Life Success Legacy: Recent Episodes
Life Success & Legacy
In this episode, the team delves into a rarely discussed topic: policy maintenance. We start by introducing the key players and then explore important considerations to keep in mind as life moves forward. This is a good one!
The post Policy Maintenance: What does that mean? appeared first on Life Success Legacy.
In this video, the team talks about the challenges of finding like-minded individuals in the Infinite Banking space. To address this, we’ve created the LSL IBC Community Discord! This community is designed to be a space where our clients can connect, share ideas, and support each other through the ups and downs of the Infinite Banking journey. If you’re interested in joining, just reach out to our team, and we’ll send you the link!
The post The LSL IBC Community appeared first on Life Success Legacy.
In this episode, Chris has the pleasure of interviewing two of the LSL Team’s favorite people: Pei and Nino. They are not only valued clients and enthusiastic advocates for LSL but are also embarking on many exciting adventures of their own. Tune in to discover how you can get involved with what they’re up to!
You can listen to ‘Finding Financial Fitness’ on Apple or wherever you listen!
The post Interview with Pei Chen and Nino Gonzalez! appeared first on Life Success Legacy.
In this episode, Chris has the privilege of interviewing Shelley Forbis! While she prefers to stay in the background, ensuring our clients receive the highest level of care, her story deserves to be shared. Take a listen, and you’ll understand why the LSL team feels 100% blessed to have her.
The post Shelley Forbis Interview! 2024 Updates appeared first on Life Success Legacy.
In this episode, we have the opportunity to non-roast our amazing team member and undisputed passive income champion, Mike Kwong! We’ve brought in Haley as an additional roaster—oops, I mean supporter. Her insights, combined with those of Mike, Mike and Chris, create a very fun and heartwarming podcast. Take a listen, and we think you’ll agree: Mike Kwong is one of the absolute best.
The post The non-Roast of Mike Kwong appeared first on Life Success Legacy.
In this episode, we discuss a statement we hear all the time. “My friend says I can get cheaper whole life insurance!” Our immediate reply? Yes, you can! But it all comes down to your purpose. Listen in as we cut through the noise to show you how properly designed, dividend-paying whole life insurance can transform your financial landscape.
The post My friend found high cash value Whole Life for way cheaper. Can it be? appeared first on Life Success Legacy.
In this exciting episode, Chris sits down for an insightful interview with none other than Kish Rao, one of our esteemed associate coaches! With a longstanding friendship that spans years, Kish’s journey culminated in his appointment as an associate coach in 2023. As Chris delves deep into Kish’s passion for IBC and his unwavering commitment to empowering others, listeners are treated to a wealth of wisdom and inspiration.
But the conversation doesn’t end there! If you’re eager to connect with Kish or become a part of his transformative club, you’re in luck. Here’s how you can reach out to him or join his community of like-minded individuals striving for personal growth and success. Email: kish.rao@lifesuccesslegacy.com Club: meetwithkish.com
The post Interview with Kish Rao! appeared first on Life Success Legacy.
In this episode, we do a follow up discussion about the 2024 Annual Think Tank. We talk about the event, the speakers, the community and more. Some of it is silly, but all of it is good. Take a listen to see why this event is and will continue to be valuable to the Life Success & Legacy team.
The post Think Tank Follow Up & Takeaways appeared first on Life Success Legacy.
In this episode two Mikes and a Chris discuss the PUA. We’ve discussed the PUA a lot on this podcast, but always from the technical perspective. Mingled in with the technical, this episode provides a broader look at the PUA and even discusses some of the pitfalls that can be experienced. Take a listen.
The post What’s the deal with PUA appeared first on Life Success Legacy.
In this video, the Mike’s discuss our experiences and expectations for the upcoming Think Tank. It will be the first time that the whole team has attended!
The post Think Tank Preview appeared first on Life Success Legacy.
In this episode, we rewind the clock and journey back to when each of us got into IBC and what our Why was. Everett discusses the team Why and then each of us tells our personal story. Our hope is that this episode inspires current or future clients to dig into the ever so important Why.
The post Looking back at our Why. appeared first on Life Success Legacy.
In this episode, the team reflects on the recent holiday season and the possible conversations that might have come up. Namely, conversations about Infinite Banking. Whether you’re an agent or a client, you might get asked what you do for a living, or maybe how you manage your money. Listen to see what the team does in these situations, and what we recommend you do!
The post Want to have an engaging conversation about IBC? Start here. appeared first on Life Success Legacy.
In this episode we discuss a topic we’ve covered in a couple of different ways throughout the podcast; the wind current. However, we’ve never broken down all of the language that surrounds the phrase and how it applies to Infinite Banking! Take a listen and see if you already knew how it all works, or maybe you learned a thing or two!
The post Turning the Wind Current: Outside vs Inside Debt appeared first on Life Success Legacy.
In this episode, we discuss convertible terms. We’ve touched on this topic several years ago and felt a refresher was in order. Take a listen to see how the Life Success & Legacy team coaches our clients on how to integrate convertible terms into their Infinite Banking strategy. Also, listen to some personal stories on why the team finds them so valuable.
The post Convertible Terms. Why are they important? appeared first on Life Success Legacy.
In this episode, we tackle a recent Boot Camp question. Is it smarter to attack debt first, with your IBC plan, or go for passive income through investments? Take a listen to see how the Life Success & Legacy team does it personally as well as how we could coach you through the process!
The post Debt or Investments? Which should I do first? appeared first on Life Success Legacy.
In this episode, the team tackles a question from our recent boot camp about different ways to implement Infinite Banking. Does it always have to be Whole Life Insurance, or can we use another product? Take a listen to see how Nelson thought about this, and how the Life Success & Legacy team coaches! We think you’ll enjoy!
The post Is Whole Life the only way to do IBC? appeared first on Life Success Legacy.
In this episode, the team dives into a principle from Nelson we talk about all the time; think long range. We get asked a lot by clients how they can make thier system go faster, or how they can ramp it up, and it always comes back to thinking long range. Even as coaches we […]
The post Thinking Long Range. Why it Matters. appeared first on Life Success Legacy.
In this episode Chris has the honor of interviewing mother-daughter power team Winnie and Emaghea Lau. They have created a program called ‘Cash Smart for Life’ that helps parents teach their kids how to be financially independent! During the interview we learn the story behind the project, exciting news about the book being released in […]
The post Interview with Winnie and Emaghea Lau appeared first on Life Success Legacy.
In this episode we take a look back and discuss things we might have done differently when we first started our Infinite Banking journey. Mike E, Chris and Mike C go into detail about their own plans, things they’ve learned and how it’s affected how we, as a team, coach our clients. Take a listen […]
The post Looking Back: Things we would have done different. appeared first on Life Success Legacy.
In this episose Chris has the opportunity to interview Haley Davidshofer! Haley has been an avid learner of IBC over the last several years. Her journey includes a different look at who to insure, the structure of said policies and how to better utilize the policies long term. She also has learned how to begin […]
The post Interview with Haley Davidshofer appeared first on Life Success Legacy.
In this episode the team ponders the idea of taking a tax exemption vs getting multiple uses of every dollar. The thinking exercise focuses on 529’s and HSA’s. Everett will expound upon Willie Sutton’s law from Nelson’s book and use this as a reference when contemplating these tax exceptions. Put that all together and you […]
The post Take a tax break? Or get multiple uses of your dollar? appeared first on Life Success Legacy.
In this episode, we dive into a question that even we have asked! When does it get good? This can be asked in many different forms, and the team works to break down each angle and give our perspective. This is a fun one full of good information and laughter!
The post When Does it Get Good? appeared first on Life Success Legacy.
In this episode Chris and the Mike’s discuss skinny policy design. We get asked this question all the time, “Is there a way to make my policy grow faster on day one?” Typically, the solution for faster growth is to modify the policy design structure. Take a listen to see what the team thinks of […]
The post Our thoughts on Skinny Policy Design appeared first on Life Success Legacy.
In this episode, Mike Everett, Chris Bay and Michael Kwong discuss a question we get all the time; What’s the best type of policy for IBC? There is a lot of noise out there about this topic, and the Life Success & Legacy team is here to set the record straight. Take a listen and find out!
The post The best type of Policy for IBC appeared first on Life Success Legacy.
In this episode, we discuss a boot camp question that we get all the time; policy loan interest rates. Mike Everett, Chris Bay and Michael Crawford unpack this topic by giving more insight into how policy loans work and the role they play in the bigger picture of Infinite Banking. Take a listen, if you haven’t heard us answer this question before, you might be surprised!
The post Interest Rates and Picking an Insurance Company appeared first on Life Success Legacy.
In this episode, we discuss the question, “What about a contingency fund?” There are many reasons to need a contingency fund in life, that doesn’t change when you are using Infinite Banking! We discuss real life examples, some personal and some redacted client stories. This is where having a team of coaches with a wide range of experiences comes in handy! Take a listen!
The post Accounting for a contingency fund appeared first on Life Success Legacy.
In this episode, Chris has the honor of interviewing Taryn Souza! She is an awesome entrprenuer who found Life Success & Legacy through a coworker, Haley! Taryn isn’t an LSL client, but she is 100% invested in learning about Infinite Banking! Take a listen and hear her inspiring story and journey towards taking control of her financial future! Also, check out her super cool business:Fortissimo Ad Strategy LLC
The post Interview of Taryn Souza appeared first on Life Success Legacy.
In this episode, Mike Everett, Chris Bay and Michael Crawford dive into a question we get somewhat regularly. What do we look for in an insurance company, especially as it pertains to Infinite Banking. We take the approach of answering this question from two angles; one as agents and two as clients. We don’t go into details about which companies, but we do dive into how the companies we tend to work with function and what is important for you as clients to seek out. Enjoy!
The post What to look for in an Insurance Company appeared first on Life Success Legacy.
In this episode, Mike Everett and Mike Kwong dive into their experiences from this years Think Tank! Kwong has never been and Everett has only missed two! This is a cool look behind the curtain of the Nelson Nash Institute annual Think Tank from the LSL team!
The post Thoughts from the Think Tank appeared first on Life Success Legacy.
In this episode Mike and Chris discuss a question we get all the time; what are insurance riders. Many of our clients, and potential clients, have heard of the Flexible Paid Up Additions (FPUA) rider, as it is an integral part of the Infinite Banking Process. However, are there others to consider, and if so what are they and how do they work? Take a listen to find out more!
The post Insurance Riders: What are they? appeared first on Life Success Legacy.
In this episode Mike, Chris and Michael discuss the NNI Think Tank. What is it, who can attend and why do we go back. Take a listen to see how our team stays on the front end of Infinite Banking!
The post The Neslon Nash Institue Think Tank appeared first on Life Success Legacy.
In this episode Chris Bay and Mike Kwong, with support from Mike C, discuss their two books, ‘Family Banking with Purpose’ and ‘DIBS on Your Money!’. We dive into the books origins, how they fit with Nelsons BYOB and how they can be an integral part of your IBC journey. Enjoy!
The post LSL Team Books: The role they play appeared first on Life Success Legacy.
In this episode, Mike, Chris and Mike Kwong dive into another great boot camp question; external lines of credit. We talk a lot about Nelson’s five main principles, which include: Don’t do business with Banks. What did Nelson mean, do external lines of credit fall outside the parameters of the Infinite Banking Concept? Take a listen and find out what the LSL team teaches and practices!
The post External lines of credit. Are they good? Should I have them? appeared first on Life Success Legacy.
In this episode Mike, Chris and Michael discuss a real life application of the Infinite Banking Concept. We often get asked what practical ways you can apply IBC, other than debt reduction. We tackle ideas like: Using your system to hold and pay your taxes, or paying annually on a recurring expense, and more! Take […]
The post Applying IBC – Taxes, Recurring Expenses & More! appeared first on Life Success Legacy.
In this episode Chris interviews Mike Kwong about the release of his new book, ‘DIBS on Your Money’! They discuss everything from the inspiration for the book, how his daughter and wife contributed and the foundation for the book. This is a good one; take a listen!
The post DIBS on Your Money – Mike Kwong’s new book! appeared first on Life Success Legacy.
In this episode Mike, Chris and Michael discuss a couple of the interesting questions we fielded during the October Boot Camp. First, do you need debt to make IBC work? And, if I have a large pool of assets already, is IBC even necessary. We combined these questions since the approach to both answers goes […]
The post October Boot Camp Questions – A Deeper Dive appeared first on Life Success Legacy.
In this episode Mike, Chris and Michael discuss a question we get all the time. How does the process work for us when we design strategies as a team on Mondays. Many times people are surprised at the level of detail we go to in order to ensure the strategy is designed as precisely as […]
The post A Look at Strategy Design Monday appeared first on Life Success Legacy.
In this episode Chris interveiws Mike Crawford, again. Four years after the original interview, Chris and Mike catch up on what has changed since that recording. The topics include, how Mike’s role has changed within LSL, family updates and policy design! This one is definitely worth a listen.
The post Re-Interviewing Mike Crawford appeared first on Life Success Legacy.
In this episode, Mike Crawford interviews the newest team member of Life Success & Legacy, Mike Kwong. Many of you may already remember an interview Chris did with Mike and his wife Pei back in 2019. Since that interview, Mike has steadily become a more integral part of the LSL team and together Mike and […]
The post Interview with Mike Kwong appeared first on Life Success Legacy.
In this episode Mike and Chris discuss the chapter in Nelson’s book titled, “What if I am uninsurable?” This is a super common question we get from clients and potential clients. This chapter discusses how you can still get an IBC plan going, even if you happen to be uninsurable. Listen as Mike and Chris […]
The post What if I am uninsurable? (The lost episode) appeared first on Life Success Legacy.
In this episode, Mike, Chris and Mike C go into detail about wind current. Many times at boot camps, or other events and coaching sessions, people point out how invested we are in turning the wind current. We discuss the reasons behind our passion for turning the wind current as well as discuss the tool […]
The post What’s the deal with Wind Current? appeared first on Life Success Legacy.
In this episode Mike and Chris revisit policy loans. More specifically, they discuss the name and how it has caused confusion in the Infinite Banking world. Nelson’s chapter ‘Creating the Entity’ plays a big part of this podcast. Listen to see how the Life Success & Legacy team works to scrub the language and make […]
The post Policy Loan… is that the right name? appeared first on Life Success Legacy.
In this episode Mike Everett, Chris Bay and Michael Crawford take a look back at where the podcast started and where it’s at, how IBC has changed in Everett’s 17+ years and our commitment to our clients and the principles Nelson left us.
The post Life Success & Legacy’s 100th Episode! appeared first on Life Success Legacy.
In this episode, Mike & Chris dive into another frequent question, Investments. But not the way you’re thinkinig of investments. Nelson starts off Becoming Your Own Banker by stating, “This book isn’t about investments of any kind… [but] it’s about how one finances the things of life…” right? However, the last half of that sentence […]
The post IBC for investments? appeared first on Life Success Legacy.
In this episode Mike and Chris walk through another popular Boot Camp question; dividends. There are many different schools of thought on the topic of direct vs non-direct when it pertains to the dividends of your Infinite Banking policy. Throughout this episode, Mike and Chris refer to several sources, including Nelson himself, to ‘demystify’ dividends […]
The post Dividends: Direct vs Non-Direct appeared first on Life Success Legacy.
In this episode, Mike and Chris go over another very popular Boot Camp question; Where are the risks? Often times, when people begin exploring Infinite Banking, it seems ‘too good to be true’ at times. Thus, the question of risk immediately pops into our head! Take a listen to what Mike and Chris have to […]
The post Where is the risk in my Infinite Banking Plan? appeared first on Life Success Legacy.
In this episode, Mike and Chris tackle another very common boot camp question. This one deals with multiple aspects of Infinite Banking, namely think long term. Because in order to see the benefits of franchising, you have to think beyond the first policy. Listen and let us know how you have or plan to implement […]
The post What’s the deal with Franchising? appeared first on Life Success Legacy.
In this episode, we tackle another boot camp question that comes up all the time, and has for years. Why isn’t Infinite Banking more popular, or why aren’t more people doing this? A few years ago, we addressed this question and now Mike and Chris are back to update our listeners. (Spoiler, the answers are […]
The post Why isn’t Infinite Banking more Popular? appeared first on Life Success Legacy.
As we embark on the next phase of the LSL podcast, we shift from Nelson’s Becoming Your Own Banker and begin diving deeper into questions that we get repeatedly at our live or virtual boot camps. The first one is how to get started! Becuase Infinite Banking is so vastly different than what we’ve been […]
The post How to get started with Life Success & Legacy appeared first on Life Success Legacy.
Our two year adventure of walking through Nelson Nash’s Becoming Your Own Banker is at an end. In this episode, Mike, Chris and Mike C go over the journey and talk a little about the books that have inspired them along their IBC journey! Below is a list of the books we mentioned! (in no […]
The post Wrapping Up – BYOB #39 appeared first on Life Success Legacy.
As we near the end of our book walk through Nelson’s Becoming Your Own Banker, Mike and Chris review the Points to Consider. There are seven topics that, in one page, Nelson imparts his wisdom. Listen as Mike and Chris expand upon this wisdom with a bit of their own!
The post Points to Consider – BYOB #38 appeared first on Life Success Legacy.
In this episode Mike and Chris dive into Nelson’s viewpoints on the monetary value of college. This isn’t a chapter that we spend a lot of time on, but it is a valuable chapter. Like most of Nelson’s book, this topic is intended to make you stretch your thinking and challenge the ‘status quo’. We […]
The post A Different look at College – BYOB #37 appeared first on Life Success Legacy.
In this episode Mike and Chris discuss an extremely important chapter, not only to Nelson, but to them as well. This chapter is where the inspiration for Chris Bay’s book Family Banking with Purpose came from. Take a listen to hear how it has shaped their Infinite Banking journey and how they have used this […]
The post Even Distribution of Classes – BYOB #36 appeared first on Life Success Legacy.
In this episode Mike & Chris tackle one of the biggest hurdles to many people truly understanding Infinite Banking; rates of return. In fact, Chris discusses his own struggles with this prior to his family diving into IBC. We believe that when this chapter begins to make sense, you are well on your way to […]
The post Higher Rate of Return – BYOB #35 appeared first on Life Success Legacy.
In this episode, Mike and Chris dive into the Cost of Acquisition. Nelson uses the anecdote from Lee Iacocca’s book ‘IACOCCA’ to explain how difficult, and costly, it can be to play the games of banks. This paints a perfect picture of why Infinite Banking provides ultimate autonomy to YOU the policy owner. Why you […]
The post The Cost of Acquisition – BYOB #34 appeared first on Life Success Legacy.
In this episode Mike and Chris talk in depth about Nelson’s feelings surrounding ‘retirement’. As we all know, Nelson had very strong opinions about several things in life, and this is no different. Take a listen to this longer-than-normal episode to learn what Mike and Chris take away from this chapter, and how it applies […]
The post The Retirement Trap – BYOB#33 appeared first on Life Success Legacy.
In this episode Mike and Chris dig into the capitalizing and implementing your system chapter. This is a transitional chapter from the more foundational and technical aspects of Infinite Banking into application and ways to stimulate your imagination. While this is only a one page chapter, there are several important things to consider. Nelson is reviewing how to get started, the fact that you need a coach and a community, but most importantly to get started now. Listen to see what Mike and Chris have to say about this list.
The post Capitalizing Your System and Implementation – BYOB #32 appeared first on Life Success Legacy.
In the last episode, Mike and Chris wrapped up the equipment financing section… almost. There were some that had concerns over the very high dividend scale from when the book was originally published. So Nelson decided to present a new illustration representing a more conservative dividend scale. Listen to see how the numbers turned out. You might be surprised!
The post Equipment Financing – Addendum – BYOB #31 appeared first on Life Success Legacy.
In this fourth and final episode of the equipment financing section, Mike and Chris unpack the big picture of this section. It’s long, but 100% worth it. Remember it’s the Infinite Banking Concept, not the one size fits all concept. If you grasp this section, the possibilities are endless! Enjoy!
The post Equipment Financing – Part 4 – BYOB #30 appeared first on Life Success Legacy.
Mike and Chris continue working through the equipment financing section of Neslon’s Becoming Your Own Banker. This portion is where you truly begin to see the power of Infinite Banking and how it has nothing to do with the insurance policy, but has everything to do with the owner of the policy. If you’re hung up or just need a review, you won’t be disappointed!
The post Equipment Financing – Part 3 – BYOB #29 appeared first on Life Success Legacy.
In this episode, Mike and Chris go deeper into the equipment financing chapter of the book. Which is beginning to transition away from the individual application of Infinite Banking into strategies suited for businesses. Join as Mike and Chris unpack this complex section of Nelson’s book.
The post Equipment Financing – Part 2 – BYOB#28 appeared first on Life Success Legacy.
In this #tbt podcast, Mike Crawford is the subject! We dive into the way he got introduced to Mike Everett, his immersion into Infinite Banking and the story of how he and his family are implementing IBC. We hope you enjoy this deep dive with another of our teammates!
Mike Crawford interview transcript. Chris Bay:
We’re starting down this road of interviewing our team members at Life Success Legacy so that you, the listeners, can get to know us a little bit, but really part of it is for you to hear the diverse ways that we came to know about life’s Infinite Banking and how we implemented it in our own personal lives. Everybody on our team were clients at one point, and we applied Infinite Banking in our own lives. Then many of us joined Life Success & Legacy because of how it impacted our lives. This podcast is going to be talking with Michael Crawford, one of our team members here. These podcasts are because of Michael; he does a lot of the background technology work. He manages our website, the podcast, and other things for us. Today we’re going to get to hear his story. Michael, give us a sense of where you were in life. When you first learned about the Infinite Banking concept, give us age, family, that kind of stuff.
Michael Crawford:
Sure, I would have been 32 years old. I was working in Baldwin city for a software development company, and I was working a lot of hours and very stressed. It was a good, fun job. I’m very much grateful for it because I’ve learned so much about technology and implementing proper marketing strategies and things of that nature that the time that I spent there was more than valuable.
Chris Bay:
Yeah.
Michael Crawford:
But also at that same time, when I learned about Infinite Banking, my wife was pregnant with our son.
Chris Bay:
Yeah.
Michael Crawford:
And about 6-7 months pregnant stuff.
Chris Bay:
What was your introduction to Infinite Banking?
Michael Crawford:
Well, our office as a software development company, we didn’t get a lot of walk-ins as you might think. We normally dealt with people via email or phone calls or went to their place of business to learn a little bit about them and who they were rather than come to us. One afternoon this gentleman walked in, had a bunch of stuff in his hand, and he goes, I think I need to talk to you, and he pointed right at me, and I thought, do I know this guy from somewhere?
Chris Bay:
Right.
Michael Crawford:
Well, it turns out it was Mike Everett, the founder of Life Success & Legacy. He was in desperate need of a website rebuild.
Chris Bay:
Okay.
Michael Crawford:
So that was my first introduction to Mike Everett.
Chris Bay:
Okay. So, you were introduced to Mike Everett, and then how did it place that you were introduced to Infinite Banking?
Michael Crawford:
Well, you see Mike, didn’t try to sell me on anything at all. In fact, when he sat down, he gave me an overview of the company that he was trying to really take to the next level. He handed me a packet of information between flyers, brochures, handwritten things that were just notes about what he wanted the new website to look like.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
And last but definitely not least was Nelson’s book.
Chris Bay:
Oh okay.
Michael Crawford:
And being Mike Everett, if you know him at all or have listened to his podcast, he takes the look at the diving board, the high dive, jumps off, and then determines if there’s water after he’s jumped off.
Chris Bay:
Right.
Michael Crawford:
Same thing occurred with this website. He gave me all this information. He asked how much it would cost. We wrote up a contract; he signed a check that day.
Chris Bay:
Wow.
Michael Crawford:
That was the fastest sale I’ve ever made. And then began the process of building the site, which just by a pure reading [crosstalk 00:03:56].
Chris Bay:
Osmosis [inaudible 00:03:57] yeah.
Michael Crawford:
In osmosis. I started absorbing some of the information and considering that my wife was six, seven months pregnant, falling asleep on the couch.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
Early. I did the first cardinal sin that we teach people not to do. And I read the book after nine o’clock.
Chris Bay:
So, we’re two for two on our team of people reading Nelson’s book after nine o’clock. Interesting. We tell everybody not to read it after nine o’clock, and both you and Everett have both started reading it late at night.
Michael Crawford:
As it turns out, it was more a matter of like I started reading the material on the website and transferring it to the new website. And I kept thinking to myself; this information is very pertinent to where I was in life. I was adding a new human to the world with my wife. And, finances were obviously a concern [crosstalk 00:04:48].
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
Always are right. Most families have that discussion weekly, monthly, quarterly, whatever.
Chris Bay:
Right.
Michael Crawford:
You know, sometimes when they don’t want to, they have it.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
In my head, I was just like, is there a better way? Where I was, we did not have a 401k program. So everything I did was on my own.
Chris Bay:
Right.
Michael Crawford:
I had to be the researcher, I had to be the investigator.
Chris Bay:
And you had been a business owner as well. Right.
Michael Crawford:
Yeah, exactly. I used to own an automotive repair shop in Lawrence, Kansas. And you know, in fact, when the economy took a downturn in 2008, that was one of the first things we had to get rid of was our match on our 401k. So I also took a drastic hit, like everybody else in that time. I had a very bitter taste in my mouth pertaining to these qualified plans.
Chris Bay:
So you’re curious about something else. There’s got to [crosstalk 00:05:38].
Michael Crawford:
You know.
Chris Bay:
Be something else out there.
Michael Crawford:
I had read just enough information to know. I didn’t want to get involved with the Dave Ramsey stuff and his stuff; his teachings were fantastic. But it just didn’t seem like it was the lifestyle that I wanted.
Chris Bay:
Right.
Michael Crawford:
I have read about other things that you can do other types of investments and not only did they seem too risky, they required me to manage them constantly.
Chris Bay:
Yeah.
Michael Crawford:
As I was sitting there thinking about raising a new child and the life changes that were already about to take place, the idea of undertaking additional responsibilities to manage money that wasn’t guaranteed to grow seemed daunting.
Chris Bay:
Yeah. I bet. And you were how old at that time? About [crosstalk 00:06:22].
Michael Crawford:
32.
Chris Bay:
32 or so.
Michael Crawford:
Yeah.
Chris Bay:
That’s pretty high stress.
Michael Crawford:
Yeah. And it’s not unique. I’m not unique in that. Right.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
That’s what has drawn me towards Infinite Banking, more than anything is the idea that it can be and is for anyone.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
Whether you’re a college student or whether you are in your fifties or sixties.
Chris Bay:
Or even seventies.
Michael Crawford:
Right.
Chris Bay:
Yeah.
Michael Crawford:
It is called the Infinite Banking concept because of that exact thing. It is infinite in the possibilities of application and infinite in who can actually join it.
Chris Bay:
Yeah. Okay. So you read the book.
Michael Crawford:
Yes.
Chris Bay:
And what was the next step, and what was your timeframe from the time when you start reading the book to the time when you and Mary said, we’re starting a policy.
Michael Crawford:
Well, I read the book in November, maybe middle of November. I called Mike that very next morning at like 7:15 because I just knew he’d be awake. And I said, dude if this is not complete garbage, we’ve got to sit down and talk. There’s got to be something to this if this is not just a scam.
Chris Bay:
Mm-mm (negative).
Michael Crawford:
And he said, all right, let’s do it. We schedule an appointment. In fact, no, I take that back. We did not schedule an appointment. He said you know what? We have a boot camp coming up. It’s our first time doing these things in Lawrence, Kansas. We’re going to do an introduction to this concept, and I’m going to walk through some book review stuff with everybody. I’d like you to join; they’re free to do.
Chris Bay:
Right.
Michael Crawford:
And I said, okay. He said it’d be really good if your wife could make it. And I said, well, she’s pregnant. We’ll see how she feels that day.
Chris Bay:
Yeah.
Michael Crawford:
Fast forward to now, January, it was the middle-end of January. I went to this boot camp, and I took three full pages of notes that day. I went home, and my wife was convinced that they had served a Kool-Aid.
Chris Bay:
Yeah.
Michael Crawford:
At the event and that, I have now joined a cult.
Chris Bay:
Right.
Michael Crawford:
And that being said, she shut me up after about 10 minutes of talking and said, I’m not interested in hearing about this right now. We’re trying to have a child.
Chris Bay:
Yeah.
Michael Crawford:
And I thought, okay, well that may be that. I couldn’t let it die though.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
I was becoming a little disgruntled in my job just because of the time investments, more than anything. And the fear that that would continue when my child arrived.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
I didn’t want to feel like I missed out on his infancy.
Chris Bay:
Yeah.
Michael Crawford:
The more I contemplated that, I was like, I’ve got to find a plan. And then things have got to start coming together.
Chris Bay:
Like Mike Everett, this was not only in your brain thinking about you personally, how to manage your money, how finance things in your life; you were also looking at the potential of it being [crosstalk 00:09:00].
Michael Crawford:
Exactly.
Chris Bay:
A career change.
Michael Crawford:
Yeah. For more than any reason, it was the word hope I wrote it down. And I think I still have those notes. I wrote the word hope down at least seven times that day at that first boot camp. That was something that we lacked was the hope that there was something out there that could work.
Chris Bay:
Yeah.
Michael Crawford:
For the hope that our finances would not be the topic of an argument every now and then, especially now you’re bringing a kid around, you’ve got more expenses and hospital bills.
Chris Bay:
Right.
Michael Crawford:
Doctor bills and this, that, and the other. So yeah, absolutely, it was sort of a mind shift where I had to make a decision whether or not I wanted to continue down the path I was on or find something that would fulfill me more.
Chris Bay:
That’s awesome.
Michael Crawford:
Yeah.
Chris Bay:
So you came to a bootcamp?
Michael Crawford:
I did. Yeah.
Chris Bay:
And then what happened after that?
Michael Crawford:
Well, like I said, I went home wife shut me up after a few minutes. I said, okay, well then if you won’t go or listen to that, let’s have Mike come over and do a presentation for us.
Chris Bay:
How’d that go?
Michael Crawford:
Because he’s offered to do that. It scared the living crap out of her; to be real honest, it was so intense. She was so stressed anyway with being pregnant. It freaked her out. But she knew that there was something to it if I was really that into it. That I was continually bringing it up. And she trusts me, but also she knows that I wouldn’t have ever put us in a position of high risk.
Chris Bay:
Right.
Michael Crawford:
Or completely turning our world upside down if I didn’t have to.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
And so Mike said, okay, well, that didn’t work out as well. Come to this next boot camp. It was March like fifth or something like that.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
And so, at eight and a half months, virtually eight months pregnant, little over eight months pregnant, we come to this boot. She comes to this boot camp with me, and there was like ten people there, I think.
Chris Bay:
Yeah. And I remember it so clearly because I’ve known mary for years.
Michael Crawford:
Yeah.
Chris Bay:
When she was in high school.
Michael Crawford:
Exactly.
Chris Bay:
I remember just seeing her, she was so pregnant.
Michael Crawford:
Yes. Long story short, she got interested in it because she realized that there was something to it. She felt very comfortable with you, Chris. And she became more comfortable with Mike as that boot camp went along because she saw the event. I think for her seeing other people there and hearing some other people’s stories [crosstalk 00:11:18].
Chris Bay:
Right.
Michael Crawford:
Associated with it and even hearing yours and Mike’s in a different light than just sitting in our living room really made a point to her. It was a very few short days later that our son was born. And we decided to go ahead and get this thing started.
Chris Bay:
Yeah. So Milo’s born. How did you start with policies?
Michael Crawford:
Mary and I both did a policy on each other.
Chris Bay:
Okay.
Michael Crawford:
Or on ourselves.
Chris Bay:
Right.
Michael Crawford:
We did a $5,000 annual premium policy on both of us.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
And we drew up a plan with you guys in the software that we had available. Without changing our cash flow, excuse me, we found out that we could be debt-free in about eight years.
Chris Bay:
Okay. So how long ago was that?
Michael Crawford:
Three policy years.
Chris Bay:
Three policy years.
Michael Crawford:
Yeah.
Chris Bay:
Okay.
Michael Crawford:
A little over two years ago.
Chris Bay:
Okay. So a little over two years ago. Can you give us just a real quick update? You mentioned hope.
Michael Crawford:
Yes.
Chris Bay:
How’s that hope playing out?
Michael Crawford:
It’s fantastic. We actually used part of our policy this year. Once we paid our premium to go on our first vacation in a very long time. We actually went to Chicago to see the musical Hamilton and to goof around a little bit. It was our first time leaving our son behind, which was hard and exciting at the same time.
Chris Bay:
Right.
Michael Crawford:
We also paid off my student loan. We, in fact, just got the email yesterday that congratulated us that our student loan was paid off. We are down to a couple of car loans, and our mortgage as really our only debt. And we started with, what was it, roughly $250,000 worth of debt.
Chris Bay:
Wow.
Michael Crawford:
Yeah, it’s been pretty amazing. And to be Frank, we haven’t implemented as efficiently as we should have.
Chris Bay:
Maybe not as efficiently, but aren’t you even ahead of schedule though.
Michael Crawford:
Yeah, we’re a little bit ahead of schedule. Some of it was because of a small windfall that came our way in the form of a bonus for Mary that we were able to reinvest.
Chris Bay:
Okay.
Michael Crawford:
In our policies.
Chris Bay:
Right.
Michael Crawford:
Last year. Honestly, we’ve just become smarter with our money.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
Like to be real honest, it’s not so much that we’re making more money or being given gobs of cash by other sources, but we are learned how to be very smart with the use of our money. And not change the things that we want to do, but alter the things that we don’t need to do.
Chris Bay:
Yeah.
Michael Crawford:
It’s just been really good because now we have that open conversation instead of arguing about the money.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
We are actually talking openly about, okay, well, what if we take this money and do this with it? And having you guys as coaches has been unbelievable because it’s taken the stress off of our relationship where you guys can be the mediators.
Chris Bay:
Right.
Michael Crawford:
It sounds odd to say it that way, but honestly it is refreshing.
Chris Bay:
Yeah. Well, we all know finances is one of the top stressors in a marriage.
Michael Crawford:
Yeah.
Chris Bay:
It’s one of the top stressors for us as Americans, and that impacts our health [crosstalk 00:14:22].
Michael Crawford:
Yeah.
Chris Bay:
And our relationships and everything. So with IBC, so many times, it relieves that stress.
Michael Crawford:
Yeah.
Chris Bay:
One thing that I didn’t ask you about, and I’m curious if you touch on it, is how did you capitalize your plan and your policies?
Michael Crawford:
Yeah, so we didn’t have any money. We were saving every penny we had just for our child’s birth because we knew that that was not going to be free. When I had left some other jobs and moved past owning my own business, et cetera, I had a few IRAs, and Mary had some old Roths from another company that she had worked for. And all told, we were able to cash those out, pay the penalties and taxes upfront.
Chris Bay:
Right.
Michael Crawford:
And capitalized our system saved a little bit behind because we knew that first year would be rough with the new child, and some of the unknown expenses. We’ve been able to honestly, by the grace of God, pay all of our premiums with fresh money.
Chris Bay:
Mm-hmm (affirmative).
Michael Crawford:
And so it’s been a very fun and exciting adventure.
Chris Bay:
Yeah.
Michael Crawford:
Learning how to take better advantage of our current assets.
Chris Bay:
It’s a great story. What I love, I wish we had a camera right now that people could be seen because sitting here between us.
Michael Crawford:
Yup.
Chris Bay:
Is a brand new policy that you just received.
Michael Crawford:
I did.
Chris Bay:
Tell the audience real quick. As we wrap up.
Michael Crawford:
Yup.
Chris Bay:
What is this policy?
Michael Crawford:
Well, this is a policy for our son, Milo.
Chris Bay:
Yeah.
Michael Crawford:
It’s pretty exciting too, sorry, to get him started on something that will forever change his life. He’ll never.
Chris Bay:
Changes lives. We think about Nelson’s number one principle, think long-term.
Michael Crawford:
Mm-hmm (affirmative).
Chris Bay:
And for us as guys, often we think about our families.
Michael Crawford:
Yup.
Chris Bay:
Our kids, those kinds of things.
Michael Crawford:
Yeah.
Chris Bay:
And that’s exactly what you’re doing. You got a policy on your son.
Michael Crawford:
Well, and what I was going to say is he’ll never have to borrow money from an institution.
Chris Bay:
Yeah.
Michael Crawford:
He’ll never know the fear of not being able to make a payment or, and it’s not for the fact that I’m a wealthy person, but by taking advantage of something that has been in place for 250 plus years and utilizing it for our benefit will forever change his and our lives.
Chris Bay:
Yeah. So thanks [crosstalk 00:16:47].
Michael Crawford:
Yeah.
Chris Bay:
For sharing your story. Thanks for sharing your heart. Michael Crawford, you are a blessing to this organization and just as a friend.
Michael Crawford:
Thanks Chris, appreciate that [crosstalk 00:17:00].
Chris Bay:
To our listeners, thanks again for joining us on these podcasts. You are getting a sense of who we are. We are a heart-driven organization. We love helping people. Please check out our website at lifesuccesslegacy.com, which Mike Crawford that you have to hear today. He is the man who makes that thing happen. If you have not read Nelson Nash’s book, get a copy of it and read it. Again, don’t read it after nine o’clock like all of us did. Thanks again for joining us.
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