The Latest Episodes of INSIGHT with Chris Van Vliet
Aug. 18, 2022

How To Thrive During A Recession - Chris Naugle On What You Weren't Taught About Money

How To Thrive During A Recession - Chris Naugle On What You Weren't Taught About Money

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Chris Naugle (@thechrisnaugle) is an entrepreneur, former pro snowboarder and has dedicated his life to being America's #1 Money Mentor. He has built and owned 19 companies, with his businesses being featured in Forbes, ABC, House Hunters, and his very own HGTV pilot in 2018. He is currently founder of The Money School, and Money Mentor for The Money Multiplier. He joins Chris Van Vliet at the Blue Wire Studios at the Wynn Las Vegas to talk about how to thrive during this recession, what school didn't teach you about money, how to be your own bank and much more!


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On transitioning from snowboarder to entrepreneur:

“It was hard. I started my first company at 16, which was a clothing company in my mom’s garage. But that soon transitioned into the idea of wanting my own skateboarding and snowboarding shop. I saw all these other guys with shops and I am like I want to have that. When I first started taking my clothing to shops, the guy asked me if I wanted to go snowboarding with him. I’m like ‘Don’t you have to work?’ He’s like ‘They’ll run it.’ I’m like you can just leave? So from there I knew I had to have my own store. I went around trying to raise $70,000 at 17 years old, you can only imagine how that went. Everyone said no to me apart from one person, that was my mom. She put her house on the line for me, we didn’t have much. So I opened the store in 1994 and that was a dream. From 1994 to 2000 I was a pro snowboarder and running my shop, it couldn’t get any better. When the plane hit the tower in 2001, I was driving to my shop that day. I am like what just happened? Then the recession came and that was the first one that I ever saw. It hit my business hard, I needed a job. I went to Little Caesars where my friend worked and asked if they needed any delivery drivers, they said no. So I put my resume out everywhere, and the only people who said yes were Wall St.”

On the first job interview:

“I put on a suit for the interview and it was the first time in my life that I wore a suit. I am a punk snowboarder, what business do I have in a suit? My grandma got me a tie and I went to the interview. The guy slid the keys across the desk to me for his Porsche and was like ‘If you work here, you could have one of these.’ I’m like sign me up! It was only a temporary thing, but I never thought that Wall St. would be where I would spend 16 years. The only way that I could bridge the gap between snowboarder and entrepreneur is I was wearing a suit by a brand called Volcom, which is a snowboarding brand. It may be a jump but that is the way that I did it.”

On the signs of a recession:

“Well look what the feds are doing. They are raising the interest rates to combat the inflation that they created. They are doing it aggressively, but that is not what will tank the economy. What they are doing is unravelling $8.9 million in treasury bonds and mortgage security. They have begun the process of selling these on the market. They are sucking up the money that they have printed out, and every time apart from one it resulted in a recession.”

On advice for someone who has bought a house:

“Even in Buffalo we have had some appreciation. It is just supply and demand. Mortgage rates have been raised again, so someone who could afford $500,000 can now only afford $350,000. This means that there is not enough supply, so either the prices drop or people go into rentals.”

On advice for saving money:

“Once you save money, don’t give up your control on it. Your money has to work for you. When I take money and I work for it, the time was the most valuable thing used to earn that money. So then I take that money to the bank, what does the bank do with that money? They make it go to work for them. They didn’t have to do anything, you gave it to them. Once you learn how to do it, it's easy to take back control. What we are talking about is taking one change so your money is in control. You want the access and control of the money, but what if the money I took out didn’t stop earning interest? If I have $100 and I give you 50, how much is left in my account $50? Wrong, it’s $100. This is where people get confused. What if I never had to pay tax on the money in the account, it is the same place where all the wealthy people keep it, which is this life insurance policy. Most people think that it is the worst place to put it, but you are wrong, you are thinking of life insurance the way you have been taught. Whole life insurance is not the number one profit insurance for insurance companies. Insurance companies make the most in term insurance, it is their number one product.”

On whole life insurance:

“Banks keep their most valuable capitol in BOLI [Bank Owned Life Insurance]. It is well over a trillion dollars. Why are the banks putting their money where people are telling you not to? It is because the banks know how to design the contract. It requires me to design the policy so I take a 90% cut in my commission. If I paid in ten grand, it would pay you a commission of 5,500. If I did it with my design, the commission is $387. So if we take $387 from $5,500, that is how much more money you would have as the client, someone has to give for someone to get.”

On why this is not readily available:

“Because every advisor would have to take a massive cut in their commission to do this, why would they do that? I worked for a big financial insurance company, when I went back to them I asked them why they never taught me this, they said to me ‘Do you remember how hard it was for us to keep the agents and advisors?’ I said I remembered that it started out with 50 people and a year later went to 5. It is because this is a commission based job, they barely make it on what we paid them. If we tell them about this product, all of the advisors need to take a pay cut of 60 to 90%. How many will we have left? Probably 0.”

On this sounding like an infomercial:

“It does sound like one, but now everyone is fixated on a prodigy they have bad feelings about. What if I tell you that it is not about the product? What if I tell you that this is the only product in the world that I can put money in, take money out immediately and not stop earning interest?”

On still earning interest when you take money out:

“When you graduate, as the insurance companies put it, it means when you die, the insurance will pay a death benefit to my family. But there is nothing saying I can’t use that benefit while I live. The insurance company will always be willing to give me my death benefit in the form of a loan, they collatorize it. I can take ten grand out and my death benefit will go down ten grand. The loan never needs to be paid back, I will die no matter what, the insurance company will be paid.”

On how you can be the bank:

“Banks don’t just lend out money to anyone. You are making a monthly payment irrespective of the bank. If I own the bank, the same with any business, I won’t steal from the business because then it will go out of business. If I am the bank, I am not going to not make deposits because then someone else will get my money. If I take money out of my bank, will I pay the money back? Sure.”

On what Chris Naugle is grateful for:

“Every day I wake up, my daughter and the ability to change people.”