TGCI 192: From Pediatric Oncology Nurse to Modern Wealth Consultant!

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Episode 192: From Pediatric Oncology Nurse to Modern Wealth Consultant!

Copy of EP #18 - 2 Guests

Summary

In today’s show, Pancham interviews Drew White – upside down wealth consultant for business owners & executives.

Former pediatric oncology nurse with a $150,000 student loan debt, Drew realized that nursing is not a long-term gig for him. He came across infinite banking while learning about money and distinguishing between bad and good debt. With his “aha!” moment, he is now on a path to entrepreneurship real estate investing, infinite banking, and teaching others how to do the same!

Be the banker yourself as he teaches the concept of infinite banking and how you can get the same rewards that the bank does. Learn from his journey as he shares his principles, why you should utilize the whole life insurance policy, and other added benefits that you can get!

 

Listen and enjoy the show!

PanchamHeadshotTGCI
Pancham Gupta
Screen Shot 2022-05-30 at 12.51.01 PM (1)
Drew White

Tune in to this show and enjoy!

Copy of Quote #00 - 1 Guest

Timestamped Shownotes:

  • 0:36 – Pancham introduces Drew to the show
  • 2:21 – From $150,000 student loan debt to using debt to build wealth
  • 9:50 – Infinite banking and enjoying the rewards the bank receives
  • 12:16 – How a whole life insurance policy helps in obtaining the bank’s benefits
  • 19:22 – Creditor protection and using other perks for real estate investing
  • 22:12 – On attaining the policy and transferring its ownership to his children
  • 27:21 – Things to consider when setting up with a mutual insurance company
  • 30:23 – Taking the Leap Round
  • 30:23 – His 1st mobile home investment outside of Wall Street
  • 31:10 – Overcoming his fear of imperfection when he first started
  • 33:15 – How lack of due diligence led to an unsatisfactory investment
  • 34:31 – Pieces of advice to rookie investors to get their journey started
  • 35:51 – How you can connect with Drew

3 Key Points:

  1. The idea of infinite banking is to keep money in your own system rather than in a bank. In this way, you would get the benefits that the bank originally receives.
  2. Although a whole life insurance policy may appear to be a poor investment, it is beneficial when it is viewed as your own bank account.
  3. Work with someone who has experience and is willing to coach you. Working with mentors will be highly advantageous as you scale up your business.

Get in Touch:

Read Full Transcript

Welcome to The Gold Collar Investor Podcast with your host Pancham Gupta. This podcast is dedicated to helping the high paid professionals to break out of the Wall Street investments and create multiple income streams. Here’s your host Pancham Gupta

 

Hi this is Tom Burns author Of Why Doctors Don’t Get Rich you’re listening to The Gold Collar Investor Podcast with Pancham Gupta.

 

Pancham Gupta  

Welcome to the gold collar investor podcast. This is your host punch him really appreciate you for tuning in. today. My guest is Drew white he is a former pediatric oncology nurse turned into modern wealth consultant for real estate investors, business owners and athletes. He teaches people the Infinite Banking concept and strongly believes everyone should become their own banker because all the other ones suck. Drew wants to bring banking back to the you and me level. Graduating nursing school with $150,000 in student loan debt led drew down a path to entrepreneurship real estate investing Bitcoin and infinite banking. Welcome drew to the podcast.

 

Drew White  

Hey, thank you for having me, Pancham. I appreciate it.

 

Pancham Gupta  

Really excited to have you on the podcast. I see you have Gryffindor at the back. People are watching on YouTube or listening. He has a Gryffindor thing we were chatting just before the podcast. His daughter is a big fan Harry Potter fan, and my son is a big Harry Potter fan. He happens to be Harry Potter fan, but I’m not. So cool. You know, before we get started, Drew, are you ready to fire up my listeners break out of Wall Street investments?

 

Drew White  

You know, I was until you told me you’re not a Harry Potter fan. Now I’m not so sure but no, I definitely am. I’m excited.

 

Pancham Gupta  

Yeah, you know, with the Harry Potter. My wife is like I tell her that I’m gonna read. I’m not. I don’t like watching movies, which are based off the books. I usually like to read the books. But I’m more into, you know, nonfiction stuff now. So, I just get too big for me.

 

Drew White  

The books are always better, I think.

 

Pancham Gupta  

Yeah, absolutely. 101% No question about that. But cool, man. So, before we get started, other than that, your Harry Potter fan, can you tell our listeners about your background? And more importantly, the person behind that background?

 

Drew White  

Yeah, thank you. So, I usually start people on my story that I was I was a pediatric oncology nurse for 10 years. So, my kind of financial journey begins there because I graduated with $150,000 in student loan debt. And I was making about $35,000 a year. And as you can see, the math really doesn’t add up. And we won’t get into why an 18-year-old was allowed to make that terrible decision. But, you know, so my dad sat me down, and he didn’t have a financial background, but kind of helped me set a budget. And to be fair, he tried to warn me after my first year of college that this wasn’t really adding up, but I was like, no, no, no, it’s fine. It’s fine. You know, hospitals are paying back loans, I’ll be fine. And he sits me down. And he, he knew a little Dave Ramsey, you know, and so he showed me how to make a budget. And I’m not as big of a Dave guy now. But so, we made a budget and realized pretty quickly that about half of my income was going to paying down this debt. And I was like, oh my God, what did I do to myself, you know, and so even though I’m not as big of a Dave fan, I have to give him credit because that that kick started my financial journey. I really hadn’t thought much about money before that, you know. And so, once I started like, researching, you know, debt and all and money, it just really kind of like snowballed, and I started reading more and more about other things and so I did the Dave way got out of the debt got to zero and that’s where the Dave way for me kind of fell apart. Because it’s like, okay, I’m at zero, but like, now what? Like, what David’s like, all I had was kind of a scarcity mindset. He teaches people to, you know, progressively pay it down and, and Gazelle like and eat ramen and all this terrible stuff. And it was like, okay, but you know, and I, my wife and I, we extreme coupons at one point, you know? There’s the mindset. So, I started reading what other people did. And that’s when I realized, oh, okay, a lot of people are doing real estate, a lot of smart, wealthy people been doing real estate for a long time, you know, but I still have that scarcity mindset. So, I actually decided to just kind of flip some mobile homes and provide financing because it really didn’t require debt. And I was still scared of debt, you know, and I didn’t know good debt, bad debt didn’t understand there was a difference. So I did that for a few years, you know, and around that time, I also found what I do now for my career, which is, you know, teach people the Infinite Banking concept and so found that and when I found that that’s kind of when all of the things came together for me, where it’s like, I hit this passion. My head kind of always helped nurses a little bit with their finances. They asked me questions and so and it ties into, you know, being outside of Wall Street and stocks and so I just became really passionate about it, and we can get into it more but let my nursing license expire last year. And that’s what I do full time now.

 

Pancham Gupta  

That’s pretty cool. I have so many questions around that. So, you go to school for nursing degree, you have all this debt, which you have paid off now you haven’t.

 

Drew White  

Yeah, we paid a lot. I picked it up pretty quickly and added my wife’s debt to it, because I wasn’t married at the time. And so yeah, we did the whole Gazel pay it off quickly. Thing that day.

 

Pancham Gupta  

Yeah. And they’re waving off student debt. That’s what I’m hearing whether it will happen or not. Right now, they’re talking about that. So anyways, you had that right. And now you go get your degree and you go start working in the hospital, right, as a pediatric oncology, I can imagine how that that’s like, that’s, yeah. It’s scary stuff. Right. Like, there. So now you have let that expire, you completely switch your careers. Yeah. And, you know, tell us that journey, like how that came about. Yeah. You mentioned that you had Dave Ramsey mindset. And you kind of grew out of that. And you also found out that real estate is a lot of people what they do, and, and you’re trying to follow that, but switching your careers and really making that shift so early as well, in your career. How did you go about it? And what made you trigger that?

 

Drew White  

Yeah, so I tell people, it wasn’t like, you know, this, like lightning strikes moment or lightbulb moment, you know, it was a definitely a journey and a process. For me, I found out quickly, unfortunately, that nursing was not the long-term gig. For me, I learned a ton, I made a lot of likes, great friendships and met some amazing families and kids. But I figured out it’s like, I’m very family based and very, like time freedoms important to me. And I didn’t think through like, oh my gosh, I’m gonna be working weekends and holidays, the rest of my life, you know, and, and I could have been a clinic nurse. But that’s not really that nine to five was never kind of my thing, either. And I had to be honest, one of things I really was excited about with being a nurse was that I was going to be on a golf four days a week when I was single. Now I’m married, not so much. Right? But, and, and so. So that kind of kick started it right. And then it’s like, I started thinking, like, okay, I need to find a way out of this. And I had been offered to become manager and things like that. And it just was like, again, I didn’t really get really deeper into this career path. And as I was learning about money, it’s like, I realized, oh, I really like this, you know, and, but I knew also, I didn’t want to be a financial advisor, just not really my thing. And so, I had been always kind of looking for something I, I was willing to try different things. I even did some day trading at one point. And so, for me, when I came across infinite banking, it really like struck a chord with me. And it was just one that was kind of more like the aha moment that I mentioned, where it’s like, I’m reading this book, it’s called becoming your own banker. And I remember like, I’m sitting out in the backyard with my wife reading it, and I’m like, halfway through, and I close it up. And I say to her, like, I want to do this with our money. But I don’t know why. But I also want to teach other people how to do this, even though I don’t even totally grasp it. Yeah. And I just was like, There’s something about this. And so, I studied it further to make sure you know, I wasn’t crazy, because I’ve had lots of ideas. So, I gave it some time, because I knew I knew myself, like I have to make sure like after a few months, I’m still into it. Right? And so, I started the career. And as I was doing it, you know, it’s like, I kept thinking, I sometimes will worst case scenario things. I don’t know if you do that, but I’ll sometimes play out the worst-case scenario. And so in my worst case scenario, it’d be like, well, you know, if this career doesn’t pan out, I can always go back to nursing, you know, and, and I always was thinking about my backup plan, you know, and so, I told my wife one day, they sent me the card in the mail that I still have to renew my license. And that’s kind of when I was like, I told my wife, her name’s Kate. And I said, you know, Kate, I think I need to let this expire. I know that sounds crazy. But I said, I kind of want to have my burning the ships moment, you know, where there’s no looking back. And so, I was like, I think I need to do, and she was all on board. I was the one that was like, kind of talking it out. And she’s like, Yeah, go for it. She’s a risk taker, you know, and, and I knew, like, I needed to have a hurdle like, because if I want to become a nurse or not, I mean, I’m still a nurse, technically, but I don’t have a license. So, I would have to, you know, get clinic hours again, I’d have to retake this awful test that gave me a gray patch. And so, I decided, you know, I like after a little bit, it was like, Yeah, I need to do this because I love what I’m doing. I want to go all in, and I don’t want to have a failure plan anymore. And so that’s, you know, the long-winded answer of how I got there, but it was just I really decided like, I don’t want to keep worst case scenario in this. I really do believe in what I’m teaching so much. Why even think about that anymore. So that’s kind of how I got to that, that point of doing that.

 

Pancham Gupta  

Wow. So Alright, so now let’s talk about Infinite Banking. You mentioned that couple of times. And for someone who doesn’t know what that is who’s listening about this, term? Infinite Banking for the very first time or becoming your own banker. You mentioned the book by Nelson Nash, right? Yes. What is infinite banking? And let’s start with that.

 

Drew White  

Yeah, so it’s, you know, it’s a concept. And I’ll tell people, it’s a process to learn. So anytime I first introduced it to someone, and then myself too, it’s like, it takes a little bit to grasp, you know. So really, it’s based on the idea that we should all be an owner of a bank, and not a customer of a bank. Because basically, when we put our money in a bank, they take it, and they go make more money with our money. And then they basically give us peanuts for the money they’ve made on that money, right? So, when you give them a bank of deposit, they go out, lend it seven to 10 times make a ton of money. And then you know, the average savings account things like point oh, 6% right now or something nuts. So, they give you point oh, 6% back. So, the idea is putting it inside a system where you get the benefits, instead of the bank getting those benefits. And so that, you know, the vehicle we use is very unique. And it’s often hurdle for people to overcome, because they’ve heard nonsense about it in the past, but it’s a life insurance. And so, we use the whole life insurance, because we care about the living benefit, not the death benefit. And so, I mean, the death benefit is a nice addition. But we’re kind of reverse, so we’re not going how much insurance do you want? More? Like, how much cash do you want to put in the system, because you’re gonna get all these benefits like tax free, guaranteed growth, uninterrupted compounding, you can still leverage the money to go invest in by cash flowing assets, and then, you know, dividends on top of that. And so, and then yeah, you get the added bonus of, you get certain death benefit as well. And then there’s some really advanced techniques to that you can get further into. But so that’s really kind of the overview of it.

 

Pancham Gupta  

Yeah, you know what, like, if someone’s listening, you may have turned them off already by mentioning the word. Life insurance, right. So, I know there are a lot of there’s a lot of materials on the internet, and, you know, people who have had these policies not set up the right way. And all that, right. So, there are things that you mentioned, which might be very for you, it’s very easy to understand, but for someone listening for the first time might be very hard to grasp. So, what does it mean by having a whole life insurance policy? Right, like, okay, on maybe let’s define it differently, right? How does it work? Like? And, you know, why do you say banks are not the safe place? I understand, you mentioned that you keep the money in the bank, they take that money and lend it to different people, right? And then they use that money to make interest on that money, but you get nothing or close to nothing. And that’s why that is not working in your favor. Right. So how can you make it to work in your favor by using a whole life policy? And not thinking of that as a policy, but a bank account? Let’s say?

 

Drew White  

Yeah, so first to address even what you said about turn people off. Like I mentioned, I was the Dave Ramsey guy. And if anybody knows Dave Ramsey, and they may not on the show, but he hates whole life insurance. And he

 

Pancham Gupta  

exactly he hates it. For sure. Yeah,

 

Drew White  

Suze Orman, I call them financial entertainers. Right? They hate that product. And I so for me, that’s Dave Ramsey was my background. So, when I first came across this, I was the same way. I was pretty close minded to it. I was like, no, that’s I’ve always heard whole life as a terrible investment. And that’s also a problem. I was looking at it as an investment, not as maybe as a savings vehicle. Right. So that’s the first thing is, you know, I had to overcome that hurdle myself. And I usually do turn people off when I, when I first mentioned it, you know, and kind of rip off the band aid and say, well, we use whole life. Right. But to your question about, you know, why do this or kind of the benefits, right as well. So, you basically you do you do have to make a mental shift of looking at it like, this is a bank that I’m putting a deposit in, right. And so, you know, when we meet with someone we talk about, like, how much cash do you want to put into this, and then it kind of puts out, here’s what a death benefit is. And so, we go through, and we go to work to justify that right. But so, we want to start with, you know, how much you want to get into this. But it’s you know, it’s almost like a tax shelter long term that you can use, the benefits that you’re getting that are you know, I would say one of the huge benefits of this compared to a bank or even self-directed IRA that people use is that when you put that money to work in a cash flowing asset, and by the way, that’s a huge key of the system as putting that money to work. Because right now, as we all know, inflation’s nuts. They say 8%, I would argue it’s higher, but you can’t keep your money stagnant. So, we wouldn’t say put it in this system and keep it stagnant. So you want to put it to work, we’ll put it in motion and buy cash flowing assets, or you know, if you’re a stock market guy, and let’s find whatever you’re into, you know? but what happens is when that money is in your investment outside of your, your banking system, you’re getting the growth outside of there, but inside of your banking system, you can never interrupt that compounding interest because what’s happened is you’re taking your they’re basically putting all lien on your cash value. So, you’re using the insurance company’s money. And so now you’re getting all those benefits that I mentioned, where you’re getting the tax free, guaranteed growth, you’re getting plus dividends. And so, you know, say you’ve put $100,000 to work outside your banking system, we’re getting the 100,000 growths out there, we’re also getting the 100,000, that’s now growing uninterrupted in your policy. And it’s really opposite of what we’ve always been taught, we’ve always been taught money is either or, you know, growth in this system, or here, but we actually, you know, when you can do both, and so sometimes people will say, Well, why don’t I do this when I could 10x My money or whatever elsewhere? And I say, I’m not telling you not to do that. I’m saying, start here, put it here, store it here, and then use that money and go do that 10xing elsewhere, does that kind of answer what you’re asked? Yeah,

 

Pancham Gupta  

yeah. So, I would, you know, summarize that in different words, like what you just mentioned, right? So you have this, a traditional bank account, you said, either, all right, so if you have a traditional bank account, and you want to invest in a property, let’s say, which is cash flowing at 10%, for example, you would take the money out of the bank account and put it in this other thing. So now your bank account has that much money less in that account. And now you have this particular investment for that money. In this system, what Drew is just mentioning, right is that you are taking a loan against that money that you have. So, let’s say 100,000. So, you’re taking that loan against that policy, which is the bank account, or however, you want to think about it, and you go buy the same thing, what you were buying before, which is 10%, cash flow and get 10%. But now you have this thing, which is your original amount, which is 100,000 is still sitting there, but it’s just that and it’s growing with whatever the interest rate, you know, the dividends that the company’s giving out that year. And so, you have the same money working for you in two different places. Basically, you have in your bank account, which is the whole life policy, and you also have it in your cash flowing real estate that you bought or whatever thing, maybe it’s installed. So, whatever that is happened to be. So that’s what you mean, right? That this is why this works out? Fine.

 

Drew White  

Yes, yep. Exactly. And I’ve had to like, you know, we’re not talking about and I should have said this earlier, actually, is it’s really specifically designed whole life insurance policy from a mutual company, which is a really good distinction to make that honestly, I should have mentioned before, because a traditional whole life product that Dave and Suze Orman rail on is not great to be honest. And yeah, traditional whole life, the way traditionally it was done like, you know, yeah, yeah, because you have, there’s ways it needs to be designed so that you can maximize your cash value early and use it quickly. But if you do a traditional policy that’s really focused on death benefit, that is not a great product. And so, I just wanted to add that distinction. But yeah, exactly what you said, That’s a great summary of it.

 

Pancham Gupta  

Awesome, awesome. So now, you said that real estate investing, let’s touch on that a little bit as well, you get some of those benefits, too, right? Like, you can now use this bank account, and you can double dip, so to speak, right? You can make 8, 10, 9 whatever the percentage on this investment, and then also have this growing, so you have basically $1 invested in two different places, and both actually making money at the same

 

Drew White  

time. Yep. And then, you know, there’s other benefits to where you, you know, depends on your state. And I’m not a CPA, just as quick disclaimer, but where you can now set up a loan, when you take that money out, you can set up a loan between yourself and you know, your LLC or your corporation, right. And you can now make payment because you structure that that loan, you know, and so you can structure the payments back to yourself, and your corporation can deduct that interest payment back, you know, so there’s some other tax benefits as well. And hopefully, the goal if you’re doing you know, if you’re buying businesses or buying real estate, is that other people are paying back that policy long term. And eventually you get to the point, if you use that money well, early, you don’t even pay that, that you don’t even you know, you just you can start another one, as soon as you basically put too much of that too much of that money to work, right. And so are all that money to work. And so, there’s lots of benefits to I would say, buying cash flowing assets and letting other people pay that back.

 

Pancham Gupta  

Right. So let’s talk about some of the other benefits which are benefits may not be useful for some but some very useful for others, for example, you know, it has death benefit, like if something happens to you, you get that and also at the same time, depending on the state it is creditor protected to right is that. So, can you explain that a little bit like what does it mean by being creditor protected?

 

Drew White  

Yeah, so in every state is different. So, you’ll want to make sure to look up your laws, but yeah, it’s protected from creditors a lot of times, not always, I don’t want to make everything always but, you know, certain lawsuits that may not even you know, don’t count that as income Um, it’s basically saved from that. And the other thing I wanted to just I know, we touched on credit production. But you mentioned the real estate thing. So, there’s a couple of ways to, if you don’t mind me going back to it, that people can use it for real estate. So, you know, I have all sorts of different investors that we work with. So, we have one guy who he does land investing. So, for him, he doesn’t want to ever deal with banks. So, he just cuts out the bank, and he is the bank. And so, what he does when he because land is, you know, you can buy it for cheaper, and certain areas. And so, what he does is he takes a loan every time a policy loan to buy his land. And he does it quickly, because you can get it like one to three days if you need it quick. And so, he’ll do a wire transfer. And then he’ll basically do a hard money loan with his business and himself. However, we have lots of other people who, you know, maybe do apartments and other bigger things. And so, what they’ll actually do is they’ll use that as the down payment, and they’ll still go use bank money. Because you know, even though interest rates are slowly rising, they’re still it’s still pretty cheap. And so, we have people who will use it that way, as well as you know, so we don’t always, it’s not like you have to just, you know, you got to save up all this amount and go buy a giant apartment complex with your own banking system, you can do that. And then we have people who just use it, and they passively invest in syndications. But I just want to tie that in, because I know you asked me about the real estate part, and I didn’t know how to use it that way.

 

Pancham Gupta  

Right, right. And do you want to touch on creditor protected more or you have done it’s just that

 

Drew White  

just basically protected from creditors. It doesn’t count, you know, it’s not going to count towards income, you know, they can’t really basically money that can’t really, they come after, I guess I would say just

 

Pancham Gupta  

Yeah. So, what happens if they’ve taken loan against it? In that case? Can they come after it? Or

 

Drew White  

if they’ve taken a loan against it? You said, Yeah, you know, that’s a good question. To be honest, I don’t actually know the answer to that one. So, you stumped

 

Pancham Gupta  

on it. And we all

 

Drew White  

value in it. I don’t know if they could come after it or not. To be honest, I highly doubt it. But what I mostly know in the majority of states is that that money doesn’t come up in lawsuits and things like that, and that it usually is, is protected. But you know, every state is completely different. So, I can’t give you a state by state. But there are resources that I probably couldn’t send you to put in the show notes for

 

Pancham Gupta  

people. Right. So, we talked about the death benefit, right, that you have, which continues for your whole life. That’s how the name is right. And what about some of the other riders like the illness rider? Or if you get long term disability, all that? Can you do those?

 

Drew White  

Yeah, yeah, actually. So, one of the companies we work with, has, like some of those riders that are just, they actually just put it on there for free. It’s not an extra cost. So, there’ll be like a critical illness rider, and yeah, like a long-term care rider. And what those are, is, if anything, kind of like these injuries, and they list them what they are certain injuries that happen, you can actually basically turn your policy in for a percentage of your death benefit early if these illnesses or things like that happen. And so, you know, there’s one where it’s, you know, you get about 75%, it has to be like, the certain number of daily activities that you can’t do. And so that is, you know, an added benefit as well. Another benefit that we haven’t totally talked about is there’s a legacy part that yes, the death benefit is a legacy part. But there’s also, we have people who will, they will set up policies on their kids and their grandkids, because you know, a lot of us, I don’t know about you, but I don’t know where college is going to be in 18, 20 years, it’s getting very expensive. And seems like people are with technology, figuring out ways to not have to need a degree for certain careers anymore. And so instead of setting up like college plans for their kids, people are setting these plans up. Because like me, personally, my daughter, she just did a business there like three days ago. And she’s almost 8 and she’s already pretty entrepreneurial. So, for us, like, we’re setting these up for our kids so that maybe when my daughter is 18, she doesn’t want to go to college, but she wants to start a business. Well, she can use this policy now. And I’m going to teach her about it as well. And it’s good way to teach about money. And Nelson Nash, who you mentioned, who wrote the book, becoming your own banker, he left the one policy to each grandkid each kid, we also left them his book, so they know how to use it. But there’s a pretty cool legacy way to use this as well. And you can own the policy and then later transfer ownership as well. And so

 

Pancham Gupta  

it’s alright, so that’s how you have done it. Like you have a separate policy for your daughter, and then you it’s in your name. And she is the beneficiary like how’s that? Or it’s in her name? Yeah,

 

Drew White  

so, you know, and like we’re setting them up actually, like right now in the process of it. So, you know, I’m the owner, and my wife is owning one and is beneficiary. But then as we get older, that or she gets older, I guess I should say, we can transfer ownership to her, you can change beneficiaries as well. So

 

Pancham Gupta  

she’s the insured. You are the owner and the policy, whatever the payment like they looked at your thing before you did that. So, is there a limit for the kids?

 

Drew White  

Yeah, every insurance company is a little bit different. But the main one that you know we work with is they can have half the amount of insurance that the most insured adult has, and then up to about 2 million and most insurance companies are probably going to be pretty similar to that.

 

Pancham Gupta  

But yeah, so there’s a million You mean the death benefit, or 2 million actually,

 

Drew White  

even though we focus on cash value in that situation, I’m talking about death benefit. So yeah, they can have half the death benefit that the parent with the most insurance has up to 2 million. And you know, most insurance companies will be pretty close to about those numbers. So

 

Pancham Gupta  

got it? What is the premium for them as kids who are very young, like eight-year-old five-year-old or all these people? Are these kids being the premium, let’s say, for an adult who is in excellent health and is 35 or 40 years old versus kid who is eight years old? And the same that benefit? Does it change a lot? Or is it similar?

 

Drew White  

Yeah, it definitely changes. And it’s definitely case by case all still gender matters. I hate to break it to your listeners, but women are supposed to live longer than us men. So, they always get better, better benefits in rates. But yeah, so it would be different. I’m not quite a wizard at figuring all those out, like on the spot, but I just typed OPERS to the system. But yeah, there it is different. For sure. I have a lot longer that they’re gonna have to insure them for, you know, when you’re starting to pay someone starting maybe 35. Right. Yeah. And a lot of times, like I said, because we work backwards, we’re looking more the cash value, you know, people are saying, well, this is how much I want to put in for my kid annually for this long. So,

 

Pancham Gupta  

exactly. I think that’s the main consideration point, not how much death benefit you want, but how much every year you can actually put for your kid in this policy. Yeah, for them saving. Yeah, I

 

Drew White  

think it’s a great alternative to the college plans, because you just have so much more use and control over it. You know, there’s no rules around what you use it for. And the insurance company doesn’t care. Like when you go to take a loan, they don’t say, you know, Drew, what are you doing? What are you using this for? Also, we have your dog’s medical records and everything, you know, like a bank does.

 

Pancham Gupta  

You know, so yeah, yeah. And also, there’s another thing, like people who can use pay their case for whatever things is $12,000, you can pass on without taxes, right? And they can take that and put it in this policy. And that way, they can be the owner also. And the insured on the policy. Right. Cool, man, that’s awesome. So, anything else you would like to add? Before we move on to the second part of the show? Yeah, I

 

Drew White  

would just say like, if anybody is interested in it, or, you know, whatever, there’s a couple of things that I would just make sure that they’re getting set up with a mutual insurance company, make sure it’s one that’s been around for, you know, hundreds of years, that they’ve always paid a dividend, even though, you know, world wars and depressions and COVID, and everything. And then another big one for me is, you know, obviously, this is what I do. But when I was getting this set up for myself, I wasn’t able to do it yet. I really wanted to make sure I was working with someone who practice this themselves. Like I don’t want to, I don’t want you know, someone’s saying the stuff that doesn’t even has never practiced it and doesn’t understand the concept. And so obviously, you know, I would love to help anybody, but even if they didn’t, you know, connect with me over this, they could look up the Nelson Nash Institute and find someone on there as well. But just make sure it’s someone that’s actually practicing it, because you’re gonna have questions and hopefully, because they have experience using it, they’ll be able to answer and help coach you. And that’s the other part. The last part I would say is, you want someone that is going to coach you on this, not just set it up and then leave you hanging. And that’s a huge part of it is coaching for life. So, any clients of mine, they call me or text me or anything with questions, and we just try to coach them on ideas and strategies. So

 

Pancham Gupta  

got it. Cool, man, thanks so much. We’ll be back after this message. If you’re an accredited investor and have been thinking about putting your money to work for you, then I have good news for you. I have created an investor club which I call the gold collar investor club, I will be putting together investing opportunities exclusively for the group. These are the opportunities where I have done the due diligence for you and will be investing my own money alongside you. If you are interested, please sign up on the gold collar investor.com forward slash club. I repeat the gold collar investor.com forward slash club. I will reach out to schedule a 30-minute phone conversation to discuss your investing goals. Once you sign up. This can be a good opportunity to diversify and take some chips off the hands of Wall Street to produce some passive income. And in case you were wondering, what is an accredited investor? Accredited Investor is someone who has earned more than $200,000 as filing single or more than $300,000 Filing Jointly for last two years. Another way to qualify as an accredited investor is if your total net worth is more than $1 million excluding your personal home. It includes your stocks, 401, K’s, IRAs, cars, etc. Just not the equity in your personal home. If this, is you, I would highly encourage you to sign up? So, Drew, let’s move on to the second part of the show, which I call it taking the leap round, we ask these four questions to every guest on the show. My first question for you is when the first time was you invested outside of Wall Street

 

Drew White  

are so invested outside of Wall Street was when I flipped my first mobile home. And you know, it was scary a little bit, but I had hired a mentor to help me. I bought a very old double wide here in Omaha where I live. That was my first venture into real estate I kind of wanted to dip my toe in. And as I mentioned earlier on the show, I was a little scared of debt. I bought it for $500. But it was, it was terrible. There was a piece of junk. Apparently, my nose didn’t work the first time I went through the home because the second time I bought it, I realized everything had dog urine on it. It was terrible. So, but that was my first venture into non-Wall Street

 

Pancham Gupta  

guy. All right, so did you have any fears that you had to overcome when you bought that one? Oh, my

 

Drew White  

gosh, fear was like, I lived in fear daily. Because once I’ve Ramsey Oh, yeah, I mean, once I bought it and realized how bad it was, I mean, because I had a mentor, but I sent him pictures and videos, didn’t live in town. And so, you know, for him, it looked good. But he couldn’t smell it. He couldn’t tell everything. And once I started walking contractors through and they’re telling me like, you know, oh, it’s going to be 10,000 To fix this, well, the, I won’t get into the whole mobile home model. But the model is that you should make your money back within like six months really, at the worst. And you can sell it on payments, you know, and so I was like, oh my gosh, and I was like, I mean, 10,000 was kind of my max budget, you know, and so I was kind of freaking out. And then, and then I had a painter steal my paint, you’re supposed to paint the home, I left him with the paint, I came back, and he just took the paints that have painted the home. And then I had some guys that were taken out junk. And they were a little rough and broke some glass. And so, I was kind of like I just lived in the state of fear, like, what am I doing, I’m not gonna make this money back. And even though it was a low cost of entry, I was like, I’m gonna own this home for the next like, year at this point. But I’ll give you the end of the story, though I did. That’s the thing about mobile homes, they’re very forgiving. And I actually ended up finding the guy that wanted the opportunity to fix it up himself. And I still doubled my investment in the end. But it was I was very, very fearful every day that I made a huge mistake.

 

Pancham Gupta  

Yeah, you know, you make these mistakes. But these are the actions that actually propel you forward. Right? Always you learned something from them.

 

Drew White  

Yeah. And that was a huge learning for me like I did, I did an after-action review after it. And I wrote down all the mistakes that I made, and basically realized, I got lucky, and I was like, I’m not gonna get lucky anymore. Also, probably not going to work with a handyman as much. So, I stopped, I really started that began a change in my model, it took a few more homes before I really solidified it. But I basically started looking for homes, it just needed touch ups, not much work at all. And just being more patient. I was just too eager to get in the first one.

 

Pancham Gupta  

Guy. Right, cool. So, my third question for you is, can you share with us one investment? That did not go as expected?

 

Drew White  

Yeah. So, along the line mobile homes. I had another one. It was shortly after that one, I was still learning the ropes of it. And I bought it, it’s an hour away from me. So, this was, again, it still ended up working out for me it took more time. But I really, I hired a bad handyman, I hired the cheapest handyman, and maybe not the best. And I let him talk me into and he was like, I want this opportunity. That’s why I’m going to do it low cost. And, you know, I’ll fast forward. The relationship ended with him threatening me in a parking lot with my son in the car. While we were in a grocery parking lot. I thought to meet him there. But I didn’t do enough due diligence on him. And so that one, because I had to, you know, I knew I basically paid him and just got him out of there because I saw his work. And then he was doing really bad. And so, I would have made a much better return if I hadn’t hired him and just hired someone that knew what they were doing the first time. So, it cost me a little bit. I still in the long run. Like I still ended up ahead. It took me about a year to get breakeven. And then since then I still was able to double it and then some, but I caused myself some a lot of stress and issues because I was being too cheap at the start.

 

Pancham Gupta  

Got it. All right. So, my last question for you is what is one piece of advice would you give to people who are thinking of investing in Main Street that is outside of Wall Street?

 

Drew White  

You know, I would say I’m gonna have a couple, but one is to be open minded. And, you know, think about some of the advice that we’ve gotten over the years is more mainstream, you just hear it out there, right? And so that comes sometimes makes you close minded to things that are outside I love that. And you also want to consider like, who are the people giving this advice? Are they where you want to be? Right. And I think that’s a big one. The other one that’s been huge for me is ever since I started having coaches and mentors, that’s really you know, I mean, it’s not a novel approach. But it for me, it really helps me to see, sometimes I get stuck just inside the glass box, and I don’t see the, you know, what’s outside of there, right. And it helps to have people point things out. And so, I think anytime you’re taking a risk, you know, it helps to have someone that’s been there before that can coach you that can mentor you. And then lastly, don’t be afraid to take risks. Don’t be afraid to try things. Life’s fun, right? It’s a little bit of a game. So, you know, if we’re not trying things, we’re probably not living.

 

Pancham Gupta  

Don’t listen to Dave Ramsey. Cool, so thank you drew, this has been fun. How can people connect with you if they want to reach out and you know, find out more what you’re doing and all?

 

Drew White  

that? Yeah, so I have a website it’s IBC drew.com, which stands for infinite banking concept Drew, and on there, you know, they can book a call with me, it’s hassle free, you know, if they want to learn more, I’ll chat with them. And then there’s some other content on there as well. And I’m also big on LinkedIn, but I would say if they wanted to talk with me, use the call button.

 

Pancham Gupta  

Awesome, man. Well, thank you so much for hopping on here. Yeah, thank

 

Drew White  

you so much for having me on. Had a great time and go Gryffindor.

 

Pancham Gupta  

Whatever that means. All right. Thank you for tuning in today. I hope you learn from Drew’s experience. And if you have any interest in infinite banking, definitely reach out to him and learn about it. If you have any questions do not hesitate to reach out to me my email is p@thegoldcollarinvestorpodcast. That’s P as in Paul at the gold collar investor.com This has been Pancham signing off. Until next time, take care.



Thank you for listening to the gold collar investor podcast. If you love what you’ve heard and you want more of Pancham Gupta, visit us at www.thegoldcollarinvestor.com And follow us on Facebook At The Gold Collar Investor. The information on this podcast are opinions. As always, please consult your own financial team before investing

Copy of EP #18 - 2 Guests

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