In episode 31 of Wake Up to Wealth, Brandon Brittingham interviews Carson Herlean, an expert in infinite banking and family banking strategies, as he shares his journey from real estate investing to teaching others about the powerful benefits of using specially designed whole life insurance as a wealth-building tool.Tune in to learn how infinite banking can offer safety and growth in your financial journey. SOCIAL MEDIA LINKSBrandon BrittinghamInstagram: https://www.instagram.com/mailboxmoneyb/Facebook: https://www.facebook.com/brandon.brittingham.1/ Carson HerleanInstagram: https://www.instagram.com/carson.herlean/Facebook: https://www.facebook.com/carsonherlean/LinkedIn: https://www.linkedin.com/in/carson-herlean-603057188/WEBSITESBrandon Brittingham: https://www.brandonsbrain.org/homeCarson Herlean: https://go.moneyschoolrei.com/carson-links
Chapter 1: What is Infinite Banking?
So, um, One of the things that, you know, you kind of specialize in, and I want to spend the bulk of time here today, you know, it's got many names, family banking, infinite banking, but it's kind of something that you're very knowledgeable of and have a good understanding of it. But for those who are listening, tell them who you are and what you do.
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.
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.
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.
Chapter 2: How Can Infinite Banking Change My Financial Future?
So, yeah. A lot of people never heard of this infinite banking or family banking or whatever. It's got a lot of different names. Like for someone who's listening, it's like, I have no idea what the hell these guys are talking about. What, what is it? What is it? What does that mean?
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.
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.
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.
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.
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.
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.
And not to cut you off, but if you're listening to this, a couple of weeks ago, we leapfrogged Dave Ramsey on investing in the United States. We actually beat his show, became number one. Just a little sidebar.
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.
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Chapter 3: Why Do Many People Misunderstand Infinite Banking?
Chapter 4: What Are the Benefits of Using Whole Life Insurance for Wealth Building?
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.
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.
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.
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.
No, 100%. So for everybody that's listening, so you guys know, I have two of these policies and I'm about to get a third one with Carson that I'm working on as we speak. And so one of my policies has a really, really large death benefit because I've been fortunate to be successful and accumulate a ton of assets. And I fund it every month to his point.
I want you guys to understand this in real time because the first time someone explained this to me, I didn't get it. The second time somebody explained to me, didn't get it. The third time somebody explained to me, I didn't get it until someone sat me down that I knew and trusted who was a mentor of mine and showed it to me.
So right now I've got, I put money in it every month and majority of that money is liquid. And while it sits, meaning I can take it out of my policy and do what I want with it. While it sits there, my dividend this year was North of 6%. I think it was 6.2 or 6.3, something like that. So not, not crazy, but it's, it's earning more than any bank would pay me.
in a policy that if something happens to me, I've got a large death benefit that goes to my state and to my family. And I can now pull money on that and I'm putting it in other real estate projects that are earning me more than a 6% interest. And now that I understand it and I see how it works, I'm getting another policy because to his point,
it's just really a cool vehicle for you to build wealth with. And the other thing that I learned, and I'd love for you to speak on this, because I'm sure you're way more educated on this, is when I started looking into this, I found that largest financial institutions in our country own these policies.
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Chapter 5: How Can I Use Infinite Banking for Real Estate Investments?
Chapter 6: Why Should I Consider Life Insurance as an Investment Vehicle?
it's just really a cool vehicle for you to build wealth with. And the other thing that I learned, and I'd love for you to speak on this, because I'm sure you're way more educated on this, is when I started looking into this, I found that largest financial institutions in our country own these policies.
Some of the, some of the wealthiest families, you know, where their lineage, you know, a hundred years of wealth was passed through their families. They did it through these vehicles. And it just baffled me that, that this world existed and I didn't know about it. And the more I researched it, the people who were involved in it were a
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.
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.
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.
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.
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.
You got to put your liquid somewhere. You have to.
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.
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