Episode 105 | Desires (Vision + Goals) with Joshua Rose

Bethany Shipley - [email protected] learn more about the Infinite Banking Concept or connect with Joshua:Text him: 651-815-2446Instagram: @thefamilybankerHe offers free education and advice on the Infinite Banking process.In this episode, Bethany Shipley welcomes Joshua Rose, who was invited to the show after sharing an impressive personal commitment: running a mile every day for over three years. Joshua shares the principle behind this streak—setting "minimum standards" in life—and connects this discipline to his work as a financial guru and his approach to parenting. He breaks down the Infinite Banking Concept and challenges listeners to define their financial future with clarity and discipline.Key TakeawaysThe Power of Minimum StandardsJoshua Rose was invited to the show after mentioning that he runs a minimum of one mile every day, a streak that as of this recording has been "a little over three years unbroken," totaling 1,180 days.He committed to running a mile every day on December 1, 2022, deciding he wanted it to be "a me thing," not a New Year's resolution.He believes in setting "minimum standards" in five areas of life, with his daily mile being his non-negotiable minimum for fitness.The five areas for setting minimum standards are: faith, family, fitness, finances, and friendships or relationships.For faith, his minimum standard involves him and his wife reading the Bible together for 20 to 30 minutes every morning after his run.For family, he ensures his morning routine doesn't infringe on his children's time, often achieved by waking up earlier.Financial Minimum Standards and Wealth ProtectionJoshua Rose draws parallels between transforming physical health and transforming financial futures, stating that discipline, hard work, and mindset empower individuals to control their wealth just as they control their health.The prerequisite for his financial advice is simple: you must be able to live on less than you make.A financial minimum standard for a family or business is to know their two terms: burn rate and days of liquidity (also called a "safe date").Burn Rate: The cost to run a family or business every day, month, or year.Days of Liquidity (Safe Date): The number of days a family or business could survive if their income goes away.The average business in America has only 27 days of liquidity.Joshua and his wife's minimum/emergency goal for days of liquidity is 180 days (six months), while their comfort zone goal is 365 days.He advocates for separating investing (separating yourself from control of your money with the expectation of a return) and savings or protection.The Infinite Banking ConceptJoshua teaches the Infinite Banking Concept (IBC), which comes from the book Becoming Your Own Banker by Nelson Nash.IBC uses whole life insurance policies to build a pool of capital that individuals and families can own, control, and use to finance things (like houses, cars, and businesses) without a traditional bank.The problem IBC addresses is that people finance everything, either by getting a loan and paying interest to a bank, or by paying cash and giving up the interest they could have earned.Analogy: Cash flow is a river, and a whole life policy is like a dam that collects a pool of capital.Teaching Children Financial DisciplineJoshua and his wife are teaching their four young children (ages five, four, two, and five months) about money.Their five- and four-year-olds are learning to budget their money into three categories: saving, giving, and spending.Their goal is to teach their kids that saving 50% of their income is a normal habit, a stark contrast to the average American who saves less than 5%.To help his young children earn money, he sometimes drops quarters on the ground for them to "find" while cleaning.He rewards "uncommon help"—going "above and beyond" the expected chores—with money, sometimes as a surprise to prevent tying their desire to help only to money.