A couple of years ago I was in Atlanta at the Metalcon Convention. My brother was along with me and we were looking for ways to build our sheet metal business. We each learned quite a bit from the show but I had no idea that I had been introduced to people who would ultimately play a huge role in my future!
I attended a session that was titled “Becoming your own Banker” and the presenter was Rocky Nystrom. As Rocky introduced his topic I became very interested. He was saying all kinds of cool things like, “eliminate the middle man, earn the interest you’ve been paying to others, put that interest to work for you” and “put your money to work smarter!” I was very interested in what he had to say right up until he started talking about how to do that through whole life insurance! Ick! I had just wasted an hour and a half of my time, or so I thought. I pretty much checked out of his talk and probably started responding to e-mails or whatever. I certainly didn’t hear anything he had to stay after he got into this lousy life insurance crap.
You see, for my whole life I had been a term life buyer. Whole life insurance was so cotton pickin’ expensive, why in the world would anyone buy it? And life insurance, what a miserable thing in the first place! Paying for something that you only need in the event of your death? Seriously? It’s a necessary evil, and one I was not at all interested in learning more about!
Later that same day as I was walking the trade show floor, I ran into a guy who had invented a fall protection system. For those of you who don’t know, fall protection is an industry term in the roofing industry relating to anything to keep workers from falling off of a roof. It ranges from flags, signs, and other types of warning systems to scaffold and ropes and harnesses. This individual had developed a railing system for commercial flat roofing that was easy to setup and easy to work around. I was intrigued because most flat roofs require some type of railing system and most of these systems get in the way and slow down production. We got to talking and he mentioned that he had seen me in the “Becoming your own Banker” seminar and wondered what I thought. Not always being the most politically correct I promptly told him that I thought it was a load of crap and a waste of time. He chuckled and said that was an interesting position. Then he went on to tell me that if he hadn’t started his own banking system that his business would have been shut down a couple of years earlier as his volume had taken a big hit and the banks would have come calling. By the time he was done talking, I knew I was going to have to look into this thing a little bit more.
While we were talking, Rocky ended up joining us and we exchanged business cards. It took me nearly a year of talking with Rocky before I decided I would go ahead and start a Private Family Bank. So on June 8th of 2012 I started my very first bank! As with any business venture it takes time to build. The plan for this bank was to take over a truck loan from the bank by June of 2013. Of course I was out of business before that could ever happen. As the old saying goes, “If I knew then what I know now” I would have started my bank much sooner. In fact, if I had started my bank just six years sooner, I would not have been forced out of business earlier this year!
Anyway, June of 2013 rolls around and I’ve got this bank that I’m not sure what to do with. I called down to Private Family Banking to talk about the options and what I thought would likely lead to closing my new bank. One thing lead to another and Rocky offered me an opportunity to join him at Private Family Banking. At the time I still wasn’t sure what I was going to do but as pissed off as I was and am at the banking industry in this country, I was interested. When I first learned about Private Family Banking I was told I should read the book “Becoming Your Own Banker” by R. Nelson Nash. ( http://www.amazon.com/Becoming-Your-Own-Banker-Infinite/dp/B001NZO1DS/ref=sr_1_1?ie=UTF8&qid=1384270586&sr=8-1&keywords=becoming+your+own+banker ) Even though I had started a bank, I had never read the book. I decided I probably should read it before I made any decision about pursuing a career with Private Family Banking. ( http://privatefamilybanking.com/ )
Regardless of what you think about life insurance, becoming your own banker, Private Family Banking, or investing, you really need to read the book. If you don’t want to read that one, you can also take a look at this video by one of my new partners at Private Family Banking, John Commuta. ( http://www.johncummuta.com/Bankers_Secret.htm ) Finally, another very good read, and it’s free! Is found here: http://consultingbyrpm.com/uploads/HPBRW.pdf
After reading the book and doing some other research, I decided that I really could be passionate about life insurance! Quite a change when less than 24 months ago I HATED whole life insurance! What I’ve learned since has been life changing. You really should take some time and learn more about using life insurance as a tool for supercharging your finances. You’ll likely be surprised what you learn!