[00:00:00] Intro: Welcome to Private Banking Strategies Podcast with Vance Low and Seth Hicks, your secret weapon to protect your assets and never have to start over financially again. Vance and Seth help high net worth individuals, families, business owners, and investors, structure and asset protect. Tax free fortress for their families.
[00:00:21] Intro: Learn how to keep what you earn and use the velocity of money to create your own private banking system. Join us on this journey as we explore the secret strategies of the rich and political elite and help you take total control of your financial security now onto the show.
[00:00:49] Eric (Host): Hello and welcome to a special edition of the Private Banking Strategies with Vance Low and Seth Hicks. Seth, I know that you recently had a chance to be a guest on the Financial Investing Radio podcast with Grant [00:01:00] Larson, and you wanted to share that with your listening audience. What’d you guys talk about?
[00:01:04] Eric (Host): Man, it was a
[00:01:05] Seth Hicks Esq.: great time. Erica Grant and I discussed the seven pillars of private banking strategies. And I, I know for some of our audience that has been with us and on our journey for a long time, it will be a refresher, but there’s a lot of folks out there. I think it will be, uh, an excellent way to understand what private banking strategies can do for them.
[00:01:23] Seth Hicks Esq.: Uh, it was a, it was a great podcast,
[00:01:25] Eric (Host): man. I’m, I’m excited because I wasn’t there. I didn’t hear it yet. So now I get a chance to thank you so much for bringing that to us.
[00:01:31] Seth Hicks Esq.: You’re welcome. And, um, at the end, we’ll, we’ll tell you guys how to get in touch with us if you haven’t heard of us before, and I hope you enjoy it.
[00:01:41] Guest Speaker: In this episode, we take a look at the seven pillars to grow your wealth.
[00:01:51] Midroll: Welcome to Click AI Radio where you’ll learn the secrets to transforming your small to medium business. Grant has been helping [00:02:00] businesses transform using technology for over 30 years. Advanced technologies like artificial intelligence have been available only to large companies and advanced technical teams.
[00:02:11] Midroll: Grant will discuss how you can use to leverage AI and other technologies to grow your small to medium business as a gift. Grant is offering his ebook AI for sales growth@clickairadio.com. Now here’s your host and BizTech Geek Grant Larson.
[00:02:34] Guest Speaker: Hey everybody. Welcome to another episode of Financial Investing Radio. My name is Grant Larson, and today I have in the house one of those unique people that understands some of the fascinating ways. To build and protect your wealth. I’m excited to have with me here today. Seth Hicks. Welcome, Seth.
[00:02:55] Seth Hicks Esq.: Thank you so much, grant.
[00:02:56] Seth Hicks Esq.: Glad to be here.
[00:02:58] Guest Speaker: So when you [00:03:00] reached out to me and you started to say. Hey, could we talk? I started to look into what it was you were doing. I mean, I’m hearing words like private banking and asset protection expert, and you hear some of that stuff and you think, oh wow, do I have to have an advanced degree?
[00:03:17] Guest Speaker: Right. And financial management to understand this stuff. But what. Occurred to me is that I’ve seen some of these principles before. They don’t seem to be well known by most. And so what I’m excited about is the opportunity through this channel here for you to continue to get your voice out there and say, here’s the way that you can build and protect yourself.
[00:03:38] Guest Speaker: So first of all, how did you get into this?
[00:03:42] Seth Hicks Esq.: Well, I practiced law, uh, for about 25 years now, and have structured transactions, commercial real estate transactions, business, um, acquisitions and sales, kind of help people keep what they make, so to speak. Um, and when I [00:04:00] met my now partner, Vance Low, uh, the principal of private banking strategies, um, it floored me to find how.
[00:04:09] Seth Hicks Esq.: Easy it was to make a few changes and effectively do a hundred percent better job. And so what I mean by that is at private banking strategies, we use whole life insurance policies that are structured in a way to have a high cash value and in the appropriate structure and appropriate jurisdiction there.
[00:04:33] Seth Hicks Esq.: Statutorily exempted and protected, um, much like a homestead in certain states and many of the same states. So for example, grant in Southern states, you’ve got a, a, a post civil war error, um, legislation where wow, it goes, it goes
[00:04:52] Guest Speaker: that far back. Okay. It does all right. Absolutely.
[00:04:56] Seth Hicks Esq.: Yeah. So private banking goes back as far as, uh, [00:05:00] civil War era and even be before that.
[00:05:02] Seth Hicks Esq.: It, it precedes branch banking. It precedes the, uh, the type of current culture banking that we have and the post civil war era statutes protected their, their citizens, the state citizens from northern carpet bagging. So for example. Yeah. For, so for like example in in Texas, in Oklahoma and Florida, and a, a lot of those states, uh, south of the Mason-Dixon line, you have laws that protect, uh, homesteads.
[00:05:34] Seth Hicks Esq.: So in the event that there’s a, a liability and someone has a, a homestead that they’ve declared it, it is a hundred percent protected from being taken from them. And that was a, a, a product of the Civil War.
[00:05:50] Guest Speaker: So let me
[00:05:50] Seth Hicks Esq.: ask you this. So when
[00:05:51] Guest Speaker: you talk about ha, you know, protection from having it taken, I’m assuming you’re talking about scenarios like maybe bankruptcy scenario or, or something else [00:06:00] where you owe other people, but you’ve got this protective layer that no one could actually come in and take that foundation from you.
[00:06:07] Guest Speaker: Is that right?
[00:06:08] Seth Hicks Esq.: That’s right. A lot of our clients, um, you know, are higher net worth. Some of some are ultra high net worth, many are blue collar, but they have, uh, created strategies to keep what they make. I mean, no one wants to effectively work hard to earn money and then, and then lose it. Um, so those type of folks gravitate towards structures where they’re able to keep what they make.
[00:06:36] Seth Hicks Esq.: So, for example, if you’ve got a, a homestead, uh, in Texas or in Florida, and you want to use it as a, a. Vault and you don’t have any debt on it, and you’re able to pay the property taxes year after year, then it is a hundred percent exempted from creditors or from outside taking, so to speak. So,
[00:06:56] Guest Speaker: so that’s an important baseline is that it does need to be debt [00:07:00] free.
[00:07:00] Guest Speaker: You have to have no mortgage on that, or any liens against that. Would that be right?
[00:07:05] Seth Hicks Esq.: Sure, yeah. If you’ve got a, if you’ve got a, uh, you know, a, a loan with a, a traditional bank, they have a right to, uh, the mortgage payments or, and so they will effectively, uh, if not paid foreclose on that. And those rights are obviously superior.
[00:07:22] Seth Hicks Esq.: But if, if you’re, if you’re in a position where you’re able to, uh, for example, use your own private bank. Um, through the cash value in your own policies and purchase and acquire your home or other assets through that entity, you would do the same. Uh, structure. I mean, obviously your bank and part of the cycle is getting the money back.
[00:07:46] Seth Hicks Esq.: Okay? And that’s something that the Vance prides themself on, is teaching people how to get the money back. You’ve probably heard some of that in your private banking. That’s one of the reasons that people do it. They effectively take the banking equation [00:08:00] back into their own lives, back into their own, and they become the bank.
[00:08:03] Guest Speaker: Right. So is the flow of something like this, you get one of these whole life policies. It takes some time for you to build up some cash value, but then that cash value becomes something you can leverage and use for either purchasing other assets or leveraging it and other investments, uh, so to speak.
[00:08:19] Guest Speaker: And that has some protection wrapped around it. Is that what you’re.
[00:08:23] Seth Hicks Esq.: That’s exactly what I’m describing. And like I said, a lot of our clients are, are higher net worth or mm-hmm. Even ultra high, high net worth. And when they capitalize their bank, they are, they’re able to do, um, a a lot more with it right out of the gate.
[00:08:39] Seth Hicks Esq.: But for the blue collar guy, you’re right, it’s a. It’s a steady increase that you use. Mm-hmm. A lot of folks use this as a retirement strategy because the ins and outs are not a taxable event, and if any of the audience wants to dig on that, it’s Internal Revenue Code 77 0 2. And what that [00:09:00] basically outlines is that your whole life policies.
[00:09:05] Seth Hicks Esq.: Your, your cash in and your cash out are not taxable events. So compare that with like an IRA or a 401k that someone’s been socking money into. When you take those distributions. Well, if you, if you take them too soon, you’re penalized. You’re penalized. If you take, if you, yeah, if you take them too late, you’re penalized.
[00:09:24] Seth Hicks Esq.: Yep. And, but if you take them right in that the right time, you’re still paying taxes on it. You’re
[00:09:28] Guest Speaker: still paying taxes on it. So every single cash transaction on the cash value. No tax, no taxation on that. Correct? Correct. That, that, that’s amazing. How is, how does a blue collar person or someone that’s not ultra, how do they get started then?
[00:09:45] Guest Speaker: Is it, is it, I hate to say as simple as, but is it as simple as getting started with your whole life policy earlier in your life than later so you can begin building out that cash value? Is, is that the number one thing or what else would you do? [00:10:00]
[00:10:00] Seth Hicks Esq.: I wouldn’t say age is the number one, um, determinative factor.
[00:10:05] Seth Hicks Esq.: In fact, we’ve got an article and, and a podcast that we’ve produced that says, you know, you’re never too old to start private banking, and here’s why. And we go through the outlines, the, the benefits and values, which include asset protection, tax free growth, financial privacy. Um, no taxation on the legacy value.
[00:10:28] Seth Hicks Esq.: So if you’re leaving a high value to heirs and benefits beneficiaries, you don’t pay any taxes on that transaction, even if it’s a ultra high. Yes. So there’s some value there depending on, uh, what. Primary motivations and focus are, um, and the age, of course, if you start earlier, you’re going to accrue a much greater and higher value.
[00:10:53] Seth Hicks Esq.: Yeah. As you st you know, as you go year after year. Right.
[00:10:57] But lemme give
[00:10:57] Seth Hicks Esq.: you an example. We’ve got one of, um. [00:11:00] Our favorite, uh, clients is, is a, is a woman in Texas who was a single mom, and she started out with a $5,000 annual, uh, whole life policy. Got it. And she made, she made that contribution for a few years and, and then used that cash value.
[00:11:18] Seth Hicks Esq.: To, uh, as a down payment into an investment property.
[00:11:21] Guest Speaker: Oh,
[00:11:21] Seth Hicks Esq.: really? Wow. So she purchased this investment property as, and then she also had third party financing, of course. Mm-hmm. Yeah. And she began to develop cash flow from that, and she paid her bank. Her private bank back, and as that cash value increased and increased, she did the exact same thing.
[00:11:40] Seth Hicks Esq.: She rinsed and, and repeated the process with a second investment property, and now she has a million dollar equity portfolio in real estate. Wow. From where she started at $5,000 leverage. Now we’ve been, you know, she’s had the benefit of an appreciating. Real estate market. She’s had good [00:12:00] investments, but it illustrates the principle that you can actually start in that.
[00:12:05] Seth Hicks Esq.: Small of an amount and, and multiply that seed into something that really brings a large harvest.
[00:12:12] Guest Speaker: That’s fascinating. One of the things I noticed, um, from you was, I think you called it the seven pillars of private banking strategies. Can, can you speak to that for a moment? What are those? Sure.
[00:12:24] Seth Hicks Esq.: Sure. The first, the first pillar we’ve been talking about is asset protection, and the second pillar is tax-free growth.
[00:12:32] Seth Hicks Esq.: Um, which is, we also referenced that, compare that to a 401k or an IRA. Um, you may have tax-free growth inside, but you’re going to pay taxes when it comes out, and we’ve got some. Illustrations that kind of compare those two things and show you, you know, which comes out ahead and it may look like a contributions from an employer and other matching proceeds will come out ahead, but in over time they [00:13:00] really don’t.
[00:13:00] Seth Hicks Esq.: So you with inside the policy, you’ve got compounding growth and you’ve got, uh, uh, a tax free growth and you’ve got a financial privacy. Third pillar is financial privacy, whereas compare that to. A bank, for example, who, uh, has to KYC know their customer, know your customer, they want to understand, you know, every aspect of money in and money out.
[00:13:27] Seth Hicks Esq.: You go and try to take out or put in, uh, a large cash sum, for example, a five, $10,000 cash sum into your. Wells Fargo or Bank of America account, and they want to, you know, cross-examine you on 50 questions about why you’re using cash. Right? Where you know that that doesn’t happen in a private contract with the life insurance companies.
[00:13:50] Seth Hicks Esq.: Mm-hmm. That we use it, it’s totally private, and they don’t raise their hand and go, Hey, there’s a large transaction in or out, and they’re not required [00:14:00] to by the IRC 77 0 2.
[00:14:02] Guest Speaker: Not real then They’re not really staff for that either. Right. I mean, it’s just not part of their business model. Right.
[00:14:07] Seth Hicks Esq.: It’s not part of their business model.
[00:14:08] Seth Hicks Esq.: No. Mm-hmm. And, uh, so, and it’s interesting to point out, this is kind of a little sidebar, but the largest, um, players or the largest clients of the life insurance companies are the centralized banks like Wells Fargo and Bank of America. I think the last time I looked at, uh, Wells Fargo has a 20 plus billion dollar.
[00:14:30] Seth Hicks Esq.: Annual premium for life insurance policies that they hold on employees and Wow. And others. So if you know, it gives you some insight,
[00:14:42] Guest Speaker: that’s huge. Okay, so, right, so asset protection, tax free growth.
[00:14:48] Seth Hicks Esq.: Tax free growth, financial privacy, privacy. A big, big one is velocity of money and so what’s velocity of
[00:14:55] Guest Speaker: money?
[00:14:56] Seth Hicks Esq.: We described that a little bit and in the, the [00:15:00] example that I gave our audience with the woman who started with the $5,000 premium and then when she had enough to make a down payment on an investment property, she did so and so she, she paid. A premium dollar into the whole life policy. She borrowed that same dollar out to make a down payment.
[00:15:20] Seth Hicks Esq.: She purchased a piece of real estate with that dollar. She got a rental dollar back from the uh, tenant and she paid her bank back on the. And deed of trust, and that’s the velocity of money. It’s the multiple touches within your own economy of the same dollar. And I mean, I’m simplifying it there with $1, but that’s effectively the transaction.
[00:15:46] Seth Hicks Esq.: Now that, like you said
[00:15:47] Guest Speaker: earlier, it’s a, it’s the rinse and repeat principle, right? Meaning Absolutely. You put it out. She’s, uh, liquidated it, used it. Acquired some capital back repaid herself, and now she’s, she’s reset to do again. Right. That’s [00:16:00] absolutely, that’s
[00:16:00] Seth Hicks Esq.: amazingly, and every dollar that she, she pays back into her bank, uh, grant, it increases the cash value dollar for dollar.
[00:16:08] Seth Hicks Esq.: So you’ve got that. That loan from your bank coming out and when you recycle that rental cash flow back in, or that business cash flow, or that cryptocurrency sell or whatever your investment might be back into your bank, your cash value goes right back up to to whatever you’ve put in it. Mm-hmm. And so you and I both know that banks, they make money by lending money.
[00:16:35] Outro: Mm-hmm.
[00:16:36] Seth Hicks Esq.: So Wells Fargo and Bank of America and Chase and these large centralized banks, they put their money to work by making good loans. Yeah. They make. Loans that are secured, they make loans that are collateralized and they ultimately, they, they want that cash flow with an interest rate. Right? Well, it’s the same principle with [00:17:00] your own private bank and you want to make a good loan, uh, to the borrower.
[00:17:05] Seth Hicks Esq.: Whether it’s your business, whether it’s your, uh, brother, whether it’s whatever, a third party you wanna make a good loan, make sure it’s collateralized and secured, and that you’ve got an investment cash flow and an ROI on that loan coming back to your bank. And as that cash flow increases again, you do the same thing.
[00:17:27] Seth Hicks Esq.: So you begin to think like a banker. Yeah, you think like a banker?
[00:17:30] Guest Speaker: Yeah.
[00:17:31] Seth Hicks Esq.: Yeah. You think like a banker, which is
[00:17:33] Guest Speaker: awesome because that’s so liberating, right? To people, to, to be able to be on that side of the table, right? Absolutely. Make making those choices. All right. And then what’s the fifth? Uh, so there were seven.
[00:17:43] Guest Speaker: So that was four. What’s the fifth one?
[00:17:46] Seth Hicks Esq.: Um, the, well, are you looking at the, the, yeah, I’m looking at seven
[00:17:50] Guest Speaker: pillars. So Guar, uh, yeah, there’s seven that you’d put in there. So you got guaranteed, guaranteed
[00:17:55] Seth Hicks Esq.: financing. Anti financing. So let’s say that you’re, that [00:18:00] you’ve, you’ve, you’ve done like our, uh, our hypo example with the woman there, and she’s gone through a number of years, but she only started with 5,000, remember?
[00:18:08] Seth Hicks Esq.: Yeah. But now let’s say that she’s got a hundred thousand in, uh, total. Cash value, and she’s in a state like Texas where you can buy an investment property for a hundred thousand, or she could lever into multiple properties on like an 80 20 split, for example. Mm. You know, she could buy five properties with 20% down.
[00:18:31] Seth Hicks Esq.: And put 20,000 down on five properties that cost a hundred thousand dollars finance, the, the, the other 80%, and she’s building cash flow on all five of those and actually getting a much higher ROI. Mm-hmm. And in, in that example. Um, what you, you know, what she would be doing was effectively using leverage to increase the ability to invest in multiple assets.
[00:18:57] Seth Hicks Esq.: And when her cash value [00:19:00] stacks up high enough, she could take out the third party lenders or she could continue to use that strategy of leverage. And that really depends on someone’s, their own risk tolerance, their own, uh, investment strategy. Some folks, they, you know, they. They’re gonna eliminate those third party loans and they’re gonna take that cash value and just totally take out the third party debt.
[00:19:24] Seth Hicks Esq.: Mm-hmm. And so the only debt that would remain on that particular real estate asset would be their, uh, their own private. Bank. Yeah. So the guaranteed financing part means you don’t go to the bank and you don’t have to qualify, you don’t have to, uh, go through any type of, uh, you know? Yeah, because you’re the bank.
[00:19:46] Yeah.
[00:19:47] Seth Hicks Esq.: You’re the bank. Yeah. So you make you look that guy in the mirror and you make sure that you’re making a good loan on a good asset. You do that. So, but I describe the principle of leverage because a lot of times people [00:20:00] get ahead on that concept of leverage, right? As opposed to just buying one property for a hundred thousand dollars.
[00:20:06] Seth Hicks Esq.: And let’s say you’re making 2000 a month, you got 24,000 in gross cash flow versus. Uh, you know, if you spread that across five properties, five properties, and you got 24,000 times five, five in cash flow, so, you know, and you’re able to just knock those debts out a lot faster. Oh yeah. So that’s the velocity of money and guaranteed financing working together.
[00:20:32] Outro: Do you see yourself in that story? Do you feel like you are generating a lot of revenue but are not moving forward as fast as you would like? Are you ready for help? Please call private banking strategies at (817) 200-4777 or visit us at www.privatebankingstrategies.com.[00:21:00]
[00:21:02] Guest Speaker: Yeah, and, and replenishment faster. Okay. All right. Number six and seven, what are those on your seven pillars?
[00:21:09] Seth Hicks Esq.: So guaranteed compounding, tax-free growth is the part inside your policy that. That cash value and your premium dollars, they are compounding inside the policy annually and there’s no taxable event.
[00:21:25] Seth Hicks Esq.: And so I think it was Einstein who said the, you know, the compounding interest is one the eighth wonder of the world or, or something along that line. And if you’re not, you’re not getting compounding interest, um, then you’re making a mistake. So you, you don’t get compounding interest in your centralized banks.
[00:21:43] Seth Hicks Esq.: You don’t get, uh, compounding interest in, in various other investments or formats, but in this, these policies you do. So that’s, that’s something that is. Very distinguishable. And it also takes out the market risk with [00:22:00] your policies and the values in there. You’re not subject to market risk. So this is not universal life.
[00:22:06] Seth Hicks Esq.: This is not indexed, uh, universal life or any type of risk transfer. To the, uh, the owner of the policy or to you, us, you’re not taking on market risk, but in those types of, uh, policies, universal life or Index universal life, UIL you, you are taking on market risk. And one of the things, things you’re taking.
[00:22:32] Seth Hicks Esq.: That’s right. And so this’s
[00:22:34] Guest Speaker: about being in control of the risk, right? Absolutely. That’s sort of absolutely a fundamental aspect of it. Yeah,
[00:22:38] Seth Hicks Esq.: absolutely. If you’re going to use your cash value and put it to work in investment, uh, you should be the one that’s able to identify that risk and not have it subject to equity market risk.
[00:22:51] Seth Hicks Esq.: So it never goes backwards. You’re gonna only see, uh, a steady prodding forward with this. Compounding growth and after a certain [00:23:00] number of years, it starts to go more parabolic. Yeah. And that’s, that’s really the beauty of this and the magic of it. Some folks, they, they, they lock this stuff up for retirement strategy and you know, some are using it for the leverage.
[00:23:15] Guest Speaker: Yeah. You know, it’s interesting, I’ve seen some, uh, financial people describe that risk control paradigm with a, with a pyramid, right? And they’ll describe it, you know, in the, in the manner that you want to have more control. So you start, you start, you should start these sort of strategies first and get that established.
[00:23:35] Guest Speaker: And then, and then over time, as you go up the pyramid, you have less control over it, higher risk, potentially higher returns, but that might be. Where you’re doing some of your, you know, trading or investing or self-directed activities. And, and a lot of people invert that pyramid, right? They say, well, they’ll start with that self-directed trading or investing.
[00:23:58] Guest Speaker: It’s, uh, you know, high risk, [00:24:00] low control, and then blow out what capital they have. When instead, turn that the other way around. Start with these foundational approaches that you’re describing and then build on top of that.
[00:24:11] Seth Hicks Esq.: Does that make any sense? Amen. It absolutely does. Sometimes. We’ll, we’ll describe that as, uh, you know, hair and tortoise, um, paradigm.
[00:24:21] Seth Hicks Esq.: Mm-hmm. And some people go, well, this isn’t, you know, I can make this much here. Sure. You know, I can make 12% over here. I can make 15%. Well, no, you really can’t. Over 30 years. Right. And likely there’s gonna be a risk factor there that may blow you out. Totally.
[00:24:36] Guest Speaker: Yeah. And the loss of control that, uh, absolutely.
[00:24:39] Guest Speaker: Yep. Yeah. Yeah.
[00:24:40] Seth Hicks Esq.: I mean, you’ve got this third party risk whenever you’ve got, you know, a transfer of your money to someone else that’s, uh, you know, you’ve got that risk, that counterparty risk. Whereas this, um, these insurance companies, uh, they don’t fail. I mean, they’ve been paying dividends, uh, since before the Civil War, [00:25:00] year after year.
[00:25:01] Seth Hicks Esq.: Through the Great Depression, through the Civil War, through every economic upturn and downturn that there is, and it’s, it’s just one of the reasons why Grant is because there’s a cash reserve requirement of one-to-one as opposed to. A cash reserve requirement at a, at a Wells Fargo of maybe 10% or less.
[00:25:23] Seth Hicks Esq.: Yeah. So they take a, they take a dollar in deposit and they’re able to lend out 10 or perhaps even 50, depending on what their total, um, asset base is. And that’s a, that’s funny math. That is, you know. You just print money outta thin air and then they’re able to loan the, the, the printed money at a interest rate and they’re making money on something they never even received or created.
[00:25:47] Seth Hicks Esq.: Yeah,
[00:25:48] Guest Speaker: they received Fascinating. Right. I the, before I ever heard about this approach of this technique, one, I have to tell you my origin story of learning about this for [00:26:00] the first time it was. My wife was driving our minivan. It was when our kids were little and she was backing out of the garage and kids were bouncing around everywhere.
[00:26:14] Guest Speaker: And um, uh, you know, I would’ve made the same mistake, but she wasn’t watching and uh, she was turning around talking to the kids. Hey kids, sit down. She backs out and just whacks the mirror off of the side of the house right on the minivan. And so, you know, I, I come home from work and she’s like, huh, the mini, the mirror’s hanging off the side.
[00:26:34] Guest Speaker: So I look at it and go, well, and it was a really old minivan, really old minivan. And I was like, well, okay, let me go get it fixed. And so I took it over to the dealer and I had this thought go through my mind and the thought was, wait. Rather than, because at the time I think auto loans were going at like 4% or 5% or something like that.
[00:26:58] Guest Speaker: And at the time our, [00:27:00] our house had been paid off, but I decided to take out a home equity loan to do some fix up on the home. And it was running, the interest rate at that time was like half a percent on this home equity loan. And so I’m in there, uh, looking at, uh, getting the car fixed and I’m in a dealer and all of a sudden I go, I.
[00:27:20] Guest Speaker: Let me go look at the floor, you know, showroom and I walk over and you know, I pull out my home equity checkbook and I just pay for it right there. Boom. And I get this car. Of course, still today it’s a joke. If dad goes to fix the mirror, comes home with the new car. So I come back with a, with this car and the whole way I’m driving back thinking.
[00:27:44] Guest Speaker: I’m a banker man. I just, I’m a banker. I just, I just floated this thing myself and, uh, got home and, and of course got, you know, paid that off at a much less interest rate. A few years after that, I heard this principle you’re talking about, you’ve been discussing here, [00:28:00] and it clicked. I went, wait. That’s kind of what I did, right?
[00:28:05] Guest Speaker: But it wasn’t using a whole life. But the whole principle is let’s put the people in charge, right? Not, not some other policy or program that, uh, large organizations are bestowing upon you, but rather put us the people in the driver’s seat, so to speak, and be able to make those decisions themselves. And I think that that’s really.
[00:28:28] Guest Speaker: Uh, liberating, if that’s a good word.
[00:28:30] Seth Hicks Esq.: Absolutely. Yeah, that’s absolutely right. And that, that’s exactly the same principle is you’re, you’re taking back the banking equation. You’re becoming, you’re operating a private family bank that has generational value and, and has, you know, where you’re able to touch the same dollars that you make.
[00:28:51] Seth Hicks Esq.: Multiple times, like we described in one of our examples. And, and you’re, that velocity really accelerates your wealth curve. [00:29:00] And without the taxation issues and without the, uh, the asset protection risk, you, you, you know, you’re able to transfer assets generation to generation and, and take a, a whole nother, uh, opens up a whole nother doorway.
[00:29:16] Wow. And
[00:29:16] Seth Hicks Esq.: so that brings us to our, our seventh. Pillar, which is legacy value and the tax free transfer of, uh, these policies and the death benefits to, uh, the next generation, next generation beneficiaries. Wow. Yeah. TA tax free. Yes. So think about this for example. There’s a guy who most people know named Prince and the, or the artist formerly known as Prince.
[00:29:42] Seth Hicks Esq.: He was a pop rock Yeah. Prince Singer. Pretty, pretty well known. Yeah. And he, he died, uh, not too long ago with an estate value of about $200 million. Okay. And he was a resident of Minnesota.
[00:29:54] Outro: Mm-hmm. Uh,
[00:29:55] Seth Hicks Esq.: ironically. And he had no, uh, private banking structure [00:30:00] in place. He had really no estate. Tax planning structures in place and between the federal government and the state of Minnesota, they took over a hundred million dollars of that 200 million.
[00:30:12] Seth Hicks Esq.: And in taxation, in estate taxes and his beneficiaries and heirs, you know, are left holding the short end of the stick. Yeah. Um, that none of that would’ve occurred with proper planning or that same money. In a private banking, uh, situation. And then I, I’ve heard, I was reading some, um, articles on Susie Orman who’s a supposed financial guru, and she talks about, uh, private banking on occasion, and she, um, she really.
[00:30:44] Seth Hicks Esq.: Has no concept of what it really does. And in this interview article with the guy from New York Times, she says, you know, I’m so, uh, worried or, or concerned about my, my partner being left with less than half [00:31:00] of my estate. And I think at the time of the article, she worth about 65 million. And so her partner, she said, is gonna, you know, have, have to.
[00:31:10] Seth Hicks Esq.: You know, take 30 million or whatever instead of 35. And she didn’t know how to overcome that problem. And I thought, this is really unbelievable in the sense that it, it’s such an easy solution. Yeah. And we kind of, we talked about this, uh, kind of off, off recording about it’s literally the stroke of a pen that, that you can accomplish these values and these benefits, the seven pillars, without having to be.
[00:31:38] Seth Hicks Esq.: You know, a black belt in in any particular, uh, one one realm. Yeah. Yeah. You don’t, don’t have
[00:31:45] Guest Speaker: to be a financial genius. You just have to know that that’s available. That it’s there.
[00:31:49] Seth Hicks Esq.: Absolutely. Yeah. So you enter the policies, you fund your policies, you keep funding your policies, and you enjoy these benefits.
[00:31:56] Seth Hicks Esq.: It’s, it’s really not rocket science. [00:32:00] It’s, it’s more just of learning that it’s there and it, uh, it. It blew my mind. It was an epiphany to me. Yeah. Having practiced law for decades and then, and then seeing this was available, I, I thought it can’t be that easy. It can’t be that easy to, to, with the stroke of a pen to protect assets.
[00:32:19] Seth Hicks Esq.: But it is, I mean, it’s, it’s codified law. And these contracts grant, or it’s worth mentioning that they’re, they are regulated state by state. So each state has their own statutes that govern the, the, the, the law, the protection, your ability
[00:32:38] Guest Speaker: to protect it. Right, exactly. So some states better than others or worse, right.
[00:32:41] Guest Speaker: Ab
[00:32:42] Seth Hicks Esq.: Absolutely. And it’s, it’s kinda like the post civil war era statutes in southern states. They protect their citizens. Life insurance policies, they protect their citizens homesteads many times in comparison to other northern states or western states that [00:33:00] fascinating. And so we, it is.
[00:33:01] Guest Speaker: Wow. That’s huge.
[00:33:02] Guest Speaker: Okay, so, alright, uh, I’ve really enjoyed the conversation. If you were to point people to a place to go to learn more about this, Seth, where are you gonna point ’em to?
[00:33:13] Seth Hicks Esq.: It’s really easy. You, you go to our website, private banking strategies.com. That’s private banking strategies, IE s.com and therein you’re gonna find a, uh, an offer.
[00:33:27] Seth Hicks Esq.: You can read a book that we wrote that that tells you. About secrets that banks don’t want you to know effectively. And I like to call it a red pill book. And it spots issues that people may or may not be aware of. And it’s, it’s amazes me how many folks don’t really understand what the banking, uh, uh, folks are doing to them, you know?
[00:33:49] Seth Hicks Esq.: And, and with regards to. Mortgage rates with regards to all sorts of issues. You just, so this red pill book is something that pops up there for you [00:34:00] and you put your contact information, your name and your email in, and you can listen to the book on audio or you can take it in a written form. And that’s really the where we start.
[00:34:10] Seth Hicks Esq.: Um, on our website grant, we’ve got a pretty wide volume of resources from podcasts that dive into particular pillars or how to, how the banking operates to blog articles, and then our emails that, that will come to you also address certain issues like the Dodd-Frank Act and what, how, why does that matter to you?
[00:34:32] Seth Hicks Esq.: Why does
[00:34:32] Guest Speaker: that matter? Yeah,
[00:34:33] Seth Hicks Esq.: yeah. Are, are your, are your, uh, you know, is your cash safe in, in, uh, in a centralized bank? Why or why not? Um, you know, are there simple things that you can do to protect yourself? So we try to add value in those emails that come out to folks. We try to help them make a decision, uh, that this is, you know, for them, or, or, or not for them.
[00:34:57] Seth Hicks Esq.: And it’s really that simple. So you just hit the website, [00:35:00] private banking strategies.com. Uh, you can have the book for free, all the podcasts, all the emails for free. And if those things resonate with you, then you can schedule an exploratory call with Vance and, and start to get, uh, into the, the, the nitty gritty of it into what it means.
[00:35:18] Seth Hicks Esq.: Wow.
[00:35:19] Guest Speaker: Seth, thank you so much for taking the time here today with us and, and with our audience here. Very enlightening. It’s, uh. Feels like we’re popping out of the matrix, right? Uh, with the, with the red pill there. I love the analogy. Uh, thanks again for joining and for going over this today. Everyone take a look at what it is that, uh, Seth is talking about, private banking strategies.com.
[00:35:42] Guest Speaker: Thanks again for joining and e everybody, and until next time, become your own private banker.
[00:35:47] Seth Hicks Esq.: Thank you Grant.
[00:35:50] Midroll: Thank you for joining Grant on Click AI Radio. Don’t forget to subscribe and leave feedback and remember to download your free ebook. [00:36:00] Visit click ai radio.com now.
[00:36:06] Eric (Host): Seth, that was fantastic. Thank you so much for sharing that with your listening audience. Yeah. We had a great time
[00:36:11] Seth Hicks Esq.: with Grant Larson and just wanna let everybody know how they can get in touch with us, Eric. Mm-hmm. Uh, they can, uh, go to our website@privatebankingstrategies.com. That’s private banking.
[00:36:23] Seth Hicks Esq.: strategies.com. And there you’re gonna be, uh, given a gift that we offer all of our, uh, folks who visit us, and that’s a red pill book that teaches you some of the secrets, the of how to beat the banks and how to grow your wealth, um, outside the normal box. Um, in exchange for your email and contact information, we, you can listen to that book either, uh, on audio or you can read it in a written form and then we’ll.
[00:36:51] Seth Hicks Esq.: Continue to send you value added emails that spot issues that you may or may not be aware of. And we’ve got blog articles on our website. And then some [00:37:00] of the best resources that we’ve done are with you, Eric, in our podcast. And you can access all of those, uh, on our website or in various other.
[00:37:09] Seth Hicks Esq.: Streaming means basically whatever your preference is. Mm-hmm. We’re, we’re on everything. It’s everywhere. It’s everywhere. So just wanna make that available to our listening audience. And ultimately, if those things are resonating with you, the book, and you’ve listened to some podcasts and you’re like, man, I really want to get.
[00:37:26] Seth Hicks Esq.: Get into this, then you schedule a call with my partner, Vance Lowe. And, and those, uh, schedule, uh, calendar links are in every email that we send. Perfect. So the emails that we send are the ways you can schedule a call.
[00:37:38] Eric (Host): Fantastic. Seth, thank you so much. Thank you, Eric. You bet. And of course, the last thank you is always for your listening audience.
[00:37:45] Eric (Host): Thank you so much for tuning in and listening to this special edition of the Private Banking Strategies Podcast with Vance Low and Seth Hicks. If you have not subscribed to the podcast yet, please click the subscribe now button below this way. When Vance and Seth come out with a new podcast, it’ll show up directly on your listing device.
[00:37:58] Eric (Host): And this makes it really easy to [00:38:00] share these podcasts with your friends and family. Again, thanks for listening today. For everyone at Private Banking Strategies, this is Eric Johnson reminding you to live your best day every day, and we’ll see you next time.
[00:38:14] Outro: Did that story feel like it was about you? Do you feel you should be making more progress toward your financial goals? Do you feel stuck? Let us help you get unstuck. Are you ready to take action and get your own private bank? Please call private banking strategies at (817) 200-4777 or visit us at www.privatebankingstrategies.com.
[00:38:44] Outro: Thank you for listening to the Private Banking Strategies podcast. Click the subscribe button below to be notified when new episodes become available. The information covered in posted represents the views and opinions of the guest and does not necessarily represent the views or opinions of private banking [00:39:00] strategies.
[00:39:00] Outro: The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional invest. Team advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding your investment planning.
