8 Reasons Nobody is Building WEALTH

Summary

Podcast Summary: Andy Elliott's Elite Mindset Motivation and Sales Training

Episode: 8 Reasons Nobody is Building WEALTH
Release Date: March 21, 2025
Host: Andy Elliott
Guest: Joshua Rose

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Introduction

In the compelling episode titled "8 Reasons Nobody is Building WEALTH," Andy Elliott, CEO of The Elliott Group, teams up with his brother, Joshua Rose, an expert in infinite banking. The duo delves deep into the barriers preventing individuals and families from accumulating wealth, offering actionable insights and transformative strategies to overcome these challenges. The conversation is not only informative but also motivational, aimed at empowering listeners to take control of their financial futures.

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Key Topics and Discussions

1. Understanding Infinite Banking (00:03 - 01:58)

Andy initiates the discussion by introducing Joshua Rose and his expertise in infinite banking—a strategy that leverages whole life insurance policies to create a personal banking system. Joshua elaborates on infinite banking, emphasizing its multifaceted nature as an idea, process, and product. He underscores the importance of adopting an open mindset to fully grasp and implement this financial strategy.

Joshua Rose (01:09): "Infinite banking is an idea, a mindset that you have to carry about money. Secondly, it's a process. And then thirdly, it's a product. We use dividend-paying whole life insurance."

2. The Saving Stages and Parkinson's Law (02:16 - 03:10)

Andy connects the concept of savings to infinite banking, prompting Joshua to discuss the stages of wealth accumulation. Joshua introduces the four-stage model developed by their organization, Factum:

1. Saver: Establishing a disciplined saving habit.
2. Accumulator: Building cash reserves within whole life policies.
3. Infinite Banker: Utilizing policy loans to finance personal and family expenses without external interference.

A critical obstacle highlighted is Parkinson's Law, which states that "work expands to fill the time available for its completion." In financial terms, this translates to expenses rising in tandem with income, often hindering savings growth.

Joshua Rose (02:54): "Your expenses rise to the level of your income. If your income increases, your expenses naturally increase with it. If you can't beat that by disciplining yourself, you're screwed."

3. Solving Financial Leakage (03:12 - 05:03)

Joshua explains how infinite banking addresses the problem of financial leakage—money lost to external banks and financial institutions through interest payments or unproductive savings. By implementing a personal banking system, individuals can retain and grow their wealth internally, ensuring that money remains within the family or individual's control.

Joshua Rose (04:34): "Infinite banking solves the problem of financing everything in life outside of your control. You either pay interest to another banking institution or give up interest on your cash. By saving and investing within your own system, you keep more of your money flowing through your hands."

4. Controlling the Banking Function (05:14 - 06:55)

The conversation shifts to the distinction between traditional investing and banking. Joshua defines banking as maintaining control over one's money without relinquishing it to external entities. He contrasts this with investing, where control is often ceded in exchange for potential returns.

Joshua Rose (05:34): "Banking is about control. It's about keeping your money within a personal storage facility, like a whole life insurance policy, rather than entrusting it to external banks or investment firms."

5. Benefits to Families (06:55 - 08:26)

Joshua highlights the profound benefits of infinite banking for families, citing statistics on average family expenditures. By adopting this approach, families can retain significant amounts of money that would otherwise be lost to liabilities such as vehicle purchases and loans, thereby securing a financial legacy for future generations.

Joshua Rose (07:09): "By controlling your finances and keeping money within your family, you can transform liabilities into assets, preserving wealth across generations."

6. Infinite Banking for Business Owners (08:43 - 10:52)

Discussing scalability, Joshua explains how business owners can leverage infinite banking similarly to families. He introduces the concept of key man insurance, where business partners insure each other's lives, ensuring financial stability and protection for the business in the event of unforeseen circumstances.

Joshua Rose (09:42): "For business owners, taking out policies on each other's lives creates a safety net, protecting both the business and the families involved if something happens to a key partner."

7. The Importance of Whole Life Insurance (10:02 - 11:39)

Joshua defends the exclusive use of dividend-paying whole life insurance for infinite banking, referencing Nelson Nash's teachings. He emphasizes the guaranteed nature of whole life policies, reducing risk and providing a stable foundation for wealth building.

Joshua Rose (10:52): "Whole life insurance is not about investing; it's about saving in a guaranteed environment. The only risk is your discipline to save and repay, as everything else is contractually secured."

8. Overcoming Mental Barriers and Embracing Paradigm Shifts (11:39 - 15:55)

A significant portion of the discussion centers on mental barriers that prevent individuals from adopting infinite banking. Joshua shares his personal journey of skepticism turned belief, illustrating the necessity of being open to new ideas and continual learning. He emphasizes that embracing infinite banking requires a paradigm shift in how one perceives and manages money.

Joshua Rose (13:30): "I used to think whole life insurance was a scam, but after diving deep and seeing real-life applications, I realized the immense value it offers. It's all about being open to learning and changing your mindset."

Notable Quotes

• Eleanor Roosevelt (Referenced by Joshua Rose at 01:09): "Small minds talk about people. Average minds talk about events. Great minds talk about ideas."

• Joshua Rose (02:54): "Your expenses rise to the level of your income. If you can't beat that by disciplining yourself, you're screwed."

• Joshua Rose (05:34): "Banking is about control. It's about keeping your money within a personal storage facility."

• Joshua Rose (07:09): "By controlling your finances and keeping money within your family, you can transform liabilities into assets."

• Joshua Rose (10:52): "Whole life insurance is not about investing; it's about saving in a guaranteed environment."

• Joshua Rose (13:30): "It's all about being open to learning and changing your mindset."

Conclusions and Final Thoughts

Andy and Joshua conclude the episode by reinforcing the transformative potential of infinite banking. They urge listeners to take proactive steps towards financial education and to engage in one-on-one conversations with experts like Joshua to tailor strategies to individual circumstances. The emphasis is on empowerment through knowledge, advocating that understanding and implementing these wealth-building strategies can lead to long-term financial security and generational wealth.

Andy Elliott (17:11): "If you're open-minded and willing to learn, infinite banking can change not only your life but your family's life for generations."

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How to Learn More

Listeners interested in exploring infinite banking further are encouraged to reach out directly to Joshua Rose via his social media platforms:

• Instagram & TikTok: @thefamilybanker
• Facebook: The Family Banker

Joshua offers personalized consultations to help individuals understand and implement infinite banking strategies tailored to their unique financial situations.

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This episode serves as a comprehensive guide for anyone seeking to break free from traditional financial constraints and build sustainable wealth through innovative strategies like infinite banking. Andy Elliott and Joshua Rose provide valuable insights, actionable steps, and motivational encouragement to empower listeners to take control of their financial destinies.

Transcript

[A]

Hey, guys, what's going on? All right, this is gonna be a video about the eight reasons why no one builds wealth. Why is no one building wealth? Well, today I got one of my brothers, Joshua Rose. You by Josh or Joshua? I always call you Joshua.

[B]

Either or. Yeah.

[A]

Okay, well, I call him Joshua Rose. My name's Andrew, so if you look at my license, it says Andrew Elliot, but I go by Andy.

[B]

That's my brother's name.

[A]

Yeah, good name, too. He was a disciple in the Bible, by the way. No big deal. Back to Joshua. Joshua is in infinite banking and he is very, very smart, and he helps people all the time become wealthy, generate wealth, learn how to make wealth and keep it. And so in this video, there's going to be a training video, a tactical teaching video, and all we want to do is pour as much value into you as we can. And Joshua is an expert at it, and he's going to unleash. And so, Josh, I have the eight things right here that we, we went over, and I'm gonna run through them one by one.

[B]

Cool.

[A]

Is that cool?

[B]

Let's do it.

[A]

Let the teacher get ready to preach number one so we can start. Josh, what is infinite banking?

[B]

Yeah, that's. It's kind of become a buzzword on the Internet the last few years. And really, you know, what we like to talk about as factum are big ideas. And I love this quote from Eleanor Roosevelt in the early 1900s. Former first lady, she said, small minds talk about people. She said, average minds talk about events, great minds talk about ideas. And that's exactly the first part of infinite banking. It's an idea. All right? It's first, an idea and a mindset that you have to carry about money. Secondly, it's a process. And then thirdly, it's a product. We use dividend paying whole life insurance. So it's a mindset or idea, it's a process, and it's a product. So it's all that kind of encompasses infinite banking. And you have to have an open mind to be willing to learn about it.

[A]

That's crazy. All right, I want you to understand this. Me and you had a video that we produced about how to create savings. Am I right? I'm going to ask a second question here, and it would be, what would you say is the next stages or stages that follow the saving stage. Can you quickly run through the saving stage?

[B]

Yeah.

[A]

And then pivot, you know, because this video is not attached to that one, into what's next after the savings stage?

[B]

Yeah, yeah. Yeah. So I mean, infinite bank is kind of a, it can be a hard, it's very simple. You borrow from a whole life insurance policy. Right. But the process or mindset is a huge paradigm for shift for people. So we've kind of curated these four steps at factum to stage one, you're a saver. Stage four is an infinite banker. So once you get that mental paradigm shift of hey, I got to beat Parkinson's law like we talked about in the first one, I got to, I got to master my own behavior.

[A]

What is Parkinson's law?

[B]

For people that Ms. Parkinson's law, you have to. So your expenses rise to the, in your income. So if your income increases, your expenses naturally increase with it. So if you can't beat that by disciplining yourself, you're screwed. You're screwed. You can't even, you can't even do.

[A]

This process, which is why people don't save money.

[B]

Exactly. So if you can't beat Parkinson's law in stage one, you're never gonna get to stage two, three and four. Which four is the infinite banker. So once you beat Parkinson's law, you're saving stage one conversation, you move into stage two. What is that? You've accumulated some cash now in your whole life policies. And now you can start to recoup some of that money that you're sending away to other banks. And one of the problems we solve in infinite banking is we finance everything in life. You either pay interest to another banking institution for cars or whatever, or you, you pay cash. But either way, that money is going away from you and your family forever. Now we've accumulated a pool of money that belongs to us. We take our policy loan to go buy that car or vacation or whatever. The money's not interrupted, it's still growing. And now your, your increased saving strategy is paying back into your banking system.

[A]

Super smart.

[B]

So that's stage two. And these stages naturally progress. So once you start that savings habit, you start recouping these, these costs that are going outside of your family, and you start bringing more of that in, there will be a natural progression that, that happens.

[A]

So what problem, by the way, number three is what problem is now solved?

[B]

Yeah. Yeah. So I just kind of, I kind of got ahead of myself there.

[A]

No, you're good.

[B]

But we, we, we finance everything in life. That's the problem infinite banking solves. You know, you either pay interest to another bank or you give up the interest you could earn on the cash that you sent, because both of those dollars are going away by just changing one thing where you save your money, you can start to keep those dollars that you were sending to other banking institutions or paying cash. And now you start paying them back to your bank and institutions. So you keep more of the money that's flowing through your hands already.

[A]

So you start to generate wealth. I want to ask number four, how do you control banking function? How do you control that? Is that. Can you control it?

[B]

Yeah. How do you control the banking function? So this starts to get into a little paradigm shift. And I think definitions are really important because everyone knows how to invest or they think they do, but we've kind of defined these terms a factum. As you know, investing is separating yourself from the control of your money with the expectation that more dollars are going to come back in return. And we even further define that as you're investing in something that you know and understand. If you're going to give up control of your dollars, you better have a good idea that someone or something that you're investing in is going to return more dollars to you because you're giving up control. That's right. I would dare to say most people in America are not even doing that. They're speculating. You know, they're putting their money in the market. They're putting money in 401ks, which aren't necessarily bad, but they don't know what their money is doing. They don't know what it's invested in. It may not even be invested in things that they believe in. They have no idea. So defining it is very important. Banking, on the other hand, is about control. It's about keeping your money. You know, you think about general definitions like river bank, blood bank, you know, these things are storage facilities. So that's what a bank is. It's a storage facility. So when you start to look at whole life insurance people like, they're thinking about the death insurance, which of course it is that, but it's a storage facility which makes it the perfect product for a personal banking system. So you don't have to go through the. The rigorous activity of, you know, having 20, $40 million and starting your own legit bank. This has all the qualities to actually become your own banker and your own personal storage facility.

[A]

I love that. So obviously this massively benefits families. How does this benefit the family?

[B]

I love that. One of our. So not only is it a private contract, you know, between an individual and a private insurance company. So it's completely private from Uncle Sam, from the government, but one of the biggest families and we have this in our education course. Families on average, let's just say a family of five, the average individual in a family will buy 13 vehicles over their lifetime. So we're not even talking investments, we're talking liabilities. And over their lifetime, they'll spend 500 grand. The average American family, you know, you did a video not too long ago. The average American family makes $60,000.

[A]

Yeah.

[B]

All right. And the average American family is buying 13 vehicles per person over their lifetime, which is 500 grand. And if you take in the opportunity costs on it, it's about a million and a half over their lifetime per kid. So A family of five has $2.5 million in their family. We're talking about a liability. This is not even investing. This is talking about keeping this flow of money. So if you can discipline yourself with savings, create an environment that you control. And now we're just going to the next step of taking more control of the liabilities that you're sending money away. You can massively impact your family on just something simple that you're doing already.

[A]

That's crazy.

[B]

What's up, guys? It's Josh. If you want to learn more about what Andy and I are talking about, infinite banking, my number will be on the screen. You guys can text me anytime. We can set up some one on one time to learn more about your specific situation. Text me anytime. I'd love to chat.

[A]

Can. Can a business owner become his own banker?

[B]

A business. Yeah. So now we just get to a matter of scale. So now we're just adding zeros to. To whatever policy that you're doing. So a business owner can do the same thing that a family can do. And a lot of, you know, family leaders are like business leaders. You're the head of a family, you know, and you're ahead of a business. What's interesting about business is now say we're in business together. I can take a policy out on your life. You can take one out on my life. That's called key man insurance. I've seen that. Yeah. We have an interest in each other. So the insurance company says you guys have a vested interest in each other because if, God forbid, one of you passes, you're protected. But what if we have a change of heart? Hey, we no longer want to be in business together. We still have savings accounts on each other's lives. God forbid something happens to you, I can protect your family because I probably still have a good relationship with you.

[A]

Yeah.

[B]

So not only is it that savings environment for what we're doing when we're in business together. It's also a protection if the worst thing happens or if business goes sideways.

[A]

Okay, I love that. Do you only use Whole Life for Infinite Banking? Is it only for. Is it only whole life or. Explain that.

[B]

Yeah, yeah, that's. I love that question because there's a lot of noise out there on the Internet on Infinite bank and what products to use. And you know, I teach what Nelson Nash taught in his book Becoming youg Own Banker. And one powerful quote, very simple. He said, I've never sold any other product. I've never bought any other product than dividend paying whole life insurance with a mutual company. And why is that? Because it's not a risky environment. The only risk is yourself. If you don't have the discipline to save and to pay back, that's the only risk. Everything else is guaranteed in the contract. If I fulfill my end as the policy owner, the contract is guaranteed. So that's why we use Whole Life, because it's not investing, it's a place of saving. That's the only guaranteed environment in the financial market.

[A]

That's awesome, man. Guys, Remember this video? 8 reasons no one builds wealth. Until you start to understand money, you can build wealth and a lot of people don't understand it because no one teaches it. And that's what I love about Josh. So make sure you guys understand his number is going to be below. If you guys want to reach out to Josh, Josh can look at your, at your situation. He's happy to help you. There's no charge for that. You look at that and then if you can help and there's a good upside for them, then he'll draw it out for you. Lastly, what is the most important thing? So like, what's the most important thing? If I was asked one question, like, what's the most important thing that I must understand about infinite banking? Yeah, that I must know.

[B]

Yeah. You know, it's a paradigm shift. So if you're not open to new ideas and to learning, it's just not for you, you know, so, and even, even the people that are doing, it's a, it's a contin. You have to be willing to continue to learn. And just like in the book, becoming your own banker, you have to be willing to become somebody different. So you have to be open that maybe I don't know everything there is to know about this product or this process. So if you're open to learning and you're continuing wanting to improve yourself, this could be for you and Then lastly, if you do this, it doesn't matter what else you're doing in life. Nelson says in his book everyone should be in two businesses. The business you're in and the banking business. And if you do this, you, I guarantee you, you will change not only your life, but your family's life for generations. And that's my favorite part about this because I see families coming together around money rather than separating and being individual.

[A]

Huge.

[B]

Yeah, it's life changing.

[A]

Yeah. Well, well, number one, these things, they're, they're not taught in school. Right. They're not taught in college unless you're in, you know, in it, what do you call it? Insurance, space, money, money fields. I mean, you know, like nobody understands this stuff. You know, people don't live on Wall Street. They don't, they don't live in these situations every day. I'm going to ask you, these eight things we went over were great. What is the most common thing that you see? Why people don't do infinite banking? Why they don't? Because they don't understand it. Maybe they haven't been explained right to it. They just are afraid of change and then they end up waking up one day with regrets.

[B]

Yeah, I mean, it's all of that. I mean, I'll, I'll tell my own story because I used to hate whole life insurance. I thought it was a scam. I get called that all the time. But I'm not scared of it because I, I read this book, Becoming youg Own Banker by Nelson Nash. The title intrigued me. I'm like, all right, I gotta check this out. That'd be. Sounds cool. Yeah, I read it. It pissed me off. I was mad. I was like, this is a scam. Like, I just. But I just, there was just a little thread of truth and I'm like, you know what? I'm just going to keep reading. And I kept reading. I kept reading. And then when I went to my first conference with all the experts and I saw the way they treated people, I saw their lives and the businesses that they were doing and the multi generational family legacy. I'm like, you do this all with whole life insurance. I was like, okay, I'm sold. I see what you're doing. That's exactly what I want to do. I'm like, I'm sold. It's amazing. But I had to have a mental shift to be open to learning something different. I thought I knew something, but I was wrong.

[A]

Well, most people, that's the issue, is that they're one conversation Away from a whole new life, from a whole new plan. And matter of fact, if you're not thinking long range with your money, don't be surprised when you get four or five years, 10 years down the road and nothing is different. And your life, you can never step away, you can never retire, you can never do anything with your life because you didn't plan it. So these eight reasons that people don't understand wealth while they can't get wealth, that we just went through, a lot of people need to have a face to face conversation. I'm going to be honest, educating someone I like for you to show me what that looks like in my life, you know what I'm saying? Like my life, I see it in everyone else's life, what you can tell them about their life, but everybody's life is specifically a little bit different. And what you're saying, as long as you're open minded, you know, and you're willing to, to, to learn, right? Because you say you got to keep learning forever. And the Parkinson's law, right, you make this much, you spend this much, you're willing to save some money and then do the right things with it, you're going to become wealthy. It's not a matter of if, it's just when. And then you can you formulate that plan with people and show them big picture what that looks like. Is that right, guys? Right now make sure. Are you using social media a lot right now?

[B]

Yeah, yeah, I got, I got it.

[A]

Okay, tell us, how can people follow you on social media?

[B]

Yeah, so Instagram and TikTok, you can follow me at the family banker and of course I'm on Facebook too, and I love it.

[A]

So the family banker, go follow him right now on Instagram. Okay? Super important. If you're watching this, you want to get connected, Josh will reach out to you personally. Shoot him a text message. Hey, I saw on Andy's podcast, want to set up a call? Want to see what I can work out with you? He'll go through. He's amazing. He's super cool. He's got a family, he's a great husband, great daddy loves his business and he's extremely educated. And Joshua, I want to tell you, thank you, man. You're going to help a lot of people. You're helping a lot of people and I love that you're educating people on money. If you've watched this video and you know, you're doing good in life and you're like, I don't understand, you know, I was the kind of person. I had to be explaining something like five times, like, I didn't understand. So don't not text Josh because, like, you don't understand. If you want to create wealth and you just don't understand, text Josh and he'll be happy to explain it to you.

[B]

Just sharing education, that's all we do.

[A]

Yeah, like, that's what I say. Like, especially his love for the game and his love for like understanding this, this, like he loves to teach it and share it. And then I think, you know, sometimes on a one on one basis, it's easier for someone else to understand. Showing them what that looks like in their life.

[B]

Yep.

[A]

You know what I'm saying? And so, you know, I drawing out an illustration for me, you know, not just a general one, but in me and my life after finding a little about. About me.

[B]

Yep.

[A]

So I love you guys. Make sure you guys go follow him right now. He's on all the social media channels. Go follow him on Instagram. And then, like I said, if you'd like to get together and ask Josh to help you put your deal together, just shoot him a text. He'll do it. And I love you guys. Josh, I appreciate you, man. I'm excited for this weekend. There is another video that me and Josh did on why people can't save money. I'm going to post that in the link below and it's going to say, watch Josh's other video on why people can't save money. And you guys can even go back and watch that now. So I love you guys. Have a blessed day and we'll see you in the next video.

[B]

Yeah.