 Hello, hi, society. Good to talk to you all today. Welcome back, very happy to discuss tips on how to start your family bank. So we've all heard this probably in the last two years. It became very popular on how to set up your family bank. So we're just gonna go through this one Forbes article and we're gonna follow up this conversation with examples of some billionaires who have successfully done this. But in this particular video, we're gonna discuss some of the pieces that are needed, okay? So I hope everyone has a piece of paper and a pen to take some notes. I will also of course drop these links in the description of the video so that way you can refer to them later. Okay, so let's talk about the rings that you are needing and there are three, okay? So we will call these three legacy rings, three family legacy rings. How I like to think of them is like a tree. If you ever cut a tree, you'll see all of the rings. And of course those rings tell you the age of that tree. Well, at one point that one center ring was the very first one, right? So that was the foundation of that particular tree. And we've seen some very large trees, especially if you've been camping or maybe if you live in California, you see the redwoods. So everything starts from that one circle, right? So it's all about the foundation. And then of course they have the rings and more rings that go around it. So today we're gonna talk about those three rings because we wanna make sure that our foundation is solid so that way our heirs and future generations have success. So let's look at this first ring here. It says the first ring that you need in order to set up your family bank, you need a family office. And you're probably thinking, what I need to go buy commercial real estate, Nicole? What do you mean? No, not that type of office, okay? This is a concept lifted straight from the Rockefellers who we're gonna talk about again soon in the next video. Okay, and their family office consists of attorneys, accountants, fiduciaries and investment advisors and more. So if you're just like, look, I don't wanna go any further with this video because I am not a billionaire. How can I set something up like this? Well, I'm just here to let you know that everyone can set this up on their level, whichever level that you're on, okay? So for instance, with legal shield, you can have access to various attorneys for a small fee, okay? So for a $29.95 amount, you can have access for your personal legal plans, all right? So if you need access to just regular attorney for the IRS or things of that nature, you definitely, the tax attorney, you have access to that, okay? Or if you have your business, you can actually get the business plan. They're about $99, it's the lowest plan that they have and you can choose to do that and you can receive advice for legal from that way. So you don't have to have tens of thousands of dollars or millions of dollars to get started, you know? You can actually start your family office on a level that is affordable to you. And then in addition to that, if they discuss having accountants, fiduciaries, who are your tax advisors, all right? Maybe you can include them in this particular ring and then investment advisors, maybe you already have a plan with Fidelity or Charles Swab. You know, you already have your 401K, you know, at a particular company. So you can actually start there. If you have questions when you contact customer service, they're happy to help you. So if you have to start at that level, definitely do that, all right? So the family office is a cohesive team and that's the real word that you're looking for here. You wanna make sure that you have a team that has your back and has your best interests at heart. That they're working on your family's behalf. And again, you don't have to be wealthy to have one, all right? And then let's look at the second ring here. The second ring is the family constitution. And I absolutely love this. And this is something that I actually still personally have to write for myself and my family because I think this is amazing, you know? Having your own constitution, it doesn't matter what's happening out in the world. It's about what your principles are and what laws you and your family are gonna abide by, okay? Within the walls of your home, okay? Or your institution, okay? So I love that. So this document spills out the most important lessons, philosophies, values and principles that you want to share. So maybe some of your values is, you know, making sure that everyone goes to college, right? And gets to degree. Or maybe some of your values is making sure that everyone is married before they have kids. You can actually put that in your particular constitution, okay? Or anything else that's important to you. You also can create a family mission statement that points out why you're trying to preserve, protect and perpetuate the family's wealth. This is very important. Going back to those rings on a tree, you want to be able to have this. So that way, whether you're here or not, there is something in writing that the next generation can read, they can understand, and they know why they need to keep this going. Because what happens, what do we see all the time? The younger people, my generation, generations after me, especially when it comes to farming, what are they not doing? They're not taking over the family farm, are they? No, they're not taking over the family farm. They are going into IT, you know, they're going into sales, you know, they're traveling the world. And then what's going to happen to that family farm that's been in existence for over a hundred years, it's going to go out of business, okay? Or it's going to get sold. It's going to change hands. Wealth is going to leave the last name for that family. And so we do not want that, you know, for our air. So we need to communicate to them the importance of what we're doing and why it is so important to preserve, okay? And we have to show them that because if people just don't really understand the importance of it, they're not going to put their blood, sweat and tears in it like you have done or your grandparents have done. And so this is really great. And this says, what you include will serve as a signpost for future generations. So again, create this as part of your estate planning and definitely check out our will webinars that we have already posted and we'll discuss that again in the future because there's a lot of changes too coming up. But yes, so be sure to designate who will be responsible for instilling these values, you know, and your children if something happens to you, you know, or the other parents. I know sometimes people don't like to think about that, but these things do happen. You would rather have it in place and have your wishes honored, you know, in the event that that happens. And then lastly, this is so fun right here, okay? The third and final ring is the family retreat. And I don't know about you, but I love to travel. And one cool thing is that if your family actually sets up like an LLC, you guys can write this off. Of course, definitely talk to your tax advisor, but when you go on that trip and you have your annual family meeting, right? To discuss everything that we're talking about, then you can actually write that off. And so this is how the rich stay rich, okay? Because they understand this. And so let's talk about why they have decided to have a family retreat. So in this example, they have a gentleman here who's discussing, you know, his relationship with his cousins and how they have a strong bond because they have these family retreats, okay? And just like them, you can too, okay? It's really great for your children to have these conversations early with their cousins because sadly now a lot of families just don't even know each other, do they? You know, I grew up in an era where we used to have family unions every two years or we had traditions where we would always go to a certain location for Christmas, you know, a certain city every single year, you know, or maybe there were cousin strips that you would partake on, you know, or just different things like that for everybody to get to kind of know who is who and the family. But now everybody is so distant or lives so far away or just so busy in their own lives, you know, it's just getting really, really harder, especially if you have a patriarch or matriarch that passed away and no longer is that glue to keep the family together. So take it upon yourself to be that person, to get the family together, right? To start this family bank, all right? And then also more importantly, just to create that unity and that bond. And so this is gonna be what you're gonna see soon when we talk about the Rockefellers in the next segment, how this has been one of their keys to success for their over six years of generations of having their family bank. So we will talk soon about that. And then just lastly here, who should be included in a family bank? Okay, again, look at this. The Rockefeller family has somewhere between 150 and 200 family members who now receive benefits from this bank. But guess what? It all started with one person. So it can just start with you having this idea to wanna put something like this together for your family. Now we all know our family, right? Sometimes you may not wanna start so big with 150 to 200 people because you know your family. So maybe you just may have to start with your immediate family. If you all have a family of four or five, maybe you can start there. And then once your kids get older and have their children, their families and their children, you can incorporate them, their marriages into your family bank. And just kind of go from there because they would have already had the foundation of seeing it as a child. So once they get married and have their kids, that would be an easy way to, what am I trying to say, transition for them to be a part of, right? Then just having this lofty idea and trying to sell the benefits to someone who may not have grown up in that environment. So that's pretty awesome on that. But yeah, definitely if you have to just start off with just your family, that's totally fine. But yes, the reason why they wanted to start this family bank is to cut out the middleman. You know, what happens right now at this time, if you want to purchase a house, and let's just say you're not paying cash, right? But you want to get financing, right? You have to go to a bank to get their approval. And that paperwork is so lengthy, okay? And then it's basically up to them to decide yes or no if they want to do that. And same thing with the car, same thing with maybe receiving money to fund your business. You know, same thing with everything. And so what I really love about the Rockefellers is that they're like, hey, look, we can be our own bank. We don't need to go to anyone. You know, we're just as smart if not smarter. You know, we know who we need to lend money out to or to give money out to, right? So I believe we are just as smart, okay? We know who is responsible, who is not, who has great ideas, who's not, what the new trends are, what's coming up in the future. It's just about researching and looking at the trends and staying ahead, right? So I just really love that. And so that way you can offer whatever interest rates you want, especially right now, especially, this is the time to start your own bank, everybody. And I would not recommend delaying this. Why do I say this? Because banks are starting to, the banking industry, which we're gonna talk about in a different video as well, but they're starting to have a lot of troubles. Like they've been having a lot of troubles, honestly, since mid 2022 is when I saw it, okay? Is when I really start to see the recession start to take hold. I know a lot of people wanna say we're not in recession, but for the definition of recession that actually happened mid 2022. So we are currently in a recession, okay? And you can actually see that from all of the people that are being laid off right now in banking. It's like already over 20,000 people just in 2023 alone. And all of these major bank closures like 160 plus, I believe is what Bank of America is doing. We'll have done before the end of this year and more on the way because they're incorporating AI and things of nature trying to reduce their expenses. So another thing that was very shocking is that some of these banks are putting a pause. I just saw that today. I believe it was with Wells Fargo. They were putting a pause on some of their lending for mortgages and it's like, whoa, time out. This is how you make your bread and butter. So there's a lot happening in a real estate. That's also another video that we're gonna talk about because a lot of that relates to insurance, homeowners insurance and things of that nature. But we will talk about that soon too. But yes, there's so much happening. So you don't wanna have to rely on people or industries right now that are unreliable. So a great thing to do is to be able to be your own bank and cut out that middleman. So I hope this information has been really great for you. If you're interested in creating your own bank, we definitely have life insurance policies. We live in benefits that can definitely assist you with that where you can actually accrue cash. And so reach out to us and that would be at quotes at aimutual.com, visit us online at www.aimutual.com. We look forward to helping your family get started with your own family bank. And of course we can set everything up with the LLCs and the trust via legal shields. And so visit us at nivry.wearelegalshield.com and we look forward to speaking to you soon. We'll see you on the next video.