Infinite Banking in Canada
This week, we had the pleasure of joining our Canadian friends on the Wealth Without Bay Street podcast. In this episode we talk about our business, and how we can apply the principles of infinite banking in Canada.
If you’ve ever wondered how The Money Advantage got its start, how our perspective has shifted on life insurance, and the importance of implementing what you learn… tune in now!
Table of contents
How The Money Advantage Started
The Money Advantage Podcast began after Lucas and I met Bruce and his team at an event they put on many years ago. Bruce’s team had been weary of the industry, which seemed only to be interested in pushing products over personal solutions. Yet, Bruce and the team knew there were so many good, well-meaning advisors in the industry.
[3:05] Bruce: “We decided we were going to start something called the Freedom Advisor event, and we were going to open this up to people across the nation who wanted to do things in a collaborative way to help make the industry better.”
Lucas and I met Bruce through this event after becoming familiar with Nelson Nash and the Infinite Banking Concept. The event put us with many like-minded people and was an incredible opportunity. Months later, after putting out our own content, the idea came to us to reach out to Bruce and create video content with him. Now, over four years later, we continue to produce educational content and love every moment.
[9:26] Rachel: “I was thinking the other day how much more transformational it is to engage with material rather than just hear someone else talk about it. And I think that this is really important, even for listeners to the show.”
Engaging with information and stories helps you to relate it to your real life. You can choose to read or listen to something, and then set it aside, and that’s a fine thing to do. But when you take that information and attempt to make sense of it in the context of your world, you have the opportunity for transformational learning.
If you want to create a real transformation in your life and your finances, you have to take watching, listening, and reading into thinking, doing, and applying. With the infinite banking concept, application is key. After all, the title of Nelson’s book is “Becoming Your Own Banker,” which hints at a lifelong dedication to learning and implementing these strategies.
[24:50] Rachel: “I’m just so amazed that [Nelson Nash] did say [infinite banking is] a concept. It’s a way of thinking. It’s a framework, if you will, to be able to fit in so many of the challenges that people face financially and find a way to put control in someone’s hands. For the person who is willing to say, ‘I am responsible for my own financial future, yes, that’s me. I will choose to become educated, I’ll choose to make the right choices, and I’m going to choose not to just rely on someone else to tell me what to do.’”
How the Message Gains Traction
[30:45] Rachel: “I think the challenge is that because information is so easy to come by, the people who are best at presenting that little piece of information, in the most compelling way, and seeming the most confident about it, and putting the most money behind the advertising dollars to make that more visible to others get heard. And then the consumer sees that and thinks it’s the most popular so it must be the truth.”
[33:04] Bruce: “What happens is, people comment more on what they’ve heard than what they experience.”
If you’ve followed our content, you’ll see that we frequently get comments from viewers who have heard that whole life insurance is bad. Yet, they’ve never experienced whole life insurance or really listened to pro-IBC content to make their decisions.
Getting Back to the Fundamentals
If you want to learn and create transformation in your life and your finances, you must return to the fundamentals. The pitfall of learning is thinking you know everything there is to know. Even experts in their fields can benefit from returning to their roots and brushing up on the foundations.
[39:59] “This book, [Becoming Your Own Banker]… has changed every aspect of my life, including my financial life, but not limited to. There’s not a single component of my world that is not shook and impacted in a positive way by the essence of what is in this book. It is a core element that underpins every single item that I think about in my life, including my relationships with people, all because of this book.”
[40:40] “If you want to work with someone on our team, if you don’t own a copy of this book and you haven’t read it, there is absolutely no point in getting started, because everything begins here. If something were to happen to me and you still have this book, I can sleep. I can have confidence knowing that you can figure it out. Because all the answers are here.”
Exposure to the fundamentals or core components of IBC allows you to actually build something powerful. You can’t build a sound system for your wealth without a solid foundation, and a firm foundation requires that you revisit the basics.
Dealing with Negativity
When talking about infinite banking, there can be a lot of negativity from people who don’t understand what it is (and is not). And while that can be discouraging to some, we’ve learned that within the negativity is an opportunity for positive engagement. Not only does any engagement boost your content to new people, but it’s also a chance to educate. We’ve actually created a few series within our podcast to address questions and comments, both positive and negative. It’s the perfect opportunity to bring additional education to our audience.
You can find some of those articles here:
- Infinite Banking Objections, Answered
- Is Infinite Banking a SCAM? Dave Ramsey Says So.
- Answers to Your Money Questions, Part 1
- Answers to Your Money Questions, Part 2
- Answers to Your Money Questions, Part 3
[48:40] “Simon Sinek says you don’t want to do business with everybody that needs your goods or services, you only want to do business with people who believe what you believe.”
How a Near-Death Experience Elevated Our Understanding of the Death Benefit
[52:30] “Lucas and I had come into life insurance first from the side of, ‘How do we store cash best?’ We moved from ‘let’s store money in gold and silver,’ and then we realized that’s not as liquid as we wanted it to be because it was in half the value when we wanted to liquidate it for the purpose of investing in a business.”
We started seeking options to store our cash that would be better than the bank, yet more liquid and stable than gold and silver. Our questions led us to whole life insurance and IBC for storing cash. At the time we had a single, small policy on Lucas, yet we felt like something was missing. That missing piece, we realized, was having more insurance that covered both of us.
In that research, we came across the idea of Human Life Value and decided we wanted to see just how much we could get to be insured up to that number. But at the time, we didn’t think we could qualify for that full amount in whole life insurance. We made the choice to supplement our existing policy with term insurance policies to at least have temporary coverage.
Fast forward some time, when after delivering my second daughter, there were severe complications. It was a challenging time for our family, to say the least, and there was a point at which it didn’t seem like I would make it. If the worst had happened, the life insurance we had would have given Lucas time to grieve and be a father without worrying about how to care for our family’s basic needs.
Re-Thinking the Value of a Legacy
[56:54] “But really it made me think completely differently, not just about life insurance—because I could have had the awareness that everyone should just have whole life insurance and as much death benefit as they could—but it really got us thinking even deeper. That my life and my moments are not guaranteed; my husband’s are not, either. And if at any point, something happened to both of us, there would be all the money that our kids would ever need to be able to handle their life and make decisions, and have an inheritance. However, that’s not enough.”
Not only would it be critical for our family to have life insurance in place so that everyone would have the monetary means to go on. We realized that our family also needed the education and direction to be good stewards of that money. It would be a disservice to leave our children with money they didn’t know how to handle for the benefit of themselves and the generations after them.
Our family’s legacy is so much more than the wealth we’ve created. It’s the values we cherish and cultivate, the skills we’ve honed, and the ability to use our resources wisely. All this and more is critical for Lucas and me to pass on to our daughters and is the basis of my upcoming book.
Book A Strategy Call
Do you want to coordinate your finances so that everything works together to improve your life today, accelerate time and money freedom, and leave the greatest legacy? We can help! Book an Introductory Call with our team today https://themoneyadvantage.com/calendar/, and find out how Privatized Banking, alternative investments, or cash flow strategies can help you accomplish your goals better and faster. That being said, if you want to find out more about how Privatized Banking gives you the most safety, liquidity, and growth… plus boosts your investment returns, and guarantees a legacy, go to https://privatizedbankingsecrets.com/freeguide to learn more.
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