INSIDE THE VAULT: How to Use Life Insurance to Live Your Best Life with Marvin Mitchell

all right y'all so there's a lot of talk about becoming the bank but what does that actually mean when people talk about generational wealth they believe in the traditional way of building wealth where there's a whole different way where you could finance your life you could build your own wealth you could finance your family's life you could borrow from yourself you can when i yo when i tell you that there are multiple ways where you could create wealth without having to depend on no other institution but yourself and it is an honor to have this next guest because when you think about even myself as a 15-year banking executive a lot of the things that he is teaching is going to change the way you look at wealth forever all right y'all let's get to the show hey so this episode of inside the vault is sponsored by mailbox millionaire academy the number one commercial real estate credit mentorship program for real estate professionals looking to take their real estate business to the next 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inside the boat my man asked so get your man right thursday nights 8 pm and see him and change all night me and their mind set the best on earth blueprints of wealth network forget it while you can any standing right [Music] right here all right josh so welcome to another awesome episode of inside the vault with ash cash the greatest money mindset show on the planet where we are giving you the insider's guide to living financially freedom inside his guide to wealth everything about it um i'm excited about this next guest because you know i you know if you know my background you know uh that i was a 15-year banking executive branch manager ceo of a credit union and the traditional way that myself and even others are taught about banking and the banking system is totally different than what you are or what my my next guest is going to teach you he's actually going to teach you how you can become the bank yourself how do you build wealth how to use your family how do you create generational wealth these are unconventional ways that are not really taught every single day using instruments financial instruments that you may think you know about but you have no idea i got my man mr marvin mitchell what's up brother i'm good man how you doing bro i'm doing well man i i appreciate you man i think you know i'm excited about um you know this interview for so many different reasons right because uh you know your knowledge base first and foremost um your life story is phenomenal um the things that you've been able to do and acquire and who you are is just is just awesome uh so for those who don't know um who is marvin mitchell man i'm just uh just a kid that grew up in an inner city without a father who grew up and became something of myself that said that i'm gonna be a generational curse breaker that saw my family struggle and said i'm not gonna be the one to struggle anymore i'm not gonna let my kids struggle anymore so i really just took a different route in my life man i began to read and i said that i'm going to be a person who becomes well financially myself so that i can change the whole world man and this is what i manifested yeah this is what i believe in yeah and this is what i'm doing today yeah now now i love that and so talk talk to me about um you know what you do now right because um like you are a wealth builder in every sense of the word right um and and talk talk to me about about about your business so i say i'm a wealth creator um just to give you an example to get people get people excited to show you what's possible what i've been able to do yeah um growing up poor to now own the two million dollar mansion um a couple of lambos and you know just being able to just live just financially free where i don't have to be in the office and the office is still making money from me and i was able to do all of that 422 units of real estate without needing to necessarily go to the bank for that for the down payment or any of that i borrow money from a untraditional place that i'm going to talk about today without using any of my own money using other people's money to build to build passive residual income for myself while my money is still growing tax free so here's the thing i i make my money ash make money two to three times off the same dollar before it ever circulates outside of my territory oh so your money makes two to three so so no no let's let's unpack that right so you're saying if you got a thousand dollars right that money and make money two or three times before he even goes outside anywhere else everything i have is gonna be funneled to what i call a wealth creation fund first and then once it funnels to that wealth creation fund i'm going to borrow against that when i borrow against that i buy an asset so now the asset is making money from me and the thing i funneled it through is still there and it's still making money from me because i didn't take the money wow i borrowed against the money wow so give y'all a play and we're going to talk about what it is in a second but let me give you all the plates oh that's heavy let me show you how to make money three times yeah so here's the deal let's say i need to buy a high price item yeah i pay 20 000 i might use a credit card i get my points for the credit card then i borrow against my wealth creation fund pay off that card i got points from the credit card my money and my wealth creation fund is still growing tax-free and i just bought an asset that's making money now that dollar made money three different times wow so you see it's not that people are some people are not spending too much they're just spending it wrong if i can show you how to make money without reducing your lifestyle and still end up in a better financial position than somebody that tries to save and and and live beyond so below their means that they feel like they can't spend any money let me show you how to spend money and make money at the same time why because it doesn't have to be a both and it doesn't have to be an either or it can be a both end and that's what we're going to get into and and i love that because i mean i mean as y'all know abundance is your birth right yes um and we always say that and is better than orr right exactly um and and we've been taught um to um choose right and so you know we got to choose we got to create all right so this or that yeah uh but you're saying ann you're saying uh you could be responsible and spend you could have a lambo and build wealth yeah you can have a two million dollar asset in on 420 doors right yeah like man that's powerful um and so and so take take us through like what that it is like what is it what is this wealth creation fund that is that is allowing you to double and triple your money i want to talk about that i'm going to start off by talking about the three different types of money first you got to understand the three different types of money then you can understand what this is three different types of people when it comes to money you have a debtor you have a saver and then you have a wealth creator we're going to talk about the wealth creator today but we got to understand the debtor first the debtor is somebody who always buys depreciating assets they might buy it on credit they spend their entire life living in a rat race they're going to go in debt and they're spending years attempting to become debt free go in debt attempting to get debt free we all know people like that surely none of you are right but we know people like that right problem is is their goal is listening to people like dave ramsey telling them that they need to be debt-free they need to be at zero well i will tell you the problem with that thinking is that when you're at zero you're still at zero there are homeless people on the street that are at zero right but at the same time they don't have any assets they're not building any wealth right yeah so then you go to the next stage where you got the saver now the saver that's somebody that's in a better position they're gonna save and see their cash go up but then when it's time to buy a vehicle or buy something they're going to spend their cash then they're going to save again they're going to spend their cash here's the problem with that every time they spend their cash what they're doing is they're going back toward the same place that the debtor is trying to get to so the saver is stopping the forward momentum of their money each and every single time they're getting back to zero and here's the thing they feel like they have to live in a scarcity mindset like i can't spend i can't spend i'm gonna live on on raymond noodles i'm gonna live like no one else is living right now problem with that is once you have that scarcity mentality you don't just click out of it you stay in that scarcity mentality i have clients like that that can save millions of dollars but are afraid to spend ten thousand dollars because they think they're going to run out of money because they've trained herself to be scarcity but as you know abundance is our birthright so we're going to think abundantly we got to know that we can't have it all right so when you're abundant you're going to become a wealth creator the way a rough web creator thinks is is i'm going to be responsible with my money but when it's time for me to buy a high-ticket item i'm gonna borrow against something that's making money while it's still making money so i can make money two to three times so that wealth creation fund is actually a sort of a type of life insurance but i want you to be careful because when people say life insurance the first thing that you think of is well i got a term or i got life insurance through my work or i got a whole life let me tell you most 90 of policies are set up the wrong way and they are not built the right way to be a wealth creation fund in order for it to be a wealth creation fund you got to build cash value fast you got to be able to borrow against it fast you got to make sure you're getting a good tax-free interest rate and it's growing for you uninterrupted even when you're using the money you got to make sure that you don't have to pay it back so if you structure it the right way you don't even got to pay it back it's just subtracted from your death benefit when you die and it's the death benefit is always more than the cash value and it's always tax free so when you understand this i'm going to give you one play and then we're going to kind of take you back when you understand this you can take educated risk give you an example if i have a hundred thousand dollars in a cash value policy and i borrowed fifty thousand dollars let's say i was making five percent so i got a hundred thousand dollars to make it five percent the next year is 105. well if i borrow 50 000 next year is still 105 because i didn't touch that money i just used it as collateral i borrowed against it so that 100 is 105 000 now right now get this i borrowed against it it's 105 000 now if i want to take that money and buy an asset i can make money off that asset and that money is still growing and if i don't pay it back they're going to subtract my 50 000 plus a little interest from my death benefit when i die which is probably a million you see what i'm saying right so to give you one play really quick so what i did was remember gamestop yeah gamestop was just going through the roof now i own i guess i should have told y'all this i actually own a financial firm yeah i've been owning a financial firm for 15 years so i i can kind of see where the industry is going i know that the big guys are not going to continue to lose yeah so when games stop the ordinary person was making so much money and winning i said they got to do something about it so it went up by 100 points yeah right then it went and then i said it's going to go down by 100 points the next day i positioned myself correctly where i was able to borrow from my policy and put a hundred thousand dollars on an option put that it would go down by a hundred points yeah the next day when it went down by 100 points i instantly made three hundred thousand dollars plus got my hundred thousand dollars back and i was able to pay back the insurance company the hundred thousand dollars while my money was still growing now why would i take their risk because it's a big risk because if i lost that i lose a hundred thousand yeah here's why i'm able to take that risk if i lose that and i don't have the hundred thousand i'm not in a big deficit because it's simply just borrowed against the policy and if i don't if i lose a hundred thousand the money the hundred thousand is still growing as if i never touched it right and 100 000 plus interest is going to be subtracted from my death benefit when i die right right so i use that money to be a win-win situation whether i win or lose i still win yeah i love that and so just to unpack that right because somebody's listening right now who loves the concept um take take me back a little bit right what is the difference between a term life insurance policy and a cash value life insurance policy yeah but first off um be aware of people who tell you that there's only one right way right so if somebody tells you that you should never do terms you should do permanent or if they tell you you should never do permanent you should only do terms i need to stir clear because there are ways that each one could be used like if you're young and you got a lot of debt a term policy might be a portion of your of what you have what the term policy is exactly how it sounds it's a term which means it's temporary which means if i get a 20-year term policy that means i don't build up any cash value i pay a premium and at the end of that 20 years that policy is done unless they increase the premiums by a whole lot but for most people it's done if i die within that 20 years i get a death benefit so i'm betting when i get that that i'm doing this just in case i die within that 20 years the problem with that is when you just only go term you are you're attempting to get people to get life insurance for something that they don't want people don't want to think about dying in order to get life insurance and you can't use it for your life you can't use it for a business you can't use it to buy real estate or buy a vehicle it doesn't have any other benefits except a death benefit the exciting way to get life insurance is when it's for your life see life insurance is called life insurance for a reason it should be for your life not only death if you do it the right way sure you can buy wealth while you're creating while you're waiting to create it but at the same time you can use your wealth unlike you can use any other tool like a 401k or ira you can't use any kind of products the way that you can use life insurance because it's liquid you can control it it's tax-free it's creditor proof and you can only do that with permanent policies now when you do a permanent policy that's either going to be a whole life or it's going to be an index universal life those are the only two i advocate if you're going to do this whole become your own bank situation yeah they both work different but the one thing they they both agree on is the fact that it's permanent which means it's going to last you your whole life it's going to build up a cash value in that cash value that's what gives you the ability to borrow against it and again it's going to last your whole life now lasting your whole life ash cash doesn't mean that you're actually paying a premium for your whole life you can actually structure it in a way that you only have to pay your premium for a third amount of years and it still lasts for the rest of your life but when you structure it you got to make sure that you structure it in a way that you have the highest amount of cash value for the lowest amount of death benefit now traditional advisors are going to tell you to get the highest amount of um death benefit for the lowest amount of cash value but they get paid more commission it benefits them it doesn't benefit you i want to tell you how it's going to benefit you and benefit your family so that you can build generational wealth no i love that yo yo ho ho i know you guys are enjoying this episode right now but my god marvin got a five day challenge that's gonna change your life some of the challenges i'm really about to show you how to leverage your life insurance exactly how i used to flip property to get multi-family apartment buildings over 400 units to get my lamborghini and my money still grows tax-free if you really want to learn and have some extended time you want to get into the vip room via zoom i'm going to let y'all do q and a with me i'm going to answer your questions it's fire all you got to do is click the link below sign up for the challenge you don't want to miss this let's go i'm ready to teach you all right y'all let's get it five days with this man you're gonna change your life all right back to the episode let's go and so you know i know like let's say for like a term right like once you buy a term life insurance policy you kind of like locked in yeah for that for that death benefit and if you wanted more death benefit you'd have to buy a different term or whatever um is that the same thing with whole whole life can i uh continue to purchase a more death benefit once i once i opened open that policy um good question um so first off most term policies 97 are never even never even have a claim on only three percent of term policies are ever paid off insurance companies make way more off a term than they do whole life yeah now on the whole life same thing like once you start a premium you got to be careful because if you set it too low you can't just go one day and say well i'm not gonna put ten thousand i'm gonna put thirty thousand dollars into it like i have five different policies because every single time i start making more money i do open me another permanent policy now the good thing about a permanent policy that you can't do with a term but a term policy once your premium is set it's set and a whole life policy um for example or index universal life policy if you fall into hard times or something and a year comes where you can't pay until that premium there are ways that you can pay less to keep that policy going so you can pay less but you can't pay more got it got it got it got it and then so now um you know you you put the money into you know let's say 100 hundred thousand dollars you buy a whole life policy uh and then now you know that policy is growing year after year yeah uh and then so now once that policy is growing um your your ability to borrow from that is what allows you to become the bank right well i say this is why i call it becoming your own bait yeah it's going to build up like a snowball like any time you're building anything a business anything it's not going to just be boom instantaneous so we got to stop thinking about having something super quick this is not a microwave society we're building long-term generational wealth right yeah so what we're doing is let's say if it's bacon for a couple years three years that snowball effect because the compound interest just keeps going and going and going and now when you borrow against it it's still compounding and growing and growing and growing so that's really what we want to do we want to think about this as like if i have ten thousand four percent compounded on that is is is only 400 but if it turns to a million now we talking about getting 40 000 and maybe we borrow 30 000 from it but now it's making 40 000 so the longer you have it the more benefit it's going to be for you i love that and so here's a question right so normally um when you you know debt is not taxed right um and so if let's say for instance you know uh i borrowed money from the bank uh you know that money that i borrowed that's not you know i i can't i can't be taxed for that money right uh is that the same for um you know life insurance policy meaning that if you know let's say uh i make a million dollars this year um i take that million dollars i put it in a life insurance policy um and then because it's a life insurance policy uh you know i now um say hey you know what i'm gonna borrow against that money i take that money i buy an asset like you said right so i buy uh you know uh a duplex um and and and that duplex i rent out um so now i borrowed that money so first of all so i'm asking all these tax questions right yeah but you know that that million dollars that i have and i put it in the life insurance thing and i know you're not a cpa but if i put that uh million dollars in that life insurance policy is there tax benefits for investing in a life insurance policy the they actually call this version of life insurance uh it used to be called the rich man's roth ira and the reason why they called the rich man the roth ira you put the money in it's no longer tax that grows tax deferred when you take the money out you can take it out tax free the problem is is there's limits to how much you can put into a raw if you make over a certain amount of money you can't put that money into a roth and even if you do make a lot of money you can only put about six or seven thousand dollars per year into iraq rich people use the dump just like you said a million dollars into these policies right away the only reason that rich people would dump a million dollars into a policy is only one reason to protect themselves against taxation because once it goes into that policy it grows tax deferred which means they're not going to charge you any taxes you can borrow against it tax-free it's creditor proof it doesn't show up the interest doesn't show up on any irs report when they die if they're going to quadruple that and send it to the next generation completely tax-free um it's so many tax plays that rich people do and until recently these types of things have only been available for the ultra high net worth they understood these things and that's why i've went to all of these different classes paid hundreds of thousands of dollars to master this skill so i can take what they're doing to ordinary people like me and you you can do it don't think you got to make millions of dollars to do this i have some people who do this for as little as 250 a month they store it slowly some people who do this i got people pum pumping 100 100 000 a month so no matter where you or right now you don't have to stay right there you just got to take care of what you have now because when you do great things with what you have you're going to be blessed with more to be able to do more in the future for sure so i don't even think y'all understand what just happened here right so i literally was having a conversation with one of my millionaire friends and we were trying to discuss like tax strategies right like yo like what you know like like like cause the goal is like you could make money fast right but as you make money fast the goal is how do i pay the least amount right right because you got to pay something but how do you pay the least amount to the irs and not saying that we're not trying to pay money to the irs but um if if you could allow that money to work for you yeah uh then how do you do that and from what i'm understanding is if if if someone who makes a lot of money um takes that money and and and dumps it uh you know into a policy uh now once that money is in that policy number one it gives you protection nobody can sue you nobody can sue you for it right right number two it allows you your money's going to grow compound interest right that money's going to grow number three uh from a it's gonna grow tax-free right right and when you borrow from it it's now debt the government can't tax you on debt so now i borrow from this life insurance policy i take the 100 200 000 i buy a duplex let's say that duplex is now um you know an asset that i have that asset has given me cash flow and now i could be living off the casual i could buy two million dollar uh a mansion i could you know drive a lambo i could do all this stuff all on money that i put in it i'm i'm i'm now using tax free you got it you got it you got it and check this out why do why do i say this this play is even more powerful than even using like a bank or something like that when you borrow money from a bank you got to have structured payments which means if you don't pay back this this time of the month first off you got to get approved your credit have to be good enough then you got to make sure that if you don't pay it back they can report that to the credit bureau and your credit score is going to be screwed up yeah or they can even take collateral against your home or something and take your home away yeah when you put money into this place there's no credit score they don't care about that because it's already your money it's just been growing yeah there's no unstructured payment so if you fall into hard times nobody's reporting it to the credit bureau and get this it's interest only loans i don't know if y'all know what that means let me explain what that means break that down break that down this is powerful all right let's just say i have a hundred thousand dollars in this policy i borrow remember that hundred thousand gonna keep growing no matter if i borrow it or not so i might as well borrow against so i borrow fifty thousand dollars against it i get a real estate property i fix it up i put thirty thousand dollars into it i sell it for let's say a hundred and twenty thousand right so that's eighty thousand i put into it i sold it for 120 that's a forty thousand dollar profit it took me six months to do that as long as i pay it back before one year not only did it continue to grow for me tax-free but i didn't even have to pay any interest on that loan as long as i paid it back before 12 months so i basically got a tax-free interest no interest loan as long as i paid it back before 12 months wow wow why why aren't more people using this like what is the barrier what is stopping people from uh using this tool that could like it's almost like you know they'd be like yo you can't have your cake and eat too this is your cake you eating it with the icing you doubling the cake like why people aren't aren't jumping on this there is a financial system yeah that benefits the overall government and the overall system yeah right so you got to understand this is the system's rules the system is we want you to go to school yeah we want you to get an education get a higher education use student loans so that you can have a lot of student loan debt by the way you can't even wipe off yeah your credit so you can go get a job by this time you got a family now and you got to pay off those student loans so you got to keep working and then you got to save in your 401k the 401k which means you're going to defer taxes until you're you know until you retire now during this entire time frame keep in mind your money is in prison right because you can't touch that money until you're 59 and a half without a penalty yeah so you can keep working for somebody else right yeah that's the system that they want you in you retire at 65 and spend less than you than you spent when you were working right that's the system yeah right that system benefits somebody because when you save your money in a tax deferred place like that you think you're saving money on taxes when you get to save it from your taxes that year but you're actually saving money for the government let me give you an example let me tell you this is why i got you got to understand the system to understand why the system doesn't educate you on this so as you wanna you come to me and you want to borrow ten thousand dollars it's not an emergency or anything you just wanna do something so you wanna borrow ten thousand dollars for me and i say absolutely ash cash here you go man here's ten thousand [Music] what are you going to want to know before you take that loan uh you know what's the interest rate right how long do i have to pay it back yeah yeah what's the interest rate and when i had to pay back now suppose i said to you don't worry about the interest rate just take the loan at some point i don't know when but at some point i'm going to get my money back and at that time i'm going to think of the interest rate i want to charge you at that time retroactively to the first day i gave you that loan and i can force you to give me back that loan money anytime i feel like it but go ahead and take this loan or you take it that long absolutely not most people are taking that loan and they don't even realize it when you put all of your money into a 401k pass the match yeah you're deferring it but you're deferring the taxes if the government decides to raise taxes by the way you think tax is going to go down and go up in this country they decide to raise taxes and you take the money out they're going to charge you the taxes on their new rate retroactively to the first data you put that money into the account and they can force you to take it out there's something called required minimum distribution where if you don't take out the required minimum distribution when the government wants you to they will penalize you 50 percent and by the way you can't even touch that money until you're 59.5 so when i teach people this method when i teach people this method of not putting your money in prison and having liquidity using control of your money some people say well i don't want to wait two years to really build it up but you're putting your money in a 401k and you're waiting 30 to 40 years right yeah in the government's control and by the way they control that for the rest of your life even when you die now they have it where they'll force your beneficiaries to take the money out early and pay all the taxes on that at their highest income tax bracket so it's a game that the government plays they want you to play in their system because that's how they get their tax revenue when you play in our system then they don't get any more money the second reason why is that life insurance agents are not teaching it if what you thought to be true about money turned out not to be true when would you want to know about it asap asap right the first time that you played tic tac toe who won was it you or was it the person that showed it to you person showed it to you they understood the game they understood the rules the government understands the rule you don't understand the rules so the problem is and life insurance agents they play by the government's rules why because when they structure the policy the wrong way for the depth highest death benefit in the lowest cash value they get more commission now wall street and the insurance industry there are four they're for profit yeah so they're going to teach people how to make the most money so they can make the most profit when you start structuring it the way that we teach it we get 70 percent less commission so it's hard to get a man to understand something that their pocketbook depends on them not understanding right right right you see what i'm saying yeah yeah wow yo that's so powerful um and i just have a follow-up question on like you know um how you build it up right let's say fansense i you know i get a whole life you know uh you know policy a permanent policy um and you know my premium is a thousand dollars a month whatever that debt benefit gives me you know you know i have a you know i have a policies a thousand dollars a month um if i want to pay up yeah that policy can i take a lump sum amount of money and pay it in advance instead of going a thousand dollars a month that's a great question and i do want to go back we talked about dumping a million dollars yeah into the policy yeah in the old days that's what the wealthy used to do they used to dump millions of dollars into the policy because there were no other rules yeah a lot of congress people used to do the same thing where they eventually did change the rules song where you can no longer just dump a bunch of money into it at one time because when you do so they call it a mick what a mech means is a modified endowment contract all that means is that if you dump it all in at one time and never fund it again they get to treat it like a 401k they get to tax it like a 401k so you don't want to do that in order to avoid the taxation and not have it treated like an ira or 401k there's a seven pay rule which means that you do have to fund this for at least seven years so for example if you know that you only have one good lump sum when you win a lottery and you dump one lump sum in it but you know you can't fund it again it's gonna be a taxable event yeah but if you're gonna put in a million dollars and you do like 150 000 a year for seven years and then you finish with it then it's forever a tax-free event got it got it got it got it okay got it and so uh but but but let's let's say for instance um you know if you um know like some somebody knows that they're you know gonna you know be getting a lump sum of money in two years let's say right so they start a policy now and they're putting the money in into the policy um but then they get that lump sum of money and they're like you know what i don't want to go month to month can they like you know go from a monthly payment to a lump sum good question it's all it's all on how you structure it in the very beginning got it so if you know if i know somebody's gonna be getting a lump sum two years from now and they needed a flexible policy yeah we're not gonna do like a whole life we're probably gonna do like an index universal life and we're gonna set it up and structure it where i had the flexibility where we can add more to it in the future but if you don't structure it the right way in the beginning then you're going to have to start a whole new policy in order to do that so it's important that the person understands your goals understands your needs understand what you're attempting to do with that because you can alter what the policy how the policy is used got it got it and so does this work this i know i know i know some of my insiders are watching right and they want to know does this work for the everyday yeah man and woman well i'm gonna give you give you a story so i got a mentorship right i had a bunch of everyday people entering my mentorship about 75 of the people were not entrepreneurs even yeah they just worked a regular job and they were trying to build passive residual income so that they can leave their job one of my mentees i'm giving him a shout out his name david speed right so david actually started his policy right he started a turo business he started a core business he's been able to use his life insurance policy just funded just a little bit still working for the government now he has a turo now he's actually mentoring other people how to do it making money not only on his churro from the money that he borrowed but also making money off of showing other people how he did it and how he used the infinite bank system to do it everyday person and his goal is to leave his job within three years i got another person who just quit their job they just became an entrepreneur why because they've been able to go out and get airbnbs and other countries so they they use their own bank to borrow the money in order to get the airbnbs in order to fund this so yes if you because this is this ain't about insurance i know we're talking about insurance but this is about a mindset right this is about a concept right if you're looking to get the insurance the infinite banking system and buying insurance and you're never using it and you don't have the right mindset it doesn't matter that's why you got to develop that mindset because if you use this right this can make you wealthy this can make you rich quick i'm talking about within a few years because you've now developed the mindset to know how to do it and how to take advantage of the system and you don't have your money locked up this is exactly why i started in this business being a young financial advisor i was in the industry for three years person that's 40 years old he came in lost his job he came to me and said i'm glad i lost my job because now it gives me an opportunity to live my dream yeah he said but i need to fund it so i need to go i'm gonna go ahead and take money out of my 401k in order to do it i said there's a problem if you do that i just want you to understand if you take the money from your 401k you're gonna have to pay taxes on that money and you're gonna have to pay a penalty yeah on that money he said well can i borrow against it no you can't borrow against it you're no longer working you can't borrow against it if you're working and even if you did borrow against it while you were working once you left the company they would have went back and penalized that money so it's a risky play right he said okay that's all right he said i got equity in my house i'm just borrowed from the equity in my house yeah i said well there's a problem with that you don't have a job anymore when you go he said but it's my money i put it in well when you go they're gonna make you fill out a 15-page application on how you qualify to get your own money back so it's not your money once you pay the banks it's in the bank's control it's not in your control so we went through all of these different options and he realized that there was nothing else that he can do unless he wanted to pay that big penalty he ended up going back to work he ended up not living his dreams now granted there was some he could have pushed past it but he didn't it stopped him yeah he went back to work because the system won the system made him go back to work right so that's an issue so an ordinary person let's just reverse that and say if an ordinary person did it another way and they actually put money into what i'm saying first they lose their job they go back they don't have to qualify for anything their credit score doesn't matter their income doesn't matter they say well i'm going to start me a business i'm going to board at 30 000 from this i'm gonna go out and start my business toward generating income now i'm financially free i don't have to go to work because i've actually built myself and put myself into a position where i can win so if you're an ordinary person you better do something like this this is for the ordinary person the ordinary way doesn't work the old way doesn't work anymore why because the old way was saving your 401k use the money from the 401k you get a pension you get social security guess what pinches are gone yeah they don't exist almost anymore they'll be extinct by the time that you get to the age when you can use them yeah social security there was something the social security administration that said by 2030 social security funds would be depleted wow which means if that were to happen you may not even be able to bank on social security yeah so if we can't bank on social security if we can't bank on a pension if we can't even touch our 401k until we 59 and a half if you keep following that roadmap that your parents followed or somebody else you know follow you're going to be broke right you're going to fail you're going to 70 of people fail now with the pensions right so imagine if you don't have all of that you better do something different and you better start doing it right now man that's so powerful and like what like at what point um could somebody start being able to borrow right like if say somebody you know creates this policy yeah um do they have access to start borrowing immediately like at what point are they are they able to be y'all are getting all meat no right right all right all of a sudden y'all just getting all of me so it's really two different types of infinite banking policies that you can have a whole life or an index universal life yeah now on the whole life you can actually fund it and within 30 days you can start borrowing against wow within 30 days yeah because it's really built to get a high to get a cash value quicker and allow you to borrow from it quicker the downside is that it's going to be a lower interest because the interest is fixed yeah right it's going to be a lower interest so if your goal is to borrow from it quickly you're going to get a whole life now on the other hand an index universal life that works a little bit different you're going to make a lot more money in the long run because the way it works is you can make up to for example 10 percent the market goes up by five you can make five it goes up by 10 you can make 10. it goes about 15 to 20 but you can make it 10. if it goes down you don't lose so you can make more money the downside is it's not meant for you to borrow from it quickly because it's meant for you to build long-term wealth on it so on the index universal life you really want to wait two to three years before you borrow borrow against it now with that being said remember what i said earlier it doesn't have to be an either or right it can be a both end me personally i own both because i have different needs yeah i own both because sometimes i wanted to borrow from it quickly because i had an idea like i wanted to buy me a house so i needed to funnel it quickly through that policy so i can borrow against it quicker without me losing that money and making it cash right yeah so that's what i did but i also want to build long-term wealth so i got the index universal life because i don't need to borrow from that policy right away yeah yeah and i love that and and does this work so i know like uh certain times people you know might um want to cr you know have a life insurance policy attached to their home let's say right so that way you know you know if if they got a two million dollar house to get a two million dollar policy um does this work for that as well like what would that be the best use of it for that you you're most likely going to want to turn why because like in in a house you're probably going to you you probably are getting a policy on a house until it's paid off right so if it takes you if you're living a traditional lifestyle and you're 20 30 years before you pay it off you just get a 20 or 30 year term to make sure that because when it's paid off you don't need it right anymore this is more so for and like i said it doesn't have to be either or you can have term you can have whole life and you can have index universal life for your particular needs because you need the biggest amount of life insurance for the cheapest amount of price when you're doing doing that yeah but when you're trying to build up your wealth to borrow it and build assets you reverse that and you don't need as much of a death benefit you need as much much more of a cash value got it got it is there a limit like is there a limit on the amount of life insurance policies you know one life can actually have yes however there are ways to structure a policy that you could for the most part get as much as much as you want yeah like for example if you want more cash value you want to put more money in there you can structure it to where you just have a higher death benefit and because you're going for a lower death benefit the chances of you exceeding that death benefit limit it won't happen yeah because again you're structuring to where you can dump the most cash in for the lowest amount of death benefit human life expectancy is based on death benefit yeah so so no you most for the most part i've never had any issues where we've had to worry about that wow wow yeah and so you know i i've i've seen um people um you know you know use life insurance in other ways in which um they are um ensuring someone else's life yeah and then they're that the death benefit is going um to someone else or institutions i had um have this all the time let's say i have a client who comes to me and says i want to create my own bank yeah problem is is i got sick i got i got diabetes cholesterol cancer whatever it is i can't get approved yeah for life insurance well it's sad that you can't get approved however remember what we're looking to use this for is for your life not necessarily for death so we can actually make you the owner of the policy and you can write the policy on somebody else that's younger and healthier so you can build up your cash value faster even though it's under on their depth you control the policy so you can borrow it and use the money anytime that you want to change it let me tell you something it's some game-changing ways that people don't know that exist today that people are using life insurance yeah i i just told on somebody earlier about how um the catholic catholics use this um policy they'll take an older member a high tied pen member in their organization and instead of having them to pay their ties they'll set up policies for that person and have them to pay their tithes into the policy so when that person dies the church owns it so when that person dies instead of them getting uh maybe 200 000 they would have gotten ties they're getting two million dollars tax-free from the death benefit so you think they're making all that money on fish fries no there's a whole foundation behind that there are ways that the wealthy people do what i call creating their creating their family bank right where they actually the rockefellers let's talk about the rockefellers yeah yeah the rockefellers and the vanderbilts were at the time the two richest to two wealthiest people in fact the vanderbilts were actually richer than the rockefellers but the vanderbilt the last ascending person on on the um on the vendor bills with money is um what's his name on cnn charles uh oh uh uh with the white house yeah yeah yeah you know what i'm saying yeah so he is actually a vanderbilt many people don't know that and they expected him to inherit millions i mean billions of dollars he didn't inherit that much money he didn't inherit that much money problem is the vendor bills went broke because they didn't do what i'm about to tell you all to do what they did was they just got the expensive cards without building their own banks the expensive mansions they competed against that most people when they become rich the money don't last past one generation yeah so there's a difference between being rich and being wealthy wealthy it lasts forever rich is gone quickly yeah the rockefellers did it a different way what they did was they actually set up a family foundation they got insurance policies on there and set up a trust now in that particular trust what they did was they said well if anybody in our family wants to start a business we got them but you got to come to us you got to write a business plan you got to stand before the board and tell us why you need to borrow this money the board will approve it they'll give you the money they'll borrow it against the life insurance policy which continues to grow give you the money as you start making money you pay that money back because we want to keep extended for the next generation they set their family up this person at the person at the person when anybody in their family die a big tax-free death benefit goes to the family trust wow so that's that's how they do it like that's how that's how we do it we set up our trust for my family yeah that when something happens to me people somebody asked me before like is it more important for your child to have the mentality of what to do with the money or the money my answer was both yeah you wanted to get the money because the bible says a good man leads an inheritance to his children's children but you also want to give them the inheritance of the mindset of what to do and the way that you do that is that you control the flow of the money so they get the money as they do what they're supposed to do and as they learn what they're supposed to learn listen you want to get into real estate without dealing with the hassle of tenants toilets or trash you want to get into the number one performing asset which is self storage facilities think about the demand right now so many people are going through tough times through this pandemic a lot of people are downsizing they're losing their jobs but they want to hold on to their most sacred possessions what do we do with it you put it in a storage facility just like this one right here but how about you get into the number one performing asset without any of those problems no tenants no trash no toilets high demand listen i got this fire training right so i need you to join my free training my commercial and real estate master class where i'm going to show you how to go out there and purchase your self storage facilities with no money out of your pocket right so if you at the bottom right now you're thinking i can't get started because i don't have money i have an opportunity for you so if you want to learn while you earn tap into my free training you're going to get life changing information to go out there and start your journey take advantage of the opportunity just like that i see you on the other side man like yo when i tell you like i'm gonna go back and rewind this right we actually i need a consultation because like i got to make sure we we set up the right way um but you know this is a concept that i've heard um you know about infinite banking the rockefellers and things of that nature but just understanding i think i think what's most intriguing uh for me and what i want my insiders to to know um is that not only are you protecting your life right so you so there is a death benefit right and so everybody should have life insurance so not only are you protecting your life but you are also enhancing your current life meaning that you know you don't have to wait till you die so that your family could benefit off of it you can actually take a life insurance policy uh insure it on your life if anything happens to you your family is good you know what i'm saying when you pass away but then also you could structure it in which you can actually borrow from that money right now and in this time while you're alive take that money that you borrowed buy an asset because that's why i don't think people understand you could take you could borrow from your life insurance take the money buy an asset make that asset pay you yeah and so now you are literally building wealth on borrow money you're building wealth twice right you're building wealth with the life insurance policy and you're building cash flow and we talking about tax free and when i talk about let's rap rap about becoming a bank right so becoming a bank here's here's what i did i real estate people love this people who invest in real estate they understand most people understand because when people want to go buy a real estate project they're going to go out and a lot of times they're going to get a loan they can't get the loan they're going to get a hard money loan now these hard money loans are like 16 plus collateral on your house which means if you don't pay it back they can actually take the house right well if you had the money in your cash value what if you charge somebody say you don't you don't need to get that hard money loan we're gonna give you a loan but instead of charging you 16 i only charge you 12 wow and you'll sign the same documents where if you don't pay me we get to take over the house now you got all of these loans circulating around at the same time they're paying you this high interest back if they don't pay you get the house and then you can sell the house forever for whatever you want to sell it for plus remember your money was still growing as if you never touched it tax free that's true that's how you multiply your money wow see most people don't never multiply their money because they treat their seed like it's the harvest yeah and you got to understand that what you have in your hand is a seed it's all a seed you got to drop the seed so that you can multiply and what i mean is you drop the seed first into the policy yeah allow the seed to harvest and grow and then it's going to create an abundance a lifestyle of abundance and you don't have to live a scarcity lifestyle man where did you get this mindset from man somebody who uh grew up with you know without your dad low income you know you know first millionaire in your family um where did that mindset come from mindset came from um continuing the struggle and i battled with it even when i started to make a little bit of money because what i did man i lived in a i lived in the smallest house that i could do i was the saber mentality yeah i drove a four torch for like seven or eight years and i always told myself i don't need any of that you know and it's almost i had this mentality like it was bad to have wealth because again i would sabotage myself when i began to make some money so one day i wrote this vision board i started dreaming i started manifest manifesting i started reading books like think and grow grow rich i started listening to certain things like cds and different things about and then i said you know what i'm going to manifest myself a range rover i remember i said that i wrote that on my vision board and then i finally got that range rover when i finally got that range rover i said i'm not going to dry this really i'm just going to keep it but i'm going to keep my four tours and i'm going to drive it and use that problem is i started driving the range rover the battery died on that nf4 taurus three times because i never got into that four tours again ever again i ended up giving it away i never got into it why because as i started driving and then feeling like what my life should be like i started to realize that i deserved the abundance i started to see the peanut butter seats the recliners i started to walk walk differently i'm driving a range rover right now right and because of that what it did for me i was making about a hundred thousand dollars that year what it did for me it expanded my mind so much so that i went that year and made 1.8 million dollars from a hundred thousand to one point eight million dollars because i allowed myself to expand my mind and i made myself get out of the scarcity limited thinking now the crazy thing is my dream car i couldn't imagine past a range rover a range rover was to me uh uh the cream of the crop aston martin like that to me that was the highest it would go for me yeah now i own lamborghini yeah now on the two million dollar house yeah like and i'm making way more money and i've turned my two million dollar house into an asset yeah and not a liability yeah like how because my thinking is different i understand how money works now that mansion that i bought in atlanta yeah i don't live in atlanta yeah so why would i buy a 2 million house and i don't live in a land i live in st louis yeah i do because i can i rent that house out and i can make twenty to thirty thousand dollars a month wow i pay about eight thousand dollars a month for the note so it can make me twenty thousand dollars net per month and i can still live there whenever i want to and have the luxury right i can have a lamborghini i chose to rent that out but then i didn't rent it out anymore here's why i didn't rent it out because the first day that i got that lamborghini this is how how the mindset worked i had a mentorship program i had just started it was five thousand dollars nobody signed up for it i got the lamborghini i had 30 people in my inbox saying do you have a mentorship 27 people got my 5 000 mentorship half of my lamborghini was paid off the first week that i got the lamborghini yeah i was driving a lamborghini the first time i'm driving around the president of the lamborghini club in missouri sees me and says we haven't seen this lamborghini because i got a green goblin lamborghini we haven't seen this lamborghini before we're having a we're having a party in a couple days why don't you come through i come through it's this 55 000 square foot mansion everybody who's everybody athletes was at this house my networking that i made probably made me a few hundred thousand dollars just the people that i met wow at that particular event so it's so it's called luxury arbitrage when you begin to think about living in luxury as not a depreciating thing yeah because i'm a i don't i never i'm not a car person it's not like i went and said that i'm gonna live this luxury lifestyle but when i realized it was actually making me more money by doing it than not doing it yeah that's when i said okay let me go ahead and give me luxury places all around the country today right right wow man this is gayness's game this is game all right finish this this statement for me uh i am i am a powerhouse i am a powerhouse when it's all said and done i will be when it's all said and done i will be someone that at least a hundred people will come to me and say thank you for helping me become to become a millionaire wow i love that um i want everyone who crosses my path to know that abundance is your birth right and matter of fact yo if you already check out living in abundance it was actually shot in his two million dollar mansion that green that green goblin in the video is marvin living in abundance available now make sure y'all check that out all right and so what what would you say is the um the most extravagant thing you've done with money so far i would have to say um i wouldn't even say the lamborghini i would have to say the range rover because of my mentality of doing it at that time made it more extravagant than the lamborghini was compared to what i was making i love it love it um what would you say is the most impactful thing you've done with money the most impactful thing is that i get i give away scholarships to young african-american males i've given away over a hundred thousand dollars of scholarships to help make this next generation because the educational system for me man i grew up in a neighborhood where the school system was so bad that i got straight a's and i wasn't very good and when i transferred over to a better school district when my mom got married when i was 17. i got like d's and f's and that's when i realized this educational system is setting us up to fail so i wanted to do my part to help people so i want to help people to go out get an education and just be better people i love that i love that um there's somebody right now who um has a nine to five um also uh you know has their foot in you know being an entrepreneur what advice would you give to that person good question the advice that i would be is you have a desire in your heart god will not put more upon you than you can bear now if you don't desire to be an entrepreneur don't just do it because you think you're supposed to there's nothing wrong with working a job yeah yeah i don't say that i know if you're gonna work a job be a job preneur make sure that you're putting yourself into a position that you can go into the highest positions on that job and make an impact we need people to work jobs yeah because we wouldn't have entrepreneurs where people didn't work jobs now if you have a desire to do more then be more yeah if you want to do more work on yourself work on reading your books because when you become higher what you can do become higher so it's not what you do it's who you become when you become the person you need to be doing then it's your time to like like you said take action walk out on faith know that you can do it and just do it yeah just go for it and and i i love that if you if you you know right now marvin mitchell is you know you know you know multi-millionaire first one in his family uh broken some generational curses um if you could go back and give 18 year old marvin some advice what what are you telling him i would say that that you can accomplish say you we underestimate i'm sorry we overestimate what we can accomplish in a year yeah but we underestimate what we can accomplish in 10 years yeah yeah yeah if i look back to where i was 10 years ago there's no way i would believe i would be where i am today i can't even envision i can talk about my goals but where i might be in 10 years from now is going to be well beyond what i can even envision yeah that's in my mindset today so just keep attacking it a day at a time be consistent yeah and just look up and see where you're going to be you'll be surprised no i love that um and so now you know one of the things i i you know i really really admire about you is your giving heart right you talk about um you know giving to to the you know to to you know scholarships and things of that nature um but even in you know the entrepreneurship space you you've always been a giver you you're willing to give out information you have you know your mastermind um you know talk to us about um you know you know and that was even one of the things right you said yo you will be somebody who've created a hundred millionaires right um you have created a program uh that you are you know it's not just a wish you're actively working on making other millionaires talk about that program so our creative program is called the path to prosperity blueprint because i can sit up here and talk about how i became wealthy all day long but what i decided to do is start a program where i walk a person step by step by step to how they can actually become a millionaire like from talking about from having nothing to setting goals to building up on that to starting the policy to borrowing against it what exactly you should do who exactly you should talk to and i've created a network in the community of like-minded people that's going to help you to get there as well this is the first time something like this the blueprint that i created has ever been done before so in this particular blueprint like i literally poured my heart out and i got like 25 lessons broken down homework assignments a workbook for you to really indulge in this and you to become a different person that's willing to break generational curses so your great-great-grandchildren will say because of what my great-great-grandfather did because of what my great-great-grandmother did this is why we are who we are right now today so great thing about that is i created something just for your viewers yup today because i wanted to know where you all were coming from so that we could see if you were some of the millionaires right so we created it it's called um theprosperityvault.com see we did there with the vault the prosperityvault.com when you go there we're going to give you a special offer so you're going to have an even lower lower on price than what i give to even some of my own students as a result what they're going to get what you're going to get is within six months you're literally going to have a path where you're going to start earning residual income where you're going to actually have your bank set up where you're going to be thinking about money differently your family is going to start thinking about money differently the people that you're around are going to know something is different about you you're going to be walking with a whole new vigor a whole new confidence in just six months put it to the test if you're not feeling this way in six months if you go through the course and we could tell that you went through the course and you're not feeling this way in six months hit us up and we're going to give you back your money a money back guarantee that's how confident i am that if you follow this blueprint that's under 2 000 y'all if you follow this blueprint you're gonna do 10 times more than what you paid for the course take me up on that offer oh and that and and and again that's why i like i love um you know his giving spirit because he's not he's he's even saying yo listen you invest in you right show me that you're willing to invest in you do what i tell you to do if you're not successful i'll give you your money back man that's powerful y'all so you go go to theprosperityvault.com you know check out not even check it out take action right because money makers are action takers if you want to change your life not just your life but your family's life you got to take advantage of it um all right so we're going to do a quick whitening round let's go uh and and you know inside the vault we're literally inside a ball inside the ball and um you know what we do is we take bank terms and we flip those bank terms right um you know for us here in the vault um and so we have uh the first term is deposit slip right uh deposit slip is uh you know you go into a bank you put money inside the bank right um and and that's what a deposit slip is but here inside the vault uh you know we're calling a deposit slip a money mistake a slip up right a deposit slip what is the biggest deposit slip or money mistake that you've made in your journey so far i've made a few uh say really quick one two really quickly i got to say this one was that when i when i was getting a house built and i didn't understand that you were really only supposed to give three percent i put i gave them ninety thousand dollars as a deposit they ended up running away with the money going bankrupt ended up having to do a lawsuit only got like twenty thousand dollars back of the money wow another situation that i made a i made a uh an investment into something that i did 130 000 and i lost that 130 000 because it wasn't a prudent investment decision this was in my early investment years when i started finally making some money yeah and i sabotaged myself so now i had to realize that due diligence is critical and i had to realize that now i'm going to make sure that i stick to what i know that's very important stick to what you know get the education get the knowledge and do it ah love that love that uh number two is a charge-off right charge off you borrow money from the bank you don't pay the the money back you borrow money from the bank you don't pay the money back uh the the bank tries to get the money but they charge it off um on your journey uh what type of people or mindsets that you have to charge off you know i'm in my city man i love my city but it's not a lot of progressive people not a lot of entrepreneur minded people in my city and it got to the point where i started coming around some of my old people and they used to say things like oh you're too big for us little people now you know when they say that it's not because of you it's because of the insecurities that they're feeling so i can keep feeling guilty about it or i can say you know you know what i'm not too big for you but i do need to be around people that stretch my mind and not try to make me go back into a place that i used to go so i had to change my friendships and i had to change the people that i was around wow wow wow love that love that last but not least atm right atm you get your cards you put the money you put your card in and the money you know is giving you money from the bank because we're inside the vault you drop so many bars for us atm is another teachable moment before you go please leave our audience our insiders with another teachable moment teach teachable moment is to write down the vision and make it plain until you actually begin to write it down speak it the bible says speak those things that are not as though they are as a man thinking in his heart so is he those who meditate on the word day and night you got to meditate on it on it see it once you believe that and once you do that faith exercise it has to come to pass because you're building up your subconscious mind that's number one number two number two understand that you could do you could do anything but you can't do everything oh go so what i would say is sometimes new new inspired entrepreneurs they want to put some of their money put it into everywhere that they can put it in but what you got to understand the first thing you need to focus on first is your skill set and you need to focus on your active income most people don't realize that people you see them with all these different passive income streams they had a skill set and a high income passive income active income first build the active income first and then focus on all of the passive income or else you're just going to be chasing a rabbit and not catching anything i love that i love that understand this my my mentor myron golden taught me this that it's easier to make a lot of money in a little bit of time than it is to make a little money and a lot of time so understand that once you fix your mindset and realize how money works and you realize how leverage works it's easier to literally make a million dollars in a month than it is to make a hundred thousand dollars in a year hundred thousand dollars you're gonna have to slay work a job do all this to make a million dollars you just understand how to solve a big problem so understand that anything that you do can be accomplished and it can be accomplished quickly if you get your mind right which is why you got to get into the right rooms which is why you gotta you know buy that prosperity the prosperity of all course because it's going to give you the opportunity to understand the mindset of a wealth creator so that you can be one as well y'all look as promised this was a powerful episode i'm talking about on so many different levels you were given game you were given the the way to prosperity the way to build wealth the way to be your own bank you were given a lot in a short amount of time so you got to tap in with my guy marvin mitchell uh besides the if somebody wanted to connect with you where can they find you instagram i'm marvin mitchell official marvin mitchell official on instagram uh looked me up on that and if you wanted to you know just get like a complimentary talk with my team you can go to wealthcreationcall.com wealthcreationcall.com let my guy set you up we are closing out the vault another powerful episode of inside the vault with ash cash make sure you tap in and join our exclusive insiders community text the word insiders to 646-687-4152 again that's insiders to 646-687-4111 follow us on all social media platforms at inside the vault i am ash cash make sure you check me out iamazcash.com follow me on all social media platforms at imaxcast we are closing out the vault we'll see you next time same time same place for a powerful episode in god's will peace you won't ask you can catch it right here in the fall

Channel: Earn Your Leisure

Views: 746,048

Keywords: earn your leisure, business, finance, sports, entertainment, Inside The Vault, Ash Cash

Id: ojL3AaOOmIM

Length: 67min 38sec (4058 seconds)

Published: Fri May 13 2022