The Family Banking (Part 2) – The Meeting Agenda
Purpose
To keep the family aligned on the principles, rules, and practices of the family banking system while reinforcing financial literacy and stewardship across generations.
1. Logistics
Meeting Duration: Recommended 1 hour (to keep it focused and engaging)
Timing: Often held during family vacation (e.g. mid-week after breakfast)
Notification: Select a date in advance and inform all participants
Chairperson: Appoint a family representative to chair the meeting
2. Opening
Remember Nelson Nash (originator of Infinite Banking Concept)
Review Housekeeping:
Family Banking Rules & Guidelines
Repetition reinforces understanding
Interest rate on loans: 10% non-negotiable
All funds paid into the system are repayable and re-accessible
At death: All contributions are reimbursed to the contributor’s family (only if they have policies in place)
3. System Discipline
If you don’t plan to use or respect the family banking system:
You don’t attend the meeting
You need a “psychiatric evaluation” (tongue-in-cheek humor)
Borrowers must repay or lose access to the system permanently (even applies to children)
4. Meeting Mechanics
Recording: Meetings are recorded, and someone (e.g. Rebecca) captures notes
Recognition:
Acknowledge family members for loan repayments
Celebrate expansion (e.g. new policies added)
Recognize children’s involvement and savings habits
Inclusivity: Children are included in all discussions and encouraged to contribute
5. Education & Coaching
Coaching Topic: Chosen for each meeting (often from Nelson’s book or portal videos)
Could be led by a family member to promote learning and leadership
Financial Literacy for Kids:
Teach saving 25% of earnings
Instill the concept of re-accessibility and repayment
Use stories and analogies (e.g., bedtime stories) to introduce banking ideas
6. Estate Planning Discussion
Review or plan for:
Wills
Power of Attorney
Medical Directives
Critical for timely and efficient access to death benefits
Loan Process Review
Discuss updates to:
Access rules
Repayment schedules
Clarify that the banker (not borrower) sets the loan terms, with room for discussion
8. Windfall Handling
Reimbursement of contributions upon death is offered only to family members with:
Their own policies in place
Windfalls must be used to repay loans and replenish the system
Trusts can be used to safeguard family wealth from external parties (e.g. new relationships)
9. Family Banking System Transparency
Jason has 63 policies; a breakdown will be shared as a model
Keeping money “inside the aquarium” (i.e., within the family and the mutual company) is a key principle
10. Q&A and Feedback
A dedicated Q&A session at the end
Participants are encouraged to submit ideas via the client portal
Questions fuel ongoing course development
Core Philosophies:
This is a family business, not a charity or gift system
Rules are non-negotiable
Reinforcement, discipline, and structure are essential
Adapt the model to your family, but never operate without clear guidelines