Carson Herlean
Appearances
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
That's a good question. I think it almost forces you to be careful, right? Because it is life insurance. There is a life insurance premium a part of this. And if you don't pay that premium, you could lose the policy. And so it almost forces you to keep saving money.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And for most of Americans who work nine to five and are struggling to save money, this is almost a good step forward to just force yourself to save. And yes, you get all those benefits you've talked about.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yes, you can go and buy rentals or do whatever you want, but it's at least forcing you to put money aside and it's going to produce a much larger retirement, most likely than any other thing you're going to do. And so I think that's a very basic answer, but it's what most people need to hear.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And I wanted to teach this full time because of the safety and the growth that's given me and just my financial stability and future. And so this strategy today is what I really want to talk a lot about today because it's changed my life and it changed a lot of people's lives that I teach.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yeah, that's a funny thing you just mentioned. It's funny when we were in boardroom, you know, an event we both attend. Everyone there knows what this is and everyone there makes money, whether it's a good amount of money or a ton of money. They all do it. And so I think you're exactly right. It's about the network you're a part of.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
But I think a lot of people think that they look at a policy itself and they say, oh, this is a scam. It's like, well, yeah, it's just a product you're looking at. You're just looking at a payment for a death benefit and it has some cash value. That's just a product. An infinite banking and this strategy is not a product. It's not a policy.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
It's how you move your money It's how your money flows If you were to look at a product on a sheet, that's not going to show you taking loans out buying rentals Repaying yourself going and financing cars for your family paying them back These different benefits of really doing this aren't shown on a piece of paper. It's shown in the action and the movement of your money and so
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
I think that's the hard part for people to understand is the product. If you look at a policy on a sheet, you're going to think this doesn't work. And you're right. If you just buy a product, it's not going to work. Nothing's going to happen for you. And it's not just money sitting there stagnant. Money has to move to make money.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
You know, that's a, that's a good question.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Make it as blunt as possible. You know, I think the hard part about this is understanding money moving for most people and what that means and why becoming your own bank is the phrase we use. And if you actually look up banking online, it will say banking is the business of protecting your money. Interesting. Right. And then if you look up like the verb of banking, how's that a verb?
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
It says banking means you are depositing, lending and protecting your money. So when you look at it that way, it's like, OK, well. Where am I doing my banking right now? Somewhere else, Wells Fargo or Chase, where they're choosing the rates, they're protecting my money, they're doing whatever they want with it. How's that my control? How's that helping me? It's not.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And so for us to understand infinite banking, we first need to understand what banking is. And so now that you understand like... You're building your own system to really do this. You're becoming your own private bank that you're in control of everything going on. Because remember, infinite banking is not a policy. It's just the process of your money moving.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
But it's literally taking over those banking activities you're doing with somebody else and then doing it in your own private system. And it just so happens to be that life insurance is the best asset to do this with. You could do the same idea with other different types of assets, but life insurance just happens to be the best and most efficient.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And I think people as well think it's a complex idea, but it can be super stupid simple. So if you just understood banking, and then when it comes to a policy, you understand how that operates, it doesn't matter. I just want to flow money through it and go make it work for me. And whole life insurance helps you do that.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yeah, well, I mean, it's interesting. In the world we live in today, it's a very simple path, traditional way we're taught to keep and use our money. We're told to go get a job. With that job, with that paycheck, you then pay your taxes. You contribute to your 401ks. Then you pay your house and car payment. And then what's left over, you get to keep for yourself for investing in your lifestyle.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yeah, no, and I know you're building out your system further. You know, the whole idea is, I like how you call it family banking because yes, it's infinite banking. That's the term that's used to describe this, but it is family banking. You're building something for your family long-term because when that death benefit does get paid out, What are they going to do with it?
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Hopefully you've taught them the right things to do. And now they build their policies further. And now the next generation is going to get a death benefit of five X that you're building the future generations wealth just by you setting up a simple policy and paying off some debt or buying a rental with it. It's really changing the future more than you realize.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
So I'll give you a story I had recently. So someone came to me and he's 27 years old. He said, hey, Carson, in two and a half years, I'm going to be 30 years old and I have nothing to show for it. He had some emotion in his voice. I felt it over the phone. I didn't know who he was. He was calling in to learn about infinite banking. This is the first thing he said.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And he said, the next 10 years for me are going to be just different. This is going to be my age of change. And that's stuck with me ever since. That's what waking up to wealth is. Realizing what you're doing will not work, is not working. And that's what happened for me as well when I was in college. I had both people in my ears. I was going down the traditional path.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And then in this hand, I was holding that. And then in this hand, I was holding entrepreneurship and real estate. And I chose to leave school and pursue an education in investing and learning how to make money work for me because that's what I found was...
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
fun to me made more sense to me and i felt the pain of watching my friends go through the traditional path and they weren't having fun they weren't succeeding they weren't enjoying it and so just like my friend who is 27 right now i felt the same way there's a way there's
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
There's an awakening you have when you realize what you're doing now will not work and you're looking for answers and you will keep digging deep to find the answers you want. And maybe infinite banking is not that for you, but you will definitely find that by being a part of this show in this community.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And so anyone listening, I would urge you to find out when your age of change is, if that's now, if it's already happened or if it's coming, make that happen, wake up to wealth and find ways to control your life.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And that methodology doesn't work. The Social Security Administration came out and said that 5 out of 100 people in America retire financially secure. They don't say rich or wealthy or happy. They just say secure. And that's 5%. If that's the path I just mentioned that most people go on and only 5% become just secure at retirement age, it's a failed system. It doesn't work.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yeah. And first off, guys, you're not supposed to understand everything I said today if this is your first time hearing this. So don't feel dumb or bad to reach out. Like Brandon said, it took him three times to learn it before he even kind of understood it. So we only went in detail for 20, 30 minutes, guys. So I would recommend doing more research.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
This is just enough to get to the tip of the iceberg. Let's go do some more real due diligence and figure out what this means for you. So if you do want to do that, I have plenty of resources.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And being a part of Wake Up to Wealth, being here today, anyone listening, if you let me know that's where you're from, I'll meet with you for free and go through your entire situation and see how you can implement this yourself or if you should. And if you want to do that, I'll be super personal with you guys. You can just shoot me a text. My number is 702-461-4198.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Just shoot me a text with your name and that you came from this podcast and I'll talk with you. I'll do whatever you guys need. I'm here to help.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Thank you, Brandon. I appreciate it.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And so there's alternate ways you can manage money, invest dollars and finance things you need throughout your life in a more efficient way. And that is the strategy. And so when we all go out and we provide value to the world, we produce income, that income comes in. And once it's in, it has to go somewhere. It has to.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And what we're told to do is to spend it today or save it and then just spend it in the future. And that's not a real efficient way to build wealth or protect the money we're earning. And so this strategy helps you do that. It pulls into this whole scenario a middle account, a place your money flows through before it's spent.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
So all those dollars you save for the future, instead of just saving it in a traditional savings account and then spending it and losing it or investing it, only getting that one return. This method will add a place of guarantees, a place of protection against creditors, a place of tax regrowth. And that account is life insurance. And when people hear that, they run away.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
They end the podcast because they think life insurance is a scam or they've been told from Dave Ramsey to buy a term and invest the difference. But Guys, who does Dave Ramsey talk to? He talks to most people who are in debt and don't know how to manage money in the first place.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yeah. Congrats, man. I did not know that. Good for you. That's awesome. But I mean, he teaches great things. It's just not things that help people get wealthy. It's just things that help people stay broke and get out of debt. But that's the most people need. And so this life insurance policy I mentioned is not regular life insurance, is not term insurance.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
It's specially designed whole life insurance. Not the whole life insurance you get from your broke brother-in-law who just sells insurance. You have to be very specific with how you fund and use this. But life insurance is a very favorable environment for money to be kept. It's protected. It's going to grow tax-free, guaranteed. It does have a death benefit.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
and it's liquid we can build a policy that is still liquid so now back to my example of how we store money in savings accounts and we should try and store those dollars somewhere we control this policy becomes that account because it is going to grow is guaranteed and it's liquid at the same time and if you do take money out against the policy it doesn't stop those dollars from compounding
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Those dollars will still sit inside the policy compound interest while you leverage it to go do the financing activities you have. If you need to buy cars, make investments, buy a house, you can still do all of those things. It's just now flowing through the policy. And so by doing this, It's not going to change what you spend your money on or what you invest in.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
It just changes where your money resides while you use it. And so if you can build the policy correctly, it becomes a very favorable warehouse of your wealth, I would call it. And when you do this for 10, 20, 30 years of storing money here versus elsewhere, you This becomes a very strong foundation of where your wealth is kept versus a bank account or some savings account you keep money.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
But by having your dollars guaranteed to compound while you use it over 20, 30 years, that's going to create a multiple of how much you have sitting there versus just, you know, you keeping it in a savings account and spending it. So that benefit of storing money long-term compounding while using it is the benefit of becoming your own bank is what we teach.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
We teach people how to be their own bank because what banks do is they store money. They lend it out. They keep money in motion. just like we should be doing. So if we can store money, lend it out, keep it in motion, and have multiple things happening on the dollar at the same time, that's how we can be wealthy and we can be like the banks using this strategy.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
So I don't know if that was too long or a good enough example of what this is, but that's how I look at it. That's how I use it.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
I appreciate you being here. Yeah, this is awesome.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yeah, you know, it's interesting, too, is in today's world, that's kind of how it is. Only the wealthy and the big banks and corporations are using this. But before the 60s and 70s and the 1900s, I talk about that like it was, you know, centuries ago, 50 years ago, basically, most of America had whole life insurance. Most, I think it's in the 90% range.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
But in the past 20, 30 years, people are getting in the buy term, invest the difference, the IRA phase, and they're slowly fading away from it. But that's what our country was actually built on for two centuries before this was life insurance, because it is guaranteed. It's a very efficient environment for money to be because life insurance companies never lose.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
They make money when the market's good, when the market's bad, they're always growing. And so to your point, let's social proof this idea. Yes, millionaires, billionaires do this. And the IRS has even tried to outlaw this a couple times, which signals something that we should pay attention to. They try and do that to favorable things for most people. And I've met with someone worth millions.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
nine ten figures who do this i've also met with someone who makes 10 grand a month by five grand a month and they do this and so it isn't just those rich individuals and it's this policy itself in regard to the the mechanics of it it's not an investment vehicle like you said it has a low rate of return i'm not buying this for a return I'm buying it for the attributes that it has.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Just like when you purchase a business or you buy a rental property, it's not just the cash flow. There's other aspects that are involved. There's more attributes of the deal that make this intriguing. And so I'm seeking specific attributes that I know will produce results. And that's why I use whole life insurance. I want to store my profits here. We have to store it somewhere.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yeah. And most people think that storing your money in a business is a great idea. Well, businesses can get sued. Businesses lose money. There's risk. People like storing money in real estate. But if you store all your money in real estate, there's no debt on your properties. Well, you're still getting the same rent and you have the home paid off. Might as well use that money. It's not liquid.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
It's not working for you. And so those are less efficient environments to store money. But life insurance... It's going to be sitting there, liquid, available, and earning at the same time. So it's just a more efficient environment to store profit. And that's really what everybody can do, wealthy or not.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
It's a great question. Um, I think it's because people don't have good money habits to start. It's 90% of America don't even save or don't budget. And that alone, you can't understand the basics of thinking long term. You're never going to be able to do something like this because this is very long term thinking. And there's a death benefit attached.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yeah, of course. So again, like Brandon said, my name is Carson Herlene. I live in Southern California and I teach infinite banking, like you mentioned. And how that even started for me was I was in the money space. I was flipping houses in the real estate game.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
This is a low rate of return over long periods of time. This is not a get rich quick scheme or a crypto run. This is a very long term mindset you have to have. And just most Americans can't do that. And so those who can, those who understand that and are able to put off instant gratification for long term, they're the individuals who get this very quickly.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And so it's really the mindset that it starts with. And once they have that down, like you said, you're on to the other side of it. And it opens up a whole new world of possibilities.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Yeah, that's a great example, great idea. So let's say, we'll just throw some basic numbers out there. Let's say you wanna buy a rental property for 200 grand. You wanna put 20% down. So you need 40 grand to put down on this property. And you wanna hold this property long-term. And the property cashflow is a thousand bucks a month, we'll just say.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
Well, where are you gonna store your down payment while you wait for the property? And then once you do put the down payment and you have cashflow, where are you gonna put the cashflow? Well, you could do it the traditional route, pay cash or down payment out of your pocket, leave the money in the house, get the cash flow, save it up, go buy another rental, and you can do that game all day long.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
But what if that 40 grand of a down payment came from a policy? So you stored it here first, you took a loan against your policy, put the 40K down for the property. Now, let's think about that. You now still have 40 grand of equity in the house. You still have the rental. You still have the cash flow.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
But that 40K is also sitting inside the policy, compounding, like you said, 6% whatever percent this year, tax-free, which is comparable to a 9%, 8% gain taxed. It does provide a death benefit in case something happened to you to even pay off the mortgage. And if you were ever sued, no one could touch your policy.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
And then I was learning of different ways that I could manage my funds better, use them more efficiently using this strategy called infinite banking. And it blew my mind. And it changed everything for me to the point where I even left doing active deals in real estate.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
So you're less risk, more gains, making money twice at the same time, and you have a death benefit attached to the same deal you would have otherwise done. And then when you have the $1,000 a month of cash flow, where are you going to put it? Just put it back in the policy. Store it here.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
When it gets to another $40,000, you go buy another one and just rinse and repeat that cycle through the policy. So it's not... I think people think sometimes, oh, should I diversify and do a policy and a rental or a policy and my IRA? It's like, well, hey, this is not pick or choose. This is what I call the and asset as a nickname of whole life because it's the and asset.
Wake Up to Wealth
The Power of Infinite Banking - A Deep Dive with Carson Herlean
You can put it here and go do those investments at the same time. And that's what I think it's hard for people to understand is you can do both. And whole life insurance is one of the only vehicles that allows you to do that. And that's why it's favorable.