E96: Innovative Special Guests Share IBC Valuable Tips with You

In this episode, we are joined by special guests, Russ Morgan and Joey Mure of Wealth Without Wall Street. They are true pioneers of the infinite banking concept and have built an amazing community focused on helping individuals implement infinite banking in their own lives.

Episode Topics Discussed:

  • Who are Russ and Joey
  • How they came to know and love Infinite Banking
  • Who Nelson Nash was and what he taught
  • Why both Podcasts exist and who they serve
  • What IBC really is in a nutshell
  • How it has evolved over the years

Episode Resources:

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Podcast transcript for episode 96: IBC Valuable Tips with You

Nate: In this episode, we are joined by special guests, Russ Morgan and Joey Mure of Wealth Without Wall Street. They are true pioneers of the infinite banking concept and have built an amazing community focused on helping individuals implement infinite banking in their own lives. Their podcast is filled with investment ideas to help you put the cash values in your policies to work, to earn passive income and become financially free. She’s Holly and she helps people find financial freedom.

Holly: He’s Nate. He makes sense out of money. This is Dollars and Nonsense. If you follow the herd, you will be slaughtered.

Nate: All right. Welcome back, everyone. Thanks for joining us again today. And we are really pleased to have special guests with us today. Russ Morgan and Joey Mure from Wealth Without Wall Street are here to share a little bit about what they’re doing and offer some of their own perspective on this whole banking idea. So, welcome to the show guys.

Joey Mure: Hey man, thanks for having us.

Russ Morgan: Yeah. Thanks, Nate. Thanks Holly. We’re glad to be here.

Nate: We’ve known each other for a while but you guys knew Ray from way back when Ray Poteet, our founder … How did you guys even meet Ray? Tell us, how did you guys link together?

Russ Morgan: I went to Think tank, I don’t know when this was, I guess it was probably 2010 and Ray was giving a presentation and sharing. And afterwards, there was a conversation about how do we have this big group focus on infinite banking more than once a year. And Ray was organizing at the time, what he called a mastermind. And Nelson and David were going to it and they were able to bring a guest and I was blessed to be one of the people they brought as a guest. And I got to meet Ray at that event. And I guess we were in Dallas at the time.

And we did that every year probably for, I don’t know, seven or eight years in a row and got to know him quite well. And obviously a man who knows infinite banking. And ultimately, he also was teaching a course there that you guys placed in Kansas. And he taught advisors like myself who knew nothing about infinite banking, what it was about and had created a process and a system to go through the book and help us explain that to our friends and family and clients who were wanting to learn about it. So, that’s how I got to learn about it. It was from him and attended some of his courses.

Nate: So tell me, Russ, is it 2010? How long have you been practicing IBC personally? And how did you hear about this concept, by the way? It doesn’t normally just float around on CNN or something like that.

Russ Morgan: Yeah. I heard Nelson speak at a couple different events and probably started in January of 2005 through whenever I really started to adopt it, which was in 2009. I was at an event, financial planners, insurance advisors and financial advisors there. Nelson got up and would talk about this thing called infinite banking. I’d ask around and say, “What’s that about? Sounds interesting.” You know, he was an interesting humorous guy, he would share funny stories. And it seemed to make sense but I didn’t really understand the backstory of it.

And at the time I was an investment manager with all the securities licenses and newly certified financial planner. So, I had all the wisdom in the world. I would hear them talk about how this was using whole life insurance. And of course, all of the things I’d learned about whole life insurance through all my studies, they’re all the significantly successful business people who wrote all those books, right? It’s very sarcastic, you’re not getting it yet. But they would tell me how whole life was bad. And then it was after the market crash of ’08 and I was at this conference down in Orlando, Florida and Nelson got up and he shared this concept again. And they had a breakout session where they showed how people were using it to just buy cars. The simple example that Nelson talks about in his book.

And it just made so much sense to me, I took it back to the firm I was working with at the time and said, “Tell me why this doesn’t work?” And they said, “I don’t know why, but it doesn’t.” And I was like, “That’s not good enough.” And I was on a six month to nine month path to figuring it out. And actually, I think that’s where I originally met Ray before I even saw him. I’d watched a video that he had done at one of the previous Think Tanks and everybody would give their name, their email address and their phone number. And I actually called you guys’ office and got 15 minutes on his calendar. And I just started asking him a bunch of questions about how all this works. But that was my original and so, we bought our first policy there, toward the end of 2009.

Nate: All right. And Joey, what about you? Where did you come into the IBC world? How long ago and how did you hear about it?

Joey Mure: So, Russ and I are friends from church. And I was in the mortgage business, he was in the financial world. And he said, “Man listen, I got to start referring you clients.” And I don’t know if anybody’s been in the mortgage world but somebody says that you’re like, “Yes, sir, I’ll do it.” He said, “But now, all you got to do is buy this book from me, $20.” And I’m like, “Okay, this is kind of weird. Normally you want to refer me clients, you don’t make me buy a book for $20.” I thought that was a little odd.

Russ Morgan: Those don’t seem to align at all.

Holly: And let me guess, you had to read the book Joey, right?

Joey Mure: Absolutely. He’s going to check back in with me. But no, it was really from a standpoint of like, “Hey, I’m learning this right now. I think it applies to you. And by the way, this is what my clients are going to be doing. So you need to be aware of it.” And I read it and to be honest with you, it was exactly what someone in my position was looking for. And what I mean by that is, I was a highly compensated commission based person. So whether you’re self employed, whether you have big swings in your income and you’re not certain what next month holds, let alone next quarter, next year, I was always looking for some alternative to the stock market. I didn’t understand the stock market. I didn’t feel comfortable with it. We had just gone through 2008 and I saw my 401k balance drop and I thought there’s got to be something else.

But really, my savings account is a terrible alternative. So, there’s something missing. When I read Nelson’s book, it was like, ding, ding, ding. This is exactly the kind of thing that I needed because I needed a place that I could gain access to my money when I had those terrible quarters or those months. Or the time when the interest rates went through the roof and I didn’t have people calling and stuff like that. But I wanted there to be some substantial growth and I wanted to be able to use my money instead of investing in something that really had no control over.

So I became a client in 2010 and after four years of implementing the process of infinite banking for my family, I went from one policy to three policies within the first year and got so fired up about what it was doing for me and my family and our financial future, I was like, “Russ, I think maybe God’s calling me to do this with you.” And he was like, “Are you sure about that?” Do you understand what it would be like to go from giving up over $300,000 of income? I was very comfortable doing what I was doing, was very well respected in the community, so on and so forth.

Russ Morgan: And then you started to sell life insurance and your respect in the community just plummeted.

Joey Mure: Like dude, are you sure? But I think the reality is, and we talk about this some but I’ve always been driven by impact in all aspects of my life. And I knew that I could impact people at a much grander, more comprehensive level doing this, then I could just helping them with their mortgage. So anyways, took the plunge in 2014 and he and I then started Wealth Without Wall Street into 2015.

Holly: How did you two come up with Wealth Without Wall Street? And what was the real goal in establishing this new business? What was the purpose?

Russ Morgan: The funny thing about it is, we started out when we were working for a company at one time and we knew we had that entrepreneurial spirit, we knew we wanted to run our own business and we were too scared to do it without each other, right? I mean, it followed me all the way over from this mortgage company. And so, we knew we had to go together and we tried to work in the same office, share expenses and not share revenue. And we did that fairly inefficiently for about a year. And then, all of a sudden we’re like, “Man, wouldn’t it be cool if we could share a unified message and use our talents and gifts where we’re working together instead of separately?” And we had a young guy working with us and he said, “Why don’t you guys do a podcast?” And Joey to look the definition of podcasts up for me because I didn’t even know what that meant.

And then we had to try to come up with what the name of the podcast was going to be. And I don’t know where we were at in that realm. I wish I had a great story of how we came up with the name, Wealth Without Wall Street, but it came to us. And then it was like a month later, we’re like, “Well, why doesn’t our company name match that? Why are we not going in the literal sense?” Because that’s truly what we’re trying to do, right? We’re trying to build wealth, we don’t believe in Wall Street, in the mindset of what all that comes with.

Joey Mure: And the manipulation of all that.

Russ Morgan: So for us, we wanted people when they found us to know exactly what we did. We didn’t want there to be any like, “That’s a fancy name, Ever Right Financial.” And you probably have some personal meaning behind that but I don’t understand what that means.

Joey Mure: It doesn’t say anything to the person.

Russ Morgan: Yeah. So we wanted the message to be clear when they came and they saw what we were doing. That they instantly could go, “Oh, tell me more about that.” And that’s where it came from and it’s been fun ever since to have that.

Nate: Well, what’s amazing from looking at what you guys are doing is, you guys are not just like an infinite banking firm. That’s a huge focus but you guys bring so many teachers of different investment strategies, tax strategies, creative strategies, together under the roof of this. So, it really is pretty much you’re educating. If you want to build wealth in any way outside of Wall Street, we’re going to bring that material to you. Which I’ve always loved. What have you guys learned from all these guests that you’ve had? Is there anything overview? I’m not going to ask for every investment strategy that you guys may or may have learned. But I mean, what is it just being flooded with all these creative strategies, things that the average individual would never know about until they listen to your podcast?

Joey Mure: I’m going to answer that question, but I’m going to also back up one second. The reason partially that we started the podcast was, and you guys know this, okay? Nate, you and Holly get this question all the time from clients. They say, “Okay, I’ve got these personal banks set up. I’ve got these policies, now what? Do you ever get that question?

Russ Morgan: Every day.

Joey Mure: Like what can I do with it, right? I’ve already bought a car or I’ve already paid off this debt or whatever. And I’ve got this money, now what? Well, the reason why people are asking that question is because they now, and this is one of our podcast guests and clients made this very clear to me, it was like a bright, shiny moment in my mind. He said, “Man, once you gave me the process of infinite banking and you gave me access to capital, where now I had to tell my money what to do.” He said, “Now my education became that much more important.” So you think about it. We talk about the Wall Street mindset is one of just put your head down, don’t think, just put your money over here. Abdicate that to somebody else and allow them to invest your money.

One, this is totally backwards, right? Nobody cares about your money like you do. So, why would we constantly just abdicate that to somebody else? I had all this cash in these policies, I now had to tell it what to do. And so Russ and I, we constantly had that question. We were like, “We need to have a weekly conversation with our clients to give them exposure to people.” We’re not the experts, right? We’re not real estate experts. In fact, if you ever listened to our show long enough, you’ll realize we have been terrible investors of real estate and I continue to be. But regardless, we want the experts to say infinite banking is the means by which you make wealth, it’s not the end. So what do we do with our cash once it’s in policies, is we invest it in things that we know and understand.

And that’s where the education piece of Wealth Without Wall Street comes in. You got to learn how to do … We just got off a call with a guy that taught a subject to financing on rental properties. And we talk about land flipping. We talk about short term rental strategies and business investing in your own business. All these things are the end in which you can create financial freedom but whole life policies in the infinite banking process are just the means.

Russ Morgan: Well, I’d say early on to one of the first things that came really clear to us, it didn’t happen when I first … Infinite banking for me was an outlet to shear up the losses that I’d personally experienced in my clients that experienced ii in the market. And I love the safety net that whole life policies gave them, right? But I didn’t have that answer for, what next? And as we started interviewing people and as we started really diving into our own education, it came really clear. Robert Kiyosaki’s message of Financial Freedom is when you have more passive income, money that you don’t go to work for. That passive didn’t mean not involved, it just meant that I wasn’t showing up at a nine to five. That passive income that I have monthly expenses. Well, when we look at that formula it’s like, “Well, we better get started,” right? I mean, we can use our insurance policies and take loans and pay off debts and remove certain expenses and reduce expenses but we can never get to zero, I hope, right? Because we have lifestyles we enjoy and those are never going away.

So, we’ve got to create an income stream that comes from somewhere else. And from that, we have just learned so many things. The one thing I would say I’ve learned most is that, find one that matches with your passions and your skillsets.

Nate: That’s what I was curious on.

Russ Morgan: Because there’s so many great examples. And we have learned that there is a never ending trough of ideas, of ways to create money. But it all has to come back to, are you passionate in that area? And do you have skills and expertise in that area that you can match up to have success. Just because someone else is having success and it doesn’t mean you will.

Nate: And that was what I was actually curious on overall, with having all of these different strategies. I assume you’re probably practicing some but there’s probably no way you could do all. You personally and obviously your clients.

Russ Morgan: I’m trying. I am trying, Nate.

Nate: Oh, really? Okay, Russ.

Russ Morgan: I am trying. So, we have done a lot of things, we own several different types of businesses and involved in a lot of fun stuff. We’re involved in a land flipping business, which is literally buying and selling raw land, which is a really interesting concept. We just started our short term rental business. Our goal is to get 15 of these short term rental properties up and running. Joey has an online business that he does and we’ve done some private lending and other things. But yeah, there are so many opportunities, right? There’s so many opportunities for us. And if you have that entrepreneurial bug like we do, it’s hard not to get that shiny object syndrome and get the squirrel effect.

But we have found that there is no way for us to do all of them, even though we may want to and in many cases. But we have found that, if you really think through your strengths and your weaknesses, you can hire operators in the place that maybe you’re the weakest. And so, we have done that now on several different ways and always pay for coaching. Coaching is extremely important in the process. We learn a lot by someone else’s mistakes, not our own and make sure you have the right operators. Those are two foundational things.

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Nate: I want to maybe switch over now to get a little bit more focused on your personal journey through infinite banking in this concept that we all love on your podcast and in mine. And you guys are actually in Birmingham, Alabama. Do you guys still live in Birmingham and the surrounding area?

Joey Mure: Absolutely.

Russ Morgan: Yeah, we do. Yeah.

Nate: Okay, very good. For those of you who don’t know, Nelson Nash, from Birmingham, Alabama, as well. I assume that you guys were able to spend some time with him, probably more time than just an average guy who would have to fly from California to visit with them or something like that. Assuming you’re not Ray, you know, Ray would fly from anywhere for any period of time as with anybody. But either way, besides that, I assume you guys did spent a lot of time with him. Do you have any fond memories with Nelson or any of his favorite sayings that he would deliver that have really impacted you?

Russ Morgan: Yeah, yeah. You’re you’re right. We really we’re blessed to have spent so much time with him. And it’s funny, that I traveled all over the country and had seen him speak in New Orleans and in Phoenix and in Orlando. And I finally adopt this concept. I bought his book, I’m on the flight home. I turn it over and on the back of it and it shows his address. And it’s 2957 Old Rocky Ridge Road, Birmingham, Alabama. And I thought, what?

Joey Mure: What author puts their personal address in their book?

Russ Morgan: That and also how amazing that I’ve traveled all over the world or all over the US, to get this message. And here it is sitting in my backyard.

Nate: Wait. So, you’re saying you didn’t actually realize that Nelson … You traveled first and you didn’t even know that he was-

Russ Morgan: No, I didn’t know he was here.

Nate: A stone’s throw, okay.

Russ Morgan: And from that point it was, it was easy for us because we were connected here. Nelson would always refer back to the stories in the Bible, how a prophet is never respected in his own hometown. And he would say, “You guys are the one, you’re the one that …” “The first one I’ve been spreading this message for so long here in town and nobody’s ever grabbed it.” So, I think we did have that. Not only close proximity to him but also just maybe that little soft part in his heart because we were the one here in town that adopted. But yeah, one of the funny stories … We have plenty, right? I mean, Nelsonisms can go on and on and on from the way that he had to hold his coffee with his pinky finger out and pretend that he was going to drink it, just to let the joke set in. To the little funny noises he would make after saying something.

But one of the stories that sticks out in my mind, Joey and I would often either have him over to our office or we would go meet him for lunch. And one time, Joey and I were meeting him at this little hamburger place around the corner. And Nelson’s sitting there and talking to us and says, “Would you like to see something interesting?” Of course, Nelson, always. And he’s got this little button up short sleeve shirt on, a lot like I do. I know if you’re listening, you don’t get to see this. But Nate and Holly, he starts unbuttoning his short sleeve shirt, okay? He did say something interesting, okay? So, we’re sitting here in this fairly large restaurant and here’s this 80-year-old man unbuttoning his shirt. He reaches his hand inside. I mean, the moment Joey and I are looking at each other, like, what is about to go down?

Joey Mure: This is awkward, this is awkward.

Russ Morgan: And he pulls out a statement. This State Farm policy statement. He said, “You’ve heard me talk about my State Farm policy that I bought back in the fifties. And on my way here, I went by the mailbox and the statement was in the mail. And I wanted you guys be the first one to see.” And it was just a really cool thing because if you ever got to hear him and you got to hear his story about how he bought this policy from his brother and the different things, the mistakes he made early on with it. But ultimately in the seminars, he would show the growth of it. Both the guaranteed growth, as well as the paid up additions growth and his total output.

And it was always just this amazing thing because we would always want to know, “Well, how does this perform over the years?” There’s no story better than the one that he had that was 50, 60 years old and how he was putting a dollar in. And it was growing by seven, 10 times over. And it was just a really great picture. And he was just so excited that he could share that with us but yet he did it in his own personal way, he created as much drama. He knew how to present, he knew how to get personal with people. And it was just a funny moment that I always will remember.

Nate: What about you, Joey?

Joey Mure: I think to me, the things about Nelson that I’ll always remember is, I commonly refer to him, like he speaks to people like Jesus did. The disciples asked Jesus a question. It’s very cut and dry, black and white question. And he never gives them a cut and dry, black and white answer. Nelson Nash, exactly the same. And be honest with you, I have a little bit of a different view now of when I read the Bible and I read those things. I realize how frustrating that was. The disciples must’ve been really frustrated because I would ask Nelson a question, be very practical like, “Okay so Nelson, tell me how it was that you started this policy on your grandkids and blah, blah, blah, blah, blah.” And he would say, “Well, this takes me back to a question or a story back in …” “You know anything about the riots in Oklahoma.” And I can’t even remember the [crosstalk 00:24:27]. And I’d be like, “What? What does that have to do with the policy on your grandkids?” And he would have this long story and it would eventually be like, “Oh, okay. I think I understand what he meant there.” But the point was, he wanted me to think. If you read his book, you’ll see some of the same things. He starts off with the whole book, talking about the human behaviors. And you’re like, “I thought this was a financial thing. I thought he was going to teach me something about numbers.” And he gets to those but he always wants you to be thinking because infinite banking process is not about whole life insurance, right? It’s about how you think. And it’s about how it changes the way you think. And I think that’s something we’ve seen more and more now, 10 years into this with clients, is we’re starting to see those clients minds shift. And they’re sharing that with us on a regular basis. We’re like, “Ah, this is what Nelson was talking about.”

Nate: Yeah. And you know, I’ve had to deal with that, too. I remember the first time me reading his book, I was frustrated with him. Like, who writes a book like this? And there’s that part in his book where he says, “Well, if you don’t understand this, go back to this previous part. If you don’t understand that part, go back to this previous part. If you don’t understand any of those parts, then just give up. You don’t know what you’re doing.” And I was like, “That’s me.” And I was like, “I can’t just give up.”

Anyway, so that’s why we always say … And I don’t know if you guys do this, too. You can’t just read Nelson’s book one time and expect to get what you need out of it. You know, that’s probably 50 times for me, I’ve read it. And just like God’s word, it seemed like every time you read it, there’s something new that flies off the page that you just didn’t quite get. Or he didn’t know why he was saying it the way he was. And suddenly you learn something new about this concept that you’ve been practicing. For me, for eight years and you’re like, “How did I not realize that?”

Russ Morgan: Well, it’s funny that you say that, if you just sat down and read the Bible start to finish, right? It’d take you a week or however long, it’d be a long time, right? It’s a long book. And all the stories, you would get a great overview but you probably wouldn’t be that deep in it. And a lot of times I would try to read Nelson’s book, I’d get on the plane. And before the fight was over, I’d finish it. And maybe I’d see something I didn’t see the first time but I’d tell you, one of the things that’s been a real blessing. Joey and I, with this podcast, I’ve been going through Nelson’s book and doing a book review. And we’d had no set number of episodes we were going to do. We’d just like, let’s break it down and whatever it makes sense and that’ll be.

Well, we’re have recorded, I think, 11 or 12 episodes. And we still have another five or six, as we look through the pages. And just to stay in a one subject matter and figuring out how many things Nelson was saying in those different pages. And it’s just revealing how much more there is to this subject matter. And how Joey and I, sometimes we’ll think we have an original idea of how we’re going to apply this. And it comes back to us, it’s in the book. Like he has shared it-

Joey Mure: It was always there.

Russ Morgan: And he may not have highlight it but it was there. So yeah, I agree with you. The more you read it … And take it chapter by chapter sometimes, don’t try to get it all in one sitting. There’s just so much meat in there. And what we were talking about coaches earlier, whenever you find an investment or something like that, you need to be doing coaching. Well, of course, Nelson was big on coaching. He was like, “It’s one of the most fundamental things. You can almost buy insurance from anybody but you better have the right coach.”

Nate: One quick question on this and your perspective. If you guys were to boil down infinite banking to its foundation, what do you think really separates it from all the other financial strategies out there? Why is it so powerful and so deep? I guess, what about it to you was the light bulb personally saying, I need to do this and then I need to preach this message.

Joey Mure: It’s been an evolution for me. The first one would be that I needed an alternative place to park cash that was going to grow. That was going to be protected, that was going to give me access. And it was going to continue to grow, even whenever I used it. That was mind blowing to me. And I thought, “Okay, this is a no brainer. I definitely need to take this step.” And it actually first really was centered around, I need to start saving for my kids’ college. And I just didn’t like the 529 plan. I just thought that that was a terrible idea to continue to invest and risk money that was supposed to be for their college. And so anyway, that would be step one for me, “Okay, I need to start putting money away and doing this.”

Step two, I think is when we’ve already mentioned it once in this interview but when we said, “Wow, infinite banking, isn’t about this policy, that’s the end,” right? It was just the means to get us to the financial freedom that we’re seeking, which is finding other passive income investments that we can leverage our policies to obtain. And now I think, I’d say probably even recently in the last couple of years, Russ and I have even … And I don’t want to speak for you. Maybe you have a different thought, Russ. But I think we’ve even seen one step further. It’s not even about the policy or the investments that are taking place, it’s about literally the way that people’s minds and lives are changed by the process.

Because now they’re thinking in a lot more of a different way. They’re thinking in terms of freedom, they’re thinking in terms of, “Wow, I had this goal for my wife to stay home and now we’re able to do that because of following this process.” They never once say, “Man, I’m so glad I have whole life insurance,” right? They say, “We really are talking about finance on a different level as a family.” Or, “Now generationally, we’re going to be in a different position than we ever would have been..” It’s like the vision is coming to fruition. So, I don’t know. That’s kind of the steps I feel like it’s taken me through.

Nate: Russ, what about you? What do you think separates it for you that really made you latch onto it?

Russ Morgan: I think as Joey said, a lot of the early steps were just a safe place to put money. Then the idea that you could leverage it, you could borrow against this asset without any sort of credit check or have to make structured payments back to it. But I will say that the part that’s been driving to us lately and what makes it in my eyes different then everything else, it is this fundamental tool in there and he built it. Nelson Nash built this policy and book around the concept of, your money has a cost. And so few people assign a cost to their cash into their capital.

And he gave great examples in the book, about how different businesses had to use this principle of economic value add. And I gave lip service to that early on when I was doing this. But I really, as time has gone on, especially as we’ve become more investors in businesses and in our own businesses to realize that we have to account for all costs, time and capital, in order to truly find out if it has a profit. And there’s no methodology that I have learned in all of my years of being in the financial services industry, like what Nelson has created, that really spends a lot of it’s focus, teaching you money has a cost.

Whether you borrow money from someone else and pay them interest or you pay cash, you need to assign this cost. And that was the hardest part for me being the financial planner, I wanted to get into the numbers. I wanted to get into, “Well, what’s the interest rate that I have to pay the insurance company back? Am I paying them interest on money that is mine?” And you’ve heard all those things. And as you’re listening to this, you probably have the same question. But what Nelson addressed, it was so foundational for me, is that that money has a cost and you need to assign it.

And when we have money at work in multiple different places, it gives us an opportunity to have that uninterrupted compounding. It gives us the opportunity to have A and B at the same time. And I love that focus because as business owners, we want to be as efficient as we possibly can be. We need to use our time as efficiently and wisely with the most cost conscious thought process, right? I mean, being on an hour interview, the four of us taking an hour to do this podcast, there’s tens of thousands of dollars, right?

Joey Mure: Maybe more.

Russ Morgan: In this specific podcast for our four hours but it was a wonderful thing when we know that and we can assign that cost and be able to give it back to somebody else who can glean value from it.

Holly: That was really good. We’re kind of wrapping up here but Russ and Joey, I want you guys to share a little bit about the community that you’ve built with Wealth Without Wall Street. As well as maybe highlight a story or two, that really bring home what you’ve been able to provide your clients and the community that is so prevailing with Wealth Without Wall Street.

Russ Morgan: You know, Joey and I did a presentation last year to a big group of infinite banking practitioners. And we were talking about, we didn’t ever want our clients to have this Lone Ranger feeling, that they were the only one doing this. And we’re going through the book and we’re breaking down chapters and Nelson talks about the Lone Ranger effect. And we thought, “Wait a second. I thought we’d come up with that idea?” He never even had it in there.

Nate: Yeah. In the book, look at the Bible bank.

Russ Morgan: And then Nelson says, he’ll pay 65. He says, no one elevates himself much above the environment in which he operates. And we created a community and we call it the, Wealth Without Wall Street Community. It’s community.wealthwithoutwallstreet.com. It’s something that people can download in the app store, Wealth Without Wall Street. But what it is, is an environment where people can be elevated, where they can be around other people who are on their journey as well, to reaching that financial freedom. They may be taking a different path but they still have the same goals. And we know that people, sometimes we’re in an environment where others are not trying to achieve the same things we are. And I mean, the four of us sit in the financial industry, where we are in a very smitched down segment of a huge engine that everyone out there opposes what we do because we are not following the herd and doing the stocks and bond thing, like most people want.

One of the stories that sticks out to me is, recently I got an email from a client that’s in our community. This couple is in a little small Midwestern city. One of them was a professor, one of them had a music background and wrote a couple small songs. Nothing like on the radio kind of stuff and had some royalties coming in but really just managing a really just normal lifestyle. And through using infinite banking, they got really excited about taking control of their finances. They started buying some different rental properties. And I got an email from them this past week, where I’d reached out to them, just making sure they were doing okay through all the COVID stuff.

And they said, “Even with all the turmoil, our family’s income has continued to grow just through the assets that we’ve been buying. So much so, that my wife is going to be turning her resignation at the university at the end of the month. We’re going to have …” I don’t remember, I think it’s their third child in July. “She’s going to be able to stay at home but we’ve been able to think creatively and are in the process of adding a couple more units to our rental portfolio. So that way we can live, what we believe, is financial freedom. And that’s serving our family and serving a ministry through our personal lives.” And I just think of stories like that, Joe, I’m sure you probably have one or two that you’d want to share.

Joey Mure: Yeah. Just the other day, I was emailing with a client and he said, “Man, I just reserved my first property through …” There’s a turnkey company here actually in Birmingham, Spartan Invest. He said, “I’m looking at another property in Hoover with a realtor tomorrow. And I made a $25,000 mortgage secured personal loan out at 12% earlier this week.” So, he’d been busy, right? I mean, active here. He said, “Thank you again for helping me move towards a position where I could actively manage my investments rather than depending on a sporadic market.” And I don’t know when you’re listening to our podcast here but this is in may of 2020, that he’s emailing this amidst the COVID nightmare that everybody is in.

And people are biting their nails, looking at their portfolios and he’s sitting here telling me how more confident he is because he’s managing these investments. And again, not once in there did he say, thank you that I have a whole life policy, right? He said, “Thank you for helping me move towards a position where I can actively manage my investments.” And I think that’s really what, again, I told you where we’ve evolved to, is seeing the infinite banking changes the way you think and the way in which you interact with the world around you. And I’m grateful, we do have the community that we’d welcome anybody that wants to join us there on the journey. It’s community.wealthwithoutwallstreet.com. And we hope that you’ll gain more insight and grow in those same areas.

Nate: That’s great guys. So, community.wealthwithoutwallstreet.com. You can join the community. It’s free, as you said.

Russ Morgan: That’s right.

Nate: I’ve taken a look at it, it’s a really amazing community. I think you’re following Nelson’s footsteps, building this club of individuals who are all cheering each other on, the way I see it, from what I’ve seen with the commentors there and you guys yourselves. Well guys, thanks for joining us on this podcast. Thanks for coming Russ and Joey. It’s certainly a pleasure having you.

Russ Morgan: Yeah. We’re grateful to be here and thank you for what you guys are doing and sharing the message.

Nate: Absolutely. Well, this has been Dollars and Nonsense. If you follow the herd, you will get slaughtered.

Holly: For free transcripts and resources, please visit livingwealth.com/e96.