F1A 15 | Infinite Banking


Do you want to achieve financial control? Then you need to learn infinite banking. The show’s guest today is Scott Schwarz, a 30-year veteran of the insurance and financial services industry and the Founder of Never Too Much Money. Scott talks with Vera McCoy, Esq. about how infinite banking is the process of spending each dollar twice. You can get rid of personal debt and invest with the same dollars! Tune in and listen to Scott’s testimony of how infinite banking saved his life from ruin.

Listen to the podcast here:

Achieving Financial Control Through Infinite Banking With Scott Schwarz

I have Scott Schwarz. He’s a 30-year veteran of the insurance and financial services industry based in Kansas City, Kansas, and the Founder of Never Too Much Money. American six-figure earners who are Financial Peace University dropouts seek him to ensure their dream retirement because they feel stuck and stressed out by debt, uncertain about retirement, and dread the thought of living tied to a restrictive budget rather than living a life of abundance. He teaches them to copy the way banks in Fortune 500 companies use their money to eliminate debt and invest so they can go from broke to a banker.

Bottom line, he teaches people how to eliminate their debt in 1/5 of their current pace while investing for retirement with those same dollars while not paying any more than they already are, guaranteed. Scott has captivated audiences with his personal story of overcoming adversity in many forms and he relates to his clients because he’s been in the same bowl of financial hardship and knows the way out. Thank you for being here because my show is directed at the people that you are trying to help as well. Welcome, Scott.

Thank you very much. I appreciate the opportunity to visit with you. Your audience is a perfect match for me. I can relate.

Also, like your little tag of phrase, which is $2 bills.

My thing is to teach people how they can spend each dollar twice, multiple times. Turn your dollars into $2 bills.

Scott, what’s the primary focus of your company and what’s the name of your company?

We needed to hit rock bottom to make a change. Click To Tweet

The name of the company is Never Too Much Money. Our primary focus is to help people get out of debt with an eye towards saving and investing in the future. That’s a key because most people who feel stuck and swallowed up by debt, retirement or living on passive income are just a fantasy. They can’t see it. I help them to learn how banks, successful companies, and the wealthy use their money, creating additional income streams and spending those dollars multiple times so that they can do both at the same time, both eliminate debt and invest with the same dollars.

What motivated you to begin your journey of entrepreneurship?

My journey of entrepreneurship started because I was unemployable. That wasn’t always the case. I had a good corporate job for many years at a well-known insurance carrier, a Fortune 500 company. In 2007, I was laid off, that’s right as the economy was getting worse. What had been a robust job market in Kansas City dried up seemingly overnight. It was very difficult for me to find something else. The number of twists and turns that took place over the next few years was staggering. I had a good job, paid, no complaints about the pay and it was a fun job, too. I enjoyed it. I enjoyed the people I worked with. After losing it and having such a hard time finding something else to have some income, I started helping my then-wife to the animal hospital where she worked, working in the kennel. I walked dogs and cleaned out poopy dog cages.

A friend of mine who had a floor care business heard this and took pity on me. He hired me on, I was sweeping floors, waxing floors at night, and then cleaning up dog poop by day. That was after I had an important intrapreneurial management level position at a very famous company. The fall from grace was staggering. Underlying all of that was some tense problems within that marriage, it’s bad. As long as finances weren’t a problem, I was getting along okay. With finances becoming a real problem, that magnified the marriage problems. One kept fueling the other. The reason I say it is I was pretty much unemployable. I eventually got back with another insurance company.

Another good management job was going well at the start but all this time with the marriage problems, the financial problems I had gotten to the point where I had started self-medicating. I become an alcoholic and I lost that job for being intoxicated in the workplace. That was my rock bottom moment. You hear addicts talk about hitting rock bottom and that they needed to do that in order to make a change. That was my case as well. That jolted me. At first in a negative way. I wrote my suicide letter in full. I had specific plans at this time on this date, November 2nd, 2015, that was going to be it. Obviously, that didn’t happen. Some things tapping that day made it apparent to me that God was reaching out to me saying, “Don’t do that.”

We’re glad you’re here, Scott.

That didn’t happen but the stain of that being on my work record, having the layoff then being terminated, I was thinking, “I need to do something on my own where I’m in control now that I was in control of myself because that date that was going to be my suicide date became my sobriety date.” I haven’t touched a drop since. Now with control of myself, my emotions, I figured I need to take control of my career as well and direct my financial life so that I don’t end up falling back in that financial hole.

F1A 15 | Infinite Banking

Infinite Banking: We give people a vehicle by which to protect them and help them grow their wealth.


The financial hole that you found yourself in, what did you do to start pulling yourself out of that?

The hole was bankruptcy. We filed Chapter 13 in 2009. From there, I’ve been on food stamps after the divorce. I had to short sell the house. Professionally, for a while, what I had to do to support myself there, I even did one of those medical experiments where they inject you with an experimental drug and you stay in their facility so they can monitor your reaction to it. I figured that the only thing I had to sell at that point was my health. At one point how I thought the best thing I could do for my daughter was to give her my life insurance money rather than be a drain holding her back. The worst thing about it was the emotion. Declaring bankruptcy is a huge blow to my manhood, though to not be able to care for yourself and to reach that point where for my daughter’s wellbeing, I’m better off dead than alive.

What a crushing blow that is emotionally and personally. It was that hole. It was feeling like I was stuck. How did I get out of that? It took quite a long time. It certainly wasn’t an overnight type of process but getting into sales and the entrepreneurial world, it was that sense of desperation that motivated me. At first negatively, but later in a positive way. I’m not a natural to this but I have to push. I have to make this work. There is no plan B. I’ve got to push forward and do the very best that I can in order to pull myself up out of that hole. That’s what started me and kept driving me through some challenging times.

I love that because so many times people, when they get in that mindset, they don’t understand that looking forward is the best way for you to go and keep pushing on because there’s got to be a better tomorrow than there is today. People don’t see that all the time because they get so focused on a problem that they don’t realize that the solution is right there. I love the part where you said, “I was at a point of desperation. I was unemployable.” What was your mindset that said, “Since I know that nobody’s going to hire me, I’ve got to think of something that I know that I can do, that I know that I’m good at, that will provide my family and me with some type of income?” What pointed you in that direction?

I had been in the insurance industry at the corporate level. Not sales, not entrepreneurial but I was a 9:00 to 5:00 worker. That for a while was a safety net, and it was what I knew. It was what I was comfortable with and what I felt I was good at. I learned the business from the standpoint, not of how I make the most commission. I learned the business for the sake of the business. How do we help people? We put financial protection in their hands. We give them a vehicle by which they are protected and by which they can grow their wealth. That stuck with me. I knew how to do that for people from a different standpoint. Now taking an entrepreneurial view, I’m like, “I can take that same knowledge and help people understand how these products help them, how I can help them.”

You could say that I’ve had roles modeled for me, people that I knew, people that I was servicing as a middleman, the agent field force, I saw what they did that I didn’t like. The insurance sales profession has this stigma in the mind of a lot of people of twisting arms and selling stuff that people don’t want. I knew that wasn’t the case and wasn’t my case. That wasn’t the approach I was going to take. I was going to kill people how these products help them, how the benefits, other than the death benefit, help them, things that the insurance industry doesn’t publicize well at all. It does not work well at all. I knew that. I knew what those products did and how I could use them to help people. That’s what I gravitated to because that’s what I knew. I knew I was coming from and this is probably an overused term from a heart-centered place because I didn’t want to help people and not take on those same characteristics of the arm twister, high-pressure type of salesman.

When you believe in a solution with all your heart, you feel morally obligated to teach people about it. Click To Tweet

Give us a quick step-by-step. After you realized that you were unemployable, what did you do to set up your company? How did you do that?

At first, I did what a typical new insurance broker would do. I went to the chamber of commerce events. I tried to network with different people in related industries. I had some success with that, enough to put food on the table but not hitting the goals that I wanted to do. Finances were still tight. I was looking for something that would break me out of that mold. What I found, I was contacted by an associate of mine, who was switching companies. He gave me a call, reached out to me, would he want to switch companies as well, talking about a blind. There are all kinds of middlemen in the insurance industry and their responsibility is to recruit and train new brokers. I gave it a chance.

I listened to what he had to say, skeptically, not thinking it would make a difference. I learned one thing that I latched on to. It was a process called infinite banking. It’s this process of spending each dollar twice. In very basic terms, what caught my eye, the way it works is you put money into the certificate into this account and it grows uninterrupted tax-favored compound interest. Great thing. When it’s time to pay off a debt, one of my software shows you that you’re able to pay off, let’s say debt number one, what do you do? You take the money out of that account to pay off the debt. The magic of it is that account keeps growing that tax-favored compound interest as if you didn’t take any money out of it. It keeps growing at that same rate as if you left that money alone. It is both growing that savings and paying off your debt at the same time with the same dollars, that spending each dollar twice. That’s what I’m referring to.

That’s a financial first seat.

That’s infinite banking. I thought, “What a wonderful process to introduce to people.” Frankly, a small part of that was salesmanship because when you go up to someone and you say, “I’m a life insurance broker. Can we talk?” In most cases, they’re like, “I hear my mother calling. I got to go.” Now I go up to people and I say, “I can help you build up savings and get out of debt at the same time, with the same dollars spending each dollar twice.” Now their reaction is, “Tell me more. How can I do that?” Part of that was salesmanship. Part of it was I was sold on this. I was 100% convinced. This is an awesome process. I am morally obligated to teach people how to do this and help them to do this.

With my experience in other aspects of the financial world that I could introduce into this process as well, that I could even amplify it, that I can take this process that already exists and has existed for 40 plus years and is well established, I can take other things I’ve learned, added to it, knowing even morally obligated to help people that are now in that same hole that I was in. People that’s struggling with the effects of financial stress, with bankruptcy, being laid off, whatever the cause of it is. I can help them get out of that hole, get over those emotional feelings of failure that go along with bankruptcy and get past that mental block that I had, “How can I invest money when I’m in debt? I’m not even at zero. How can I invest if I had extra to spend?” Now I’ve got a way that I can do both at the same time and that I can show other people. I was inspired by the potential of it, by what I could do to help the people that were stuck in that same hole that I was in.

F1A 15 | Infinite Banking

Infinite Banking: You can’t get anywhere until you get out of personal debt.


That’s a great way to motivate yourself and other people, and to help other people, too. What do you think some steps are now that my readers could take to help maximize their finances? What would be their first step to do?

The first step is to get out of debt. If they’ve got personal debt, you can’t get anywhere until you get out of that financial hole. What I want you to do here is a picture of the beginning of a marathon. Boston Marathon 2019, the last time it was run, it had almost 27,000 runners on one street. Picture what a mess that had to have been. If you were at the back of that line, you had a long way to run to get to the starting line. 26.2 miles to run and here you’ve got even more to run to get to the starting line. When it comes to getting out of debt, it is not the destination. When you feel stuck in that hole, your mentality is, “My destination is to get out of debt, to get out of this hole.” You need to think beyond that.

Getting out of debt is not the destination. It’s reaching the starting line. You’ve got however long of a way to run to get there. Back to that marathon, let’s say you reach that starting line and one of the race officials gets your attention, calls you over and says, “Vera, I saw how far you had to run to get here. I’m going to give you a break and a ride into the course, shorten that race for you.” What he’s going to do is make that race only 5.3 miles long rather than 26.2. That’s 1/5 of the race. Wouldn’t you appreciate that if someone did that for you? Getting to the finish line, that is retirement or for entrepreneurs, that’s living on passive income.

When you’re spending each dollar twice, as you get to the starting line, you don’t stay there because you’ve already been building up savings that shorten that race to retirement. You get to ride or teleport into the course and shorten that race. It’s very necessary to get to the starting line. You’ll never reach the finish without it. You’ve got to get out of debt. The best way to do that is to recognize that there is a better way than just working your way up to zero, which is the common approach. The common approach is restrictive budgeting, work three jobs, live on ramen noodles and never have any fun. That’s a common wisdom now to get out of debt. The thing is, it’s not working.

When the common wisdom that’s taken for granted as being the way to do things isn’t solving the problem, that tells you something’s wrong. That’s the wrong approach. Many barriers to people in governmental regulations, the banking industry, the things that banks do that hold us back that keep us in that hole, keep us in debt. Step one, we’ve got to break out of that. You’ve got to get out of debt to get started with that savings. If you can do both at the same time, what better way could there be?

I always like to end my show with three things. Our goal here is to educate, motivate and inspire my readers. Your story is inspirational, going from the brink of suicide to thriving now in your business. Not only thriving but helping so many people. I’m impressed by that whole idea of spending, saving and getting out of debt altogether. That’s a beautiful arrangement. What’s one thing that you could give my readers that would motivate them?

There’s something wrong when common wisdom doesn’t solve the problem. Click To Tweet

I would want them to think beyond working their way up to zero. More is necessary. Going back to that marathon illustration, more is necessary than getting to the starting line and getting up to zero. Speaking directly to your readers, I know you can’t see that day where you’re investing, retiring and living on passive income. It seems like a fantasy now but you can do it in a way where you get started now as you’re still getting out of debt. Infinite banking, spending each dollar twice. The number one thing I would say to educate yourself on is the infinite banking process.

You can help us with that, right, Scott?

Yes. That’s where my obligation is. My moral obligation is to help people who are now in that hole where I have been. It’s my pleasure to educate people on that process, how it is possible, legal, ethical, all of that, everything above board, everything contractual. One thing, Vera, if I might be able to digress just a tiny bit that get up our debt industry, then working your way up to zero, nothing’s contractual. The hope is if you budget, sacrifice and practice self-denial well enough, one day, someday, maybe you’ll get out of debt. I’m not talking about a someday maybe thing. I’m talking about contractually, you will make a guaranteed amount of interest in this account, and be able to use that to pay down your debt. It’s not left up to chance and how well you’re able to live a restrictive lifestyle and how often you can live on nothing but rice and beans. It is a real tool, vehicle that will take you from here to there. That is what people need to educate themselves on.

You hit all three of my things at the same time, educated, motivated and inspired all at the same time as your story is certainly inspirational. I do appreciate you taking the time. How can my readers get in touch with you, Scott?

I’m grateful to you, Vera, that I’ll have a brief report that you’ve agreed to make available for your readers. At the end of that report, you will also invite them to attend by next online challenge. I use online challenges as a way to help educate people on this process, introduce it to them and go into more detail than what I have now and help them to see that vision where, “Yes, I can do this.” I want them to see someone who has been in that hole they’re in now has done it. The process works. I can lead them but the third key to that is that they can do it. I don’t want people to sit back and say, “That’s good for you, Scott. You did it. Congratulations.” I want them to see I’m no better than them. I’m just a little farther along in that process, in that marathon. I’m a little farther along in that same spectrum, that same course and that they can copy the same steps and follow me. I realized, I digressed there a little bit, so there will be the report on your website, the invitation to the challenge. People can reach out to me, Scott@NeverTooMuchMoney.com.

Also, they can reach on LinkedIn and go to your website. Your website is NeverTooMuchMoney.com. They’ll see all of the services you offered because I’ve visited it and it’s got lots of good information on there.

F1A 15 | Infinite Banking

Infinite Banking: Think beyond working your way up to zero debt.


The website is in the process of being revised. It’s not exactly what I want it to be now but it will be.

I’m at the same place. Financial 1st Aid isn’t quite what I want it to be but it’s getting there. Thank you so much for your time, Scott. It was awesome talking to you. I enjoyed it. I’m hoping that my readers will get the same kind of inspiration, motivation and education from reading this with you. I know the first time that we spoke, I was floored by your story and how you’re doing so well now. It’s a wonderful transformation.

Thank you, Vera. I appreciate it. I greatly appreciate what you do. That stigma hangs on you for a while. To have someone like you that helps people that need it to move past that, what a wonderful thing it is that you provide for people.

I can’t wait that I get a whole bunch of people that are embracing the whole idea because it’s been a journey for so many years. Seeing people go through it, they feel ashamed when they first start the process. When they come to me, they feel bad about it when they’re going through the process. The aim of this is to make them feel empowered so that they know that they can move forward beyond this, just as you’ve done. Thank you so much, Scott. Have a good one.

You too.

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About Scott Schwarz

Scott Schwarz is a 30-year veteran of the insurance and financial services industry based in Kansas City, KS and the founder of Never Too Much Money.

American 6-figure earners who are Financial Peace University “dropouts” seek him out to ensure their dream retirement, because they feel stuck and stressed out by debt, uncertain about retirement, and dread the thought of living tied to a restrictive budget rather than living a life of abundance. So, he teaches them to copy the way banks and Fortune 500 companies use their money to eliminate debt and invest so they can go from Broke to Banker.

Bottom line, he teaches people how to eliminate their debt in one-fifth of their current pace while investing for retirement with those same dollars, while not paying any more than they are already… guaranteed.

Scott has captivated audiences with his personal story of overcoming adversity in many forms and he relates to his clients because he’s been in that same hole of financial hardship and he knows the way out.