122. 7 Steps To Becoming Your Own Banker

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This is not 7 minute abs. This is 7 steps to becoming your own baker. And we want to walk through each step.

And expand on because we've been providing this report, which is, I mean, has been downloaded how many times now? Hundreds of times. And we thought that we would record an episode and just walk through and maybe expand on each of these steps. And that could be a great accompaniment to. Hey, now that you've downloaded this report, you should watch this video that kind of expands on each one of these steps. So why don't we dive right in, Rich, Take us into step one.

Yeah, so the seven, seven simple steps to becoming your own banker. It's really, it's exactly that. It's very simple. So this is, this isn't a path for you to go and construct your own policy and get into all the minutia and mechanics of which company do I want to work with and who are all the companies in Canada and, and like, well, how do I determine how my premium, what much premium I should pay? Like all these kinds of things. This is something that you do with a coach. Before you get to any of that, you need to first get set with a foundation. We talk about the foundation, setting appropriate foundation for things you wouldn't. Nelson Nash used to say, you wouldn't build a skyscraper on a weak foundation. And so if you want to build a skyscraper financially in your life around from this day, moving forward to every future day that you're taking air into your lungs and we're not just looking, you know, in a skyscraper, you know, usually there's like that little commercial spot at the bottom, you know, first couple levels, and there's all this like maybe this residential stuff at the. Above it or whatever. Well, those are all like spaces for your, the other people you love and care about, your family members, your extended family and stuff. So it's the expansion of that system that's the skyscraper we're talking about. You know, Jason, I think as of this recording, you're at what, 63 policies in your family system.

63 story building.

63 story building.

So, you know, this is kind of the. I think this analogy goes really well with what we're doing with people. And so we are. This seven step report is all about focusing on that foundation and how do we get that foundation poured and then also once it's poured, how do we let it set? Yeah, pour concrete. It's, it needs some time to cure before you start, you know, building on top of it, etc. Right. You know, imagine you poured a, you poured a concrete driveway and then the very next day you drove your car on it. You're going to be pretty disappointed with the result of what your driveway looks like.

So, so that's what we're talking about. So the very first step on how you get started is basically you got to block off 90 minutes of some focus time. Now, we have recorded webinars that we have available that you can access. We provide all the directions, report on how to get access to that and that, that 90 minute session you're going to walk through, hearing from some of our coaches, you know, Jason, myself, Sarbalo, a number of other our teammates. Vern, you're going to be able to hear the foundational components of how this thing of becoming your own banker came to be. How did Nelson start down this journey and what, what led him to this path? And then what are some of these core components that you need to really, truly understand to determine if this is the right a, the right fit for you, but also the mindset that's necessary to be successful. It's one thing to get started with something, but it's a whole other thing to be successful at it. And so if we don't have the right mindset in place, we're not going to have the success that we want to achieve. A lot of that really comes down to, you know, an in depth understanding of the grocery store example in Nelson, Nelson's book on page 15, because that's where a lot of the core premises come from. In fact, several times in the book, Nelson even says, if you don't understand this, go back to the grocery store and reread it.

And he would also say that once you do understand the grocery store example, the rest of becoming your own banker is ridiculously simple. It's a piece a piece of cake, he would say.

And, and you know, another one of our, our friends, they would say that, look, if you, if you understand the problem.

Then the details don't matter, but if you understand the problem, then the details don't matter. In other words, yes, there's some details and you, you'll work that out with your coach, but if we don't get down to the core of what's happening, the rest of it's just, you Know, useless conversation. There's no point in digging into all that minutia until you get down to the core. Once you have that, that foundational piece, everything just fits into place. And it's, it's like having all the puzzle pieces together versus missing big pieces of the puzzle.

So let, let's, let's identify each of those seven steps. And for our amazing editors, they can maybe have that come up, you know, on the screen somehow as they, they do their wonderful work. So let's, let's read out each one of those seven steps. What are they?

I, I, I can do one better. And we'll just bring it up on the screen.

Okay.

Even better. Okay, so, so here's, here's blocking off. You know, this is like the, the shortcut version of it. Block off 90 minutes for that focus, time for that webinar, Go through that session. Once you get through that, you want to set up, set 60 minutes aside. You want to watch the documentary film. This is Nelson Nash. That film is very, very powerful. It's going to help you understand again, it's going to, it's going to add additional context onto those foundational principles and really give you an in depth understanding as to why this matters so much. How did this impact so many people that Nelson has touched over his lifetime. And that's going to lead you to, and again, the order that you do these isn't what's important. It's, it's just that these, these are important things to happen in this, in the sequence. The next step is really to read Nelson's book. And you know, the book is 92 pages, but there's only 77 pages you actually need to read. And really, if you strip out some of the illustrations that are in there, that brings it down to more like 70 pages. And you know, we have a, we have a guidebook that we recommend that you can actually get access to through the report. A letter that we usually send out that recommends a really good path on reading that book. You know, I did a recording recently with one of our colleagues, Verne, where we talked about that, that example. And you know, I like starting at page 85, which is at the very end of the book, and then going back to the front and hitting some of the core pieces. Then we're going to write everything down. In other words, write down your questions. What are the things that, coming up for you after you've gone through this content? Get really clear on those things that you're going to be able to work with a coach on Start jotting them down, store them in one place, get one notebook to have all that so you can get all those questions answered. Step five is really where the rubber hits the road. It's grabbing the bull by the horns. In other words, it's time to make a decision based on everything you've learned. Is this something that you want to do? Do you want to move down this path? You don't. You're not doing it yet. You haven't started anything. But you need to make a decision if it's the right path for you and you'll have enough information by that point in time to be able to make that decision with some level of confidence. I would, I would think so. Jason, what do you think?

Absolutely. Of course. Yeah, it's. It all comes back to.

Until you understand the problem, the solution just won't matter to you. And so these steps are going to really help you develop a deep understanding of the problem.

So that when you catch this and you say, yeah, this is something that I want to do, I want to implement this process. You're doing so from a place of understanding the problem versus, like what you shared at the very beginning. People, we get contacted by people all the time who say.

Hey, I'm really intrigued by the process of becoming your own banker. Yet all of their questions are product focused. What companies do you use?

What?

What's dividend scale, interest rate? Why do you pick one company over another? All the noise. And when we ask the question, can you just take a moment and walk us through your interpretation of the grocery store example in Nelson's book becoming your own banker? And it's like, what are you talking about?

Have you read the book?

Not yet. Well, until you do, we don't have a basis to really do anything. If you want to purchase a life insurance contract, you're welcome to do that. There are a hundred thousand plus life license advisors who would love to help you with that. And that's great, go, go and do that. Go and get that done in your life.

But this is all about becoming your.

Own bank.

Not your advisor is your banker. Right?

Nelson didn't title the book.

This is find an advisor to be your banker. Right.

This is all about becoming your own banker. And so these seven steps are crucial. And I think that the way they're laid out is a very good order of things, you know, to progress through your journey of discovery and your journey of learning, your journey of capturing insights and questions that come up for you that are not life insurance product focused. Nelson said this so Often, God rest his soul, he said.

People when they're first exposed to the concept.

Believe that this has something to do with life insurance.

Infinite banking concepts. The process of becoming your own banker has nothing to do with life insurance.

And so if you find yourself leaning into those questions because that, that's the noise, then you have not yet developed a deep understanding of the problem. And it, believe me, the journey is amazing when you do because the life insurance policies are just a tool. They're just a tool that enable you to implement a process and you've got to understand the process before the tool, otherwise the tool just won't matter. What would you rather pursue? The purchase of something or the achievement of your outcome? The achievement of your why the achievement of your peaceful, stress free financial way of life?

I think it's the latter.

And so walking through each one of these seven steps and, and doing it, I, I would recommend in that order. It's a very good order. And then once you meet with an authorized practitioner, once you're connected with the right person on our team, everything will begin to change in a positive direction, in a progressive direction, in an accelerating direction.

Because you truly want to become your own banker.

Well and some of the reasons that the order is laid out the way that it is, you know, there's, is first off.

We learn differently as people. Everyone has a different way of learning. I think we incorporate, you know, the written word, audio and visual things. We've found that people tend to respond more so or very well so to visual things. So the nice thing about the, the webinar, the, the step one, that 90 minute webinar is there's visuals in there. It's, it's engaging that way. Usually they end with a Q and A session so you can pick up on some of the questions that other people have asked, etc. So there's, there's additional things that you're going to get there and then the, the next step of watching Nelson's documentary film again, it's very visual and that may be your first exposure to hearing Nelson. Well, we don't, Nelson, we don't have Nelson around anymore. So there's a limited amount of resources available to actually give you that connection to the pioneer of this idea of this concept and, and, and the, the person that's impacted hundreds of thousands of lives, I would probably say well over millions of lives at this point based on his work. Well over 500,000 copies of this book, becoming your own banker have been sold. I know we, we sell an awful lot of them out of our office. And then the other thing that's nice here is, look, look. What's your commitment? Your commitment is to just have focused time to watch a webinar. Well, you're probably going to watch 90 minutes of something on YouTube anyway this week. Like, why not do that? You're probably going to watch a couple shows on Netflix. Okay, we'll just reallocate your Netflix time for this week to doing this 90 minute session and then this 60 minute documentary film. The nice thing about the documentary film too is often what we find with people is there's a, you know, we have, we have a spousal relationship. There's two people in the household and one person is usually going down the rabbit hole track of learning a new financial thing. Right. They're, they're, they're the, they're the discovery person in that zone. And then what happens later is they have, they learn everything they knew. They get really excited now. They're trying to figure out how do we drag our spouse kicking and screaming down this path that we've discovered onto something new? And there can be some resistance. Well, the nice thing about the Nelson Nash documentary film is it's a great diffuser of that relationship resistance because Nelson does all the work for you. You know, and so I encourage people, especially in a, you know, in a husband and wife situation, bring, bring your spouse in or bring your family members in to watch that documentary film and have a discussion. It's a perfect platform to begin that opening that doorway of conversation. And, and Nelson captured on film in the way that he is, he, his personality comes through just like it would if you were sitting knee to knee with the man. So there's something palpable that you can connect with in watching that documentary film, which is why it's number two on the list. It's all it needs to be on the list. Now if you get step one and step two and you decide for whatever reason that this is not for you, that is perfectly okay. You know what, you saved yourself whatever, $30 from ordering a book. Yeah.

And as long, as long as you leave happy.

Yeah, totally. And you know, you, you can't go on wondering because at least you have enough foundational knowledge to have an idea what this, this concept is all about. And you, you're making a decision that it's not for you, totally cool. But now the next step is to really make sure you get that copy of the book. You know, we, we ship them quickly, we, we courier them, we, we send them all over Canada and, and they, they come fast. And you know, on average it takes people roughly three hours to read the book. Now if you read it in the way that we kind of suggest in our, in our, our recommended way of reading, you could probably carve that time down a little bit. Again, it's only 77 pages you need to read, so just think about that. You've probably read more scrolling through your Facebook feed this week than 70. And you know, looking at your, you know, the recent news, articles that are showing, popping up on your phone, you've probably read more than 77 pages this week just, you know, sitting on the john. So. Oh, put yourself in a position to get some good information and learn something new. Spend $30 or whatever it costs to get a ship to your door and you're going to come away with an incredible financial education. And now your position. Because if you're going to do this, if you make the decision you're going to do this, you're going to need the book anyway.

An advisor who's an authorized practitioner most likely, most likely won't want to help coach you if you don't own this book anyway, because they would be wondering, what am I coaching you on if you don't even have the core material? Right, right. You're going to be coming back to this all the time for the rest of your life that you're doing this, which will be the rest of your life, you will be utilizing this book. So you're going to need to own it regardless.

Well, and you know, you're, you're going to, you are either going to continue to be the customer of someone else's bank for the rest of your life or become the owner.

Either way, the banking process will happen in your life. Who's going to take control of that? Hopefully it's you.

Now you know that step four of writing things down. I mean, as you go through the material, try, try to do that because then when you have your questions ready for when you book that first meeting with a coach. Yeah. Before you book a meeting with a coach, step six is about, you know, get, getting to that. First action step really is filling in a very simple form. You have a secure web form. It's, it's very point and click. It's logic based and you know, it takes the average person probably about five minutes to fill it in. I mean, if it's taking you longer than 10 minutes, you're overthinking it probably. So most people fill it, you know, somewhere between three and seven minutes and you you, there's a link right there in the, in the document that you could click on. It takes you right to that form. That'll initiate the ability for you to go now book a meeting with a coach. And then there's the step seven is booking that meeting. It's exactly how to take that step. And then that first conversation is going to be an ability for you to ask a couple of those questions, get to meet an authorized coach and see if you know what the next step is for you. At that stage it may be that, hey, you need to go back and do a little bit more education. Here's a couple of podcasts that we recommend you listen to specific ones based on what came up in your conversation. Hey, you're a business owner, great. You should go watch this one where we talk about the capital dividend account. This is going to really add some additional context for you. And then you book that next follow up meeting with the advisor and you can start to get into the real, you know, nitty gritty components and start down the journey of determining again how a plan might be designed for you.

So, and how do you get the report?

Pretty simple. J.

Head on over to seven steps ca. That's seven steps ca. And poof, just like that, there's a little form you fill in and you know, 30 seconds later if it doesn't get land in a spam folder, you're going to have an email with a link to click on and bam. That reports right there for you.

So, and some, some people think the more often we mention it, like we're trying to hypnotize, like when it's, it's all about seven steps ca. And when you get to seven steps ca, you're going to get the seven steps report. And when you take all seven steps, you'll be ready to take an eight step and to implement this process. So when you ease on over to seven steps ca, again that's seven steps ca, you'll get the report and so that'll be permanently ingrained in someone's mind.

Coincidentally, there's also a couple of bonus steps in there. There's an, there's an 8 bonus step as well.

But we couldn't, we couldn't name the.

Website seven steps plus two bonus steps.

Plus two bonus steps.

But we did, you know, there, there is even, you know, when you, when you do get the report, there's a short little video that shows up immediately just, just, you know, talking through some of the things to do right away when you get the report and we've had really good feedback from people. Again, it's not like it's a, it's not a book that tells you everything you need to know. Becoming a bank, that's not the purpose. There's a book for that already. Yeah, we're not reinventing the wheel. What we're doing is we're giving you the guide, the path that is the most efficient and the most effective at getting you the mental preparedness to be ready to implement this in your life if you decide to do it. And so it's, again, we walk people down a path of choice, and everything that we do as an organization is centered around the empowerment of your choice to determine what's the right fit for your financial life.

Very well said. Very well said. And we look forward to hearing great stories from you as you progress through your journey. And keep us posted, you know, comment on the video, reach out, get connected with the right person on, on our team and get ready to transform things financially in a very positive way.

Now, I'm going to add a little bonus thing on there that pops in my head, of course, as I do from time to time. The, the thing, one thing that's not in the report, probably because it was. Wasn't available when the report was signed, is there, there's a really great resource. So as you're going through all these steps, this is something you can additionally, if you want to, you know, sometimes we just get inspired that we want more information. Obviously all our podcast episodes are available to you for that. But additionally, there's a really wonderful resource of Nelson himself teaching that's being released presently. It's, it's, it's still being released. We're coming to the end of the sessions, but there's going to be about 30 videos of a Nelson seminar and some of which he's walking through his book. And you can go to learn from Nelson. That's learnfrom Nelson.com it'll take you right there. You can watch all those clips and if you go through all those, it'll be very much as though you sat through Nelson's seminar or a condensed version of it. And you're going to get a ton of great value and a ton of learning out of that as well if you want to continually be inspired in your learning journey.

Very cool.

Awesome. Well, good stuff, Jay. Let's, let's get ready for our next recording. We've got a couple more good gooders today to keep helping out our wonderful listeners on this journey of discovery, of entrepreneurship and the business of becoming your own banker.

Sounds good to me.

Cheers. 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 joining. Join us on the next episode where we continue to uncover the financial tools, strategies and the mindsets that maximize your wealth.