Tax Strategies Using Infinite Banking with Barry Brooksby
“When you help other people, you're going to make more money along the way. Don't chase the money. You want to chase helping people.”
Barry has been involved in the financial and investment industry since 2001 and helped build a multi-million dollar real estate empire. The mix of real estate and financial planning experience has enabled him to see opportunities and business with more clarity and has enabled him to assist clients to increase their wealth and benefits while lowering their overall risk.
He is the Founder & CEO of Focus Wealth Group, specializing in wealth & protection strategies, tax-free money planning, and guaranteed retirement income planning. He is the co-author of the book, Tax-Free Money for Long-Term Care!, and is known as a financial coach and mentor to clients nationwide. Barry speaks on topics such as real estate investing, tax-free retirement, guaranteed income planning, Infinite Banking, and how to take your business online and go virtual.
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Brett:
I’m excited about our next guest. He’s at a great State of Utah, and he’s been involved in the financial and investment industry since 2001 is helped build a Multi-Million dollar real estate Empire, the mix of real estate and financial planning expertise has enabled him to see opportunities and businesses with more clarity and as enable him to assist clients and to increase their wealth and benefits while lowering their overall risk. He’s the founder and CEO of Focus Wealth Group specializing in wealth protection strategies, tax-free money planning, and guaranteed retirement income. He is the Co-Author of the book Tax-Free Money For Long-Term Care, and is known as a financial coach and mentor to clients nationwide, and so much more. Please welcome the show with me, Barry Brooksby. Barry, how are you doing?
Barry:
Doing well. Thank you, Brett, appreciate you having me.
Brett:
Excited to have you on the show and get to know you a little bit more, and we’re gonna be talking all things about tax strategies using infinite banking, but before we go there, Barry, for our listeners and for myself, would you give us a little bit more about your story and your current focus?
Barry:
21 years involved in the industry, and what I found initially was putting money into the traditional financial advice of Wall Street mutual funds, 401 Ks, it wasn’t working for me, and it wasn’t working for a lot of my clients as a financial planner, clients would come to me and say why aren’t I earning great returns? Or why am I losing money in the market, and it really caused me to look and find something better? I wanted guarantees, I wanted tax for use of money, I didn’t want the volatility and all of it, the market offers. I got into real estate very quickly, and then also coordinating real estate with these high cash value, infinite banking policies to grow money tax-free. I work with clients all through the country, and my life is much better because of it. I don’t have to worry about the volatility of the Wall Street investments or The Wall Street dollars. Frankly, I and my clients know what we’re going to have in retirement rather than hoping and crossing our fingers for some returns that, frankly, are unknown.
Brett:
We’ll dive into that here in a minute. I want to take one other step back, and I want to go back perhaps to your college or high school days, in the earlier days. I believe we’ve all been given certain gifts. Some people call these superpowers, some people call them strengths, and I believe that the God-given gifts they have given to us to be a blessing and help to others. I’m curious what are those one or two gifts that you believe you are given? How does that help how you help and bless people today?
Barry:
Thank you. Well, I’m a musician. My background is actually music. I’ve played guitar for over 35 years, I’ve got an album out there on iTunes.the gift of music I feel has been a God-given gift to me, I love to create and get out there and share my music with the world have another album coming out next year. But also, I find that I’m very passionate about helping other people. What I do in my world is a reduced commission type of product, and get asked from clients all across the country, why do I do it? Why not make more money and increase your revenue more? Frankly, I love to help people, and what I have found red is that when you help other people, you’re going to make more money along the way. Don’t chase the money. You want to chase helping people that’s really what I’ve learned in my practices The more people you help the better your life is going to be. It's karma you reap what you sow what comes around goes around. Those are gifts from God that we shouldn’t be taking for granted. We should be helping one another.
Brett:
Beautiful love that helping people passionate about helping people and then be having the musician in your the music gift of music in you to be able to create Is that a fair summary? Your summary? Now let’s dive into how outfits into tech strategies. Infinite banking, which is kind of cool. I love the creative background and the helping people part of it. What’s the number one secret to tech strategies using infinite banking, where should we start Barry?
Barry:
Let me start with a foundational background, most people saving and investing for their future retirement, whatever it might be, are following the model that wall street puts out there a 401K’s IRAs, everything that’s government-oriented, qualified plan. The problem that you see with those traditions, which by the way, most wealthy people don’t invest in those, they’re investing in real estate and their own business. But a lot of Americans invest in those qualified plans. The problem with the 401k and Ira, number one, is they are volatile, the market goes up, the market goes down, I’m reminded, obviously, of the crash of 2008, people lost 2030 40% of their portfolio, and it took over a decade for a lot of those people just to recover, to get back to even. The second problem is those investments are traditionally high fees, meaning a lot of the money or growth can be eroded from the fees that are being charged, and whether you make money or lose money, the money manager, the financial advisor, Wall Street, they’re still making money, and then the third biggest problem is its tax deferral, and I hear from CPAs, often that it’s tax savings, put money in a 401k or IRA, you’re getting tax savings.
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