In this #tbt we are reposting our second podcast titled The Four Pillars of Infinite Banking. We are adding the transcript as well, just as an extra way to dive into the content. Let us know what you think by adding a comment to the page!

Chris Bay:
Welcome to the Life Success & Legacy podcast. My name is Chris Bay, and I’m joined today with the founder of Life Success & Legacy, Mike Everett. Last week, we talked, Mike, about how you were introduced to the Infinite Banking Concept. What I’d like to do is dig a little bit deeper now into what is the Infinite Banking Concept.
Chris Bay:
When we are conducting our Infinite Banking Boot Camps, we talk about the four things that Infinite Banking does. The first of which is that it reduces debt rapidly by turning the wind current. The second thing we do is we teach people how to finance everything in their life and actually earn the interest that they might be losing by taking loans at banks or other financial institutions or the interest they might be losing because they’re paying cash. The third thing that Infinite Banking does is it provides a tax-free retirement. Then the last thing, the fourth thing, is tax-free wealth transfer. So what I’d like to do is have a conversation about each of those a little bit.
Mike Everett:
Sounds good.
Chris Bay:
The first thing of what is IBC, reducing debt rapidly by turning the wind current. People are amazed, and I know you feel this way. When you’re able to show somebody a plan and you show them what’s possible in a very short amount of time really, they get excited, you’re excited, I’m excited, we’re all excited about what’s possible. The power of it is turning the wind current. So can you kind of describe what is the wind current that people are facing, that kind of headwind tailwind thing?
Mike Everett:
Well, when we’re going into detail with people on how to rapidly eliminate outside debt, people don’t even think through all of the payments that they’re making to somebody else, the house payment, the car payment, the credit card payments, the student loan payments. Imagine if you were just putting part or half of those payments into your own system. So what I normally do is I help people just think through about all of the money that’s going out the door. What if some or all of that money was coming back to them in some sort of way? That’s what we call changing the wind current.
Chris Bay:
Okay, so then how does that happen? I mean, if we’re thinking about shifting the wind current and we’re turning those payments from going to somebody else to now, all of a sudden, it’s going to themselves, how do you go about doing that?
Mike Everett:
Well, first of all, you teach them about economic value added, EVA, which is really one of the most powerful things that we teach. What people don’t understand is our money has a cost in some sort of way. So if we’re trying to get people to understand about the costs that they have towards their money, if they were making payments to Visa and MasterCard and Ford Motor Credit and Countrywide Homes for all of the different things that they were paying money towards, what would happen if we taught them how to actually make those payments to themselves? Our question to most people is if you were making all or part of those payments to you, how fast would your money grow?
Chris Bay:
The amazing thing is so once we turn that wind current for a family or for a business, that money they were making payments on was going to somebody else and they never got to see it again-
Mike Everett:
Ever.
Chris Bay:
… but when we turn that wind current, and now all of a sudden that headwind turns into a tailwind,