Hmm a family bank. In this episode, I'm going to address what is a family
bank and how does it work? By the end of this video
episode, you will understand what a family bank
is and how to make deposits and withdrawals of K-A-S-H and C-A-S-H. There's a difference.
So, I'm Doug Andrew and I've been helping people accomplish family banks establish them the
correct way and you're going to learn some things in this episode that's going to blow you away.
I've been doing this for 48 years and it has been a game-changer actually, life-changing for
many... families and I'll explain why and when I talk about a family bank everybody wants one
even though they don't know what it is but they it sounds appealing, right? And so, I'm going to
share with you there's actually three dimensions in what I call authentic wealth and I'm going to
explain what K-A-S-H is and why that's more important to leave behind than the C-A-S-H
and I'm going to give you examples of how to make deposits and withdrawals in a family bank and the
best way to set it up and if you want a trust you can formalize a family bank using a trust but you
don't need to trust, okay? So, here we go. There are three dimensions of what I call authentic
wealth. Because when we say the word assets most people think of things like your house, your cash,
your stocks, your bonds, your real estate, and so forth, and when you think about it yeah those
are financial assets but they're just things material possessions. Whenever I ask anybody,
what are the most important assets that you value, that you cherish, that you possess on this earth?
They always say family, relationships,
faith, beliefs. Yeah, these kinds of assets involve people. We call
these human assets they are our core assets and so they are the foundational assets,
that's a a second dimension. So, financials one dimension this is like a three-legged stool.
This is foundational assets it would include your heritage, your talents,
unique abilities, charitable foundations, and so forth.
But there's a third leg of this stool the third dimension is what we call intellectual assets
and that's our wisdom that we gain wisdom as a product of knowledge times experiences not just
the good experiences. I've actually learned more from my bad ones. It would include your
formal education, reputation, systems, methods, traditions, alliances, ideas, and skills. So,
these are the three dimensions of authentic wealth like a three-legged stool. Many times
people would come to me and they were wobbling on just one leg usually the money and many
people would spend their whole lifetime accumulating millions of dollars
of wealth financially at the expense of their health
and then later in life they were spending all their wealth trying to gain that health.
That was stupid or many would accumulate their financial wealth if expensive relationships
with their spouse, their kids, their grandkids, and they would always come to me and say, "Doug,
yeah, I've got 10 million bucks or whatever but what was all this for? I'm not going to take any
of this money with me at the end of the day". You know there's no luggies wrecks on hearses as the
song says and so they began to realize that they sort of were out of balance and they
come to me to take the wobble out of their life and so we have to try to build back up
the other two legs and sometimes it may be too late but we try to do the best we can.
This is what motivated me to write a book called Entitlement Abolition that I want to gift you at
the end of this video. You don't have to pay 20 bucks for it I'm going to gift it to you.
So, stay with me. But there's a lot of people that were very successful and I'd say, "How did you
build this wealth?", and they would talk about how they had worked so hard their entire life
and they learned from their parents who went through the great depression and,
"I've worked so hard Doug. My kids will never have to work as hard as I did",
and then 30-40 years later they come in and they were just
so depressed and I said, "What's up? "Doug,
I don't know what's wrong with our kids and our grandkids now they don't even know how to work",
and I would say, "Well, maybe you stole that from them. Maybe in your effort to
not have them go through what you went through you actually robbed them of the things that
made a man out of you". You always said, "Man, it's the challenges in life that made me strong",
it's like a caterpillar trying to come out as a butterfly and you help it out it's gonna die
because you see it struggle. But we're tempted to see our kids when they're struggling to
to bail them out and you're actually hurting them. You want to give them a hand up not a handout.
So, within this concept of empowering your children and grandchildren
I introduced the concept of a family bank. This is
not a chartered bank like down the street. This is a conceptual bank a
repository where instead of leaving behind you know a bunch of money that dumps in their lap
you want to leave behind the wisdom, the knowledge,
the attitudes, the skills, and the habits.
How to fish instead of dumping fish in their lap. So, you didn't recognize it but I
actually given you four things that spells an acronym and before I disclose what that is.
If this is intriguing you, I would recommend you subscribe to this channel if you haven't
and click the little bell so you'll be notified every time I post a new episode which I do almost
on a daily basis. This is about you and so I want you to click like or post a comment as
I proceed here and I want you to stay with me to the end because I'm going to gift you a 200 page
book called Entitlement Abolition and how to set up a family bank you're going to want one.
So, what is this? See, with these three dimensions I help many people set up a repository,
a system, a conceptual bank, where they can put their financial assets and they can make deposits
into their financial bank and make withdrawals into perpetuity and their kids and grandkids
can borrow money or use it with responsibility and accountability but it's not just dumped in their
laps. It is based upon equal opportunities and you can learn about that when I give to this book.
So, you can use it for deposits and withdrawals tax-free if you use my favorite instrument from
the financial dimension. But what about the other two dimensions? Well, that's where
you're leaving behind how to fish instead of dumping fish in their lap. You would be better
off to leave behind K-A-S-H that's an acronym.
The K stands for knowledge. The A is attitudes. The S is
skills and the H is habits. I'd rather leave behind knowledge,
attitudes, skills, and habits to my kids
and grandkids than the C-A-S-H. Because out of the two the K-A-S-H will give them the ability to earn
the C-A-S-H whereas if you just give them money it usually ruins half of them. Does that make sense?
So, most people if they had to give up one or the other, they'd give up the money
and keep the knowledge, attitude, skills, and habits. Because they can rebuild the
C-A-S-H with knowledge attitude skills and habits, does that make sense? So, a perpetual KASH fund
is where you are capturing the knowledge, attitude, skills, and habits, which I have
systems to do that. You can record, you capture them, you put that in a trust if you have a trust,
and you leave behind how to fish to your kids and grandkids. What did you learn from your successes
and your failures? What's your heritage? What are your beliefs? If you don't stand for something
you're going to fall for anything and so that's called the family bank. When you set up a family
bank they can have a withdrawal ability. They can withdraw the knowledge out of your skills and
habits if they're responsible accountable. But you can deposit it and so I teach you how to deposit
all these experiences into your family bank and how your children will continue to deposit
their knowledge, attitude, skills, and habits, so that their kids don't have to make the same
mistakes, okay. Why do we go through these cycles where we constantly make the same mistakes? You
don't have to do that. You learn from previous generations and so that is the family bank. So,
you can deposit how you were successful in business or how you maybe made some mistakes
and what you did better. I have 22 tools that help you understand how do you capture
the life lessons and what you learn from these so that your posterity will have that available
to them to make withdrawals of that wisdom and knowledge into perpetuity. So, if this
is beginning to come clearer to you it's just the tip of the iceberg. So, before I show you how to
claim a free copy of this book. The best way to set up a family bank is to get it established
with rules of governance and the book will show you how to do that. But if you want to formalize
it if you have a lot of assets you could set up a trust. But when you set up a trust.
You are using the trust to protect your family bank but it is set up on rules of governance
under equal opportunities rather than equal distribution. Because I teach that there's nothing
more unequal than the equal distribution to unequals which is the way most trusts are set up.
That when you die it's just divided up and dumped in your kid's lap and it ruins half of
the kids. When do I get my share? Whereas equal opportunities you leave behind the resources
the C-A-S-H and the K-A-S-H in the family bank and it will go on into perpetuity. You're going
to be blown away. You're going to understand how in our family bank, we always have my favorite
financial instrument that will blossom every time the oldest patriarchal matriarch anybody dies
and we take 20% of that tax-free money. So, every time somebody dies in our family
we get a tremendous infusion of tax-free capital not to be dumped in their laps it goes in the
family bank and we take 20 percent of that and we put insurance on the next oldest healthiest
family member. So that every time somebody dies we get a tremendous infusion of tax-free capital.
We will never run out of money in our family bank. Because we don't just dump it in their laps. They
can take out loans. They can borrow. They can go into joint ventures. They can be matched.
All kinds of ways to be able to empower them.
This is pretty profound and if you want to learn more
claim your free copy of this book here's how you do it. Go to entitlementabolitionbook.com click
on the link below. Contribute a nominal amount towards the shipping and handling. Yeah, have some
skin in the game. I'll cover the rest of that cost and I'll pay for the book. I'll send out a copy of
this is 200 pages. You don't have to pay 20 bucks on Amazon and I'll send out this hard copy to you
but there's options there if you also like to listen and learn or watch and learn. There's an
18-hour master class. If this is intriguing I go really deep with 18 hours of video instruction
on how to abolish entitlement mindset and set up a family bank. You're gonna want one I assure you
and so there's all kinds of ways to implement what I'm talking about here and while you're in there
check out some of our virtual events which we do on a regular basis and sometimes we do live events
maybe in a city close to you. This is about your brighter future but it all begins with empowering
yourself and understanding how to take your family from me... to we together we're better.