Episode 729
Infinite Banking Explained: Richard Canfield on Building Generational Wealth
Richard Canfield breaks down infinite banking, family wealth systems, and why mindset—not money—is the foundation of generational wealth.
In this episode of RealDealChat, Jack sits down with Richard Canfield of CashFollows.com to dive deep into infinite banking, family banking meetings, and how to create true generational wealth that lasts.
Richard shares insights from his latest books—including Don’t Spread the Wealth and Diapers to Dollars—and explains why legacy isn’t just about money, but the knowledge, systems, and mindset we pass down.
Here’s what we cover:
- The infinite banking concept explained in plain English
- How to set up family banking meetings that actually work
- Why most “generational wealth” disappears within 3 generations
- Real-world client examples of using infinite banking
- How to leverage dividend-paying whole life insurance as a financial tool
- Why mindset matters more than policies or advisors
- Teaching kids and teens about money early through family systems
- The Kolbe Index and how it helps real estate partners avoid conflict
If you’ve ever been curious about infinite banking—or how to truly build a legacy beyond dollars—this conversation delivers clarity, strategies, and real-world application.
📌 Grab a free copy of Richard’s book at CashFollows.com
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Timestamps
00:00 – Intro: Infinite banking & generational wealth
01:00 – Richard’s books: Don’t Spread the Wealth & Diapers to Dollars
03:00 – Teaching teens & families about money early
05:00 – Why family conversations about wealth matter
07:00 – The problem with legacy: “Rags to rags in 3 generations”
11:00 – Infinite banking explained in real estate terms
15:00 – Real-world family banking examples
17:00 – Debunking myths: it’s not about insurance, it’s about control
20:00 – How infinite banking mirrors buy & hold real estate
23:00 – The 3 magic words of IBC: Control, Control, Control
26:00 – Everyday examples: cars, phones, and family expenses
29:00 – Why mindset determines success in infinite banking
31:00 – The Kolbe Index & building stronger partnerships
33:00 – Rapid fire: lies, advice, book picks, time-saving tools
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