7 Dec 2025 · 24 min
Hosts Richard Canfield and Jayson Lowe introduce the first episode of the Wealth Without Bay Street podcast with humorous banter about a 'lost' recording, then describe attending mentorship training on the Infinite Banking Concept (IBC) with Ray Poteet. They emphasize mindset and family-focused implementation of IBC, reference R. Nelson Nash's Becoming Your Own Banker, and cite concrete outcomes from a practitioner (144 policies and a $10M loan portfolio) as evidence of the approach's potential. Episode ends with calls-to-action to read the book and contact advisors.
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You are listening to the Wealth Without Bay Street Podcast, a Canadian guide to building dependable wealth. Join your host, Richard Canfield and Jason Lowe as they unlock the secrets to creating financial peace of mind in an uncertain world. Discover the strategies and mindsets to a financial future that you can bank on.
Well, while we're back. We're back. Welcome to WFL Bay Street. Now, we're. The reason we're coming to you live from Scottsdale, Arizona is because something happened. Something, something happened in Edmonton, Alberta. We recorded what was to be the introduction to the first episode of Wealth Without Bay Street.
Yeah. And it went so, so well that we decided that we just wanted to record it all over again. Mostly because we didn't know what happened to the first recording of that particular episode.
Right. Everyone has a computer.
And now is going to become the mystery, the mystery tapes.
And it's going to turn up like 3,000 episodes from now.
Oh, my. It's the lost tape. It's the lost tape of Wealth Without Bay Street. Where's it been this whole time?
And nobody's going to buy the rights to that catalog. You know what's interesting is that we've all hidden files on ourselves.
Yeah.
Like, we hid this file.
It's hidden so well that we're gonna need to bring in like the. What do they call those guys who are like the. It's like a forensic accountant. They bring the hard drive into the.
Room and they've got like the, the gowns on and the face masks and they're, they're searching for it.
There's sirens going off. It's like a security. It's like a SWAT security team. Where's the file? Where did you hide the file?
Now we have a bit of a crowd here, but we're not on Bay Street.
No, we're quite far away from. Quite far away from. We were almost on washed out street because of the amount of rain and the, and the emergency alerts happening while we were here in Phoenix during our. The balmy Phoenix weather. Torrential downpour.
Yeah. And, you know, I'm not sure how it's possible. Well, two things. One, going to Miami in June. Where? Miami. All you see, whenever you see commercials about Miami, it's South beach, it's the sun, the waves with people. We get there, thunderstorms and torrential downpours.
Three people on the beach, One of them, one guy was cleaning it.
Well, and people are saying to us, they're saying, gosh, oh, you're going down to Scottsdale, Arizona. Lucky you. It's going to be sunny. It's going to be beautiful. You're escaping the winter we get here. Thunderstorms.
The good news is super good news. I was really excited about the fact that there was no rattlesnakes, right? Yeah. Yeah.
So they're all wet and coiled up somewhere in the desert behind the house now.
These past two days have been pretty phenomenal.
Yeah. We just attended some unbelievable mentorship direct training from someone who's been one of the most instrumental and key people in our learning process. Our discovery of an implementation of Nelson's great work. Becoming your own banker. The process of becoming your own banker. And so we spent a couple of wonderful days with Ray Poteet and a team of people, colleagues, advisors, really just immersing and embracing.
The creativity of all the different ways that you can implement this process in the system, in your life. Ways that I hadn't thought of before and maybe not known how to conceptually put into application. And so just such a tremendous thing that we've been able to do. And man, to share some of these lessons and be able to walk people through it, and it's just phenomenal. I'm just so pumped. I'm excited about it.
You know what's interesting? I'm excited too. But I find myself thinking when I look at the view on the camera that we're looking at right now, if I'm the viewer, I'm thinking, get me a taller chair, man, so I can.
Right.
We are looking down on you from Bay street.
Now.
We like to have fun. We do like that now. We get into, like, really good serious, you know, mode with our guests that we interview. But we really enjoy having conversation. I mean, you can have fun conversations about money. Let's be honest, Mo, Most conversations around.
Money.
For most people, just a serious moment are and can be very stressful.
And it can bring up a lot of negative emotions or whatever.
And that can manifest itself in a number of ways. Where wedges get put into relationships, but not wedgies.
We have to be really clear.
Caveat.
Even when times are good, do not introduce wedgies into the relationship.
Specifically not in a relationship or your financial discussion. Neither will go over just they.
They don't fit.
However, if your money's on Bay street and the roller coaster goes down, you may find. You may find yourself with a bit of a wedgie, financially speaking.
Like, it's just, you know, it's one of those things where we. We can have. We can introduce some fun into conversations around money.
Sure.
And what we find happens when we do that is people, people lighten up and, and they're comfortable talking about their, I guess, desire for more knowledge on the subject and how to keep more of that money in their family, how to keep more of that money available to their, to their business. And, you know, for people who just can't get to that point, lighten up, for God's sakes, or go and try to build wealth with Bay Street. Good luck with that.
Another thing too, though, is they also, people may also open up about their fears.
Our engineers here, and he's looking at me, he's like, like, what are you doing? How, how do you expect us to get sponsors when you guys are talking about this? Well, if you own. Gosh, what's the name of the.
There's got to be a underwear company that's, that's designed the perfect wedgie underwear.
Right? Here's a. And you know, we, we might get a cease and desist letter for saying that.
So back to your point, your serious point.
Yeah.
About people opening up about money. Right. It's not just about their desires and what they're looking for, but it's also the counterbalance to that, which is their fears. What are the things that maybe they're either struggling with or they're really concerned about the kind of things that are keeping them up at night. Right. And for many people, that, that's, that's topics around not having enough capital maybe for retirement or what are they going to do when that happens and how am I creating cash flow, these kinds of things. Will there be, you know, who's going to provide for me, how, you know, what, what will the government have versus what I have? These kinds of things that come up and, and also, you know, the burden of some of the payments that are walking out the door, things that have interest attached to it. So when you're able to address these fears in a good discussion, open discussion, you can keep it light because it's okay to do that. And you can start to embrace more conversations around money. Well, what happens is you're going to start to embrace more of the good things that comes with it. You're creating more of an abundant atmosphere. And rather than just being held in the status of fear around these things, you can move beyond and move forward with them. And then you can really dive deeper into the knowledge and then the application of that knowledge. You say that knowledge is power. I don't particularly believe that. I believe that applied knowledge is what can become powerful.
That's a really, really good point. And you know, if you're, It's. It's less difficult to deal with a problem when you have a positive frame of mind in your approach to dealing with it. And so what we're sharing and we're having a great time because, I mean, these past two days have been amazing. And we do genuinely believe that, you know, there's a very dependable way to grow your wealth without Bay Street. Now, when we say without Bay street, we mean that you don't have to hand control of your money over to someone who, you know, maybe a stockbroker or an investment advisor. Not to say that any of those folks are bad or any. Or anything like that.
Many are wonderful, amazing people.
They. That's their profession. That's what they do for a living. It's the, it's the absence of control of the outcome and people. What people are searching for. And I think that's always been the case. But through conversation, it becomes more prevalent in what's spoken that people are looking for certainty. They're looking for a sense of stability. Because what's creating the stress are all the unknowns, not, not all of the knowns necessarily like what's going to happen with interest rates? That's an unknown. What's going to happen with the calculation of tax as it relates to your income? That's an unknown.
It's a big unknown.
What's going to happen with the economy and the stock market? Those are all things that are unknowns and that just inherently creates feelings of fear, anxiety, stress, et cetera.
They're also things that, not only are they unknowns, they're also things that you generally have very little control or personal ability to have impact upon.
Right.
So if we eliminate. Can just take a, you know, we just cross off all the things that you have no control over, then the list of what you can control gets, you know, much, much smaller, which means your ability to focus on the things that you can control becomes more important.
Absolutely.
And that's where we're trying to direct people to put their focus on.
And it never, it never loses its importance.
No, never.
Because you, you need, you need the use of money for the rest of your lifetime and the, the ability to create something that's dependable versus continuing to live in the unknowns, people are really leaning into dependable. And this process that we educate the general public about. Now, for those who don't know wealth without Bay street, part of what we do is educate the general public about how to create dependable wealth without Bay street by implementing a process of Becoming your own banker. The infinite banking concept developed, pioneered, foundered by the late R. Nelson Nash, who wrote the book titled Becoming youg Own Banker, Building youg Warehouse of wealth the case for ibc. You'll find links available if you want to get those books and add them to your library. And when you listen to our podcasts, because we find genuinely that, and even though we haven't launched one episode yet, we do find that genuinely people will binge on our content, like Netflix. And so we're subliminally programming you to binge on our content. So as you go through and binge on our content, if you like what you hear and you like what you see and you find yourself thinking, I really think I can build wealth without Bay street, then just head on over to wealth without Bay street and create a time to meet with someone who can show you how to build wealth.
Three times the charm man without Bay Street.
So.
But before we focus on all the wealth that could be created without Bay street, which is really, really important, part of the pieces that matters here is the mindset, because in order to create the wealth without Bay street that you're looking to have, that everyone's looking to create, it's what's in between our ears and how we're thinking about our ability to go and create it. So there's ways to do it, there's applications that allow you to do it, there's processes that allow you to do it. But a lot of those things won't really come to fruition the way that you want. If we don't have our mind in the right framework to be able to accept that process, put it into action, and then make the commitment to do so.
If what you're doing up to this point is not creating the fulfillment that you seek as it relates to your family financially, as it relates to your business financially, then the only way to change that is to first change the way that you think. And the books that we referenced, in all seriousness, will absolutely help you to rethink your thinking, as the late R. Nelson Nash would say.
And to that point, talking about the last two days that we've been here in Phoenix, one of the gentlemen we've been learning from, he's been now implementing and practicing this process since he first encountered it in early 2001. So we're approaching the 20 year mark ballpark. Since he's been really doing this, a seasoned veteran and professional in the financial industry who'd already been in the business for 30 years, discovered something new, completely changed his entire business practice, everything that he was doing personally and with his client base around this process, and through that, he's now got over. He's got 144 policies that he is utilizing to implement this process of becoming your own banker. And what is really unique, one of the big takeaways that I got over the last two days is that through that whole process and the practice of banking, utilizing banking, and then literally just thinking through and actively pursuing that, which banks do they take in deposits and then they lend money. They take in deposits and lend money and then they bring the money back in and so forth, that process of doing it, he's been able to amass through that work a $10 million loan portfolio which is producing a very good income, a passive income of money coming back into his family system. And it's creating a ripple effect that will cascade multiple generations. He's really implementing the process of banking as a bank owner, but also incorporating the aspect of how he's bringing his entire family into the equation. His kids, his grandkids, his great grandkids, and they, they, they even do what, what they refer to as the family banking meeting. So once a year they go for a family vacation. They do it through, you know, it's. It turns out that, you know, of course, when you own a corporation, you know, it's important to have an annual meeting for the corporation. So they usually pick a nice place and then they go.
As a director, just don't invite me because it's going to rain or thunderstorm.
Well, if the both of us show.
Up, wherever we go, it doesn't matter what time of year it is.
Probably no rattlesnakes. However, most likely when we get there now, this family banking meeting, they're able to discuss how they're going to grow the family's wealth in the family banking system in the upcoming year. And it's those open conversations where they're taking the topic that usually around money, like we're talking about, that often has stress and fear and other things attached to it. And we're releasing all of that so that you can get focused on all the positive aspects and you're bringing the family together into that community and discussion about it.
But what you just described.
Is so rare. And, you know, as we're taught to be divisive, we're taught to be divisive. When you grow up, you're going to move out of this house and start your own family. You're going to have your own mortgage, your own bills, and you will understand Those are things that I heard my parents say all the time. And for people who are listening, you likely can resonate with that, with this process of becoming your own banker and what Richard just shared with us around the family banking meeting. Could you imagine in your own family right now sitting down and announcing that you're going to have a family banking meeting and all you're going to talk about is money?
Aside from the fact that a. You're likely already feeling stress just hearing me say that.
Just imagine if we can just cast this vision for you for a moment where you have been storing money inside of an entity that you own, because we're taught to store our money somewhere. Store it where you're the owner and you have money coming back to your family for all the things that you would have transferred money away from your family for vehicles, weddings, education, property investment opportunities, business income taxes. Income taxes was a big one.
Property taxes.
Property taxes. If you have the money coming back to the family, is the conversation going.
To be.
Easier or more difficult? Well, we'd like to say easier.
I would absolutely think it would be easier. And not only that, if you're doing that in your intention, you know, ultimately, what are we doing this all for? You know, we all. We all. If you're listening, this probability is that you're doing something to generate and earn an income. Yeah. And if you're generating or, you know, earning an income in some way, you're thinking, how can I put that income to work in such a way that'll maximize its benefits for myself and my family? Either the one that you have or the one that you're looking to have.
But what they're thinking, though, is exactly what you just described. But they're wondering how much gas is in the tank.
Yeah.
Because every transaction takes that fuel, that money out of the tank. So they keep wondering, am I going to make it to the next paycheck before that tank is empty? And if we're sharing with them, that tank is only going to get bigger and with more money, the fuel.
You'll continue to be able to do all the things you need to do as a family and achieve what you just described, but eliminate the worry of the tank going to empty now.
By the way, if you're listening to this podcast in your vehicle right now and your tank is approaching empty, stop and get gas. We're not actually in your vehicle right now. You should probably pull over and make sure you fill up the I.
We would highly recommend it.
And just to be proactive, if you're.
Driving, listening and watching. Pull over, please.
Now not be appropriate.
Yeah, that just wouldn't be good now. I guess one of the other things that is just so important to share is that the big emphasis for us over these past two days was, you know, all about keeping money and family and strengthening the bond of family. And again, you know, we have to really encourage our listeners that it's not. We just think differently than you do as a listener because we've been practicing this process in our own lives for many, many years. And so we're standing on the other side.
Waving this flag at you and saying, hey, if you're really seeking that fulfillment and that, that peaceful, stress free financial existence and you're sick and tired of transferring the money away.
Read the book. Yeah, that's the first step. Read the book. Read R. Nelson Nash's book titled becoming your own banker. And then the very next thing you need to do after that is you've got to reach out to speak to one of our exceptional advisors. You like how I put that in there?
I saw that.
Because they really truly all are exceptional.
As an extension of.
It's an inside joke. It's okay if you don't get it.
You'll get. We'll reveal that someday when we find the recording of the episode that it.
Is actually by episode 15, you guys will be with us. You'll know exactly what we're talking you'll begin with.
So, you know, I guess what we would say to everyone, first of all, thanks for tuning in. We appreciate you listening to this episode of wealth without Bay Street. Richard, do you have any parting remarks for the listening audience?
Yeah, I think one thing I just want to, while we're still here in Phoenix, I want to just kind of circle back one last time before we're getting ready to go. And it's, you know, I talked about this gentleman who's got his loan portfolio and all those kind of things. But the key takeaway isn't the fact that he's got a giant loan portfolio. The takeaway is that he embraced the process of doing it. He realized that it was possible to do so. And then he implemented that process into his life and the ripple effect that it's created between from himself and every member, every extension of his family, the extensions of his community, really by default, us as an extension because of the vested knowledge that he's been able to provide into us. That's all about changing the way that we think. But also you have to be able to take action on something. And so if you want to create results in your financial life, they will definitely not happen. If we're an ostrich and we bury our head in the sand. Right. And if you're looking at opening up that mutual fund statement or whatever the investment statement is, or you're just not sure what you're looking at, or you're scared to open it, or it's in the junk drawer, which is often the case. I know most people who got those statements between 2008 and 2009 didn't want to open them, and many of them probably ended up in the fire.
It's still a fear factor for people because they're waiting for the other shoe to drop.
Yeah. And. And you. It's, it's. It's a. You know, you can only have a bull market for so long before, you know, the roller coaster goes up. Sooner or later, gravity's got to bring it back down. Yeah.
Or the bear scissor kicks the bull right from the back of the head just like that.
It's the, it's the, the old Elvis karate chop maneuver.
People, people in the, you know, with Ray and his family, the money. It wasn't the money and isn't the money that's making them happier. What's making them happier and more fulfilled is that the worry of the money.
Is gone and they have total control over the whole process. And they've, you know, if, if anything happens, if, if they were. Even if the market is up, as the market's down, it has no bearing on them because they're not associated or tied to that marketplace in the same way that most of society is.
That's the key.
They've circumvented that, that whole scenario, and they've essentially seceded from the typical market scenario that's available that most people are taught. We learn about it through our employer, through job, through work, through school, it may be maybe through university. They talked about. Somebody came in, you know, as you were. As you were looking at getting your profession, and they brought in a speaker to tell you about, you know, RSP plans and how you got to start putting money away into these kinds of things. But, you know, really what we're talking about is really getting completely out of that system into a way where you can control the outcome of your wealth in a. In a. In a powerful way, an empowering way that is. It's almost hard to describe because it's. It's almost like a feeling that you get when you just know that you can be the. You're you're the person that controls your own destiny.
On that note, thank you again for tuning in to Wealth Without Bay Street. Make sure that you subscribe to us on. What are we subscribing on itunes?
Yeah, any place where you got your.
Facebooks, your podcast player, all those wonderful places.
And we, we very much appreciate if you rate and review us.
Please do.
And, and of course, if you get any value out of it and you think our jokes are even remotely funny, if you want to share it with someone, that's good. Yeah, if you don't think our jokes are funny, you can still share it. It's all right.
And remember, money doesn't buy happiness, but broke don't buy anything. Thanks for tuning in, everybody.
Thanks for listening to the Wealth Without Bay street podcast where your wealth matters. Be sure to check out our social media channels for more great content. Hit subscribe on your favorite podcast player and be sure to rate the show. We definitely appreciate it. And don't forget to share this episode with someone you care about. Join us on the next episode where we continue to uncover the financial tools, strategies and the mindsets that maximize your wealth.
