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[Music] welcome to lesson one of the nelson national institute's ivc for consumer video series in this lesson we want to give you a background of who we are how we got associated with nelson and become board members of the institute and also share some personal antidotes of our relationship with nelson first of all uh nelson nash is the developer and discoverer of the of the infinite banking concept and the best-selling author of the book becoming your own banker which has sold thousands and thousands of thousands of copies since it was published in the year 2000. infinite banking simply put is privatized banking at the unme level to reclaim the banking function in your life using the permanent cash value whole life insurance policy is the platform let me give you a quick introduction of who i am and how i got affiliated with nelson you might be surprised but you know i am his son-in-law we did meet in 1979 under unusual circumstances i met him two days before my wedding to his daughter kim we had a personal relationship for many years and i was i consider myself his guinea pig for ibc because i did buy his first my first policy from him a day after i met him in a day before i married his daughter in 2000 i started working with him informally and helping him develop his powerpoint presentations for his ibc seminar which he gave throughout the country to many many many insurance agents in 2004 i formally retired from the united states army and started to work with him full time at that point i was his administrative assistant and did much of the background work in order to free him for lecturing and further writing in 2005 nelson and i started the ibc think tank which is our annual event for ibc practitioners and invited guests in 2012 we started the infinite banking institute at that time nelson myself carlos and bob were the board of directors after a year it was decided that the infinite banking institute was was not a good name for our entity we wanted to give honor to nelson and maintain his legacy so we changed the name to the nelson nash institute and that was about 2013 same year that we introduced the ibc practitioners course carlos can you share with us briefly how you met nelson well that's uh that's an interesting story uh for me actually because um it was unique as i've already mentioned i'm a business owner and i happen to be in the office of of a businessman and i looked across his desk and i saw nelson's book they come in your own banker and the the title you know completely captivated me i mean how can you become your own banker but here was a book that was professing to tell its readers that you could actually do that and so i asked the business owner about the book and he said you know i don't even really know what it's what it's about if you want it you can have it so i took the book i took it home and i started reading it and i was captivated by the book i i'm not saying that it was easy to understand because it wasn't uh on one since he was talking about life insurance and another page he was talking about banking and so i didn't know which one it was that he was referring to what was he talking about here later i found out that at the tail end of his book he had his address on that that he lived in birmingham alabama that's just a few short hours away from nashville where i live so um picked up the phone and called him and he he himself answered the phone and so we had a pleasant little conversation there for a few moments and i asked if i could come to birmingham and meet him and he gladly said yes of course you can and we set a time and a date and but that was my first uh exposure to nelson nash there was an industry story after that i'll tell you about another time but that was my actual first time meeting nelson thanks carlos bob can you tell us how you first met nelson well sure so my background is i was a academic economist and actually i was going around the country with people associated with the mises institute giving lectures to the public warning them about federal reserve policy you know how they had to contribute the housing bubble and just trying to wake the people up to that uh element and i was a member of what was called the austrian school of economics that of course nelson was also a fan of and then i was in nashville tennessee and i got contacted by carlos actually um he was the one who who introduced me to ibc and what happened was carlos was using a study guide that i had written um a study guide to a book by murray rothbard because carlos had been working on a powerpoint presentation he was going around at the time giving presentations to commercial bankers explaining how fractional reserve banking worked and why that was such a problem and they you know i thought that was kind of a reckless thing for him to be doing but turned out they were they were grateful just we had no idea we were doing that this is interesting stuff and then at some point in the relationship he gives me nelson's becoming your own banker so tell me what you think about this and i read it and i thought oh this is a you know charming man and a lot of wisdom but there's like six things wrong with this but because carlos was so sharp and you know such an astute business person i thought i'll give it a i didn't want to hurt us and then the the stumbling block and nelson heard me say this many times um the stumbling block i didn't know how whole life worked even though i had a phd in economics from a big universe we never learned that kind of stuff and so the more i studied ibc it was like oh you know what there's only five things really wrong with this and then after a while there's only four things wrong because now i understand what he nelson meant and after a while after the last thing went i was like how come everyone's not doing this a bunch of idiots and so that's that's the way it progressed with me so the first time though i actually met him i think it was i was a speaker at the think tank that you guys held you had me as like an after dinner speaker i think it was in february of 2009 because it was right it was after the financial crisis had hit and that's you know where i saw someone nelson seminar and and that's the things took off and then what ended up happening how i came to be on the board of directors to work with you guys more closely was carlos and i wrote our book how privatized banking really works that you know there's a whole other story about that that we won't go into right now sort of marrying austrian economics and ibc because carlos realized ibc is the way to implement privatized banking right away uh one household at a time so we wrote our book that sort of put us on the map in terms of the ibc community and what happened was life insurance professionals would contact carlos and me want us to go out to their city and give presentations to the public to explain how this stuff worked but after a while you know initially we just knew all the people because you and nelson knew it and you could vouch for them so we knew that they were you know we were putting the public in good hands but as this thing grew we realize at some point we're not going to know who these people are that want to hire us and we realize the need for forming the ibc practitioner program right which you know was this training program so that we could in good conscience push the public to the graduates of our program knowing they've been trained in and how to set up a proper ibc policy right and so it is through all those uh all all that history is how i ended up sitting here with you guys even though i started out just as an academic economist great great thank you we when we wrote how privatized banking really works which was shortly after the financial crisis we had already done a very extensive study of the life insurance agent you and i and we had tried to understand what you know what the life insurance industry was all about neither bob or i were life insurance salesmen and and so we didn't we didn't really know specifically what was involved that nelson kept talking about in in becoming your own banker what kind of product to use but we did the we did the legwork and we we visited with many of the life insurance companies or ceos of those companies they let us speak to a lot of the investment officers of these firms and they were explaining to us how they would invest their you know their assets in order to provide life insurance and we read all the textbooks that are available to to understand and when how privatized banking really works came out uh it was a hit because in that particular book we were talking about how to integrate austrian economics with the infinite banking concept so we we gave audiences the first introduction to what the infinite banking concept was and we started receiving a lot of calls from guess what financial professionals that wanted us to come into their city and give talks and and so we gladly did it at first i mean we were we were going out almost every week and we noticed these financial professionals that would hire us to come in were loading up the the room with all kinds of people we didn't know who the people were they were there were clients or maybe it was other other financial professionals we didn't know they all seemed to like the concept of ibc and we started getting the impression that they were selling to these people that they were inviting what they were considering to be i mean but bob and i didn't know what they were selling right and so we started realizing that surely there was a problem uh and we started seeing some some things come out the idea as david said the idea of you know securing uh a place for the infinite banking concept to to expand properly was to put it into a platform of a course right yeah well you know i look at the the your book how privatized mac really works what to me the the the importance of that that book was it because you know obviously it to ibc to austrian economics but it you know nelson's focus was on the typical american family okay and how they could control the their the banking function at the family level control the 34.5 percent of the interest that's flowing out one way so it's focused on how you as the individual can control your cash flow okay what privatized banking brought to the table in my estimation it talked about you know the national economic level with fractional reserve banking on how that because that's a plank in the in the sound money platform right and so it expanded that and nelson was thrilled okay when you guys put that book together because he he knew that and he supported it 100 but he never put it down uh in word and ink yeah and i think you know as we sit here and reminisce about why did we form the practitioner program there we were sort of attacking this this problem of oh gee there's a lot of people out there claiming to know ibc uh that's in a sense kind of what we're doing now with this video course for the consumer that there's a lot of stuff on youtube people life insurance professionals putting out videos purporting to show oh this is how you can use cash value or they might even be using ibc terminology even though they're not affiliated with us and you know some of it it might be fine but some of it's not so good and so that's partly what we're doing here is to say you know we we can vouch for our video series you want to learn ibc from the people who knew nelson personally you know this this is ibc the way it works is as nelson envisioned it right so you know youtube is a huge platform out there videos are easier to watch and whatever and everybody wants to to watch a video instead of read a book but let me tell let me tell the audience right now that that you know our video series the consumer course for ibc it's hopefully it's going to it's going to provide you a great reference and and uh baseline for what to become your own bankers all about but please you know make the effort to read the book becoming your own banker and also our latest book the case for ibc yeah carlos uh you we weren't concerned about the agents that we train selling bad policies we're concerned about all the references and all the resources that were flowing around the internet uh that that that agents were using and they developed their own perspective on what ibc was about and they're the ones that develop bad policies so we're going to have 12 videos in this series and as we said before it's aimed at the american and canadian consumer and we want to give you a comprehensive success knowledge of ibc so when you seek out one of our graduates one of our ibc practitioners you'll have the baseline necessary to develop and implement this strategy in your own life you're going to find that this is an interesting course that you're about to embark it's it's of course not made for financial professionals per se it's for for the consumer and uh we're going to we have outlined this course in such a way that you're going to get some very basic information that you'll be able to understand at the science at the same time deep enough that you will see that the policy that nelson nash initiated for the infinite banking concept is uh is the policy that you need to be looking at so in the next video i'll be talking to you specifically about what this policy is and what it means what does infinite banking mean so look for it you