# THE TRUTH ABOUT LIFE INSURANCE, 401(k)s & THE $120 TRILLION WEALTH TRANSFER 💰

An episode of [Earn Your Leisure](https://invisiblenetwork.ai/podcast/1450211392), 30 Jul 2026, 1 h 06 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/8dbc4f54-a337-4481-9ef2-b355012b0a3d/9b78c9c0-ec30-4ffa-b9b2-b497012c56dd/audio.mp3?utm_source=Podcast&in_playlist=eac4c628-29cb-469a-b5c8-b355012b0a48

This week on Earn Your Leisure, we’re joined by Ellis Suazo and Jasmine Suazo, two of the leading voices in the life insurance and wealth-building industry. They break down how life insurance can be used as more than just protection—covering estate planning, debt strategies, generational wealth, and why it’s one of the most overlooked financial tools available today. We also discuss the $120 trillion wealth transfer from Baby Boomers, whether the traditional 401(k) is still the best retirement strategy, the pros and cons of annuities, using the “laser test” to evaluate investments, and how AI is transforming the financial services industry. Plus, Ellis and Jasmine explain why education is the key to changing financial habits and building lasting wealth. If you’re looking to protect your family, create a financial legacy, and learn practical strategies for building wealth across generations, this is an episode you don’t want to miss. Chapters: 00:00 Legacy Planning Wake Up 01:21 Meet The Wealth Academy 02:28 What The Company Does 04:02 Ellis Origin Story 05:57 Jasmine Money Mindset Shift 08:43 Scaling Agents And Systems 11:19 Community Marketing Playbook 13:09 Great Wealth Transfer Explained 14:31 Fixed Index Annuities Basics 15:34 LASER Test For Investments 17:28 Entrepreneur Wealth Framework 20:15 Fixed Index Variable Breakdown 21:47 Why 401k Falls Short 24:20 IUL As An Alternative 25:47 Funding IULs The Right Way 29:13 Changing How People See Insurance 29:46 Education Creates Wealth 32:12 Using Policies for Real Estate 34:19 AI in Financial Services 37:39 Buy Term Invest Difference 40:04 Why Black Men Need Coverage 43:22 Rule of 100 Portfolio 45:24 Start Today for Kids 47:20 Insuring Aging Parents 55:28 Agents Success Blueprint 59:45 Building Business as Couple 01:02:54 InvestFest Plans and Invite 01:05:10 Follow and Closin #EarnYourLeisure #EllisSuazo #JasmineSuazo #LifeInsurance #GenerationalWealth #WealthBuilding #FinancialLiteracy #EstatePlanning #PersonalFinance #Investing #FinancialFreedom #Legacy #AI #RetirementPlanning #EYL Subscribe and watch more videos here: https://www.youtube.com/@EarnYourLeisure Join the EYL community for deeper training and a more detailed approach: https://www.eyluniversity.com Join the number one stock club in the world: https://www.ianinvest.com Invest Fest | August 7-9, 2026 Grab early bird tickets now: https://www.investfest.com See omnystudio.com/listener for privacy information.

## Transcript

[0:00] Speaker 1: Have you ever met anybody that wouldn't eventually pass away?
[0:03] Speaker 1: So there's a client for us everywhere.
[0:05] Speaker 2: The four to one K is the worst retirement vehicle
[0:08] Speaker 2: in America. You look up thirty forty years and you like,
[0:10] Speaker 2: where is my money?
[0:11] Speaker 3: This largest wealth transfer in history is about to take place?
[0:14] Speaker 3: How can families prepare themselves for this?
[0:16] Speaker 1: For whatever investment vehicle you have successfully passes the laser test,
[0:21] Speaker 1: is my money liquids?
[0:22] Speaker 4: Say?
[0:22] Speaker 1: Freight of return? And are there any tax advantages?
[0:25] Speaker 2: One of the most important things is securing a payment
[0:29] Speaker 2: for the rest of your life that won't run out.
[0:31] Speaker 3: Why every black man in America needs to at least
[0:34] Speaker 3: a million dollars of life insurance.
[0:35] Speaker 2: Give your kids the birth right that you didn't have.
[0:38] Speaker 2: We gotta stop thinking that, oh, they're not gonna get
[0:40] Speaker 2: rich off of me, But that's why we're still in poverty.
[0:42] Speaker 5: We could be broke off of you.
[0:43] Speaker 1: We all have an exploration date. Why not be prepared
[0:46] Speaker 1: for that.
[0:47] Speaker 2: Don't think of it as a death plan, think of
[0:49] Speaker 2: it as a life plan.
[0:51] Speaker 6: At what age should we start getting these affairs in order?
[0:53] Speaker 1: Everybody needs a life insurance policy as early as two
[0:56] Speaker 1: weeks old and instead of investing ten thousand dollars in
[0:59] Speaker 1: a gender reveal or baby shower. I put that into
[1:02] Speaker 1: an index universal life insurance policy.
[1:04] Speaker 7: Why is it a good career path for an agent to.
[1:07] Speaker 4: Go into financial services?
[1:09] Speaker 1: Is the number one industry in the world most likely
[1:11] Speaker 1: to make you a millionaire? Every single day people pass away,
[1:14] Speaker 1: every day people retire, and every day new people are born.
[1:17] Speaker 4: Our industry covers all three.
[1:21] Speaker 3: All right, guys, welcome back, eyl. We got a special episode.
[1:24] Speaker 3: We have Ellis and Jasmine Sazo.
[1:27] Speaker 6: Yeah, I said it correctly, by way of New Orleans,
[1:32] Speaker 6: our way Shottown.
[1:34] Speaker 5: We got it all covered.
[1:35] Speaker 2: We do.
[1:35] Speaker 5: We got it all covered.
[1:37] Speaker 7: Co founders of the Wealth Academy.
[1:39] Speaker 3: Yes, rapidly growing financial firm focused on securing families futures.
[1:45] Speaker 3: Now you have over his fifteen hundred agents.
[1:48] Speaker 7: Is that correct?
[1:48] Speaker 4: Yes, that's correct.
[1:49] Speaker 7: Okay, over ten million dollars in sales.
[1:51] Speaker 6: Yeh.
[1:53] Speaker 3: So we're going to have a great conversation about legacy building,
[1:57] Speaker 3: financial planning, financial services, you know, all the things that
[2:00] Speaker 3: are accustomed to us. But first and foremost, and of
[2:03] Speaker 3: course you're married, So we got to have that conversation
[2:05] Speaker 3: as well as far as you know, working on the
[2:07] Speaker 3: spouse and growing a company as a family company. So,
[2:11] Speaker 3: first and foremost, thank you for joining.
[2:12] Speaker 2: Us, Thank you for having us.
[2:14] Speaker 5: We appreciate you all being here.
[2:16] Speaker 6: Shotty Advacy comes from a background of financial services. I
[2:19] Speaker 6: obviously am married. We had to learn today, we had
[2:24] Speaker 6: to learn today. I'm excited for y'all. Yeah, So let's
[2:27] Speaker 6: start it from there.
[2:28] Speaker 3: For people that may not be familiar with the Wealth Academy, right, like,
[2:31] Speaker 3: can you explain exactly what your company is and how
[2:34] Speaker 3: did they get started.
[2:36] Speaker 4: So I can take a start a stab at that.
[2:39] Speaker 1: So, the Wealth Academy is a national life, health and
[2:42] Speaker 1: wealth brokerage. We specialize in teaching people how to build wealth,
[2:46] Speaker 1: specifically leveraging the life insurance industry.
[2:49] Speaker 4: And while they're.
[2:49] Speaker 1: Alive, I would say a lot of people know us
[2:53] Speaker 1: by way of retirement planning and properly structuring life insurance.
[3:00] Speaker 1: You may know them as cash value policies and we
[3:02] Speaker 1: can get into that later. But that's the service arm
[3:06] Speaker 1: of our company. The other arm is we actually attract, train,
[3:11] Speaker 1: and develop the next generation of licensed brokers. So we're
[3:15] Speaker 1: a little under two thousand licensed professionals in our company
[3:19] Speaker 1: today with five physical locations spanning from Chicago, Dallas, Atlanta,
[3:25] Speaker 1: South Carolina in South Bend, Indiana.
[3:27] Speaker 7: Do you work with one particular company or are you
[3:30] Speaker 7: do you use like a variety of.
[3:31] Speaker 4: Different companies of variety?
[3:33] Speaker 2: Yep?
[3:33] Speaker 7: So you're independent, correct, yep.
[3:36] Speaker 4: So we're brokerage.
[3:37] Speaker 1: So under our portfolio suite, we have over twenty five
[3:41] Speaker 1: of the nation's top Fortune one hundred companies.
[3:44] Speaker 5: Impressive. So how did we get to this point?
[3:48] Speaker 2: Right?
[3:48] Speaker 6: I love seeing us in financial services, but that's not
[3:52] Speaker 6: always the traditional path. I want to individually us. How
[3:55] Speaker 6: you got to this point? Or did Jasmine? You said, look,
[3:58] Speaker 6: she's doing something over there. Who introduced who to this?
[4:01] Speaker 6: How do we get here?
[4:03] Speaker 2: Man? At such a you know, such a great story, man,
[4:06] Speaker 2: But essentially, you know, we all talk growing up. You
[4:08] Speaker 2: gotta get education, right, and so New Orleans coming up,
[4:11] Speaker 2: you know, not seeing much success. I wind up being
[4:14] Speaker 2: a teen parent. My grandmother said, man, well you ruined
[4:17] Speaker 2: your life, you know. So I'm like, well, I got
[4:19] Speaker 2: to do something else. So I got into school because
[4:21] Speaker 2: that's what everybody said you gotta do. So I got
[4:23] Speaker 2: a degree in engineer and move to Chicago. And so
[4:25] Speaker 2: as I'm working up the corporate ladder. Meet Jazz when
[4:28] Speaker 2: we get married, and she started noticing that I wasn't
[4:32] Speaker 2: doing much of anything. You know, I kind of made it,
[4:34] Speaker 2: you know, your life. Yeah, you know, I'm working every day,
[4:37] Speaker 2: working sixty seventy our work weeks. I'm traveling, you know,
[4:41] Speaker 2: I'm making over six figures as an engineer, youngest black
[4:45] Speaker 2: engineer you know in the company. I kind of, you know,
[4:47] Speaker 2: got into a niche lane and I'm doing good, but
[4:50] Speaker 2: I'm not excited. Right, I'm just doing that and I'm
[4:53] Speaker 2: still living check to check. Right, Morgan is over thirty
[4:56] Speaker 2: five hundred, and Jazz is like, what you're gonna do?
[4:59] Speaker 2: Be cause you just keep com I'm at home playing
[5:00] Speaker 2: the Xbox. That ain't gonna work, you know what I'm saying.
[5:04] Speaker 5: Something about that? Don't you playing at it?
[5:07] Speaker 2: I was playing mad and you know, Haylo, call of
[5:09] Speaker 2: duty all. I was doing all of that. And she
[5:13] Speaker 2: was like, look, man, I love an ambitious man, and
[5:15] Speaker 2: right now you're not showing me ambition. And I said, okay, cool,
[5:19] Speaker 2: Well I gotta find something. So I started praying, started
[5:22] Speaker 2: praying for an opportunity. A friend introduced me to another gentleman.
[5:26] Speaker 2: You know, in Chicago, got in financial services, and I
[5:30] Speaker 2: was doing that, introduced it to jazzmin and Jazz was like,
[5:33] Speaker 2: you want to sell life insurance? Boy, cut it out.
[5:37] Speaker 2: I don't nobody do that right, Nobody wants to really
[5:40] Speaker 2: do that. No one wants to talk about death. You're
[5:42] Speaker 2: an engineer. You should just stick to that. And I said, nah,
[5:45] Speaker 2: I gotta I want something more for our family. You know,
[5:48] Speaker 2: these people are saying I can be successful. I see success.
[5:51] Speaker 2: Let me give it a stab. You know. So that's
[5:53] Speaker 2: how we got it.
[5:55] Speaker 1: Yeah, yeah, So I very similar introduction. Born and raised
[6:01] Speaker 1: in Chicago. Was taught that the more degrees, the more income.
[6:06] Speaker 1: And so that was me. Graduated from Howard University with
[6:10] Speaker 1: a degree in political science. I went back and got
[6:13] Speaker 1: another degree in public policy. All roads for me were
[6:17] Speaker 1: leading to law school. We by all, I would say,
[6:21] Speaker 1: academic standards have no business being in finance. Our degrees
[6:25] Speaker 1: are engineering and public policy and pre law. So here
[6:30] Speaker 1: I am getting ready gearing up for Northwestern Law school,
[6:33] Speaker 1: and I'm excited, and one day it hit me like
[6:37] Speaker 1: a ton of bricks. I don't know how money works.
[6:40] Speaker 1: And if I don't learn the rules to the money game,
[6:43] Speaker 1: it doesn't matter how much money I make. I'll never
[6:46] Speaker 1: master this game. I'll never win at this I'll never
[6:48] Speaker 1: really get ahead because I'm living check to check. My
[6:51] Speaker 1: husband and I at the time, we were making six
[6:54] Speaker 1: figures independently in corporate America and still didn't know how
[6:58] Speaker 1: money worked.
[6:58] Speaker 4: We didn't know how tax this work.
[7:01] Speaker 1: Everybody was talking about being rich, but nobody was talking about.
[7:04] Speaker 4: How to build real wealth that outlives you.
[7:08] Speaker 1: And so we started having really tough conversations as a
[7:12] Speaker 1: husband and wife. You know about man, what do you
[7:15] Speaker 1: want your legacy to be? You know what are we
[7:17] Speaker 1: doing this for? Are we doing this to vacation one
[7:20] Speaker 1: or two times a year? You know what's the end goal?
[7:23] Speaker 1: And what do we want our children to inherit? Is
[7:26] Speaker 1: it just the last name?
[7:28] Speaker 4: Is it?
[7:29] Speaker 1: You know the degrees? They can't inherit the degree. So
[7:32] Speaker 1: we started. I was very reluctant. I'm not a salesperson
[7:37] Speaker 1: by trade. I'm certainly not a math person. I told
[7:40] Speaker 1: you my degree was in political science. But I am
[7:44] Speaker 1: a family person, and building a business in an industry
[7:51] Speaker 1: that educates and protects people how money works was a
[7:53] Speaker 1: very notable cost for us. So I started out just
[7:57] Speaker 1: kind of helping on the back end within the wealth
[7:59] Speaker 1: of cat of me in terms of infrastructure systems, and
[8:03] Speaker 1: then gradually made my way on the front end and we've.
[8:07] Speaker 4: Scaled to multiple locations since then.
[8:10] Speaker 3: Okay, so okay, So now so you you both are
[8:13] Speaker 3: in the financial service businesses, you decide that you want
[8:15] Speaker 3: to start your own company because you are working for
[8:17] Speaker 3: a company at first.
[8:18] Speaker 2: Right, hold the sown no, no, no, so well we
[8:22] Speaker 2: partnered in independent with a brokerage firm. Okay, right, so
[8:25] Speaker 2: we developed our own independent But like when you first
[8:27] Speaker 2: started on life insurance, I was under a brokerash with integrity.
[8:31] Speaker 7: And then you and then you start doing your own thing.
[8:33] Speaker 2: Yeah, so we were still under the umbrella all right,
[8:35] Speaker 2: but it was still independent with their partner.
[8:37] Speaker 3: That's your broken deala Yeah. So you have an idea
[8:40] Speaker 3: that you want to, you know, do this full fledge.
[8:45] Speaker 3: What is the first steps to scaling the business? Like,
[8:49] Speaker 3: how do you start recruiting agents or do you just
[8:52] Speaker 3: work on your book of business first?
[8:55] Speaker 2: I think I started a little bit of both at
[8:57] Speaker 2: the same time. I mean, obviously, to begin, you got
[8:59] Speaker 2: to get your life, you know, you got to make
[9:01] Speaker 2: the decision here, I want to get in this, learn
[9:02] Speaker 2: the products and stuff, you know, and then from there,
[9:06] Speaker 2: you know, it's like, okay, I want to the money
[9:08] Speaker 2: is in distribution, right. So for me, when I got
[9:11] Speaker 2: in the industry, I'd be quite honest with you, I
[9:13] Speaker 2: was looking for a path on, you know, how to
[9:15] Speaker 2: get rich, right, and something that wasn't trendy, something that's
[9:19] Speaker 2: you know, I could really get behind I believe in,
[9:21] Speaker 2: and something that can help people. And so when I
[9:23] Speaker 2: learned about insurance how I work, I'm like, man, I
[9:26] Speaker 2: could really get behind this and do it. And I'm like, man,
[9:29] Speaker 2: other people need to come with me, right, So yes,
[9:32] Speaker 2: you need to, you know, do both. At the same time.
[9:35] Speaker 2: You need to understand that building distribution requires you bringing
[9:39] Speaker 2: people with you, helping them get license. Absolutely.
[9:42] Speaker 6: What's the time frame of this because I remember when
[9:45] Speaker 6: he was starting and it was he's like, yo, if
[9:48] Speaker 6: you know anybody, I need this referral and he's like,
[9:52] Speaker 6: if you know five people? And then social media kind
[9:54] Speaker 6: of came and changed that. So what's the time frame
[9:57] Speaker 6: that this is happening and what was your strategy?
[10:00] Speaker 1: That's a great question. So when we first started the
[10:03] Speaker 1: Wealth Academy in twenty eighteen. It was a year before
[10:05] Speaker 1: the COVID pandemic. And to kind of piggyback to Rashad's question,
[10:11] Speaker 1: we first started with ourselves, because you can't recruit somebody
[10:15] Speaker 1: into something when you don't know what you're doing. So
[10:17] Speaker 1: we needed to build the infrastructure, the systems, the CRMs,
[10:22] Speaker 1: the marketing strategy, strengthening our relationships with our carriers, becoming
[10:27] Speaker 1: product experts, not becoming a person who specialized in one
[10:31] Speaker 1: particular carrier, one particular product. It was very important that
[10:36] Speaker 1: we invested in understanding, you know, which carrier was right
[10:40] Speaker 1: for which demographic. I have some carriers who are higher
[10:43] Speaker 1: net worth, you know, more affluent communities. I have some
[10:47] Speaker 1: carriers that are going to be for you know, underserved communities,
[10:51] Speaker 1: middle market America, and so I just wanted to kind
[10:55] Speaker 1: of clarify that. We definitely started with what are we
[10:58] Speaker 1: doing right? What is the industry at a high level,
[11:02] Speaker 1: what are the systems, the best CRMs, the proven blueprints,
[11:06] Speaker 1: And then we implemented what worked into the Wealth Academy.
[11:10] Speaker 4: To your point, how did we start? Was it marketing?
[11:15] Speaker 4: Was that what you say?
[11:16] Speaker 7: Yet?
[11:16] Speaker 5: Marketing getting referras, having people become aware of the business.
[11:20] Speaker 1: So we built the Wealth Academy through community partnerships. From inception,
[11:26] Speaker 1: you know, you're going to have that word of mouth,
[11:28] Speaker 1: but that only goes so far. You're going to exhaust
[11:31] Speaker 1: your warm market pretty soon. And nobody wants to be
[11:34] Speaker 1: the friend or family member that people no longer want
[11:36] Speaker 1: to invite over.
[11:37] Speaker 4: To the house.
[11:37] Speaker 1: Right for the cloth's got something exactly, and so we
[11:41] Speaker 1: quickly learned that we needed to generate our own leads.
[11:45] Speaker 1: Now here's the thing about our industry. Have you ever
[11:48] Speaker 1: met anybody that wouldn't eventually pass away? Never, So there's
[11:53] Speaker 1: a client for us everywhere. The first thing that we understood,
[11:57] Speaker 1: and the rule of business is I don't have a
[12:00] Speaker 1: real business until you look around and there's nothing but
[12:03] Speaker 1: total and complete strangers who support you. So we re
[12:07] Speaker 1: realized very fast we don't have a real business if
[12:09] Speaker 1: only our family members and friends wanted to buy from us.
[12:12] Speaker 1: So our approach was partnering with companies, churches, schools, hospitals, restaurants, hotels,
[12:20] Speaker 1: small businesses, barbershops, spas. I mean, we would go in
[12:26] Speaker 1: and meet with the business owners, the small business owners,
[12:29] Speaker 1: and we would teach them how they could do succession planning,
[12:32] Speaker 1: preserve their assets and reduce tax implications. And from there,
[12:38] Speaker 1: I mean, the referral started coming from business to business.
[12:41] Speaker 4: It's how we really grew now.
[12:44] Speaker 1: Obviously, when we would go and facilitate workshops within churches.
[12:48] Speaker 1: I actually just did a huge workshop for a women's
[12:52] Speaker 1: conference at a large church in Atlanta with over five
[12:55] Speaker 1: hundred women. You have individuals right who signing up for
[12:58] Speaker 1: wealth building consoles the result of that.
[13:01] Speaker 4: But for the.
[13:01] Speaker 1: Most part, our target audience is entrepreneurs, business owners.
[13:06] Speaker 4: Yeah.
[13:07] Speaker 7: So okay, so let's have this conversation.
[13:10] Speaker 3: This largest wealth transfer and history it's about to take place, right,
[13:15] Speaker 3: So what does that mean? And how can families prepare
[13:19] Speaker 3: themselves for this?
[13:21] Speaker 2: Yeah, there's one hundred and twenty trillion dollars sitting in
[13:24] Speaker 2: baby boomer accounts and it's to call the Great Wealth Transfer.
[13:27] Speaker 2: And essentially what's happening is the Baby boom is still
[13:30] Speaker 2: the largest generation in America and they have all the
[13:32] Speaker 2: money in America, right, and they don't know what to
[13:35] Speaker 2: do with Many of them don't know what to do
[13:37] Speaker 2: with the money. And where is the money sitting at
[13:38] Speaker 2: It's sitting in retirement plans right from pensions to for
[13:42] Speaker 2: one case, iras, to mutual funds, whatever it is, it's
[13:45] Speaker 2: sitting in those accounts. And most Americans sixty years and older,
[13:49] Speaker 2: they don't know what to do with that money, and
[13:51] Speaker 2: they need help, right, and so they don't really have
[13:54] Speaker 2: trusted individuals that they can go to a lot of
[13:57] Speaker 2: financial advisors, you know, they only meet with people who
[14:00] Speaker 2: have a certain amount of funds, right, and so they
[14:03] Speaker 2: need people, you know, that can help them with sixty thousand,
[14:06] Speaker 2: hundred thousand. They need help that if they don't have anything, right.
[14:11] Speaker 2: And so with a great wealth transfer, people are looking
[14:14] Speaker 2: for options, and how they can prepare is understanding what's
[14:18] Speaker 2: available from financial advisors, what's available from life insurance companies,
[14:22] Speaker 2: what's the full scope of plans out there, and what's
[14:26] Speaker 2: the best one for me? And so that's where we
[14:28] Speaker 2: come in and we talk a lot about, you know,
[14:30] Speaker 2: annuity planning. Right, maybe a fixed index annuity could be
[14:33] Speaker 2: beneficial for you. So explain what a fixed index annuity is.
[14:38] Speaker 2: So essentially and plain english, is a personal pension plan. Right.
[14:41] Speaker 2: It helps protect whatever money you put into it one
[14:44] Speaker 2: hundred percent principle protection. It grows using an index from
[14:49] Speaker 2: the stock market right like the S and P five hundred.
[14:52] Speaker 2: What that means specifically is it allows you to earn
[14:54] Speaker 2: interests from the SMP but not have to worry about losses.
[14:58] Speaker 2: Now you may have a cap right can have all
[15:00] Speaker 2: the gains, right, but you can have a good portion
[15:03] Speaker 2: of the games have a floor zero, which means you
[15:05] Speaker 2: don't have to lose anything. And then as well as
[15:08] Speaker 2: in retirement, provides you a lifetime income, right, and that
[15:13] Speaker 2: is one of the most important things, is securing a
[15:16] Speaker 2: payment for the rest of your life that won't run out,
[15:19] Speaker 2: especially what we have with Social Security. You know what
[15:22] Speaker 2: they're saying about their trust fund running out and cutting
[15:25] Speaker 2: back twenty seven percent of what people are going to
[15:28] Speaker 2: be able to receive, right, So it's a huge crisis
[15:31] Speaker 2: right now, you know. But that's what an annuity can do.
[15:34] Speaker 4: Yeah, I want to quickly add to that.
[15:35] Speaker 1: One of the things that we teach our clients is
[15:39] Speaker 1: the Laser test. The way that you properly prepare for
[15:42] Speaker 1: this great wealth transfer is making sure whatever investment vehicle
[15:46] Speaker 1: you have successfully passes the laser test. Is my money liquid,
[15:51] Speaker 1: is my money safe? Is there a guaranteed rate of return?
[15:54] Speaker 1: And are there tax advantages Again, is my money liquid, safe,
[15:58] Speaker 1: rate of return? And are there any tax advantages? And
[16:02] Speaker 1: so once we check off all of those boxes, I mean,
[16:06] Speaker 1: and by the way, that's actually what baby boomers right
[16:09] Speaker 1: now are looking for. They've done the variable vehicles where
[16:13] Speaker 1: you can gain and you can lose, and there's a
[16:15] Speaker 1: place for that in all of our.
[16:17] Speaker 4: Wealth building portfolio.
[16:18] Speaker 1: There's absolutely nothing wrong with riskier opportunities. But the older
[16:22] Speaker 1: you get, the less likely you are comfortable losing your
[16:25] Speaker 1: retirement saving.
[16:26] Speaker 7: What do you say to people or that say annuities
[16:28] Speaker 7: are expensive? Peez?
[16:32] Speaker 2: Well, typically we don't. We deal with companies that have
[16:36] Speaker 2: no fees, especially if it's just for an accumulation period,
[16:39] Speaker 2: meaning they just wanted to sit and grow. There's many
[16:42] Speaker 2: carriers that don't offer any fees because it's just sitting there, right.
[16:45] Speaker 2: And then for those that's looking for, for example, like
[16:48] Speaker 2: a lifetime income, those fees are less than one percent,
[16:53] Speaker 2: you know, And so if you deal with any you know,
[16:56] Speaker 2: specific variable account, it could be anywhere with one to
[16:59] Speaker 2: three percent. And so sometimes as well, even with those
[17:03] Speaker 2: even with that fee, there's bonuses that the insurance company
[17:07] Speaker 2: will give you two as well. So the fee the
[17:11] Speaker 2: perks of what you get outweighs the fee by a mile, right,
[17:15] Speaker 2: And even some of the annuities we carry have an
[17:19] Speaker 2: impairment rider which is like a long term care writer
[17:21] Speaker 2: built in so it can even double the payment for
[17:24] Speaker 2: the client as they get older. So as far is
[17:26] Speaker 2: outweigh any fee that it has.
[17:28] Speaker 6: You said you got started in twenty eighteen, and which
[17:32] Speaker 6: is interesting because we've seen an influx of entrepreneurs and
[17:36] Speaker 6: we talked to a lot of entrepreneurs. Some of them
[17:39] Speaker 6: know business, some don't. Some get money, but they don't
[17:43] Speaker 6: have the long term vision. I wonder as you're talking
[17:46] Speaker 6: to entrepreneurs, like what's the first couple of steps that
[17:49] Speaker 6: you're trying to get them to understand? Is the mindset shift?
[17:52] Speaker 6: Like how do you approach the new age entrepreneur who
[17:54] Speaker 6: started a business over the last five years, has money,
[17:58] Speaker 6: here's the term generational wealth, has no idea how to
[18:01] Speaker 6: get to that point?
[18:03] Speaker 1: Yeah, I think the first thing that we would tell
[18:05] Speaker 1: them is you got to know the four cash flow quadrants, right,
[18:09] Speaker 1: there are four ways that income is generated in the
[18:11] Speaker 1: world that as an employee, self employed, business owner, and investor,
[18:18] Speaker 1: I think we have a lot of entrepreneurs who are
[18:20] Speaker 1: self employed today and mistakenly calling themselves business owners because
[18:25] Speaker 1: they have an LLC and an EI in But there
[18:28] Speaker 1: are certain habits, disciplined mindset, systems and infrastructure that will
[18:33] Speaker 1: allow you to matriculate each quadrant. And so you got
[18:37] Speaker 1: to know, as an employee, someone else is in control
[18:39] Speaker 1: of your time, which means someone else is in control
[18:41] Speaker 1: of your money. Self employed, you are in control of
[18:44] Speaker 1: your time, which means your income is limited to the
[18:48] Speaker 1: twenty four hours that you have in one day. But
[18:50] Speaker 1: then the top one to ten percent income owners are
[18:53] Speaker 1: on that right side of the quadrant, either business owners
[18:56] Speaker 1: or investors. Now, business owners income is not even predicated
[19:01] Speaker 1: on their time, It's predicated on the system. So the
[19:04] Speaker 1: first thing that I would teach any new entrepreneur, and
[19:08] Speaker 1: that we do all the time, is you must have
[19:10] Speaker 1: a solid system. Now, the wonderful thing is I mean, guys,
[19:14] Speaker 1: this what we're talking about today, and I'm sure Rishi
[19:19] Speaker 1: you would agree.
[19:20] Speaker 4: This is not a new topic.
[19:21] Speaker 1: The Rockefellers wrote a book about it, How to leverage
[19:24] Speaker 1: the life insurance industry to build multi generational wealth. I
[19:29] Speaker 1: think that we got to open up these books and
[19:32] Speaker 1: really put these because these systems and process these still
[19:35] Speaker 1: work today.
[19:36] Speaker 4: So the first thing is to build a system.
[19:38] Speaker 1: The second thing is to build a marketing strategy, and
[19:40] Speaker 1: the third thing is to leverage artificial intelligence. Not to
[19:45] Speaker 1: replace you, but you need to train artificial intelligence on
[19:49] Speaker 1: what you needed to to how you needed to perform,
[19:51] Speaker 1: and where your company is headed. And so the last
[19:54] Speaker 1: thing I would say is coaching. Get you someone who
[19:58] Speaker 1: has a proven track record. In our industry, there are
[20:02] Speaker 1: really two pathways. You can have a producer and you
[20:06] Speaker 1: can have an agency owner.
[20:08] Speaker 4: Right, and so what do I mean?
[20:09] Speaker 1: One person pushes policies, another person builds leaders within the industry.
[20:15] Speaker 7: So how do you feel about variable lordies?
[20:18] Speaker 4: So you want to talk about the three ways that
[20:20] Speaker 4: money grows.
[20:21] Speaker 2: Yeah, let's talk Yeah, so there's three ways money grows. Right,
[20:24] Speaker 2: there's fixed accounts, index accounts, and variable accounts. Right, and
[20:27] Speaker 2: so fixed account think of a CD at the bank, right,
[20:30] Speaker 2: slow and steady, fixed interests, nothing exciting, but you're going
[20:33] Speaker 2: to get a little bit index account. Well, let's go
[20:36] Speaker 2: to variable variable account. You can get all of the
[20:38] Speaker 2: gains of the market and then all of the losses
[20:40] Speaker 2: of the market, and then you're also going to pay
[20:42] Speaker 2: some fees to a broker or a four one K
[20:45] Speaker 2: plan for example. There's fees there. And then the last
[20:48] Speaker 2: one is the index where it takes the culmination of
[20:51] Speaker 2: both right, it gives you the floor of zero, which
[20:53] Speaker 2: is the safety of fix right, and then it gives
[20:56] Speaker 2: you some of the growth of the variable account for
[21:00] Speaker 2: a variable annuity. If I'm in my late fifties sixties,
[21:06] Speaker 2: I'm not I'm telling the client, do you want to
[21:09] Speaker 2: continue to ride the waves of the up and down
[21:11] Speaker 2: of the market, because there are some people that want to.
[21:15] Speaker 2: So it's not my job to say this is bad
[21:18] Speaker 2: or that is good. My job is to say, is
[21:21] Speaker 2: what I have what you want? Right? And so my opinion,
[21:25] Speaker 2: if you want to ask me my opinion, though my
[21:27] Speaker 2: opinion is if it's my mama, I'm not putting it
[21:30] Speaker 2: in a variable annuity. You know, at this point, because
[21:33] Speaker 2: of the you know, the waves of the market right now,
[21:36] Speaker 2: I need some certainties and guarantees for her, and you
[21:38] Speaker 2: know that's what we deal more with the fixed index.
[21:40] Speaker 2: But variable can be very good. Obviously, if you're in
[21:43] Speaker 2: your twenties thirties, you want to aggressively accumulate more that
[21:47] Speaker 2: can be a great vehicle for you.
[21:50] Speaker 6: So let's talk for one K plans because I know
[21:52] Speaker 6: y'all have some thoughts about that.
[21:54] Speaker 5: I was in education. We have FOURRO three B.
[21:57] Speaker 6: I remember coming into that space and not even knowing
[22:00] Speaker 6: what that was. Yeah, most people don't. No, no, they
[22:03] Speaker 6: don't know what it does. How if they're employment Matt,
[22:06] Speaker 6: none of the things. Yeah, but the idea that this
[22:09] Speaker 6: system might be broken, Oh yeah, it's something that most
[22:11] Speaker 6: people don't talk about.
[22:12] Speaker 5: Why do you say that?
[22:14] Speaker 2: So you know, I believe the four to one K
[22:17] Speaker 2: is the worst retirement vehicle in America. I know I
[22:19] Speaker 2: draw a hard line in the saying when I say that,
[22:22] Speaker 2: but if you go look at statistics, not one single
[22:25] Speaker 2: person has been able to sustain retirement solely based off
[22:28] Speaker 2: that plan. Right, And essentially in America, we had a initially,
[22:32] Speaker 2: I should say, we had a three legged stool plan, right,
[22:35] Speaker 2: which was we had a pension, we had a four
[22:38] Speaker 2: one K, and we we had personal savings. Right. Yeah,
[22:43] Speaker 2: I'm sorry, we had a pension, personal savings, and then
[22:46] Speaker 2: we had Social Security. Right. So that was our three
[22:48] Speaker 2: legas stool that was supposed to sustain us. But then
[22:52] Speaker 2: they had a little problem. We started living too long.
[22:54] Speaker 2: So you can work thirty years for a company, but
[22:57] Speaker 2: then on top of that, you can live another forty
[22:59] Speaker 2: fifty years. We just came back from Chicago. Her grandmother
[23:02] Speaker 2: celebrated one hundred years old. Right, So if people are
[23:05] Speaker 2: living alone, the jobs are saying the companies are saying, hey,
[23:08] Speaker 2: we can't sustain paying you that loan. So we're going
[23:12] Speaker 2: to have to give you the autonomy to not run
[23:15] Speaker 2: your retirement. And we're going to introduce this for a
[23:17] Speaker 2: one K plan and you figure it out. Right, We're
[23:19] Speaker 2: going to give you some accumulation, we're going to give
[23:21] Speaker 2: you some pre tax growth, but it's on you to
[23:24] Speaker 2: figure out the retirement. And whether you went to school
[23:27] Speaker 2: for engineering, a teacher, you know, a lawyer or a doctor,
[23:31] Speaker 2: you don't know anything about finance and compound and interests
[23:34] Speaker 2: and guarantee streams of income, and so you look up
[23:37] Speaker 2: thirty forty years and you like, where's my money? Right,
[23:41] Speaker 2: twenty eighteen we saw financial crisis where people in their
[23:44] Speaker 2: sixties loss anywhere between what twenty five to thirty five
[23:47] Speaker 2: percent of their four one K money, and now they
[23:51] Speaker 2: can't retire, you know, And so any financial professional, any
[23:55] Speaker 2: great one will tell you, hey, you can't have all
[23:57] Speaker 2: your a's in one basket. But I don't necessarily know
[23:59] Speaker 2: too many any financial professionals today really pushing for one case.
[24:04] Speaker 7: So what will be the alternative?
[24:06] Speaker 3: Because it does have a lot of advantages obviously tax standpoint,
[24:09] Speaker 3: and for most people that's where most of their money
[24:11] Speaker 3: is saved retirement. So if somebody did not participan, if
[24:15] Speaker 3: the company matches, that's free money.
[24:17] Speaker 7: So what will be the alternative?
[24:20] Speaker 2: So my alternative is is, so if I'm speaking to
[24:22] Speaker 2: especially our age millennials, you know, I'm now telling them
[24:26] Speaker 2: about iuls. You know, hey, you can put into this plan. Now,
[24:31] Speaker 2: obviously you got to use after tax dollars, right, so
[24:33] Speaker 2: you lose that tax deferred. But the thing about taxes
[24:37] Speaker 2: is we don't know how much taxes are going to
[24:38] Speaker 2: be in the future, right, And so yeah, I may
[24:41] Speaker 2: have that tax defer, and I may get that little
[24:43] Speaker 2: bit of three percent from my job, which is essentially
[24:46] Speaker 2: a cash balance plan for the company, and they get
[24:48] Speaker 2: the tax right off for that, but you, as the employee,
[24:51] Speaker 2: don't get the tax right off of that right, And
[24:54] Speaker 2: so you can use an IUL for an example, which
[24:57] Speaker 2: is an index universal life design proper you know, you
[25:01] Speaker 2: can minimize the death benefit to maximize the cash value
[25:04] Speaker 2: growth getting compound and interest from an index. And many
[25:08] Speaker 2: studies have shown over the years, you put a four
[25:12] Speaker 2: one k in the s and P five hundred versus
[25:14] Speaker 2: in IUL with just a cap of nine percent, and
[25:17] Speaker 2: you're going to see over twenty years, thirty years long term,
[25:21] Speaker 2: not short term, right, long term that this vehicle IUL
[25:24] Speaker 2: is going to give you more if you fund it properly,
[25:27] Speaker 2: use it properly, it'll be there and it'll be more.
[25:31] Speaker 2: And in some instances, in some companies, we have the
[25:34] Speaker 2: ability to turn those iuls into a lifetime income writer
[25:37] Speaker 2: where it can pay you out to as well. And
[25:40] Speaker 2: those funds are tax advantage, meaning that you don't have
[25:42] Speaker 2: to pay taxes on the gains in that IUL, which
[25:46] Speaker 2: is a huge benefit.
[25:47] Speaker 7: When you say fund it properly, explain what that means.
[25:50] Speaker 2: So it's well not to it has to be over
[25:53] Speaker 2: the target premium, which is the cost of insurance, right,
[25:56] Speaker 2: and so there it is.
[25:57] Speaker 3: That's important for people to understand. Yeah, because a lot
[26:00] Speaker 3: of people they they underfunded. Correct, that causes problems.
[26:04] Speaker 2: It does because then that policy con lapse.
[26:06] Speaker 3: So who w want to overpay it unless they fully
[26:08] Speaker 3: educate on why you're over Nobody overpay for anything.
[26:11] Speaker 2: Exactly one hundred percent. So we don't sell iuls as
[26:14] Speaker 2: a as a death benefit, a death policy because it's
[26:18] Speaker 2: really not that right and by the way, it's not
[26:21] Speaker 2: for everybody's This is not for you know, I got
[26:23] Speaker 2: fifty dollars a month, man, I'm trying to become a millionaire.
[26:26] Speaker 2: It doesn't work like that. You know, this is for
[26:28] Speaker 2: business owners. We structure a lot of IUL policies. You know,
[26:32] Speaker 2: people are paying you know, they're doing lump sums. You
[26:34] Speaker 2: know they're dropping ten twenty thousand dollars, paying one thousand
[26:37] Speaker 2: dollars a month, you know, low death benefit one hundred
[26:40] Speaker 2: and fifty thousand, like that's that's where it's at.
[26:43] Speaker 7: Now.
[26:43] Speaker 2: If you're twenty years old, man, you could start something
[26:45] Speaker 2: and then work your way up. You can start two hundred,
[26:48] Speaker 2: you know, one hundred and fifty dollars a month and
[26:50] Speaker 2: build up over time because your cost of insurance is low.
[26:53] Speaker 3: So let's fully explain this for people, right, is a
[26:55] Speaker 3: base premium that let's say you have a three hundred
[26:58] Speaker 3: thousand dollars. Policy premum a minimum, right, let's say fifty
[27:02] Speaker 3: dollars a month. That's the minimum amount that you got
[27:03] Speaker 3: to pay to keep the policy going. Target premium what
[27:06] Speaker 3: you say, which is that's like the recommended and then
[27:10] Speaker 3: there's the maximum.
[27:12] Speaker 7: If you do over to that, it becomes taxical.
[27:14] Speaker 2: That's correct. Right.
[27:16] Speaker 7: You want to do to the max or close to
[27:18] Speaker 7: the max, right, yeah, close to the max.
[27:19] Speaker 3: Because that's where you over the that's where you could
[27:22] Speaker 3: really get the compounding interest around right, right. Yes, So
[27:24] Speaker 3: you will always recommend because even if somebody has a policy,
[27:28] Speaker 3: you would recommend for them to know because people don't
[27:30] Speaker 3: even know what their maxi amount is and you can
[27:31] Speaker 3: put in there per year, you would recommend that they
[27:34] Speaker 3: know what their maximount is and try to do up
[27:36] Speaker 3: to the max.
[27:36] Speaker 2: Correct. So we always educate everybody say hey, this is
[27:41] Speaker 2: where your baseline is, this is where you want to be.
[27:44] Speaker 2: Can you do this? And sometimes if they can't, then
[27:47] Speaker 2: we adjust it. Right, we can drop so like you said,
[27:49] Speaker 2: three hundred thousand, they may need to drop that down
[27:51] Speaker 2: to two hundred thousand. We may need to drop that
[27:53] Speaker 2: down to one hundred thousand. So that their comfortability is
[27:57] Speaker 2: at that max. But that policy is not too expensive
[28:01] Speaker 2: to where to eat up the money that.
[28:03] Speaker 3: Because even from an IRS standpoint, that lets you know
[28:05] Speaker 3: that it has great tax advantages because the IRS sets
[28:09] Speaker 3: a limit, correct, because after that, what does it become
[28:11] Speaker 3: a modified and downment contract.
[28:12] Speaker 2: It comes to mech yep, So don't want that. People
[28:15] Speaker 2: don't even know that though.
[28:17] Speaker 3: But it's like for the IRS to set a limit
[28:19] Speaker 3: that lets you know that because if what really educated
[28:24] Speaker 3: people would do it, they would just dump millions of
[28:25] Speaker 3: dollars into the policy because it's tax advantage. So the
[28:29] Speaker 3: fact that the IRS even has a cap let you
[28:32] Speaker 3: know that that's something that's beneficial because while would they
[28:35] Speaker 3: even set a cap if it's not beneficial?
[28:37] Speaker 2: Right right, And that's definitely something you know, we'll definitely
[28:41] Speaker 2: get into a lot of details, you know, and investments
[28:44] Speaker 2: talking about you know, the Tamra, the death ra, you know,
[28:47] Speaker 2: the seventy seven oh to all of the rules that's
[28:49] Speaker 2: in place. So people understand because it sounds great, it's
[28:51] Speaker 2: like it sounds too good to be true. Well, no,
[28:53] Speaker 2: there's rules in place. IRS. You know, it got some
[28:56] Speaker 2: rules in place. Obviously if IRS got rules, then somebody
[28:59] Speaker 2: mess up up all of us. Right, it's like you're saying,
[29:02] Speaker 2: you know, back in the day, people were just dumping
[29:04] Speaker 2: millions of dollars into a ten thousand dollars policy. In
[29:07] Speaker 2: I res it's like, wait a minute, hold on what
[29:09] Speaker 2: y'all doing. Yeah, we got to set some limitations here. Yeah,
[29:12] Speaker 2: it's interesting.
[29:13] Speaker 6: I feel like outside looking in right the god not
[29:16] Speaker 6: in the traditional financial services. There's the three types of people.
[29:20] Speaker 6: The people like you tell them about life insurance and
[29:22] Speaker 6: it's like, I ain't thinking about dying, I'm not trying
[29:24] Speaker 6: to do that. Then you get the next tier of
[29:26] Speaker 6: people where it's like, okay, I'll get it, and it's
[29:30] Speaker 6: in case things happen, Right, in case something happens, I'll
[29:33] Speaker 6: have insurance. And there's that last tier of people who
[29:36] Speaker 6: actually figure out that this is for wealth creation and
[29:39] Speaker 6: not protection. Like how do we get like the first
[29:43] Speaker 6: tier to the top tier, Like what are some strategies,
[29:46] Speaker 6: What are the things that you're seeing that are helping
[29:49] Speaker 6: people shift that mindset of like, nah, this is not
[29:51] Speaker 6: just protection, it's wealth creation.
[29:53] Speaker 1: Yeah, one of the things is just education and not
[29:57] Speaker 1: general education. But don't be afraid to actually show up
[30:02] Speaker 1: online and reveal to people that you know what you're
[30:05] Speaker 1: talking about, right, so you can show that through case studies,
[30:09] Speaker 1: you can give real life examples. None of the things
[30:12] Speaker 1: that we're talking about are foreign. These are today's realities.
[30:16] Speaker 1: There's a huge retirement crisis happening right now, so make
[30:20] Speaker 1: people aware that there is a problem. But there's also
[30:24] Speaker 1: a tangible solution. But you do need to meet with
[30:27] Speaker 1: a licensed professional, someone that knows how to custom design
[30:31] Speaker 1: and properly structure a policy for you. We call them
[30:35] Speaker 1: legacy plans. But right now on our social media you're
[30:39] Speaker 1: I mean, we are flooding the internet just with education,
[30:42] Speaker 1: teaching people not just the different types of insurance, but
[30:46] Speaker 1: how your policy should be structurally, should be properly structured,
[30:50] Speaker 1: but also the living benefits. To your point, a lot
[30:53] Speaker 1: of people when they think of life insurance, they immediately
[30:55] Speaker 1: think what death, funeral expenses, final expenses. But when well
[31:00] Speaker 1: healthy people here life insurance, they immediately think wealth because
[31:03] Speaker 1: they've been programmed to think this way. So really reprogramming
[31:08] Speaker 1: the publics and specifically communities of color relationship within this industry,
[31:15] Speaker 1: and so I think we do that really well. We
[31:18] Speaker 1: also host I mean we're hosting twice a week community
[31:23] Speaker 1: workshops where anybody in the community can come into one
[31:26] Speaker 1: of our offices in the US for free and literally
[31:30] Speaker 1: have a one hour workshop where they can learn not
[31:34] Speaker 1: just how to properly design and structure these plans that
[31:37] Speaker 1: we're talking about, but even if they want to earn
[31:39] Speaker 1: additional income and become a licensed agent, we're teaching them
[31:43] Speaker 1: how to do that as well.
[31:45] Speaker 3: So talk about life insurance from a standpoint of wealth accumulation,
[31:50] Speaker 3: because you said most people think of it strictly from
[31:53] Speaker 3: a death standpoint. We talked about modifying downment contracts, but
[31:57] Speaker 3: really break it down or you know, somebody came to
[32:00] Speaker 3: your office and you have to educate them on they
[32:04] Speaker 3: got the death benefit part wealth accumulation, how you can
[32:08] Speaker 3: actually use it to benefit yourself.
[32:11] Speaker 2: Yeah. So in the city like Atlanta, man, you know,
[32:15] Speaker 2: everybody wants to get into real estate, right, and so
[32:18] Speaker 2: we understand what people are trying to do because obviously
[32:21] Speaker 2: real estate is a great way to grow well for yourself,
[32:25] Speaker 2: and so to get in the game, you need money, right,
[32:28] Speaker 2: And so I got a lot of young guys that
[32:30] Speaker 2: come to the office said, you know, man, I want
[32:32] Speaker 2: to get in the real estate elis man, how do
[32:33] Speaker 2: I do it? And I said, you do know you
[32:35] Speaker 2: came to an insurance conference, right, you know, But I say, well,
[32:39] Speaker 2: a lot of insurance you know. I'm sorry, a lot
[32:42] Speaker 2: of real estate investors use life insurance policies. They say,
[32:45] Speaker 2: what do you mean. They say, well, they'll take in
[32:47] Speaker 2: all you well, a whole life of cash value you're playing,
[32:50] Speaker 2: and they'll start growing their money in there. Right. And
[32:54] Speaker 2: then I said, if you got a group of five
[32:56] Speaker 2: of you guys, young guys, right, group of five guys,
[32:58] Speaker 2: y'all start investing into IU up policies and grow money.
[33:02] Speaker 7: Right.
[33:02] Speaker 2: You can then take money from your policy. Let's say
[33:05] Speaker 2: five years from now, ten years from now, each of
[33:07] Speaker 2: you take ten, fifteen, twenty thousand dollars loan out of
[33:10] Speaker 2: your policy. Then you can go start a real estate
[33:12] Speaker 2: investment trusts. Right. So now five of you have brought
[33:15] Speaker 2: twenty grand. Now you got one hundred thousand dollars for
[33:17] Speaker 2: a red. Now you can go take that rate, and
[33:20] Speaker 2: now you can go start investing in real estate for
[33:22] Speaker 2: yourself as a start right, as a plan, because ultimately
[33:26] Speaker 2: a lot of people want to do that. Right, And
[33:28] Speaker 2: if something goes wrong, Guess what happens? My liability is
[33:31] Speaker 2: what nothing? Because I took money from an insurance policy.
[33:35] Speaker 2: Did a read. It's not one hundred percent nothing, But
[33:37] Speaker 2: there's easy there's a better way of you know, getting
[33:41] Speaker 2: out of some problems and situations by doing it that
[33:43] Speaker 2: way because you didn't take a hard line of credit
[33:45] Speaker 2: out right. And so that's one example for you know,
[33:51] Speaker 2: people that want to do something else, you know, buy
[33:54] Speaker 2: you know, you buy your car from that because you
[33:56] Speaker 2: essentially you take a loan from yourself. You could pay
[33:58] Speaker 2: yourself back and when you pay your loan back to
[34:01] Speaker 2: your insurance policies, essentially nothing in interest because you paid
[34:04] Speaker 2: the loan back to yourself, right. And so there are
[34:07] Speaker 2: many different examples of that of strategizing and using it,
[34:12] Speaker 2: you know, for wealth building right now, obviously one of
[34:14] Speaker 2: the biggest plays is the real estate one.
[34:16] Speaker 5: That's a lot again, that's a whole lot of game.
[34:20] Speaker 6: You alluded to AI and working with it outside looking
[34:24] Speaker 6: in again, it feels like the technology is going to
[34:27] Speaker 6: be disruptive to financial services. I wonder how you guys
[34:31] Speaker 6: initially maybe twenty twenty three are looking at this thing like, hey,
[34:34] Speaker 6: we see this is coming.
[34:35] Speaker 5: How can we implement it to make.
[34:37] Speaker 6: Our policies or our systems more efficient, and how you
[34:41] Speaker 6: see it changing the future of what financial services is
[34:44] Speaker 6: like going forward.
[34:45] Speaker 1: Yeah, that's a great question. I think it would be
[34:49] Speaker 1: we would all be naive and financial services to think
[34:52] Speaker 1: that AI is not going to replace those who are
[34:57] Speaker 1: ill prepared.
[34:58] Speaker 4: I think it will.
[34:59] Speaker 1: I think people who don't know and they're afraid of it,
[35:02] Speaker 1: they're not taking the time to learn it, but more
[35:05] Speaker 1: importantly to leverage it, they are in jeopardy. And so
[35:09] Speaker 1: I always say I think there's three types of intelligence.
[35:12] Speaker 1: I think at the highest level is divine intelligence, which
[35:15] Speaker 1: is God for me. The second level of intelligence is
[35:19] Speaker 1: human intelligence, which is built off of experience and expertise,
[35:23] Speaker 1: so that can come from education. And then the last
[35:26] Speaker 1: type of intelligence is artificial intelligence. Well, the way that
[35:29] Speaker 1: it should go is top middle down. Not AI tells
[35:33] Speaker 1: the human, the human tells God. So one of the
[35:36] Speaker 1: things that we do is we teach all of our
[35:38] Speaker 1: agents how to leverage artificial intelligence for their marketing strategies
[35:44] Speaker 1: but also for client communications. And so now all of
[35:49] Speaker 1: our client touch points we're leveraging artificial intelligence to write
[35:54] Speaker 1: them obviously with the human being right monitoring them as
[35:59] Speaker 1: all of our our client touch points, our communications with
[36:02] Speaker 1: the carriers, our social media strategies. The meta is, I mean,
[36:07] Speaker 1: we're leveraging AI to run ads, not just by the
[36:11] Speaker 1: way in the language of English, right, because money has
[36:15] Speaker 1: no regard for language, and so now we can run ads.
[36:18] Speaker 1: Whereas my husband and I only speak in English, now
[36:21] Speaker 1: I can run ads in Chinese and Japanese and Spanish,
[36:26] Speaker 1: and so it allows us to reach a market and
[36:29] Speaker 1: a demographic and explain these technical concepts in a way
[36:33] Speaker 1: that's easy to grasp, but it's in their language. And
[36:37] Speaker 1: so those are just some of the ways, but just
[36:41] Speaker 1: also projecting the future of where specifically our industry is headed. So,
[36:48] Speaker 1: you know, taking all of the historical data for the
[36:51] Speaker 1: retirement crisis. Ellis talked about earlier how the American retirement
[36:56] Speaker 1: structure was originally this three legged stool. Well that stool
[36:59] Speaker 1: is now completely broken, and so leveraging all of the
[37:03] Speaker 1: historical research for us to craft a campaign to be
[37:07] Speaker 1: able to feel that specific gap. So for us, artificial
[37:11] Speaker 1: intelligence has made us more of a sniper. Right, So
[37:15] Speaker 1: our solutions, our language, everything is really tailor fit for
[37:20] Speaker 1: the exact problem that Americans are facing today. So it's
[37:24] Speaker 1: taken the guessing game out of it.
[37:26] Speaker 4: Right.
[37:26] Speaker 1: So we bring our human experience with the data and
[37:30] Speaker 1: the statistics with today's realities, masking all of that information
[37:35] Speaker 1: into one post, and we've noticed our conversions are a
[37:38] Speaker 1: lot higher.
[37:40] Speaker 3: So let's talk about term like the idea of by
[37:45] Speaker 3: term invested difference.
[37:47] Speaker 7: What do you say to that.
[37:49] Speaker 2: Most people that by term don't invest the difference.
[37:52] Speaker 3: If you did, if you did, if I did, if
[37:55] Speaker 3: somebody came to you in and said, look, I have
[37:57] Speaker 3: a plan that I have a fan so I want
[38:00] Speaker 3: to protect my family. I want to take my wife,
[38:02] Speaker 3: my kids, but I also I like to invest. I
[38:06] Speaker 3: watch you know market one days.
[38:07] Speaker 2: Yep.
[38:08] Speaker 3: My plan is to buy a twenty year term policy
[38:12] Speaker 3: and then I'm gonna just invest everything else that I
[38:15] Speaker 3: have on discretionary income into the market.
[38:18] Speaker 2: Well, we would go through the laser tests like we
[38:20] Speaker 2: discussed earlier. Obviously, we definitely do what's calling insurable needs
[38:25] Speaker 2: test first, right and say, okay, what's your debt and death,
[38:29] Speaker 2: you know, what's your income. You know, let's take a
[38:31] Speaker 2: look at how much income replacement that you need. You know,
[38:34] Speaker 2: based upon youngest age of a kid, or just a
[38:37] Speaker 2: ten year plan for a spouse, if something happened to you,
[38:39] Speaker 2: and then the course of the mortgage, right, we cover
[38:42] Speaker 2: those things. Essentially, most Americans need at least a million
[38:45] Speaker 2: dollars in coverage night, you know, and that's your standard
[38:48] Speaker 2: American family husband and wife. Husband needs a million, wife
[38:51] Speaker 2: needs a million dollars, right to cover the house, cover
[38:54] Speaker 2: the cover the kids, get them to adulthood. It's not
[38:57] Speaker 2: going to make anybody rich in today's at least a
[38:59] Speaker 2: million million today's climbing. It's not making anybody rich, but
[39:02] Speaker 2: it's making sure that we can get to get those
[39:05] Speaker 2: kids to adulthood. And if I lost my spouse, give
[39:07] Speaker 2: me time to kill, recoup, and then you know, get
[39:10] Speaker 2: back to work if I need to. Right. But then
[39:12] Speaker 2: after that, you know, we implement the urn plan. We
[39:16] Speaker 2: really see how much discretionary the person needs and if
[39:18] Speaker 2: they have enough to go really invest that's out of
[39:21] Speaker 2: my realm. I say, absolutely you should go ahead and
[39:23] Speaker 2: invest that difference, you know, if you want to take
[39:25] Speaker 2: a look at mutual funds, stocks, bitcoin, right, but just
[39:30] Speaker 2: making sure that you have some foundation first right to
[39:34] Speaker 2: your financial plan. You know, what retirement plan do you
[39:37] Speaker 2: have in place? Are you putting into a roth Ira? Nright,
[39:40] Speaker 2: I would definitely go that route first before going, you know,
[39:44] Speaker 2: the next phase investing. So if you got your insurance plan,
[39:48] Speaker 2: you got a roth Ira, which you can get a
[39:50] Speaker 2: roth annuity to as well, and then if you got
[39:52] Speaker 2: anything left right now, you can go and invest that
[39:56] Speaker 2: because now you have this foundation set. So if you
[39:59] Speaker 2: lose the investment, you're not worried about it because I
[40:01] Speaker 2: have these two things in.
[40:02] Speaker 7: Place and you can combine it. Yes, you know what
[40:05] Speaker 7: I'm saying.
[40:05] Speaker 3: If you can't afford, because every my philosophy, every black
[40:08] Speaker 3: man needs at least a million dollars of life insurance.
[40:11] Speaker 2: You agree with that, absolutely, I agree.
[40:13] Speaker 7: Give them a convincing argument.
[40:15] Speaker 3: Give black men've traditionally been under insured for a long
[40:19] Speaker 3: bed of time. He convinced me, give them, give the
[40:23] Speaker 3: argument why every black man in America needs to at
[40:26] Speaker 3: least a million dollars of life insurance.
[40:28] Speaker 2: Man, Well, there's a couple of things, you know, I
[40:31] Speaker 2: would I would start with, you know, first off is
[40:34] Speaker 2: taking care of our kids. Because a lot of our
[40:36] Speaker 2: black men we have kids. We got to take care
[40:38] Speaker 2: of those kids. If something happened to us, give those
[40:40] Speaker 2: kids a better chance than you had. If you really
[40:43] Speaker 2: about generational wealth, you really about generational empowerment, give your
[40:47] Speaker 2: kids the birth right that you didn't have. Because I
[40:50] Speaker 2: wasn't born with a silver spoon. I grew up eating
[40:52] Speaker 2: baloney sandwiches and government cheese. So I want to make
[40:55] Speaker 2: sure that my next generation has that birth right. Okay,
[40:58] Speaker 2: that's one. The next thing is, unfortunately black men are
[41:02] Speaker 2: under attack when it comes to medical problems, more diabetes,
[41:07] Speaker 2: more heart problems, high blood pressure, high blood pressure. So
[41:11] Speaker 2: these even these term policies that we have, they come
[41:14] Speaker 2: with living benefits. So any event, any one of those
[41:18] Speaker 2: major conditions happened to you, that money would be paid
[41:20] Speaker 2: out to you while you're alive. You don't have to
[41:23] Speaker 2: pay any taxes on it, you don't have to pay
[41:25] Speaker 2: it back, and you don't even have to report what
[41:27] Speaker 2: you did with it. Right, So you can receive up
[41:30] Speaker 2: upwards to a million dollars cash from the insurance company
[41:33] Speaker 2: if you qualify for it from one of those major
[41:35] Speaker 2: major conditions, right, and then excuse me. And then the
[41:39] Speaker 2: last thing I would say is, you know, Master P
[41:43] Speaker 2: brought this up one time. You know, Master P said,
[41:45] Speaker 2: if we had every black man in America had life
[41:49] Speaker 2: insurance every time someone passed away and they have to
[41:53] Speaker 2: pay that money out, more lobbyists and more politicians and
[41:57] Speaker 2: more things would be. It would get involved to change
[42:00] Speaker 2: our communities, to get us better healthcare, to get us
[42:03] Speaker 2: better education, to give us better resources in our communities.
[42:07] Speaker 2: If every black man had a million dollar policy.
[42:10] Speaker 7: And it's a way to help you close wealth gap.
[42:13] Speaker 2: Absolutely, if we don't continue to do something, the black
[42:18] Speaker 2: wealth in America will disappear by twenty fifty nine. That's
[42:22] Speaker 2: what the projections are saying right now.
[42:24] Speaker 1: I think one of my favorite parts about that is
[42:26] Speaker 1: that a lot of people don't realize life insurance deff
[42:29] Speaker 1: benefits bypass probate court and so African Americans are more
[42:35] Speaker 1: likely to pass away and leave behind debt whenever you
[42:39] Speaker 1: pass away those credit cards, student loans, car loans, especially
[42:44] Speaker 1: if you have a co signer, your family can inherit
[42:46] Speaker 1: that debt. But life insurance is the asset that would
[42:51] Speaker 1: allow you to bypass. What does that mean debt collectors
[42:54] Speaker 1: cannot have a say and come fishing for that money.
[42:57] Speaker 1: It's going to go directly to your children directly to
[43:00] Speaker 1: your wife. So a lot of people, you know, if
[43:03] Speaker 1: you don't have life insurance as the foundation. When we
[43:06] Speaker 1: talk about the four homes of money, life insurance is
[43:10] Speaker 1: the foundation on how not wealthy names, not rich people,
[43:14] Speaker 1: but wealthy families. We're talking about people who've been able
[43:17] Speaker 1: to sustain and continue to grow wealth generation after generation.
[43:22] Speaker 1: So there are four homes of four homes of money.
[43:25] Speaker 1: You have the life insurance industry, first, you have the
[43:28] Speaker 1: banking system, you have real estate, and then you have
[43:32] Speaker 1: the stock market. Now to your point, there's something called
[43:37] Speaker 1: the rule of one hundred and all. It is quite
[43:41] Speaker 1: simple because we are firm believers that your wealth building
[43:45] Speaker 1: wealth building portfolio, your strategy should be comprehensive.
[43:49] Speaker 4: What does that mean.
[43:50] Speaker 1: It should actually encompass variable accounts, It should have fixed accounts,
[43:54] Speaker 1: It should also have index vehicles. And so in the
[43:57] Speaker 1: rule of one hundred, what you do. Everybody can do
[43:59] Speaker 1: this right now at home. Take the number one hundred.
[44:03] Speaker 1: Subtract your age from that number. So if you're forty
[44:06] Speaker 1: years old, one hundred minus forty is sixty. No more
[44:10] Speaker 1: than sixty percent of your wealth building portfolio should live
[44:14] Speaker 1: in a variable vehicle what is a variable account? A
[44:17] Speaker 1: variable account is an account that has safety but no growth,
[44:21] Speaker 1: right I meaning you have you're exposed to market volatility.
[44:25] Speaker 1: That's what variable is. You can make a lot, but
[44:27] Speaker 1: you can also lose every growth safety correct growth, yes,
[44:30] Speaker 1: correct growth, but no safety.
[44:32] Speaker 4: Thank you for that. That's a variable vehicle. No more.
[44:35] Speaker 1: The rule of one hundred tells us based on your age,
[44:38] Speaker 1: no more than that number. So one hundred, subtract your age,
[44:41] Speaker 1: no more than that number should be inside of a
[44:43] Speaker 1: variable account. So that's what I would tell someone who's
[44:46] Speaker 1: saying by term and investorate. This is also why it's
[44:50] Speaker 1: important for agents to be full service, not only be
[44:55] Speaker 1: biased to one type of product, one type of carrier,
[44:58] Speaker 1: because I don't want to serve one type of community, right,
[45:02] Speaker 1: and so I always am leary whenever there's an Asian
[45:06] Speaker 1: who can only represent one company. I want the best
[45:09] Speaker 1: of the best under my portfolio suite. Whether you have
[45:13] Speaker 1: ten dollars a month, you're barely making it, you are
[45:16] Speaker 1: still you still deserve to leave a legacy behind.
[45:19] Speaker 6: So I wonder this right, because yes, I believe everybody
[45:23] Speaker 6: should have insurance. At what point, at what age should
[45:26] Speaker 6: we start getting these affairs in order, right.
[45:28] Speaker 5: Like I was twenty six when he sat me down.
[45:29] Speaker 6: I didn't have a kid, that didn't have wife, but
[45:32] Speaker 6: he convinced me right, And obviously I just wanted to
[45:34] Speaker 6: support his business. But I was surprised. I saw some
[45:37] Speaker 6: high school students last year that were talking about roth
[45:39] Speaker 6: I raise already eighteen years old. I'm like, oh wow,
[45:42] Speaker 6: so is there an age or I mean, when should
[45:46] Speaker 6: people start really getting these affairs in order?
[45:48] Speaker 5: And then I got a second question. But I want
[45:50] Speaker 5: to hear this first.
[45:51] Speaker 2: Today. Today is the youngest that you will ever be, right.
[45:55] Speaker 2: So I tell anybody that asked me that question today,
[45:58] Speaker 2: you know and so what Elise, what if I got
[46:00] Speaker 2: a kid started today for them? You know?
[46:02] Speaker 7: So?
[46:04] Speaker 2: And especially when it comes to insurance policies. You know,
[46:06] Speaker 2: you can't buy a term if you're not eighteen years
[46:08] Speaker 2: or older. But if I can start a cash value
[46:10] Speaker 2: plan for a kid as soon as they get their
[46:13] Speaker 2: Social Security number, that's when the insurance companies allow you
[46:16] Speaker 2: to get a life insurance policy. As an example, the
[46:20] Speaker 2: Rockefeller family, as soon as a kid is born into
[46:23] Speaker 2: the family, they immediately start cash value life insurance policies
[46:27] Speaker 2: for those kids, right, so that by the time they're
[46:29] Speaker 2: eighteen twenty years old, they want to start a business,
[46:31] Speaker 2: they want to go to school, they want to get
[46:33] Speaker 2: in real estate, they take the loans out from their policies, right,
[46:37] Speaker 2: And so that's what I would say, start, you know.
[46:41] Speaker 2: So when I started, I was in my twenties, you know.
[46:44] Speaker 2: I saw an article, I saw something online, and it
[46:47] Speaker 2: was like, man, I need some life insurance. Man, I
[46:49] Speaker 2: got a kid back in New Orleans. Anything happens to me.
[46:52] Speaker 2: I want to get a million dollar policy, you know.
[46:55] Speaker 2: And so I set something up and that from there
[46:57] Speaker 2: was ignorant to the rest of it until I actually
[47:00] Speaker 2: got into the industry because I had no guidance. Even
[47:03] Speaker 2: the person that sold me the policy was just some
[47:05] Speaker 2: random person I found online and didn't educate me, right,
[47:09] Speaker 2: And so I would encourage everybody, you know, to schedule
[47:12] Speaker 2: a time today to sit down with a broker so
[47:16] Speaker 2: that you can begin to learn about this stuff so
[47:18] Speaker 2: you can implement it today.
[47:20] Speaker 5: The other part is the opposite is true.
[47:23] Speaker 2: Right.
[47:23] Speaker 6: We've seen families who watched a family aging and decide
[47:26] Speaker 6: to get policies on aging family members.
[47:29] Speaker 5: So like explain it, like how that works.
[47:31] Speaker 6: In terms of I guess wealth creation, but ultimately we
[47:35] Speaker 6: know everybody is going through pass at some point. Obviously
[47:38] Speaker 6: the premims are gonna be a little more expensive, but
[47:40] Speaker 6: break that down for the people.
[47:41] Speaker 2: Yeah, so a lot of kids come together of their
[47:45] Speaker 2: parents and they'll put policy. They'll get together, put their
[47:48] Speaker 2: premiums together so that they can pay for their parents' policies,
[47:51] Speaker 2: to leave a legacy behind, to pay the house off
[47:54] Speaker 2: so they don't lose the house in probate court to taxes.
[47:57] Speaker 2: There's no arguing going on because there's a lot of
[47:59] Speaker 2: arguing in the black community when someone passes away because
[48:02] Speaker 2: we don't have any insurance and we don't have any trusts.
[48:05] Speaker 2: Those are the only two things that we see that
[48:07] Speaker 2: bypass probate court and causes less problems. Right, nobody can
[48:11] Speaker 2: come in and sue us when we got a life
[48:12] Speaker 2: insurance policy. You know, nobody from somewhere down the line
[48:17] Speaker 2: or uncles say hey, this person owe me money. Nope,
[48:21] Speaker 2: just go straight over to the person that it needs
[48:23] Speaker 2: to go to. And so we're seeing more and more
[48:26] Speaker 2: of gen exis coming together, their siblings coming together to
[48:30] Speaker 2: put plans in place with their parents so that they
[48:33] Speaker 2: can you know they can receive that money and take
[48:35] Speaker 2: care of affairs and put the family in a better
[48:37] Speaker 2: place when they pass away.
[48:40] Speaker 3: To talk about that a little bit, Like as far
[48:41] Speaker 3: as that strategy of you recommend that, Like as far
[48:46] Speaker 3: as if it's three three siblings, yeah, the father, mother,
[48:51] Speaker 3: and you know they have an insurance policy, you would
[48:54] Speaker 3: recommend it. Because some people might look at that it's like, oh,
[48:57] Speaker 3: that's more of it. You're trying to profit off you know,
[49:00] Speaker 3: your parents dying. But everybody's going to die, but get
[49:04] Speaker 3: quicker usually to the finish line than you are.
[49:06] Speaker 2: Right, that's the reality of it.
[49:07] Speaker 3: So but psychologically, I think you people got to fully
[49:12] Speaker 3: understand that part of it. So what would you tell people,
[49:16] Speaker 3: like as far as planning, why that's a good idea
[49:21] Speaker 3: and why it's not.
[49:23] Speaker 7: Like morbid trying to like benefit if somebody dies.
[49:30] Speaker 2: Yeah, I would jump in and say, it's not trying
[49:33] Speaker 2: to benefit, it's trying to create a generational legacy for
[49:37] Speaker 2: the family. Like what do you want your last name
[49:40] Speaker 2: to mean? Right? Someone has to start it right, and
[49:44] Speaker 2: whoever's the first person to start at their nose is
[49:47] Speaker 2: going to get the BLOODI is, like, does anybody remember
[49:50] Speaker 2: George Bush's great great great great grandfather's name, Prescott Bush.
[49:55] Speaker 2: There you go, somebody remembers it, right, definitely the Bush
[50:00] Speaker 2: family remember it right? We know it well, right, somebody
[50:04] Speaker 2: started in. So it's like, do you want to be
[50:07] Speaker 2: Prescott Bush?
[50:09] Speaker 7: Right?
[50:09] Speaker 2: Do you want to be Barack Obama?
[50:12] Speaker 7: Right?
[50:13] Speaker 2: Do you want to be that person that he centrally said,
[50:16] Speaker 2: I put it on our back, I put it on
[50:18] Speaker 2: my back. We put it on our back to make
[50:20] Speaker 2: our family become a legacy moving forward. And it's not
[50:25] Speaker 2: trying to capitalize off of someone's death. I think as
[50:28] Speaker 2: a community, we got to stop thinking that, oh, they're
[50:31] Speaker 2: not going to get rich off of me. But that's
[50:33] Speaker 2: why we're still in poverty because you're thinking that somebody
[50:35] Speaker 2: is going to get rich off of you.
[50:37] Speaker 3: And it could actually help to as far as if
[50:39] Speaker 3: they have a mortgage or they like if they die,
[50:42] Speaker 3: now you don't have to sell a home for store,
[50:45] Speaker 3: or can you use that money to pay the mortgage.
[50:47] Speaker 6: Yet the rich at the opposite is true, right, nobody's
[50:51] Speaker 6: gonna get rich off of me, but we could be
[50:53] Speaker 6: broke off of you.
[50:55] Speaker 5: Yeah, I might have to go into debt to now things.
[50:57] Speaker 2: Yes, which I experienced it in my family when my
[51:01] Speaker 2: grandmother pass You know, I didn't want to cut you off.
[51:04] Speaker 1: Yeah, to that point, I was gonna say, all of
[51:07] Speaker 1: us are going to leave one or two things behind
[51:09] Speaker 1: when we pass away. You're gonna leave behind debt or
[51:11] Speaker 1: you're gonna leave behind wealth.
[51:13] Speaker 4: That's it. And that wealth could be your legacy plan.
[51:16] Speaker 1: And so one of the things that it's time that
[51:18] Speaker 1: we start having this conversation and not thinking that, oh,
[51:22] Speaker 1: you know, it's a self fulfilling prophecy. Guys, we all
[51:25] Speaker 1: know the many you were born one day, we all
[51:27] Speaker 1: have an expiration date.
[51:29] Speaker 4: Why not be prepared for that?
[51:31] Speaker 1: And so to answer I mean your question earlier, I think,
[51:35] Speaker 1: and this could be controversial, but I think everybody needs
[51:38] Speaker 1: a life insurance policy as early as two weeks old.
[51:42] Speaker 1: And it's two weeks old because that's how long it
[51:44] Speaker 1: takes for you to have a Social Security number. And
[51:47] Speaker 1: instead of investing ten thousand dollars in a gender reveal
[51:51] Speaker 1: or baby shower, I notice may be controversial, put that
[51:55] Speaker 1: into an index universal life insurance policy where you have
[51:58] Speaker 1: a permanent peace of mind you can do, or an
[52:01] Speaker 1: annuity you can do. A seven pay premium where you
[52:05] Speaker 1: literally pay this off in seven years or ten years.
[52:09] Speaker 1: Your child is protected for the rest of your life.
[52:12] Speaker 1: And now once the child turns eighteen, instead of going
[52:15] Speaker 1: before a bank or applying for student loans, you go
[52:19] Speaker 1: before the family's trustee board. You actually learn how to
[52:22] Speaker 1: submit a business plan to your family's trustee board. They
[52:26] Speaker 1: can approve it. Give you one hundred thousand dollars to
[52:29] Speaker 1: go to Stanford, Yale or Howard. Okay, shout out to
[52:32] Speaker 1: Howard or Howard, and now you know, the family becomes
[52:37] Speaker 1: the bank. I think it's time that our community starts
[52:41] Speaker 1: to really take our power back.
[52:43] Speaker 4: We don't have to go to banks for loans. We
[52:46] Speaker 4: can become the bank.
[52:47] Speaker 1: So yes, we teach people how to have the siblings
[52:51] Speaker 1: come together. One of the things we found is that
[52:54] Speaker 1: it actually reduces stress and allows families to properly mourn
[52:59] Speaker 1: and greed. Yeah, because there are two things that we
[53:02] Speaker 1: know can disrupt the family, weddings and funerals, and typically
[53:07] Speaker 1: it's because there's not enough money. There's there's already a
[53:11] Speaker 1: heightened sense of confusion, there's a lot of grief, there
[53:14] Speaker 1: may be some regret there. And so if we can
[53:17] Speaker 1: at least mitigate the financial lash back, the financial lash
[53:23] Speaker 1: I think will be it will be a better service.
[53:25] Speaker 3: So for people that's like the kids once again, they're like, well,
[53:28] Speaker 3: I don't want to think about my kid dying, so
[53:31] Speaker 3: I'm not going to put life insurance on my kid.
[53:33] Speaker 7: Yeah, like you would say.
[53:36] Speaker 2: So I really get into the cash value plan. Do
[53:38] Speaker 2: you want your kid to go to college? Do you
[53:40] Speaker 2: want to have to pay for it? You know, our
[53:42] Speaker 2: current administration has gotten rid of student loans, so you
[53:45] Speaker 2: can't get student loans anymore. Pel grant is only going
[53:47] Speaker 2: to be so much. What if you make a certain
[53:49] Speaker 2: amount of income by the time they're eighteen, You're not
[53:51] Speaker 2: going to qualify for a pel grant, right, and so
[53:54] Speaker 2: you got to come up with in an alternative way.
[53:56] Speaker 2: Oh well, I can start a five twenty nine plan. Well, yeah,
[53:58] Speaker 2: what if your kid wants to go to school lot
[54:00] Speaker 2: of state. What if you live in Louisiana and you
[54:04] Speaker 2: get accepted to Howard that's in DC. You can't use
[54:07] Speaker 2: a five to twenty nine money in DC. You got
[54:09] Speaker 2: to use it in Louisiana. You can only use a
[54:11] Speaker 2: five to twenty nine in the state that you live in.
[54:14] Speaker 2: So you need an alternative option. What if your kid
[54:16] Speaker 2: doesn't want to go to school and they want to
[54:18] Speaker 2: start a business, right, and they need money to start
[54:21] Speaker 2: that business, so you can pull it out of your
[54:23] Speaker 2: insurance policy. Right. So don't think of it as a
[54:28] Speaker 2: death plan. Think of it as a life plan, right.
[54:31] Speaker 2: Think of it as a way to provide something for
[54:33] Speaker 2: your kid when they get eighteen twenty twenty five years old,
[54:36] Speaker 2: Where they get they can get the money the access
[54:38] Speaker 2: that they need to go do what they want in life.
[54:41] Speaker 6: I wonder what y'all think about outside you talked about
[54:43] Speaker 6: the administration as you look at what we're headed with
[54:46] Speaker 6: Trump accounts, which I know you know, go public. I
[54:49] Speaker 6: think on July fourth they're trying to have all of
[54:52] Speaker 6: them start to get funded, and then everybody born after
[54:56] Speaker 6: January first of next year automatically qualifies as a well
[54:59] Speaker 6: building s, taking the name out of it, taking the
[55:03] Speaker 6: political or fears out of it.
[55:04] Speaker 5: Just the idea of those Trump accounts.
[55:07] Speaker 2: Well, I tell you like this, as one smart business
[55:09] Speaker 2: man be to know what to say. He didn't get
[55:12] Speaker 2: to where he's at by not being smart and understanding business.
[55:15] Speaker 2: And so I think, you know, if he's trying to help.
[55:19] Speaker 2: You know, that'll be great. I'll definitely need to do
[55:21] Speaker 2: a little bit more diving into it and what it's about.
[55:24] Speaker 2: But anything that's trying to help and I'm for it,
[55:27] Speaker 2: you know.
[55:28] Speaker 3: So Okay, So before we wrap, let's talk about from
[55:31] Speaker 3: an agent standpoint, right, people making a career decision that
[55:34] Speaker 3: they want to sell life insurance, they want to be
[55:35] Speaker 3: financial services, they want to do how do you help
[55:38] Speaker 3: agents become successful? Because most most people don't make it
[55:42] Speaker 3: in the business commission based job.
[55:45] Speaker 7: What do you teaching them?
[55:46] Speaker 3: What's the best practices cold calling, cole canvas and project
[55:49] Speaker 3: one hundred like referrals? Why is it a good career
[55:55] Speaker 3: path for an agent to go into and how do
[55:58] Speaker 3: you make your agent successful? How do you help them
[56:01] Speaker 3: become successful? Great best practices?
[56:05] Speaker 4: Yes, that's a great question.
[56:07] Speaker 1: Well, financial services is the number one industry in the
[56:11] Speaker 1: world most likely to make you a millionaire period and
[56:15] Speaker 1: life insurance specifically is not just a recession proof, but
[56:20] Speaker 1: COVID nineteen revealed that it's pandemic proof when every other
[56:24] Speaker 1: thing industry was recession recession proof. I think the government
[56:29] Speaker 1: humbled all of us and said, hey, we care nothing
[56:31] Speaker 1: about that what is essential. And during COVID nineteen, which
[56:35] Speaker 1: is one of the scariest moments in American's history, the
[56:41] Speaker 1: size of our company, the size of our clientele quadruple
[56:45] Speaker 1: because people were reminded how precious life is. My grandmother
[56:49] Speaker 1: would put it to me this way, on your healthiest day,
[56:52] Speaker 1: you're still sick enough to die. And so that's that
[56:56] Speaker 1: part in terms of just why it would be a
[56:59] Speaker 1: good career option. Every single day people pass away, every
[57:04] Speaker 1: day people retire, and every day new people are born.
[57:07] Speaker 1: Our industry covers all three. This industry, there's you know,
[57:12] Speaker 1: you don't have to qualify for a certain credit score.
[57:16] Speaker 1: If you have a post, you qualify. If you want
[57:19] Speaker 1: to retire, you qualify. If you have a job, you qualify.
[57:23] Speaker 1: If you're alive, you qualify. So what we teach our
[57:27] Speaker 1: agents at all of what you said from marketing, how
[57:33] Speaker 1: to actually grow a healthy, continuous pipeline of clients without
[57:39] Speaker 1: having to cold call or doorknock, you know, I think
[57:43] Speaker 1: do ever since COVID, we even order door dash and
[57:46] Speaker 1: Uber eats, and what do we tell the delivery person
[57:48] Speaker 1: leave it at the door, right, So we're no longer
[57:50] Speaker 1: doing a whole lot of human and human interaction, especially
[57:53] Speaker 1: with strangers. So how do you grow a business without
[57:55] Speaker 1: having a cold call or doorknock? That marketing strategy is
[57:58] Speaker 1: key number one. Number two, what are your back in operations?
[58:02] Speaker 1: How have you optimized efficient back in processes? Whether that
[58:06] Speaker 1: looks like onboarding new clients showing up. You know, just
[58:10] Speaker 1: because you may be an independent agent doesn't mean you
[58:14] Speaker 1: can't have the same commitment to customer service and the
[58:18] Speaker 1: unreasonable hospitality, the experience that your clients have with you,
[58:23] Speaker 1: like some of the big box names. And so we
[58:26] Speaker 1: teach that. The other thing is product knowledge. We are
[58:30] Speaker 1: actually still boots on the ground in the field with
[58:34] Speaker 1: our agents. Stay in abreast of the most innovative strategies,
[58:39] Speaker 1: new products, whether that looks like premium financing, whether that
[58:44] Speaker 1: looks like properly structuring retirement plans for athletes, you know,
[58:49] Speaker 1: just having that wide range of product knowledge.
[58:53] Speaker 4: And I think the other thing is people skills.
[58:55] Speaker 2: Definitely.
[58:57] Speaker 1: I think social media has crippled us. Sitting across from people,
[59:01] Speaker 1: have an eye to eye contact, break in complex topics
[59:06] Speaker 1: down so that a third grader can understand it. You know,
[59:09] Speaker 1: our client process only encompasses six steps and it's very simple.
[59:15] Speaker 1: I tell everybody, you give me a fifth grader tomorrow,
[59:18] Speaker 1: with our platform and our blueprint, they will go and
[59:21] Speaker 1: build a seven figure agency.
[59:23] Speaker 4: It has to be that simple.
[59:25] Speaker 1: Guys, stop making I know there's such this huge mystery
[59:29] Speaker 1: of who knows you know, who can outthink the next person.
[59:32] Speaker 1: The insurance has been the same, The industry has been
[59:35] Speaker 1: the same for over two thousand years. There's only two
[59:36] Speaker 1: types of insurance, temporary and permanent. And our greatest advantage
[59:41] Speaker 1: is that we don't over complicate it.
[59:43] Speaker 4: This industry is simple.
[59:45] Speaker 1: It's necessary, but you do need a license and you
[59:48] Speaker 1: do need product expertise.
[59:51] Speaker 6: My final thing is you've created a business. You've done
[59:56] Speaker 6: it together. I want to have from you both. That's
[59:59] Speaker 6: the most challenging part are working with your partner. Oh
[1:00:02] Speaker 6: my god, depends on now, depending on the car, right
[1:00:05] Speaker 6: head right, that could change. But you've done it for
[1:00:08] Speaker 6: some years now is what is the biggest challenge that
[1:00:11] Speaker 6: you faced.
[1:00:13] Speaker 2: The hardest thing in the beginning is just learning how
[1:00:15] Speaker 2: to work together. And so I think we've we've sped
[1:00:19] Speaker 2: up the like the amount of you know how people say, oh,
[1:00:22] Speaker 2: how did you last thirty years? We've made it to
[1:00:24] Speaker 2: thirty years with the amount of experience that we have
[1:00:27] Speaker 2: with each other. And it's because when you only people
[1:00:30] Speaker 2: pretty much only know their spouse when they're home. You
[1:00:34] Speaker 2: don't know your spouse when they go to work, so
[1:00:36] Speaker 2: you don't know how good they are in communication skills,
[1:00:39] Speaker 2: or how good they are with being timely, or how
[1:00:42] Speaker 2: good they are with their you know, just being organized.
[1:00:45] Speaker 2: And then you come together and try to build a
[1:00:47] Speaker 2: business and you're like, oh my god, I cannot believe
[1:00:52] Speaker 2: this person is this unorganized. So I can't believe this
[1:00:55] Speaker 2: person took you know, that long to go to lunch
[1:00:58] Speaker 2: or you know, it's just learning that learning those those
[1:01:02] Speaker 2: little quirks that you have, and it ain't gonna lie
[1:01:04] Speaker 2: to you man. Beginning, it's it's a lot of arguing.
[1:01:07] Speaker 2: We had a lot of arguments. We had a lot
[1:01:10] Speaker 2: of arguments, but it made us stronger, it made us tougher,
[1:01:13] Speaker 2: and it made us to the point where was like,
[1:01:15] Speaker 2: we can overcome anything, because if you learn how to
[1:01:18] Speaker 2: work with your spouse, you become an unbreakable force.
[1:01:23] Speaker 5: I feel you.
[1:01:24] Speaker 4: Yeah, yeah, I think I agree. You know, it's.
[1:01:30] Speaker 1: I you know, being married to my business partner has
[1:01:34] Speaker 1: reinforced my love. It's strengthened my level of vulnerability, you know,
[1:01:43] Speaker 1: because there is no hiding here. So we know each
[1:01:47] Speaker 1: other's strengths, weaknesses, fears, insecurities, We process issues. I do
[1:01:54] Speaker 1: think the friction comes in when we have to be
[1:01:56] Speaker 1: each other's accountability partner. That's tough, yeah, because you know,
[1:02:01] Speaker 1: even in the beginning, we had to set a hard line, like, look,
[1:02:04] Speaker 1: it ain't no business in the bedroom.
[1:02:06] Speaker 4: When you cross this threshold.
[1:02:08] Speaker 1: We're not talking about systems, you know, new technology, you know,
[1:02:13] Speaker 1: and you got to set those boundaries if you're in
[1:02:16] Speaker 1: business with your spouse. You know, there's some moments where
[1:02:19] Speaker 1: my husband, he wants me to be jazzed. You know,
[1:02:22] Speaker 1: his his his wife, his woman. And then there are
[1:02:25] Speaker 1: other moments I'm his business partner. There are moments where
[1:02:28] Speaker 1: he's my friend. You know, I just need advice from
[1:02:31] Speaker 1: a friend. And some of that is you know, he's
[1:02:34] Speaker 1: able to since when you know, I've been either under
[1:02:39] Speaker 1: a lot of pressure or I'm just going going going,
[1:02:41] Speaker 1: whether that be traveling back to back, and he's able
[1:02:43] Speaker 1: to say, babe, you know when you make it back
[1:02:46] Speaker 1: in town, take two days off, go to the spot.
[1:02:48] Speaker 4: I need that.
[1:02:50] Speaker 1: I need that not from my business partner, but I
[1:02:52] Speaker 1: need that from my spend.
[1:02:54] Speaker 4: Yeah.
[1:02:55] Speaker 3: Talk about invest Fest. What do you guys have planning
[1:02:57] Speaker 3: and you're speaking on invest Fest. Yeah, give us the
[1:03:01] Speaker 3: rundown for.
[1:03:02] Speaker 2: That, man. Invest Fast is going to be crazy. We're
[1:03:04] Speaker 2: so excited to be there. Everything that you just heard
[1:03:07] Speaker 2: us talk about here, Man, we're going to be diving
[1:03:09] Speaker 2: deeper into that. You know, how you can really put
[1:03:12] Speaker 2: these plans in place for yourself. You know, we'll be
[1:03:14] Speaker 2: setting up afterwards and meeting with people at our booth
[1:03:17] Speaker 2: obviously on how to set the plans up and then
[1:03:20] Speaker 2: also how to become an agency owner, how to build
[1:03:23] Speaker 2: a seven figure agency. We're going to dive into that
[1:03:25] Speaker 2: too as well, and so you know, a lot of
[1:03:28] Speaker 2: information is going to be given there. Man. We can't
[1:03:30] Speaker 2: wait to get there to help people set the foundation
[1:03:33] Speaker 2: and just really understanding what this industry is. And then
[1:03:36] Speaker 2: to add on top of that, right with everything else
[1:03:38] Speaker 2: that's going on and invest Fest.
[1:03:40] Speaker 1: Yeah, I would just add, I mean, I would add
[1:03:42] Speaker 1: kudos to you to the energy and that place is insane.
[1:03:47] Speaker 1: The hunger from the people who attend invest Fast. It's
[1:03:52] Speaker 1: a match We've attended hundreds of financial conferences, but to
[1:03:59] Speaker 1: see the hunger Man from people who look like us
[1:04:02] Speaker 1: and they they're just they're coming to learn, they're ready
[1:04:05] Speaker 1: to invest right. And so if you you know, are
[1:04:10] Speaker 1: coming and you like, hey, man, I want a legacy plan.
[1:04:13] Speaker 4: I want a legacy that outlives me. I didn't come from.
[1:04:16] Speaker 1: A wealthy family, but a wealthy family will come from me,
[1:04:19] Speaker 1: then you definitely want to make sure you attend our
[1:04:21] Speaker 1: workshop because we're going to be talking about everything from
[1:04:24] Speaker 1: you know, how to leverage the life insurance industry to
[1:04:27] Speaker 1: get into real estate investing. We're going to be talking
[1:04:29] Speaker 1: about how to leverage the industry for proper retirement planning,
[1:04:34] Speaker 1: tax write offs.
[1:04:35] Speaker 4: I mean, we got so many jam packed gyms.
[1:04:39] Speaker 1: We're going to be doing some role plan We're gonna
[1:04:41] Speaker 1: be calling some people up on stage, and like Ellis said,
[1:04:44] Speaker 1: you know it's really going to culminate to we're going
[1:04:48] Speaker 1: to be doing thirty free on site wealth building consultations
[1:04:53] Speaker 1: every day at Investvest.
[1:04:55] Speaker 4: So we're looking forward to it.
[1:04:56] Speaker 5: I'm looking forward to it. That's right.
[1:04:58] Speaker 6: I like that line from a wealthy family, but a
[1:05:01] Speaker 6: wealthy family will come for me, that's powerful, then we're
[1:05:03] Speaker 6: gonna go with that that's impactful.
[1:05:05] Speaker 3: We'll make sure you guys are there August seventh through
[1:05:08] Speaker 3: August ninfe in Atlanta. How can they follow you? Social media, website,
[1:05:13] Speaker 3: all that stuff.
[1:05:14] Speaker 2: So mine is just my name, Elis E L L
[1:05:17] Speaker 2: I S Dot s u A z O on Instagram
[1:05:20] Speaker 2: and Facebook, and then Wealth Academy Network is our business
[1:05:26] Speaker 2: page and.
[1:05:26] Speaker 1: Then I am Jazmine Suazo on all platforms.
[1:05:29] Speaker 2: There you go. There you have it.
[1:05:31] Speaker 7: Thank you guys for rocking much for you next week,
[1:05:33] Speaker 7: pease please

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