12. Will You Survive or Will You Thrive? It’s Your Choice | WWBS Podcast

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.

Wow. Welcome to another episode of Wealth Without Gay Streets. And we are recording on 42 different devices in this podcast studio right now.

It's very perfect, and I'm not sure where to look. I don't know if I look over here. I don't know if I look over here.

I'm not sure if I look up there or if I just look at you or you.

It's kind of like that one Will Ferrell thing was like, I don't know what I should be doing with my hands.

What should I do with my hands?

Well, I'm your host, Jason Lowe, and.

Joined by the quiet as ever, Richard Canfield. And joining with us today in the podcast studio live in person, is our great friend, our most amazing individual that we love dearly, who's a tremendous steward of Nelson Nash's legacy, Ms. Winnie Lau. The amazing Ms. Winnie Lau. Thank you.

Amazing Ms. Winnie the winner.

Winnie the Winner Lau. Yes.

Okay, I want my song now.

Okay. Winnie the Winner.

She loves to win. W I N N I E the Winnie the Winner.

We tend to have interesting songs that we pass back and forth when we're.

Getting on the phone with one another, different every time.

Anyhow, we're blessed, I think dramatically, to have Winnie here with us. We have a lot of really good things we're going to cover with her today. And Winnie, to kick us off, maybe share a little bit with the folks who are listening, kind of walk us through your journey of learning about Nelson's concept, the infinite banking concept, and maybe what, you know, what stands out for you as a reason as to why you really wanted to take that message out to your clients and start to help people in that path.

If it wasn't for the fact that I had my beautiful daughter, I don't believe that I'd be sitting here today sharing Nelson's message. You know, having had been a single parent at the age of 24 and not doing so well financially and having to really ask myself that question, you know, what do I do from here? Am I going to continue just to survive in life or am I going to thrive? And from that one decision to thrive in my life, it really led me down a path of all these opportunities that presented themselves, which led myself to coming up To Edmonton, which led myself to coming up and joining Rain and then meeting you and then meeting you and, you know, that's how I ended up. Yeah. Coming upon Nelson's message.

Awesome. So it all stems with a desire to want to thrive and then having your daughter creating an environment where you want to also have that carry forward for her. Would that be a fair assessment?

Absolutely.

Cool.

Winnie's daughter's pretty amazing. For anyone on the call who hasn't met her, she's amazing. And the Maggie. And we're going to talk a little bit about that, I think as we talk on the call and how Winnie's been teaching her how to become a good steward of money as well. And so Winnie, in my opinion, you've demonstrated yourself as a really strong leader in the infinite banking space in Canada. A practitioner that you help people, you educate people, you do it from the heart. And you've also been one of the fewer females in this industry far and wide. But also really in this little niche space of carry on Nelson's legacy. There's some things that you've been doing that I think are really tremendous. You've been helping someone and just integrating with some of the other female practitioners and creating a space for them to grow and thrive together and learn best practices how to be a female in this industry. So maybe can you speak a little bit to what caused you to start the leading ladies of IBC path?

I think it first started I had no idea that I was going to actually start doing it. But you know, when you're down at thinking tank, the energy builds and always my desire, you know me, I like to take pictures, capture the moment. So it all started with, you know, that just that one idea after lunch. It's like, hey, you know, there's, there's only like maybe 12 of us here. Wouldn't it be great while Nelson's still here to gather as many of the girls that are at the think tank and to really capture that moment and started a, I guess it would be two think tanks ago and actually ought to upload, you know, the first year, the second year and then this year because it's grown dramatically.

Excellent. Yeah. So you're seeing the movement as people are delving deeper into this method and the concept. You're starting to see the amount of specifically, you know, women join the industry, get involved in wanting to take that message out to the marketplace, maybe speak to that a little bit.

Yeah, there's definitely a growing number of courageous women who are coming up to the space and wanting to share it as an advisor. There's also, you know, a number of women who love to be behind the scenes and support the movement that way too. So there's kind of a good mix of both.

Super cool. Thank you for your work in doing that. I think it's pretty special.

I think it's really encouraging, actually, and very exciting to see more.

Females enter the profession and be able to share this message and, you know, bring it to, to the marketplace. And, you know, it's also, I think it speaks to, especially with where Winnie wants to go in her professional career and being able to. One of the things that she really spoke about at Think Tank that really resonated with me was being patient with your client's journey with this process. And that would be something that I think our listeners would be very, very interested to hear you expand on. What do you mean when you say, when you talk about being patient with your client's journey with the process?

Well, having shared this over the last decade, it tends to be, you know, when you meet with clients.

You know, you feel like you're answering a lot of the same questions over and over again. And it's not because.

They don't understand it. It's that it is definitely a brand new way of being. Because every single day all of our clients are exposed to a mainstream way of thinking. Whether, you know, when they go to visit their bank, when they're walking down the path to go to the airport, you know, that I don't know what you call that hallway before you get right to the airplane. And it's like, you know, you're exposed to all the bank's messages that way.

It's easy for our clients to forget exactly what they're doing this for. Because it's not just a product, it's a process.

That's what I mean. Being patient and answering that question, even though you've answered it quite a number of times, it's just understanding that they're relearning and well, they're unlearning and relearning and implementing a new process. And we're there to coach them and.

Remind them what I think that ties perfectly to the backwards bike video, which we're all quite familiar and fond of. And so if someone's tuning into this and you're not familiar, we'll, we'll put a link in the show notes. It's a.

Or you're riding a bike. Don't go back.

We don't mean, we don't mean going in reverse on A bike, we mean having the steering adjustment so that when you, when you go left, it goes right, the wheel goes right instead. And so there's a cognitive shift that happens as you're, you have to relearn the new pathway with your brain on how that actually operates. And for someone who's been riding a bike most of their life, it's very difficult to have that cognitive shift. And that's that paradigm shifting moment. And so. And it's easy to go back into the old rhythm. And so because we're bombarded is when he's identified by the marketing messages and they're all over the place or on the television, they're on the news or Internet, they're on the Facebook feed. We're getting bombarded with messaging. We're constantly marketed to at every area of our life. That it's easy to get maybe pulled back into the old rhythm when you've learned and you're now looking to move down the direction and the path of, you know, the embracing of infinite banking as a way of life. And so really, I think what I hear you saying, Winnie, is that it's important that as a, as a coach and as a patient person, which, by the way, you're one of those patient people I know you, you actually put up with me. Really.

Unless she's hungry.

Yeah, not so good on the hungry side, but I'm working on it. Being able to just be that, that force of a reminder, being that person that people can turn to and be able to confide in and share and have the ability to be able to reset and kind of get back on that Right. Learning path, I guess. Is that kind of what you mean?

100%. Yep.

Nelson talked a lot about noise and being cognizant of all the financial noise that goes on out there in the world. And we're all wearing headsets. And he would always recommend that you get a financial noise cancellation headset because embracing this process is one thing, sticking to it is another, because you can be pulled back into the old way of thinking and the old way of doing things, and that rarely works out well for people. And so, yeah, having. He also emphasized the importance of having a good coach and you could expand on that and say having a good patient coach.

I think what is really great about having be this fast forward 10 years later of us sharing this here in Canada is that there's definitely a lot more information. And now with this podcast here, there's greater opportunity for our clients to tune in whenever they are feeling a little Bit just unsure, you know, to really tune in and just really listen to what's being shared here and everything that's available online. So that's something that you didn't have 10 years ago.

That's very true. And it also emphasizes some of the not so good that's online, right?

Yes.

Just because it's on the Internet doesn't mean it's accurate. It's one of those trust but verify things. And that just ties to why it's important again to have a really good coach. Because when you're exposed to things that question your thinking or that question the process that you've embraced, going back to your coach and having that really, really good discussion about, hey, I've seen this online or I heard that, and is this accurate or does this make sense? Because there's a lot of misinformation about the concept out there and you know, there's a lot of tactics that people are deploying to present this concept. And it's all primarily driven from product.

Right.

And that I think we're all, I.

Love.

This is about a process and the product is. The product comes afterward. If you don't understand the problem, the solution doesn't matter anyway. But I just see so much out there. And Winnie, you shared with me too, some of the conversations that you've had with clients that were where you were kind of being pulled back into product mode and looking at the illustration compared to the values of the policy and all that stuff and not having the opportunity to really have a good, focused discussion on. Talk to me about how you're embracing the process and what specifically are you doing to implement the process as it relates to your needs. And I don't know, I just find that as more and more information becomes available, this forum becomes that much more important because you need a good coach and when he's a good coach, you need a good, I guess you know, not to feel like you're a lone ranger. You need to be surrounded by people who understand this and who live it.

And do it every day. And I think that's what's really cool about, you know, us being here today. We have such a outstanding friendship and we also, I mean, we connect on for any number of things. We share meals together all the time. Some of the funnest, most entertaining moments of my whole life have been sharing a meal with Winnie and Jason combined because there's certainly some good memories there. What Winnie can do with chopsticks is astonishing to me. She can eat popcorn with chopsticks. She Eats chicken wings with chopsticks. It's really astonishing. I had no idea it was even possible. And so I've done a few Neil.

Peart tributes on chopsticks.

There's been times where I've been like, I'm tempted to like, you know, just in the middle of, while they're eating, taking my chopsticks and like flinging their fork while they're about to put it to the face.

So, so we, we have entertainment value in that. But when we, when we connect and we get together, we're getting together and we're discussing how, how can we be better at what we're doing, what, what else can we implement? What can we try different? What have we noticed that maybe that we didn't think someone's presenting the message in the right way and how might we do it differently? So, so we're always constantly challenging one another to figure out how we can be better and do more, create more opportunities for our clients to. And even if it's not our clients, people that just want to embrace this concept and understand it better, how can we create more opportunities for them to be able to have that messaging and absorb it in a way? Because we all learn a little bit differently. And that's one thing Winnie, I think you recognize really well with people. You're very tuned in when you speak to your clients about.

What works for them and you're good at customizing the discussion to what you think is going to give them the best learning opportunity in that unique moment. I think that's really powerful thing that you do. And one other thing I really want to touch on while we've got you here is some of the other incredible work that you've been doing with your clients over the last number of years. You're really invested in the entire breadth of their financial life when it comes to the continuity of what happens when they're gone. Right. And also as they're bringing their new children, new life into the world, we've got the kids and the grandkids. And as you're part of that, that multi generational continuity of the family. And so one of the programs I wanted you to speak to a little bit for our listeners is the importance of creating and having a will. And this is something that you took on an action step. Winnie's very, she's an action taker and so she likes to get into action mode. And she's like, you know, everyone I keep talking to doesn't have their will. I'm going to create a program And I'm going to force them into doing their will nicely. And she will do that. You know, she'll bring your chopsticks and she will snap you right on the wrist and say get your will done. But you created, it's really nice.

You created this, we mean that very nicely. You created this incredible program that you do and it's kind of an all day event and it's called Willing Workshop. So willingworkshop cat. And can you speak to our listeners a little bit? But what was the genesis of that and how that program's been working with some of the feedback you've been getting from your clients attending?

Well, it actually started off with wills and wine because I wanted to bait people into getting their wills done with a glass of wine, but whatever.

And then having to get them revised.

A few few days later, I left this to who.

But yeah, so that's what I discover, like although everyone, you know, most people enjoy a glass of wine here and there, I often found that it, you know, I found that after a while it was just, was not as effective as having that event without alcohol because it just, because that's what alcohol does. It just really lowers and relaxes us. And.

So what I wanted to create, and I took that a step further, was instead of a three hour event, which still felt more like an infrastructure information session, I wasn't satisfied with the amount of action that was being taken from that three hour session with mine. Right. So I developed a whole day and even some of the current attendees that have gone before, it's like, you know, this actually, you know, I thought a day was going to be, you know, too long, but in fact, you know, we should really have another day. Right. So I'm working on, you know, creating the evolution of that. But you know, the whole intention of it is, is that I have, you know, a team like a financial advisor like myself, a lawyer and an accountant, be an expert panel. And it's only going to be for like the first two and a half hours and then the rest of the session is really dedicated towards answering all the questions that are needed for a lawyer, whether it's to update or to get a brand new will get all of them answered and then by the end of the session it's ready to get emailed off to the lawyer to submit for first draft. Because half the issue is that people have a hard time setting a time aside to answer those questions. We get easily distracted. It's not something we necessarily want to do on our own free time. And so I Wanted to create the space for that.

Some people also just have a discomfort thinking about absolutely the nature of what that represents. That represents an event that will happen.

Death. And.

It'S really unfortunate because the vast majority of clients that we do see are just not prepared for that eventuality. And.

So first of all, it's wonderful that you're doing that because.

We'Ve all dealt with, or we will deal with circumstances where those preparations were not made. And getting a phone call from an attorney or from a client's cpa, hey, death has occurred. We're having difficulty dealing with distribution of whatever it is that they're trying to resolve. And the kids inherited a bunch of taxable accounts and they don't understand. They thought mom had a million dollars in the RIF and Revenue Canada wants 490,000 of that and nobody told them. So all of the things that you're doing with that program I think are exceptional. I haven't attended, but from what you've described, it's.

Nothing but an advantage for a person to spend a day, prioritize a day, one day.

And here's what we found. Or two days.

Sorry, two days.

Here's what we found. And I had the pleasure to be a part of Winnie's event. And.

It was so educational, but it was actually beyond that because there's something that happens when you get in a room full of people, and I don't mean a huge room, but a small, quaint room around a boardroom, whatever is like you, you bring your computer into the event because Winnie has all these crazy amazing templates that she's made. These, these guided documents that you can start to complete to help identify some of your wishes for your power of attorney, your, your, there's several other documents that you kind of work on throughout that process. You know, identifying your executor and all these extra steps. And so you're, you're really doing the, the important work and then you're capturing it on the spot. So it's, it's really that tactile action mode versus you're just filling in a notebook and taking some notes. And then you get home and then life, you know, hits you upside the head like a two by four and you don't get anything accomplished. You get a lot of that activity actually done and that forward momentum, because momentum is a powerful force. And so when you get in a room of, you know, 10 or 12 other people and you're able to hear their questions, this is one of the powerful things about group learning. When someone Asks a question in the room. It's often something we didn't comprehend or think about or just wasn't in our mind's eye yet. And then all of a sudden it brings it to the surface and it's like, wow, that is an amazing question. Like, and then the lawyer that's there present in the room or on a web call or the accountant is able to field that and they're fielding it for the benefit of everyone. So we all grow together in that environment.

And to add to that, sometimes, not sometimes it just inevitably happens when people start to get comfortable that everyone's there for the same reason. You know, stories get shared and sometimes those stories are, you know, kind of like the stories that light a fire under our butts to say, okay, yeah, definitely, we need to get this done because we don't want to experience that.

Right? Yeah, absolutely. And, and those stories are going to be different at every event. And so it's kind of like this is something that you can think about reattending. It's like we always, we would always recommend that whatever it is, if you're so just like the infinite making concept, you're learning about that maybe you went to an event or a program or a course or you watched Nelson, the Nelson Nash documentary film, just like Nelson's book, it's not something that you do one time. You want to constantly be re engaging with that information because as you're growing and developing your mindset, new things are going to jump off the page and jump out at you and another component of the learning is going to be enhanced. And so I think Winnie's program is very much the same when it comes to that.

Yeah. And you know, Willing Workshop was really born to serve first and foremost my, you know, our clients because inevitably, because of the vehicle that is being used, that conversation comes up, if your will is going to get done and then the questions come up or look, okay, so how are these policies, you know, how are the beneficiaries going to, how do we know for sure that, you know, this policy is going to go to, you know, the people that we intended for? Or what if, you know, my autistic child? You know, what do we do about that? Because we just don't want to leave a one time lump sum payment. You know, how do we start addressing.

Some of these things and creating a continuity that happens basically from beyond the, beyond the grave, really. So it's super, super cool program. And the fact that you've put that together and you recognize that there was a need for that. And you, you know, you could have went and tried to have one on one conversations with everybody, said, you know what, let's put a program together where we can help more than one person at one time and we can really take a message out to a larger people and get people into that action mode. So that's why Winnie's amazing. One of the many reasons why he's amazing.

That's why she's a winner.

Well, and just to add one more element to willing workshop it, you know, it's also designed to be online.

Okay, great.

So that is really helpful especially for in instances where people can't, you know, come out for the day or if they have a newborn child, mom's still nursing, you know what I mean? Like, it's, it's been very helpful that way too.

Right. So you can have people attend in that live session, be participated in the discussion through, through webinar. So you get a combination of in the room and then you have people dialed in as well so they can participate kind of from around the globe a little bit.

Yeah. And I, you know, I 100%, you know, encourage that especially for people who are more technically savvy and you know, and sometimes in some instances, if you're great with technology, it is more convenient to do it from home, especially for some of the exercises that I go through. Like all the information is you're already at home and then your information is there, then you can just complete it, get it from the file folder, come back. So.

Yeah, yeah, that's. It sounds like a wonderful program and so many people, you know, we're doing more and more online and.

I just think it's a wonderful program. Congratulations for setting that up.

Oh, sorry.

Oh, there you go. Yes. High five.

There's, there's one other thing that speaking about programs that Winnie's created, this is another one that is something that I think is extremely near and dear to your heart and it's something that you started developing a long time ago. And you know, you know, I've known Winnie for a long time and watching her daughter grow throughout her life has been a really cool experience for me because some of the really interactive components that Winnie started doing early on in her daughter, imagine his life was getting involved in teaching her and by default, the kids in her class about money. And you created this incredible program called the Cash Smart for Life program. So it's cash fart cash smartforlife.com cash fart cash smart with an S cashmart.

That program stinks.

It's fragrant. No, it's cash smart. S M A R T for life. And so this is a program that's designed to help teach kids about money. But the way that you're doing it is to teach the family how to teach the kids about money. And you incorporate a lot of really cool tools in there. You know, I think it's called the kids money Kit. You'll speak to that a little bit. So can you walk people through, you know, maybe how that got started with you and imagine earlier on and then. And then how it's kind of progressed up to the stage where you have this kind of coaching implementation program now.

Had an opportunity when Imagia turned four, just through another. Another friend's pilot program, to test this, you know, budget kit out that they had created. Unfortunately, they're no longer in business, but that's really what prompted it. And at that time, when she was 4, I was still. Although I had made the decision, I'm going to thrive. I'm going to thrive in my life again, you know, being presented with opportunities like participating in this pilot program, I was happy to do it. And along the way of, you know, helping her develop a system of thinking around managing her cash.

I discovered that it was really teaching me, like, the basics and that even though I didn't feel like I was great with money, that I could teach from a place of my mistakes. And that's really, you know, became such an empowering process. And what I really genuinely loved about it and still love about it is that the kind of conversations that I have, have had and still are having with my daughter is completely different than what a lot of parents are perhaps having with their children. Right. My daughter does not see me as the source of money. And she, in fact, it really bothers her to.

Feel like she hasn't attempted first to do the best that she can with her own skills that I've already provided to her. So just as an instance, my daughter is now almost 21. She's been out of the house for almost, you know, two plus years. She is literally only ever asked me for $200 and she's moved out. And it's half the time it's like, hey, will you split my birthday gift with me? Because I found something really cool that I like.

You know, Rich and I were gonna ask you for 200 bucks too. We just haven't popped a question yet.

I also like birthday gifts, and I'm willing to go havers on it if you want.

For my own birthday gift. Yeah, yeah, but, you know, just imagine, you know, it's, it's, it's really different. I mean, she, she 100% since she has moved out, has supported herself, managed her cash flow. And I mean, her first job was housekeeping. Now it's serving, you know, and.

She finds, and she's shared with me that, you know, a lot of her counterparts, her age and even 10 years older, don't have.

Have a lot of issues with money. And she doesn't, she 100% doesn't.

Now you communicate with her regularly to this day. You guys have like a standing, almost a budgetary meeting that you have, like, is it once a month? How frequently do you do that?

So every, like, just shortly after she gets paid. So like bi weekly.

And then you have a discussion essentially about what's happened, what's transpired, and then you talk about the allotment of that capital based on what's going on with her life at that time.

Well, now that she's been on her own for a couple of years now, you know, I've gotten her into a flow of. Because it was different before. It was just like hundred percent cash. Right? She was working with cash. And since she's been working on her own, it's been switched into. Okay, it's no longer cash, it's more digital money just drops into her account and then it's, it's working with the different bank accounts instead of the different envelopes. Right. So she felt a little bit awkward with that because it was no longer a physical experience for her. So, you know, that, that was a bit of a shift to make her feel more confident again.

Interesting. And I've had the opportunity because of course, you know, now that imagine lives away, she's a, She's a full province away. You're doing all this by web calls. Every once in a while I cruise past Winnie's office and I happen to see, you know, I happen to notice that she's talking to a magistrate. So I'll invite myself in just so I can say hi. And they're in the middle of that kind of budgetary discussion, so we take.

A quick break to say cash flow discussion.

Cash flow discussion. And. But it's so, it's so interesting to see. There's just this, it's just this very unique dynamic because it's such an open field, it's such an open discussion. There's no, there's no hesitation or there's no baggage in the way about a money discussion. It's so open and it's like, wow, I'm so excited about getting on the phone and having a conversation about my money with my mother and seeing how I can become more prosperous. Like, the mindset is so unique and different.

Yeah. She just shared it with me, actually, a few days ago. It actually stresses her out not to manage her cash flow. Like, she cannot. She. She is. She cannot just leave it. The money comes into her account. She has to split it up the way that she needs to split it up, like, within two days. Otherwise she feels very disorganized and chaotic about it. And. But, you know, we're at the point now where she's almost a full month ahead of all of her expenses. Right. You know, and this is really great compared, like, you know, for the money that she makes right now. And the other thing is, is that I. I did not have to convince her to set aside money for savings or whatever, her wealth account. Right. It's just odd. It's. She's. I've been training her since she was 4, so it's not even a question. She just does it and she wants to do it.

Power of habits.

Yes.

Dan Sullivan says that we are 100% disciplined in our own set of habits. 100%.

Very true.

Yeah. So I feel grateful that I was able to impart a lot of the principles since she was 4. And so this program, Cash Smart for Life, is really, really designed. You know, I attempted to teach the kids, like you said, you know, coming in for money club while I was, you know, just to check out her and her peers. And I did that for about four or five years, and the kids picked up on it pretty good. The only issue was, is that it. There was nothing. There was no support systems at home to allow them to practice everything that I've been teaching so you can teach the kids. And so this is where I really find, you know, there's been a lot of discussion. Hey, we want to leave it up to our education system to educate our kids about money. I feel differently about that. I feel that the best opportunity is actually for the parents to teach their own kids about money for it to be far more effective. Right. Because then you get to impart, you know, your. Your principles and your values along the way a lot more effectively than a school ever could. Right.

And you get to keep money in the family.

Get to keep in the family, which ties to a story.

And you get to split on birthday.

Gift expenses with all the good stuff, too. That ties to something that. Jason, you know, you shared a story here recently about, you did the family banking meeting with your family, which is something you do every year. Yep. And you had this really awesome vacation cruise planned that you guys took everyone on here and you took time aside. You had pre scheduled the time in advance. It was after breakfast so that people had had their morning breakfast and coffee, but it was early enough in the day so that the kids could go and lose their minds and play immediately afterwards. And then you created these discussions around what you were going to do to grow the family banking system.

That's right.

And so you were sharing something with me the other day about what your son Jackson had kind of talked about and some of the habits he's picking up and the way he's thinking now. Would you mind just kind of time in it? Because I think it correlates really well to what Winnie's been doing with Imagine and how she's been teaching this to her clients.

Oh, absolutely. You know, we talk in our family all the time about the importance of keeping money in the family, not letting money leave the family unnecessarily. It's language that we've been using with our children since they were old enough to. To conceive and understand us talking to them. We've been using that language. And when we started to do the family banking meeting, the whole premise is to make sure that the children are actively involved in that meeting. And it raises a lot of good questions from them. You know, what, why are we talking so much about policy loans? And you know, when I borrow money and I pay it back, how does that stay in the family? Like, what do you mean by that? And you know, Jackson had completed repayment on a policy loan and we acknowledged that. And he understands it like he's 11 years old and he's using language like we have to keep money in the family. One of my twin daughters, Charlotte, she talks that way all the time now.

And.

It really for children, they have a much higher. In the backward bicycle it's talked about, they have a much higher neuroplasticity. That's why it's so beneficial for a child to learn a language at such a young age. It's the very same thing with financial concepts. It's no different. They actually pick up on those things.

Quicker than we do.

Than the adults. The adults are thinking, I've been doing things one way. You're talking about doing them another way.

Everyone else is doing it the way I'm doing it now. So surely there must be something wrong with the way that you're describing that I should do it because the herd is going in a completely different direction. But now our family is really starting to grasp it. And the annual family banking meeting is something that you have to attend if you want to participate and be a part of what we're building in the family. If you don't, you can opt out. Nobody's going to force you to be there. But not one person in the family up to this point has said, you know, I'd rather not be a part.

Of that.

Because of the value. But for the kids in particular, it's so amazing to see the looks on their faces when they have a light bulb moment or they get it. And it's exactly what Nelson taught us about thinking long range. And Nelson himself would tell you, God rest his soul, that he struggled in his own family helping them understand this process because it's more caught than taught. And so we wanted to, we made a commitment that every single year we're having a family banking meeting. It's 90 minutes, it's not a whole lot of time. And it really, first of all brings the family together around a subject that so many families would rather stick their hand in a turned on cheese grater thing than talk about. It's so impactful. And so I resonate with, involve your children, involve them early, teach them, teach them good money habits, and they will become 100% disciplined in good money habits.

What's, what's really great about Winnie's program is, you know, again, she identified that, you know, the kids were, again, the kids were picking up on things really quickly. However, if there wasn't a support system for them to go back to, then, then it didn't, it didn't have the stick factor to it. And so that's how, you know, really I was, you know, I kind of watched you create this program and start building the things out, winning. It was like you're really focused on how do we really get these parents involved. Because ultimately the kids don't even know that they want to learn about money really yet or they don't know necessarily that there's some such thing as money habits. And so we hear from parents, our client parents, all the time. Man, I really wish we could. I really want to teach my kids about money, but they're not sure where to start. And a lot of it's just at these very rudimentary fundamental basics. And it's about compartmentalizing the money and thinking about what you want to have your money do and accomplish for you. And then the types of questioning and language that is that kids at different ages will receive. Okay, so you've spent a lot of time thinking that through and then you bring that into the coaching meetings that you have with the parents. So what is some of the feedback that you've gotten from parents as they've got involved in those discussions with you about talking to the kids?

Well, one of the first things that I hear is that they really appreciate the laid out system that they can walk into, because half the battle is just knowing where to start. And so it doesn't necessarily mean that every single family is going to follow exactly what I've laid out for them, but at least it gives them a great premise to know where to start and then they customize it for themselves along the way.

Again, it's the conversations that they end up having with the kids. Right. Watching their own child go through like a thinking moment where it's like, okay, so you know, yeah, I could get that, you know, that Slurpee or that bag of chips or whatever it is that they want to get, but then I'll only have X amount of dollars left until next kids pay. So it's sort of like the conversations where they're starting to recognize where they're training themselves to, to develop delayed gratification, which is a key principle in great financial stewardship. But it just naturally happens with the way the program that is laid out. And again, it's just like a lot more of those opportunities of being able to talk to your child in such a different way. And the funny things that they do and say or the ways then the kids ultimately challenge the parents. Well, what are you doing with your fun money? Like, what did you say for? And it's like the parents are like, oh, crap, I need to do this too.

The internal family accountability model. I like that. That's great.

Well, this has been fun.

Always fun.

We should have Winnie back.

I agree.

And we should do a whole episode on how Winnie wins. Winnie the winner. But it's been a lot of fun. Thank you, Winnie, for joining us.

Thank you very much. I'm really grateful. Thank you for the invitation to be here. I'm happy that I could actually make it live to the studio as well.

Yeah, so am I. It was great.

Now, we always have one final question we like to ask our guest, Jason. Would you like to feel that for winning today?

For sure. So, you know, we talk about how not all heroes wear capes. And when you add value to someone's life and you really change, you can transform someone's life just by bringing value to them and coming from a place of serving. And so when you think about.

That aspect of being a hero, who do you want to be a hero to?

Oh man. Well, I hope I've been a hero to my daughter and.

Sometimes I find just through my own life experiences, I know I feel like I've been a hero to myself at times, rescuing myself out of some really dark places and thinking that come and go in life.

And yeah, hopefully to my friends and my family and the people that I serve in my IBC practice.

Excellent.

Thank you so much.

Perfect. Thanks Winnie, 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 financial tools, strategies and the mindsets that maximize your wealth.