[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 protected 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.
[00:00:40] Eric (Host): Hello, ed. Welcome to Private Banking Strategies with Vance Low and Seth Hicks Vance. How are you today? I’m absolutely fantastic. Great, Seth, I, I, we were speaking just before the podcast started a little bit. I know that you’re gonna kind of head this podcast off. I’m really interested in your topic today.
[00:00:56] Eric (Host): What are you talking about?
[00:00:57] Seth Hicks Esq.: Thanks, Eric. We’re, today, we’re talking to [00:01:00] our crypto investor prospects. We’ve got a lot of folks out there who are crypto investors and we’re continually trying to educate on the private banking system strategies, and so that’s part of our audience, but we don’t wanna leave out those folks who are.
[00:01:17] Seth Hicks Esq.: Selling a business and may have a, a large windfall coming from the sell of a business or perhaps an inheritance. We’ve got a number of clients that are structuring inheritance windfalls, so we’re talking about the windfall income that comes from the liquidation of crypto profits or the sell of a business or an inheritance.
[00:01:37] Eric (Host): Okay. Would, would, would people that are getting tremendous, uh, signing bonuses and things for maybe a job change, I mean, these are, you know, high executives that you, you see all these things where they’re getting these gigantic bonuses for starting with a new company. Is that kind of the same thing? Of course,
[00:01:51] Seth Hicks Esq.: yeah.
[00:01:51] Seth Hicks Esq.: Anytime you got a big
[00:01:52] Vance Lowe: windfall. Alright. It is, and I, I just wanna point out, we’ve already made a determination in our [00:02:00] lives if this financial situation happens to us. Boy, if I receive this money, I know exactly what I’m going to going to do. Uh, what we need to caution everyone, it’s not so much about what you don’t know about money that’s gonna hurt you.
[00:02:16] Vance Lowe: And when Big Windfalls come in, it’s all about what we think we know that’s incorrect. If we make the wrong decision, someone else is gonna end up with this windfall instead of us. Got it. Okay. Well, where do you start today?
[00:02:31] Seth Hicks Esq.: Well, let’s, let’s identify some of the problems that we see going on right there in the crypto investment world.
[00:02:37] Seth Hicks Esq.: Eric O. One of them that we’ve seen from being in the crypto influencer space for the past five years is failed profit taking. Uh, seeing crypto gains go up on paper and come back down without any realization of profit. And one of the things that we try to counsel [00:03:00] clients, uh, in is a safe. Strategy and what safe strategy means is actually banking profits and putting them in an asset protected vault whereby you can count on them, you can structure a retirement plan that is, uh, safe and secure and you know exactly what it will be, uh, on the day you want to retire instead of speculating.
[00:03:25] Seth Hicks Esq.: So we’ve seen a lot of folks. Watch paper profits go sky high, shoot to the moon, and then come right back down. And they didn’t take any profits.
[00:03:35] Vance Lowe: Yeah, we always ask the question when that happens. You watched it go all the way up there and you watched it come all the way down. Did you enjoy the ride?
[00:03:44] Vance Lowe: That’s a terrible question. Nobody likes that ride. Well, it’s just human nature, you know? I want to get out at the top and that’s absolute wrong scenario. So there’s some things happening, uh, that [00:04:00] Seth has identified here for us that we’ve gotta caution people. We need to be able to take the profits under a systemized managed situation, and it isn’t at the top.
[00:04:12] Vance Lowe: So there’s got, there’s a lot of pain out there and we, we wanna lay that out so that people don’t have to make the same mistakes over.
[00:04:20] Eric (Host): Well, tell me if I’m wrong, but the, the crypto market is just like any other market when it comes to time trying to time it right? I mean, that’s what you’re talking about.
[00:04:27] Vance Lowe: Yes. But on steroids. Okay. Fair enough.
[00:04:32] Eric (Host): Fair enough. Absolutely.
[00:04:32] Seth Hicks Esq.: The, the volatility of the crypto market will give you whiplash and it’s, it’s like Texas weather. Just wait around. It’s changing. So the pain of watching. Supposed wealth slipped through your fingers like sand. Uh, on the seashore is a, is a difficult one that we’ve, we, we’ve ridden out with a lot of folks, but at the same time, we’ve had a lot of folks that have taken profits that have been prepared and had [00:05:00] strategies in place, had the safe strategy that we’re describing in place and had places to bank profits that, that they could execute the rest of their family living in a safe way.
[00:05:11] Seth Hicks Esq.: And base those upon. So for example, let’s say that you are. Uh, prepared to take profits and you do take profits. Most people have centralized bank accounts with Wells Fargo or Bank of America, and they may put large, multimillion dollar sums in centralized, uh, bank accounts. Now, we’ve touched on this in prior podcasts of why that’s a really bad idea, things like the Dodd-Frank Act, which effectively make your money the bank’s money, and all they really have is an IOU to you.
[00:05:45] Seth Hicks Esq.: Uh, we talked about the Willie Sutton law and Vance, I’ll let you refresh our audience if they haven’t ever heard about the Willie Sutton law, what that is. Who’s Willie Sutton?
[00:05:54] Vance Lowe: Oh, Willie Sutton is a famous bank robber back in the day. A Bonnie and [00:06:00] Clyde type, uh, era. When banks were the local place that people started recognizing and they put money in there, and, uh, the bank robbers knew where the money was.
[00:06:11] Vance Lowe: And he had a fa um, an interview, he got caught, he went to jail, and a reporter come out and asked for an interview and got an interview with him and just started talking. And then the comment come up, or the question came up, Willie, why did you. Start robbing banks. And Willie got a look on his face that was so incredulous, and he said to the reporter, duh, that’s where the money is.
[00:06:46] Vance Lowe: And then he, he refused to talk anymore and left so they knew where the money was and it was easy. To rob the money and take the money. Today, the Willy Salton [00:07:00] law is more of a reference as to the Dodd-Frank Act and the money’s there. Uh, government knows anybody knows that money is in the banks and life.
[00:07:11] Vance Lowe: Our structure is finding ways to take it away from us.
[00:07:15] Seth Hicks Esq.: Yeah. Eric, the baby boomers have $7 trillion socked away in retirement accounts that are government sponsored, that they’ve, uh, reported on. And those qualified government accounts as, as we sometimes call them is, uh, is a bank ready for the taking if the inflationary spending continues on the same type of scale that it is?
[00:07:38] Seth Hicks Esq.: Where do you think governments will find money? They’re gonna find it in, in retirement accounts, they’re gonna find it in centralized banks. And, uh, that’s Willie Sutton in the modern day, the Willie Sutton is the government, uh, excessive spending, and they’re gonna come to their citizens who’s got the money, [00:08:00] and that’s where they’re gonna try to balance books on that, on that account.
[00:08:04] Seth Hicks Esq.: So how does that relate to what we’re talking about? We have a place. That is a safe strategy for folks to dump cash, which is not subject to the Dodd-Frank Act. It’s not in centralized bank accounts. It’s not subject to the laws of qualified government retirement accounts, and therefore, you’ve got your.
[00:08:29] Seth Hicks Esq.: Assets in a vault
[00:08:31] Eric (Host): that’s asset protected, which I think is, is, uh, the point of what, what people are doing in crypto. I mean, I don’t know much about it, but from my understanding, cryptocurrency is much, much safer than a, like a, a bank to bank type of transfer or relationship. But when crypto’s transferred, it’s, it’s much, much safer.
[00:08:48] Eric (Host): And that’s where a lot of people like, you know, to, to do that kind of business. And so you’re saying that you have an opportunity. They don’t have to put those windfalls or when they’re, when they’re selling, they don’t have to put ’em in a bank where [00:09:00] it’s gonna be more vulnerable. You’ve got something else.
[00:09:02] Seth Hicks Esq.: And, and not only is it something else, it’s, it’s a hundred times superior. It’s financially private. It grows tax free and compounds year after year without any involvement of the IRS. It’s a carve out from the IRS and, and in fact the, the ultra wealthy and the 1% of the 1% have been using this strategy.
[00:09:27] Seth Hicks Esq.: For decades, if not over a century. We’re talking about former presidents, John F. Kennedy, Nixon, and a number of other presidents. Those who franchisor of McDonald’s. I’m sure most people are aware of him along with numerous other business businesses, JC Penney’s, these folks. Are the 1% of the 1% Walt Disney’s.
[00:09:50] Seth Hicks Esq.: So yeah, there’s a lot of people out there, but we, we don’t rub shoulders with them every day. And people may not be aware. Most of the time when we discuss private [00:10:00] banking, people are completely unaware and ignorant of how they can implement these same techniques in their life. And that’s whether they’re a blue collar worker or uh, a multimillion dollar crypto investor.
[00:10:13] Seth Hicks Esq.: But they haven’t been able to, uh, access this because it was, it was taken from the public’s, the forefront. I mean, centralized banks used to come in to elementary schools and try to condition kids to open bank accounts. And I mentioned that before. I mean, when I was a little kid, my, my mom marched me down to the credit union at five years old and opened up, you know, a bank account and we’re brainwashed into using centralized banks.
[00:10:42] Eric (Host): Well, I mean. I mean, she meant well, right? I mean, and, and, and the, the teachers that told us these things and, and my parents did the same thing. You need to open a savings account, son, and you need to put your paper out, money in there and actually, you know, save instead of spending it all on Donuts and Mountain Dew, which I mainly did, but that’s another story for another day.
[00:10:58] Eric (Host): But lemme ask you this because I think [00:11:00] one of the issues with crypto is that it’s not always easy to get banks to take crypto or exchange. I’m not exactly sure how this whole thing works, but I’m sure you guys have had these discussions.
[00:11:10] Seth Hicks Esq.: Absolutely. And this is something that has commonly occurred whereby, uh, someone liquidates a crypto profits and they have a large gain and their centralized bank closes their account because they’ve got a kind of an anti crypto policy.
[00:11:28] Seth Hicks Esq.: So we’ve run the gamut of banking relationships on behalf of clients to, to vet banks. Some of them are coming around and say they. We will, we will accept crypto liquidations, but rather they’ll accept those liquidations or not. It’s not a, a safe, long-term place for your money. And if the music stops and there’s bank insolvency, the deposits will be evaporating quickly.
[00:11:54] Seth Hicks Esq.: So we’ve got workarounds, Eric, for depositing large amounts and, and [00:12:00] using exchanges that are not common to commonly known. It’s not the Coinbase, uh, or the, the exchanges where people buy and sell crypto on a retail scale whereby they can get locked up, those roadways can get, uh, can get blocked, so to speak, in the last bear market.
[00:12:20] Seth Hicks Esq.: Turn from when it was 2017, Eric and crypto was going through the roof and then it, people were trying to get in and the on-ramps to getting your accounts opened were were locked up. And Coinbase was telling people, it’s gonna take six weeks to get your account opened. And they were restricting the size of transactions.
[00:12:38] Seth Hicks Esq.: People were trying to push large six figure seven figure purchases through Coinbase, and they wouldn’t let ’em. And you, you could only make very small purchases. Well, we, we’ve got workarounds for those crypto investors who don’t want to be using Coinbase and also might add that Coinbase was subpoenaed by the IRS and agreed to turn over [00:13:00] all of their client records.
[00:13:01] Seth Hicks Esq.: For if you had a, a certain threshold of transactions, like $20,000 or, or more. Don’t hold me to that number, but it’s somewhere around $20,000. If you had bought and sold at that amount, then they’re providing all of your transactions to the IRS. Well, people in crypto want financial privacy, and that’s one of the things that private banking strategies provides is financial privacy.
[00:13:27] Seth Hicks Esq.: The contract that we offer. It’s totally financially private.
[00:13:34] Midroll: 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 dot. Private banking strategies.com.
[00:13:59] Eric (Host): [00:14:00] How are your clients and, and the people that you’re talking to, how are they working with the banks?
[00:14:04] Eric (Host): I mean, are the banks? I, I would assume it runs the gamut. You’ve got some banks that are gonna be pretty accepting ’cause they wanna be frontline, and then there’s gonna be some banks that are very skeptical and, and, and just locking things down. What are your client’s experiences?
[00:14:19] Seth Hicks Esq.: Well, I’ve had a number of clients that had open accounts that were shut down with large wire transfers from Coinbase or other exchanges that the bank didn’t wanna receive crypto funds.
[00:14:32] Seth Hicks Esq.: And some of those are big box banks and some of those are smaller banks. And so thus you’ve got to have a solution where you’re diversified and you’ve got the ability to use centralized banks for convenience. But it’s not a long-term. Strategy for you. It’s not, you’re not gonna hold your money there for months and years and this, this is a common problem that, that folks have and it’s really easily solvable if you’ve got the, the [00:15:00] knowledge to work around it.
[00:15:01] Eric (Host): So you’re saying that the centralized banks are still good for a landing pad, if you will, I guess is the way I would phrase it. Landing pad for that, that distribution from your coins, right? From your, your cryptocurrency and then once you, you’ve, it’s cleared through the central bank or whatever, you wanna move it out of there, into, into the private banking system.
[00:15:21] Seth Hicks Esq.: Yeah, that’s absolutely right. And, and to other hard assets that are, you know, can’t be taken from you.
[00:15:28] Eric (Host): Okay. So like what, what other hard assets?
[00:15:31] Seth Hicks Esq.: Well, Vance and I are, are firm believers in, in real estate. Okay? Yeah. Uh, we like metals. There are other things that you take possession of your precious metals and, and, uh, unlikely, uh, on, on a ledger or taken from you.
[00:15:47] Seth Hicks Esq.: So that’s the kind of security that we’re talking about, and that’s the insurance companies that we deal with. We have a, a contract that’s structured, Eric, in a way that makes the private bank for [00:16:00] your family, uh, uh, the perfect solution. So it’s, there’s no reporting to the IRS. It’s, it’s not taxable. And that’s by the only, uh, IRS code as it’s already structured.
[00:16:11] Seth Hicks Esq.: And like I mentioned, the ultra wealthy and wealthy have been using this tool for decades, if not centuries. So, and one of the things that we don’t even haven’t even touched on is being able to use your money and these crypto liquidations more than once, being able to capture the velocity of money.
[00:16:31] Seth Hicks Esq.: Vance is an expert at that and I’ll de defer to him to. Touch on that topic, but if you really want to go deep on that topic, you can go into some of our prior episodes. Episode four discusses the velocity of money that we did Eric and, and really explains how to capture multiple uses on the same dollar.
[00:16:51] Seth Hicks Esq.: But Vance, I’ll let you touch on it too.
[00:16:54] Vance Lowe: Yeah. One of the things we just want people to see if they can’t pictures themselves in, if [00:17:00] they’re, uh, headed for a windfall or a large sum of money or just on a day-to-day basis, they wanna start accumulating. There is. Uh, scenarios out there. Seth just mentioned a, uh, an insurance contract that is put together specifically for the purpose of being a perfect private bank.
[00:17:24] Vance Lowe: It’s not about life insurance, or, excuse me, the death proceeds of a contract, but it was based inside that we could go all the way back. In American history and analyze what made America so strong. Number one, it was the independence. And the independence went from the very tough from Congress all the way down to the family unit.
[00:17:47] Vance Lowe: The individual family unit was extremely independent, self surviving, so to speak, back in the day, and it’s what made us so powerful. This strategy was introduced when the [00:18:00] first pioneers came over. And it was done through these contracts. People needed a place, a safe haven that they could depend on to put their wealth, their money, and, and know that they could come back and get it.
[00:18:14] Vance Lowe: That it couldn’t be taken by the Willie Suttons of the world or anyone else. And they self financed pretty much everything that they did because. You know, there were, there weren’t in big public cities, especially once the west was being explored and settled. So these contracts though, they were then, they still exist today.
[00:18:39] Vance Lowe: And this was the, exactly what Seth said had been taken away from us, from our education system. We don’t know how to do it anymore. And this is what we’re trying to bring back is the safe strategy, this windfall strategy and how we can protect that. So these contracts can be set up at any [00:19:00] level, an individual’s comfortable, but it’s not an an all inclusive.
[00:19:04] Vance Lowe: There are limits on both sides. There’s the way to in, uh, structure it. For instance, somebody said, you know what, I can easily stick, you know, I’m getting bonuses every year. I can put $50,000 a year over here into this contract. Okay, well if we’re gonna build it and be the most efficient possible. Then we’re going to lock off all other expenses because we want to turn that contract into being able to get the most value or most money back to be able to use it.
[00:19:40] Vance Lowe: And so we can’t set up this contract and change. The amount we wanna put into it. We can’t go in one day and put $50,000 in and then decide that’s not enough. I want to go in and put in more so people, we ha we have to understand. [00:20:00] Sometimes we end up with several of these contracts. I have several of them thinking that I only needed one.
[00:20:07] Vance Lowe: And I’m up to almost 15 contracts now, and it’s not enough. The bank keeps growing and and keeps expanding, and so people have to learn about that. So this is kind of where we’re headed with and seeing with our crypto people right now. There was an expectation of taking profits at the end of last year.
[00:20:32] Vance Lowe: And that didn’t occur, that was set back for six months. And a lot of times people make the mistake of living off of windfalls that may or may not come in and changing. Uh, listened to a lot of people who already quit work and did a lot of things thinking they were gonna be rich millionaires and weren’t.
[00:20:55] Vance Lowe: And now they’re thinking, okay, that it’s postponed. Maybe we [00:21:00] postpone our banking and everything else, which is also a fatal mistake. This is a reprieve. This gives us an opportunity to get things up and running on a very small scale, testing it all out, seeing how it works, setting things up to be able to absorb.
[00:21:18] Vance Lowe: The windfall. So I’ve probably said too much on this, I don’t know, but, uh, that’s my explanation of, of, of this perfect private bank. Uh, we have to understand so that it will fit our exact needs.
[00:21:34] Seth Hicks Esq.: Yeah. And, and really what’s, what’s probably more applicable is talking about term conversions, Vance, because a lot of this audience has, has heard of our, what we’re talking about, where we, you have a whole life policy, Eric, and you also have a rider that’s a term conversion.
[00:21:51] Seth Hicks Esq.: It’s so that you, you, you’re able, you’re holding an option and you’re holding an option based on your. Your [00:22:00] approved medical condition and your approved financial condition, and let’s say that you want to exercise your option and take that term policy to hold policy. You don’t have to re-qualify for medical, you don’t have to re-qualify for financial, and it’s something that someone, that’s a crypto person that has a hundred thousand dollars in total net worth now and 2 million in.
[00:22:22] Seth Hicks Esq.: But they haven’t, but their ship hasn’t come in yet. Well, if they’ve got term policies and that $2 million ship comes in, they can begin to convert their term and place it in whole. That’s really the most applicable for this audience.
[00:22:36] Eric (Host): Guys, this has been fantastic. I mean, there, there’s so much to digest here as usual, but we are running low on time, so Seth is, is there anything else that we wanna cover in today’s podcast?
[00:22:44] Eric (Host): I know that you’re gonna do a part two to this with a lot more information, but what do we need to wrap up with today?
[00:22:50] Seth Hicks Esq.: Well, one of the things that I wanna accentuate is that the way we structure these contracts is in a way [00:23:00] whereby someone that’s looking at. Paper profits that they haven’t realized yet can still implement a safe strategy.
[00:23:08] Seth Hicks Esq.: And the way that we do that is through what someone would commonly think of as like an option. And, and what we have is a policy that is a whole life policy. Of a certain magnitude, Eric, let’s say a small magnitude. If someone has $50,000 net worth right now and 2 million in crypto, uh, potential profits, they can’t, they can’t bank a million dollars in private bank ’cause they have, their ship hasn’t come in yet, but they can execute on a small policy and have what’s called the term rider.
[00:23:39] Seth Hicks Esq.: And what that term rider does, Eric, is it locks in them and their current. Medical underwriting, let’s say that they pass and they’re given offers and their financial underwriting is complete. They don’t have to requalify medically, and in fact, even if they had some type of injury or medical condition, they could still exercise their option on the [00:24:00] term and convert it to a whole life and bank that $2 million in crypto in their safe.
[00:24:07] Seth Hicks Esq.: Private banking. So that’s the, that’s the home run ball here. Yeah. No kidding. Holy cow. That’s a,
[00:24:14] Eric (Host): you drop that at the end of the podcast. Alright, well that’s gonna lead us into what the next podcast is. Why don’t you give ’em a teaser about what you’re gonna be covering there?
[00:24:24] Seth Hicks Esq.: Sure. We’re gonna touch in on solutions and we’re gonna talk, talk to you about when you’re executing these strategies that we’re talking about, what it, what it brings you, what the benefits and the values are, and, and dig into some of those, those good details.
[00:24:38] Seth Hicks Esq.: The Promised Land, we talked a little bit about the problems. Now we’re gonna talk about the, the solutions. Alright,
[00:24:44] Eric (Host): that sounds good guys. Thank you so much for your time today. Thanks Eric. Thank you, Eric. You bet. And of course, we wanna thank you the listening audience. Thank you so much for tuning in and listening to the Private Banking Strategies Podcast with Vance Low and Seth Hicks.
[00:24:56] Eric (Host): If you have not subscribed to the podcast yet, please click the subscribe now button [00:25:00] below this way. When Vance and Seth come out with a new podcast, it’ll show up directly on your listening device. This makes it really easy to share these podcasts with your friends and family. Again, thanks for listening today.
[00:25:09] Eric (Host): 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.
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