The Everyday Millionaire Podcast

Episode 230: Chris Naugle – Be Your Own Bank

Host: Patrick Francey
Guest: Chris Naugle
Release Date: October 14, 2025

Episode Overview

This episode features Chris Naugle, America's self-titled "number one money mentor," who shares his journey from professional snowboarder to multi-business entrepreneur and educator. Chris introduces listeners to the concept of “being your own bank,” using specially designed whole life insurance as a private banking tool to create financial freedom and resilience, especially in uncertain times. The discussion covers strategies to regain control over personal wealth, protect assets, bypass traditional banking system vulnerabilities, and foster a multi-generational mindset around money.

Key Discussion Points & Insights

1. What Does It Mean to "Be Your Own Bank"?

• Definition: Chris teaches people how to take back control of their money by mimicking the core function of banks—"privatized banking"—using whole life insurance policies as personal banking vehicles.
  • Quote: "I show people how to take back control of their money by teaching them how to be the bank." (02:40, Chris Naugle)
• Contrast with Traditional Banking:
  • Depositing money in a bank gives up your control; banks make a spread by lending your money out, earning far more than the interest paid to depositors.
  • Quote: "You gave them control of your money when you made a deposit, and they are going to use your money to make money." (03:20, Chris Naugle)
  • Reference: bowerfinancial.com — banks make “between 400 and 1300% more than we are making just by controlling your money.”
• The Vehicle:
  • The tool used is a “specially designed and engineered whole life insurance policy” from mutually owned insurance companies, which offer guaranteed returns, dividends, tax advantages, and control.

2. Why Whole Life Insurance?

• Historical Context: Wealthy families (Rothschilds, Rockefellers, Morgans) adopted life insurance to avoid banking instability; these companies are financially robust by design.
• Benefits:
  • Guaranteed returns and dividends: 5.5%–6.4% annually (current US rates).
  • Liquidity: High percentage (up to 96%) available within 30 days if the policy is designed for banking.
  • Tax advantages: In the US, tax-free growth; in Canada, tax-advantaged.
  • Protection: Assets shielded from most judgments and liens.
  • Use of Funds: Policyholder can borrow against their cash value easily, with low-interest simple loans, and the original balance continues earning compound interest.
  • "Money makes money twice": The same dollar can earn compounding interest and investment/lending returns simultaneously.
    • Quote: "I'm literally making money twice on the same dollar." (09:14, Chris Naugle)

3. Getting Started: Process & Practical Application

• Process:
  • Education-first approach: prospective clients watch a 90-minute educational video outlining fundamentals and real-world case studies.
  • Individualized planning: Needs/goals assessment, scenario modeling with proprietary software ("The Vault") comparing traditional finance with infinite banking.
  • Math over opinion: All scenarios are compared mathematically; if infinite banking isn’t the best fit, it’s not recommended.
    • Quote: "It's just, let the math do the work. And that's how we do business." (14:29, Chris Naugle)

4. Infinite Banking & Wealth Transfer Scenarios

• Exit Strategies: Infinite banking isn’t a direct workaround for capital gains taxes in asset liquidation (e.g., real estate). Taxes must be paid prior to funding policies.
  • Quote: "You're still going to have to pay the piper with the tax." (18:17, Chris Naugle)
• Foundations for Tax Planning: Chris advocates for charitable giving through private foundations to keep money under family control and create impact instead of paying excessive taxes.
  • Quote: "If you exit a large real estate portfolio and you gotta pay a bunch of tax...the private foundation really does—it changed our perspective...Now...we get to do good with it." (21:06, Chris Naugle)

5. Accessibility & Wealth Transfer

• Target Audience: Infinite banking is suitable not just for the ultra-wealthy but for anyone receiving inheritance or wanting a safer growth vehicle for idle cash.
• Age Considerations: Works well for individuals up to their late 60s; becomes harder to structure cost-effectively past age 70.
• "Dump in" Premiums: For windfalls (e.g., inheritance), a lump sum can be used to fund policies for similar liquidity to a bank account, plus additional benefits.

6. Private Banking vs. Alternatives

• Compared to Banks: Immediate liquidity (when structured right), better security, asset protection, and guaranteed long-term growth.
• Compared to Equities/Gold/Crypto: Policy first, then invest—enabling dual compounding returns and more stable financial footing.
  • Quote: "Wealth building is not a race. And people that are racing to wealth, we call them rich. And guess what? They are next, poor." (32:10, Chris Naugle)

7. Credit Card Debt Example

• Debt Recapture: Use policy loans to pay off high-interest debt, then "pay yourself back" at the same rate—dramatically speeding up wealth-building through interest recapture and compound growth.
  • Analogy: Money circles through your banking system, recapturing interest and increasing net worth.
  • Quote: "You recaptured 20%...and you recaptured the liquidity of that money while never losing the opportunity to earn on all $5,000." (37:39, Chris Naugle)

8. Behavioral Insights & Tools

• Staying on Track: Many clients drift from optimal use, so Chris's team built software (a “GPS for your money”) to guide and remind clients of the right steps to maximize value.
• Mindset Barrier: The hardest challenge is overcoming what people “think they know.”
  • Quote: "The biggest problem with people is not what they don't know. The biggest problem with people is what they think that they know. That just ain't so." (44:54, Chris Naugle)
• Fasting Analogy: Adopting new financial strategies is like learning to fast—it feels awkward and hard at first but becomes easier and more natural with time and discipline.

Notable Quotes & Memorable Moments

Chris Naugle (02:40): "I show people how to take back control of their money by teaching them how to be the bank."

Chris Naugle (09:14): "I'm literally making money twice on the same dollar."

Patrick Francey (11:15): "We should all be really kind of clear on why do we want to get outside the banking system… this is a strategy to do that."

Chris Naugle (14:29): "It's just, let the math do the work. And that's how we do business."

Chris Naugle (37:39): "You recaptured 20%...and you recaptured the liquidity of that money while never losing the opportunity to earn on all $5,000."

Chris Naugle (44:54): "The biggest problem with people is not what they don't know. The biggest problem with people is what they think that they know. That just ain't so." (attributed to Will Rogers)

Chris Naugle (100:36): "Everything. I'm grateful for being able to wake up every day."

Timestamps for Key Segments

• [02:40] – Chris introduces the concept of being your own bank
• [03:20–10:25] – Deep dive: how whole life insurance becomes a personal bank, historical origins, feature comparisons with banks
• [13:05] – Getting started: process, education, math-driven planning
• [16:27] – Real estate exit strategies, tax realities, and foundation planning
• [25:20] – Suitability for inheritance or lump sums
• [28:45] – Why infinite banking is superior to bank accounts for large withdrawals and quick access to funds
• [32:10] – Investment order and maximizing returns by "interrupting" money flow
• [37:06–39:35] – Detailed example: credit card debt repayment via policy loans
• [44:54] – Mindset: learning new financial behaviors and confronting cognitive barriers
• [48:56–62:46] – Chris's personal journey: from humble beginnings to snowboarding and entrepreneurship
• [84:09] – On uncertainty and the value of controlling your own financial destiny
• [86:47] – Parenting, legacy, and teaching stewardship of wealth
• [92:22] – Perspective on faith, gratitude, and values

Tone, Style & Final Reflections

The conversation is lively, candid, and motivational, marked by Patrick’s genuine curiosity and Chris’s mix of directness, humility, and strategic thinking. Chris demystifies sophisticated financial concepts for everyday listeners while challenging assumptions about banks, money, risk, mindset, and legacy. The episode is peppered with practical analogies, deeply personal anecdotes, and a resounding call to action: take proactive control of your money, educate yourself, and focus on doing good for yourself and others.

Final Takeaway:
This episode blends actionable financial education with life philosophy—urging listeners to break cycles of dependency, embrace discipline, and think generationally about both money and values.