Ekabo Home Financial Freedom Mastermind Podcast
A podcast for those who do not believe they were put on this earth to work 40 to 50 hours per week for 40 to 50 years, to hopefully retire at the age of 65.
Ekabo Home Financial Freedom Mastermind Podcast
137. How to Make Your Money Work FOR You: The Infinite Banking Hack Revealed!
🌟 Unlock Your Financial Freedom: Discover the Infinite Banking Secrets That Will Transform Your Wealth! 🌟
Welcome to the Ekabo Home Financial Freedom Mastermind Group Podcast! Join host Niyi Adewole as he sits down with the eye-opening Jonah Dew, one half of the Banking Bros duo. In this episode, Jonah reveals the secret weapon to achieving financial independence through the Infinite Banking Concept—and it might just change your life!
Episode Highlights:
🔥 Introduction to Infinite Banking:
- Jonah shares how he discovered the infinite banking concept a decade ago, sparked by a conversation during his time in network marketing.
🔍 What is Infinite Banking?
- Infinite banking is a method of saving and growing your money using whole life insurance, allowing you to access cash while your savings grow. Jonah explains it simply: it’s a way to save, keep, and put your income in a place where it won’t decrease, with guaranteed growth.
📈 Current Market Resilience:
- With many investments losing value, Jonah discusses how infinite banking holds up well, as it is not tied to the stock market or government protocols. Whole life insurance has been a stable option for years, providing guaranteed returns.
💰 Accessing Cash Value:
- Jonah clarifies that you can access your cash value as soon as your deposit clears, with no waiting period. This allows you to seize investment opportunities quickly.
🏡 Using Infinite Banking for Investments:
- Discover how Jonah uses cash value from his policies to fund private lending deals and invest in real estate, emphasizing the flexibility of the infinite banking strategy.
📝 Getting Started with Infinite Banking:
- Jonah explains the importance of working with an authorized practitioner to structure your policy correctly for infinite banking, ensuring you get the most out of your investment.
Key Takeaways:
➣ Understanding Infinite Banking: Learn how this strategy works and its benefits.
➣ Market Resilience: Discover why infinite banking is a secure option during economic downturns.
➣ Investment Opportunities: Gain insights into using cash value for various investments.
➣ Quick Access to Funds: Understand the process of accessing cash value without waiting periods.
➣ Getting Started: Know what to look for when starting your infinite banking journey.
🌍 Why This Matters:
In today’s uncertain financial landscape, understanding and utilizing the infinite banking strategy can be a game-changer. Imagine achieving financial independence, building generational wealth, and living life on your terms! Tune in to learn how to leverage this concept, overcome challenges, and take decisive actions that propel you towards your dreams.
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Niyi Adewole is a licensed realtor in Georgia, brokered by EXP Realty. Feel free to reach out at Niyi.Adewole@exprealty.com if you would like to work with an investor friendly real estate agent.
Welcome to the Financial Freedom Mastermind Group Podcast. Here we're all about breaking free from the 40 to 50 year work grind and accelerating our journey towards financial freedom. Join us every Wednesday at 7 pm Eastern as we explore different types of investments that can fast track your path to financial independence. We serve as a hub for connecting with fellow members during our sessions so you can share successes, ask questions and keep the momentum going.
Speaker 2:Good evening everyone. This is Niyi Adewale, host of the Acaba Home Financial Freedom Mastermind Group, and I'm excited to be joined tonight by Jonah Du, who is half of the Banking Bros duo, who has mastered the infinite banking strategy, is going to share a bit with us today. So, jonah, thank you so much for joining us tonight.
Speaker 3:Yeah, nii, thanks for having me, man. I'm excited to be here and share some insights about infinite banking and other finance, general finance knowledge and hacks and things that I've been able to talk to. People help people through over the course of my career.
Speaker 2:So it sounds good, come on now, and we sent out some messages earlier today to our audience about the infinite banking strategy and a bit about your background. Can you just fill us in on how you even found out about this to begin with?
Speaker 3:Yeah, I sure can. So it was about a decade ago, 10 years ago actually, next month in May, when I discovered what the infinite banking concept was. So I've got to set the scene a little bit so you kind of understand how I stumbled into this. So basically I was was in school Ten years ago. I had just gotten out of school and my mom actually called. I was not living where I am now, I was actually in school in Florida. My mom calls, she says hey, I was looking for a job. She says they've got some jobs over here, they got good jobs over here. You should come over here and back home and get one, basically. So I did. So I moved home.
Speaker 3:I got a job working at a financial institution, a bank, big bank you've heard of them for sure. I was there for two, two and a half years, three years, and I just man, it just wasn't my thing. So then I decided a lot of my colleagues were actually moving from the bank to an insurance company in town and I thought, oh, I'll give insurance a try, no big deal. So I got into the insurance world helping people with auto and home insurance. So they call that P&C, property and casualty insurance. So I was doing that for a little bit, but I needed some other way to make money. I needed some other way to generate income.
Speaker 3:So my brother and I like you mentioned the other half of the banking bros decided to join a network marketing company and we made a little bit of a splash in the network marketing company and so some of the folks that were making lots of money in the network took notice and they flew to town and they wanted to hang out with us and take us to dinner and that sort of thing, and they dropped this piece of knowledge at dinner. They said hey well, when you really start making money, we'll tell you where we all put the money. And that was a light bulb moment for me and I went hold on a second. You're all doing something. You're kind of keeping it on the down low, but I want to figure out what that is. So we started to press, we started to push people's buttons, we started to say where are you putting it? What are you doing? Like, like, let us in. We want to know.
Speaker 3:And that's when someone gave us the book that we always refer to on our sites or if you talk to us, which is called becoming your own banker. I actually got a copy up here on the shelf I'll grab it in a second but Becoming your Own Banker by R Nelson Nash, and I read that book and after reading that book that's how I discovered and learned what the infinite banking concept was. And it was actually through that network. It was through that network they basically were saying hey, when you get to a certain level and you start making money, we'll show you how we start to, where we put our money, where we keep it, where we save it A lot of people were doing it.
Speaker 2:I had just never heard of it, and that's how I was actually introduced to what it was Okay and I love this right. It's got that mystique to it.
Speaker 2:It's like hold up what's behind door one and door two, and I love that you pursued it and that you didn't let it just fall to the wayside. You started reaching out, asking questions and found a way to start getting involved with it and perfect it. So help me with this. For those that don't know, and also, selfishly, for myself, can you explain it in layman's terms what infinite banking is? As if I'm a child.
Speaker 3:Yeah, I sure can. So a lot of people get confused because it's called infinite banking. That first word will get you, because infinite means lots of things. Right. But here's what infinite banking is.
Speaker 3:Infinite banking is actually a way to save S-A-V-E, keep K-E-E-P, put P-U-T. Your money, your income, in a place where it does not go down or backward. You've actually got contractual guarantees that your money will increase, grow constantly, compound and at the same time, because of insurance, which is the product we use to get infinite banking going, you actually have access to cash that you can still use while your money is growing. So it's a way for you to, as we say anytime you talk to us, it's a way for you to, as we say anytime you talk to us, it's a way for you to save and spend money at the same time. But it's really important to understand you're just saving yours in a guaranteed environment and you're actually spending someone else's. That's what infinite banking is all about. Once you've got that down, of course, that's where the infinite comes in. Well, now, if I'm saving my money and I've got access to spend somebody else's, I can do anything I want with that other money, and that's where it can get really fun.
Speaker 2:Come on now, and we're going to get into that piece in a little bit, but one of the things that you mentioned here was the save, the keep and having that kind of guaranteed return, and I have to ask the question this is the elephant in the room right now, because a lot of people are losing returns, right Like all these tariff talks. People are losing money, whether it's in the stock market, whether it's in other investments, and so how is infinite banking holding up now?
Speaker 3:Yeah, it's a great question. So, believe it or not, infinite banking. The product that you use for infinite banking I just alluded to it, I mentioned it real quick that you use for infinite banking. I just alluded to it, I mentioned it real quick. But the product you actually use is whole life insurance, which is crazy enough itself.
Speaker 3:Because you might be thinking, well, I know something, one or two things, about insurance, or I know one or two things about life insurance specifically, and I have no idea how you would be able to put, save or keep money there and use someone else. That doesn't make sense to me. But, believe it or not, we're using whole life insurance to get infinite banking done. And whole life insurance actually has zero ties to the stock market, zero ties to government protocol. Whole life insurance has been around for a really long time in this country, before the tax code, zero ties to the IRS or the IRC, the Internal Revenue Code, nothing. So infinite banking is holding up really well right now. In fact, the dollars that I've got there went up last week and last month and I'm not sure everyone listening might be able to say that right, Depending on where they had their dollars.
Speaker 2:Listen, I'm one of those people you can just call me. It definitely didn't go up last week or two weeks ago. It's been going down, but I think that is because we have had a conversation on our podcast before about infinite banking. But it was in a time period where just about anything was going up, and so to be able to see it and talk to you at this inflection point where there's a lot of changes happening in the market, and to see that still doing well, I think it's a testament to the strategy. Yeah, I love that.
Speaker 3:Yeah, believe it or not, I've actually we put out lots of videos teaching people about infinite banking. You can probably imagine, and even today I started the process of making a YouTube video where we recorded screen share one of my infinite banking policies. So even today, this morning, we made a deposit into that policy. Again, I know it sounds crazy if you're hearing it for the first time, because how do you deposit money into an insurance policy? Right, I get it. But today I made a deposit into that policy and maybe 48 hours from now I'll do another screen share and we'll look at the cash value and we'll watch that increase too. So that'll be coming out in a YouTube video here shortly. I think that just goes a long way when people you know, when you record yourself doing it and people can actually see like no, I mean, I'm pretty positive. I watched him click the button and type in the number and then the number went up Like I'm looking at it.
Speaker 2:Yeah, and to that point, that's. The cool thing about living in today's world is that we can have podcasts and YouTube videos to kind of share what we're doing, and I know that you actually have a podcast with your brother sharing this as well. How long has that been in the mix and how long have you guys been putting those out?
Speaker 3:Yeah, that's a great question. So, believe it or not, when my brother and I started our infinite banking journey about a decade ago, like I mentioned before, we did not have the intention of helping other people get started. Also, that was not our intention. You kind of heard my story. We weren't doing that. It wasn't until maybe three years into the process where someone else kept nudging us and saying you guys are really good, you guys know what you're talking about. Maybe you should consider helping other people. So we dabbled. Basically, we started slow. It was not a business model. That wasn't what it was.
Speaker 3:So, believe it or not, even though we've been practicing infinite banking for about a decade the podcast is as old as 2020, actually. So during COVID, we were bored. We were like we got to do something. We've been helping people with Infinite Banking for a few years now. Maybe it's time for us to venture out and try new avenues. So we've been doing that podcast, the Banking Bros podcast. We've been doing that since 2020. Lots of episodes out there and we really enjoy doing it. It's also fun to be able to do it with your brother, right, so that's a plus.
Speaker 2:Come on now. Nothing like it. I got two older brothers myself and it's good to be on this side of the older brother spectrum, because growing up it was definitely a lot of fights and all that stuff. But now we've gotten past that and it's being able to build together and grow together. And so tell me about that working with your brother. Right, because you were in the banking world where you were climbing the corporate ladder and doing that piece, but now you've moved over to full-time entrepreneurship with your brother to build this company. How has that been? One working with family? And then the second question in there is what was that jump like making?
Speaker 2:the jump to full-time entrepreneurship.
Speaker 3:What a great question. Well, working with your brother, we did put our offices at opposite ends of the hallway, all right, so I'll tell you that. No, but seriously, so you're correct, I was working corporate, that's what I was doing. He actually has been an entrepreneur his entire working career and so he was always pushing me to do entrepreneurial things. Our mom kind say go, literally get out of the house, don't come back till you've got three, four, five lawns on the rotation in the neighborhood or the next neighborhood over. Just keep going, don't come back till you got the lemonade. Stand up till you got the popcorn, like mom always pushed that on us. So it was.
Speaker 3:This entrepreneurial lifestyle was not a big jump for me. I just again, like I mentioned, mom called and said they have good jobs, come get one. And I had just finished school. So I did that. I mean, that's just what happened. So making the jump was not this new world. I had some help from my brother experience.
Speaker 3:But I will absolutely tell you that making the jump from sometimes I like to call it from W2 to 1099, making that jump definitely came with its own challenges. I mean, both sides have their own challenges, but I think one gives you a lot more freedom in how you work through those challenges, that being entrepreneurship or 1099. So I wouldn't take that. I wouldn't go back for anything. I really wouldn't. But again, both sides have their challenges. I really enjoy being an entrepreneur, like this week, for instance. My oldest is seven years old. This week is his spring break week, so I was able to hang out with him one of the days. This week already, you know, spend most of the day with him and that's just not some freedom that you get climbing the corporate ladder a lot of times. So for me I love it and the transition was interesting, but it actually ended up working out just fine and I was able to get a lot of help from older brother and now we work together but, like I said, offices are on opposite ends of the hallway.
Speaker 2:Hey, we still got to have a little bit of separation Right there you go.
Speaker 2:And to your point. I think that's an awesome piece. To wrap up being able to spend time how you want, right? Yes, as an entrepreneur, you're going to work probably more hours than you worked when you were in the W-2 or in the W-2 world. Right, that's a 1099. But you have the flexibility to choose what hours you're working, when you're working or where you're working, and you can set aside those special times with family to really make it even more special. I can tell you I made the jump a couple of years ago as well, in 2022, from W2 to full-time in real estate and entrepreneurship and, not going to lie, it was definitely shaky the first 30 days, just thinking like what the heck did I just do? But then, after you start to get into it, you see all the benefits and then your business starts to grow and it's just so fun.
Speaker 3:Yeah, I definitely agree my story give you a little bit more granular detail. When I made the transition, I actually was having our first child. My wife was pregnant and the baby was due, and so my corporate job actually gave me some leave FMLA leave, I think they call it and so I was able to have the leave and still receive a little bit of some income while I made the transition. And that was actually a big help as well, because it was well, at least I'm getting a tad bit of a check while I try out this entrepreneurship idea. And then, of course, the entrepreneurship idea came to stay right. Once you get a little bit of the taste of the freedom and what's possible, you're like oh I like it over here, I want to stay.
Speaker 2:Come on now. No, I love it, and that's a smart tip for anybody that's out there looking either one having a bunch of savings up or if you have an inflection point that's going to happen with your family, whether it be a child coming. So, fmla because more companies are starting to do that that's a great jumping board to make it in. So one of my team members actually did the same thing. She used to work in banking, was having a child, and during that six-month FMLA made the decision to move into full-time entrepreneurship and hasn't looked back the past couple of years, and so I love that strategy. I think it's one that more people should use if they're looking to make that jump and, obviously, if you are looking to be a parent too, which is important.
Speaker 3:You got to time it appropriately. If that's the strategy you're going for. For me, it just happened to be the right time right, the right person at the right time, and that was. It was amazing. Come on now.
Speaker 2:Now a few more questions on the infinite banking piece. So I'm more, as you can probably tell, real estate here. That's, that's what I invest in, that's kind of what I know, and I do like the Vanguard ETFs and things of that nature for more like quote unquote stable when there's not thousand point drops in a week, and so to that point, if you use the infinite banking strategy, is there a way to pull some of those funds to invest in other things too, or how does that?
Speaker 3:work. Yeah, you better believe it. So again, kind of like I explained earlier, we like to call the infinite banking strategy the save and spend system. Right, because you're saving your dollars while you have access to spend insurance company cash value. They call it cash value. So here's where it gets fun. The spend part of the save and spend system can be spent on anything you like to. That's kind of our infinite side.
Speaker 3:So I love real estate. In fact, I found out in the last decade of practicing infinite banking that I'm not very good at it, but I found lots of connections who are very good at it, and what I realized is the people that are in the real estate space a lot of times need money. That's what they need to get their flips done or their refinances or whatever it might be that they're doing in the space. And so, believe it or not, we use a significant amount of our cash value from these infinite banking policies to fund private lending deals. There's probably two or three or four private lending deals that I'm active in right now, and the fun thing about that is, once people understand what you're doing with infinite banking, a lot of times they realize that you have access to this cash value, and so they keep coming back or referring you to friends and family and colleagues and whoever it is, to fund these deals, and so that makes it really fun, because there's almost a never ending flow of people. I kid you not, I probably have more people reaching out than I have money to fund the deals, which makes it really good. But it also makes it so I can be picky and I can say, oh, the interest rate on this one is not high enough, or you're going too slow, or I don't like the collateral over here, or whatnot, and so that makes it really fun. So that's a space where I use my infinite banking policies to get into the real estate.
Speaker 3:But, to answer your question more specifically, of course you can use your policy, the cash in the policy, to do anything you like. So if your thing is real estate, then go for it, right. Or if your thing is well, I really like the investments and the ETFs when they're not dropping right, then go for it. Obviously, those are the safe ones, right, but go for it. Obviously, those are the safe ones, right, but go for it, go for your investments. But now you get to do two things at once, because I'm still saving and earning on what I deposited into the policy and then I'm spending the insurance company's dollars to go try to earn elsewhere, to go try to do my investment elsewhere.
Speaker 2:Help me with this. Right, I get the concept and it sounds amazing. But when you say there's the cash value that you can take out, right, is there like a waiting period? So if we had an example, say, I put 10,000 in today and 30 days from now I see a deal I want to go after, is there like, hey, there's a limit on how much you can take out, there's a waiting period? How does that work practically?
Speaker 3:Yeah, absolutely. So I'll answer your question simply and then I'll explain in more detail. So simply, is there a waiting period? No, you can get access to the cash value as soon as your deposit has cleared your bank account. So if you deposited the money on Friday and it's a weekend and Monday's Labor Day right, does that make sense? You're waiting probably till Tuesday or Wednesday, let's be real. But if it's a normal day, you're going to have access to the cash value by the end of the week. Okay, so no waiting period at all. But let me kind of walk you through it Again.
Speaker 3:We're basing infinite banking inside of this whole life insurance. So you've got to understand one or two things about whole life specifically. So here's how I like to explain to people, because people just get it Whatever insurance you're familiar with, whichever one, I do not care. So most people are really familiar with car insurance or really familiar with health insurance or disability, or they put insurance on their cell phone or whatever it is. Those insurances only send you checks if the bad thing happens. I F If, if you do not crash your car, you are not getting a check from State Farm. It's not happening If you do not flush your phone down the toilet, you're not getting a check. If you do not get hurt at work, you're not getting a check. Does that make sense? So, just if Whole life insurance is actually the only insurance policy, that is a win W-H-E-N Win Because everybody passes away. That's not if that's when. So whole life insurance works differently than all the other insurances. It's confusing.
Speaker 3:Actually, in that book here I'll grab it here, the book that I was referring to earlier, becoming your Own Banker the author says that whole life insurance is actually misclassified. It's in the insurance realm, so people put their insurance parameters on it. But it should not be, because, since it's a win product, the benefit at the end that normally goes to your family is guaranteed to show up one day. And so what we do is we structure the policy. We ask the insurance company up front hey, instead of giving all the money to my family at the end. Up front, hey, instead of giving all the money to my family at the end, can I have some of that death benefit now? And what they say is sure, but only as much as is equity. I'll use a real estate term for you. So, since the money I bought it, I bought a whole life insurance policy. I bought the money at the end for my family and every time I make a payment or make a deposit like your $10,000 example some of that money I bought big number life insurance becomes equity to me and I can have it if I want it Equity, of course, from a payout that my family would get one day not considered income.
Speaker 3:In the eyes of the IRS, it's a life insurance payout. You're just taking it early, right? Not only that, of course it's unstructured, it's private, right? Not only that, of course it's unstructured, it's private. It doesn't show up on Credit Karma. Don't have to worry about getting a letter or call or email saying you have to pay it back. None of that stuff. And, like you asked, there's no waiting period. So I can get access to the equity value cash value and I can use it for anything I want.
Speaker 3:Now, equity, just like in your house, builds over time, right? Every time you make the mortgage payment, more of the house is paid off or paid for and becomes equity. We know how this works Every time you make a premium payment in your life insurance, or a deposit, as we like to call it, more of the big amount is paid for or paid off and becomes equity. So if you start your policy very first time you start your policy, you put in 10,000 bucks. A week later your equity is not actually 10,000 just yet. More or less it'll be 6,500, 7,000, 7,500, somewhere in there. But your deposited 10,000 is what is guaranteed from the insurance company to grow. To compound, it's got an interest rate on it, internal rate of return on that number. It's in the contract.
Speaker 3:So each time you make the payment or make a deposit your equity gets bigger. And then they add their interest, they add their dividends. We use mutual companies that give the dividends. You know about that with ETFs. We get the dividends. We add it to the cash value. So 10 years into the policy that I've got the reason I'm making the video is because for every dollar that I give them in my 10th policy year I'll probably get two and a half back in equity. Right, but it didn't start there. It didn't start there. So that's important. It didn't start there. But that's where I am now. And to answer your question, is there a waiting period? No, and is there a limit on how much I can take? Sure, it's. How much is equity? And for me this year a lot's going to be equity and I can do anything I want with it.
Speaker 2:That is pretty and thank you for breaking that down because it makes sense now, especially when you compare it to the real estate piece, because you know those early years most of that money is going toward, um, most of that money is going toward the uh, the uh interest and then and then on the back 15 years it's all going toward equity.
Speaker 2:So they make sure they can get theirs up front, and so it makes sense that insurance would structure a similar way. But this is even better because you can use those funds I almost try to compare it in my mind and tell me if I'm wrong here to like a roth ira right where you're able to put the funds in, have it grow, but then you can take your funds out. You're still going to pay taxes it, but you can take the money that you put in out without a penalty of such. That's kind of where my mind went on this.
Speaker 3:You're getting closer, absolutely. There's some key differences with the Roth IRA. There's two that I'll mention. There's a couple, but there's two that I'll mention One. Roth IRAs are government sponsored. They know, right, you put that money in there. That is a government qualification and now they've got their eyes on it. That's not the same in life insurance. You can buy any insurance you want. It's not a government-sponsored thing, right? The second, of course, is that tax piece. In the Roth IRA you're going to have tax. Either you're paying the taxes early in a Roth, putting the money in right, hoping it grows, fingers crossed, hoping it grows, fingers crossed, it grows right. But there's no fingers crossed, it grows, no hope.
Speaker 3:In whole life insurance it's contractually obligated to you. So, similar to car insurance where you get like the you know the, this is not it, but you get like a packet and he's got all the papers that nobody reads you get the same thing with life insurance. The difference is in the packet. It lists all of your guaranteed their word, not mine cash values every single year because it's a contractual obligation that your money grows. So it's a big difference and instead of this fingers crossed, I hope I'll have the money one day. It should be. If everything goes well, if my average gets there, I'll have it. It's just not that I know it's there, it's guaranteed, it's on the paper.
Speaker 2:Come on now and, with that in mind, what questions am I not asking? What are some things that people should know about this? What else should we be thinking about when we think about using that infinite bank strategy?
Speaker 3:Yeah, the question you're not asking is how do I get one? Do I have to jump through any special hoops to get one of these? And the answer to that is yes and no. You can obtain an infinite banking policy from lots of different locations, but these are not policies that you buy by logging into a website and clicking a few buttons. These policies actually have to be structured to work this way.
Speaker 3:So if you go down the street to your local life insurance office and you say, I heard about infinite banking, can I get one of those policies, you more than likely will not be getting a policy that works the way I just described. You just probably won't. What you actually need to do is chat with someone that is an authorized infinite banking practitioner, meaning they've taken the quiz, they passed the test, they got the certification, they have the license to design policies this way, and then you'll know for certain that you're getting one that works exactly as I've explained. Just in case you heard that and you assumed that that also means it costs you something. It does not. Any authorized banking practitioner is probably going to help you out free of charge. I know we absolutely do Myself and my brother here at the Banking Bros. Most do, in fact. I probably know one or two that charge, but most will do it for free, yeah.
Speaker 2:Come on now. Those are my favorite four-letter word free right. To be able to get something like this that can be game-changing for you and set it up, that's amazing. No, I really appreciate you jumping on to talk to us about this and before we start to let others on and kick it to the audience to ask any questions they have, I just wanted to personally say thank you and also ask you how can people get in touch with you and your brother to learn more about this?
Speaker 3:Yeah, so we do most of our outreach and you can reach us. We are the Banking Bros, the Banking Bros B-O-R-S. We are there on whatever platform you're looking. If you like YouTube, you'll see a lot of me on YouTube breaking down the infinite banking concept, walking through it one at a time. If you like Instagram or TikTok, you'll probably see both of us. If you like whatever, they got all of them now right, but we are on those platforms as the Banking Bros. You can also make it to our website, thebankingbroscom. But anything that you click on on our website you click on the link, you click on, whatever you click on, it will lead you toward a absolutely free consultation. We will talk to anybody that is interested in the infinite banking concept, about the infinite banking concept. No strings attached, no jump through a lot of hoops. You can book a call, you can get me, I can talk and walk you through it. You can see if it'll work for you, if it makes sense.
Speaker 2:Come on now, nothing like it. I think that a lot of our audience members are going to take you up on that, so please keep your calendar open. You're going to see a bunch coming through. But with that in mind, I definitely wanted to start taking questions from Anybody on the line, anybody in the chat, and I'll kick it over to Yvette. Any questions for Jonah on the infinite banking strategy.
Speaker 4:Yes, actually I have two. Can you hear me? Yes, I can. How are you, yvette, good, how are you Good? Good to chat to you Now becoming your own banker. Who was the author on that?
Speaker 3:I don't know if it's backward here, but the author is a gentleman by the name of Nelson Nash R Nelson Nash. This book, if you're interested in it, is on Amazon. That's your easiest place to get it.
Speaker 4:It's 92 pages, quick read, and it normally retails for about $20. And then my other question was when you're first setting up your whole life policy, what's the minimum amount that you can start with?
Speaker 3:Yeah, that's a great question. So, the truth be told, the minimum amount you can start with is not like a banking bros regulation, because we're actually getting whole life insurance that we have to use for infinite banking, that we're planning to use for infinite banking. We still have to jump through a few insurance company hoops, meaning if you're very, very sick, you got the neck thing, the back thing, you're probably not going to get approved for insurance. It's just probably not going to happen. Now, the cool thing about infinite banking is that shouldn't stop you from owning a policy, because I've got three children, seven, four and one. I can own that policy on my seven-year-old. So I can still get to do infinite banking if I was pretty sick, but you still have to jump through a few insurance company hoops.
Speaker 3:So, as far as a minimum requirement goes, the minimum requirement is whatever figure for your health and age buys enough death benefit for the insurance company. So here's how I explain that, yvette, now I know that your mom or grandma might have done this, but in 2025, you have not heard of a life insurance policy where the death benefit is five grand, again maybe back where your mom and grandma bought them, but you have not heard of that. In 30 years you can't buy them that little anymore. Does that make sense? That's not me, that's the insurance company saying we have minimums now. So the minimum for you, yvette, is actually different from the minimum for me, because it's actually the minimum that gets you enough life insurance to qualify. Does that make sense?
Speaker 3:So generally speaking, we've helped people all over. But generally speaking it's take, however old you are, a zero and that should be about what it costs you at a minimum level to do infinite banking. That's important. I'm not saying to get life insurance. You can get life insurance, probably for cheaper than that, get term, all that stuff. But to do infinite banking, take however old you are at a zero. That should be enough to get you past the minimum requirement at any insurance company. That'll let you do infinite banking. Long answer, but I wanted to explain why that's a thing.
Speaker 4:No, that's good.
Speaker 3:Okay.
Speaker 2:That makes sense. And so when you say add a zero, let's say somebody who's listening is 30, right you would. You're talking about 30,000?.
Speaker 3:No, I'm sorry, Add one zero, oh per month. 300 bucks a month will get you in the door to do infinite banking. Yeah, now again, you can do a lot more than that. A lot of people, once they read the book, once they watch a few YouTube videos, right Once they learn about infinite banking, a lot of people want to go for a lot higher numbers than that. But just in case you were listening and wondering what that minimum is, take your age out of zero. That's your monthly payment. If you want to pay monthly, this is insurance. You can pay it a lot of different ways, but that'll get you in the door for infinite banking.
Speaker 2:It's not bad, and what I like about this is one it's easier to calculate. Just the roughest of it. It's going to change a little bit right when you actually talk to a professional like you and others, but you can get started in the fact that it seems to allow you to reutilize your money in multiple ways, like not only is it growing with this guaranteed growth from the whole life insurance, but you're also able to go put that in the other investments that you would do anyway to grow that portion. So why not?
Speaker 3:That's exactly right. And just in case something happens to you earlier than expected, the family's getting a big check also, because this whole system's based in life insurance.
Speaker 2:Come on now. I like it Now. Yvette got any more questions.
Speaker 4:Oh, I mean this sounds good. I mean I definitely want to share this with my kids and other people.
Speaker 3:Yeah.
Speaker 4:And then read the book also.
Speaker 3:There you go. Well, Yvette, I was going to tell you thebankingbroscom. If you go there, you can click on contact me or about, or whatever you want to do. You can read all about us, the concept, and you can book a consultation. I'll be more than happy to talk to you and walk you through it.
Speaker 2:Okay, perfect, done and done, Jonah, we appreciate you joining this late on a Wednesday but, thank you so much. It's awesome meeting you. We can't wait to visit thebankingbroscom and also hear more about your journey and story over the years, and we look forward to circling back with you here in a few more episodes or a few more quarters just to see how you and your brother are doing and also to check in to see how many of our audience members you've helped.
Speaker 3:I love that. That sounds amazing. I'd be more than happy to be back and give you an update or get you more information. Thank you so much for having me. I really enjoyed it. Come on now. Thank you, John.
Speaker 2:See you guys.
Speaker 1:Join us every Wednesday at 7 pm Eastern as we explore different types of investments that can fast track your path to financial independence.
