17. Finding the Money to Get Started (Live Podcast Session)

You are listening to the wealth without Bay street podcast, a Canadian guide to building dependable wealth. Join your hosts, 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.

Here at wealth without Bay street, we pride ourselves on being able to provide incredible education. One of the ways that we decided to do that that would work extremely well is through the on demand class that we have available at our masterclass. Head over to wealth without Bay Street.com masterclass and you'll get access to all that incredible content. And we're going to ship a copy of this book, becoming your own banker right to your front door.

Hello, hello Facebook's, hello youtubes and associated social media and associated social media platforms and organizations.

And for those of you listening to the podcast on your podcast player, well, well, hello to you too.

Yeah, we, we welcome everyone to the wealth without Bay street podcast. Now this is Happy Friday as it always is. Yeah, every Friday.

Not, not. Well, I mean, it could be for some people it's not happy hour Friday. It's a little early for that. It's a little early, but it is definitely a happy Friday. And the sun's shining at least over here in the Edmonton region today.

And it's great, great to be with you, Richard. It's great to be with our listeners because today you have a very, very interesting topic that you want to discuss. Now we should have like this like pregnant pause, right?

Like, as Nelson would say.

Okay, that's enough of a pause. So what's the topic that you want to talk about?

So what we're going to be discussing today is comes from page 65 of Nelson's Great work, Becoming youg Own Banker. So if you're tuning in and you have a copy of the book with you, feel free to flip to page 65. And that's kind of be the impetus for our discussion. And so it's part five, capitalizing your system and implementation. So the way Nelson constructed the book, originally it was designed as a workbook for a 10 hour seminar that Nelson would deliver. He would deliver the first part on a Friday evening and then basically a full day Saturday. And man, Nelson was a machine even into his later years, in his 80s, we saw him deliver that program Friday evening and all day Saturday. And he would just go non stop. He would just drink black coffee like you could have basically IV hooked up the coffee machine right to him and he would just keep going. He loved coffee and he was so engaging, and he would have people laughing and all this kind of stuff. But essentially his book, if you read the book, you know, we were watching Nelson's seminar on DVD quite recently, last Saturday, and when you're, when you hear him speaking, the way the book is written, it's like, it's almost like it's a. It's like it's coming. It's channeling directly, like from Nelson just speaking to you through his live seminar. Yeah. So it's, it's very interesting that way. If you ever had a chance to see it, it's really something phenomenal. But on, on, on this particular page, page 65, you know, Nelson spends the first portion of the book talking about all the important things that we need to know in advance before we get started. What do you need to know about the human factors? What do you need to know about conquering Parkinson's Law? What the problem, the problem that exists out there in the world today? How do you, you know, don't steal the peas. You got to put your peas back on the grocery store shelf so that you can reuse them. You can run them through the front, front of the store. All these important principles lead us up to the knowledge and understanding about getting started and implementing. And so then this page comes around and it's about, okay, well, if you've got to this point, you've probably, you probably want to know, well, how do I get started now? What would that look like? And so a couple of things that Nelson says on here that I really love in the very first paragraph. How do I get started? The most important word that comes to mind is desire. Without it, you probably can't do it. Remember Parkinson's Law back in part two of the book? Everyone is already spending all financial resources on what he or she thinks is best. There has got to be honest introspection at this point and a commitment to get out of financial prison must be a burning passion.

So if you, if you believe in your current financial.

Structure, money coming in, money going out, and if you understand what Nelson says, that everyone is already spending all financial resources on what he thinks is best. Well, the money has to come from somewhere to begin capitalizing your policy or your system of policies. And so finding that money sometimes most simply is reallocating. So adding, adding that premium deposit as a financial resource that you think is best, and it needs to be added to your list of what you think.

Is best, and many of the other things need to get reappropriated right where they were going, and then you're just changing where your cash flow is going. You're simply interrupting the process of where it's going and you're changing the flow of that money to flow through a policy or a system of policies as much as is reasonable for you to do, at least to get started.

Yeah.

And then over time, as you, as you get practice in the utilization of the concept in the process, your ability to see and understand other locations in your budget or in your day to day cash flow or annual cash flow, you will start to see more opportunities and more locations where you can redirect some of that flow.

Right.

So before it walks out the door and goes to someone else's pot of money, you're able to harness and control and contain a lot of that potential before it walks out of your household or your business. In this example.

Yeah, that's all accurate. And we know, we understand and we've shared this, you know, in, in many interviews and episodes that we're going to need to use some money for the rest of our lifetimes. And so I do wait, me too. And maybe perhaps you too. And the money must flow. And so recognizing that you are going to need to use some money when we talk to people about, okay, you need to, you have to have capital. That's what, that's, you know, the premium, it's money. Well, most often it's just reallocation. Most, most often, whereas, and it could be a combination of that along with, well, I'm already setting aside, I'm already accumulating money inside of a savings account or inside of a mattress or inside of a empty coffee can. Coffee can somewhere. And so if that's the case and you understand that your money must reside somewhere, then finding the money for the premium to go into the policy.

Is not a difficult thing to do.

It's, it's not difficult. Often what, you know, what we find is that people inherently know where the money can come from, but it's often from a location where we, we've compartmentalized mentally in our brain where that money is going. And it's, we just get into kind of like this staccato, this rhythm of how money is going to a certain place or location.

Yeah.

And so you really often, you just need another outside influence, a third party person to kind of step in, take a look at where the money is going and say, hey, well, I see money's going over here. I see it's going over here. I see it's going over here. How much of what's going into those locations. Can we just redirect over this way?

Right.

And then when the time is right, you can start sending some back over there if you really want. And so that leads me to the next section on Nelson's book on page 65. This is going to require a change in priorities in life. Recognizing that controlling the banking function personally, Nelson would say at the you and me level is the most important thing that can be done in your financial world. And then he goes on to talk about the importance of having a proper coach, someone who's familiar with the infinite banking concept and, and that it understands how to look at your spending patterns and come up with some creative ideas and solutions on how you can, you know, reallocate that capital and redirect it.

Yeah.

He also says, above all, you must be patient. It's going to take years to get started and it needs to be a lifetime commitment. Now that doesn't mean it's going to take years for you to access capital. What it means is that it's something that we do over the long term. It's not something that you just do overnight and it's just boom. You put everything together and there you go. No different than you don't just go start a business, wake up one morning, be like, I'm going to start a business today. And then suddenly you have a profitable business. Like by the end of the day it's like, wow, geez, I just got.

Back from my first lunch break and my business is uber profitable. I'm going to take, take all the capital out of it.

Yeah, so, so the same, same kind of premise applies there.

It, but that's such an important, that's such an important piece because he really emphasizes it when he talks about on page 15, the live Steam and how it takes, you know, you've got, you've got this pot of water, you're down at seaside, you heat that up to 210 degrees Fahrenheit. All that you have is a hot pot of water. Once it reaches 212 degrees, you've got live steam. And a lot of energy went into it up to that boiling point. But the sudden power comes, or the dramatic power comes suddenly. Well, it's the very same thing as it relates to capitalizing your system. And we do, we do meet with people because we live in an instant everything. Instant gratification, right? Instant food, instant coffee, instant water, whatever, whatever your heart desires.

Amazon prime now. Amazon prime yesterday.

Two hours.

I expected. I want you to deliver it and put the Food in my mouth and chew it for me. Yeah.

So we, we've, you know, conditioned ourselves. Right. The human condition. And so we do encounter people who, who say, well, look, I, I want to capitalize my system today. I want to be done with it today, and I want to achieve every financial objective I've ever had today. And it requires, again, it requires a period of introspection. It requires an understanding that this is a lifetime commitment of accumulating money somewhere because you're going to need it. But when you get into all these questions about the anatomy of the tool or the anatomy of the insurance company, one of the questions that we always, again, just to challenge.

Right.

Because it's always an advantage to rethink your thinking. The very same analysis on where a person is currently flowing money hasn't been done. They haven't examined the anatomy of the bank, the system, the process, the flow of the capital. And so when there's a different way of doing things, all of a sudden this deep level of investigation occurs.

Right.

Which, which is fine if that helps rewire someone's frame of mind in terms of how they go about their financial lives.

Right.

And so.

Which is often what Nelson's. One of Nelson's general premises was to just force you into a position where your brain had to go to work. Yeah. In a different way than it had been working before. And you make a very good point. It's like, look, why didn't you bother questioning how your money is currently flowing through the bank, through the books of someone else's banking business, and how they're getting most of the money and not as much of it's coming to you? And so I think people inherently, you know, question that, and they know that there's something, you know, Nelson would say, do you have the gut feeling that there's something wrong in the financial world today?

But you can't quite put your finger on it.

You need to read this book. You have an opportunity. All right? And so, so circling back onto capitalizing your system and implementation. So those are two different, different things. Capitalization is, where is the capital coming from? Where are we finding the dollars to start working with it? And so here's some common areas that we, we, we find is what, what happens for a lot of people when they don't know where that is? Some people just already know how they're going to get going. But for others, it's, it's more of a, okay, well, where are all my resources? Well, we often find that people are putting regular contributions, whether it's bi, weekly, monthly or annually into registered accounts or.

Even non registered accounts.

We're putting it into my, my, my stock portfolio or my RSP or my TFSA or with my employer work contribution plan or, you know, I'm putting money into a savings account for my next vacation, like whatever it is, these are. But it's a regular contribution that's happening all the time. Right. And so that's a place where often people have capital that's in their budget. It doesn't feel like it's in their budget because they're not spending it necessarily, which is a good thing.

But they're storing it.

But they're storing it and they're storing it in on some, in someone else's business. Right. So that's an area that we can redirect generally speaking. And most most commonly a lot of people are more than inclined to do that. Another place would be, can be as an example, other types of insurance that you may have that maybe isn't as efficient or isn't operating in the format that will provide you the results that you're looking for long term.

Right.

Okay, so that's another possible location. We often have people who say, well, geez, I get a, I get a bonus from work, you know, usually once a year. It's not always there, but it's pretty consistent. It's usually around this much money. Or hey, I, I tend to always get, you know, the last five, six years in a row I've always gotten a tax refund. Okay. There's another appropriate location that you can kind of work with. Yeah, we have a lot of people who, they receive the, you know, different types of benefits, you know, for having, you know, kids, kids in Canada, etc, like the child tax credit or child bonus, whatever they call it these days. Yep. The name's kind of changed a couple of times in the last few years.

But it's free money.

Yes, yes, it's free.

They're not taking it out of one other pocket in the back door, but anyway. And so that's, that's often a very common location. We find people are putting it to work for policies on their kids. That seems to be, know, very common.

Oh, that's a big one.

Big one. Yeah, for sure. Big. It's like big. You're getting the capital back from it. It's coming out of your back pocket. On another point, it's coming off a source deduction or whatever it is. They're just giving it back to you in another format for the purpose of doing Things for your children. Well, what better place to put it than to take this returned capital from the Canadian government and apply it into a constant compounding machine that will be there for the entire life of your child, will automatically provide more money to the following generation that may. That isn't even alive yet. Have a automatic cascade, multi generational impact utilizing dollars that is basically just a refunded dollars to you anyway from taxes that were taken in another way. That seems like a really good idea.

Oh, for sure. I had basically one of the lead underwriters from Canada's largest mutual life company and share with me on the phone and it was actually, it was a wonderful conversation because she said, wow. She said, this really sounds like, especially on a, on a juvenile policy, this sounds like it's better than an resp.

And I said.

The funny thing is they even have marketing. They have their own like publicly available marketing that speaks to that.

Right. Exact fact. I said, you know what, I agree with you in the sense that, you know, if the parents, if the sole objective is to solve for post secondary education, which is a singular thing, that's a singular, very clearly defined. I need to have this much money available for this duration of time so that my child or my children can attend post secondary education.

Once we go through again the process of introspection and learning about this, you know, amazing process of becoming your own banker. The infinite banking concept. We see parents and grandparents who take it upon themselves in that, rethinking their thinking and they say, well, gosh, if I can utilize this.

For all those other things that my child or my grandchild's going to need throughout their lifetime. Property, there'll be weddings, there'll be children coming along. There'll be all those things that require the use of money.

Probably gonna have to drive somewhere between seven and 15 cars throughout their lifespan.

Right?

And somebody's got to come to pay for those somewhere somehow.

If we can utilize, if we can create a policy or a system of policies on the kids and the grandkids for that purpose, can we also achieve the post secondary education objective? Absolutely.

Boom.

They get it, right? They get it.

And here's another thing. Post secondary, the resp program, we're kind of off track here a little bit. But the RESP program has rules around it. And those rules, you got to jump through whatever those hoops are to be able to get.

That tool, to be able to apply the funding to that. And you have to. There's some wiggle room there, but you have to go to a post Secondary education of some kind. Well, what if your child decides that, you know, at age 18 or age 20? Well, I just really want to start a business. Yeah, I've got this idea for a product. Yeah, I've got this. I want to, you know, I want to become an Amazon reseller or whatever that is. Yeah, well, they can't use the money from the resp for. For that. Right. Not in the same way, but even.

More importantly, it's the accumulation totally the same. And where the money resides.

Right.

Your money must reside somewhere. And you know, again, we always say we've been consistent on this since we began to implement this process. There are a number of different financial tools. There are a number of different financial products. They all have their own sets of characteristics in terms of liquidity, tax consequences, access guarantees, volatility, to name a few. When you understand the attributes and the characteristics of dividend paying, participating whole life insurance contracts, which are many. Which are many, and you understand the financing characteristics of, of that contract, you begin to see the appeal of why storing money there is an advantage. And the more you store there, the better. And it's, it's incredible to see. When we meet with people, they take a look at their financial circumstance and they think, gosh, I really don't have any available capital in my view to put into a policy. And then we get to meet with them, walk through a process and they go, now I really understand everyone is already spending all financial resources on what he thinks is best.

Right.

Once this becomes something that's in the best category, everything else changes. Everything else changes.

Yeah. Got a really good comment here. For anyone listening on the podcast and the recording afterwards, we have Andrew Murdoch and we just actually are next episode. Episode that's released is going to be with Andrew. He says thanks for great to see you guys live here. And it's about focusing the money flow you can control. Anytime a government or corporation can limit you access to your own capital, you are, you are limited. That's right. That's a really good point that comes from. I think that showed up in our conversation with Brian Bloom. It did. The Confessions of a cpa. He was, boy, he was, he was an absolute funny character. I enjoyed that interview so, so much.

And thank you, Andrew. We appreciate you. Andrew, the digital nomad. Yeah, the now what part of the world is Andrew in today?

Last time we talked to him, he was in Scotland. I wonder if he's still there.

Amazing guy like this guy is going to some. Well someday so he'll put out a book that, no, because he's got his digital nomad journey and this new book and you're going to see details on that in the podcast episode. But his worldly travels, the stories that he'll be able to share and the memories that he's captured, the food that he's eaten, the people that he's met, the places that he stayed. Well, that's all part of living, spending your life living. And he just happens to be. I hope Andrew doesn't mind me sharing. He just happens to be a practitioner of the process.

Yep.

And anyhow, he's a great guy. So got to give him a shout out, shout out to Andrew.

So. So going back to capitalization, so another, you know, place where we, so we talked about the resps. People putting money there. So that's another common place where we find people have money flow, money is flowing to that environment. We can often redirect that if that's what the person wants to do. Right. You know, what are some other sources that we see people have that they look to implement, to work with the, work with the process?

Well, you know, one of the things that is common, especially where people have, you know, that, that propensity to save money or that are very, very conscious of, you know, wanting to accelerate the repayment of debt. So one example is, you know, we take a look at, well, the person says, hey, you know, I've got some lines of credit or I have some credit cards or maybe a combination of both. And we take a look at the minimum payments required that the, these creditors are asking for. And then we compare them with the money that's being sent in. So, you know, the minimum payment is 200 bucks. And I'm accustomed to sending in $700 every month. Okay, that's interesting. Can you expand on why you're doing that? Well, my objective is to have the debt repaid within the next 12 months.

Okay.

That's a very clear objective. If we can achieve that objective by just simply changing the process and we walk through how to do that, well, then I keep going back to it that you're spending your financial resources on what you think is best. So once this becomes something that you think is best, then you reallocate the.

Resource to it and it doesn't change the fact that you want to get rid of that third party.

Right?

Just, we're just maximizing your lifelong opportunity on the money completely. Your short term opportunity on the money completely.

Because if you. And the other thing is, so we see opportunity where people are accelerating prepayment on mortgages.

Yeah, they sell an annual contribution every year or they're doing bi weekly, accelerated, whatever that extra is.

And it could be personally owned property, it could be rentals. Rentals. We meet with a ton of real estate investors all the time and they just love this process.

If you're a real estate investor, real estate investors like building equity and they've often just thought that the only place they can really build equity is in a piece of real estate, right? Oh, the best piece of real estate exists on the planet is one that doesn't have any walls, doesn't require tenants, you never have to replace the toilet, there's no termites, and has guaranteed forced appreciation. It's called a whole life insurance contract. Yes. Oh, yeah. If you ever want to access money from it, you don't have to ask any Mickey Mouse questions or talk to a snot nose banker who just got his job yesterday. You basically just send him one piece of paper and they send the money in your bank account. Isn't that good?

Here's a pile of money. We have walls. We can stuff it in there or we can put it in your pocket.

Take your pick. Where do you want the cat, by the way? You got to paint those walls every couple of years because the tenants bang them up.

And so, you know, those are just some sources.

I mean, well, here, and here's going down the real estate one. Here's another one is. And I talked to a gentleman the other day. You know, he was doing some bi weeklies into a savings account, a high interest savings account. He was doing bi weekly contributions into a tsa, bi weekly into a resp. All these resources, and he didn't even really want to do those. He was just doing it because he knew he should be doing something right. And then he does have a single. He had a single rental property. And on that rental property he'd built up a reservoir of, you know, about $3,000, whatever. There's some positive cash flow there. And you should have a reservoir because things always go wrong. Anyone listening on this who's owned rental property for will know what I'm talking about. Anyone who doesn't, just be aware things go wrong every once in a while on a piece of real estate.

I keep going back to Lethal Weapon to the opening scene. We've had that happen with rental real estate, so.

So yeah, anyway, he had this capital. He's got some positive cash flow there. It's like, well, that money, you need to have that, some liquidity on that money in the event you need to go in, you have a vacancy, you need to go replace a fur, you got to replace a hot water tank. So it's prudent to have access to that. But if we can just change where your access is, but you can have that money doing more for you and heaven forbid something happens and you know, you get taken out by whatever a city of Edmonton, bus, transit, bus, well then a whole bunch of tax free money comes in and solves a bunch of problems for your family. So you did okay if you lived and you did okay if you died.

Yes.

Am I right? Yes.

I was going to say something that I think is incredibly funny, but I think, I think I'll, I'm going to hang on to it because.

Well, that'll be, that'll be after the, after the live recording.

It'll be after the live recording for sure. And you know, we, we do see, we see an ever increasing number of people who have been accumulating money. They've been storing it primarily in savings, you know, for a household or surplus capital inside of a business. And they're looking for an alternate place to store the capital.

Yeah.

And you know, the biggest driver, which is again just part of being conditioned to think that way, is they reach out and they say, look, I'm getting a horribly low rate of interest on my savings. I'm getting a terrible rate of savings on my corporate surplus. I want to reallocate that capital somewhere to get a better rate of return.

And then they go through the book and their perspective changes, their thinking changes. Your money must reside somewhere. What better place to have it reside than here? I've been searching, haven't found. I've been completely open to recommendation on what better place than here, provided that that recommendation satisfy all of the existing characteristics and attributes of where my capital currently resides. Not one recommendation has been made yet to an alternate. And so your money must reside somewhere. And the longer you know, Nelson says very same, page 65 above all, get started now. The longer you wait, the more you have penalized yourself. Review the first four parts of this book regularly. If you know what is happening, you will know what to do.

He used to say that all the time. And, and then the other thing too that's important about this page of the book. You know, the book goes on for another 30 some odd pages. And he says the following chapters in this book will help in stimulating your imagination so that you can find sources of premium dollars to capitalize your system. So really the foundation of the book kind of ends here. Page 65. Everything afterwards is all about you getting your brain to start coming up with other methods, other ways, ways that you can think about creating or finding the dollars to fund. And he's got some unbelievable examples in here, you know, which we will probably have further podcast episodes on. But the key thing is here, review the first four parts of this book regularly. Yeah, we know folks that do what we do, Jason. We have an unbelievable network of people that are passionate educators of the Infinite Banking concept.

Yes.

Incredible.

Shout out to all of you. You know who you are, you know.

Who you are if you listen to this. And we have, we have a lot of clients who also share that passion. They're raving advocates of this process.

Yes.

And one of the things that I think is a key foundational aspect is I talked to any other, you know, practitioner that I know that regularly attends the annual Infinite Banking Think tank conference. And we, you go to that event and you hear repetition. Well, geez, I was, I was on the flight down here and I was reading Nelson's book again.

Yeah.

Or on the way home, I'm going to read Nelson's book again. I, you know, and so people are talking about, the more and more and more you go back to the resource and you read from the book, the more you see that you didn't see. Every single time something's going to pull off the page that you was always, it's always been there.

Right.

But your framework, your ideas, what's available in your, in your sphere of knowledge has shifted from the last time you read those words. Right. And you have a brand new idea that just didn't, wasn't there before. That is where a lot of this infinite power comes from. Nelson said it's so clearly that it's one of the key aspects of this is it's an exercise in imagination and we have to really spur and stimulate our imagination. That includes when it comes to your day to day cash flow, where's your money going? Is there any possibility of any way that you can even remotely think of, even if it's ridiculous, of how you can get that money flowing through your own banking business first? Right.

Because it has to flow.

And if the answer is yes, well then great, start doing it. Yeah. You know, the next step is to actually start doing that.

Did we do the audio button yet for the big sell? The big sell, sell, sell.

I don't think, I don't think we.

Well, let's, okay, let's have a big sell moment.

Okay. Now I like how both of our books are like severely worn. And we have the laminated versions with the coil on them.

This is the original.

That's my original to you.

And yes, we did have to coil them because they.

Anyone? Anyone that's looking at our books here on the video? Like, we've got our sign books by Nelson. I've got like some extra notes about Nelson's core rules in here. And like both of our books are just highlighted to the nines notes everywhere.

It's, it's pretty impressive, actually.

So we would wholeheartedly recommend to listeners that they get their hands on a copy of becoming your own banker.

Do it.

And there'll be a link. There'll be a link in the show notes, you know, where people can get. Get their hands on a copy. You'd be glad you did. One reading just won't do the job. The more you see, the more you'll see. You didn't see. And once you understand the process, you're going to get very excited about how to implement it in your household, in your business. And if you are in a position where, so this is not for. If you're in a position where your, your income is, you know, at a point where your expenses far exceed your.

Income, that's a problem.

That is a problem.

And I think our federal government has that problem.

We won't go there.

Not only will they not read the book, but they wouldn't understand it either.

So if you're in a position where you're not earning income from any source, you know, you're unemployed, or.

You need some help with developing responsibility around money, this is not a cure for, for those types of behaviors.

But by reading the book, it will probably help you create some new habits.

Definitely. Or inspire you, inspire you to change.

But the ability to get started in a situation like that is going to be very limited.

Totally.

So you need to have positive cash flow. That means that you have to have money left over. Right. Whether you're sending it to an extra debt payment or sending it somewhere else.

Or you have to reallocate resources. You got to reallocate to what you think is best.

Correct.

What else, what else do we want to share? It's Friday. We should be a lot more. Gosh, which one am I going to put here?

Well, don't do crickets.

I won't do crickets.

People are like, yeah, yeah, yeah, it's Friday.

Thanks. But, you know, I think, you know, as far as anything else I'd like to share is I would love it if people who are listening in either you know, through your podcast player or, you know, watching this video on the Facebook live or on YouTube. You know, share in the Comments what are some places where you found money that you didn't know was there before? Share with us Type in the comments what are some places where maybe you've spoken to someone who's like, wow, geez, I found like a couple of, you know, several extra hundred dollars a month that was running through my budget and I was able to reallocate, like, what are some things that you've seen either in your own life or with people that, you know, where they've been able to redirect capital or cash flow into a way that they can augment their system or they can just be more efficient in their life. And there's many different kinds of things out there. And for a lot of people it's about really just getting clear on where their spending is. And, you know, maybe it's, maybe it's one meal out a month less and that might be enough to get a, get a program started for you.

Yeah, again, you know, it's, it's not hard to find it. It's not when it becomes a priority. And.

We can, we can help people with that process. You know, we would encourage anyone who's tuning in, hit the like button. Smash the like button. I heard someone say that once. Smash the like button.

I just visualized someone putting their fist right through their laptop screen. I got it.

He told me to do it.

I ruined more computers that way. So.

Smash the like button. Leave a Comment Subscribe Tell a friend, tell them to smash the like button and to leave a comment. Subscribe Let us know Let us know your thoughts on this episode because this is one, this is one that we discussed before going live and we talked about some of the additional value added resources that we're going to be providing that help people who are first discovering this process and going through that question in their mind, do I have the capital necessary to do this? How much do I need to get started? Where, where should the money come from? Either can I reallocate it from where I've been accumulating capital already, or I'm not really sure if I have the resources. How do I know? Well, we're going to build those out and we're going to provide it so that people can go through those, those filters, you know, before, before speaking with an authorized practitioner on our team.

Well, and we're, and we're also looking at putting together just some kind of loose guidelines, loose recommendations on, you Know, based on age, etc, like where, where we feel people should be in. Like what's the target range? And the range can be pretty wide. Like as an example, you have a person who's 45, then they've got an established business for 10 years. It's very profitable. Hey, they might be putting in a hundred thousand dollars a year in, right? But then you have another person who's 45 and maybe they just paid off a bunch of debt and they've, you know, they just got a pay raise and they've, you know, their family's getting older and they're kind of, the kids are moving out of the house and they just freed up a bunch of money in their budget that wasn't going to support their adult children anymore. And it's like, oh great, I have a place to now put this. And so we have people in all different areas and, but there is some recommended guidelines and you know, it's like anything else in the world. If you're, if you're a, you're aging along and you're thinking about having money and resources available later on as you age. Well, when do you want those available? If you want them available sooner, you usually have to put more in to have more available sooner. Like it's just very simple, right? So, you know, you have to be willing to commit capital into a program, whatever that program is in your life in order to have a result.

That's right.

The other end of it. One last thing I want to share, Jason too is just around, you know, later on in years, we often have a question too from folks is like, well, what, what about later on in years when I'm looking to draw a passive income or I want to start drawing down some of my overall resources? Well, how, you know, do I need to fund premium or whatever? Well, the answer may be no, but if you understand Nelson's principles, your, you're, what you may actually want to do is, is. Yes. And so it's just a matter of where does that funding come from? Well, as an example, a lot of Canadians are going to end up with this Canada pension plan and these different types of resources.

OAs, guaranteed income supplements, pensions, defined or.

Otherwise, all those kinds of things. And if you have, if you, if you go back. One of the most common places I return to in Nelson's book is page 85. And on point number two, Nelson says if you knew at passive income time you would be getting back everything you paid into a system potentially tax free, would you object to putting more money into It. It's a rhetorical question. Obviously, the answer is no, I wouldn't do that. Every system that we design will do that. Yeah. And so if you're putting $10,000 in and it's spinning 20,000 or 30,000 or 40,000 back out or beyond, why on earth would you stop putting the 10 in?

That would be illogical.

And so if a race, a resource of money is showing up and let's just say it's coming from the Canadian government to support retirement income, could you just take that money and shove it into the premium? And that produces a much higher amount.

Of income if the policy is designed correctly.

Yeah.

Yeah.

Okay.

Yeah, absolutely.

Make sure.

That's a very good point.

So there you go. Any final thoughts?

Well, yes, I would say I just want to wish everyone a fantastic weekend. And if you're listening to this on a Tuesday, you're like, what is this guy talking about? We appreciate our listeners. We appreciate you very much. And if you're new to Wealth Without Bay street, we encourage you to subscribe. We put on a lot of great content. Please go back, review some of our previous episodes and then share with us.

What your favorites are.

Yeah, we would love to, love to hear your feedback. We are always so excited to get listener feedback. And make sure to get your copy of Nelson's book. Be glad you did. Happy Friday.

All right. Excellent. Thanks again for joining, everybody. Well, I guess we'll. We'll talk to you next time.

Yeah, we'll talk to you next Friday.

Thanks, everybody. Have a great weekend.

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.