178. Cash Follows The Leader - Finding The Money To Start IBC

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Finding the money.

Finding the money.

You earn money, you spend it, you earn it, you spend it. That's the cycle. You decide that you want to implement this process.

And you're thinking about, where do I find the money to get started?

And if you have a picture of like, you know, a Sherlock Holmes hat and like holding a magnifying glass, like you're, you know, you're, you're running through your house looking for where all the money is. That's not what we're talking about.

No, there's no treasure hunt required. As we indicated in the chapter, we, we learned a lot from Nelson and one of the most fundamental things that he taught us is that you're already allocating 100 of your financial resources to wherever you believe it's most important. And so you've, you've only got so much capital that you're handling and you take that capital and you're allocating it all the things that you've prioritized as being important. And so once the implementation of this process becomes important.

It requires a reallocation. So you've got to look at where the money's flowing to presently and how much of that financial energy money you want flowing in to your system to, to get started. And any great coach will help you, will help you do that. Versus it's not a. I either have money available or I don't. There's more of an expanded conversation to say, why don't we take a closer look at where you've prioritized the allocation of 100% of your financial resources presently. You've indicated the implementation of this is very important. And so let's go through a process of finding the money to get started.

And what's interesting about it is, you know, as, as coaches who practice doing this. And even Nelson says that, you know, talks about on page 65 of his book that you, you. One of the reasons he wants you.

To work with a, with a coach.

Who is well trained and has, whether it's questionnaires or A way of visually seeing your money, to be able to ask you questions about it so that you can see it differently. That's part of what coaching is all about. So again, sometimes we don't recognize that we've prioritized the money to go do one thing because we're so habitually conditioned to do that that you need to get a chance to, to get, you know, lift your head up and get a different view of what's going on. So we talk about kind of in the book, dumping the financial junk drawer. Now, as a listener, you're probably picturing what your junk drawer looks like right now, and you got a shudder break down your spine because, like, oh, my God, I don't want to open that. Oh, please, no, let's not go in there. But everyone's got a junk drawer somewhere. Like, there's just, there's elastics and deca cards and Ziploc bags and, you know, random things that your kids leave around all sitting in there. Well, you've got, you've got that going on in your financial life. And I haven't, I haven't yet met anyone who hasn't had that be the case, you know, myself included. So you have to reevaluate these things for, from time to time, we all need the outside perspective of someone who is detached from our day to day operation. And that's what a coach will help you do. Because, you know, we can see things that often other people can't see. And it's not that we have any like, magic trick or some, you know, but it's, it's just like a trained thing that you build up over time. It's like any muscle. And when you spend your day in and out of meeting with people, learning how money's flowing through their life, there's certain consistent themes that you can see and spot in a heartbeat. It's like, oh, boom, hey, there's 10 grand, there's 6 grand, there's 200 bucks a month. There's this, there's that, there's this. Hey, tell me more about that. Tell me more about your tax refund. Tell me more about your bonus from work. Tell me more about this. You know, like you can ask questions to get people to think about what they've been doing with that money. And, you know, one of the things we, we mentioned in the book is just, just take a moment and think. You know, even hit the pause if you need to just stop and think about this. Where have there been times in your life when you've had random amounts of money show up. Maybe you sold some stuff on Kijiji or on Facebook Marketplace. It was a tax refund. It was a. It was a, you know, some birthday gifts that were unexpected, where you got 500 bucks. Like things that showed up that were unexpected. Random amounts of money. Now stop and think, where's all the money? Where did it go?

Your expenses rose to consume it.

You found a way for that money to be prioritized somewhere in your life without actually putting it into an area most likely that would have created any financial benefit that outlives you. What do I mean by that? I mean a financial benefit that you can utilize through your life and still leave behind to the people or the things that you love.

Absolutely.

Which can only be done by the way through the method and the tool of insurance. When structured appropriately, that'll actually be there and has permanency. So that is fundamentally a new question that needs to get drilled in to most people's heads because we're not trained and taught to think about that question. We're not trained to think about these little incremental pieces of monetary value that show up at random and then how to allocate or appropriate them. Nelson, in his. In his wisdom teaches us fundamental human conditions that once you understand them and you begin to reflect on how they show up in your life, which by the way, is thinking about your thinking. The another word to describe that is to ruminate.

Yep.

Then. Then you can start to spot these items. And if you think about where they've happened in the past and you're. You get aware of that, you have a much better idea to see it now when it happens in the future so that you can attack that and do something different than what you've done in the past. You know, the definition of insanity, I believe, is doing the same thing over and over and again and expecting a different result is, you know, that's the Einstein definition or whoever it is that said that. But that's been happening in your financial life. So implementing some new behaviors that are conducive to the goals and the objectives that you want to accomplish.

Just by default should enhance your overall financial condition.

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I'll read something that.

Really, really struck me, is so relevant. And this is from the late John Savage. He was in our industry, one of the greats, just one, an amazing human being. And he wrote.

Success or failure of a savings account has nothing to do with the interest.

It never has and never will.

The success is determined by your deposits. It is determined by a systematic methodology of putting money in and keeping it there.

Most savings accounts go up and down, but the fact remains that 90% of our society has little money saved anywhere.

Goes back to our discussion from earlier. You're going to prioritize 100% of your existing financial resources to go somewhere. The success or the failure of your policy.

Has absolutely nothing to do with the internal rate of return and all these other metrics that people can, you know, latch onto.

How does money end up in a savings account?

A depositor. A depositor prioritized putting money there. How does money end up in a policy? A policy owner prioritized putting money there.

And so it depends entirely on the deposits. In this case, what we're describing are premium payments, money going in and staying there.

And so again, when you're structuring this and thinking, where can I find the money to get started? It's going to require, it's, it's going to require a reallocation.

And that's something that a great coach can help you with.

And we actually have a example in the book, in this chapter about a reallocation. It's, it's a, it's a client of mine based at Edmonton. Wonderful family and how they'd had some change in their financial life and we reallocated how they were moving money around and just by changing things like how they were making their mortgage payment, how they were. They were voluntarily sending money and prioritizing it to go to an RSP into an resp into these different areas. By tweaking and moving all those monies around in a different way and changing the way they wanted to allocate when what they were already doing, they weren't working any harder. We just changed the way the money flowed. Over $60,000 was able to be shifted in their family's life to find its way into premium. Now a portion of that would be the minimum amount. Of course, there's a flexible portion there. So they, they have options and flexibility. We got four members of the family covered, one through, through a corporation. And we have an example of them being able to not only create insurance coverage that didn't exist before. So the family is far better protected, which they actually needed to have happen. But they're also in a position where they could create a very healthy retirement income of around $90,000 a year for a for a fairly extended period of time, leave a cascading death benefit to their two children and then have the two children be able to take a passive income off of the plans that might mom and dad started and then also leave a death benefit behind to a third generation that doesn't even live yet. Sounds it won't be boring born for another, you know, 15 or so years or what have you. And that's the power of thinking beyond your own lifespan and as well as the power of getting clear on what reorganization or reprioritization of your financial resources can look like. They had the desire that they wanted to do it. They spent the time doing the education, reading Nelson's book, watching Nelson's documented film, going through our educational content, listening to podcasts, etc to be able to make a decision that this was something they wanted, that they wanted to prioritize as important in their life. And they create, they can create all of these outcomes from that decision.

Brilliant.

And so let's help you find the money. Get started.

Yeah, I don't know too many people who are upset about the idea of multi generational financial planning that that gives you the maximum amount of control to do the most amount of things you want to do in your life that you're already doing.

Yeah. And the only loser in this scenario is the government.

Oh darn.

That was.

I'm gonna shed a tear over that one, Jay.

Okay, well on that note, that was a great summary. Chapter 3. If you haven't read the book yet, you have an opportunity. Just head on over to cash follows.com Again, that's cash follows dot com. Get a copy for yourself. And for someone who you think would benefit from the gift of what we do and continue your journey of learning, the next video that's popped up is this there for you to to click on and to continue growing and learning. Thanks again for watching this summary and onto the next chapter.

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