BYOB - Be Your Own Bank with Chris Naugle

Welcome to this week’s episode of the Thinking Big Podcast.    Today I welcome America’s #1 money mentor, Chris Naugle to the show.   Chris empowers entrepreneurs, and business owners with the knowledge of how money works.    Chris is driven to deliver the financial knowledge that fuels lasting freedom. To date, he has spoken to and taught over ten thousand Americans.   His success includes managing over 30 million dollars in assets in the financial services and advisory industry and tens of millions in real estate business, with over 200 transactions and an HGTV pilot show since 2014, and is the author of two books, including Mapping Out The Millionaire Mystery   My biggest takeaways from this episode are: How to become your own bank, and have money start working for you. The lies, or misinformation we have been told about how money works. I can now get a Money Gun!   Today we will be Think Big on money and how to use it   Connect with Chris Naugle https://www.chrisnaugle.com/ https://www.linkedin.com/in/thechrisnaugle https://www.facebook.com/thechrisnaugle https://www.instagram.com/thechrisnaugle/ Connect with Sean Osborn at Thinking Big Coaching http://www.thinkingbigcoaching.com https://www.instagram.com/thinkingbigcoaching/ https://www.facebook.com/thinkingbigcoaching/   Episode Transcript Well, everyone I want to welcome Chris Naugle to the podcast. He is the number one money mentor, and before we get too much into what you do, me and my wife had had a disagreement for the last. I'd say six to eight months that I'm hoping you can help with.   Oh,   yeah.   Okay, I want to go buy a money gun. You know, just load up money in there and just shoot that shit everywhere. I wanted money gun. She thinks that's not a wise investment of my money. What do you mean? You cannot go wrong with the money gun?   Oh my god. She doesn't think money guns a good investment here. See? I'm gonna prove that it is Hang on one second. All right, I did. I wasn't prepared for this. But let me show you how important a money gun   There we go. See?   That gotta have a money gun. So when she watches this recording, and sees that man Oh, man, it might just look like a bunch of things going at the camera. But those are hundreds.   So I am I am going to get a money guy. That's that's the first thing I'm gonna do. Come see. I knew it. I knew it. I knew it. I knew it.   Got it now.   Yeah. God, see, Snoop made it look so damn good that I just have to get one. So there we go. That's that's a no brainer. Now. Now getting into so my audience you know, a lot of my audience is young entrepreneurs, people who are new into their career, new into possibly doing a side hustle new into trying to get have their money, start working for them instead of them working for their money. And that's where I know that you can add absolute tremendous value to, to my tribe and to my listeners. Before we start, what are some? How did you kind of get you know where you are? What drove you to do it? Because to me, you know, success leaves clues. And knowing a little bit about your journey on on, you know, where you came from, and, you know, kind of where you get your journey where you are usually loved to hear those stories?   Sure. I mean, you know, from a young age, you know, and I love you know, what you teach and what you talk about, she talks a lot about imagination and dreaming. And that's kind of where I began, you know, I grew up in a lower middle class family mom didn't have any money and dad wasn't really in the picture. And I had to just imagine things, you know, I wanted to be a pro snowboarder, and I wanted to skateboard in a dirt bike. And I couldn't just have those things. I couldn't just say, Hey, Mom, let's go buy a dirt bike, or Hey, I want to snowboard I had to first visualize it. Now, a lot of my upbringing was that was dreaming, visualizing so deep that you know, I would draw pictures of me doing it and then at night, I would literally dream about me actually doing that. And, you know, by the, you know,   trying to remember how old I was like 15 or so, I was so dead set on being a pro snowboarder because I watched all the VHS tapes of these pro riders. And that's all I want to do. So that materialized and I did become a pro snowboarder, but it's not like you could just think of it and then all the sudden happens you have to go out there and do what everybody else is unwilling to do. So that's kind of like a lot of how my upbringing was right to my first clothing line that I started in mom's basement. And that was just a dream. I actually hated my job. I worked at a restaurant I was degraded so badly that that job led me to the point where I said, I'm done trading hours for dollars. And the only alternative is what call, I got to make money somehow to go on these snowboard trips. So started printing shirts with my art teacher Mr. Mahal ski and selling them in backpacks. And then I'd get friends that would come in, and I'd say, Hey, I'll give you a shirt if you helped me sell these to people in school, and it just one after another. And then on the snowboard journeys, we would stop at the stores, you know, along the way, and I'd map them out on a back then we didn't have GPS, just so everybody knows I'm a little older, we have actually a map, and we'd map out all the shops, and we'd stop and ask him to sell the clothes and that materialized. And by 17. I'm like, you know, this whole, traveling around with a bag of clothes is cool, but I want my own store. And that became my next big dream. And that dream almost led me to my first like, you know, failure. I don't want to say failure. But you know, where you get to a point and everybody tells you you can't do something. There's no way that's possible. There's no way that's going to happen. You're a fool. That's a stupid idea. You're going to lose it all kid, you know, like that movie, you'll shoot your eye out, kid. Well, that was that was me. And I almost gave up. And I remember I needed 70 grant to open fat man board shops in 1994. And I couldn't find 70 grand I had no idea how to raise it. Every bank said no. But I, I got one bank that said, Hey, if you can collateralize the loan, we'll give you 70 grand. And to me, I didn't even know what the word meant. And they told me and I'm like, great, I've got a 86 Audi 4000, I've got a dirt bike and a baseball card collection Will that do? And they said now we're thinking something a little bit more. My mom knew that this was like the thing that stood in the way of me chasing my dream and not and she put her house the only thing she had in the world I grew up in a 700 square foot two bedroom ranch out in Lockport, New York. And she put that house on the line so that I could get that loan and chase that dream. And that's, that's where life got interesting. Because I was becoming a pro snowboarder, now I had these stores and I had a whole new obligation that was don't fail or mom and you want mom and me lose the house, you know, I don't have a place to live. So that's a lot of pressure on a 17 year old man. That's where it began. And I'll never forget, you know, everything started going well. And by the early 2000s, I had multiple stores was highly leveraged. And then the.com crash hit and I really had to make some decisions, I was either gonna deliver pizzas or go do something and I put my resume out. And I got calls from Wall Street firms of all places. And that's kind of where the story begins with money as I landed in Wall Street, it was just like the movie Wall Street with Michael Douglas. I mean, that was what I was chasing. That's kind of in my mind what being a stockbroker was even though it's not it, that's what I envisioned. And I dove in. And at first, it was a temporary thing. But it ended up being something I was really good at something I really enjoyed. And I still continued running my stores, but I wasn't working in the store anymore. And I remember who's kind of weird like a pro snowboarder, because at that time had gone Pro. And now all of a sudden, every day I'm wearing a suit, kind of like messes with your mind, who actually you actually have to, you know, mindsets, everything, you actually have to kind of separate, you know, that whole two sides, like one side is I'm going to wear my jeans, my hoodie, my beanie. And then the other side is, I'm going to go be an advisor, I'm going to put the gray suit on with the black tie. And I'm going to do that thing. And that was hard for me. But I was really, really good at the advisor role and I was working on my stores not in them anymore. So the stores actually started doing a lot better. And that's when I started learning a lot about money and stocks and bonds and everything was like a dream. You know, at that point, I was making more money than I'd ever made. And, you know, I was running my stores doing the pro snowboard thing. And hash man, I remember like from 2004 to 2008. It was just like a fantasy world. And I remember, you know, I flipped a couple houses 2006 and seven in 2008. I decided to dive in and I bought a dilapidated paint store to convert it into a strip mall where my main Batman store was going to be and I mean, you know exactly where I'm going. Because in 2008, many of you will remember what happened. Some of you might be too young, but in 2008 was the great recession that thing hit me like a Mack truck and I was one payment, one payment from being bankrupt. And at that point, that was my first like crush. You know, a lot of people realize that and I remember, you know, I was so beat up so down in the dumps that I came home to my girlfriend who had just moved into my house like, you know, all of us have that girlfriend that moves into the house, right? You show up one day and our bags are there. Or maybe that's just me, but I like to think everybody goes through that. And I came home to her and I said Sweetie, I need your help. I need your help paying the mortgage. I need your help paying the utilities. And by the way, my friend Pete's gonna move into that bedroom and my friend Jessica is going to move in into the bedroom upstairs. Any questions that go? Yeah, well, I thought I had a 5050 shot it 150 percent she was gonna walk out the door and never come back. And I had a 50% shot that she was gonna at least help with some of it. And I think she kind of liked me because she actually did stick around. And, you know, we're now married, we have a 10 month old, but so you can see where that one went. But that's how I made it through that time. It was it was hard. Working from 4am till 10 o'clock at night, I had a lot of changes. But that was my first crash and then 2009 to 14 and I'm going to get right to the point of how I learned what I did here. I got into real estate real heavily and I I thought I was doing everything right I read the books, I you know, I'd watch some videos, and I just dove in and I got up to 36 units I was so proud of myself. I'm like, Oh my god, I got this real estate thing figured out and and everybody that's in real estate knows that nine to 14 man was that a good time to buy because everything was on sale and sometimes on sale. 70%. So I amassed 36 units at great prices. But where I made the mistake is I didn't understand how money really worked. And by the 37th unit, the bank said no more. You don't fit in a little box, we're gonna we're not going to give you this next mortgage. And I thought that was it. But that led me to getting a little behind. Then they froze my lines of credit so I couldn't finish units and then then that story in 14 and I had to sell all 36 units in a went quick. I remember I was having a hard time making ends meet. We me and my wife are well she's my fiancee then But me and Larissa had just bought our dream house, I had the two Audi's in the garage, you know, everybody envisions like you get to that point where you're doing well, but now all of a sudden, everything was crumbling under me again, this is like the third time this has happened in my life. So you can see, I'm on this crazy roller coaster. Right? I have money and then I then it's all gone. And then I have money and assets. And then it's then it's all gone again. And this one hit me the hardest because I really thought I'd figured it out. I thought I'd made it. And then all of a sudden, just one turn of events, one change, one thing happens. And now all of a sudden, I'm right back at the bottom and life is falling apart. I'm selling that dream house, I'm selling the audio in the garage, I'm selling all my rental properties. And I just felt so defeated. And I had dreamed this life I dreamed up this house I dreamed up that as for in the garage, like all these things, I had dreamt and imagined them happening. That just all fell apart. And I'll tell you the next part is pretty miraculous. And what happened in it was I got a postcard to go to a three day seminar to learn how to flip houses. And I didn't want to go, you know, I wasn't going to the seminar to learn how to flip houses, but they were giving away a free iPod Shuffle. And I was like, I gotta have that.   So I want like a money gun.   It's just like, you go to an event and someone shoots the gun at you, you know, it's like, you're just thinking that so I go there, and I was so bored. I'm like, I'm the advisor in this room. And these guys, you know, you don't have an ego, I'm not gonna lie. You know, you go through life. And you know, you think you make it and you get an ego. And it's hard to shed that ego. But two guys got up in front of Mike and Greg. And they start talking about money. them like I perk up I'm like old money or now we're talking about something my life. And they start talking about money in real estate and what they're doing and how they're using it, how they're being the bank, and I've never heard the be the bank thing. Like my hat says BYOB. A lot of people like oh, bring your own beer. Well, no, it's become your own bank. And that's what they're talking about. And they started saying things that I'm like, listening to and I'm like, No, it doesn't work that way. Oh, no, it can't be that way. You're doing what? How are you? You know, I start questioning. All these things are saying and these are the two rock stars, these guys were very successful. One had an a&e show. And all of a sudden, by the end of that event, I mean, I remember they do their call to action. I was the first guideline, credit card getting maxed out for money that my lawyer said moved back in and I thought she was going to kill me. But I knew that I had just heard something that was about to change my life. And what they talked about was that one thing that changed my life and it was so simple. And that's what I liked about it was like all I had to do to do what they were doing is change one thing in my life. And at that moment, 2014 I began that transformation that change. And that's when everything changed at that after that I started going to masterminds and I had mentors, and I couldn't afford any of this. I want everybody to be clear to remember I just lost just about everything. So when people think about this, like oh, you must have had all this money. No, folks, I did not you know what I had? I had a VISA credit card, same one I still have today. And I max that sucker out. Over and over. I just I knew I had to have what these people knew. Because I knew the answer to why I was riding this roller coaster was lying in the secrets of the wealthy. I knew that these wealthy individuals knew how to do it, and I didn't and I needed to bridge that gap.   That's, that's very interesting because a lot of people won't, or don't spend the money to learn, they don't. And the way I look, the way I always look at is I would rather spend a few $1,000 and compress, you know, two to 10 years in two months, you know, learning what other people what other other people know. And then people who don't invest in other programs just aren't going to get very far. Now Now, one of the things you said I'm an I'm an out date you a little bit. So and we actually have kind of parallel back backgrounds a little bit. So I grew up in Colorado, and I was a skier. But this was way before snowboarding wasn't really even a thing back then. And I was actually and I was actually Hawking t shirts. That said, Give me Rossignol or give me head. Because those are the two big ski brands.   My at the end of my first I had snowboards was my number one sponsors, really.   So you know, and I was in like, I don't know, maybe sixth grade hockey and give me Rossignol or give me head. T shirts. So brings it brings back brings back some some memories. So what are you so money does not work the way that we think it truly does not. And there there is things that people with money know that people without money, don't know, there's assumptions, there's lies, there's, you know, just the perception of what what money really is, you know, what are some of the things that I don't know about money that I need to know about money,   it's easy. We are brought up and it's no one's fault. We're brought up in a society in a world where we're literally lied to every single day about what money is how money works, and everything else. And the biggest mistake, all of us make, and myself included until I learned what we're about to talk about is we are not in control of our money, we have been taught our entire life to give up control of our best dollars, like I'm holding $100 bill, like we've been taught to take these dollars, and give them to somebody else, deposit them in somebody else's bank. And we just think that that's right, we think that's normal. And then when things happen, like my story, we're not in control of the dollars that we need to take advantage of the opportunities that present themselves, because we've already given up control because somebody somewhere convinced us that we are not capable of being a good steward of our own money. And I'll tell you break it down to every one of you, nobody, even a high level financial advisor like I was for 16 years, nobody will ever care more about your money than you do. So why? Why do we give up control of our money? The tool? Because that's all money is a tool? Why do we give it to somebody else? Why do we deposit money in the bank? Ask yourself, why do you do that? That's the simplest thing. You know what? Like, let me ask you, why do you deposit money in the bank?   Because that's just what we do. That's what we've been taught. my paycheck goes directly into the bank app, I never see it.   And it's because of what you just said, because that's what you've been taught to do with your money. And you just don't even think anything of it. What if I were to tell you that the bank makes 400 to 13 100% more money than you do on your dollars? Like you're like most people when I say that? No, they don't they can't they lend it out at six. And I'm making wonder if you're only making five? No, they're making 400 to 13 100% more than you are because what they're doing is they're moving your money continuously and consistently. I mean, most people when they take money into the bank it take this $100 and give it to the teller, you know, what do you think happens? You think when you hand that money to the teller the teller takes your $100 bill and puts it in a little box in the back with your name on it. Heck, no man that the money that bank takes your money and lends it out in those little glass cubicles, and does make 400 to 13 100% more because they're making the margin and they're giving you next to nothing. And we just think that's okay, folks, that's not okay. It's not okay. And then when you need your money, let's say you got a large sum of money or 10,000 or more in the bank and you want it all because you got a great opportunity. Go to the bank and try to take all your money out. Try just just, you know, a lot of people tried doing this back during COVID in March in April, and they realize the true fact they wouldn't give you all your money. They're like, well, we can't give you it all now and you're just you know, in most people are just like all that stuff. Okay. Well, can I just come back like houses were like, almost like we're asking permission for the bank to give us our money back, folks. You're brainwashed. You're brainwashed and listen, like I'm seeing this and I get so passionate about this because that was me. I just thought this is okay. And then not only that, like what else do we do like if any of you listening like have a job or you have a business that has retirement account, you get your paycheck and before you even get it, the money goes into that form. One key thing that you've been told by everybody is exactly what you should do to save for that fictitious day called retirement. Or when you're going to sell off on your sailboat out into the water. Very few people ever do that to see, you know, statistically only five out of 100 people are going to be financially secure at the age of retirement. So right there lies the problem. And the problem is our whole life, what we've been trained to do is to conform to what somebody else tells us, our future life should look like 5% only five of those 100 created their lifestyle and created their financial futures. And that is where the problem is. You all wait including me have forgot how to create.   And if we don't create it ourselves, no one is going to create a course they're definitely not back there trying to create the wealth bores now do you think the stock market? I'd like to get your insight on the stock market? Do you think it's a game? Again,   it's a fixed game. Yeah. And it's going to crash and burn in 2022 and 2023. And that's very controversial. I say that I upset people. You know, like, no, it's not, it's not going to crash Listen, like it will crash and to will in 2000.   Yeah. It To me, it's, it's all a perception of what people think it has. No, there's a lot of it that doesn't have merit on the back end, how things are valued, or, I mean, I lost millions in 2000 when the stock market when the dot bubble hit, millions just disappeared, literally, literally overnight. And so what do you think about like, you know, the hedge funds and like the the GameStop thing it to me that that just shows the complete when when a group of people could go and just obliterate a hedge fund. To me I kind of giggle when I saw that. I'm sorry, but   I thought it was great, man, I wish I could have went out and patted all those retail investors that played that game and but you know, they didn't beat the hedge funds. A lot of people like oh, we won this. No, no, you didn't you actually lost but you proved the point. And you proved the point that the hedge funds are not Invincibles you know, they can be beaten in now in today's digital world, if people band together keyword if people come together for a unique, you know, a uniform goal. And that goal was Hey, we're gonna drive GameStop up, then you actually can be traveling. But the problem is, unfortunately, it's called FOMO. Okay, fo mo fear of missing out. That's one of the most dangerous things I just did a recording the 10 biggest mistakes investors make and that's one of them is FOMO. People think when when GameStop was going up. Now let's look let's think about GameStop. Because everybody remembers this. It's pretty recent. When that was going up, like where did people forget the GameStop. On its best day, its greatest year was a $20 stock in its best day. And it got to $500. And people thought that it was a good thing to buy. It's called FOMO. It's just the same thing. When you go to the casino, and everybody's winning, and you see everybody like winning, you're like, Oh, my God, I'm missing out, put it all on black, and then you lose it on you're like, Well, that was stupid. Like, well, that's GameStop. That was stupid. I see in GameStop. I mean, I'm a professional trader been doing it. 20 years, I understood everything that was happening. I understood the short side the cover, you know, I understand why they were able to beat that because they pushed it so high that that hedge fund couldn't cover anymore, and they just had to just lay their cards down. But the thing is, is the retail investors actually lost that battle because they all jumped in it at the top and some of them didn't get out. And that's, you know, one of the biggest mistakes here's, here's the easiest rule. If anyone wants to make money in investing, here's his golden ticket. This is how you make money and you'll never be wrong. Follow three rules. Rule number one, buy low. Rule number two, sell high. Rule number three, don't lose money. And you know what the best part about rule number three, is it happens automatically when you do one in two. So why is it that every single person that invest unless they're a trader or professional trader? Does the complete opposite? In most people like No, they don't think about it right now. Are people piling money into the stock market? Absolutely. Why is the stock market going up like crazy right now? It's because people are piling money in, they get their stimulus check. A lot of people are dumping it in the market. Where's the market? all time high. So what are what are people actually doing and what do people do? They put they buy high? And then what do they do when the market goes down? Fear sets in and they sell   low? And what do they all do lose money. They do the exact opposite of what they get on they do everybody the second starts going down, people are gonna get beer kicks in and they're gonna, they're gonna sell. They're gonna say shit, sell it all, sell it all. And here's the thing that people who know what's going on. They're selling right now sitting back. When it goes back down there, they're getting. So I actually did that one year. So I think it was in 2008. I'm like, Mother, I'm not gonna do this again. I saw it going down. This wind went way down. I took out A loan on my 401k as much as they would do it when the stock market I think was like 13 or 14,000 at the time, and then I put it in an account. And then when, when the stock market was down to like three or 4000, I put it all back in. I just knew that. Because when I got burned in in 2000, with all that I, I started paying a little more attention to how the stock market, I'm no pro by any means. But I start paying attention. I'm like, Okay, I'm gonna try getting ahead of this. I pulled all this money out of it, and then put it back in when it was low. I probably lost it all since then. But you know, it's,   yeah, I did the right thing. And that's a hard thing to do. How did you feel when you were buying into that market when it was all crashing around you and you're listening to everybody around you losing money in every paper and every news channel is all you're losing? It's it's all going to fall apart? And here you are, you're buying because you just knew that you should do this. But what did it feel like to actually buy during that?   I was giggling he for once I might win something.   Now a lot of people when they actually do it, they're supposed to do they actually have fear doing it. They're buying into a market going down and mentally they're so like, it's I don't know what they call it. But when the markets are going up, there's something inside of us that makes us feel warm and fuzzy and excited. You know, it's going up. But when it's going down fear is there. And it's hard to want to buy an oil I don't know if I should it's going to go lower, of course it's going to go lower. Well, I'm going to buy in when it gets to the bottom, you'll never get the bottom and you'll never get the top you can't time the market. So the best thing to do is just when it goes down you just start buying systematically and consistently just by you know and it's it's funny you mentioned about like selling right now what are the wealthy doing right now? Like we're so everybody listening to this, you know, right now we're we just turned into April of 2020. What are we in 2021 COVID happened and we all forgot about what year it was, but 2021 and the wealthy individuals, I know, multimillionaires and billionaires are all selling my real estate portfolio that I built up over the last six years selling, selling just listed another three properties. I just sold two, I started with 91, about a year and a half ago, and I'm down to I'll be under 20. And people must think Oh, are you crazy? Like Is something wrong? Like do you need the money? Oh, absolutely not matter of fact, I don't need the money at all. But I do understand the principle of what I just said rule number one is buy low. I did that. Rule number two, sell high, the market is high. So I could hold these. But what why to ride the next cycle back down? Why would you do that? And that's the thing like with stocks? Why in the heck would you ever buy a stock and just you know, buy it at the top and you feel good? And then all sudden, you're just like, well, if it goes down, I'll just ride it out. No, you won't. And 90 plus percent of the people that buy stock or mutual funds or ETFs, don't ride it out. They've just conditioned you in your mind to believe that invest for the long haul you'll be okay, but no one ever does. Because when it actually happens, it's a different reality. Fear kicks in. But then reality happens next. And the reality is I lost my job. I don't have any money to pay my mortgage, I can't pay my kids college tuition. And Heck, I can barely put food on the table. And I got all this money sitting in my 401k. And I was supposed to ride this out because it's like 40% down I What are you gonna do? You're gonna you're going to put food on the table for your family? Are you going to worry about your retirement accounts loss you're going to sell? Of course you are and you're going to take major losses, which are then real, and then you're going to pay taxes folks like this is what people do. So why would you do that? Just do the opposite of everybody else, and you will probably be way better off.   And that that's in anything in life. If you see a herd of people doing something, do the opposite. Don't do what they're doing. Because you you will know I know that you do a lot of stuff in in real estate and I'm part you know, with COVID. You know, COVID happened. You see all of these companies, you look at downtown's now, like downtown Houston, I'm in Houston. And you see a lot of these high rise buildings that were businesses that they're now figuring out, hey, we might not need that real estate, we can do a lot of stuff from home. I'm person I'm waiting for a boom of conversions where people real estate investment trusts REITs come in, and they say, okay, we're gonna convert these two housing to living. Are you seeing anything in that in the real estate? I just think there's gonna be such a big thing in the in the business side, you know, we're companies are not going to need the space that they have that they currently have. And how is that can be repurposed? And how can we position ourselves to take advantage of possibly some of that real estate that I think is going to happen? It might not be in a year might be in three or four years, but it's going technology is getting better? More and more companies are going to go remote. And I think a lot of that real estate is going to be converted to something. I don't know what but something.   You're absolutely correct. You know, one of the biggest things that this country lacks is affordable housing in there's a massive need. for affordable housing, there's, there's not enough rentals for the amount of people there's people that will you know, very soon I don't know when when they stopped with this moratorium bullshit scuse my language, but there's gonna be a massive, like problem with people's mortgages with some, you know some companies that own some of these larger facilities, they think they're not going to be able to stabilize some of these buildings. Again, like you said, it might not be a year or two years or down the line, it's not going to be immediate, but you're going to have a major transition because these big sky rises that used to hold all these people, all those people are working from home on channels like this, or zoom. They're not in those offices. So how are these companies going to afford to pay all those rents? And, you know, pay all those overheads? They're not? So yeah, I think you're gonna see a massive switch, that these commercial spaces are going to start converting into living spaces you're already seeing in strip malls, you're seeing strip malls, be converted into self storage facilities, you're seeing old box stores like Kmart, and that being converted into storage facilities, Heck, even Walmart's so you're already seeing it happen. Because the world's changing, Amazon is obviously needing more warehouse space. And so is every single business in the world, because they're all going digital, and it's changing time. So how do you capitalize on that? Well, you get ahead of it first, but now would be too early. Because if you buy now, real estate way too high. And remember the rules, you got to always go back to the rules buy low, not high. And then what's going to happen, though, is when all this does settle. And the government, you know, stops with this modern monetary theory nonsense of printing, which they're just trying to drive inflation, if you see the price of things going up, folks, that is just your dollars becoming weaker, it doesn't mean that things are going up in cost, your money is becoming weaker, because the Fed is trying to do that they're trying to create inflation. But the problem is, it's not working. And it won't work. Because this thing's gonna all blow up and crash and burn. This is the largest experience or experiment in our history with the financial systems. And I don't think it's gonna work. And so to most economists, they don't think it's going to work. So if it doesn't work, what does that mean for you? It's not good. Because if you got all your eggs in the baskets, where they want you to put your money, stocks, bonds, mutual funds, ETFs, that's where they want you to put your money, then you lose it all. But you know what, when when you lose, somebody else gains when the Fed increases inflation. Who wins the government do when when milk is double the cost of gas is double the cost when lumber goes up? 40% Oh, sorry, just did who loses? Not the government you do, the government wins, because the the deficit in the money they owe is now cheaper, because they can pay it back with weaker dollars. You see, that's the whole game. And there's only a couple ways to get ahead of this. And you got to just change. So a lot of people like well, it's all over. What am I going to do now? I don't know. I guess I'm just going to try to enjoy my life and hope for the best until this whole thing explodes, as says, you know, says this Chris Naugle guy, I know, there's more hope than you can believe. And it's so simple. You just follow what the wealthy to do change one thing. And that is where your money goes first, and then I'll teach, you know, and that's what we do with BYOB or the money multiplier. We teach people exactly how to do that. And how to do the same thing that the banks do the same thing that the wealthy do with their money. And it's something that's been done for hundreds of years, and it will not fail, and it will not crash and burn, and you will come out on top. And that's the beauty. It's like I can say that with the utmost certainty because it has to work.   Yeah. It always has. So is that Yeah, I know. You talk about your infinite banking. You know that that philosophy of of what you do that concept of what you do it? That is exactly what it I mean that is that exactly what you're discussing our Thursday, I'm thinking what,   what I learned in 14 was I sat there talking to you know, this guy, Mike Baird, about real estate, and he was lending me money. And he starts talking about this thing, you know, and call that his private bank. And awkward. That sounds cool. Tell me more about this private bank thing. I didn't learn that and Wall Street school. He starts telling me and he's going into it. I'm like, Wow, that's awesome. Wow, it's guaranteed to it's tax free. Come on, like, Dan, someone's lying to you. But keep going, keep going and telling me all this stuff that he's doing Oh, yeah, I can put money in and take it out immediately. And I still make uninterrupted compound interest on every dollar even though I took the money and I'm just like, Dude, what is this thing? And then he tells me, and I lean in, I'm like, someone's lying to you, man. I'm sorry, Mike. But I'm an advisor. And this is not how that thing works. And he leans into me and he says, Chris, if it doesn't work that way, then how have I been lending money to you all this time from this? And how has it worked? exactly the way I just explained I sat back huh? You got a point there. So Mike, how do I learn this thing? He's like, I can't teach it. I just use it. So call this Brent guy and you know, and that led to me watching a 90 minute video that was my my toll if you will to be able to talk to this brand guy. And that 90 minute video is what changed my life and I If anyone wants to know what a privatized bank is, you guys are not probably going to be ready for what I'm going to tell you. But a privatized bank is you creating your own bank, but not at a bank, at an insurance company, and you do it with a vehicle you all know and probably don't like called whole life insurance. Oh, that's right. But it's not the whole life you buy from an insurance professional or insurance store. It's a very specially designed and engineered whole life design that can get really the only people that know how to do this are the people that only do this, your financial advisors, I I'm hard pressed to find a financial advisor that actually understands this. They say they do because they, you know, they're like me, they think they know everything. No disrespect. But believe me, guys, you know, you think you know everything about money. And then when they actually learn about it like I do, they're like, I didn't know it could do that. I didn't know it worked that way. I didn't know I could give up my commission so that the client actually has access to 60 to 90% of their money immediately. Yeah, well, you should have studied with the Rockefellers, the Rothschilds, and what every bank in this country has been doing for hundreds of years. And that's so my   financial, so my financial advisor that pulls up in a beat up, Camry might not know about how to how money works,   I find, you know, and I know a lot of advisors, and you know, a lot of them get mad at me, because I kind of beat up on them a little bit. But I've earned the right to, and I always tell them, I say you don't understand this. Well, yeah, I don't know what whole life is, again, exactly. You don't understand how this work, right? Otherwise, you'd be doing this. But then they don't do it. Because they don't want to give up their commissions. They don't want to, I mean, let me let me ask you this, your financial advisor that pulled up in that beat up, Camry, like, do you think he'd be willing to give up 90% of his income so that you could have access to 90% more money?   Absolutely not,   you're absolutely correct. And that's the whole name of the game. In order for privatized banking to work, the way that it works for the banks in the wealthy, somebody's got to give up a lot. And that somebody is that the money mentor, the advisor, or the IBC practitioner that knows how to build this, they have to give up their commission so that you have access to your money. And then that's where the fun begins. So once you get somebody that's actually willing to do that, and actually, I got to go back to that camera, because that's funny in Wall Street, when I was when I was an advisor, one of the jokes was, you know, why do people pull up to Wall Street in a Rolls Royce to take advice from some of you that took the subway and and very true. Most of the clients that I helped, and that I've dealt with had way, way more money than me, but for some reason, they took advice from me, it was a weird dynamic, but that gets the guy's got to think about that. We should all be taking our advice from the people who have done it, who have made it and who are living what we would articulate as the perfect day. And if you're not taking your advice from that person, or actually getting guidance on that, then you're doing it wrong, and you're learning about the big lie even more, you're doing everything backwards so that somebody else can have control of your money and make money on it. And that's that's what privatized banking does. It puts you in the driver's seat in in 100%, control of your money. And what else it does is it puts a perpetual tailwind behind your money. Think about an airplane right? airplanes. When they fly. They're either flying with a tailwind or headwind. And when you have a tailwind, you're like, oh, the pilot comes on and says, oh, we're going to arrive 30 minutes early, we had a nice tail, and you're like, That's sweet. The plane didn't have to work any harder, didn't have to fly any faster, nothing had to change. But we got here 30 minutes faster. What you don't realize that plane was going 150 miles an hour faster than it was the other time when you were on the plane going the other direction. The headwind is not something that most people think can change, but it can't. And it's it can change with something that Albert Einstein talked about a lot called compound interest. But let's add one word to that on interrupted compound interest. Imagine this, I'm just gonna do a visual if I can't, because I'm a visual thinker. Imagine I have $100. And let's say I change one thing, this $100 that normally would go into someone else's bank, you actually took this advice, and you say, you know, I'm going to change where this money goes first. So you change and you put this money into this specially designed and engineered whole life. So I got $100 that I just put into it. And I don't get caught up in the numbers, folks. It's just an example. Like, should be more than that. But now I get $100 there. What does the insurance company Give me that my bank doesn't? Well, right now in 2021. All the insurance companies we use which are mutually owned dividend paying insurance companies pay a guaranteed 4%. So does your bank pay you 4% on your deposits?   Hell no.   There you go. That's the right answer. Hell no. They don't barely give you 1%. So now I'm better off there. But then the insurance company because their mutual says hey, every year based on our surplus assets, we're gonna give you a dividend. So I'm like, Wow, that's cool every year. Yeah, it's not guaranteed, but we've paid dividends out for over 100 years, and we're gonna probably pay dividends for the next 100. So now listen, I'm not just making four I might be making six. So now I'm making 6% on my money. That's way better than the bank. But now, the reason I put the money in the bank is because I've been lied to and taught that. That's the Any place that can put money and take it right back out, and Oh, God, I gotta have my money. How many of you listening to this right now, when you look at your bank account on that piece of paper, you get warm and fuzzy, but the more there is there, the more money you have in somebody else's bank, the more you're losing the game, just so you know. But that's what you you feel warm about that, because you're like looking at it, you like touching it, that means your money's not working. Your money has to be working everyday because you only have so many hours in the day, most people work 40 to 80 hours a week. And after that you're just shot, right? So if you can't work any more hours, then how can you make more money? Well, I can get a raise, I can do things more efficiently, I can find a better job, I can start a hot side hustle. But you are always going to be research restricted by the number of days or hours in the day, you can only make so much the problem, or the thing that you need to do is you need to stop thinking about how much money you can make by trading hours for dollars, you need to start thinking about your dollars going to work because most people have equity in their homes have money sitting in 401, K's and money sitting in the bank accounts. And you know what, I want you to visualize this. Because this is the way I learned it. You come home after a really hard day, you open the front door of your house, you're exhausted, it's late, you just want to go to bed and you look over into your living room and you catch a glance of your couch and on your couch is your money. Your Money is literally sitting on your couch laughing eating potato chips spilling all over drinking your soda watching TV. And it's been doing this every day for the last week, the last month last year, and it looks over at you and it says What did you have another hard day? Because that's what you do, folks? you lent money was exactly it's exactly what in laws except for the money actually would go to work your in laws won't go to work. You could walk over to your money, you can say you know what, tomorrow, you're going to go to work, you're never going to get a vacation, never gonna come home, you're never ever going to stop working until the day you're gone. And your money would be very thankful because finally you gave it a purpose. People just don't know how to make money work. So let's go back to that one, change that $100. We put it into that bank. And we know the banks paying us better interest guaranteed. We know it's paying us a dividend. But now what about liquidity? You put your money in the bank? Because you can take it back out? Well, yeah, we have liquidity. In the first couple years, you might not have 100% access to all the money. But how much do you have 60 to 90% in the first year. So let's say I put 100 in and I want 90 back, I can go immediately in the first 30 days and take 90 out. Now that was your regular bank and you started with 100 new took 90 out how much money is still earning interest in your regular bank $10. The remaining amount in my bank, this privatized bank, which is the specially designed whole life $100 is still in my account. And I'm holding $90 like literally I've got no I'm just holding a bunch of money I'm holding $90 in my hand and $100 is still in the bank earning 4% plus the dividend. How can that possibly happen? Well, this 90 I'm holding in my hand, it's not even my money. See the insurance companies have all the money and they will gladly lend me money and alone of nine Duff. So all I do is I go online, I click a button, no application no credit check in 36 hours later, the money's in my hand I'm holding $90. Where did the 90 come from? Is what people typically asked me? Well, it came from the insurance company's general account. Yeah, I get that. But why would they just give it to you? And why wouldn't they ever want that loan back because you told me that I don't have to pay the loan back, who's making loans and not asking for the money back insurance companies. Why? Because all they did is when you took that contract out, they promised two things promise to pay you 4% guaranteed. And they promised you a death benefit the day you graduate from this world, or this earth or whatever you want to call it graduate means Dodgers so everybody knows. So what they do is they take this $90 and they subtract it from my death benefit, it's the same thing to the insurance company someday they got to pay that death benefit out. So it doesn't matter if I use it while I'm living or when I'm dead. They're just going to give me this $90 is the loan, they're gonna charge me interest on it, but not more interest in what I'm earning on my money. So now I literally have an arbitrage on money. And I'm holding $90 now the most important thing is, you just learned how to make uninterrupted compound interest on your money. But now you got 90 bucks. So what are we going to do with this 90? We're going to go put it on black? are we actually going to do something productive and make this $90 that wants to go sit on my couch? But really doesn't. We got to make it work. So where is it gonna work? could work in real estate? It could work? How about even easier how many people you know, have credit card debt. So let's just assume somebody's got a visa. And they're paying, you know, it's just for simple math. The visa is $90. Okay, that's their balance. And they're paying, you know, 10 bucks every single month on that visa trying to pay that $9 balance off, but visa is charging them 20% every single year. That's the headwind. So even though you're trying your hardest to pay this debt down, it just never seems to get paid down. Welcome to the world. Welcome to what you've been taught us credit card game. That's the game. So now let's change that game. I have $90 in my Hand of the insurance companies money that would, it just means that I'm going to get somebody when I die gets $90 less. So I got this money, I'm going to pay these off. And then what I'm going to do is I'm going to take the $10 that I used to get the visa, and I'm going to change the name on the check. Because I'm not going to stop paying the $10 that I used to get my visa, let's be smart about it. Let's be an honest banker. I'm going to change the name on that $10 check. And I'm going to write Chris naugles Bank, and I'm going to put that $10 back into my bank. So what just happened? Well, some people are like, well, you took a loan from your private bank, that whole life thing you're talking about. You paid off visa, then you took the $10 you were given visa and you put it back in your in your account. Okay, great. You draw circle, you just went full circle. But in doing that I made money twice. I made money once on the 4% plus dividend. Okay, that arbitrage and then I made money twice, because I just recycled and recaptured 20% that I used to just give away. You see, when I teach people about money, I teach them that the biggest rotor or the biggest problem to most rotor of wealth is not so much that your ability to make money, you're good at that. It is the simple fact that you give all your money away to somebody else's bank, you do visa, Amazon, car payments, mortgage payments, all your money goes to somebody else 90 cents on every dollar goes to somebody else to build Well, why don't we start there, instead of working hard or taking on more risk, let's start taking back the money we're giving away to everybody else. If I can make 20% by just paying myself a $10 check instead of visa, man, that's wrong. And that's Yeah.   And that's such easy money to get back as I mean, people are pushing out hundreds or 1000s of dollars per month, on interest fees, that they're just pissing in the wind, you're never gonna see that never didn't get it back. Never gonna be now. So I did something back. I'd say maybe five years ago, and people thought I was stupid. And they said, yo, you never do that. That's the wrong thing to do. And I'm like, well, and again, I'm no financial person. I'm like, I would rather borrow from myself than a bank. So we were going to go buy a new car. And I said, well, rather than go get a note and pay them, even if it's 2.9%, or 3%, I'm going to go take a loan out of my 401k, which is already my money. I know it's not going to build the interest. I know that's stupid. But if I'm still going to be paying the money regardless, I would rather be paying myself that 3% interest in it going back into my 401k I know that's probably the stupid thing to do. But I'm like, why would I pay someone else interest when I can pay myself vendors? And what you're saying is the exact same thing, but instead of doing a promo 401k you're doing it from a, you know, from your from your other source? That is to me that that is a Oh, that's see, you're teaching stuff that people just don't know. I know people just don't understand that and don't know.   But let's talk about that. 401 K, so yes, am I I'm using the only difference between what you just described using a loan from your 401k. And what I'm doing with this specially designed whole life policy, the private bank is I'm earning uninterrupted compound interest in the 401k isn't because when you take a loan from your 401k, the money actually comes out of the 401k. It's no longer invested. But the cool thing about what you said, and I teach this as well, you took the money from your 401k that was just sitting there in the market. And you're just like, you know, I'm going to, I'm going to be the bank, and I'm going to basically finance my car. So you paid for the car, then you you should have taken and figured out how much the car dealership would have charged you per month to finance that car to you. And let's just say it was 500 a month, you take the $500 a month that you would have given away to somebody else for a car payment, and you pay the $500 a month back to your 401k it's the same thing. But now every penny of that $500 is going back into an account that you own that you control and that you benefit from. And the coolest thing people don't take loans from 401k sometimes is like Yeah, but I got to pay interest on that loan. Yes, you do. And that interest goes back into your account. It doesn't go to the financial company. It doesn't go to your employer it goes back into your account by law. Yeah, that's a pretty sweet thing. You just gave yourself a guaranteed interest rate. Plus you got yourself a shiny new car on the driveway. Yeah,   love it. Yeah, yeah, so and people but in all the people like advisors like that stupid you never pull money I'm like, but I'm gonna pull them 30 1000s gone regardless at that I've got the car. So either I'm going to be paying my own interest or I'm gonna pay someone else. The money's gone either way, you know, so it's   and why was that? Why do you think they would tell you that stupid why because managing it   because there's less money for them. They now control less money and it's in their financial best interest for me to keep my money there than to pull it out and use it myself. it to me You always follow the money. If if people are doing something some way it's because someone's making some money and they don't want to lose they don't want to lose that money. Now I've been to your you know, I've been to your site I've been looking at a lot of your love your stuff, the best way to Get in touch with you is just going to you're going to your website and all the people listening, it's going to be in the show notes. So you don't have to write this down. But it's gonna be in the show notes feel click, but you've got some great stuff up on your website, from your webinars, from your classes from your real estate, there is so much free, that's the thing, free valuable information. And you have you have courses and you have, you know, stuff that I'm actually going to do this, I've got to learn this stuff, because I'm, I'm sick of paying, paying everybody else. And I had the concept. I just don't know how to, I don't know the means to do it correctly. But go to Chris naugle.com. And that is the you know, all of your stuff is is up there.   I give everything away for free, including my book. I mean, you can go to the website and get my book mapping out the millionaire mystery or the private money guide. Totally free. I mean, I'm not gonna pay the shipping to your house, but you can have the books for free. And where that came from his remember those that hard time. When I hit in 14, I went to my first mastermind out in California with this guy, Greg, and he was like, just a superstar, right? And I remember paying all this money to go there. And I caught him. I got him aside and I said, Greg, give me the best advice. I'm down on my luck, like what is the best advice you can give me and he puts his hand on my shoulder and he says, Chris, I'm gonna give you the best advice. I can give you any in liens. And he says, give your best stuff away for free. And then he walks away. And I'm like, really, dude, I just paid five grand to come to this mastermind. That's the best thing you got. For me. I'm like suffering here. I'm broke. And that's what you tell me. If folks, it was the greatest advice somebody could give me because it goes back to the core universal law. If you give you get, I give it all away for free. So thank you for bringing that up.   Yeah, you can't you cannot get without giving. And here's the you know, here's another mental thing that people think they think that you know, the stuff that I teach and the stuff that I do. It's all out there for free anyways. It's, it's I just can put it in a different maybe a different format different way. But it's all out there. So yeah, giving it away for free. And it's like money, it goes against what we're taught that, you know, you got to hoard that stuff. You got to keep it like you know, that's, you know, your information is your goal that that's your company. You can't do that. But it does not work that way. It does not so, great stuff up there. Great stuff up there. And all the listeners I'm telling you, you don't know what you don't know. Go to the website, go to Chris Naugle comm go to the website and look at the three webinars, the free stuff that's up there, get the book, you've got two books up there, it, it this stuff's free. So why would someone This is what always gets me so you got all this great information up there. And people still won't a lot of general public still won't go do do that. And it just blows my mind. You probably spent years writing your book you spent you know 20 years of knowledge going into that book, and stuff that you're teaching and I can go there and get that for free. It's just blows my mind that people do not take these journeys to learn what other people people who who have made it are always willing to share their experience share their knowledge to grow other people. So again, thank you so much great stuff and I'm I'm telling you I'm up there and I think I might bring back the give give me Raj Nord give me head   you should gotta bring that back. And if I can just say cuz everything we were just saying can be summed up with a quote and this is I think, why people don't do things. And it's a quote that Will Rogers said he said the biggest problem in America is not what people don't know. The biggest problem in America is what people think they know that just ain't so. Stop taking advice from people that hold you down that hold you back that don't empower you stop taking advice from your broke ass brother in law and go out there and create yours future the way you want it to be.   Absolutely. Oh, again, Chris, thank you so much for for taking the time out today to be on the show. And and give you know give give back to your my community. And thank you so much. And just thank you that that's all I can say. It's great, great stuff. Thank you. Great talking with you.   You as well.