your Money’s Purpose?The True Freedom of Cash FlowSpending Your Time on Things That MatterGenerational LegacyRich vs. Wealthy: Which One Are You?My Upcoming Book Rich vs. Wealthy: What's the Difference? You might be wondering why I’m stressing this distinction, but there’s a good reason. If you’re rich, you can have a high standard of living. You can probably buy things that you want without thinking too deeply about the implications. Begin rich means you can do all the things that you wanted to do when you sought to be rich in the first place.  But there comes a time when you may realize that, as an entrepreneur, you have limitless earning potential. It’s well within your control to increase your income and put new business on the books, create new products and so much more. It’s at this stage that you may have a revelation of sorts. [1:45] “If you make this money and you spend the money, there’s still something more. There’s something missing. There’s this part of you that realizes, well, you can buy all the things, but what then? What next? How do you make it really matter?” The truth of the matter is that being rich simply means you have a high standard of living. That’s it. And that’s okay. But being wealthy means your money does the most for you.  Make Your Money Do The Most When your money is doing the most for you, it’s actually operating within its own purpose and contributing back to your life. Wealth does more than increase your standard of living. It also creates cash flow and allows you to help other people besides you.  [2:45] “Just consuming leaves us feeling empty. I mean, there’s really only so much we can purchase.” There’s only so much that money can do when you are consuming. The deeper, underlying desire of a “consumer” mentality is connection and purpose. That’s what people want. And it requires you to give a higher purpose to your money, rather than the act of consuming alone.  What is Your Money’s Purpose? [5:00] “Really, what I think about when I think about money doing more for me is really, I have to conceptualize where can I put my money? What are the options for the things I can do with my money?” Ultimately, there are only three things you can do with your money. You can spend it, you can save it, or you can invest it. Making more money seems like a good solution to many problems, but ultimately it’s only one piece of the puzzle. The missing component to many wealth-building journeys is a fulfilling plan for saving and investing that gives your money purpose.  So you must identify the purpose of your money. If you just want to have a bigger pile of money, you’re still going to run up against the feeling of frustration and emptiness that you might be feeling. Instead, you have to look a bit deeper to find your money’s purpose.  If you’re building time and money freedom, then you have the capability to have all of your needs met through cash flow from your assets. Then you can spend your time on what you choose to be doing. You can cultivate this through investing in businesses and assets that are sustainable and create cash flow.  The True Freedom of Cash Flow This differs from having a high salary or earning a paycheck from the work that you do. Because the foundation of cash flow that you build from your savings and investments will actually allow you to choose how you spend your time.