How to Build Your Own Bank with Curtis Ray: An EOFire Classic from 2022

0:01John Lee Dumas:Boom! Shake the room, Fire Nation. JLD here and welcome to Entrepreneurs on Fire, brought to you by High Level, the all-in-one sales and marketing platform. On today's classic episode, we'll be breaking down how to build your own bank. To drop these value bombs, I brought to Curtis Ray in the EO Fire Studios. Curtis is a two-times best-selling author regarding retirement and the phenomenon of compound interest. He is also the inventor of the MPI Secure Compound interest account, an MPI infinite bank with verified 1.5 million followers on TikTok. And today we talk about how entrepreneurs often think day by day, but 95 % of businesses fail within 25 years due to cashflow.

0:38John Lee Dumas:And if your money already earned seven to 12 % interest, you can expand your business selectively using it to grow wealth and freedom and to owe so much more. And a big thank you for sponsoring today's episode goes to Curtis and our sponsors. Stop duct taping your business together. High level runs your website, your funnels, email, automation, scheduling, payments, and memberships all in one place. And when you sign up at highlevelfire.com, you get a 30-day free trial plus my exclusive bonus stack that includes weekly office hours with me and much more. Visit highlevelfire.com, highlevelfire.com.

1:12John Lee Dumas:Fire Nation, are you ready to build something special in the next 50 days? Check out my free YouTube series, 50 Days to Something, short and strategic step-by-step videos by me, JLD. On day 50, you'll have a valuable asset. And the best part is it's completely free. Visit eofire.com slash YouTube and start day one today. Curtis, say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with. How you doing, Fire Nation? I'm glad to be here. The number one thing I try to tell people is you do not need home runs to win the game of money.

1:54singles and doubles, consistency, persistency. That is how you win the game of money. Don't go for the home runs. Don't need the strikeouts, just singles and doubles over and over. That's how we win.

2:05John Lee Dumas:We don't want strikeouts, Fire Nation. We want you at the plate making things happen. And today we're talking about something that's going to probably catch a few people off guard, building your own bank. It's kind of a head scratcher at first, but I want to start with the basics. What is compound interest? So compound interest is money that makes money. And then the money money makes also goes and makes money. So it's this phenomenon of money working for you where you don't have to do anything. Your job is to get money, pay yourself first for my first interview with you, get that money working for in a position where it just keeps hitting singles and doubles over and over and over.

2:42And that is literally the most simple path to financial freedom.

2:45John Lee Dumas:Fire Nation, financial freedom is a huge reason why a lot of us are tuned in here today. So I want to go a little deeper than the compound interest. What exactly is MPI, Secure Compound Interest? What is that? And there's an account behind it as well. Yeah, it's an awesome story that compound interest is this phenomenon. A lot of people think that compound interest is the same as investment interest. We go out there and we work and we put money in stock market and real estate and other investments. And that's investment interest. It's not exactly compound interest. And so I have this little story that there is this account that was invented in 1997.

3:22It's a secure compound interest account through life insurance. And people are like, why would you ever use life insurance for a secure compound interest account? This account has guaranteed security against any stock market risk. We all know the stock market's on fire right now. How would you like to be in a place where you have absolutely no risk to the stock market? Then you have a place that's growing your money anywhere between 7 % and 12 % interest on average. So you have the guaranteed growth, the good growth or the guaranteed security and the good growth of seven to 12%. That is our singles and doubles over and over.

3:50This account also has no capital gains tax on all your investments, all your growth, anything you do, there's no capital gains tax. And then when you go to take it out, 100 % tax redistributions. The problem with this account is you had to have a$5 million net worth to even qualify for it. So it's an exclusive account that only the rich get to participate. And we all know that the rich have special advantages that normal people don't have, right? So in 2014, as an entrepreneur, as an inventor, as a creator, I said, I got introduced to this account. I finally hit my 5 million net worth. Someone came to me and said, Curtis, you got to get this compound interest account, this secure compound interest account.

4:26I go, that's freaking awesome. But that's not fair. Why can my family, my friends, all the people I know can't participate in this exclusive account that's been around for 25 years. So me and a guy named Eric, we end up taking the next four years from 2014 to 2018 to build the first exclusive MPI secure compound interest account brought to the public that has guaranteed security against any stock market risk, growth potential above 10%. You get tax-free growth, tax-free retirement income, and you can basically put in as much money as you want. Unlike a Roth IRA where you can put in$6 ,000 a year, you can basically put in as much money as you want, no access penalties, retired any age you want.

5:07It's always people like, well, that sounds too good to be true. Well, it's been around for 25 years, but only exclusively for rich. Now, for the first time in the history of personal finance, everyday Americans get to take advantage of what the rich previously could only take advantage of.

5:19John Lee Dumas:Wow. And that's why we interview entrepreneurs, Fire Nation, because they see a problem and they go and they fix it. They see an opportunity and they fill that void. Now, I will just make a clarifying point. When Curtis said the stock market is on fire, he doesn't mean it in the good way. Like he's on fire. He means it in like things are burning to the ground right now because this is actually a June of 2022. So whenever you're listening to this, just know that the market's having a tough time right now. So that's what he meant by on fire and where this very secure compound interest opportunity can be very appealing for all the obvious reasons.

5:54John Lee Dumas:Let's talk about infinite banking. What is that? It's this really awesome concept that was built in 1980. And it's this concept that you can put money in a secure compound interest account, then have access, you use it as collateral. So you got this compound interest account, kind of like a bank, you put your money in it. The more money that goes into that, the faster it grows, the better it is, all that other stuff. But then this concept of that you can access it or you can use it as collateral to access other people's money. We all know from real estate and all the other things by using outside resources to use someone else's money to build your wealth is how you accelerate it.

6:33And so this concept is that you can put money inside of a secure compound interest account, have outside access money while your money still compounds. You can then take a loan against it, use that money to go invest in real estate, in business, expand your business, all the while your money's still compounding for you. So it's a way to get your money working in two places at one time inside the secure compound interest account that has all the guaranteed security and the growth potential of the stock market. then use someone else's money, OPM, other people's money to go build your business, build your real estate venture, having your money work in two places at one time.

7:09Because if you just take your money first and go do the real estate investments and go build your business, that's good. But think if you could add an additional three to 6 % compound interest to every investment you ever do for the rest of your life. That is substantial. That can equate to millions and millions and millions of dollars of compound interest using the exact same money, but working in two places at one time.

7:29John Lee Dumas:Fire Nation, that is power. That is infinite. And we're gonna be talking about the MPI Infinite Bank. We're gonna be talking about building your own bank and so much more when we get back from thanking our sponsors. Fire Nation, ideas are exciting, but systems will allow you to create freedom. That is where High Level comes in. High Level allows you to build and run your entire business from one platform. Website builder and hosting, funnel and landing pages, email marketing, automation and workflows, calendar booking, payments and subscriptions, even course and membership hosting. Everything works together seamlessly.

8:05John Lee Dumas:Plus award-winning 24-7 support so you are never stuck. And when you go through my link at highlevelfire.com, you unlock my full bonus stack, a 30-day free trial of High Level with full access, a private 50-minute coaching call with me, weekly live office hours with me, a digital copy of my book, The Common Path to Uncommon Success, my 50 Days to Something execution roadmap, and more. Stop piecing tools together. Start building momentum. Visit highlevelfire.com and start building your something today. Fire Nation, are you ready to create something special in just 50 days? If you just thought yes, then check out my free YouTube series, 50 Days to Something.

8:49John Lee Dumas:Every video is short, clear, and built to move you forward one intentional step at a time. Clarity, offer, validation systems, momentum. By day 50, you are not working on something. You have built something, something to be proud of. And this is completely free on my YouTube channel right now. If you're done letting weeks just drift on by, visit eofire.com slash YouTube. that's eofire.com slash YouTube and press play on day one. 50 days will pass in the blink of an eye. The only question is whether you'll still be thinking or finally building something special. So Curtis, we're back and we talked about the MPI, Secure Compound Interest Account.

9:32John Lee Dumas:We talked about infinite banking. Now, what exactly is the MPI infinite bank? Well, I loved how you used the analogy of like entrepreneurs find a problem and they fix it. They want to make something better. We've got Blockbuster, Netflix. We've got the BlackBerry and the iPhone, all those other things. This original concept of infinite banking happened in 1980-ish, somewhere around that date, and it was used in a whole life contract. Unfortunately, a whole life has become kind of a dumpster fire. It doesn't work very well. It doesn't make you very much money, and the infinite banking concept inside a whole life just doesn't work because you're actually not having your money work in two places like it's supposed to.

10:09So what did I do? We said, hey, man, that's an amazing concept that you can have your money working in two places, but we've got to make it better. We've got to evolve. We've got to innovate and make it better. And so we launched this brand new MPI infinite banking plan. The MPI secure compound discount is a great retirement plan. It's used for everyday Americans to put in$1 ,000 a month,$500 a month,$300 a month, whatever you want to do. But now for the investors, the business owners, the entrepreneurs, we took this MPI secure compound discount and evolved it. So now you can have your money growing somewhere between 7 % and 12 % interest on average.

10:43Then use that money as collateral to get outside money at around 3 % to 4%. 4 % is the average right now. And then go do your outside investment. So right now, we launched the MPI Infinite Banking Plan. It takes the whole life plan that is outdated, doesn't really work anymore, doesn't make very much money. Still a great concept. It was just outdated. So we launched it. Now you can have your money working 7 % to 12 % on average and go get the investment interest. You add those together. That is a very awesome path to financial freedom where you have your money working for you, secure. And the most important part is this.

11:17If your money's already making around 7 % to 12 % interest on average, a lot of investors and entrepreneurs, we force investment or we force business expansion because we think we need to make more money, right? Well, if you have your money already making 7 % to 12 % interest, you now get to be selected selective you now get to be methodical with your business expansion very selective with your real estate deals because your money's compounding for you already making you this amazing path to financial freedom and the investment becomes the add-on everyone does it a little bit backwards you go do the investment and then we try to do a compound interest account now that the mpi secure compound discount is available this thing that was exclusively only to rich people now go get your money there and then make your investments the add-on to expand your financial freedom and your wealth.

12:05John Lee Dumas:Fire Nation, I hope you're listening to this because this is fascinating stuff. It's giving you control. It's putting you in charge of your wealth. Now, we did have that very interesting title, Curtis, which was how to build your own bank. What exactly does that title mean and why should Fire Nation build their own bank? Exactly. How do banks make money? They get outside money. They use it to expand. They use it to make compound interest, right? And so I'm going to give you an example of building my own bank because I have my own bank right now. It is one of the most amazing assets I own. I put away a lot of money.

12:42I save it. It's accessible. It's liquid. There's no penalty to access it, unlike the 401k Roth IRA, those different things that we put our retirement plan in. So now you have this place that you can put money in. You can't over save because it's available to you. So you put money away. You put money away. When that selective investment comes up or you need to expand your business, buy machinery, doctor, dentist, need to buy the new x-ray machine, you now have this bank that you've built that is making you 7 % to 12 % interest on average. It's sitting there. It's growing for you. now you have access to that money to use as to go buy your things go do your investments while it's still making that compound interest for you so when in my situation i had this piece of property and i wanted i'm gonna go build a house right it's it was for sale for 1.5 million dollars i go in and when you have cash in hand and you have money available to you i went and said you know what i don't really need it right now but if you wanted to sell it i'll sell it i'll buy it for me for$800 ,000 in cash.

13:41I had a lot more money in my bank. I'm sitting there. The guy's like, no, no, no, I'm going to get 1.5 million for it. Okay, go do your thing. Two, three months later, he calls me up. He goes, if you can do it in cash, we'll do the deal. I was able to buy this property for$800 ,000 in cash that now appraises over$2 million because I had instant liquidity to my money, no credit checks, no hard money lenders, no origination fees, all those things that are so hard in a bank. Any entrepreneurs know if you've ever gone to a bank to try to a small business loan, nearly impossible. I was making millions of dollars a year and they still denied my small business loan because it's so impossible.

14:17But if you're making one, two, three, 400 ,000 a year, save half of it, save a hundred grand, start building your bank. And now you have immediate accessibility to money anytime while it's protected from stock market risk, while it's growing at seven to 12 % interest. And there are no credit checks, no access. And while you then go use that money to go do your investments, it's still compounding for you. You now have your money work in two places, no bank, no trying to go do all the different loopholes or all the red tape and stuff in order to get money. You now built it that you have immediate accessibility.

14:49And then the best part is this, you've got to treat it like a bank. If you went and got a loan from a bank for half a million dollars, what would you have to do to the bank? Pay them back, right? And interest. You start paying yourself the interest. You start, it is a loan. You write it to your business. you're going to charge 5, 10 % or whatever you want to charge your bank or charge to your client, which is yourself, and you pay back your interest. You have credit card debt, pay it off, pay yourself back the 24%. So you've created this new entity that is this cash flow cow that just you keep putting more and more money into it.

15:25It's compounding for you. Every time you need money, you access it and then pay yourself back. And within five to 10 years, there could be millions of dollars inside this account that completely protect your business. The number one reason why businesses go out of business is cash flow. Not because they're not profitable, not because they're not a good business, but because of cash flow. And if you start preparing right now, and it does take one, two, three years before you start having a lot of money in this bank, when that day happens and you need immediate liquidity, you have it available to you while it's still making you money.

15:56John Lee Dumas:Build a cash flow cow, Fire Nation. With instant liquidity, build your bank. Who is the MPI, Infinite Bank, best suited for? Let's start talking about specific people, individuals, entrepreneurs, small business owners that this really makes sense for. Yeah. The original concept was designed for real estate investors because real estate investors, obviously, we know we got capital gains tax, we got all these things, and they're making large lump sums of money typically. So if you go start putting money inside of an MPI infinite banking plan, you now, every time you get that selective investment and you don't want to go hard money at 14 to 18%, you know, a bank's going to be very difficult 30 to 60 days with tons of fees inside of that.

16:40You've now built, like you just said, your cashflow cow that's got a half million dollars that you've built. Hey, I can go take money, buy something in cash, get the best deals, the lowest price, the maximum return on your money while it's still making you that, that 7 % to 12 % interest. So that's the first person's real estate investors. But like I just said, I really love talking to entrepreneurs. We don't plan for the future very well. Entrepreneurs are typically thinking day by day, right? We're just, we got to go, we're building it, we're excited, and we're not thinking about the future.

17:08Up to 95 % of all small businesses end up going out of business in the first 25 years. 25 years is kind of like, if you make it past 25 years, you've made it. But in that first 25 years, they typically go out of business and the number one reason is not profitability but cash flow they're making money but they got money out in ar you know accounts receivables they got payroll if you can start shoveling off 25 to 50 percent of your net profits right now in a bank that is it's your own bank it's making you 7 to 12 percent interest so it's not lost it doesn't cost you anything it's an asset that you're building and now it's making money for you it's making money for you keep putting away 25 to 50 percent of your net profits after you paid yourself and things like that, within two, three, four, five years, that could be a million dollars,$2 million, $5 million inside this account.

17:53And then when that day hits and it all hits, we saw it during COVID, how many businesses went out of business. We see it when big 2008, what's happening right now in the stock market and things like that. You've now looked and said, wow, I am so glad I built my own bank because I need cashflow right now. I need to be able to survive. I need to weather the storm of the next six to 12 months because of A, B, and C reason. And that is how you avoid going out of business. So many people look at a business as a day by day. That's my retirement plan. And 95 % of the time, it does not work out for you because of cashflow.

18:25And we're going to fix that problem for you. We're going to help you build your own bank, understand how you get your money working for you. Instead of sitting idle in a bank account, why would you ever let the bank be making all the interest? That's all that's happening when you have a bank account. They love when your money's in a bank account because they go take it, leverage it, and go make the 7 % to 12 % interest. Today's the day that you start making the interest. Today's the day that you do not have to go through the red tape of banking. You are your own bank. You build it today. And then when that moment happens three, four, five, 10 years from now, and you need that money liquid immediately, you're going to look back and say, that was the single best business decision I've ever made in my life.

19:00John Lee Dumas:Fire Nation. Wow. A lot of opportunities here. A lot of exciting things. Curtis, bring this home strong. What's the one key takeaway you really want to make sure Fire Nation gets from our entire conversation today? Give us a call to action about how we can find out more about you, anything you want to add there, and then we'll say goodbye. Absolutely. Your money has so much power to work for you. Unfortunately, the financial system has taught you to go do things that are better for the financial system, not for you. Get your money working for you. From my first podcast I did with John, it was all about pay yourself first.

19:34Pay your business first. Pay yourself first. Get your money working for you, and then through all the features of benefits of no market risk, growth potential 7 % to 12%, immediate liquidity, no capital gains tax on all your growth, and then tax-free retirement income at any age, that is how you produce financial freedom. If you want to look at, see if you're even a good candidate for MPI, the MPI infinite banking plan. Not everyone's a good candidate, but if you want these exclusive things and you're ready right now to build your bank, pay yourself first, pay your business first, and get these things rolling, you can find me on social media, on Instagram at IamCurtisRay, or on TikTok, I'm big on TikTok, 1.5 million followers and verified there at Curtis Ray.

20:16But my website, go to my website. It's compoundinterest.com. Of course, I own compoundinterest.com. I believe in compound interest. It is money making money. It is your money working for you. It will be the single most important decision you ever make in your whole life regarding your personal finances. You do not need home runs. You need singles and doubles over and over and over. And when you get to that point where you're ready to hit financial freedom. And financial freedom is not about having a lot of money. It's about having freedom of time and the money enough to do what you want, when you want, with whom you want.

20:52And the only way you do that is through security. Secure compound interest, money making money for you. Go to compoundinterest.com. We have live people who answer the chat. We're available. We've got over 100 MPI certified advisors across the country that are ready and willing, 100 % free of charge, 100 % free of charge to make that happen so that you never need to worry if like, oh, what does it cost? Everything we do is absolutely free of charge. And then also, just a quick reminder, I did write two books on this, absolutely best-selling books. I give them away for free to every single person who wants one.

21:26If you text the word book to the number 30500, I'll send you the PDF and the e-book and audio book free of charge. We want to make sure that every single American has the opportunity to first learning what compound interest is. You've got to learn. Albert Einstein is quoted saying compound interest is the eighth one of the world. He who understands it earns it. Second, build your MPI infinite banking plan or your MPI secure compound interest account for retirement. And then third, be consistent. Be disciplined. Pay yourself first. Make sure you are the first person who's receiving the benefit from all your hard work.

22:02And you will look back and say, best financial decision of my life. Compound interest for the win.

22:08John Lee Dumas:Fire Nation, you're the average. Of the five people you spend the most time with, you've been hanging out with CR and JLD today. So keep up that heat. Head over to eofire.com and just type Curtis in the search bar. His show notes page will pop up with everything we've talked about here today. and you want to visit compoundinterest.com. And Curtis, one more time, give us that number to text for your free books. If you like my free books, text BOOK, B-O-O-K, to the number 30500. Absolute free copy of my best-selling books, Everyone Ends Up Poor, and The Lost Science of Compound Interest. Give you the e-book and audio book.