Becoming Your Own Banker: Accumulating Lasting Wealth Through Strategic Saving With Curtis May

July 9, 2024

In this episode of The Same Day Podcast, host Mat Zalk sits down with Curtis May, Creator and Owner of Practical Wealth Solutions, to discuss accumulating lasting wealth through strategic saving. They talk about effective saving strategies, the importance of maintaining liquidity, and how to leverage debt for investments. Tune in to learn how to transform your saving habits, optimize your financial strategy, and achieve lasting wealth.

Becoming Your Own Banker: Accumulating Lasting Wealth Through Strategic Saving

Curtis May is the Creator and Owner of Practical Wealth Solutions and hosts The Practical Wealth Show podcast. With over 35 years of experience in personal financial planning, Curtis specializes in helping his clients cultivate financial freedom through centuries-old wealth creation principles. He emphasizes the importance of liquidity, capital control, and developing a solid money management system to attain economic independence. Curtis’ financial planning firm focuses on enabling individuals and families to thrive both now and in the future.

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Here’s a glimpse of what you’ll learn:

  • [2:08] Curtis May talks about the importance of saving for financial freedom, not just investing for higher returns
  • [3:55] Why a 401(k) might not be the savings plan you think it is
  • [9:17] How much money you should be actively saving to secure your financial future
  • [14:29] Curtis explains the practice and philosophy of infinite banking
  • [27:14] When and how to utilize debt responsibly to scale investment portfolios
  • [33:53] Using life insurance policies for tax-free retirement savings and investments
  • [43:13] What is a wealth coordination account?

In this episode…

Do you want a method to not only save money but also make it work for you continuously, even as you leverage strategic investments? How can you effectively save and use financial principles to build lasting wealth?

According to Curtis May, a seasoned financial planner with over 35 years of experience, accumulating lasting wealth requires a strategic approach to saving. He highlights the importance of maintaining liquidity, managing cash flow, and leveraging debt to maximize investment potential. By focusing on saving a portion of income systematically and using principles like infinite banking, individuals can ensure their money continues to grow while remaining accessible for opportunities. Curtis emphasizes that understanding how money works and having a clear financial philosophy are crucial for achieving long-term financial freedom and security.

Resources mentioned in this episode:

Special Mentions:

Related Episodes:

Quotable Moments:

  • “Money is a result of creating value in the marketplace. Don’t wish it was easier. Wish you were better.”
  • “Good financial planning is not investing. It is preparation.”
  • “If you don’t have 90 days of liquidity, you’re not ready to invest.”
  • “Investing is not about buying something; it’s about becoming something.”
  • “Your number one investment should be in between your two ears, focusing on production.”

Action Steps:

  1. Save a portion of your income automatically to build up at least 90 days of liquidity: This creates a solid financial buffer that prepares you for unexpected expenses.
  2. Evaluate your savings and investment strategies to determine what aligns with your long-term financial goals: Understanding the difference between savings and investments primes you for more structured and efficient wealth building.
  3. Consider the infinite banking concept to maximize your control over personal finances: By using life insurance as a personal bank, you maintain liquidity and can fund larger investments or cover significant expenses.
  4. Leverage debt intelligently to scale your investments, especially in business and real estate: Using debt strategically can amplify your asset portfolio and increase your net worth more quickly.
  5. Join a mastermind or listen to podcasts related to wealth and personal finance to enhance your fiscal knowledge: Continual learning ensures you stay updated on financial strategies and makes you adaptable in an ever-changing economic landscape.

Sponsor for this episode…

Chris Lile at State Farm Insurance:

This episode is brought to you by Chris Lile at State Farm Insurance.

Chris Lile at State Farm helps you protect your most precious assets and investments, including home and auto.

To learn more about how you can save double digits on all your insurance needs, visit diallile.com or call Chris’ office at 918-878-7771.

Keyrenter Property Management:

This episode is also brought to you by Keyrenter Property Management.

Keyrenter Property Management is a full-service property management company that helps clients buy, renovate, and operate real estate assets.

The team helps clients build wealth while taking the headache out of property management.

That’s why, no matter what rental you have — single-family homes, condos, townhomes, or apartments — they can give you the management solutions you need.

To learn more about their services, go to https://keyrenterpmc.com/ or send them an email at [email protected].

Episode Transcript

Intro 0:05

Welcome to The Same Day Podcast where we discuss driving incremental business growth and other topics related to real estate, property management and entrepreneurship. Now to the show at hand.

Mat Zalk 0:20

Mat Zalk here, I’m the host of The Same Day Podcast where I connect with top business experts and real estate leaders. Past guests include Vondell Burns of Thankless Production, Chip Gabriel, local real estate entrepreneur and restaurateur, and Brook Reutter talking about contract for deed versus lease to own properties. We’ve also had Elliot Nelson from McNellie’s Group, discussing community development through restaurants, bars and commercial real estate. Today’s episode is brought to you by Chris Lile State Farm. Chris Lile State Farm helps you protect your most precious assets and investments, whether it’s your home and auto investment rental properties or other valuables. Called Chris Lile State Farm for a quick and painless phone call to potentially save double digits on all of your insurance needs, visit dialliale.com or call his office at 918-878-7771. Today’s episode is also brought to you by Keyrenter Property Management, your same day property manager. At Keyrenter Property Management, we are a full service property management company, helping our clients buy, renovate and operate real estate assets. We help our clients build wealth while taking the headache out of property management. No matter what rental you have, single family homes, condos, townhomes, departments, we have the management solutions you need. Go to keyrenterpmc.com or email us at [email protected]. Today’s guest is Curtis May. He’s the Host of The Practical Wealth Show podcast and the Creator and Owner of Practical Wealth Advisors. Curtis has been planning for individuals for more than 35 years, and he’s passionate about helping his clients save money and live the very best life they can right now. Primary focus of his financial planning firm is to help individuals and families become financially free by following the principles of wealth creation that have endured for centuries around the world. Curtis May, welcome to the show. How are you?

Curtis May 1:58

I’m doing great, Mat.

Mat Zalk 1:59

Curtis, I wanted to say you and I share two very important things in common. One, we both love our wives very much, and two, we both have three daughters. Oh, wow. Okay, yep. If you were to give your daughters advice, and I’m sure you have about planning for wealth creation and for creating financial freedom over the course of their lives, what three principles would you start, or what principles start with.

Curtis May 2:23

So it’s funny, I just had this so my 12 year old, who’s running out, says, you know, she wants to move money from her savings on the green light back over spending show she can go up to the mall. I was like, you know, so save. You’re not saving to spend, right? You’re saving just to be saving. So, you know, it goes back to the rich. I give them riches, man barrel, I’m part of all your earnings. Yours to keep, right? Yeah, manage your cash flow, and then learn that one of the principles of trying to teach my oldest right now is that she’s like, Dad, I need a raise. I was like, Well, money is a result, yeah, right? Of creating value in the marketplace. So don’t wish it was easier. Wish you were better, right? And then what are you doing to make yourself better so you can command more income? Because we’re this generation is like, you know, just like going up to a fireplace, you know, if you give me heat, I’ll give you some wood, right? So they, so they do it in reverse. I’m trying to help them understand, here’s where money comes from, right? So you don’t create value first, money’s the result of, you know, capitalism and exchange. So those are type of things that money is a result Safe is a principle, just to be saving, you know, and because and what we can do this later. But good financial planning is not investing. It is preparation. I don’t even let them do the 401k. It says you don’t have any money. You don’t need to start with a 401 K, um, uh. So opt out. Okay, I’m not gonna let you do that.

Mat Zalk 3:55

Interesting. So, so let’s talk about that for a second. You’d rather have their money in savings via, I guess, a savings account at the Bank of CD or how?

Curtis May 4:06

Uh, well, yeah. So no 401c 401k, is not a savings plan. It is an investment plan. See, that’s a mislabeling from Wall Street save for your retirement in a 401k, okay. So when I talk about savings, let’s define it safe, liquid, accessible, guaranteed. Yeah, okay. So now most people are way too illiquid. So I’ll, people come to me and I’ll, you know, I want to, I want to invest. This one. Call me up. I want to invest. I was like, Oh, tell me what you got going on right now. I gotta she, she, she didn’t have it. I mean, most they don’t have, like, five grand in the bank. You know, you want to invest because you think you’re supposed to invest. Investing is, uh, most people think that they want, their goal is to find better investments that pay a higher rate of return. So always chase. Returns. Okay, so to me, if you don’t have 90 days of liquidity, and I really want the full story of of my principal four is six to 12 months of liquidity. See, because if you don’t save, you don’t have money to invest. Yeah, right. Because I see, because most people think investing is mutual funds, the stock market, and, you know, 401ks, and I don’t so if you look at so I gave you my definition of savings. So investing is so I paraphrasing some of what’s his name. I’m sorry. Get these out. Warren Buffett’s mentor, Benjamin grant, right? Investment is something by on which, upon thorough investigation, you put your capital, you have safety of principle and a reasonable opportunity to make a profit. Yep. If it doesn’t fit that definition, you are speculating. So most people are speculating for retirement. Truth be told, if I use, if you use that definition, right, that’s not the definition that a fund manager or a wealth manager will give you, but their business model is based on AUM, assets under management, yeah. So it is right. You know what I mean? It’s not make you rich. That’s not their goals and make you rich their their goals and lock your money up for 30 years and hope the stock market goes up, see? So I think too much of typical planning is based on hope. I hope this, you know, hope the S, P gets better. I hope, because you can’t control it Sure. You know, it’s all back dating and assumptions I you know. So I like, I’m biased towards certainty and guaranteed. So I start with savings, and then what we teach are the three rules of investing for maps, however, model order, the three rules of investing are investing what you know, because investing is not about buying something, it’s more about becoming something. You have to become a good business or you have to become a good real estate investor. So that takes study, that takes practice, that takes time, right, right? How are you thinking? And so you got to invest in what you know, or invest in knowing two, invest in what you can control. What can you influence? The outcome of, does it generate cash flow within 90 days of you owning it? Okay? And because are you investing for capital gains, or are you investing for cash flow, cash flow is what makes you financially free. So you have to decide really to begin all this. You know, is, what do you want to be when you grow up? You want to be debt free, not really. Debt Free is not financially free, okay? Um, I it’s not even my top three things that you should be worried about, honestly, right? And then, um, maybe four, okay? And then, um, do you want to does it? Does it cash flow? See, because when you look at your personal economy, 401ks aren’t designed to cash flow. No, you know this, lock your tie your money up to your 60, and even then, it’s hope you have enough money so you don’t want to have money before you die. Yeah, right. But what if you could buy a house, a rental property, a turnkey prop, an apartment building, one a year for the next 10 years, or one of one in, you know, two a year for the next five years. To me, that’s a better plan than trying to get, you know, a million, $2 million in the 401k, so I try to partner with people that, once I kind of awaken them to a different way to look at their money. You know, that’s not my, my, I’m the defensive coordinator, right? So the expertise is offensive people, they’ll show them, okay, I’ve got you saving. Here are the four asset classes, business, real estate, paper, assets and commodities you need to find, like on my show, all I’m talking about is, here’s you things that, well, not all. I don’t talk about how to be the bank, right, which is a place to store cash and then, but a lot of times I’m talking to people with syndications and, you know, different stuff, because I want people to know there’s other stuff that exists, sure, outside of mutual funds. Now, some of this, you got to get your money up so you can be a credit investor, but that’s going to drive you, because your number one investment should be in between your two ears, focusing on production. How do I make more money? That’s the other thing I focus on. Why are you gonna make more money?

Mat Zalk 9:17

Let me ask you. Let me take one step back real quick, though. What are the vehicles for savings when you’re talking to your daughter, for example, how much is like.

Curtis May 9:26

The should be live four. Savings accounts, yep, money market accounts, yeah, CDs, which I don’t like, but CDS is a savings vehicle and cash value life insurance, which I had them all do. Those are, see, savings that those are see so that say, because people, what they do is they, well, I don’t get any rate of return. That’s not the goal of savings. The goal of savings is access to capital. Yeah, right. And so people are too busy chasing returns, but you so I got a high yield savings account, or I have, I’m getting x, y, z. On my s, on the s, p, but is that that’s an illusion, right? Because mutual funds do not earn compound interest, right? What do they do? They go up, they go down, they appreciate and they depreciate. So when you see a number represented as my fund did 12% this year. That’s a rate of return. That means you started at X amount of share for, you know, shares, and 12 months later it’s worth y. And then, if you were work backwards, that equates to a 12% rates of return is not an interest rate, and it is not compounding. So a lot of times people don’t and when I try to get people to understand, is what I call the financial physics. How does money work? See, we study going to work for money, but we don’t understand how money works. So we tend to give it away. We transfer there’s more money lost in like, everybody’s chasing rates of return, but there’s more money lost in what we call wealth transfers, which are money moving from your asset column to somebody else’s asset column, right? And so what you have to do, and to tunes of hundreds of 1000s and millions of dollars over your lifetime, of money that you were unaware of that you’re just giving away taxes you are paying that you don’t have to pay. Right paying extra on your mortgage, 15 year mortgages, sending in extra pay all that’s complete waste of money in this monetary environment. You know other clients, you call each other, let me pay off my mortgage rate, 2.75 really, you can’t find anything better do with your money where you can make more than 3%.

Mat Zalk 11:44

That’s, that’s a very common one.

Curtis May 11:46

Yeah, that’s a so it’s basic stuff, but you gotta look at where that information comes from, right? So if you’re looking at what you’re taught to do, buy and hold dollar cost, average, you know, put money. You’re in it for the long haul. But if you look at it superimposed, like looking at t, and look at corporate finance, so they T, they don’t do that. They focus on velocity of money. Yeah, right. So velocity in real estate’s the burr method, uh, velocity is you look at Mr wonderful. What does he want to know if I put money in my deal, how soon Am I getting this money back out, yep, and he still wants the money in the deal, but he’s putting money into some other thing. Yeah, that’s velocity. That’s not even a product. That’s just a economic principle.

Mat Zalk 12:30

Before we get to that, though, how much should people be saving?

Curtis May 12:35

We teach them to save 15 to 20% or more of their gross and gross, hear me, guys, gross income. So you make 100 grand a year Curtis wants you let me give you the whole tactic thing they can walk away with. So one of the things that we teach is we teach people to open up a checking account, interest bearing checking account, account you’re not using, separate from your bill money. So we show you how to segment accounts. We have a program called our cash flow mapping, but we create a wealth coordination account. Okay? So it goes there. The purpose of it is, don’t come back out unless you’re doing something to make money with it. Okay? And so I want, first, I want you to build a month two or three of emergency capital, and everything above that is for you to make money with, right? So what you do is savings is not a willpower thing. It has to be automatic and systematic. So if you have a job, go to HR and set up this account and see if they can put either $1 amount or 15% of every check into this account. And you live on 85 and you’ll be amazed how much money you’ll have. And you’ll, you’ll, you’ll, if you have to go back there, you have to, maybe it has to be 10 because, yeah, we have to go back into your money and, you know, increase your net paycheck. That’s really what I do. It’s like, go back. I help people find the money, but you’ve got to start out and make a decision. Part of all I earn is Mine’s the key. That’s right from the richest man in Babylon. And then that that needs to be because I don’t care about raising return. It’s not going to stay there. I’m just trying to get you to capitalize and build up some money so that when you see something that you like, you have between your money and maybe you get some good debt, no debt that makes you money and is your down payment, and you borrow money for everything else, but you you have to have capital. There’s no just. Thing is no money investing.

Mat Zalk 14:26

Yep. Okay, so what so? So when is it appropriate for somebody to invest or put money into a 401k or whatever, whatever their preference might be.

Curtis May 14:37

Let’s go back to they’ve got 90 days. So you gotta decide you want to be a real investor, or you just want to let someone else manage your money. Sure. Okay, so you gotta so it goes back to what do you want to be, where you grow. So my clients want work optional lifestyle. So and the people that we work, business owners, real estate investors, they know they can make their money, make more money to ask them. P Right, right. So the everybody else is like they you’ve been trained. You don’t have time. You’re not smart enough, you don’t have the time to temper and train and manage your own money. So give your money to us. That’s basically the language, right, right, and put it in this thing and hope the market goes up and defer. But I really, mean, postpone your taxes, okay? Because you’re not saving money on taxes deferring. You’re postponing them. And hope. And I ask people, when they say they’re postponing, do you think that in the future the government need more money or less, right? All right, so it’s a bunch of other stuff with that, but yeah, I would say fun to the match.

Mat Zalk 15:38

Which means on the 401k. We’re gonna go over that. Okay.

Curtis May 15:41

Yeah. So if you got, like, if you’re putting it like, if you don’t have, let’s not talk to somebody. They don’t have, like, five grand, three grand, saved up, but they’re putting 15% in the 401k, because they’ve been told they’re saving for retirement, sure, right? I want you to have money you need, because if you don’t have any money, the first time you have a big ticket item or or you go, you’re going to go into debt. So now you’re spending money you’ve not yet earned because you put too much money out of your control, right? So it’s an order of when you do stuff, right? So I want them saving, um, and then, like, to me, investing. If you find a side hustle that you want to do, that’s your first, fastest path of cash is, is build some type of cash. Yeah, right. And, but if you’re employee, because here’s so let’s say all right, you can say 50% up to the mesh. Okay, go ahead and do that. But you need to have access to capital, because what you want to do is invest in your own business, your own ideas, your own side ventures. Because guess what? The tax code favors that. Yep, you know. So I know I’m jumbling up a lot of stuff, because you gotta, you gotta understand the game. See, there’s two games. So I was listening to Tom Wheelwright, so there’s two task codes, and more than Laura Lamar, also, there’s two tax codes, one for the poor and uneducated and one for the rich, right? Or one for landowners, one for business owners. So you’ve gotta decide which side of the of the Cash Flow Quadrant, if you look at Kiyosaki’s book that you want to play in, and you can be in all four. But the people that the code tax This is designed for is the BI side. Look up cash flow quadrant. You’ll know what I’m talking about guys, and you’ve got to see the world. So one thing I teach them is, I said, Listen, when you’re getting this advice from your professors, from your whatever. I was like, Look, I draw, I would draw the Cash Flow Quadrant. So where are they? Where’s their advice coming from? Are on the ES side or the BI side? Yep. And they’re on the ES side, right? Well, I grew up. My dad was a business owner. I’m business owner, so my whole worldview is on the BI side. I signed in front of the check.

Mat Zalk 17:50

Yah, that’s, that’s the question, do you do you sign the check or cash the check?

Curtis May 17:53

Yeah, right. I wanted to sign a check. You know, my dad told me, You’re never making money work for someone else. I heard that from time I was seven, so I never got that. Go get a good job.

Mat Zalk 18:02

What was your dad’s business?

Curtis May 18:03

We had a supermarket. So I’m from Philly. We had a supermarket. May’s Market meats are better, prices are lower. I mean, that was on our side. He delivered. My dad was delivering in 1975 so all this Instacart stuff, he used to be able to call him to our store and we would order, put it in the cart, and then we, you know, you pay for it, or we would take it to you pay for it. It’s like 19 mid 70s. My dad was doing, yeah, and I, they were in a tavern business. So sort of gray hair, if you see my gray hair, I got gray hair. I was in the bar business in the hood, where you could get robbed at gunpoint, you know, two, three times a year. I wasn’t there because I didn’t bartend, but I was still had to deal with it. So it’s true.

Mat Zalk 18:46

So you’re talking invest. So once you have your cash, once you have your cash and savings, then it’s appropriate to invest in a 401k, or preferably something that is actually locked.

Curtis May 18:59

Yeah. I mean, you could start with a 401k or and, like, if you were, I would put, let’s just say you’re all employees, you know, I teach people be the bank. But let’s say I would start with up to the match, and then I would, if you had nothing else, better dudes, you know, how you not do yet. Then I would do a Roth.

Mat Zalk 19:16

Got it. Which still locks up your money for a good portion of time.

Curtis May 19:21

Yes, yeah, well, so I don’t love that stuff. I’m just giving y’all stuff for a basic people that are listed as because you want access to money and you want to be able to you know, because, what could people say? What should you invest in? No one answer, in yourself.

Mat Zalk 19:37

Yeah, start in your business, or develop something that.

Curtis May 19:41

Well, yeah. But mindset, right? Mindset, skill set, network, right? So what do you re watch, listen to, yeah, masterminds, you know, getting around people, that kind of stuff. And then your skill set, so money comes from solving problems for others. So when you don’t make enough money, that means you don’t have. Enough skills, or you’re only thinking about yourself, like if you’re thinking about solving or helping the government solve their problem of safe, clean, affordable housing. So now you’re focused off more than your residence. You’re helping provide housing, and then you’ll get tax breaks for doing that, right, right? Uh, you know, I want to help families teach principals and help them become and remain financially free, right? So that’s a service in how to be the bank so they get interest moving towards them rather than away from them. So if you’re in business, what does your business do? Right? And so if I can focus on serving more people, Curtis makes more revenue, so I can save and then I’m going to invest in what I know. So what I know right now my business.

Mat Zalk 20:47

Yep, and the bigger the problem you solving, the more you’re likely to get paid.

Curtis May 20:50

Bigger the check, that’s right, bigger problem, bigger check.

Mat Zalk 20:52

So if we switch from employees to business owners, for example, or away from people that are trying to start a business or trying to solve a problem get paid, but now to people that actually are solving problem and are and are signing the front of the check, as you say, What? What is typical bad financial advice? And why is that bad if you’re a business owner?

Curtis May 21:10

Well, it’s bad because it’s designed. So think about your business as the engine, right? That’s the engine that’s creating cash flow for your your lifestyle, for everything. So what people do I have a PowerPoint is I want to kind of think through the PowerPoint so I can make it visual. And it’s called Putting it all together. So you’ve got two engines, and so one engine. So typical advice has you send that money to 401ks, profit sharing, cash balance plans and is stuck there. Yeah, right. And so it’s a one way ticket away from your personal or business economy. Okay, so that’s the problem. So because you’re sending your money to some fund manager you’ve not met and hoping the market goes up, you know, you’re deferring taxes, you’re tying up your money. And so what I found for me, and then for business owners I talked to, they, you know, if you put $1 in business and you make a, you know, in marketing, for example, and you make $2 What’s that? 100% return? Well, where are you gonna get that at? Anywhere else, right? So, you know, JJ RAM says you gotta look at your business like a little hedge fund, right? And so let’s say, so, for example, the first really started to think about this. I hired my first virtual assistant. So I was like, I’m scared to death. I don’t know if I have enough work for her, you know? I gotta add more payroll. And so I set aside a couple $1,000 I said, Okay, I’m gonna start this, and I’m gonna use this, hopefully she’ll out earn wherever I set aside to cover this first month or so of salary. Yeah, that investment of Justin working my unconverted leads, literally within 60 days, tripled my activity and, you know, doubled my my revenue. Because I was just seeing more people. She managed my calendar to sell the appointments. So I got out of a lot of busy work I was doing that made me more, uh, productive, yep, right. So that’s what I mean by investing in your your your business.

Mat Zalk 23:11

As opposed to taking that money, that couple of $1,000 and putting it into the s, p5.

Curtis May 23:17

Yes. Absolutely. Like I invested 10 grand a mastermind where the guarantee was, if we don’t, uh, help you, what do you say? If you don’t make quarter million dollars, we’ll give you your money back.

Mat Zalk 23:32

Wow. What mastermind is that? Is that for financial planning.

Curtis May 23:34

That was what was in a financial planning one, or software I used, but it was something like that. That’s what I heard, right? Yeah. And so it wasn’t quite, it’s maybe like eight grand. It was a big check for me, yeah, at the time, and so, and guess what? I did make it. But I made, like, 220, 25 something like that. I was like, we’re good, right? And so what I learned in, you know, it was a one year thing, and you would go to Atlanta, and I’m meeting with all these great advisors, and I realized, okay, nobody does their own apps. They all have assistance like I just started to see a better not even just what we’re learning, just how to think differently, their thought process, who they targeted. You know, it was really helpful for me, so I’ve never gone backwards since then. You know what I mean. And every year our revenue’s gone up. But I had to invest in my knowledge. And so the business owners, you need liquidity available to do that kind of stuff. Yeah, right. And or invest in your marketing, or invest in operations, you know, because what moves the needle in a business is marketing, sales, systems and people, right? So if you can invest in that, you know, I I’m a big fan of I’m actually working on a course on this, because I’ve been teaching it to people informally. You know, there’s three ways to go, revenue, right? So, you know, you get more customers, you increase your conversions, you can increase your customer value, raise your prices, frequency. Joint venturing, right without spending money on advertising, without all the stuff you think you have to do. And then, and then a fourth one is retention, adding membership, adding whatever. And so if you said, Okay, if you saw your business as a little hedge fund, people have got leads. They don’t talk to, they don’t follow up. If they don’t buy right away, it’s so much low hanging fruit that you’re going to lock money up in in something where you could double your revenue in six months. That’s what I mean. So it’s just, but what happens is, unless you get with somebody that thinks that way, that’s in business, it’s all them. I mean, because they make there’s nothing wrong with it. I’m not I’m just saying, you know, it depends who you work with, you know, because if you met me 25 years ago, I’d have been trying to put you into a set. I’d have been trying to, you know, help you set up a 401, K plan. And because that’s what I was trained to do. Our goal was assets under management. I made commissions off of, you know, off of the mutual funds and that kind of stuff. And that’s why I’m selling so when people are doing, AUM, they’re not doing anything wrong. But to me, you have to be more sophisticated as a business owner, and say, Huh, I need access to capital. So when I use like, one of the things I use Mat is infinite banking for it’s just a place to store cash, right? Where do you store your capital, right? And so our clients leverage bar against their permanent insurance, and then they can borrow it so the money is still in there, making money, but now they can reinvest it into, you know, down payment for a property.

Mat Zalk 26:30

So let’s, let’s talk about, let’s talk about Infinite Banking. So somebody is a business owner, they have enough liquid savings to make investments in the future they have, and the reinvestment.

Curtis May 26:43

The policy is part of their liquid savings. That’s where you should store past like a month or two. You should store it in policy.

Mat Zalk 26:50

Okay. And let’s take that aside for a second. They’ve invested in their business to the point where they’ve got a VA. They’re touching all their leads. They’re potentially even doing additional marketing to grow in your hedge fund concept now they start putting money into a whole life policy. You consider that savings and is that, is that from day one, either or from day 90, either cash flowing, or is it accessible? Is it liquid?

Curtis May 27:14

Yes, and yes it’s so it’s accessible liquid, you know? And so I do a similar model on business. When money hit your account, Profit First, we have a little bit of adjustment to that. And so when I if the Profit First, I say, so. I say, 15% of my gross revenue of our business, okay, for for me, separate from me, we’re in payroll. That’s profits, right? And then I set aside 15% of my gross revenue for taxes to go into a fund I label tax. So at the end of the month, I sweep both of that money and those checking accounts into policies. Okay, so when a policy when, let’s say, I got a tax bill for this is not even $20,000 let’s say, Well, I’m not going to liquidate my savings, to transfer my wealth to the Treasury Department, right? So what I’ll do is I’ll take a policy loan, put it back in the test. I’ll make sure I’ll fill up the policy or I’ll pay down loan outstanding. I’ll take a loan, put it back in the account, and then I’m going to write a check to the Treasury Department, so now they’re happy. I still have my money because all I did was collateralize my money, so it’s still in there, earning money, interest and dividends. And then I will just create a payback plan to the bank of Curtis, pay down the loan, and then in six months, I’ll do it all over again, right? And so at the end of the year, I so see here from Rich Dad Poor Dad right from chapter three and Rich Dad Poor Dad is mind your own business, which is your asset column. So when money hits your account, I don’t want to ever let it lead, right? So I store it in cash value policies while it’s still growing uninterrupted, but I can collateralize it other people’s money, insurance companies, money do I only use if I don’t use for every little thing is for major capital purchase, which I defines anything you can’t pay for in full within cash flow. So vacation, a car, um, my kids get about to go to a $3,000 summer camp, you know, that kind of stuff. And so I’ll recap, and I’ll just add a payment plan and recapture it. Or I’ll use it for, I’m going to use it right now to invest into a marketing program with one of my clients, this, you know, that kind of stuff. So I want to all in house.

Mat Zalk 29:27

So your 5% is your profit, above and beyond payroll. To yourself, 15% is a tax account that you’re sweeping every month. You now take $20,000 from your infinite bank, from your whole value, whole life policy. You pay the Treasury, where is the money coming back to repay yourself for that?

Curtis May 29:46

Out of cash flow like I have to add it to that’s why I see infinite banking. People think it’s about life insurance, it’s a it’s a system of money management, right? So it’s about banking is just a concept. It’s right, creating a pool of money that. You control, right? Because when you look at the players, in a player, there’s a saver, that’s me paying the premium, right? That 50% uh, there’s the banker. So right now for y’all as American Express, or, Wells Fargo, not American Express, um, Bank of America, anywhere, any commercial bank, right? That’s the banker, and then there’s a borrower. So most of us control two of those. We’re either the saver or the banker. So what we teach people is to we create a separate account, and then when you take a loan against your cash value, you put it in a money manager account, and then you alright, I need to go to a business expense. I needed to go to whatever. But when you take a loan, you have to make provisions to pay it back. Yeah, right. So if I buy an asset, let’s say you buy a property, then it’s like figuring it back in days. Do 8020 loans, you know? So you’re the bank you own, so that product, so you should, you can get the money from the insurance company at four, you should charge yourself like six or eight and create an amortization schedule, so now your money’s still making money. You’ve recaptured the profits, you have given to a third party institution, and you didn’t cheat yourself by not charging yourself retail, right? And let me stop there. Go ahead.

Mat Zalk 31:15

So that $20,000 in the tax payment, for example, the idea would be to just put that into a whole life policy, and then almost immediately, because you’ve, over the past two years, three years, you’ve been building that whole life policy and paying premium, you put that in there, and then you almost immediately pull it back out.

Curtis May 31:35

This will give a wrong. You’re not pulling it back out. You’re borrowing against it. You’re borrowing it. But that’s important distinction, right? Because they think, oh, you know, why am I paying interest the borrow amount of money? If I pull it out, you did, it’s still there, yeah, right, growing, uninterrupted compounding in a tax free environment, or taxpayer environment. So now I’ve paid off that because if you didn’t have the money set aside. So think about this, if you, if you saved up 20 grand, and you just pay the tax boom, how much is in your account? Zero. But here’s the other part that business owners this will business owners give away at least a million and $3 million because they don’t understand opportunity cost? Yeah, okay, and so, because, just because you took it out. The money is keep being compounding forever, infinitely. It’s just it’s not working for you because, so if you borrow, let’s say you could get just y’all, you’re a rule, 72 No, the compounding rule every Yes, 72 until so let’s say you could get 7% just for round numbers, so your money would double roughly about every 10 years, right? Yeah. So as an investor, if you know, you could get 710, 12% cash on cash that 20,000 it’s gone, but it’s not just gone that if you could have earned you gave up the opportunity to put that money to work, right? So then 10 is, and then the 10 is, or the 20s were 40, then the 40 is worth 80, infinitely, and that’s just one decision. So you do that every year, right? And so what if you could put it in a scenario where you get to use it, but now you can reduce or recover the opportunity cost, because your money never stopped working. And then what I all I do is to say, okay, look, I set this out. I’m going to create a I’m still putting new money in the account, and then I’m creating, all right, here’s how I want to pay it back. And then I just add the payback to as an expense in my operations account or my personal account, or if I did an investment, then I would, you know, the bank, you just like, if you buy a house, you gotta pay a mortgage company, yeah, right, but you own the bank, but you need to set aside a budget, because if you can’t pay the mortgage payment, that means, or the car you want to buy, you can’t afford it. Okay? So you have to be That’s why, I mean, it’s a demanding management system. It’s not like you’ve got to be able to make provisions to add that to your spending plan to recapture money, but so from accounting standpoint, it’s the same money, except for you control that pool of money, so you’re paying down your line of credit against your money so you can turn around and use for something else and just but you keep it in house instead of transferring it away to third party capital, never to be seen again.

Mat Zalk 34:23

Are there tax benefits to doing this?

Curtis May 34:25

Uh, yes, and no. So our Think of we’re talking about life insurance, guys. So life insurance predates the tax code by 100 years, so it’s not a creature of the tax code, right? So think of it from a tax standpoint, like a big Roth with more benefits because premiums are paid or after tax dollars, but once they’re in there, unless you do something majorly stupid, it will never get taxed again. You can screw it up. That’s why you gotta learn how to do it. You gotta set these things up by somebody that knows how to do it, not that somebody thinks this.

Mat Zalk 34:56

That’s overpaying, overpaying your account so much that it becomes an annuity and. Then you get.

Curtis May 35:02

What happens is, if you don’t understand this, called the mech limit, if you, if you make it, the policy out modify endowment contract, the IRS treats the money like a retirement plan. So you got all of the same with 401K, yeah. Um, sometimes people, this is the, why don’t I love this strategy. People sell the idea of tax free retirement, and then they’ll start taking money out, take via loans to get retired tax free. But if you don’t have you haven’t funded properly, correctly, and then your premium is because the cost of insurance is a universal life is going up. Then if, if something screws up, and you’ve lapsed the policy that you owe all this money is taxable.

Mat Zalk 35:43

So you gotta really be making sure you You doubt all your eyes and cross all your T’s.

Curtis May 35:47

Right and so what if that you got it for a person who’s part time and now they’re not there. Six months later, you got this thing set up, and you’re, you know, you’re, you’re, you’re funny, and they didn’t really understand what they what they were, were offering. And so that’s why I my preferences whole life, because I never have to worry about if everything in is guaranteed, right. So I don’t have to wonder if this thing’s going to work. Is it going to do what I said it’s going to do? Because I show you in black and white area. You do this, you get that. And so what I want to do from a savings, remember, safe, liquid, accessible, guaranteed? Yeah, I want certainty, because you’re not going to make see people still think it’s investing, right? You know what they don’t count is, well, alright, so if you borrowed, I got a case for a client. He couldn’t find any properties. Real Estate Investor had about five properties. He couldn’t find the image or his hair filling. So we, I do a call. We call. We have something called Money for Life Club. So I’m always challenging our people to make money, right? So we were talking about rental cars, Toro and hire car. So that came up. I was challenging even name 10 things you could do to make additional money. Always focused on production, right? And so he heard it, and he had heard about it, but he didn’t get off from our call, but it sparked entry. Realized he had a friend that did it. So I saw a loan come through. He borrowed eight grand against one of his policies, AC borrow. He bought a 2010 Nissan Sentra for six grand, put it on the hire car app for $38 a day. Was rented out two days later. And it, you know, we just, he got kept it for a month and a half, but we, I just been averaging out. If you averaged out 25 days a week, is over $900 a month. We use part of that cash flow to pay back the policy loan. You turn around in about a month. Two months later, he bought a second one. So now he’s got almost just under two random off of cash flow. But he didn’t have before, right? They didn’t have before. So it’s new money, a new business he started. Then he learned how to one of the people on our calls wanted to partner with him, so he let him rent out his car. He had another friend he’s renting out enjoy venture with two other people where he’s getting just putting the money 5050, and he’s got like five of those. So he’s generating over $3,000 a month. Now. That’s not illustrated anywhere on a life insurance illustration, but that’s $36,000 a year in new cash flow because you had access to capital.

Mat Zalk 38:14

So let me ask you this, if a lot of our investors are working a full time job, they’re w2 they view real estate as a way to get either out of their full time job and do a side hustle, or save have equity in a home by the time they retire. So when somebody pays off a 30 year mortgage, they now have the, you know, the full cash flow from from that property in 30 years, and they can retire on the cash flow from the 10 houses that they bought, etc, if they have not thought through a whole life policy that they can borrow against. Do you think debt is a good way for them to scale their investment, or should they focus on taking saving whatever they can then, you know, putting all that whatever the having the liquid for three months or two months, or whatever you said, and then, and then starting their whole life policy and build that up to the point where they can borrow against it and do it then.

Curtis May 39:03

No, you need to use debt. Okay, yeah, you’re not going to list it. Debt. Rich people use debt as money. Okay, so all that, I’m gonna get out of debt. I’m gonna try to pay off my mortgage. That’s nonsense. Okay, you need to use the best see. Now here’s the thing. You got to borrow money to make money, right? Because it’s not debt, it’s liability. See, debt is spending money you’ve not yet earned. You’re using future earnings as collateral. That’s how we define debt, okay? So when you take a loan against a piece of property, and you’re that’s a liability against an asset, and then the tenants is paying that back. So if you had $100,000 you know, you I would get four, take 25 grand and get four properties and get get a mortgage for the rest of them, right? Would they have no leverage?

Mat Zalk 39:56

Would they borrow against their policy if they had a policy to use the equity component?

Curtis May 39:59

If they had enough money, I’m assuming you’re starting out you don’t have enough money, so use other people’s money. So what I use? So here’s how I do that. Most people need to use other people’s money, right? And so when I look at the policy, I look at it two ways. I said, first of all, I want it. You want to borrow. You want to you want to be able to borrow out of opportunity and not out of necessity. Yeah, okay, so banks loan money people that don’t need it, right? So if you show you got a, you know, 25, 50, $100,000 in cash value, you could take a screenshot of your app and use that as proof of funds, right? You could use this collateral, you know, but I would still and so maybe, you know, if I don’t feel like, if I because you can take a loan, you can get the money in a few weeks, not few weeks, a few, let’s say, a week or so, to get the money from the insurance company. And you have an unstructured payment, right? So you don’t have a payment plan. So if you got a deal, and you don’t want to pay for it till you finish the, you know, refurbishing it or whatever, or you pay it off out the cash out, so you don’t have the structure, right? But if you So, that’s why I like to have it. I want to or stuff go sideways and use other people’s money. You got money to get them out the picture, and then just, you know, you give yourself a bank holiday till you finish. Yeah, right. So that’s why I use it. But when you’re starting out, you need to use other people’s money, so I see you to get your finances together so you show that you’re saving. You’ve got money in the bank, you’ve got your credit score up. You need to be a good steward of your money so you can use other because it don’t it takes a minute to save about 50 grand, 100 grand, but you could borrow it in 1520 minutes, or a couple of weeks. So you want to use other people’s money, and banks will loan you money to do real estate. So it’s leverage, because if you want to buy it’s the other part with, with equities, right? So if you want $100,000 worth of stock, you need $100,000 like, there’s no leverage there, right? And so, or saving up paying cash, there’s no leverage there, right? So you want to use so if you want $100,000 worth of real estate, what’s the answer? It depends, right. Least, like 20, 25% but if you know how to raise capital, or you know, you know, as you work on your knowledge, you get to a point where you use any of your money in the deal. And so that’s why I say investing is about becoming like as your knowledge goes up, your risk comes down, because you just have so many extra strategies of where you can, you can solve your money. So that’s why I say invest in what you know, or invest in knowing and and so let me stop there. So that’s, that’s the thing. Yes, you’re not trying to get out of debt. It’s okay to use debt math back his preferred way to use I was watching this video with, Ken McElroy and Kiyosaki on their private jet. Oh, we’re ten billion in debt, you know, but they’re, you know, they got cash flow over and above what your debt cost them. So, all right, and then it’s from a tax standpoint, debt is not earned income, so it’s, you know, if you, if you cash out, and you pull out half million dollars off for refinance, or $100,000 that’s tax free money.

Mat Zalk 43:04

Let’s talk for a second.

Curtis May 43:04

You’re not gonna ask me tax advice.

Mat Zalk 43:09

Do your homework on that. Talk to your CPA, yes. What’s, what’s a wealth coordination account?

Curtis May 43:13

So wealth coordination count is just a checking account that we use as a place to, like, put that 15 or 20. Okay, right? Okay, it’s a place where you put the profits off of the real estate. So let’s say you have real estate portfolio, and you know, you want to keep a certain amount in the in the real estate account to cover, like, we just had to do a high war here, right? And so $1,500 and so we had enough in there to cover that. But past having an emergency capital, I take those monthly profits, I put them to the wealth coordination account, and then I flow them into my life insurance.

Mat Zalk 43:50

Got it. Um, on the on the life insurance side, whole life insurance, how would one define how much they should be putting into a whole life insurance policy, maybe on a monthly basis, on an annual basis, some of it is defined by the death benefit, and then other is defined as the mech limit, as you call it.

Curtis May 44:13

So we you gotta give us somebody else how to do it, like me. Shameless plug, how.

Mat Zalk 44:18

How would people find you by the way?

Curtis May 44:20

They can go to our website, practicalwealth.net. practicalsolutions.net. practicalwealth.net, or I’m on YouTube and IG and I’ll give you a free report where you at the end when we connect. But so first thing is two parts to that question, right? So the first thing that we saw for this is a principle of our principle we teach is maximum protection. So I solve for your so let’s say you’re 42 you make 100 grand a year. You can you can have. Let’s say you should have, but you can have your annual income times 20. Okay, so we do you want to buy your net worth. So we solve for that with term. So the goal of term is with the most you can get. It for the least amount of money, convertible term. That way we I know your future is bigger than your past, so that allows me to ramp up your system. So what I try for, we work with people is, let’s just use a round number. They make it 100 grand a year. I want them saving $15,000 through their wealth coordination account. And then I would I try for people depends on their situation, because you can do lump sums. But I’m just starting straight, starting from scratch, monthly or annually. I want them saving 10% of that 15% through a policy, and then we solve for what’s called minimum, non max. So I’m going to build it literally, solving for how little insurance you can buy up to the up to the government rules, and then have most of it go into the cash value. So you have early cash value where you can, you don’t have to wait three years, or I thought it hurts expensive, or it takes a long time to build up. None of that’s true. That’s from people that are just selling you standard Whole Life policies where you don’t build up any cash right away. They don’t have the right riders. You know, it’s gotta be properly structured, dividend paying whole life with a mutual company. So that’s the whole, you know, if you’re gonna use the right product, and then you gotta have the right person that’s, you know, kind of qualified to, kind of teach how to do it.

Mat Zalk 46:14

So in your example, 100,000, 15,000 goes to the wealth.

Curtis May 46:20

Right. So, savings, right. Yeah, 15.

Mat Zalk 46:24

The wealth coordination. Now and then 10% of that 15,000 or $1,500 goes to the.

Curtis May 46:29

The policy. So I pull it out of that account to pay for the premium, because see what people want to start with the policy. What did I do is, it’s a little bit of an extra step, but, and I’m probably more conservative, what I want to do is I want them to exercise what I call their pay themselves first muscles. Yeah, you know what I mean. And so if they have a job, I’m going to say, Okay, well, $15,000 a year. Well, how do you know if you get paid bi weekly? So let’s divide that by 26 which is like 576 Can you save 576 to pay right? So now you’ve proven to yourself that you can do this, and then I’m saying, all right, you still need to have ATM money. So I still want money in the bank, but we’re now going to transfer it to a better storage facility, permanent life insurance. You know that long range is a better place to store your cash, because all it is is a saving charge. It’s not any deeper than that. You know, it’s a money management system to to, you know, control the banking function in your life, but you have to capitalize it, so, which means you have to put the money in. So you gotta, you gotta, you gotta, stamp on your forehead. Part of all is right, from original man Belon, part of all your earnings, yours keep, spend less than you make. Like, that’s like, if you can’t, like, sometimes I have to find that, because if I can’t find that, I won’t let you go any further. Sure, sure. Sometimes I don’t let people do the insurance. Because let’s give you some term. I’m not convinced you’re saving enough money yet and you don’t have any money, so I want you to get a month or so in the bank, bank. Like, you know, need to have ATM money, so I don’t really just throw people into a policy, yep, so that’s why I see I put a financial planning wrapper around IBC. So I teach people to save, protect, build legacy, build liquidity, and focus on velocity over accumulation. Which velocity is now you have capital buy or build assets that send you a check. I want them out the rat race. Mat, in 10 years or less.

Mat Zalk 48:28

Yeah. Very interesting. Curtis, in addition to the Practical Wealth Show, which is your podcast, what other podcasts Do you listen to to stay abreast of everything that’s going on in your world? Or anything else.

Curtis May 48:43

It’s funny, listen to. So I was just Keith Weinhold, yeah, um, education, yeah, Get Rich Education. I was listening to him this morning. Uh, I listened to the Dan Kennedy podcast. And I’m a member of the Magnetic Marketing community. So Russell Brunson, yeah, because I’m really in the marketing business, that’s what I understood. That’s what helps me be successful. And then I like Wealth Without Wall Street Podcast, which are two advisor friends of mine that do IBC that I like. So it’s a couple people that I follow that, yeah, I can see what you’re doing. Wealth Without Bay Street, which a couple of great guys up in Canada that do IBC, that are friends of mine, and so I like to see what they’re doing. I like to make sure I’m doing it right. People that I respect, you know, make sure I’m not going off on some tangent. This is the way Nelson do it. And so most of us around marketing, there’s another one. I like, the black entrepreneur blueprint by Jay. Jay, I want to call him Jay Wright, because the his name is Jay Jones. He’s out of Philly, yeah. But he’s called, you know, the new Black Wall Street survey talks about, like, social media, not social media, um, ecommerce, yep, business for, you know, people in an African American community where you can, you know, be really, for a couple $100 Is really build nice income. And so those are some of the I’ve probably like 8-10 I’m a nerd. I’ll 8-10 shows. I like Laurel ameyer, you know, a listener sometime.

Mat Zalk 50:11

And you do, you generally promote the book. What would the Rockefellers do?

Curtis May 50:15

I do so I know Garrett, yeah. So his book, matter fact, is on my resources page, on our website. So I might be going to, I just, I got, I just got back from another trip, and there’s a mastermind in Denver, he’s gonna be speaking, and I’m like, don’t think I have time to go to this, because I gotta take my door on some birthday trip at the end of the week, and I can’t go away. And so it’s a lot. But anyway, I’ve been stuff. I’ve got all his books. And so I’m a big fan of Garrett.

Mat Zalk 50:44

The concept there is, you build the trust. Remind me here, you build the trust, and the trust is a beneficiary of the life insurance policy so that once, so that you can have.

Curtis May 50:55

Yeah, so that’s later on. I mean, the Rockefellers book is another way he says, Well, I just says, he calls it a wealth capture account. He you know, you save money first. And so what happens is, so part of like in my program, maximum protection, we’re adding trust to that. And so initially, the trust, the insurance, the beneficiary of the life insurance is the trust, yeah, eventually you can have the trust own the life insurance, but it’s going to fund the trust. So one of the trust things they do is you, every generation you know, like, you can get life insurance on a child, like, days 14 or 15 after life. So once you have a social security number, you should apply for insurance, right? Whole life. And it doesn’t have to be, it could be $200 a month. It could be $500 a month. The key is you got to have more insurance on the parents than you have on the child, like at least 50% more. So if you don’t have a lot, you can’t start well, I think the insurance will be cheaper on the child. That’s not how I work.

Mat Zalk 51:52

Then there’s a moral hazard associated with Yeah, yeah, doing your own children, yeah, yeah.

Curtis May 51:57

That’s what they think. I mean, it’s still insurance, right? So we’re talking about strategies, but the insurance companies are product manufacturers, so there’s certain rules that go along with that. But you know, just actuarially, you want insurance on the oldest people, yeah, right, because, you know, people do die, and then what you want to do is you can leave a tax free benefit with the trust due is allows you to control your money from the grave. I’ve got several turns I viewed on trust. So Adams is, you know, for my show, I’ve got experts. Everybody talk about this stuff. But what happens is, you know, a lot of people hear like, bits and pieces of stuff on on IG or whatever. Oh, I have family trust. I want this and having bill like, you don’t have any money yet. Can you rub two nickels together? Right? Trust costs 510, $1,000 I mean, you know what? Oh, they’re not ready for that yet. Some of you are, but it’s a process. You know, estate planning, it’s a process, because all planning, like, if it’s written on paper, it’s wrong from the time the ink is dry, right? So you you’ve got to have a a thought process. What I try to do with principle based planning is give people a thought process around money, because my job is to help them understand how money works, just not to put them in investment. You know, good planning is really more about protection from downside risk, right? So it’s to prepare, not to predict. So last time I checked, Anybody got a working crystal ball. So I want to protect you. You know, you’ve got to save, right? You can and then what can happen to you could die, you get sick, you get sued, you got fire. You got to put that becomes before investing protection. Yeah, everybody wants to, Oh, I gotta invest. No, you don’t have any, you don’t have any you don’t pay yourself first. So you don’t have the habit of part of all your earnings, yours to keep, right? And so you think you get this home run, and I can do no, you need to do it on your little bit of money you make now, because your number one asset is your ability to earn income. So you need to save part of that. I’m going to kind of hard crow this stuff. Mat, so yeah.

Mat Zalk 53:53

I love it. I love it. I love it. Richard span of Babylon, and what would the Rockefellers do? Two, two great books for.

Curtis May 54:01

And Becoming Your Own Banker by R. Nelson. Like, if you’re going to work, if you want to call me, you have to have read that, because I teach that. I and I could teach from I like, what’s his name? What is the name of the world? Rock clothes, Garrett. Garrett, yeah. So I like Killing Sacred Cows. He’s got new Disrupting Sacred Cows. Um, so I like all this stuff. So I could teach from that you brought me that book. I could say, Alright, go to chapter three. And, you know, because I want you to think like I don’t want you to do stuff as Curtis said, do it. I want to be able to have a conversation. Because I need you to, if somebody is so much financial noise out there, I need you to have a philosophy. Sure. You know General says most people don’t have a money problem to have a philosophy problem because you don’t have a plan. You don’t have a philosophy. So you’re out chasing stuff, every little shiny object rates return thing, as you can see, because you don’t have an overall philosophy and plan for financial freedom, which is passive income, grade. Expenses. And so when you’re when you’re looking at like the 401ks and stuff, you gotta ask yourself, well, what is, what is my goal? I want to become financially free in 15, years or less. Well, how’s it for 1k I help you do that?

Mat Zalk 55:14

I love it. Curtis, you’re a wealth of knowledge. We appreciate you being on today’s guest. Curtis May is the Host of The Practical Wealth Show podcast and the Creator and Owner of practical Wealth Advisors. He’s been planning for individuals for more than 35 years, and he’s passionate about helping his clients save money and live the very best life they can right now. Primary focus of his financial planning firm is to help individuals and families become financially free by following the principles of wealth creation that have endured for centuries around the world. We are so grateful that you came on the show Curtis. Tell me one more time where people can find you if they’ve loved what you said today.

Curtis May 55:52

So I’ll give go to practicalwealth.net and just click on I have a tab to become your own banker, or join me. It’ll take it to our calendar. You can also, here’s a gift I want to give you guys. It’s a book I have. I’m big on liquidity, right? So I have a free report calledThe Value of Liquidity. So why it’s important to have money, and so if you will, text be the bank. So all caps, all one word, BETHEBANK to 55444. That will take you to that report and we’ll send you that out. You’ll be our mailing list, may call you, may or may not, call you to see if you want to talk to us.

Mat Zalk 56:33

If you’re, if you’re your VA is doing his or her job, then somebody will call you. Yes. Love that. Curtis, thanks for being on the show today. Appreciate you.

Curtis May 56:42

My pleasure. Thank you. Take care.

Outro 56:48

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