Wealth Podcast Post

Infinite Banking with Douglas Eze

George Grombacher July 21, 2022

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Infinite Banking with Douglas Eze

LifeBlood: We talked about infinite banking and using cash-value life insurance as a savings vehicle, paying attention to how much you’re paying in taxes, making decisions about when to pay off debt and how, and how to get started, with Douglas Eze, CFF, President and CEO of Largo Financial and author. 

Listen to learn why you should never forget to take care of your future-self!

You can learn more about Doug at LargoFinancialServices.com, Facebook, Instagram, YouTube and LinkedIn.

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Our Guests

George Grombacher

doug 2

Douglas Eze

Episode Transcript

george grombacher 0:00
Come on Bob Leffler. This is George G. And the time is right welcome. Today’s guest strong and powerful Douglas is a dog. Are you ready to do this?

Doug Eze 0:18
Yes, I am. How you doing?

george grombacher 0:20
I am doing great man excited to have you on. Doug is a C F. F is the president and CEO of Largo financial, he’s the author of creating generational wealth, what the super wealthy know that you need to know, Doug, tell us a little about your personal life some more about your work? Why you do what you do?

Doug Eze 0:38
Yeah, man, um, I’ve been in the financial services industry for over 20 years. And I’ve just, I started when I was 24 years old, I was waiting tables, I hope when somebody introduced me to the business, give me a business card. And I went and checked out the opportunity. And it made sense, you know, but I didn’t know nothing about finance, you know, and she, you know, the young lady that introduced me back then said, Well, this is what we do, we have families, plan for the future plan for the children’s college education fund, and all those good stuff. And she said, but you don’t need a license to get started. So I proceeded to get all my licenses in the financial world life insurance license, held license securities license, swap over investment products, and then just as I continued to grow in the business, you know, I have four kids of true for my previous wife, and then I adopted two more my brother’s children, you know, because he passed away and playing Christ, so yeah, West Africa, Nigeria. So I was able to just, you know, tap, step right in and start taking care of them and bring them to the US and just make them new, give them a better opportunity as well, just like I have. But um, other than that, you know, just life is good, you know, where our company is growing. And they also own other companies, also on a technology company, where we do a global GPS tracking device that will track cars and fleets, in different parts of the world, not just in America, but to global technology, because my business partner, is actually out of West Africa, Cameroon. So he developed the technology, I financed it and then became partners, and now we’re looking to do major difference in the world and help do our part to kind of help, you know, reduce the amount of kidnappings that’s going on in the world right now.

george grombacher 2:37
I’m certainly grateful for that. And what a journey that you’ve been on from waiting tables that I have to, you know, being the chairman, CEO of financial firm, and investing in new technologies all over the world and then helping to alleviate the obviously horrible problem of kidnapping. So yeah, it’s crazy. Crazy.

Totally crazy. But when when, when when you look back, Is it surprising to you? Or you say, Yeah, you know, I always knew that I was going to enjoy this.

Doug Eze 3:08
No, you know, it’s actually Sometimes I wake up and I pinch myself, I’m like, man, you know, is this really happening? A guy with just a high school diploma with no college degree from West Africa, Nigeria, now in the US living the life living the dream, you know, and just doing making a difference? You know, it’s still a shock sometimes. But, you know,

Unknown Speaker 3:32
did I see this happening? I mean, I knew I was gonna be successful somehow. I only know how in what’s going to happen in the process and how that part is going to lead me. You know, I didn’t know just meeting somebody. While I was waiting table, I hope and having an open mind to speak to them and go sit down have a conversation will lead to all this today. Let’s go for it. Funny thing, right. Yeah, man.

george grombacher 3:59
Awesome. All right. So when you are in terms of your work with with Largo? Where were some of the areas you find you’re having the biggest impact?

Unknown Speaker 4:11
Yeah. So what we started doing when I got into this industry and start to start my own company, is sitting down with families, talking to them about saving for the future, retiring and all the other stuff. And I realized a lot of times people are just trapped, where money they there’s been so much debt. And I couldn’t really help them. Until I’ve run into a mentor of mine that say, you know, we got to figure out a different way to help families save more because at the end of the day, the government is interested in the money the banks are interested in the money. So what if we could help families find money in places that are throwing money away unknowingly because they don’t know they’re doing it? And unnecessarily we could fix it. For example, do it we will pay their mortgage right? That’s a big part of the American families. Chris, a lot of the income goes to the mortgage. So the way they pay their mortgage, the way they pay taxes, the way they contribute driven a qualified plan, like a 401 K, or IRA TSP, those type of accounts, they will never claim for the children’s college, right, that’s under wealth transfer we found and even the way they make major capital purchases, going on vacation buying a car. So we realize that there’s so much wealth that has been transferred away, unknowingly. And if we can recapture those dollars, for example, you know, there’s so many people that make extra payment on their mortgage. And the question is ask is why in a hurry to pay off this mortgage, and then I don’t know have a debt as Okay, that makes sense. I understand that. But you’re using money, that should be going to a compound interest account, to pay simple interest loan off, don’t you want your money to grow for you, so that in the future, you have the money, therefore, you because at the end of the day, I’m assuming you bought a house that you could afford, not something that you couldn’t afford, because that’s a problem so many they over stretch and purchased of the cannot afford by some of the cooler food, you get the loan from the bank, because the banks make money right off of loans, right. So get the loan, they already gave you the money, we already know how much the interest is because America, we know what the interest is going to be what you’re going to pay, why in a hurry to pay them off. If they give you a loan for 30 years, take your time, don’t rush yourself, invest the difference, the money in something that’s going to grow compounding for you. So those things that we started doing today, we’ve been able to help so many families get out of debt, using a simple strategy that we’ve built, you know, to get them out of debt, even their mortgage, and we still shouldn’t have to pay the mortgage off in less than nine years. And their credit card their student loans without them ever having to use extra money to do it. Instead, we teach them how to use other people’s money to pay off those debt and build wealth at the same time. Yeah, instead of the traditional way, we’ll pay off all your debt, and then start saving and building wealth. Well, we’re all the way getting older, you know, we’re not as young as we were 20 years ago, every year is a new is a new age. So you can’t wait to pay off your debt, because it could take you 10 years to pay off your debt, or that’s 10 years that you’ve lost. That could have made so much difference in your life.

george grombacher 7:34
So it’s like that there’s a lot of important things there. First and foremost, just recognizing how much money that we pay in taxes, because we get taxed on essentially everything. And so recognizing that and then looking around, it’s okay, maybe there’s a better way to do that. And then looking at different expenses, and how we’re allowing other people to leverage their money like banks. And instead of sending the bank all the money, so they can do whatever they want with it, why not start investing in ourselves, for lack of a better term, and have an opportunity to, to, to to grow money compound. And I totally appreciate that. While we are really interested in paying off debt, which is really, really important. But at the same time, why don’t we also focus on making sure that we are paying for ourselves or saving for ourselves? Because money is is certainly time sensitive?

Unknown Speaker 8:32
Exactly where time sensitive and, you know, so when I listen to and hear people talk about, oh, you make extra payments and all the other stuff and I’m uh, I’m guilty of that I used to teach people that years ago, until I sat down and spoke to a very wealthy person that says, Why do I need to pay off my house? My house is not an investment is not making me any money. You know, so even if it’s an investment, I don’t want to pay it off. I rather have debt on the house. You know, because when I have debt, and but I have more money than debt, then I’m not really in debt. And my way say that again, is like, you know, think about it that was if I have more money, so if I owe $100,000 on my house, right? And I have $400,000 cash. My house is actually paid off. I’m gonna Yeah, you’re right. Is it because my father 1000 is still making me money and leverage I’m leveraging that cash to go make more money. Why am I worried about $100,000? I write I use the bank’s money just like they’re using my money. I rather use their money. And because I also have cash and I have credit. The bank will give me money at a very, very low interest rate. Let me

george grombacher 9:49
blow my mind. Right, like holy cow. That’s, yeah, is it that people want peace of mind? That’s gotta be part of it. Than just okay. I don’t have a mortgage and there’s value there certainly is. And recognizing that if my mortgage is $400,000, and I also have $400,000 in an investment, that I could take that money and pay it off if I ever wanted to,

Unknown Speaker 10:11
exactly. And that’s the comfort, that’s the key, you know, knowing that you have money that’s growing and making you more money than the house that you live. It’s a house I live in, you know, a mortgage just like a, a, I call it the A, the new rent, basically, your rent in the back is your mortgage, your renter is your landlord. The only difference between these new rent is the bank, don’t care. If your roof is leaking, you got to fix it all. Or like the traditional renter, the landlord, you call the landlord, listen, dude, the rent is the roof is leaking here, you need to come fix this house. So same thing, but we got to make sure our money is working for us. That must be when I ask them. So why is why in a hurry to pay the house? They say, Well, I want to live in for my children. I’m like, really? Your children? Let’s get on the phone right now call your kids and they want your house.

george grombacher 11:12
Like, oh, I never thought about it like that.

Unknown Speaker 11:14
Right? Your kids don’t want your house, they want money. They’re gonna sell that house so quickly. Like what happened?

george grombacher 11:23
Where’s that house? I left you about that? Yeah, I think that that’s, it’s, I think it’s a very, very logical thing to say, well, I want to make these extra payments to the bank. But then you realize, or if you look at it the way that you’ve been talking about, if I do need the money, is the bank just going to turn around and give it back to me? Well, no, it’s definitely not that easy. So

Unknown Speaker 11:47
they make you go through hoops to get the money. You know, they don’t care if you you know, I don’t care how many times you’ve been to the bank and you spoke to the bank manager and your smile, you drink coffee with her or him while you’re sitting getting there with your wheelchair when you’re in a garden or accident. And you’re in a wheelchair. And you stroll into the bank and say, Well, I was an accident can’t pay my mortgage this month. See how quickly they start foreclosing on the foreclose? People

george grombacher 12:13
will take that coffee away. Yeah, yeah. There’s, there’s there’s no doubt. All right. So what are what are some of these vehicles strategies? How do we go about doing that? If not sending the money to the bank to make extra payments? What are my other? What are the options? Alternatives?

Unknown Speaker 12:33
Yes. So you know, there’s a difference between saving money and investing. You know, that’s the first thing we need to save is basically what we pack money onto, we’re ready to invest it. You know, fortunate so many people jump right into investing, would I have an honest understanding of what type of investment they put in their money? You know, there’s so many people have taken all their hard earned money and invested in real estate. I have no idea what goes into that and they lose money. Can we never hear about the people that lost money? Well, is the about the winners, right? So one thing I teach is this save money in a vehicle that has been around for hundreds of years. That’s where you save money, one of those vehicles walk or cars valuations, you never hear people talk about that anymore. You know, you hear a lot of negative press somebody but so many families, especially wealthy families, when I was doing my research, when I was writing my book, or creating the original world, so researching families, I started realizing, Rockefeller puts a lot of my life insurance, Walt Disney before he started his company. The bank said, No, they won’t give him money to start Disney work. Guess what he did, he took $100,000 out of his life insurance to start that company. Look at what how big, the massive that that company is today. You know, JC Penney, during the Great Depression, almost lost everything, was able to go into his cash value life insurance and take a loan out to save his company. You know, I’ve used casual life insurance to start a medical practice. I’ve used it to purchase a lot of real estate investments, right? Like I said, it’s a place to park money. And then you leverage the money to invest in businesses and other things that you want to invest in. So it’s not a savings, not an investment, you know, per se, because a lot of people get it confused. The 10 Casual life is an investment. No, it’s not an investment. It’s just a savings account that you leverage, and also gives you a death benefit on your life. So you’re using your money twice. So for example, if I put 100,000 at a bank, they pay me 0.1% interest. And if I pass away for my kids to get that money, they will be subject to estate taxes, and they only get 100 grand but he’s got to go to probate court first, before the money is released to the children. Now, with life insurance, I put the same $100,000 Life insurance I also get a death benefit. They just take an example. They just say 300,000 death benefit. Now, if I pass away, my kids get the check for 300,000 tax free. No probate court, no government interference, none of that. But in the meantime, I can still take a loan against that money because the insurance companies pay me anywhere from three to 4% Guaranteed interest rate. And that’s a win win situation.

george grombacher 15:27
Yeah, it’s a, I think that’s a great way to talk about it. And to describe it as a savings vehicle tax preference savings vehicle, because it does a lot more things than I think people realize. So when when you’re talking to people? How do you prioritize it? I mean, it’s going to be different for everybody. But is there anybody would that you look at it? And they say, I want to do this, but you say, I don’t think you’re ready to do it yet? Or this? Maybe the situation isn’t right. Who was it not for?

Unknown Speaker 16:03
You know, in the past, when I first got into the industry? I, I will say that, yeah, because I run into people that have so much debt, and they can’t even save, and they said, Well, you know, when we finish paying off this debt, we’ll start saving, but then when I start driving back home, I start feeling like, Man, why can I help this person. So we developed a system that allows us to help just anyone doesn’t matter how much debt they have, we’re able to help them. Because we develop a software, one of my business partner and the software, we basically help people get on a debt and build wealth at the same time. So no matter what level of life, they no matter how much money they making, you know, will no matter how much debt they have, we can help them. You know, the key we believe is if we could have you become debt free, and build wealth at the same time, then you’re gonna have a voice you won’t be, you know, the stress will be you’ll be relieved from stress in your life. I mean, so much stuff you could give back to your families and all that, because so many people will pass away or die because they’re stressed out. And they work, they hate their jobs. I mean, and job, they don’t see an enemy, you know, so we have to develop a system that allows our clients to become debt free, and build wealth at the same time.

george grombacher 17:19
Nice. I appreciate that. Well, Douglas, the people are ready for that difference making tip, what do you have for them,

Unknown Speaker 17:25
never forget to take care of your future person. So whenever you pay cash for anything, remind yourself to pay back your future person, because your future person is expecting that money to compound and grow. So if you pay cash, treat it as if you find it, because that’s when you pay cash for stuff. That’s self financing. So when you self finance, that symptoms, go to a bank and borrow money. So now if you self financed, pay back because your future person loaned you the money, and they will they will have a return on investment. Instead of you just saying, Oh, I pay cash. I don’t owe anybody. No, you owe your future person the money. So pay back to them.

george grombacher 18:09
Well, I think that is great stuff that definitely gets come up. Douglas, thank you so much for coming on. Where can people learn more about you? How can they engage with you?

Unknown Speaker 18:18
Yeah, definitely. So I’m on Instagram, of course, I’m Douglas ACM also I have a course that I teach called, have money forever that comm you can go on our website have money forever.com You know, and just tappings it’s, it’s a very simple course. We teach just to teach you all the strategies that will help you build wealth, protect your wealth, and then pass it on to the next generation tax free.

george grombacher 18:45
Excellent. If you enjoyed as much as I did show Douglas your appreciation and share today’s show with a friend who also appreciates good ideas, find Douglas on Instagram, and that is do ug la s ez E and then go to have money forever.com And take advantage of that course that Doug has been talking about. Thanks again, Doug. Thank you. And until next time, keep fighting the good fight. We’re all in this together.

Unknown Speaker 19:12

Transcribed by https://otter.ai

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