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Hello, everyone. I'm John Montoya, and I'm John Perrings.

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We're authorized Infinite Banking Practitioners and hosts of the

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Strategic Whole Life Podcast. Episode 109.

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Today we have a special guest, Dave Mozica, co founder of the

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cash flow platform called Currence.

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And, as you're listening to this, or before you listen to this, make sure

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you also check out episode 103, where we talk about the problem of saving and

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spending being Significantly overlooked in favor of trying to get high returns.

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And no one really talks about saving and spending anymore.

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And that's why we're here to talk about it today.

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And if 103 was about the problem, today's episode is about the

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solution to that problem. And the solution to that problem is a banking and technology

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platform called Currence. And.

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Here's the deal with it. Budgeting sucks and it doesn't work anyway.

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And people either don't do it, they don't stick with it or if they actually do it,

1:02

they spend way too much time doing it. And so if you've ever wished you could benefit from the idea behind budgeting

1:08

without actually having to do all the things that don't work, stick around

1:11

because Dave Mozica is going to talk about how focusing on your cash flow

1:16

structure can Financial improvements that you never thought was possible.

1:20

So Dave, welcome to Strategic Whole Life.

1:24

And let's jump into it here. Could we just start by understanding a little bit about your background and

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how Currence was actually developed, and then we can dive into Currence itself.

1:34

Absolutely. And thanks for having me. I'm grateful for the opportunity to be here and share occurrence with

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your audience and grateful for you to be a occurrence practitioner and

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being able to deliver the solution to the people that you serve.

1:48

So you asked me a little bit about my background and, So, I graduated college

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in 2001 on a Thursday and on the next Monday I was a financial advisor and so

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I, I've spent my life in the insurance space and in, in advising and I got lucky.

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I was it was interesting about our industry is that every advisor really

2:10

gets recruited into the industry.

2:12

It's not you went to. A career fair.

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And you said, Oh, that's what I want to do. It's like we all get introduced to this career.

2:19

And I think what happens when you get introduced with the way that

2:25

you're introduced or the people that you surround yourselves with really

2:28

early in your career, have a way of shaping your vantage point and how

2:32

you see the world of personal finance. And so I got lucky.

2:37

I was recruited into the industry and I was exposed to some

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of the most brilliant minds. In this space, because I really look at like the insurance industry and

2:46

you have two ends of the spectrum.

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You have some of the most brilliant minds in the world in our industry, and

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then you have a whole bunch of people that could like barely fog a mirror.

2:56

And and it's really hard for consumers on their side of the

2:59

table to see the difference. And so I was trained in macroeconomics, understanding cash flows, right?

3:05

I was trained third party where most people in our industry.

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Our training in sales and marketing on how to sell the products that

3:10

the institutions want to provide. So I was off to a fast start.

3:14

I happen to be right for the industry. I really always thought going through college that I was going to end up

3:19

working for my father, and then I got exposed to this industry by a family

3:23

friend, and I said, you know what?

3:25

Let me go see what I'm worth on my own before I.

3:28

ride my dad's coattails and because he had a successful business at the time.

3:32

And I just happen to love the industry and I was trained in, again, as I

3:36

said, macroeconomics and understanding how money is really finite.

3:41

And when you understand that money as a resource is finite, that you begin to

3:45

understand that every choice that we make affects everything else in our lives.

3:49

So during my journey in the insurance and planning space, I

3:56

was always captivated by cashflow.

3:59

And I was at the same time, simultaneously receiving incredible education on the

4:05

understanding of how money works, leverage points, how we should be playing the chess

4:10

match and putting all the pieces together. And early in my career, as I'm proposing solutions to people that I know they

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need to implement to have their lives work out in a guaranteed fashion.

4:21

Like people struggled, like they didn't have the confidence early

4:23

in my career to make those choices. They didn't understand where the money was going to come from.

4:27

And that's what really caused me to dive into understanding where's the money?

4:34

How do we create a structure that people have confidence in the way

4:37

that they make financial decisions? And when we were doing this, one of the things that we were doing was we were

4:43

teaching people to segregate They're spending money from their savings, right?

4:48

Everybody knows we need to save first and spend second.

4:51

But there's really no way to do that. And so early in my career, I was always successful.

4:57

And when I started really diving into cash flow planning, is when my career took off.

5:03

And I would see that in the trajectory of the lives of my

5:06

clients and the people I was serving. And as I was having these, I'm sure we're going to dive into it even deeper, as I

5:12

was having this, these outsized results in my relationships with the quality of

5:16

the clients the or the the trajectory that we were able to put them on, it became

5:21

obvious that we needed to build something to make it available to everybody.

5:24

If you could give just like a, I don't know, like an elevator talk

5:28

or like a, five second overview or one minute overview of what Currence

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is, that way we can just get into the nitty gritty of everything.

5:35

By the way, I just want to say, I use Currence personally

5:38

in my own life and it's made.

5:41

Uh, Profound difference in just finding money that was previously

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just getting away from me. And instead of me trying to say it, maybe I'll just turn it over to

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you and you can just tell everybody what is Currence from a high level.

5:55

And then we can go macro and just, and then dive into the details

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I'll put it this way. Currence is a structural solution.

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Which is about how to integrate and build what we call a cashflow structure.

6:10

Without structure, you're victim to the outside world.

6:13

Like the world we live in is designed to take our money away from us.

6:16

It's really easy to spend money. And what we found is that through my journey of doing this as a as we're

6:24

tinkering around and, this was 15, almost 20 years ago that we were tinkering

6:29

around with the direction of cashflow. So I really want your audience to understand the

6:32

direction of cashflow is huge.

6:35

And what I mean by that is when we all make money, what do we typically do?

6:40

Where do you put it? You get a paycheck. Where does it go?

6:44

right into your checking In your Or actually it gets siphoned off into your qualified plans first.

6:48

And then, but yeah, right. So if you look at, if you look at the pattern of the money you get

6:53

paid, you're like, wow, I got paid. And then you're like, oh my God, I'm partners with the government.

6:57

I didn't realize that, and, or to the extent that you're

6:59

partners with the government. And you lose, state and local taxes, federal income taxes, social security

7:04

taxes, there's a huge evaporation or confiscation of your income immediately

7:10

before it even shows up in your world. And then if you look at the next line items on your pay stub, you'll see

7:15

contributions into your, maybe your retirement plan, which is not necessarily

7:18

a bad place to accumulate money. It's the order in which we do things is really important, right?

7:23

It should not be the first place because you're just putting money

7:26

in jail and it's only doing one job. And then you look at, you may be paying for benefits or voluntary

7:31

benefits and then after all that, then you finally get to bring money home.

7:34

And we call that financial gravity, right?

7:37

Like when you bring money home, then you got to deal with your housing

7:40

costs, your fixed expenses, your variable expenses, the kids costs,

7:43

et cetera, et cetera, et cetera. And we all like to enjoy our lives a little bit and deserve to, if you're

7:48

working hard, you want to go on vacation, you want to go out to dinner, right?

7:51

And then you have Amazon, Netflix, all these things showing up in your life.

7:54

And it's chaotic. But the pattern is take your money, put it right into your checking

8:00

account, which is really when you think about it, it's an expense account.

8:04

It's designed to pay bills. It's designed for spending.

8:08

So if we're sending all our money to the spending environment, what

8:11

is that actually going to promote? Spending, right?

8:15

So what we really, and then what we have to do in order to get ahead, like

8:19

your savings rate, the amount of money you keep is the number one indicator

8:22

of your financial health, right? And so you have to fight all that gravity and then take money and put it

8:28

away manually and choose to do that. In the face of this crazy life that we live, we all live, right?

8:34

And it's funny. About an hour ago, I realized that my I forgot to give my daughter lunch money.

8:40

And I was like, able to just send her Apple pay.

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Like it's so easy to have the money. Just leave us.

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You know what I mean? So it's she called me from school.

8:47

It's amazing. The convenience. That exists in the world of spending

8:52

Just as a quick aside, I have another friend that took his son's credit

8:56

card away because he didn't do what he was supposed to be doing.

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And then he found out his credit card was just tied to his Apple Pay.

9:02

And so his son was just continuing to spend on his Apple Pay.

9:05

Anyway got right around that. Yeah, it's amazing It's impossible to keep track of all the different ways

9:11

that your financial life on the spend side is connected to so Basically

9:15

what Currence does is we reverse the direction, we reverse the order of

9:19

operations so that you create a world where you're always saving money.

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So the way that we do that is our clients, our users, open up what's

9:28

called a cash flow reservoir. It's a financial account, it's FDIC insured up to 3 million, it's a 6

9:34

million joint account, it earns a competitive rate of return, but that's

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not really the purpose of Currence. The purpose of Currence is to be an intermediary between your money coming

9:42

into your life and the money going out. So what I mean is, rather than drop all your new monies into your checking

9:47

account and spend first, And then manually save our clients open up

9:53

a reservoir that intercepts every dollar that shows up in your life.

9:57

And then you choose how much money goes to your checking account

10:00

or the spending environment. So what happens is the you're taking what an environment that

10:07

was creating unconscious spending and creating an environment that

10:11

you have unconscious savings. So if you create the structure so that you're always defaulting to accumulating

10:18

and controlling your money and then just choosing how much money is leaving

10:22

your life and you automate that, then all future increases in income, all the

10:27

choices you make will actually promote increased savings rates over time.

10:31

So when you do this, it's as if every future increase in income

10:35

will automatically get saved unless you choose to spend it.

10:39

Where the reverse, the way most people are living, is that you have to choose

10:43

and manually put money away, which is difficult in the face of life and

10:48

all the things that are going on. So as a, just a question about, how.

10:53

Users perceive this.

10:56

Do you think people realize how big of a deal that is?

10:58

What you just said? So what you just said was we're turning unconscious spending and

11:04

we're flipping that around and creating unconscious savings.

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Does that? Does that hit home with people right away when they hear that, or do they

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have to start doing it to realize it? Yeah, you have to start, it's different.

11:16

It's all over the map but we hear things from our users like, I had no idea

11:21

how much money I was losing, right?

11:23

Just the awareness of. The money and every dollar is in its place, right?

11:28

You're, you think of it as two different environments, the saving

11:31

and wealth creation environment and the spending environment.

11:34

So I'd rather just choose how much money is leaving my life.

11:36

I have to choose now to mess my life up,

11:40

Yeah, exactly. right? So it hits home from some people.

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And then what happens is over time, because the situation is

11:47

fluid as you go through time. And it's like, wow, the beautiful thing about Currence is that you disconnect.

11:53

Your consumption choices from your income because if everything's going into the

11:59

checking account first Then what happens is your spending is always going to be

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correlated to how much money you make Because it's just, it just evaporates.

12:08

So it And that's what we talked about in episode 103.

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Sorry to interrupt you, but, you know, that,, that idea is so true

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for so many people, regardless of how much money you make.

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If you make 50 grand a year or, 5 million a year.

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Most people's spending will increase right along with how much money they make.

12:28

it's, it's these two lines that go up on the chart together.

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And what we're trying to do is separate those lines a little bit.

12:35

And that's where you really start to create some acceleration

12:39

in your financial life. yeah so what happens is, like you said, exactly, they're going in parallel, right?

12:46

And then when you flip it, you create that behavioral interrupt and then

12:50

your consumption will stay flat as your income continues to rise and then you

12:54

live in a constant state of choice. Everything is hitting, all your money is hitting this pit stop and you're now

13:00

choosing, do I want to spend or do I want to go create something else that's going

13:05

to actually increase my income above and beyond what I can earn on my own?

13:09

And that's what happens is living in a state of choice

13:12

is very different for people.

13:15

And the amount of freedom and confidence that you end up having,

13:18

even myself, when I started doing it myself, it was like, Incredible.

13:22

Yeah same. And the, obviously as we go through life, we want to improve our standard of living.

13:29

We all want to have the things that we want to have.

13:32

We want to have the house or the car or take vacations, have

13:36

experiences with our family. So just to clarify when you separate the savings and the spending, we're

13:43

not saying you're going to live the same quality of life that you are now.

13:47

What we're saying is if you actually can consciously choose and create,

13:51

uh, you know, buy more assets that create income and cash flow , Even

13:57

though your percentage of spending stays, potentially flat, the amount of

14:02

money that you have will go up and up.

14:04

And so you're in an always in a position where you're creating growth,

14:07

but from that will allow you to spend without sacrificing that future growth.

14:13

Totally. And it's about freedom, right?

14:17

You want to have the freedom and the confidence to say, you know

14:19

what, we can take this vacation. Some of the best conversations I have with my clients are like, Wow.

14:24

You know what? We're built and now I see a new possibility for myself.

14:28

I actually feel, I don't feel guilty for taking the vacation now, taking my

14:32

family to Disney because you know what? Every dollar's in its place and I can see the trajectory that I'm on.

14:38

So it's, it becomes really freeing. It's cut.

14:42

It's all the things that. We hope to get from budgeting, but we don't have to do all that

14:48

because we just capture every single dollar that comes into our life.

14:52

And we know exactly what it's doing and how much needs to go where.

14:56

Yeah. I was just going to say the same thing. It's the opposite of budgeting because budgeting is about sacrificing, limiting,

15:01

making you feel guilty for spending money.

15:05

And it's you have to radically alter your life.

15:08

To have budgeting work, which is not promoting any kind of

15:12

happiness or success or quality.

15:16

What we're saying is, you know what, live the life you're living today.

15:20

Build the structure and allow yourself to grow into your maximum potential.

15:24

Allow yourself to grow into the best version of yourself.

15:28

That's it. And that's what we talked about in episode 103, that maximum financial

15:32

calculator exercise that Todd Langford does with his truth concept software.

15:37

And I think that's one of the most powerful talks because It

15:41

just demonstrates that we don't have to sacrifice anything today.

15:45

We can keep our existing lifestyle.

15:48

All we do is create an environment where in the future we can consciously

15:53

make decisions as our income grows.

15:55

We can now separate the savings and the spending to, to make our future better

16:01

without changing up our entire life today.

16:04

And it's incredible that you can, it demonstrates with math.

16:07

You don't have to go out there and chase high returns.

16:10

You can win by default. Just saving money, and it's way better than anything you can hope to do just by

16:17

hoping to get a high rate of return, but just continuing your, by keeping your

16:21

spending growing along with your savings.

16:24

It's or your income, I should Yeah. It's totally true.

16:27

And, there's a lot of things.

16:30

Here's another interesting thing to think about.

16:33

Let's imagine that you make 100, 000 a year, And let's say you got a 5

16:39

percent cost of living raise, right?

16:42

So 5, 000 minus all the taxes, it's I don't know, 3, 000.

16:48

Net of tax, the increase, right? And then, but the problem is that when that shows up in your

16:53

paycheck, that's only what?

16:55

125 a paycheck, right?

16:58

That gets lost in a second. But when you look at that through time over a decade, it amounts to

17:04

millions of dollars when you look at the future value of that money,

17:07

How easy is it to spend that 120 oh Oh, I got 125 or X number of

17:13

dollars in my checking account. Let's go out to dinner.

17:16

That's a, that's one dinner. That's half a dinner in

17:19

the Yeah. Yeah. If you even notice it, even if if you even notice it.

17:24

So those little victories that happen over your 30, 40 year working life,

17:30

that is the, that is your future.

17:32

That is your wealth that you need to control.

17:36

And that's what Currence has done because it's just giving, A context,

17:39

a framework for where you can make really intelligent financial decisions

17:44

because once you've put step one, which is create the structure of intercepting

17:48

your income and choosing your spending, then it just becomes a game of what's

17:52

going to make my life even better. What's the most efficient use of the capital that we're collecting.

17:58

So that could be in many different various investment vehicles or

18:02

insurance vehicles or whatnot. That's for you and your advisor to choose.

18:06

But if you think about it, when you invest money, you have the opportunity

18:11

to create passive income that's more efficient than your paycheck.

18:16

So as an example, you may be a business owner.

18:19

When you factor in all the deductions you get as a business owner, or if you

18:23

invest in real estate with depreciation deductions and, 1031 exchanges, you

18:28

could create income that on average is taxed at like 10 percent or even less.

18:32

You may want to be in, life insurance, right?

18:35

Life insurance produces cash flow that's taxed at 0%.

18:39

And unfortunately, what most people are doing, because their money's

18:42

flowing in the wrong way, they're putting every extra dollar they can

18:45

into the retirement plan, which looks good from an accumulation perspective.

18:50

But the reality is they're called retirement plans, but it's the

18:53

absolute worst place you can take money out in retirement.

18:55

So the order in which we do things is really important, but what you want

18:59

to do is put in place to accelerate what we call cashflow engines, which

19:02

are other vehicles that you could work with your financial professional

19:06

to help you decide that's just going to feed the reservoir even faster.

19:09

And then it becomes like taking your car from first gear to second

19:13

gear, to third gear, to fourth gear. Like you're still feeding it with the same amount of RPMs,

19:17

but you're going much faster. What's the, what does the technology or the process look like?

19:24

Maybe we could just dive into that a little bit.

19:26

Like how are we implementing Currence?

19:29

What are we doing? Where's our money going?

19:32

How does it come back out? All of those kind of things.

19:35

Yep. So step one would be to download Currence.

19:41

You'd have to get it through a financial professional like

19:43

John and you download Currence.

19:46

And the first step is you register with Currence and

19:48

open up your Reservoir Account. It takes three minutes, do it digitally.

19:52

And then from there, the only thing you need to do is reroute your direct deposit

19:55

to go to this, your new Reservoir Account. And then you link it to your checking account or wherever you spend money.

20:03

And then you just choose the amount of money that needs to get sent from your

20:06

new reservoir to your checking account. So what happens is your direct deposits in your spending environment are now coming

20:12

from you as opposed to your employer.

20:15

And that's it. And then the money just moves from there to your checking account.

20:20

That's where you spend your money and then every other dollar that, that you don't.

20:24

Consciously spend gets, gets saved and now you can make decisions on

20:28

what you want to do with that dollar. Do you want to spend it like you used to, or do you want to, in your, the

20:33

words you used, create another cashflow engine that will increase your income,

20:38

which will increase your standard of And then and then the gap continues to widen between your money coming in your

20:43

money going out and you want that space and that gap to continuously widen.

20:48

So and there's just more resources available to make the next choice.

20:52

And you can it's, you can, you have a control panel in the Currence app,

20:57

your Currence app, where you could, if your water heater breaks and you want

21:01

extra money or whatever, you want to spend extra money, you want to go on

21:04

vacation you just go in and tap a button and move it to your checking account.

21:08

But at least you're consciously doing that as opposed to letting it

21:11

evaporate from the checking account. So the, this is a podcast, a lot of times mostly focused on The Infinite

21:17

Banking Concept and whole life insurance. And what you just said is something that I also appreciate about

21:23

whole life insurance, where. It creates a little, there's a little bit of a pattern interrupt.

21:28

You have a hundred percent control over everything, but you have

21:30

to take a small little step. There's a little speed bump that creates a scenario where you

21:36

have to consciously think about. What am I, okay, what am I doing with this money?

21:41

As opposed to your credit card where you just, you can sign up for

21:44

anything or spend it on whatever. When you have cash value on a whole life insurance policy, when you take out a

21:50

policy loan, there's a little bit of a step involved that that gives you that

21:54

pause to consciously, make sure what you're doing is the right next step.

22:00

What how does this tie into IBC?

22:02

By the way, I've known Dave, I've been, involved with Currence for

22:06

longer than this, but Dave was just at the Infinite Banking Think Tank

22:10

a few months ago in Vegas, where he gave a talk, and he said some great

22:14

things as Currence pertains to IBC.

22:18

For all my listeners, All the listeners that are really into the Infinite

22:21

Banking Concept and Whole Life Insurance. Can you talk a little bit about how this ties into that that world?

22:27

Absolutely. So if you're doing IBC effectively you probably have more than one, You

22:34

probably have loans that are purpose for certain buckets of spending or investing

22:39

in other things, and you probably end up with a lot of things that are a

22:43

lot of transactions to manage, right?

22:47

Currence just becomes, the reservoir, becomes the operating account for

22:52

your IBC for your family bank, right?

22:55

So you still have to. Make transactions, but what we want is to have it happen in this environment,

23:04

this frictionless environment before we send money to our checking account.

23:08

So I only use my checking account for spending money.

23:11

So to me the Currence just manages the movements of insurance

23:15

premiums Policy loans and dividends or however you're doing that.

23:20

And then you just choose how much money needs to go to your checking

23:23

account for lifestyle choices. So Currence becomes the glue of managing all the policies and all the transactions

23:31

in a frictionless environment. And then you already know how much money needs to go out for spending.

23:35

And then you just have Current send the money to your checking account.

23:38

And and from a tactical level, are does everything go to one checking

23:42

account or do you ever, split things up into different checking accounts

23:46

that have different purposes, in our world, there's that idea of

23:48

the wealth coordination account. Does this replace a wealth coordination account or does this go in front

23:54

of a wealth coordination account? How's that

23:56

it depends on how you use, Wealth Coordination Account means a lot of

23:59

things to a lot of people, right? The original is, this is a digital, technological, delivered

24:04

Wealth Coordination Account. And When we build Currence the right way, we build your cash flow structure

24:10

the right way, the way that I recommend people start is you implement it into

24:15

the life that you're living right now. So if you have one checking account, you should connect

24:19

Currence to one checking account. As you evolve, and you might want to bifurcate your spending into

24:26

different buckets, you may want to open up another checking account for

24:30

that area or bucket of consumption.

24:32

So I'll give you an example. My wife and I, we have five different checking accounts.

24:40

I have one for my household fixed expenses, right?

24:44

So I know exactly what that is every month. I drip money from my reservoir into my fixed expense account.

24:51

My wife has her spending account, which is, she takes care of all the stuff

24:55

for the kids, the food shopping, all the stuff that she pays bills for.

24:58

I know pretty much on average, it fluctuates every month, but

25:01

I know on average what it is. And then I just feed that account with how much money that is.

25:06

I too have my own personal spending account.

25:09

And I drip money into there. That just keeps me on track.

25:12

I'm choosing how much money I want to spend.

25:14

So I know if there's money in there, if I want to hit the ATM or buy a

25:18

new golf club or whatever, right? Like I know how much money's there.

25:22

We have another account for education.

25:25

My kids go to private school. So their uniforms, their books, all that stuff.

25:29

Like I know what that should be over the course of the year. And I feed that account.

25:32

And then we have a travel account, which is our vacation fund.

25:36

So I know I don't want to spend more than 18, 000 a year, let's say, on vacations.

25:41

I trip 1, 500 a month into that account.

25:43

When there's money in there, we book a trip. If there isn't, we, maybe do something different.

25:48

But everything has its own perspective. Now, I didn't start with all those accounts.

25:53

I started with one right? And then we added them over time.

25:58

And then what's interesting is that when you do that, the default

26:01

is to always accumulate and save every dollar first and invest it.

26:06

I'm just choosing how much money is feeding these buckets of consumption.

26:10

But I'm now able to apply different inflation rates to

26:14

different areas of consumption. Right?

26:17

Like my fixed expense account it's probably going to be the same or have

26:21

a very small inflation rate, because my property taxes are going to go up a

26:24

little bit, but it's the biggest area of consumption, but it's also going to

26:29

have this, the lowest And that's it.

26:34

I hope you found this helpful.

26:40

I'm John Furrier, the founder and CEO of TheFifthEdition.

26:49

com. I'll see you next time.

26:56

And you just mentioned the word recalibrate, which is, from my

27:00

perspective as a current advisor calibration sessions are, a part of

27:05

the, a part of my practice with working with people to help them with Currence.

27:10

What's a calibration session all about?

27:13

Or like what, what's a, when you calibrate, what are you doing?

27:16

Early in my career and mostly every financial advisor, everybody in the world

27:21

of finance, every financial professional is trained to have annual review

27:26

meetings with their clients, which is.

27:29

The most boring thing on the planet because it's all about

27:32

what happened in the past, right?

27:34

It's there's no real valuable agenda to the meeting because you're just

27:40

reflecting on what's already happened. What I learned in my training in economics is it's really about what's

27:47

the best choice I can make today with the resources I have available.

27:51

So you live in a constant state of calibration, making the

27:54

most efficient choice you can. With the resources that are available.

27:58

And then you do that again and again. So the way that we work with our clients is it's a constant state of choice making.

28:05

It's a constant state of calibration because you may have gotten a pay

28:09

raise, you may have gotten a bonus, you may have gotten a promotion, you

28:12

may have paid off your car, right? So all these things.

28:15

And when you have your connected cash flow structure, you're able to take

28:19

advantage of all those life events to actually increase the widening

28:22

between the inflows and the outflows. And that's how we work.

28:27

It's I'm gonna give you an analogy and hold that thought if you don't mind, it's

28:29

if you and I are playing chess, like we're all given the same pieces to play the game

28:34

but one of us is a better chess player. And there's always one optimal move.

28:39

And when you're looking at the game board and you can see what's on the table, we

28:42

know, should I be playing offense here?

28:45

Should I be playing defense? There's always one optimal move, and that current strategist client relationship

28:52

of calibration is always about examining what's going on in their lives, what's

28:56

the optimal move I can make today, and keep in mind where they want to be.

29:01

I love that you just said that because a lot of what we do in the infinite

29:05

banking world and as advisors that focus on, whole life insurance and creating

29:10

at least a part of your life as a certainty piece, having those guarantees

29:15

gives you that Ability to make that optimal move when you need to make it.

29:21

Whereas most people are really just focused on these, this

29:24

accumulation path that really ties you into a trajectory that.

29:29

You can only make a, a couple moves at any given time without, having penalties

29:35

or paying taxes or liquidating, or, losing the growth on something over

29:39

here to get some growth over there. And and I'm pretty convinced that this upfront cash flow piece is the

29:47

key to making everything else work.

29:50

If you look at all at our, the stages in our life, you get your first job, you

29:55

have the accumulation stage, you have, you get married and start having kids.

29:59

Then you start getting close to retirement, then you go into

30:02

retirement, and then, you have all the challenges you have to deal

30:06

with during, as you get older.

30:09

And then there's the time when you pass away and it's time to leave a legacy.

30:14

Like most people are really only focused on trying to accumulate and create a big

30:19

account to handle all of these things.

30:22

Imagine all the challenges and all the, changes that are going

30:26

to happen during your life. And all you have to, all you have to handle that is one type of financial

30:32

asset, like the stock market or whatever. Some people are into real estate, which is great, but if you can

30:38

address the spending upfront.

30:41

And tackle that one piece before it trickles into the, through time,

30:46

through the rest of your financial life, it creates an astounding

30:49

improvement in every single phase.

30:53

Yeah. A hundred so this is really what I'm trying to push out to, my clients and

30:57

my new clients right now is like, Hey, we're doing all the IBC stuff.

31:01

Here's another thing I want to say, Dave before I go on that.

31:04

So we're doing all the IBC stuff, but IBC doesn't actually Solve a spending problem.

31:12

If you have one it helps a little bit because it does

31:15

create some forced savings. Sometimes people call it, so there is that piece of it, but if you have a

31:20

spending problem, you're in control of this thing and you can borrow

31:23

against that policy to the nth degree.

31:26

And I've seen it happen over and over where people just, they don't

31:30

get control of their spending. They borrow everything against the policy.

31:34

They lose their job. They can't make a premium payment and the whole thing blows up.

31:38

That's a spending problem that IBC does not necessarily address.

31:42

And this creates a pathway to consciously address your spending and get that

31:50

under control before it even goes into your into IBC, where then we can just

31:55

make all of those great improvements. throughout,

31:58

you will be able to do more of IBC by having the cash flow structure, right?

32:03

And you're right. You're right. I call them, erosion factors or external forces that are working against us, right?

32:10

If you look at it through the accumulation phase, we have pressure to make money,

32:14

pressure to keep it, pressure to grow it. You could get sued.

32:17

You could die early. You can get sick. Like all those things are really working hard against us.

32:23

And then you have Parkinson's law, which is about like the

32:26

propensity to consume, right? When you reach that point where you're theoretically retired, all those pressures

32:34

that I just described are like 10x more powerful working against you because you

32:40

can't just go to work and just replace the money that you made a mistake with, right?

32:44

So the game gets harder as you go.

32:48

And you're right. What we've done with our clients with Currence is that you create

32:52

what's called the spending baseline. Which is how much money am I routinely spending to live the

32:57

life that I'm living today? And then when you have that data, that historical data and the trends, you're

33:02

able to make really powerful decisions throughout the rest of your life.

33:07

Because you know what your consumption is, what your lifestyle demands are.

33:10

It's such an important thing too. And it, and guarantees matter, there's so much stuff out there about just like

33:18

returns and all this other stuff, but by the way, this leaks into the IBC world a

33:23

little bit too, where there's a lot of, fluff and on YouTube and social media.

33:28

And yeah. There's this huge focus on, Hey, you've got to get this correctly

33:32

designed, quote unquote, correctly designed policy that maximizes

33:36

the cash value in the first year. And by the way, the reason I want you to have that is because I have

33:41

this other thing that I want you to use that cash value to invest in.

33:45

And so it becomes, you know, and I'm, I'm not, saying that this is across the

33:49

board, but there are definitely, some groups out there that will lead you into

33:55

focusing the cash value, which creates.

33:59

Potential problems in your policy itself, and then they want you to max leverage

34:03

that cash value to then go invest in whatever they want you to invest in.

34:08

And in this scenario, because we're focusing on savings and spending.

34:16

We've already demonstrated with the Maximum Financial Potential Calculator

34:20

that you don't have to take that risk and put yourself in a position where

34:25

you're max leveraging every last dollar in your system to try to get a return.

34:30

By the way, everything is at all time market highs right now.

34:33

What, everyone's just they just invest in stuff because it's there.

34:37

Invest, we should be investing for the right reasons and Being liquid and having

34:42

a bunch of cash on hand when, when things become cheaper again, that's going to

34:47

be, that's where real wealth is created

34:49

A hundred percent. There's an intrinsic value on having your money available to you.

34:54

And having your money's in an asset that the values truly are guaranteed.

35:00

The game here is how do we automate this stuff so that you're giving

35:04

yourself the best chance of success?

35:07

It's like technology is finally catching up to what IBC can do.

35:12

All Right. And so that's what we're that's the opportunity here, as an

35:16

advisor, I believe two things. You cannot reach your full financial potential without the acquisition

35:21

of whole life insurance for all the reasons you just described.

35:26

And two, you can't reach your full financial potential without having an

35:29

efficient connected cash flow structure. Everything else is just choice.

35:34

And, Nelson Nash wrote in his book, Becoming Your Own Banker he said,

35:38

don't be afraid to capitalize. And what that means in our, In the perspective of IBC, don't

35:44

be afraid to pay a premium. And, so a lot of people go into this being scared of paying a

35:49

premium because they're, guess what?

35:52

There's no free lunch surprise, surprise.

35:54

And there's some costs involved when you first start a whole life insurance policy.

35:59

And there are so many people out there that try to play this smoke

36:03

and mirrors game and show you that, Hey, you can minimize these

36:06

costs and get these premiums. Special policies that, by the way, all have trade offs.

36:11

Everything's a trade off in the insurance business.

36:14

But the, I, what I'm trying to get to here is if you have your cash flow

36:18

structure figured out, you're not worried about, How you're going to pay a premium.

36:22

You want to pay as much premium as possible because where else could it

36:26

be doing all the things that it could possibly be doing than in a whole

36:30

life insurance policy where it goes, it basically goes second now because

36:35

now we have the reservoir where our money goes first and captures every

36:39

single dollar that comes into our life. And now the whole life insurance can be the second place that it goes before you

36:45

then use it to go do other things with it.

36:48

almost see them as connected, right? Because you can't actually deposit your paycheck into a life insurance policy,

36:54

That's right. right? And you can't actually, go to Costco and, pay for something with

37:00

your life insurance cash value. Like it actually has to connect to a financial account and a

37:05

debit card or whatever, right? So this just becomes this environment that's connected to

37:10

your policies, your IBC policies.

37:13

That's just a conduit to fund it and actually manage the

37:15

loans and all the transactions. that's right.

37:18

And that's about phase two of Currence, which is the acceleration, which is about

37:21

where do you put the money that you keep? And you should always be in a spot where you always have access to your money

37:29

because the more money that you have, the more money that you have access to, the

37:35

more opportunities that you will see start popping up that you didn't necessarily

37:40

have the right context to see in the past. So we're talking about creating velocity of cashflow and more liquidity so that you

37:48

have opportunities to invest in yourself. that's awesome.

37:53

You've been doing this for a while. You were, you've been doing this even before Currence was a, was a thing.

37:58

If you were to just, I don't know, Say a results with any kind of numbers

38:04

that you might be able to share. Of course, you're not going to give any information away, but what kinds

38:09

of improvements have you seen people able to make, for the, the length

38:13

of time you've been doing this. So how you've been doing this for what?

38:16

20 years manually Yeah, about close to, probably about, I think the first person that we did

38:23

set this up, reversing the direction of the money, was probably in 2007.

38:30

And we did it with what was available to us.

38:32

It was like, drawings on legal pads and we would use a brokerage account because

38:36

at the time I was a registered rep. And I was able to open up a brokerage account.

38:40

It's the only way that I could set up, scheduled movements of money and see.

38:45

And anybody there's two ends of the spectrum, right?

38:49

Like you take the young person that got their first job, they need to

38:53

do this because they're going to create their spending and separate

38:56

their consumption from their income. So as they go through life, they're going to take control of

39:01

as much money as possible this way. What's interesting is that on the other end of the spectrum, you have

39:06

the retiree when, when you retire, you probably are used to getting, two

39:12

paychecks a month on the 1st and the 15th.

39:15

And you're used to that, right? Probably for the last 40 years.

39:18

And then you retire and you're going to get two social security

39:20

checks, possibly two pensions.

39:23

Maybe you have some other, passive income sources and it's

39:25

hard to make sense of all of it. What this does is allows you to say, okay, if my spending baseline was

39:31

making it up 10, 000 a month, and I have this history, I know how much money I

39:35

need to solve for with the assets to feed, when my earned income drops off.

39:39

So having everything dump into this reservoir helps you make sense of all

39:44

of it and make really powerful choices.

39:47

But to answer your question so we've had success with people.

39:50

In the latter parts of their life and people that are just getting their

39:53

career started, everybody in between. When this hit me cause we were doing this and then I started training

39:58

other advisors to do this and we were all having the same stories.

40:01

Holy cow, these clients saving so much more money.

40:04

Then they ever thought possible, right? Like I literally have clients that I started working with in 2007 when they

40:12

got out of their, if they got out, just got out of law school or either

40:15

medical residency or just even, if you're just a professional, I have

40:19

clients that were used to making 70, 000 a year at that time coming

40:24

out of their, their first legal job. Now make a million dollars and still live on 12, 000 a month and don't

40:30

miss anything because they have so much velocity in their cash flows.

40:33

Like they're living their best life. They're basically financially independent before they're 40, 42 years old.

40:39

Like we have tons of clients that way. The average current user is saving 30 percent of their after tax income.

40:45

And that accounts for all the people that are saving zero and the people that are

40:48

saving, 80 percent of their income, right?

40:51

So it's the number, but the average is thirty.

40:53

Which is incredible in a very short period of time.

40:57

So the longer your tenure is in Currence, like the, the more

41:01

cashflow that you're able to capture. I worked with a client that we opened an account, literally a husband, wife,

41:08

early forties, two kids, couldn't save a dime, had a lot of credit card debt.

41:13

And literally a year and a half ago we set this up, we opened their reservoir,

41:16

they put 10 in the account, connected their cashflow structure, and they

41:21

saved, I think, 130, 000 in 18 months.

41:26

That's awesome. They're able to pay off their credit cards.

41:30

We were able to get insurance in place and, get everything

41:32

in place that they need. Now they're talking, then they both, coincidentally, they both

41:35

just got really good raises and promotions and their incomes.

41:40

Now their household income's up almost six figures from where it was two months ago.

41:45

And so now, like they're talking about buying vacation homes and, Like it it's

41:49

incredible, so during that journey, there's so many stories which is why I

41:54

decided to put my, my career on hold as a, as an advisor and lean into this because

42:01

I knew we needed to build something to make this available to everybody.

42:04

So we offer Currence and we give it, we help financial professionals

42:08

work with their clients and we give them, deliverables on both sides.

42:11

So as a, the thing is, if you work with a Currence Strategist.

42:15

They're given a dashboard where they can actually manage an entire population

42:19

of clients and all their cash flows. So we're giving the advisor the opportunity to be the best advisor

42:25

they can through this, because you're able to see metrics that

42:28

you can't get anywhere else. So Yeah, it's fantastic.

42:32

Like I said, I started doing this myself and found benefits right away.

42:38

I found money, thousands of dollars, tens of thousands Really what it mostly is, is

42:42

not like personal spending, but like, it's easy for me to spend money on my business,

42:48

you know, just buying a marketing thing here or doing this over there.

42:51

And that's actually where a lot of the money was kind of like, oh,

42:54

wow, I didn't realize I was spending that much on, on that type of stuff.

42:58

So, that story is incredible.

43:01

And as we start wrapping up here, anything that you, anything else you'd like to

43:05

get out there and let people know about?

43:08

Even from an advisor perspective, cause we have other advisors that

43:11

listen to this podcast as well. I've, we've, at Currence, we value human advice.

43:17

And, part of our mission is to empower the financial advisor community

43:23

with technology that allows them to compete with all these advancements

43:26

that are happening around us. And I believe that if you marry best in class technology with

43:34

best in class advice, the clients get the best in class experience.

43:40

so if you're an advisor, like.

43:43

One, you don't want to be on the outside looking in and saying, wow, all this

43:47

technology is leaving me in the dust. Clients, you want to work with a professional that uses Currence

43:53

because they're going to be more proactive in your life.

43:56

You're going to be able to automate stuff in, and I promise you, you

44:00

will have more control of your cashflow, more than you ever realized.

44:03

And You will say, like I say to myself, I wish I had this 10 years

44:07

ago because it is that powerful.

44:10

And the elegance is in the simplicity, right?

44:14

And so we're grateful for the opportunity to bring this to the public.

44:18

We're grateful to support advisors and we're, we're giving people

44:21

financial freedom and that's, that's what it's all about.

44:24

I'll leave a link for consumers to go for you to, To check this out, you can

44:30

go to StrategicWholeLife.com/Currence and you can learn about, how this

44:35

gets implemented in my practice. If you'd like to, talk with me about this where can people go if another

44:41

advisor is listening to this, Dave, and they want to learn about how they

44:45

might be able to implement this in their practice and work with you.

44:48

Yeah. They can go right to liveCurrence. com. Um, and click join and there's a pathway that you can go

44:55

to get to us as an advisor. There's a pathway that you can get to your advisor through like

45:00

John, you sent the link for you. Yeah, hit us up at LiveCurrence.

45:04

com, L I V E C U R R E N C E.

45:07

com. Oh, that's a great point.

45:10

I forgot to mention it's spelled CURRENCE.

45:12

C U R R E N C E.

45:15

And so it's StrategicWholeLife.com/Currence.

45:18

C U R R E N C E. And of course, I'll put the links in the show notes.

45:21

This is great, Dave. Thanks so much for taking some time and, walking us through this.

45:26

I really do believe, the work you've done is absolutely incredible.

45:30

I really do believe that this frontline cashflow structure is maybe the most

45:36

important piece of, of what's going on. Putting the whole thing together and creating fantastic

45:40

results in your financial life. Thanks a lot. Thank you for saying that.

45:43

Thank you for having me. It really became obvious to us when we were seeing the

45:46

results that we were getting. That our clients were having, we realized that this didn't

45:50

exist anywhere and we needed to build it, and that's what we did.

45:53

Thanks for having me, thanks for giving me the opportunity to share with your audience.

45:57

Awesome. And hey, if you're listening out there and this is resonating with you and you'd like

46:02

to find out how this could potentially apply in your life specifically,

46:05

head over to strategicwholelife. com and you can get you can schedule a free 30 minute consultation with

46:11

us right there, or if you're the type of person like I was that just likes

46:15

to read and learn as much as you can before talking to anyone, you can get

46:18

access to our online course, IBC Mastery at StrategicWholeLife.com there's a

46:24

link right at the top of the website. And one more time, if you'd like to just talk about Currence, you can go

46:29

to StrategicWholeLife.com/Currence.

46:33

Thanks again, Dave. Thanks everybody. We'll talk to you soon.

46:35

Bye. Take care.