September 12, 2024 • 60 mins
Unlock the secrets of financial success with insights from our special guest, retired Navy lieutenant Dan Farnsworth, in this episode of "Money in the Military." Dan takes us on a compelling journey through his distinguished 23-year military career, from enlisting in 2002 to serving as a cryptologic specialist and later becoming a limited duty officer. He shares personal stories from diverse assignments, including ship tours and a year in Baghdad, and offers essential advice for veterans transitioning to civilian careers.
Ever wondered how you can build wealth like a seasoned pro? We dive into the concept of infinite banking and how it can benefit veterans. Dan explains how permanent life insurance products can be structured to maximize cash value growth while minimizing death benefits. Learn about the financial advantages of these policies, such as high returns and tax-free income streams in retirement, and discover how to access your cash value without penalties.
Join us as we highlight the dynamic world of veteran entrepreneurship and the supportive veteran business community. Dan discusses the impact of veteran-owned businesses on the economy and how Victory X Financial helps veteran entrepreneurs thrive. We also explore how AI is revolutionizing financial education and the importance of fostering financial literacy within families. This episode is brimming with practical advice, inspirational stories, and valuable resources, making it a must-listen for veterans and anyone interested in mastering financial strategies.
Please join me on my different platforms and follow along my journey towards FIRE.
https://laswell.veteran.cards/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This entire military is one cohesive, dedicated force
.
And the threats to our nations?
They don't sleep.
They're watching our every move.
Iran, russia, china, northKorea, isis, al-qaeda they may
be watching this right now.
Our military should not bemistaken for our cable news gab
(00:25):
fest show.
Speaker 2 (00:26):
We don't care what you look like, we'll be right
back.
Speaker 3 (00:29):
We have been honed into a machine of lethal moving
parts that you would be wise toavoid if you know what's good
for you.
Speaker 1 (00:49):
We will not be intimidated, we will not back
down.
We don't want war, but if youwant war with the United States
of America, there's one thing Ican promise you, so help me God.
Speaker 3 (01:03):
Someone else will raise your sons and daughters.
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Speaker 5 (01:49):
Military Broadcast Radio, the station that's giving
veterans a voice.
Speaker 1 (01:54):
Find us on the web at mbradious.
Speaker 4 (01:58):
Opinions expressed in this program are those of the
speakers and do not necessarilyreflect the views or positions
of any entities they representfind us on the web at mbradious
all right, welcome, welcome.
Speaker 6 (02:16):
Hello everyone, this is money in the military.
Um, this is on military Radio.
For those of you who are maybenew to this platform, we're a
nonprofit based out of Denver.
We help veterans createpodcasts, and I was one of the
people that they helped mecreate this podcast.
(02:37):
So shout out to Joel and theguys and gals at MBR.
And today we're going to goahead and jump right in.
We have a special guest, afinance professional, dan
Farnsworth.
We're going to go ahead andbring him into the stage.
Dan, how's it going?
Speaker 7 (02:57):
Hey how you doing.
Joey, Thanks for having me on,Really appreciate it, brother.
Speaker 6 (03:01):
Yeah, yeah, of course , of course.
So you know our time is limited, so I want to jump right in and
kind of get the ball rolling.
You know, obviously this isMoney in the Military and you
know I'm curious, let's hear alittle bit about your military
background and, you know, if youcould give us a little bit of
highlight of maybe some of yourmilitary career highlights?
(03:21):
And then, how did youeventually get into finance?
Speaker 7 (03:31):
Absolutely Well.
I'm sure it's no mystery to theaudience here based on my
background that I was a Navy guy.
I, yep.
I enlisted in 2002 and I justrecently retired.
Not too long ago, I did almost23 years active duty.
I made chief I was actually acryptologic guy for the majority
of, in fact, all of my careerand then I commissioned as a
(03:54):
limited duty officer in 2014.
So retired as a lieutenant herejust recently, just recently.
And yeah, I did a whole host oftours, you know, from
everything from ship tours tooverseas to I did a boots on
ground tour in Baghdad for ayear.
(04:15):
So kind of ran the gamut of youknow the different types of
opportunities that we hadavailable to us and really had a
lot of fun doing it.
So kind of what got me intofinance.
Incidentally, about 15 yearsago I was actually approached by
a financial firm that was basedout of Salt Lake City at the
(04:39):
time and they're still aroundit's Prosperity Economics.
They had reached out to mebecause I was interested in
learning more about the infinitebanking concept.
There was an agency called Bankon Yourself that had sort of
rejuvenated a concept that wasengineered and sort of made
popular by a former insurancebroker named Nelson Nash, who
(05:04):
wrote the Infinite BankingConcept book, and basically what
it?
What it focused on was usingwhole life insurance and
permanent life insuranceproducts to be able to minimize
the death benefits and maximizeliving benefits for building
generational wealth.
And I was fortunate enough tokind of get in on this early on
(05:25):
and to really see it in action,really see it work.
I was able to get set up with awhole life policy.
I was able to overfund that ina way that enabled me to grow my
cash values in the policy.
I was able to transfer debtinto the policy and I really saw
(05:46):
a lot of the financial benefitsof using life insurance
products to be able toultimately plan out a retirement
and grow our wealth.
So as I kind of came nearertoward retirement, I was, you
know, looking for ways to kindof you, obviously one,
transition from the military andbe successful, but two, kind of
(06:09):
leverage my experience andthings that I would be
interested in doing and helpingother people learn.
And I, almost kind of byaccident sort of ended up in the
industry.
I was sort of recruited intothe industry but once I got into
it and I realized you know thepotential and the capabilities
and you know how we can reallyteach other people how to you
know, leverage these processesand these strategies that most
(06:33):
people, frankly, don't even knowabout.
It really was a driving forcefor me to be able to grow my own
agency now with Victory XFinancial and really focus on
helping veterans, because I feellike veterans, you know, could
benefit really, in some ways,the most from you know these
types of strategies and thesetypes of products.
Speaker 6 (06:54):
Wow, that's amazing, you know it's funny.
Actually just recently, and Imean you know, I'd say within
the last couple of weeks,stumbled upon infinite banking
as a concept.
So I've, I've, I'm just kind ofscratching the surface of it.
But you know, without givingaway the goose, but like, could
you give a little bit of abackground on, maybe, what
(07:14):
infinite banking is just for foreveryone else and for myself
included?
Speaker 7 (07:19):
Yeah, no problem.
Yeah, so infinite banking isjust a process where we use
permanent life insuranceproducts.
Depending on what we're doing.
We can we can use whole life orwe can use indexed universal
life in certain applications.
But basically we structurethese policies in a way that we
(07:40):
minimize the actual deathbenefit, minimize the actual
death benefit, right?
So all of these policies aresort of regulated under IRS code
7702, which is what allows usto grow money tax-free in these
policies.
And so what Nelson Nash and evenother entrepreneurs before him,
but what they had sort of comeup with and realized, is that we
(08:02):
can actually use these productsto grow cash values independent
of the insurance itself.
And what is the advantage ofthat?
Well, there are a number ofadvantages.
One we get the safety of beingable to grow our money without
the money actually being in thestock market.
Right, we've seen a number offolks that have had,
unfortunately, in the lastseveral years the last 20 years
(08:25):
in fact.
You know, when the stock marketcrashed in 2008, and then when
we had the COVID you know cyclethat, uh, we saw 30, 40% dips in
the market.
Unfortunately, a lot of peoplelost a lot of money during that
time.
Yeah, yeah.
The that had money in in lifeinsurance policies literally
lost zero money.
Right, they lost zero moneybecause we have what we call the
(08:48):
power of zero.
Right, you can never go belowzero in an index strategy.
If we're using indexeduniversal life or if we're using
whole life with a mutuallyowned company, you're never
going to get net less than zeroin a life insurance policy.
So you have the safety of it.
Right, the index growth hasbeen very, very impressive.
(09:10):
When we do these illustrations,we can only, by law, illustrate
at about a six and a halfpercent growth rate because it's
tied to some of the largerindexes if we're using Index
Universal Life or IUL.
But we know that the indexeshave historically, over the last
20 years, performed at muchhigher levels, some of them as
(09:34):
high as 20%.
So the growth in the policiesis extremely aggressive.
Without again incurring therisks of going into high risk
investment vehicles.
And then the probably thelargest benefit and the one that
I see is being sort of like theyou know this is the
cornerstone of what I do is thatall of the money that we grow
(09:56):
in the cash values of thesepolicies is one completely
liquid right, so we can accessthat money anytime we want.
There are no restrictions onhaving to wait until you're 59
and a half.
There's no minimum distributionperiods, no required minimum
distributions, so you can accessthat money whenever you want
(10:18):
and for whatever reason that youwant.
And when you access it, you'reactually accessing it in the
form of a tax-free loan againstyour death benefit.
So you're essentially borrowingagainst your future dead self
is what it really boils down to,and by doing that we leave all
of the principle in the policy.
(10:40):
So the principle just continuesto compound and compound, and
compound.
And in many cases when we seefolks that max fund these
properly structured and properlyengineered policies, in
retirement they could easily bedrawing six figures of tax-free
income for the rest of theirlives, right, Every single year,
tax-free.
(11:01):
And even if they spend everysingle dime of every dollar that
they draw tax-free from thepolicy, when they die it's still
going to confer a tax-freedeath benefit to their
beneficiaries, and oftentimesthat can be in the hundreds of
thousands, if not the millions,by then.
Wow.
Speaker 6 (11:21):
Wow, that's a lot to process, but I mean, that's
really, it's really afascinating stuff to me.
Uh, you know, just it's like mymind is just just processing
everything right now, but uh, um, yeah, so I guess, uh, with,
with that being said, what is,uh, if you were to talk to let's
(11:41):
say you're talking to an e5right now that's in active duty,
what are some kind of goodtactical tips and tricks that
you would give them financiallyIf they're, let's say, eight or
10 years in E5, e6, what's someadvice that you would give them?
Speaker 7 (12:02):
Absolutely no.
And at that age and at thatstage in life.
Those are the type of clientsthat I personally love working
with and love connecting withand introducing to this concept
and these type of strategies.
Because, especially when we'redealing with insurance products,
there's two major advantagesthat folks that you know, maybe
(12:25):
in their late 20s or early 30s,are going to have, even over the
rest of us that are a littlebit older, right, and that is
one the insurance component isextremely cheap, right, so it's
very cheap to insure somebodythat's in their 20s and 30s,
because the reality is they'rejust not very likely to die, you
know, anytime soon.
So the it minimizes even morethe cost of the insurance itself
(12:50):
to be able to grow your cashvalues.
And then the second biggestbenefit is that they also have
time right, and with time youhave the power to be able to
compound your interest even moreover the length of your life,
so that when you do go to drawout your money in retirement,
whether that's to supplementyour pension, let's say, or
(13:14):
supplement other income maybeyou have income from real estate
or you own a business orsomething to that effect it's
just going to give you that muchmore money in retirement, you
know, to be able to, you know toleverage for whatever you want,
and it's also going tosubsequently allow you to grow
your death benefits.
You know that much more as well,because the death benefit will
(13:36):
grow in relation to the cashvalues as well.
So by the time these guys are,you know, ready to, you know,
(14:00):
graduate and move on to heaven,we're literally creating
generational wealth to the, youknow, their, their children
later on, so that their childrencan use these same strategies
and they can just continue toroll the money in and just keep
it tax free and just keep itgrowing.
Speaker 6 (14:17):
Wow man I've got.
I've got so many follow upquestions, but we actually are
at a point where we have alittle bit of a break.
We're going to do a commercialbreak, play a little bit of
music.
I've been stuck on NoahPeterson.
He's a United States Marineveteran, Plays kind of like a
funky jazz, modern jazz music.
(14:37):
But I always play his music.
We'll play a song of his andthen we'll come back after the
break.
Speaker 4 (16:46):
Sounds good, thank you.
Thank you.
Opinions expressed in thisprogram are those of the
speakers and do not necessarilyreflect the views or positions
of any entities they representfind us on the web at mbradious.
Speaker 6 (17:06):
All right, we are back.
This is Money in the Militaryon Military Broadcast Radio,
where we're giving veterans avoice, and the veteran that I'm
giving a voice to is DanFarnsworth from Victory X
Financial.
We've been talking to him.
He's a finance professional andwhere are you based out of?
Speaker 7 (17:26):
I'm out of Hampton Roads, Virginia.
Speaker 6 (17:29):
Okay, hampton Roads, virginia, all right.
So out of curiosity, if someonewanted to book your services,
do they have to live in Virginiaor are you able to do like
remote online stuff?
Speaker 7 (17:41):
Yeah, no, absolutely.
We're licensed in a number ofdifferent states, pretty much
all of the surrounding Stateshere along the East coast, uh,
and then also several States outWest as well.
Um, yeah, if they, if they wantto book an appointment.
Uh, my calendar is available atvictory X financialcom and also
at my business Facebook page atuh, victory dash X financial.
Speaker 6 (18:04):
So yeah, I actually wanted to pull it up real quick
because I really, you know, as abudding entrepreneur myself,
I'm very impressed.
Obviously, your website isreally cool and slick.
Thank you, yeah, so it's areally really very professional
(18:26):
website.
Tax-free income for patriots.
Let's see.
Is it showing up?
Okay?
Yeah, um so yeah, like I justuh, I just I just wanted to show
it off.
I just think it's a coolwebsite, um, veteran and first
responder focused.
Um, so, yeah, you've talked alittle bit about, um, these
(18:46):
things, but you know, I justwanted to highlight the
victoryxfinancialcom uh to uh tobook dan for his services, um,
but, uh, okay, um, cool, allright.
So, um, entrepreneurship, I wascurious, um, if you were to
(19:07):
maybe give some aspiring, youknow, future veterans, or even
current veterans, some advice onentrepreneurship, what kind of
advice would you give?
Speaker 7 (19:19):
Well, first and foremost, I would say if you
have it in, you go for it.
You know, if there's anythingthat you know that I think that
we need more of in of in thiscountry, it's veterans and
private business.
I love for, for country and forfamily.
You know we, we really do havea lot to offer the the private
(19:55):
private economy and I just loveseeing you know vets as they, as
they sort of retire andseparate and move on from
service really to continue theirservice in a way that becomes a
service to the public.
You know we served our nation,of course, and you know, by
wearing the cloth and doing thedeployments and everything else,
(20:16):
now we have an opportunityreally to serve in the market
and bring those skills, you know, in a way that that really
benefits the consumer.
And I think we've seen this,you know, repeatedly throughout
our nation's history.
I mean, we've seen it all theway back to, you know, the
post-revolution era and theCivil War, where we had, you
(20:36):
know, veterans of the countrythat you know hunted the buffalo
and pushed westward and reallywere responsible for a lot of
the expansion, you know, and alot of the, obviously, in the
post-World War II, you know.
We saw veterans, you know, asthey left the service and went
into the factories and wereresponsible for really ushering
in the industrial revolutionthat put America, you know, at
(20:59):
the top of the chart in theworld.
So I highly encourage anyveterans that want to go into
private business or that areseeing opportunities to
definitely, definitelycapitalize on that and follow
through with your dreams.
We have lots of funding sources.
There's, you know, there's theveterans, small business groups,
(21:21):
there's a ton of resources onsocial media and, personally,
that's one of the things that Ido, that I specialize in with my
agency is helping veteranbusiness owners not just, you
know, not just veterans ingeneral, but veteran business
owners to be able to use thesesame strategies in a way that
actually benefits and fundstheir businesses.
(21:42):
One of the businesses thatwe're working with currently is
based out of based out ofFlorida, but they have, you know
, operations in multiple Statesand we're helping them to get
set up with, you know, a workingcapital fund that we can use.
We can basically ensure a keyperson within the business and
(22:05):
the business then can become thebeneficiary of the insurance
right, of the insurance policy.
So what we're allowing them todo is take money that they would
have otherwise just beenspending, right, and we're
actually taking the money andwe're filtering it through these
strategies and through thesetypes of policies in a way that
they can grow that cash valuewhile they're continuing to
(22:26):
expand their business operations.
While they're continuing toexpand their business operations
and ultimately, what that'sgoing to do is it's going to
become an asset for the business, right?
Because someday down the road,if they want to sell the
business now, they're sellingthe business in addition to a
multimillion dollar deathbenefit.
That then is going to increasethe valuation of the business,
(22:46):
right?
So now they've acquired anasset that is going to pay out,
you know, millions of dollarslater and many times you know
when that sale does happen, the,the previous business owner,
the entrepreneur, is, you know,able to keep the, the annual
revenues that they're generating, the tax-free revenues that
(23:08):
they're generating from thatpolicy, after they've already
sold the business and moved oninto retirement.
So a lot of really goodopportunities, a lot of really
good options for entrepreneurs.
Speaker 6 (23:20):
Yeah, and I mean I'm sorry, but I'm thinking the
whole time.
I'm like man, I should be aclient of yours because I
literally, if literally, starteda business.
I need funding.
I'm like, I'm like asking allthese like real questions
because, like I'm trying to pickyour brain for myself.
I'm just being selfish rightnow, but I know that other
veterans can can benefit fromthis information too.
(23:42):
So yeah well, we'll definitelyhave to get together offline,
because my my eyes are gettingjust a big with with ideas,
cause I do have some, some ideasfor my business that I'm I'm
wanting to to grow and share and, um, so I don't know, we, uh,
we can maybe talk about thatoffline, but uh, but uh yeah,
I'm just really curious to pickyour brain.
(24:02):
We do have actually quite a fewquestions and some comments, so
I'm going to bring a couple onstage and maybe we can talk
about them.
Absolutely.
So another podcast host, tracerRounds.
Terry is a podcast host and sheasked can these strategies work
for people that are closer toretirement age?
And then would you suggest lifeinsurance investments over 457
(24:25):
or Roth accounts?
Speaker 7 (24:28):
So, yes, I mean the short answer is absolutely.
We actually have strategies.
We work with clients that are intheir 60s and 70s that
oftentimes have, you know, haveacquired a significant you know
nest egg in their savings andare getting ready to retire and
ultimately want to be able toenjoy the fruits of what they've
(24:51):
sown.
And so what we can do in a lotof these cases is we can
actually max fund these types ofpolicies in as little as four
or five years.
So if somebody is, let's say,they're, 65 years old and they
want to retire at 70, you know,we can do what we would call a
(25:11):
strategic rollout, even from aqualified account like a Roth or
a 401k or an IRA, and we canroll the money into indexed
universal life over the courseof five years.
We do five years because it isbased on, kind of how the IRS
allows these policies to bestructured in a way that
(25:32):
minimizes the death benefits, soit doesn't become taxable.
And so what they're doingessentially is they're taking
post-tax dollars and they'reputting them into these vehicles
where then, over the course offour or five years, they're able
to generate a stream of revenuethat is literally tax-free for
the rest of their lives, and bydoing so they also create the
(25:53):
instant estate with the deathbenefit that then is going to
confer tax-free to theirfamilies when they go.
Speaker 6 (26:00):
Well, there you go, so you might have some more
people knocking at your doorhere, because we got a lot of
comments.
Another comment from Terry loveto see veterans in business,
love to highlight them,absolutely, yeah, and let's see.
We also over your contactinformation for businesses that
(26:21):
I've interviewed.
So, yeah, I think what's coolabout the veteran business
community, or just the veterancommunity in general, is that we
really are, for the most part,we're trying to help each other
out.
We're trying to.
We're all still on the sameteam.
We all fought the gay fight andand you know, we're, we're,
we're, we're helping because,like I'm, I'm on all these
(26:41):
different Facebook groups, youknow, like veteran Facebook
groups, like there's all kindsof different, you know flavors
of that, but ultimately peopleare trying to help each other,
like other veterans are tryingto help other veterans and and
that's what I really like aboutum, about the MBR um family, so
they're, you know, they'realways really supportive and
helpful and and I think that'sjust indicative of, you know,
(27:04):
the veteran community, like youmentioned earlier, um, like you
mentioned earlier, but yeah,yeah, and I really appreciate
you, you made a post and I, youknow, on Facebook that really
kind of inspired me.
I really liked that post, butyou don't have to really comment
on it.
I just wanted to highlight it,that it really resonated with me
(27:26):
.
So thank you for saying that.
I really appreciate it.
Thank you it that it reallyresonated with me.
So thank you for saying that.
I really appreciate it.
Thank you, all right.
So we're gonna take anotherquick break, um, and let's see.
I I guess joel said we havesome new music.
I'm uh, I'm a little behind,but let me see.
Uh, all right, yeah, we got,we're gonna try a new, a new
song.
(27:46):
I'm not really sure which onethis is, but we'll see what it
is.
I'm sure if it's, if it's onhere, then it's been approved
and everything.
So, all right, so we're goingto listen to Andrew Roboro.
I hope I'm saying that, right,looking forward to it.
Speaker 9 (28:15):
I've been ten years since I'd seen his face.
Not much had changed.
Just a different time,Different place.
Just a different time,different place.
When I shook his hand, I knewsomething had changed.
(28:40):
This was a different man fromthe one I knew back then.
Speaker 10 (28:53):
I knew back then.
That's when he said we do thegoals, yes, I stand in line.
Speaker 9 (29:00):
And watch the flag wave and drag.
Speaker 10 (29:05):
You see, this is what I do.
Yes, I bleed, Red, white andblue.
You see this is what I do.
Yes, I please Red, white andblue.
Speaker 9 (29:18):
He told me the tales of his journeys far away and
three times gone, and land mostonly seen on the front page With
honor and glory.
(29:40):
He stood so tall and fought foryou and I so we could be free
from it all that's when it'ssaid we do the goals.
Speaker 10 (29:59):
Yes, I stand in line and watch the flag wave.
The pride you see, this is whatI do.
Yes, I bleed.
Red, white and blue when dutycalls.
(30:24):
Yes, I stand in line and watchthem weep and pray.
You see, this is what I do.
Yes, I bleed.
This is what I do.
Yes, I bleed.
Oh, this is what I do.
(30:49):
Yes, I bleed.
Speaker 4 (30:53):
Little, I know opinions expressed in this
program are those of thespeakers and do not necessarily
(31:18):
reflect the views or positionsof any entities they represent.
Speaker 1 (31:22):
Find us on the web at mbradious.
Speaker 6 (31:27):
All right, we're back .
Man, that was a great song,Like I was very much impressed
by that.
Speaker 7 (31:32):
That rocked out really.
Speaker 6 (31:32):
I mean that was, that was a great song.
I'm going to definitely putthat.
That rocked out, really.
I mean, that was that was agreat song.
I'm going to definitely putthat in my in my rotation.
Listen to more and more of this, this guy's stuff.
That's awesome.
Andrew Roborow Roborow.
Well done, well done, andrew,good job.
Yes, and speaking of music, I'mgoing to put you on blast a
(31:56):
little bit, but you're you're amusician yourself, are you not?
Speaker 7 (32:00):
I am, yeah, I've actually been a musician since I
was about 10 years old, so aguitar player, and I do a little
bit of singing here and thereand songwriting, although I
haven't written anything in along time, but yeah it's a nice
little hobby.
Speaker 6 (32:18):
Yeah, so you, you want to put one of your videos
on the on the rotation list?
Speaker 7 (32:24):
We'd definitely be willing to support you.
There you go, man.
I'll have to.
I have to get one in the in themix there.
Speaker 6 (32:31):
Yeah, yeah, of course .
Yeah, I mean, you know we'reall about supporting veterans
and you know like it's a passionof yours and you know I'm
definitely willing to to put youon blast and get your record
deal that you've been dreamingof.
Speaker 7 (32:46):
Realizing the childhood dreams.
Right there you go.
Speaker 6 (32:49):
Sometimes it takes a little windy path, but that's
right, that's right, all right.
Well, let's see what we were.
Uh, I guess I'm I'm goingthrough some of my questions.
Um, that I have, that I hadplanned, um, okay, so this is a
little bit of a of an inch likea an interest of mine lately, as
(33:13):
as many people have, butartificial intelligence, I
wanted to kind of pick yourbrain a little bit and see what
your thoughts are in the generalsense, like with the financial
industry.
Do you see artificialintelligence being a good thing,
bad thing, kind of neutral, orwhat is your expectations or
(33:35):
your perception of it right now?
Speaker 7 (33:40):
Well, I would say that you know, just from my
perspective now, I mean AIwhether we like it or not, it's
here and I think it's here tostay, and I think it is pretty
much, you know, made its wayinto almost every industry at
this point.
Speaker 4 (33:56):
And.
Speaker 7 (33:56):
I think it's a good thing, I think, as long as we,
you know, we continue to, youknow, to harness it in ways that
you know are beneficial, ofcourse.
I mean, I think from thestandpoint of, you know, the
financial industry, one of theareas where I feel like you know
, ai has been very beneficialwith this.
One of the areas where I feellike you know AI has been very
beneficial with this, with thestrategies that we use, like
(34:18):
with my agency, has been kind ofin the educational space,
because it allows us to reallyamplify that message and to very
quickly replicate it and sothat we can get it out there and
in a way that you know is verycontrolled, and we, you know,
(34:41):
obviously want to make sure wemaintain our checks and balances
on the technology itself, butyou know, it allows us to
educate a larger audience,because obviously we can't be
everywhere.
The people that you know thatsort of work in the same
industries and do sort of thesame things that I do.
You know we obviously there'sonly so many of us and we're
swimming upstream.
I mean that's the reality, manyof us and we're swimming
upstream.
I mean that's the reality.
A lot of these, you know a lotof these strategies.
We run into interferencebecause, let's face it, you know
(35:03):
the banks, I mean, they don'tnecessarily want people putting
you know all their money in lifeinsurance because they make
tons of money off of theinvestments, right.
So we're working against.
You know that.
You know resistance In manyways.
You know that that you knowresistance in many ways.
You know the IRS, thegovernment, doesn't want, you
know, too much money going intothese, into these policies,
(35:24):
because they kind of like to beable to tax it, right.
So as we're kind of playingchess with the IRS on these
policies, you know thegovernment ultimately in the
public education system, isgoing to have 90% of the
narrative.
So when they're teaching youngkids coming out of high school
and even college about, hey,where should you put your money
(35:44):
when you get into the workforce,they're telling them things
like 401ks, iras, traditionalretirement accounts, all the
areas where the money is prettymuch 100% taxable and it's
facing it's in the market, youknow.
So we have that to contend withright out of the gate.
And so to be able to get thismessage out and to be able to
(36:08):
propagate these strategies andkind of teach people from the
ground up and to sort of retooltheir thinking on how they
manage money, and being able tohelp them understand that by
using these type of strategies,they can become their own banker
.
And that was sort of the themeof Nelson Nash's book.
(36:29):
It was the infinite bankingstrategy becoming your own
banker.
So you're basically using theexact same strategies that
millionaires and billionaireshave been using for almost 200
years and that banks arecontinuing to use, and they're
continuing to use it to the tuneof billions of dollars.
But now we have found a way tobring that same type of strategy
(36:52):
down to veterans and theirfamilies and veteran business
owners and just people that arekind of in the in the working
classes, so that they canharness the same power that you
know banks and largeinstitutions have been using.
But in order to do that, ofcourse, we have to be able to
get the message out, and so Ithink that AI has really helped
us to be able to get thatmessage a lot wider now, and
(37:15):
it's it's bringing it more tothe, you know, to the average
household.
Speaker 6 (37:21):
Yeah, yeah, that's a, that's a good.
I like that.
I like that, that perspective.
You know you're you're using itfor good.
You know you're training,because we're training these AIs
, for better or worse, we aretraining them and and I have a
bit of the mindset of like weshould be training them for good
instead of for evil, butthere's always going to be that,
that push and pull, wherethere's always going to be the,
(37:42):
the bad actors, you know.
But I'm hoping to to to trainthe AI for good, you know.
Speaker 7 (37:48):
I, I, I gotta say, man, I'm still of the mindset
that we, should you know, appleand Google and all these others,
man, they could have reallydone us a service if they made
it to where you know.
Speaker 6 (38:03):
Siri and Alexa only worked.
If you said please and thankyou.
Yeah, that is definitely sorelymissed, for sure.
Yeah, or?
Lacking.
Oh man, oh well, let's see.
So, let's see, I've got acouple of random questions, but
I, I guess we'll we'll keep therest towards the end.
(38:26):
But, like you know, in the nextsegment we're going to talk
about, like your, I guess, yourlonger term plans.
Sure, you know, like in thenext you know, five, 10 years,
like your, your goals andaspirations for the business and
your vision for for where youwant to go.
Let's see, Looks like we've gota comment yes, ma'am, and no,
(38:49):
ma'am too.
Speaker 4 (38:50):
Yes.
Speaker 6 (38:51):
There you go.
What a concept, what a conceptAgreed.
Yeah, and then MJ, anotherpodcast host, I guess she was
referencing kind of like familybanking.
Is that kind of how you see itas infinite banking?
Speaker 7 (39:09):
Yep, and we can structure these type of policies
and strategies to include theentire family unit
multi-generational parents,children, grandchildren.
That was a very, very similarstrategy to, in fact, what the
Rockefeller family did, wherethey basically had what they
would consider a family bank andevery person in the family was
(39:32):
insured At the time it was usingwhole life insurance because we
didn't have indexed universallife back then but every member
of the family was insured and sothey would take loans,
essentially from the family bankand the owners of those you
know the policies, the trustessentially that own the
policies.
They would have to get togetherand decide what was a worthwhile
(39:53):
cause for, you know, for thekids and the grandkids as they
came up, to be able to takethese loans, and so it gave them
a lot more control and a lotmore opportunity to teach their
kids about how money works andhow best to use their money.
And I think that that'ssomething too that,
unfortunately, even you know, asI was, you know, being raised,
(40:15):
I mean, you know we didn't havetoo many hard lessons on money
and other than just you knowkind of the standard stuff that
you know you teach your kids.
But you know this is reallygetting into the real inner
workings of how money actuallyworks and how we actually grow
wealth and, frankly, how peoplebecome rich.
Speaker 6 (40:34):
You know this is sort of the blueprint and, frankly,
how people become rich.
You know, this is sort of theblueprint.
Yeah, I really like the uh, thefamily-oriented nature of that,
um, because you know, like I'vebeen trying to advocate for
normalizing, just just talkingabout money, like in society we
just don't do it with ourfriends or family, or you know,
like we just don't talk aboutmoney, um, and I'm really just
trying to dispel that, thatstigma and stigma, and change
(40:56):
that narrative a little bit.
But yeah, and I appreciate youknow, these kinds of
conversations, like hopefullyyou know somebody will take a
nugget and you know if they'relistening or they're watching
later on, you know, maybethey'll be like oh OK, this is a
cool concept.
Maybe I'll talk to my familyabout this, you know, and that's
what I plan to do.
I plan to talk to my family, mydad, and be like look, we need
(41:18):
to, we need to come together asa team.
You know, and and and reallylike, instead of having our own
little pockets of money, whenyou know like it's a personal
finance, I get that, but youknow, I like that you're, you're
really kind of encouraging moreof a, a sense of family and and
connectedness and unity.
You know, within the, withinthe family unit.
Speaker 7 (41:32):
So that really resonates with me.
Speaker 6 (41:36):
Yeah, and so my kids yeah, good, oh, I was going to
say, well, I'll transition toanother topic real quick, but go
ahead and finish your thoughtwith your kids.
Speaker 7 (41:46):
Oh no, I was just going to say my kids have
policies set up themselves and,yeah, that becomes a regular
topic of conversation.
You know, when we start to youknow, coach them at a very early
age on how to you know, when westart to, you know, coach them
at a very early age on how toyou know how to manage these
type of things and how to reallythink about money in a way that
you know the people that aresort of, you know, leading the
(42:07):
economic sectors are thinkingabout money, because, at the end
of the day, that's whatfinancial independence and
financial freedom are really allabout.
Speaker 6 (42:14):
Yeah, absolutely yeah .
So we're going to take anotherquick break, but before we go I
wanted to set you up for aquestion or a series of
questions.
I wanted to kind of talk alittle bit about financial
literacy and maybe some goodresources that you could
(42:35):
recommend, so kind of you know,maybe some of your greatest hits
of books and podcasts andthings like that that you'd like
to listen to.
So, I'll put you on the spotlater, but for now we're going
to try to do another song, andthis is going to be another new
one.
So this is Chemistry ClubBlended Colors.
So we'll see how this one goes.
Hopefully it's as good as thelast one.
Speaker 3 (43:17):
All right, blended colors.
So we'll see how this one goes.
Hopefully it's as good as thelast one.
Alright, I'm walking downLincoln.
Again, droplets form againstthe windows, early morning light
and shadows bend to colors,reaching for the lenses in my
eyes which take them, turn themupside down and, though I do not
know quite how they will be,turned right back around and
(43:38):
spit back out Conduits andcabling which disassemble them.
Processing from noise and lightstill springs in static to
motion and to information.
I suddenly see that the reasonis everywhere around us, it's
(44:00):
everywhere around us.
Bus stops standing on thecorner, passengers are waiting
and they sit in silence, halfasleep, and they wonder what
they each are thinking.
Woman with off white woolen cap, the young man staring at the
(44:21):
sidewalk where the tip of herumbrella touches to the ground
and the distance betweenstrangers can sometimes be quite
alarming, but today the buscomes to carry us together into
the morning is everywhere aroundus, is everywhere around us,
(45:01):
it's everywhere around us.
Speaker 9 (45:31):
Thank you.
Droplets form against thewindows, early morning light and
shadows bend to colors reachingfor the lenses in our eyes.
Speaker 3 (45:44):
We take them, turn them upside down and, though I
do not know quite how they willbe turned right back around,
spit back out the conduit andcableway.
We're disassembling theprocessing, the noise of life
still frames in static motionand the information oh, I don't
(46:07):
see that the reason iseverywhere around us, is
everywhere around us.
Oh, I don't see that the reason.
Outro Music.
Speaker 4 (46:22):
Thank you opinions expressed in this program are
(46:50):
those of the speakers and do notnecessarily reflect the views
or positions of any entitiesthey represent find us on the
web at mbradious all right, weare back.
Speaker 6 (47:05):
That was another banger of Uh had a little bit of
a block party vibe Um, forthose of you who know that band
um.
And then also a special guestcameo from our one and only Joel
um, joel Hunt.
He was acting in that Um and Iguess he was a producer of that.
So that's uh, that's reallycool.
Uh, our, our, our head, ourhead, honcho Joel, he's, he's a,
(47:32):
he's just a big, uh, a bigteddy bear.
That just uh, he's.
He's.
Also he's got the heart of alion, so he's a really great guy
.
Um, actually, wait, he's in thebackground.
That's h, right there all right.
So, uh, before we get into your,your suggestions for financial
literacy, we do have a comment.
(47:52):
So, on a serious note, can a501 C three leverage financial
wealth with life insuranceinvestments?
Speaker 7 (48:16):
Yes, so in the case of nonprofits they're completely
unlinked to the actualperformance of the market itself
.
So yes, 100 percent.
I mean if we have funds that wecan you know that again is you
know, in the form of workingcapital.
If it's funds that we want tobe able to save from any other
income that the business ownershave, they can certainly benefit
tremendously from these type ofstrategies and we can roll the
(48:41):
gains from these cash values andfrom the dividend yields back
into the 501s so they can justcontinue to grow their
operations as well.
Speaker 6 (48:54):
Okay, well, I hope you're taking notes, terry,
because we're probably going tohave some follow-on discussions
after this.
All right, so okay, thank youfor answering that question and
answering all these questions.
It's really kind of putting youon the spot, but you're, you're
, you're shooting them down.
I love it, man, I love it.
(49:15):
Yeah, all right.
So, um, yeah, just the quicklightning round of uh some of
your best um financial literacyor just financial, um, you know,
uh potential, you know nuggetsbooks podcasts, anything like
that.
Speaker 7 (49:35):
What is your usual like top three go to Sure?
Yeah, no, I would say, you know, right off the top of my head.
I think that the InfiniteBanking Concept book by Nelson
Nash is kind of a must read foranyone that's interested in
getting into this business.
It was actually where I started, in fact.
You know, god love them, the,the agency that I first started
my first whole life policy with.
(49:55):
They insisted, in fact, that Iread the infinite banking
concept by Nelson Nash before weeven got started with this.
I tend to not take as hard of aline with my clients, but I'm
glad that they did so that wouldbe number one.
I really am a fond fan I guessan avid fan of Doug Andrew and
(50:20):
the Three-Dimensional Wealthagency that he started many,
many years ago.
Doug's been in the industry for, you know, over five decades,
has pretty much written the bookon how to maximize the benefits
of indexed universal life.
But at the same time, you know,I realize that there is a.
You know there can be a greatdeal of feud on sources like
(50:41):
YouTube, you know, between thetwo different schools of thought
.
You know whole life versusindex universal life.
I like them all, man.
I mean I subscribe to ChrisNoggle's channel, the Money
Multiplier.
I subscribe to ChrisKirkpatrick's channel, life 180.
These are guys that you knowhave sort of made their brand
out of, you know, leveragingwhole life policies which, hey,
(51:03):
they both have their advantagesin my opinion.
I tend to, you know, favor theindexed universal life, but
that's just because you know Iuse it for certain applications
and I'm not opposed to usingothers.
Books I mean, like I said,infinite Banking I love the
Confessions of a CPA series,those are awesome.
The Doug Andrew book, iulInsiders that's his organization
(51:32):
that he's sort of crafted andyeah, there's a lot of really,
really great resources out there.
Speaker 6 (51:42):
Yeah, we're going to have to put all that into the
show notes and make sure peopleuh can, can, uh find all that on
the on the backend, uh, causethat's some really good, uh,
really good resources there, andI'm I'm definitely going to be
going down the rabbit hole.
I'm I'm really bad aboutfinding something and just like
really latching onto it and thensomething new that I'm like,
okay, I want to learn about thisand I really go into it.
(52:04):
So, yeah, I'm definitely goingto be reading those and watching
podcasts and listening andstuff.
Speaker 7 (52:10):
So yeah, and I do stand corrected.
The book was called the LaserFund.
I misspoke there.
Yeah, doug Andrews' book iscalled the Laser Fund, very,
very informative.
Speaker 6 (52:43):
He pretty much wrote the book on how we can optimize
indexed universal life to reallysee some market-like gains, to
get the upside potentials withthe downside protections and the
safety, security and liquidityof indexed universal life
policies.
All right.
Well, let's see.
That's not the end of the show,but we're getting towards the
end.
So I wanted to give you achance.
I wanted to kind of pick yourbrain about.
What is your future plans goingto look like?
Maybe aspirations, visions,just dreams?
(53:03):
What are you working towards?
Speaker 7 (53:06):
Like, what are you working towards?
Yeah, no, absolutely One of thebiggest goals and sort of you
know plans really.
I mean, these are things thatare actually in the works.
They're not just dreams andvisions.
At this point, we plan toexpand our services and, you
know, and ultimately partnerwith other agencies and larger
(53:30):
financial firms.
We've got several deals in theworks right now that will be
expanding a number of ourservices.
We do offer, you know, ascomponents of the agency right
now, we do offer some lendingservices, commercial lending
services, so we can get businessloans.
We can help new entrepreneursor business owners that
(53:53):
currently have businesses thatthey want to expand operations
or maybe acquire new equipmentor new technologies or hire.
We have SBA options, we've gotprivate equity options, but
we're going to be expanding thata lot and my goal really is to
become sort of the one stop shopfor all things.
(54:16):
You know, veteran entrepreneuror vetrepreneur, as we might
call it.
Right, you know, we know thatwealthy people again have been,
have been doing this for many,many years, right, I mean, we
don't often walk into the localbank to deposit a check and see
multimillionaires standingbeside us.
Right, they don't go to thebank, right, because they have
(54:36):
their own private bankingservices and they have people
that sort of cater to them thatbring all of these services and
consolidate them.
Well, there's really no reasonwhy it should only be exclusive
to millionaires and billionaires.
This sort of stuff is here, it'savailable and we're bringing it
to, you know, and we want tocontinue to serve our own people
because we understand and werecognize their sacrifices and
(55:14):
we understand and we know, youknow, we're familiar with the
lifestyle so we can communicateeasier.
Or mortgage services, evencredit card services, you know,
all these other things that thebanking industry has kind of had
sort of a monopoly on up tothis point.
We want to try and bundle allthat together.
(55:35):
And when veterans are startingbusinesses, I want to be, you
know, I want Victory X Financialto be, you know, the agency
that gets them set up with theirinitial startup loans, that
gets them set up with their youknow key man insurance policies
to grow their working capital,that gets them set up with their
property and casualty insurance, because that's another
component and ultimately, youknow, is a.
(55:58):
You know we're going to bethere with a lifetime
partnership with our clients tohelp them to ultimately get all
the way to retirement and beable to enjoy their money and
then let their families continueto enjoy it even after they're
gone.
Speaker 6 (56:12):
Yeah, yeah, cause I mean, ultimately, you know we're
we're talking aboutgenerational wealth.
This is like the whole family,you know, concept, which is
something that, like I said,resonates with me.
So, yeah, I mean it's not, it'sto me, it's not.
Wealth is and I mean this getsinto the philosophical but what
is wealth?
What is, you know?
Like it's not about being ultrarich or anything like that.
(56:33):
Like, for me, I'm thinking aboutit as, yeah, like you said,
taking care of your family,making sure that that that there
is a legacy of of yours behind.
And then you know, if you dohave enough money left over,
then you can be charitable withyour money.
If you do have enough moneyleft over, then you can be
charitable with your money.
And that's, that's somethingthat really resonates with me
too.
Is that, like you know, if Iwas a billionaire or whatever,
(56:54):
you know, I would be fundingevery single nonprofit that I
could get my hands on, you know,just because I know how, how
difficult it is as a nonprofit,you know, and as a as a as a
starting business owner.
Um, yeah, financial independence, um, independence is is really
the goal, but you know,everyone's reasoning is
different for financialindependence.
(57:15):
So that's just something thatyou know.
I've been thinking about a lotlately, just, you know, with
this rat race, but like it'sreally, you know, it's really
about, you know, taking care ofeach other and taking care of
your family.
You know, that's, that's whatresonates with me.
Speaker 7 (57:31):
Absolutely, and I love what you touched on there
about charitable giving as well.
You know that's.
That's another.
You know another personal areafor me as well.
I've basically taken a businessstance that you know 10% of our
profits with Victory XFinancial will go to benefit the
Ronald McDonald House andCharities.
(57:51):
I think they're a greatorganization.
They've helped my familytremendously and those that kind
of know the inside story onthat know why that is.
But yeah, I truly do believe ingiving back to the community
because I think it really makesa big difference, you know.
Speaker 6 (58:10):
Yeah, absolutely, man , like we.
The time it just just zoomed by, but we're going to have an
hour real quick.
That was a great, greatengagement.
A lot of people were commentingand and throwing out the
suggestions and questions, sothat was really awesome.
You know, like I said, we'regoing to have to either have you
(58:34):
on again or just well, no, yeah, we'll just have to have you on
again.
Keep coming on.
Speaker 7 (58:39):
Love to be back, yeah .
Speaker 6 (58:41):
And get some of your music on here, and then we'll
just keep pushing forward andkeep fighting the good fight
together.
You know it All right.
Well, dan, I really appreciateit.
This is going to be the end ofthe stream.
Trace Around says thank you forthe great advice.
Speaker 4 (59:00):
Thank you.
Speaker 6 (59:01):
Yeah, and then we'll catch up later and catch you
guys on the next stream.
All right, thanks again, joey.
Really appreciate it and had aguys on the next stream.
Speaker 7 (59:08):
All right.
Thanks again, Joey.
Really appreciate it and had agreat time being on here.
Speaker 6 (59:12):
Thanks Dan, I appreciate it.
Speaker 5 (59:15):
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all right, welcome, welcome.
Speaker 6 (02:16):
Hello everyone, this is money in the military.
Um, this is on military Radio.
For those of you who are maybenew to this platform, we're a
nonprofit based out of Denver.
We help veterans createpodcasts, and I was one of the
people that they helped mecreate this podcast.
(02:37):
So shout out to Joel and theguys and gals at MBR.
And today we're going to goahead and jump right in.
We have a special guest, afinance professional, dan
Farnsworth.
We're going to go ahead andbring him into the stage.
Dan, how's it going?
Speaker 7 (02:57):
Hey how you doing.
Joey, Thanks for having me on,Really appreciate it, brother.
Speaker 6 (03:01):
Yeah, yeah, of course , of course.
So you know our time is limited, so I want to jump right in and
kind of get the ball rolling.
You know, obviously this isMoney in the Military and you
know I'm curious, let's hear alittle bit about your military
background and, you know, if youcould give us a little bit of
highlight of maybe some of yourmilitary career highlights?
(03:21):
And then, how did youeventually get into finance?
Speaker 7 (03:31):
Absolutely Well.
I'm sure it's no mystery to theaudience here based on my
background that I was a Navy guy.
I, yep.
I enlisted in 2002 and I justrecently retired.
Not too long ago, I did almost23 years active duty.
I made chief I was actually acryptologic guy for the majority
of, in fact, all of my careerand then I commissioned as a
(03:54):
limited duty officer in 2014.
So retired as a lieutenant herejust recently, just recently.
And yeah, I did a whole host oftours, you know, from
everything from ship tours tooverseas to I did a boots on
ground tour in Baghdad for ayear.
(04:15):
So kind of ran the gamut of youknow the different types of
opportunities that we hadavailable to us and really had a
lot of fun doing it.
So kind of what got me intofinance.
Incidentally, about 15 yearsago I was actually approached by
a financial firm that was basedout of Salt Lake City at the
(04:39):
time and they're still aroundit's Prosperity Economics.
They had reached out to mebecause I was interested in
learning more about the infinitebanking concept.
There was an agency called Bankon Yourself that had sort of
rejuvenated a concept that wasengineered and sort of made
popular by a former insurancebroker named Nelson Nash, who
(05:04):
wrote the Infinite BankingConcept book, and basically what
it?
What it focused on was usingwhole life insurance and
permanent life insuranceproducts to be able to minimize
the death benefits and maximizeliving benefits for building
generational wealth.
And I was fortunate enough tokind of get in on this early on
(05:25):
and to really see it in action,really see it work.
I was able to get set up with awhole life policy.
I was able to overfund that ina way that enabled me to grow my
cash values in the policy.
I was able to transfer debtinto the policy and I really saw
(05:46):
a lot of the financial benefitsof using life insurance
products to be able toultimately plan out a retirement
and grow our wealth.
So as I kind of came nearertoward retirement, I was, you
know, looking for ways to kindof you, obviously one,
transition from the military andbe successful, but two, kind of
(06:09):
leverage my experience andthings that I would be
interested in doing and helpingother people learn.
And I, almost kind of byaccident sort of ended up in the
industry.
I was sort of recruited intothe industry but once I got into
it and I realized you know thepotential and the capabilities
and you know how we can reallyteach other people how to you
know, leverage these processesand these strategies that most
(06:33):
people, frankly, don't even knowabout.
It really was a driving forcefor me to be able to grow my own
agency now with Victory XFinancial and really focus on
helping veterans, because I feellike veterans, you know, could
benefit really, in some ways,the most from you know these
types of strategies and thesetypes of products.
Speaker 6 (06:54):
Wow, that's amazing, you know it's funny.
Actually just recently, and Imean you know, I'd say within
the last couple of weeks,stumbled upon infinite banking
as a concept.
So I've, I've, I'm just kind ofscratching the surface of it.
But you know, without givingaway the goose, but like, could
you give a little bit of abackground on, maybe, what
(07:14):
infinite banking is just for foreveryone else and for myself
included?
Speaker 7 (07:19):
Yeah, no problem.
Yeah, so infinite banking isjust a process where we use
permanent life insuranceproducts.
Depending on what we're doing.
We can we can use whole life orwe can use indexed universal
life in certain applications.
But basically we structurethese policies in a way that we
(07:40):
minimize the actual deathbenefit, minimize the actual
death benefit, right?
So all of these policies aresort of regulated under IRS code
7702, which is what allows usto grow money tax-free in these
policies.
And so what Nelson Nash and evenother entrepreneurs before him,
but what they had sort of comeup with and realized, is that we
(08:02):
can actually use these productsto grow cash values independent
of the insurance itself.
And what is the advantage ofthat?
Well, there are a number ofadvantages.
One we get the safety of beingable to grow our money without
the money actually being in thestock market.
Right, we've seen a number offolks that have had,
unfortunately, in the lastseveral years the last 20 years
(08:25):
in fact.
You know, when the stock marketcrashed in 2008, and then when
we had the COVID you know cyclethat, uh, we saw 30, 40% dips in
the market.
Unfortunately, a lot of peoplelost a lot of money during that
time.
Yeah, yeah.
The that had money in in lifeinsurance policies literally
lost zero money.
Right, they lost zero moneybecause we have what we call the
(08:48):
power of zero.
Right, you can never go belowzero in an index strategy.
If we're using indexeduniversal life or if we're using
whole life with a mutuallyowned company, you're never
going to get net less than zeroin a life insurance policy.
So you have the safety of it.
Right, the index growth hasbeen very, very impressive.
(09:10):
When we do these illustrations,we can only, by law, illustrate
at about a six and a halfpercent growth rate because it's
tied to some of the largerindexes if we're using Index
Universal Life or IUL.
But we know that the indexeshave historically, over the last
20 years, performed at muchhigher levels, some of them as
(09:34):
high as 20%.
So the growth in the policiesis extremely aggressive.
Without again incurring therisks of going into high risk
investment vehicles.
And then the probably thelargest benefit and the one that
I see is being sort of like theyou know this is the
cornerstone of what I do is thatall of the money that we grow
(09:56):
in the cash values of thesepolicies is one completely
liquid right, so we can accessthat money anytime we want.
There are no restrictions onhaving to wait until you're 59
and a half.
There's no minimum distributionperiods, no required minimum
distributions, so you can accessthat money whenever you want
(10:18):
and for whatever reason that youwant.
And when you access it, you'reactually accessing it in the
form of a tax-free loan againstyour death benefit.
So you're essentially borrowingagainst your future dead self
is what it really boils down to,and by doing that we leave all
of the principle in the policy.
(10:40):
So the principle just continuesto compound and compound, and
compound.
And in many cases when we seefolks that max fund these
properly structured and properlyengineered policies, in
retirement they could easily bedrawing six figures of tax-free
income for the rest of theirlives, right, Every single year,
tax-free.
(11:01):
And even if they spend everysingle dime of every dollar that
they draw tax-free from thepolicy, when they die it's still
going to confer a tax-freedeath benefit to their
beneficiaries, and oftentimesthat can be in the hundreds of
thousands, if not the millions,by then.
Wow.
Speaker 6 (11:21):
Wow, that's a lot to process, but I mean, that's
really, it's really afascinating stuff to me.
Uh, you know, just it's like mymind is just just processing
everything right now, but uh, um, yeah, so I guess, uh, with,
with that being said, what is,uh, if you were to talk to let's
(11:41):
say you're talking to an e5right now that's in active duty,
what are some kind of goodtactical tips and tricks that
you would give them financiallyIf they're, let's say, eight or
10 years in E5, e6, what's someadvice that you would give them?
Speaker 7 (12:02):
Absolutely no.
And at that age and at thatstage in life.
Those are the type of clientsthat I personally love working
with and love connecting withand introducing to this concept
and these type of strategies.
Because, especially when we'redealing with insurance products,
there's two major advantagesthat folks that you know, maybe
(12:25):
in their late 20s or early 30s,are going to have, even over the
rest of us that are a littlebit older, right, and that is
one the insurance component isextremely cheap, right, so it's
very cheap to insure somebodythat's in their 20s and 30s,
because the reality is they'rejust not very likely to die, you
know, anytime soon.
So the it minimizes even morethe cost of the insurance itself
(12:50):
to be able to grow your cashvalues.
And then the second biggestbenefit is that they also have
time right, and with time youhave the power to be able to
compound your interest even moreover the length of your life,
so that when you do go to drawout your money in retirement,
whether that's to supplementyour pension, let's say, or
(13:14):
supplement other income maybeyou have income from real estate
or you own a business orsomething to that effect it's
just going to give you that muchmore money in retirement, you
know, to be able to, you know toleverage for whatever you want,
and it's also going tosubsequently allow you to grow
your death benefits.
You know that much more as well,because the death benefit will
(13:36):
grow in relation to the cashvalues as well.
So by the time these guys are,you know, ready to, you know,
(14:00):
graduate and move on to heaven,we're literally creating
generational wealth to the, youknow, their, their children
later on, so that their childrencan use these same strategies
and they can just continue toroll the money in and just keep
it tax free and just keep itgrowing.
Speaker 6 (14:17):
Wow man I've got.
I've got so many follow upquestions, but we actually are
at a point where we have alittle bit of a break.
We're going to do a commercialbreak, play a little bit of
music.
I've been stuck on NoahPeterson.
He's a United States Marineveteran, Plays kind of like a
funky jazz, modern jazz music.
(14:37):
But I always play his music.
We'll play a song of his andthen we'll come back after the
break.
Speaker 4 (16:46):
Sounds good, thank you.
Thank you.
Opinions expressed in thisprogram are those of the
speakers and do not necessarilyreflect the views or positions
of any entities they representfind us on the web at mbradious.
Speaker 6 (17:06):
All right, we are back.
This is Money in the Militaryon Military Broadcast Radio,
where we're giving veterans avoice, and the veteran that I'm
giving a voice to is DanFarnsworth from Victory X
Financial.
We've been talking to him.
He's a finance professional andwhere are you based out of?
Speaker 7 (17:26):
I'm out of Hampton Roads, Virginia.
Speaker 6 (17:29):
Okay, hampton Roads, virginia, all right.
So out of curiosity, if someonewanted to book your services,
do they have to live in Virginiaor are you able to do like
remote online stuff?
Speaker 7 (17:41):
Yeah, no, absolutely.
We're licensed in a number ofdifferent states, pretty much
all of the surrounding Stateshere along the East coast, uh,
and then also several States outWest as well.
Um, yeah, if they, if they wantto book an appointment.
Uh, my calendar is available atvictory X financialcom and also
at my business Facebook page atuh, victory dash X financial.
Speaker 6 (18:04):
So yeah, I actually wanted to pull it up real quick
because I really, you know, as abudding entrepreneur myself,
I'm very impressed.
Obviously, your website isreally cool and slick.
Thank you, yeah, so it's areally really very professional
(18:26):
website.
Tax-free income for patriots.
Let's see.
Is it showing up?
Okay?
Yeah, um so yeah, like I justuh, I just I just wanted to show
it off.
I just think it's a coolwebsite, um, veteran and first
responder focused.
Um, so, yeah, you've talked alittle bit about, um, these
(18:46):
things, but you know, I justwanted to highlight the
victoryxfinancialcom uh to uh tobook dan for his services, um,
but, uh, okay, um, cool, allright.
So, um, entrepreneurship, I wascurious, um, if you were to
(19:07):
maybe give some aspiring, youknow, future veterans, or even
current veterans, some advice onentrepreneurship, what kind of
advice would you give?
Speaker 7 (19:19):
Well, first and foremost, I would say if you
have it in, you go for it.
You know, if there's anythingthat you know that I think that
we need more of in of in thiscountry, it's veterans and
private business.
I love for, for country and forfamily.
You know we, we really do havea lot to offer the the private
(19:55):
private economy and I just loveseeing you know vets as they, as
they sort of retire andseparate and move on from
service really to continue theirservice in a way that becomes a
service to the public.
You know we served our nation,of course, and you know, by
wearing the cloth and doing thedeployments and everything else,
(20:16):
now we have an opportunityreally to serve in the market
and bring those skills, you know, in a way that that really
benefits the consumer.
And I think we've seen this,you know, repeatedly throughout
our nation's history.
I mean, we've seen it all theway back to, you know, the
post-revolution era and theCivil War, where we had, you
(20:36):
know, veterans of the countrythat you know hunted the buffalo
and pushed westward and reallywere responsible for a lot of
the expansion, you know, and alot of the, obviously, in the
post-World War II, you know.
We saw veterans, you know, asthey left the service and went
into the factories and wereresponsible for really ushering
in the industrial revolutionthat put America, you know, at
(20:59):
the top of the chart in theworld.
So I highly encourage anyveterans that want to go into
private business or that areseeing opportunities to
definitely, definitelycapitalize on that and follow
through with your dreams.
We have lots of funding sources.
There's, you know, there's theveterans, small business groups,
(21:21):
there's a ton of resources onsocial media and, personally,
that's one of the things that Ido, that I specialize in with my
agency is helping veteranbusiness owners not just, you
know, not just veterans ingeneral, but veteran business
owners to be able to use thesesame strategies in a way that
actually benefits and fundstheir businesses.
(21:42):
One of the businesses thatwe're working with currently is
based out of based out ofFlorida, but they have, you know
, operations in multiple Statesand we're helping them to get
set up with, you know, a workingcapital fund that we can use.
We can basically ensure a keyperson within the business and
(22:05):
the business then can become thebeneficiary of the insurance
right, of the insurance policy.
So what we're allowing them todo is take money that they would
have otherwise just beenspending, right, and we're
actually taking the money andwe're filtering it through these
strategies and through thesetypes of policies in a way that
they can grow that cash valuewhile they're continuing to
(22:26):
expand their business operations.
While they're continuing toexpand their business operations
and ultimately, what that'sgoing to do is it's going to
become an asset for the business, right?
Because someday down the road,if they want to sell the
business now, they're sellingthe business in addition to a
multimillion dollar deathbenefit.
That then is going to increasethe valuation of the business,
(22:46):
right?
So now they've acquired anasset that is going to pay out,
you know, millions of dollarslater and many times you know
when that sale does happen, the,the previous business owner,
the entrepreneur, is, you know,able to keep the, the annual
revenues that they're generating, the tax-free revenues that
(23:08):
they're generating from thatpolicy, after they've already
sold the business and moved oninto retirement.
So a lot of really goodopportunities, a lot of really
good options for entrepreneurs.
Speaker 6 (23:20):
Yeah, and I mean I'm sorry, but I'm thinking the
whole time.
I'm like man, I should be aclient of yours because I
literally, if literally, starteda business.
I need funding.
I'm like, I'm like asking allthese like real questions
because, like I'm trying to pickyour brain for myself.
I'm just being selfish rightnow, but I know that other
veterans can can benefit fromthis information too.
(23:42):
So yeah well, we'll definitelyhave to get together offline,
because my my eyes are gettingjust a big with with ideas,
cause I do have some, some ideasfor my business that I'm I'm
wanting to to grow and share and, um, so I don't know, we, uh,
we can maybe talk about thatoffline, but uh, but uh yeah,
I'm just really curious to pickyour brain.
(24:02):
We do have actually quite a fewquestions and some comments, so
I'm going to bring a couple onstage and maybe we can talk
about them.
Absolutely.
So another podcast host, tracerRounds.
Terry is a podcast host and sheasked can these strategies work
for people that are closer toretirement age?
And then would you suggest lifeinsurance investments over 457
(24:25):
or Roth accounts?
Speaker 7 (24:28):
So, yes, I mean the short answer is absolutely.
We actually have strategies.
We work with clients that are intheir 60s and 70s that
oftentimes have, you know, haveacquired a significant you know
nest egg in their savings andare getting ready to retire and
ultimately want to be able toenjoy the fruits of what they've
(24:51):
sown.
And so what we can do in a lotof these cases is we can
actually max fund these types ofpolicies in as little as four
or five years.
So if somebody is, let's say,they're, 65 years old and they
want to retire at 70, you know,we can do what we would call a
(25:11):
strategic rollout, even from aqualified account like a Roth or
a 401k or an IRA, and we canroll the money into indexed
universal life over the courseof five years.
We do five years because it isbased on, kind of how the IRS
allows these policies to bestructured in a way that
(25:32):
minimizes the death benefits, soit doesn't become taxable.
And so what they're doingessentially is they're taking
post-tax dollars and they'reputting them into these vehicles
where then, over the course offour or five years, they're able
to generate a stream of revenuethat is literally tax-free for
the rest of their lives, and bydoing so they also create the
(25:53):
instant estate with the deathbenefit that then is going to
confer tax-free to theirfamilies when they go.
Speaker 6 (26:00):
Well, there you go, so you might have some more
people knocking at your doorhere, because we got a lot of
comments.
Another comment from Terry loveto see veterans in business,
love to highlight them,absolutely, yeah, and let's see.
We also over your contactinformation for businesses that
(26:21):
I've interviewed.
So, yeah, I think what's coolabout the veteran business
community, or just the veterancommunity in general, is that we
really are, for the most part,we're trying to help each other
out.
We're trying to.
We're all still on the sameteam.
We all fought the gay fight andand you know, we're, we're,
we're, we're helping because,like I'm, I'm on all these
(26:41):
different Facebook groups, youknow, like veteran Facebook
groups, like there's all kindsof different, you know flavors
of that, but ultimately peopleare trying to help each other,
like other veterans are tryingto help other veterans and and
that's what I really like aboutum, about the MBR um family, so
they're, you know, they'realways really supportive and
helpful and and I think that'sjust indicative of, you know,
(27:04):
the veteran community, like youmentioned earlier, um, like you
mentioned earlier, but yeah,yeah, and I really appreciate
you, you made a post and I, youknow, on Facebook that really
kind of inspired me.
I really liked that post, butyou don't have to really comment
on it.
I just wanted to highlight it,that it really resonated with me
(27:26):
.
So thank you for saying that.
I really appreciate it.
Thank you it that it reallyresonated with me.
So thank you for saying that.
I really appreciate it.
Thank you, all right.
So we're gonna take anotherquick break, um, and let's see.
I I guess joel said we havesome new music.
I'm uh, I'm a little behind,but let me see.
Uh, all right, yeah, we got,we're gonna try a new, a new
song.
(27:46):
I'm not really sure which onethis is, but we'll see what it
is.
I'm sure if it's, if it's onhere, then it's been approved
and everything.
So, all right, so we're goingto listen to Andrew Roboro.
I hope I'm saying that, right,looking forward to it.
Speaker 9 (28:15):
I've been ten years since I'd seen his face.
Not much had changed.
Just a different time,Different place.
Just a different time,different place.
When I shook his hand, I knewsomething had changed.
(28:40):
This was a different man fromthe one I knew back then.
Speaker 10 (28:53):
I knew back then.
That's when he said we do thegoals, yes, I stand in line.
Speaker 9 (29:00):
And watch the flag wave and drag.
Speaker 10 (29:05):
You see, this is what I do.
Yes, I bleed, Red, white andblue.
You see this is what I do.
Yes, I please Red, white andblue.
Speaker 9 (29:18):
He told me the tales of his journeys far away and
three times gone, and land mostonly seen on the front page With
honor and glory.
(29:40):
He stood so tall and fought foryou and I so we could be free
from it all that's when it'ssaid we do the goals.
Speaker 10 (29:59):
Yes, I stand in line and watch the flag wave.
The pride you see, this is whatI do.
Yes, I bleed.
Red, white and blue when dutycalls.
(30:24):
Yes, I stand in line and watchthem weep and pray.
You see, this is what I do.
Yes, I bleed.
This is what I do.
Yes, I bleed.
Oh, this is what I do.
(30:49):
Yes, I bleed.
Speaker 4 (30:53):
Little, I know opinions expressed in this
program are those of thespeakers and do not necessarily
(31:18):
reflect the views or positionsof any entities they represent.
Speaker 1 (31:22):
Find us on the web at mbradious.
Speaker 6 (31:27):
All right, we're back .
Man, that was a great song,Like I was very much impressed
by that.
Speaker 7 (31:32):
That rocked out really.
Speaker 6 (31:32):
I mean that was, that was a great song.
I'm going to definitely putthat.
That rocked out, really.
I mean, that was that was agreat song.
I'm going to definitely putthat in my in my rotation.
Listen to more and more of this, this guy's stuff.
That's awesome.
Andrew Roborow Roborow.
Well done, well done, andrew,good job.
Yes, and speaking of music, I'mgoing to put you on blast a
(31:56):
little bit, but you're you're amusician yourself, are you not?
Speaker 7 (32:00):
I am, yeah, I've actually been a musician since I
was about 10 years old, so aguitar player, and I do a little
bit of singing here and thereand songwriting, although I
haven't written anything in along time, but yeah it's a nice
little hobby.
Speaker 6 (32:18):
Yeah, so you, you want to put one of your videos
on the on the rotation list?
Speaker 7 (32:24):
We'd definitely be willing to support you.
There you go, man.
I'll have to.
I have to get one in the in themix there.
Speaker 6 (32:31):
Yeah, yeah, of course .
Yeah, I mean, you know we'reall about supporting veterans
and you know like it's a passionof yours and you know I'm
definitely willing to to put youon blast and get your record
deal that you've been dreamingof.
Speaker 7 (32:46):
Realizing the childhood dreams.
Right there you go.
Speaker 6 (32:49):
Sometimes it takes a little windy path, but that's
right, that's right, all right.
Well, let's see what we were.
Uh, I guess I'm I'm goingthrough some of my questions.
Um, that I have, that I hadplanned, um, okay, so this is a
little bit of a of an inch likea an interest of mine lately, as
(33:13):
as many people have, butartificial intelligence, I
wanted to kind of pick yourbrain a little bit and see what
your thoughts are in the generalsense, like with the financial
industry.
Do you see artificialintelligence being a good thing,
bad thing, kind of neutral, orwhat is your expectations or
(33:35):
your perception of it right now?
Speaker 7 (33:40):
Well, I would say that you know, just from my
perspective now, I mean AIwhether we like it or not, it's
here and I think it's here tostay, and I think it is pretty
much, you know, made its wayinto almost every industry at
this point.
Speaker 4 (33:56):
And.
Speaker 7 (33:56):
I think it's a good thing, I think, as long as we,
you know, we continue to, youknow, to harness it in ways that
you know are beneficial, ofcourse.
I mean, I think from thestandpoint of, you know, the
financial industry, one of theareas where I feel like you know
, ai has been very beneficialwith this.
One of the areas where I feellike you know AI has been very
beneficial with this, with thestrategies that we use, like
(34:18):
with my agency, has been kind ofin the educational space,
because it allows us to reallyamplify that message and to very
quickly replicate it and sothat we can get it out there and
in a way that you know is verycontrolled, and we, you know,
(34:41):
obviously want to make sure wemaintain our checks and balances
on the technology itself, butyou know, it allows us to
educate a larger audience,because obviously we can't be
everywhere.
The people that you know thatsort of work in the same
industries and do sort of thesame things that I do.
You know we obviously there'sonly so many of us and we're
swimming upstream.
I mean that's the reality, manyof us and we're swimming
upstream.
I mean that's the reality.
A lot of these, you know a lotof these strategies.
We run into interferencebecause, let's face it, you know
(35:03):
the banks, I mean, they don'tnecessarily want people putting
you know all their money in lifeinsurance because they make
tons of money off of theinvestments, right.
So we're working against.
You know that.
You know resistance In manyways.
You know that that you knowresistance in many ways.
You know the IRS, thegovernment, doesn't want, you
know, too much money going intothese, into these policies,
(35:24):
because they kind of like to beable to tax it, right.
So as we're kind of playingchess with the IRS on these
policies, you know thegovernment ultimately in the
public education system, isgoing to have 90% of the
narrative.
So when they're teaching youngkids coming out of high school
and even college about, hey,where should you put your money
(35:44):
when you get into the workforce,they're telling them things
like 401ks, iras, traditionalretirement accounts, all the
areas where the money is prettymuch 100% taxable and it's
facing it's in the market, youknow.
So we have that to contend withright out of the gate.
And so to be able to get thismessage out and to be able to
(36:08):
propagate these strategies andkind of teach people from the
ground up and to sort of retooltheir thinking on how they
manage money, and being able tohelp them understand that by
using these type of strategies,they can become their own banker
.
And that was sort of the themeof Nelson Nash's book.
(36:29):
It was the infinite bankingstrategy becoming your own
banker.
So you're basically using theexact same strategies that
millionaires and billionaireshave been using for almost 200
years and that banks arecontinuing to use, and they're
continuing to use it to the tuneof billions of dollars.
But now we have found a way tobring that same type of strategy
(36:52):
down to veterans and theirfamilies and veteran business
owners and just people that arekind of in the in the working
classes, so that they canharness the same power that you
know banks and largeinstitutions have been using.
But in order to do that, ofcourse, we have to be able to
get the message out, and so Ithink that AI has really helped
us to be able to get thatmessage a lot wider now, and
(37:15):
it's it's bringing it more tothe, you know, to the average
household.
Speaker 6 (37:21):
Yeah, yeah, that's a, that's a good.
I like that.
I like that, that perspective.
You know you're you're using itfor good.
You know you're training,because we're training these AIs
, for better or worse, we aretraining them and and I have a
bit of the mindset of like weshould be training them for good
instead of for evil, butthere's always going to be that,
that push and pull, wherethere's always going to be the,
(37:42):
the bad actors, you know.
But I'm hoping to to to trainthe AI for good, you know.
Speaker 7 (37:48):
I, I, I gotta say, man, I'm still of the mindset
that we, should you know, appleand Google and all these others,
man, they could have reallydone us a service if they made
it to where you know.
Speaker 6 (38:03):
Siri and Alexa only worked.
If you said please and thankyou.
Yeah, that is definitely sorelymissed, for sure.
Yeah, or?
Lacking.
Oh man, oh well, let's see.
So, let's see, I've got acouple of random questions, but
I, I guess we'll we'll keep therest towards the end.
(38:26):
But, like you know, in the nextsegment we're going to talk
about, like your, I guess, yourlonger term plans.
Sure, you know, like in thenext you know, five, 10 years,
like your, your goals andaspirations for the business and
your vision for for where youwant to go.
Let's see, Looks like we've gota comment yes, ma'am, and no,
(38:49):
ma'am too.
Speaker 4 (38:50):
Yes.
Speaker 6 (38:51):
There you go.
What a concept, what a conceptAgreed.
Yeah, and then MJ, anotherpodcast host, I guess she was
referencing kind of like familybanking.
Is that kind of how you see itas infinite banking?
Speaker 7 (39:09):
Yep, and we can structure these type of policies
and strategies to include theentire family unit
multi-generational parents,children, grandchildren.
That was a very, very similarstrategy to, in fact, what the
Rockefeller family did, wherethey basically had what they
would consider a family bank andevery person in the family was
(39:32):
insured At the time it was usingwhole life insurance because we
didn't have indexed universallife back then but every member
of the family was insured and sothey would take loans,
essentially from the family bankand the owners of those you
know the policies, the trustessentially that own the
policies.
They would have to get togetherand decide what was a worthwhile
(39:53):
cause for, you know, for thekids and the grandkids as they
came up, to be able to takethese loans, and so it gave them
a lot more control and a lotmore opportunity to teach their
kids about how money works andhow best to use their money.
And I think that that'ssomething too that,
unfortunately, even you know, asI was, you know, being raised,
(40:15):
I mean, you know we didn't havetoo many hard lessons on money
and other than just you knowkind of the standard stuff that
you know you teach your kids.
But you know this is reallygetting into the real inner
workings of how money actuallyworks and how we actually grow
wealth and, frankly, how peoplebecome rich.
Speaker 6 (40:34):
You know this is sort of the blueprint and, frankly,
how people become rich.
You know, this is sort of theblueprint.
Yeah, I really like the uh, thefamily-oriented nature of that,
um, because you know, like I'vebeen trying to advocate for
normalizing, just just talkingabout money, like in society we
just don't do it with ourfriends or family, or you know,
like we just don't talk aboutmoney, um, and I'm really just
trying to dispel that, thatstigma and stigma, and change
(40:56):
that narrative a little bit.
But yeah, and I appreciate youknow, these kinds of
conversations, like hopefullyyou know somebody will take a
nugget and you know if they'relistening or they're watching
later on, you know, maybethey'll be like oh OK, this is a
cool concept.
Maybe I'll talk to my familyabout this, you know, and that's
what I plan to do.
I plan to talk to my family, mydad, and be like look, we need
(41:18):
to, we need to come together asa team.
You know, and and and reallylike, instead of having our own
little pockets of money, whenyou know like it's a personal
finance, I get that, but youknow, I like that you're, you're
really kind of encouraging moreof a, a sense of family and and
connectedness and unity.
You know, within the, withinthe family unit.
Speaker 7 (41:32):
So that really resonates with me.
Speaker 6 (41:36):
Yeah, and so my kids yeah, good, oh, I was going to
say, well, I'll transition toanother topic real quick, but go
ahead and finish your thoughtwith your kids.
Speaker 7 (41:46):
Oh no, I was just going to say my kids have
policies set up themselves and,yeah, that becomes a regular
topic of conversation.
You know, when we start to youknow, coach them at a very early
age on how to you know, when westart to, you know, coach them
at a very early age on how toyou know how to manage these
type of things and how to reallythink about money in a way that
you know the people that aresort of, you know, leading the
(42:07):
economic sectors are thinkingabout money, because, at the end
of the day, that's whatfinancial independence and
financial freedom are really allabout.
Speaker 6 (42:14):
Yeah, absolutely yeah .
So we're going to take anotherquick break, but before we go I
wanted to set you up for aquestion or a series of
questions.
I wanted to kind of talk alittle bit about financial
literacy and maybe some goodresources that you could
(42:35):
recommend, so kind of you know,maybe some of your greatest hits
of books and podcasts andthings like that that you'd like
to listen to.
So, I'll put you on the spotlater, but for now we're going
to try to do another song, andthis is going to be another new
one.
So this is Chemistry ClubBlended Colors.
So we'll see how this one goes.
Hopefully it's as good as thelast one.
Speaker 3 (43:17):
All right, blended colors.
So we'll see how this one goes.
Hopefully it's as good as thelast one.
Alright, I'm walking downLincoln.
Again, droplets form againstthe windows, early morning light
and shadows bend to colors,reaching for the lenses in my
eyes which take them, turn themupside down and, though I do not
know quite how they will be,turned right back around and
(43:38):
spit back out Conduits andcabling which disassemble them.
Processing from noise and lightstill springs in static to
motion and to information.
I suddenly see that the reasonis everywhere around us, it's
(44:00):
everywhere around us.
Bus stops standing on thecorner, passengers are waiting
and they sit in silence, halfasleep, and they wonder what
they each are thinking.
Woman with off white woolen cap, the young man staring at the
(44:21):
sidewalk where the tip of herumbrella touches to the ground
and the distance betweenstrangers can sometimes be quite
alarming, but today the buscomes to carry us together into
the morning is everywhere aroundus, is everywhere around us,
(45:01):
it's everywhere around us.
Speaker 9 (45:31):
Thank you.
Droplets form against thewindows, early morning light and
shadows bend to colors reachingfor the lenses in our eyes.
Speaker 3 (45:44):
We take them, turn them upside down and, though I
do not know quite how they willbe turned right back around,
spit back out the conduit andcableway.
We're disassembling theprocessing, the noise of life
still frames in static motionand the information oh, I don't
(46:07):
see that the reason iseverywhere around us, is
everywhere around us.
Oh, I don't see that the reason.
Outro Music.
Speaker 4 (46:22):
Thank you opinions expressed in this program are
(46:50):
those of the speakers and do notnecessarily reflect the views
or positions of any entitiesthey represent find us on the
web at mbradious all right, weare back.
Speaker 6 (47:05):
That was another banger of Uh had a little bit of
a block party vibe Um, forthose of you who know that band
um.
And then also a special guestcameo from our one and only Joel
um, joel Hunt.
He was acting in that Um and Iguess he was a producer of that.
So that's uh, that's reallycool.
Uh, our, our, our head, ourhead, honcho Joel, he's, he's a,
(47:32):
he's just a big, uh, a bigteddy bear.
That just uh, he's.
He's.
Also he's got the heart of alion, so he's a really great guy
.
Um, actually, wait, he's in thebackground.
That's h, right there all right.
So, uh, before we get into your,your suggestions for financial
literacy, we do have a comment.
(47:52):
So, on a serious note, can a501 C three leverage financial
wealth with life insuranceinvestments?
Speaker 7 (48:16):
Yes, so in the case of nonprofits they're completely
unlinked to the actualperformance of the market itself
.
So yes, 100 percent.
I mean if we have funds that wecan you know that again is you
know, in the form of workingcapital.
If it's funds that we want tobe able to save from any other
income that the business ownershave, they can certainly benefit
tremendously from these type ofstrategies and we can roll the
(48:41):
gains from these cash values andfrom the dividend yields back
into the 501s so they can justcontinue to grow their
operations as well.
Speaker 6 (48:54):
Okay, well, I hope you're taking notes, terry,
because we're probably going tohave some follow-on discussions
after this.
All right, so okay, thank youfor answering that question and
answering all these questions.
It's really kind of putting youon the spot, but you're, you're
, you're shooting them down.
I love it, man, I love it.
(49:15):
Yeah, all right.
So, um, yeah, just the quicklightning round of uh some of
your best um financial literacyor just financial, um, you know,
uh potential, you know nuggetsbooks podcasts, anything like
that.
Speaker 7 (49:35):
What is your usual like top three go to Sure?
Yeah, no, I would say, you know, right off the top of my head.
I think that the InfiniteBanking Concept book by Nelson
Nash is kind of a must read foranyone that's interested in
getting into this business.
It was actually where I started, in fact.
You know, god love them, the,the agency that I first started
my first whole life policy with.
(49:55):
They insisted, in fact, that Iread the infinite banking
concept by Nelson Nash before weeven got started with this.
I tend to not take as hard of aline with my clients, but I'm
glad that they did so that wouldbe number one.
I really am a fond fan I guessan avid fan of Doug Andrew and
(50:20):
the Three-Dimensional Wealthagency that he started many,
many years ago.
Doug's been in the industry for, you know, over five decades,
has pretty much written the bookon how to maximize the benefits
of indexed universal life.
But at the same time, you know,I realize that there is a.
You know there can be a greatdeal of feud on sources like
(50:41):
YouTube, you know, between thetwo different schools of thought
.
You know whole life versusindex universal life.
I like them all, man.
I mean I subscribe to ChrisNoggle's channel, the Money
Multiplier.
I subscribe to ChrisKirkpatrick's channel, life 180.
These are guys that you knowhave sort of made their brand
out of, you know, leveragingwhole life policies which, hey,
(51:03):
they both have their advantagesin my opinion.
I tend to, you know, favor theindexed universal life, but
that's just because you know Iuse it for certain applications
and I'm not opposed to usingothers.
Books I mean, like I said,infinite Banking I love the
Confessions of a CPA series,those are awesome.
The Doug Andrew book, iulInsiders that's his organization
(51:32):
that he's sort of crafted andyeah, there's a lot of really,
really great resources out there.
Speaker 6 (51:42):
Yeah, we're going to have to put all that into the
show notes and make sure peopleuh can, can, uh find all that on
the on the backend, uh, causethat's some really good, uh,
really good resources there, andI'm I'm definitely going to be
going down the rabbit hole.
I'm I'm really bad aboutfinding something and just like
really latching onto it and thensomething new that I'm like,
okay, I want to learn about thisand I really go into it.
(52:04):
So, yeah, I'm definitely goingto be reading those and watching
podcasts and listening andstuff.
Speaker 7 (52:10):
So yeah, and I do stand corrected.
The book was called the LaserFund.
I misspoke there.
Yeah, doug Andrews' book iscalled the Laser Fund, very,
very informative.
Speaker 6 (52:43):
He pretty much wrote the book on how we can optimize
indexed universal life to reallysee some market-like gains, to
get the upside potentials withthe downside protections and the
safety, security and liquidityof indexed universal life
policies.
All right.
Well, let's see.
That's not the end of the show,but we're getting towards the
end.
So I wanted to give you achance.
I wanted to kind of pick yourbrain about.
What is your future plans goingto look like?
Maybe aspirations, visions,just dreams?
(53:03):
What are you working towards?
Speaker 7 (53:06):
Like, what are you working towards?
Yeah, no, absolutely One of thebiggest goals and sort of you
know plans really.
I mean, these are things thatare actually in the works.
They're not just dreams andvisions.
At this point, we plan toexpand our services and, you
know, and ultimately partnerwith other agencies and larger
(53:30):
financial firms.
We've got several deals in theworks right now that will be
expanding a number of ourservices.
We do offer, you know, ascomponents of the agency right
now, we do offer some lendingservices, commercial lending
services, so we can get businessloans.
We can help new entrepreneursor business owners that
(53:53):
currently have businesses thatthey want to expand operations
or maybe acquire new equipmentor new technologies or hire.
We have SBA options, we've gotprivate equity options, but
we're going to be expanding thata lot and my goal really is to
become sort of the one stop shopfor all things.
(54:16):
You know, veteran entrepreneuror vetrepreneur, as we might
call it.
Right, you know, we know thatwealthy people again have been,
have been doing this for many,many years, right, I mean, we
don't often walk into the localbank to deposit a check and see
multimillionaires standingbeside us.
Right, they don't go to thebank, right, because they have
(54:36):
their own private bankingservices and they have people
that sort of cater to them thatbring all of these services and
consolidate them.
Well, there's really no reasonwhy it should only be exclusive
to millionaires and billionaires.
This sort of stuff is here, it'savailable and we're bringing it
to, you know, and we want tocontinue to serve our own people
because we understand and werecognize their sacrifices and
(55:14):
we understand and we know, youknow, we're familiar with the
lifestyle so we can communicateeasier.
Or mortgage services, evencredit card services, you know,
all these other things that thebanking industry has kind of had
sort of a monopoly on up tothis point.
We want to try and bundle allthat together.
(55:35):
And when veterans are startingbusinesses, I want to be, you
know, I want Victory X Financialto be, you know, the agency
that gets them set up with theirinitial startup loans, that
gets them set up with their youknow key man insurance policies
to grow their working capital,that gets them set up with their
property and casualty insurance, because that's another
component and ultimately, youknow, is a.
(55:58):
You know we're going to bethere with a lifetime
partnership with our clients tohelp them to ultimately get all
the way to retirement and beable to enjoy their money and
then let their families continueto enjoy it even after they're
gone.
Speaker 6 (56:12):
Yeah, yeah, cause I mean, ultimately, you know we're
we're talking aboutgenerational wealth.
This is like the whole family,you know, concept, which is
something that, like I said,resonates with me.
So, yeah, I mean it's not, it'sto me, it's not.
Wealth is and I mean this getsinto the philosophical but what
is wealth?
What is, you know?
Like it's not about being ultrarich or anything like that.
(56:33):
Like, for me, I'm thinking aboutit as, yeah, like you said,
taking care of your family,making sure that that that there
is a legacy of of yours behind.
And then you know, if you dohave enough money left over,
then you can be charitable withyour money.
If you do have enough moneyleft over, then you can be
charitable with your money.
And that's, that's somethingthat really resonates with me
too.
Is that, like you know, if Iwas a billionaire or whatever,
(56:54):
you know, I would be fundingevery single nonprofit that I
could get my hands on, you know,just because I know how, how
difficult it is as a nonprofit,you know, and as a as a as a
starting business owner.
Um, yeah, financial independence, um, independence is is really
the goal, but you know,everyone's reasoning is
different for financialindependence.
(57:15):
So that's just something thatyou know.
I've been thinking about a lotlately, just, you know, with
this rat race, but like it'sreally, you know, it's really
about, you know, taking care ofeach other and taking care of
your family.
You know, that's, that's whatresonates with me.
Speaker 7 (57:31):
Absolutely, and I love what you touched on there
about charitable giving as well.
You know that's.
That's another.
You know another personal areafor me as well.
I've basically taken a businessstance that you know 10% of our
profits with Victory XFinancial will go to benefit the
Ronald McDonald House andCharities.
(57:51):
I think they're a greatorganization.
They've helped my familytremendously and those that kind
of know the inside story onthat know why that is.
But yeah, I truly do believe ingiving back to the community
because I think it really makesa big difference, you know.
Speaker 6 (58:10):
Yeah, absolutely, man , like we.
The time it just just zoomed by, but we're going to have an
hour real quick.
That was a great, greatengagement.
A lot of people were commentingand and throwing out the
suggestions and questions, sothat was really awesome.
You know, like I said, we'regoing to have to either have you
(58:34):
on again or just well, no, yeah, we'll just have to have you on
again.
Keep coming on.
Speaker 7 (58:39):
Love to be back, yeah .
Speaker 6 (58:41):
And get some of your music on here, and then we'll
just keep pushing forward andkeep fighting the good fight
together.
You know it All right.
Well, dan, I really appreciateit.
This is going to be the end ofthe stream.
Trace Around says thank you forthe great advice.
Speaker 4 (59:00):
Thank you.
Speaker 6 (59:01):
Yeah, and then we'll catch up later and catch you
guys on the next stream.
All right, thanks again, joey.
Really appreciate it and had aguys on the next stream.
Speaker 7 (59:08):
All right.
Thanks again, Joey.
Really appreciate it and had agreat time being on here.
Speaker 6 (59:12):
Thanks Dan, I appreciate it.
Speaker 5 (59:15):
Ladies and gentlemen, thank you for tuning in to
Military Broadcast Radio.
As we wrap up today's show, wewant to remind you that the
podcast of today's episode willbe available right after we go
off the air, so if you missedany part of the show or want to
listen again, be sure to checkit out.
(59:37):
And remember we're here tosupport and honor our veterans.
Your stories and experiencesmatter and we are committed to
giving you a platform to sharethem.
That's right.
We're here to give our veteransa voice, so don't forget to
(59:58):
catch the podcast and stayconnected with us Giving our
veterans a voice.
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