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Interested in finding out how to start a family bank? Today, Bruce and I talk with our friend and colleague, John Moriarty, Founder and President of e3 ConsultantsGROUP.
https://www.youtube.com/watch?v=lNuuPfHW6Jg
You’ll hear about his personal and business use of Infinite Banking, and the thinking behind a growing and evolving system of policies. John is smart, business savvy, and a leader who walks the talk of thinking differently with his finances. And it’s paying dividends – literally!
We invite you to a behind-the-scenes conversation with an entrepreneur who has been using and loving their system of starting a family bank using whole life insurance policies for the past 11 years.
You’ll find out exactly how and why this wealth creator is funding and using cash value life insurance on the regular. You’ll also witness the opportunity created by this method of cash flow management, so you can use family banking to store cash reserves. Tune in now!
Table of ContentsIn This Episode On Family Banks with Cash Value Life Insurance, You’ll Find Out:Where A Family Bank Fits into Your Cash Flow SystemFamily Bank (Behind the Scenes)Breaking into FinanceThe Stock Market AppealA Family Bank PaysInfinite WealthMindset and Money HabitsDon't Fear LoansBenefits of Starting a Family BankCommon Misconceptions and RisksAbout John MoriartyTake the Next Step with Family BankingBook A Strategy Call
In This Episode On Family Banks with Cash Value Life Insurance, You’ll Find Out:
Why people with good money habits are frustrated and feel forced into the stock market. And the solution to your problem!
Understanding the purpose of your money is more important than learning how a financial product works.
How starting a family bank optimizes your economy, gets your money doing multiple jobs, and reduces your opportunity costs.
A look at the most important component of Privatized Banking: how you want to use your money.
What this wealth creator is investing in, and why.
Where A Family Bank Fits into Your Cash Flow System
Starting a family bank strategy with Specially Designed Life Insurance Contracts (SDLIC) is just one step in the greater Cash Flow System.
It fits into Stage 2, a part of keeping and protecting your money.
We said before that Privatized Banking is like the peanut butter to your cash flow sandwich. It’s wedged between Stage 1 – keeping more of the money you already make – and Stage 3 – increasing your cash flow from investments.
And it helps you do everything else better. Privatized Banking increases your financial efficiency, enables you to keep more of what you already make, amplifies your cash-flowing asset strategy, and accelerates your time and money freedom.
Privatized Banking is the how of keeping and protecting your money, and specially designed life insurance is the what.
Family Bank (Behind the Scenes)
As an entrepreneur with several businesses, privatized family banking strategies are a generous part of John Moriarty’s practice, both personally and business-wise. See the details of his family banking system here: https://themoneyadvantage.com/family-banking-strategy/
5:20 “I wouldn’t call myself a visionary…I’m blessed in that I find myself surrounded by really smart people in a lot of instances. And I gravitate to those types of people. What I try to do is basically garner as much knowledge from them as possible, figure out ways to give back to them, and then take what might seem like complicated processes and try to simplify them…When I see something that works, I don’t deviate from it…and if there are ways to improve that process, absolutely.”
One of the foundational missions of John’s business is to awaken the entrepreneur within and teach these foundational strategies. Creating a Family bank is a way to have your money working for you in more than one place.
Breaking into Finance
John’s pivotal shift into the world of finance happened in college. He realized that he likely wouldn’t be continuing to play baseball and set his sights elsewhere. So he began an internship in the financial sphere.
He spent the first eight years of his career path supporting other advisors, which helped him focus more on the concepts. In 2005, he worked with a business coach who introduced him to neuro-linguistic programming, which helped him to evolve his business.
He realized that there was a gap between what life insurance does and what people believe about it. The insurance industry is the only industry that doesn’t defend why it’s necessary, the way banks and other institutions do.
The Stock Market Appeal
Even people with good savings habits find that they’re not getting rewarded for those habits, and effectively get forced into the market. Maybe you’ve felt this way.
Good savings habits don’t always equate to success, but not for the reasons you’d think. If your money is in the bank, you can make maybe 1% on that money (at today’s rates), which essentially forces you to choose. Do you continue to pursue an account that does not help your principal to grow? Or do you increase your risk by entering the market?
Many families choose to enter the stock market because it seems like the only option to accumulate wealth.
Then, there’s the lesser-known way of starting a family bank, which will reward your good habits. If you don’t like the way things are today, you have the power to ditch the status quo.
A Family Bank Pays
A family bank is a key piece of financing the life you want, personally and in business.
John has held life insurance for a long time, yet his first experience truly utilizing his cash value life insurance policy (what he refers to as specially designed) was in 2009. At this time, he was becoming more familiar with the Nelson Nash Institute and the Infinite Banking Concept. The recession raised a number of questions for the general public, so John implemented the strategy h
