23. Client Series – Experiencing The Power of Infinite Banking

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.

We love to provide education here. That's the purpose of our podcast. We even put together an incredible masterclass that that you can access where you can learn all about how to implement this process of becoming your own banker in your household and in your business. There's a bunch of great content there. Head over to wealthwithoutbaystreet.com masterclass. Part of the package you're going to get is going to include the best selling book becoming your own banker. This book is a game changer. You got to have it. It's one of the best books on the planet and I'm so happy for you for taking action to make sure you get a copy in your hands. All right. Welcome to another episode of the wealth without Bay street podcast. We are in studio today with our special guest guest. We're very excited. This is another one of our client series episodes where we're going to be discussing practitioners of the infinite banking process in their own lives. And I want to introduce you to a good friend of mine, an incredible individual. We have the amazing feng shua with us here. Fong is an entrepreneur, He's a business strategist, he's a real estate investor and a best selling author. He's spoken on stages with massive amounts of people in north all over North America. He recently launched a brand new podcast, the peak potential success show. It's fantastic. And he does a weekly video series called make more mind bites on his YouTube channel. We'll post some links to that in the show. Notes for everybody. Fong is incredible and inspiring people. He's an incredible coach and he's also an infinite banker and that's one of the reasons he's here joining us today. Welcome Phong. Thank you.

Thank you very much.

You left something out of there that he's super awesome. He's a great singer.

Oh, and Fung Fong knows how to do. He's a man of many, many talents, Many talents.

Fong, how do you progress from Toastmasters to speaking on stages in front of thousands of people? Take us through that journey.

Well, it was one of those things where I had a coach and he challenged me on a lot of things. Going to Toastmaster is one of those things that I thought maybe I should start doing Some of this stuff to connect with people, start talking with people and whatnot. After I got to a certain stage, my coach goes, you should start speaking on stage. I'm like, well, that's not the same thing as Toastmasters. He goes, why not? And I'm like, well, these people pay to come listen to you speak. Toastmasters, they're stuck there whether they like it or not. So then more conversations went on. He goes, well, how different is it than putting a whole bunch of speeches together and then going up on stage and speak? I'm like, okay, wait a minute, how long do you actually want me to speak for? He goes, two hours. I'm like, two hours. Well, luckily I had a lot of speeches that was about, about business, about real estate, about infinite banking, and I put them all together and I had about 10 speeches together and that made up my two hour presentation. So that's how I started doing speeches on stage.

That's fantastic.

And to see, to see you progress and evolve and grow. Congratulations. And so name the celebrities you haven't met.

Because the list is probably really small.

And if anyone knows Fong or if you go to his website, you'll see these pictures of like, just like huge amounts of pictures of him with some of these top level coaches, business people, there's actors, you've got, you know, you've got Stallone's in there, you've got like Arnold Schwarzenegger, you got everybody in there.

Gene Simmons, you got Al Pacino, the.

Creator of, of Spider Man, Stan Lee, you've got everybody in there.

Wow. Lots of fun.

And so at these events that, that you participate in now, these celebrities, they're there, they're contributing to the event, they're sharing their life experience, they're sharing their good guidance. There's likely a theme around the message that you know, that correlates with the event. How exciting is it to have met these people and to have spent some time with them? What were some of your biggest takeaways from these people?

Well, it's always great to surround yourself with very successful people and people who have gone through many trials and tribulations to get to where they are. And lots of people just figures, oh, they're famous, they must have been very lucky or just been at the right spot at the right time or it's been given to them. Well, when you listen to their story, they've gone through many challenges, they've gone through many setbacks before they get to where they are today. And it's that, that saying where an overnight success takes over 10 years kind of thing.

Right.

So being able to hear their story, and you go, hey, they start out just the same way as everybody else. It's a matter of being there to work hard, being persistent, going on with your dreams, and just making sure you don't give up. And that's what they all do. As long as you really, really want it, you can achieve whatever you want to do. So by listening to them talk, talk about that stuff is incredible. And when you have people of that stature, like Schwarzenegger or Al Pacino, they're sharing those stories. Well, those stories attract all these other people from all over the world who wants to learn from them, learn about what they do, how they get through their challenges. And because you're all in the same room, you're able to connect with all those other people from throughout the world as well. And that's why I have friends in Hong Kong. I have friends in India and Africa and all those places, because I get to meet all these different people from all over the place, and they are experts in their fields and their industries, and they all are very successful as well. So that's why I've been able to connect with a lot of different people, have lots of different variety on my podcast, because I'm able to talk to so many different people.

That is so good.

So it really centers down to being an avid student, being receptive and open and. And putting yourself in a position where you're always engaging at these events and engaging with people like that so that you're able to make those. And. But it's not just that. You're also very intentional. You're very focused and intentional about trying to. Trying to connect with an individual. You know, kind of set your sights on a specific person or a group or a targeted individual you're looking to connect with and to build a relationship. And then you're very intentional about doing that in a positive and engaging way. So that's one of the skills I think of that is important. It really makes a difference if you focus on how can you build a relationship that lasts.

Yep. And, well, one of the things. Those things at this event was you never know who you're going to meet either. And there was one year I was standing in line, getting registered and all kinds of stuff, and I saw this one individual by. I'm like, I think I know that guy. And I turned over to Jessica. I'm like, I think that guy's an Olympian. And we looked at it again, and, like, that's Bruni. Stern, I've watched him race at the, at the 1996 Olympics when they won the gold. I'm like, this is awesome. So you just reach out and you get to talk to him. And we did a quick interview with him as well. It was a lot of fun. And just hearing the behind the scenes of how he prepared for races, how he, how he's actually friends with some of the competitors and they train together, it's just amazing.

So.

Wow.

And so what. What role has the process of becoming your own banker played in your journey?

Well, I started off doing real estate before, so being an infant banker allowed me to have access to funds I never dreamed of having to begin with. So as I started building that, that cash value, that access to funds, I was able to borrow some to either put down payments on my other rental properties or use some of the funds to go and fund some rental rentals and improvements. But some. Two other stories I have about using infinite banking is that I was able to help other people as well. So one of my clients who I coach in real estate, they had this big dream about buying their own house. And their dream was, okay, within five years, we'll own our very first home and we'll get out of the rental market and we'll be able to put value into our own home and build that asset. And after going through a few things, a few scenarios with them, I'm like, you know what, you could buy your house right now. You obviously qualify. And they go, well, yeah, we qualify, but we don't have a cash, cash down payment. I'm like, well, we do. So we actually struck out a joint venture and loaned some of our funds to them and they were able to get into their very first home within I think four months that we talked.

That is really powerful.

Wow.

And how did that make you feel to be in a position to be able to help?

It was awesome because they were very thankful and they never thought they would be able to own a home that soon. And the beauty of that one was it was actually an up and down suite too. So not only did they own that property, they rented out the basement suite to our friend. Wow.

So you're actually able to help another person out. Plus, they were able to reduce their over expenses because they had income coming in. This sounds like a pretty good deal.

Well, yeah. So right now, just, just two days ago, they finished paying all their loans back to us.

Wow.

And they're thinking about buying a, a farm or something in the acreage to start own farm and do some tree farming and all that kind of stuff. So. And they're going to keep the same property because now it becomes a rental property from itself. So. Oh, wow.

Isn't that amazing? So, you know, it's, it's interesting how you, you know, we asked a question about infinite banking, but it leads down a path of how many other people were impacted by a decision you were able to make because you had liquid access to that capital to make the deal happen, but you also had the presence and the creativity of the mind to see how you could help those people in that scenario. And it was a win, win scenario. You have a joint venture on the deal. You were able to pay to put less capital down because they were going to live in it. So really it's a, it's a huge opportunity that you were able to facilitate.

I love it when I, you know, I always enjoy the times where I would see pictures when you would welcome new tenants into your rental properties. So for anyone who's listening, if you're in and around the Edmonton area, my presumption is that Fong and Jessica are definitely great, great people to be renting property from because you have a whole welcome package and it's just, it's very, it's very warm. Even in a picture.

They know how to create a wow. A wow impact.

Yeah.

When a tenant takes possession and you're able to kind of really get. And you've built really powerful relationships with many of the folks who've become your tenants over the years. Right.

In fact, one of my previous tenants, their kids, are now helping me do lawn mowing duties for all my rentals.

That's great.

Help them build their business too. So it's all good. That's great.

That's awesome. And what are some of the other, you know, things that you've been able to do through the process of becoming your own banker?

Well, it just gives us a peace of mind as well. So during this period of time of challenges and, and lockdown. Well, even though if we, let's say if certain people lose their jobs or certain people are no, no longer able to go to work, well, we can always have access to that cash and use that for a short period of time if we need to. Another example that we use that the funds is for another friend of ours who we were also coaching on real estate and at the time they had some credit issues with credit cards and whatnot. So we actually lend our funds over to them to pay off the credit cards so that they can then use it to get the right credit and qualify for a mortgage. So there's a lot of different options that you can use these funds for. You just have to be able to have access to it, right? And then be creative as to how you want to use it. So it's all good.

That's the infinite and infinite banking that Nelson talked about.

Well, and the unseen, Right, right, the unseen and becoming your own banker. Because so many people when that we've encountered when they describe the process, they talk about the product, they're discussing the insurance policy, the system of policies. And we always try to get to the root of how are you implementing the process. We know that the insurance company itself is administering these policies. They keep going up in value every single day.

Boring, right?

Right up there with watching paint dry. But to hear these impactful stories of how imagine for a moment, you know, you have credit card debt, you know, someone like Fong, you're interested in purchasing assets that are going to pay you cash flowing real estate because of the.

Debt service on these different debts that you have, right?

The mortgage broker says, hey listen, you can't qualify because your utilization is through the roof.

A traditional bank is not going to give you a consolidation loan and it would also give you another debt service payment. Whereas if it's off the books, in this case with Fong stepping in to facilitate that, you know, it's now it's a private loan arrangement, you, you probably made, I'm guessing you made a decent interest rate on the loan that you charged, but it's lower than their credit cards and it was at a payment, a payment level that worked for their cash flow and allowed the ability for them to qualify.

Whenever we lend capital, we lend it on the one of several conditions that we get to coach you on how we do this so that you can do this for yourself.

And so to hear these stories are really powerful. And imagine the impact, right? The person has credit card debt, they're thinking, oh my God, this is really stressful because I really want to take advantage of implementing this coaching on how to purchase cash flow real estate. And Fong says, I've got an idea, I have ready access capital. There's opportunity, I can take advantage of opportunity. I can, I can genuinely help someone by help by actually helping them. What an impact, right?

Usually isn't that good. Usually those conversations start off by saying, so we have a question about real estate. And then three hours later is like, oh, I mean we could do this too. So it's all good.

Well, here's something else. That I think is really interesting. And so you've. You. It's. There's not just the way that you've helped other people, but you've also helped many other people acquire real estate and learn a lot about how to purchase investment real estate, you know, a fair amount at least in our local market here, about suited houses and how they're great, positive cash flow and how to. How to do them the right way and that sort of stuff. Now, you've also been able to facilitate doing joint venture deals with not just your own system of policies, but with other people that, you know that have policies. And you've been able to help, you know, show them how they can put that capital to work because it's, you know, wasn't doing anything else for them other than in the policy and actually be able to acquire more property and do things kind of together. I thought that was really interesting. Can you speak to that a little bit?

Well, yeah. So one of the other clients that I had with regards to real estate, again, they wanted to go in. I believe they're thinking about buying a second property now. And because I've introduced them to yourselves, and they also have policies, they're like, okay, wait a minute, we can actually access this to do this, this, and this. Of course you can. Let's look at the numbers. And this is how we can do it. What's actually pretty amusing about that. And you know who this guy is? He came into my office the other day. He's like, looks like I have to buy another policy. I'm like, why? He's like, we have another kid.

That happens every single day when we get the new baby arrival announcements.

Yeah.

And it's like. But the people are proactive, just like that. Because they know. They say, oh, boy. What did Richard tell me again? When Jason said, 16 days after baby arrives. How many days? 17 days. Okay, we got to get in touch with these guys.

It's less so about, hey, there's gonna be a big announcement about a kid. It's more like, o, oh, we're going to get another policy.

I'm always. I'm on the Facebook feed and I see the announcement like, oh, new policy. New. Yeah, Increase the family system.

That's right.

So it's. I love that. That's. That's fantastic. And now, you know, you've got five. Five books and you're working probably on number six right now, aren't you?

We're in the middle of. There's two more coming.

Okay, soon. So when are we going to like Fong.

We're taking you up on that post.

Yeah.

One book a quarter from now. It's happening. We've made that commitment. It is July.

What date is it today?

The third. We're going to start in Q4 because by the time this airs it'll be like in Q4 anyway.

Okay, so let's say yes. So by the end of Q4, we will have. Now we're making a commitment.

Right.

And I never, ever, ever.

Ever, ever.

Not fulfill a commitment. Okay?

So what I think is great is that I already was proactive about this and I messaged Fong because I kind of anticipated this was going to happen. Okay. We're going to, we're going to plan for, for a book. So for anyone listening in, Fong is helping people produce and launch a book in 90 days or less.

If you can do it, he knows.

How to do it. He can coach you through how to do it. Yeah, he's done it himself a number of times. You've helped other people do it. One of your clients, Arjun, just produced a book. He just got his physical copies in the other day. Another member of our infinite banking community was so happy for him, so proud. And that's the one thing I think is so cool, is that we've got, we're building this community of people. There's, there's people helping people. Right? And as you get involved in any, any individual community, it doesn't matter what that community is, but as you get more involved in it, you start to make connections. Well, the infinite banking space has a group of wonderful people. Many of them are real estate investors, many of them are business owners. Many of them are now we have bestselling authors. And so they're connecting with one another and they're finding ways that they can mutually be beneficial to one another outside of the fact, Right. That they have these policies. But there's a common theme in that, in that you can have a, now you can have a new layer of conversation with individuals because it's, you can also incorporate a fun conversation about infinite banking. And you're not looked at like, you know, like a dog staring at a ceiling fan, you know, because life insurance, what. So I think that that's really phenomenal. And I think, you know, of all the people in our community, I, I believe that yourself and your wife Jessica have probably facilitated more of those really good conversations. You've really embraced connecting with other individuals and trying to support them in their, their growth, in their overall financial growth, in their life, and also in Embracing the. The concept of infinite banking. So thank you for doing that.

Hey, no problem. Love it.

So what's it like being a dad?

It's been awesome, and the time flies pretty quick. It's been. What is it, four months now, and she's grown a lot. We went back and look at some of the photos, and. Wow. It's only been four months, and she's grown so much.

So congratulations again.

Thank you. We got another policy. Yeah.

All right. Yeah.

Excellent.

And I'm so thankful, you know, baby Kate was born kind of just. Just prior to this. This Covid thing coming about. And so, of course, you know, new babies, you kind of keeping your distance and that sort of thing, but finally had a chance to meet her here a couple weeks ago, is pretty awesome. Very happy to have that opportunity, finally.

That's great.

She's fantastic. So that's great. We love. We love it. We love the newborns. We love the. The experience of them becoming part of the community. They're now an extension of the community. Right. It's kind of seeing that. That. That longevity of what we're building here happening, and it's beginning to expand, and it's. It's expanding through time by the virtue of the new members joining us in the community without choice because, you know, they're born into the family, basically. So pretty much.

And so Fong, what would you say to listeners who are. Because we get contacted regularly by people who say, we've gone through all your podcast episodes.

We want more.

And so what would you share with people who are researching this process?

I'd say, open yourself up and challenge these two guys, because they're up for the challenge. And believe me, when we first started, we really challenged them. I think we spent a good nine to 12 hours before we go, okay, here's my money.

And then after that, we're still going. But, yeah, I'm an engineer by trade, so. So very analytical and sometimes analysis paralysis and all that kind of stuff. But after a while.

The two of you have been challenged so much by Jessica, myself, who's also an engineer. Hence, it's one of those things that we've gone through everything. We've looked at a lot of different types of scenarios, and we've asked you guys lots and lots of questions, and in the end, you guys are still standing.

Yes, we are. Yes. Proudly.

Proudly. Yeah.

Carrying on the message and.

Yeah, that. Wow, that's really powerful. And how many years are you into your journey now with this process?

I want to say nine.

Yeah. You're going to be, I think you're going to be, you're going to be crossing, you're going to be coming up on a decade here. I think pretty quick. You're probably going to be. You're running around the corner. It'll be soon ramping around a corner, I suspect.

That is incredible.

And, and it's been really interesting. I know, you know, I, I get the privilege of being able to see announcements about policy statements coming in sometimes. You know, my, my assistant typically kind of handles that, as I know Jason, yours does. But every once in a while I, I, you know, I get to, I get the, I'm the first one to grab the statement when it comes out. And I remember looking at me like, oh, man, look at this thing. This thing is, this thing's really, this thing's really kicking butt, you know, so I'll like, send Fong a message like, did you see your statement? Like, oh, man, check this thing out.

It just keeps going up in value every single day yet.

Wow. And what's one of the things I love is that, you know, I think it's in your first, it's in your first book. You have a copy of. You created a graph of your own, you know, your first illustration for one of your policies, and you actually put that, you know, so one thing I love about what Fong and Jessica have done with their books is that it's, it's real, it's tangible, it's, it's, it's connected to their own life. Right. And it's not hyperbole. You know, you're not trying to blow things and out of proportion. You have a copy of a graph in your own, like, illustration that people can actually get where you talk about this process and why you chose to do it and how impactful it can be for people. So thank you for doing that because I think that message resonates really well with people.

Oh, it does? Yeah. People want to know, right? And we've been asked, bring some clients on the show and let them share their experiences.

Specifically, bring Fong, because we know he's awesome. Yeah, right.

So share Fong, if you don't mind, share with us what part of the process of becoming your own banker resonates with you the most and why the.

Whole concept of having the ability to have access to funds that you should have access to to begin with, but nobody else does it and nobody else tells you about this process. And it's just very mind blowing to me that nobody else is doing this until I start telling people about it and going, well, that's too good to be true. So it's getting a lot easier now to tell people because I've been able to go, well, this is what's been happening to me for the past eight to nine years. And this is what I've been doing with these funds for the last eight to nine years. These are all the people I've helped throughout the last eight to nine years. So how come you're, how come you're not convinced yet? Right. How come you're not doing what I've been doing eight, nine years ago when I told you eight, nine years ago.

Wow.

And, and the longer you wait, the more you penalize yourself, right?

Yep.

So don't wait. Get started. Think about. Gosh. And again, I keep going back to this because Fong, I remember years ago when you were sharing that you were going to go to Toastmasters. And I keep going back to this because you said at that time, you said, you know, I really want to, I want. Your whole goal was progress and improvement and you were using language like that. And to go from there to speaking on stages in front of thousands upon thousands of people, when you're talking to people about this process of becoming your own banker and they're using language like, well, gosh, you know, that really sounds too good to be true. All a person has to do is just follow your journey. And if you're not convinced after that, well, I'm afraid there's no helping you. You know, what else does a person need for affirmation or confirmation or verification that, I mean, Fong doesn't have a lying bone in his body.

Well, pretty soon people are just gonna be an expression. People are just gonna know when Fong speaks, you listen.

Awesome. Love it.

Or sings.

I think the other thing is people need to start thinking about, okay, if they actually really want to do something and they want to learn more about something, listen to the people who are using it and doing it and doing it successfully.

Right.

And don't fill your, your mind with other people who says it's not going to work.

Right.

Don't go out there asking, okay, what's wrong with this? Ask the people who's actually making it work and doing it legally, ethically, morally, and also making it very successful for themselves because that's who you want to follow.

That is great advice.

And that advice isn't just limited infinite banking.

That's everything.

Probably a core of the messaging that you do when you're coaching now clients and helping them understand that that premise. And it's like, look, go and attach yourself to the hip of somebody who's already done the thing that you want to do and just mirror and model that, and you know, you're going to be able to strive for success. You got to have a motivation. You got to have a passion and drive, and you just got to get up, get out of your seat, get out of your bed, and go do it.

I. To expand on what you both shared, I was in a meeting this morning with a group of folks who were part of a team inside of another business that I. That I own.

And in meeting with the team, I said, you know, something that's resonated with me recently. I saw, I read it, and I thought, this is just so ridiculously simple, yet so impactful. If. If you're in a room surrounded by five successful people, what do you become? Number six. If you're in a room surrounded by five motivated, impassioned people, what do you become? Number six. And so if you're in a room surrounded by complainers, whiners, and negative Nellies, what do you become?

Number six.

Yeah.

And so when I shared. I shared this with. With the team and asked them that question.

Who do we want to be?

Well, we want to be the group that's, you know, let's take the hill together. Let's. Let's conquer, and let's continue growing and expanding. You know, that particular business has grown 94% over last month alone.

Right.

In the midst of day 742,228 of COVID 19.

Social distancing and the impact that it's had.

So, but.

But, Jason, the economy shut down. Nobody's. Nobody can make any money right now.

That's hogwash. You know, two. Two things that you can do, you can advance or you can retreat. You can't do both. Pick one. Right now, if you're listening to this podcast, make a choice. You can advance or you can retreat. Take your pick. And if you choose to advance, you want to be surrounded by people like Fong.

Totally.

Because if you're in a room surrounded by three people who love growing and progressing and learning and being, you know, being a go giver to other people.

And they all know how to karaoke really well.

Yes, actually. Yes. So what do you become?

A great number four.

Right.

Anyway, it's a such a powerful. Because Richard's right. I mean, it's not just what you shared is not just impactful as it relates to the process of becoming your own banker. It's Applicable in every, any area of your life.

It's a, it's a mindset thing completely.

And what does everything begin with?

The way we think, the way that we think.

And most people would rather die than think now. It's, it's the truth.

On that note, that reminds me of two things. And first off is, you know, we talk about positive thinking and it's a mindset. Well, you have on your YouTube channel you do make more mind bites, which are small snippets that are all about a positive influx, a way to kind of get people juiced for their day. And you do that. How often do you record for those and post them?

I do those once a week.

Once a week.

Been up there for the last two, three years now. Awesome.

So we're going to put a link to the YouTube channel so you guys can check it out. To make more mind bites, subscribe to Phong's channel and get that little positive dose of Fong to get you through.

The week and into and check out his catalog of books. Oh yeah, get your hands on some.

Reading material and, and what's beautiful too is that you know, Fong's now helping other people, you know, becoming, learning how to become a best selling author, all those kinds of things. It's just a wonderful what you're able to produce and help other people do. But the other thing you mentioned about, it's all about how we think. It really popped Nelson into my brain for that moment and I thought, you know, we've asked a few people because not everyone, we haven't had everyone on our shows had a chance to meet Nelson. Right. But Fong, you were able to see Nelson live I think on more than one occasion.

Oh yeah.

Would you share with our listeners what that was like for you? What was the, what was the impact of you being able to actually have a chance to meet Nelson?

It was, it was a great honor. Very, very down to earth guy says it as it says it the way it is. And it was really nice to actually meet the person who came up with the concept or utilized the concept to its fullest.

Yeah.

And it's one thing to listen to you two of you talk about it all the time and how great it is and it's another thing to go, oh, this is the person they learned it from. And then hearing right directly from him and then just getting as much information as you can learning from the person who's, who's made it work for hundreds and thousands of people. So it's, it was a really Great honor to meet him and he was very fun to talk to and it was just, he jokes around, he's, he's very light hearted and it's just surrounding yourself with very successful people.

Wonderful man. We miss him.

I thank you for sharing that.

Ease on over to Nelson Nash film dot com. That's Nelson nashfilm dot com. Watch the documentary that we had commissioned on Nelson Nash and you'll get a glimpse into the essence of just how incredible this man really, really was and the incalculable impact, you know, we shared with him at one of the annual Infinite Banking think tank conferences. We, we passed out these cards to everyone in attendance and it was a message to a mentor. And so we had everyone in their own words describe the impact that Nelson had on their lives. We gave everybody a minute or two to capture their thoughts on these cards. And then we gathered the cards from everyone in attendance and we presented them to Nelson and we said, Nelson, if you ever want to bring a ray of sunshine to your day, if you're feeling a little tired and, or feeling a little stressed and you need to pick me up, reach into that pile, pick one and read it. And.

The impact that he's had on Fong and Jessica and now by extension Kate. Kate.

Wow. Just think about that. Now multiply this across thousands upon thousands of people just in Canada that we have had the privilege and the honor of serving going into years and years and years of seeing families grow small, children now who aren't so small and have had policies in place for years. It's such an impactful thing. And Fong, you would agree you've never had a bad policy review, Not a one.

Right.

Like all it does is go up in value and to hear the stories of how you've been able to implement it and the good things that you've been able to do for others is really impactful.

Now I'm excited to have you share with our listeners a little bit more about what you're excited about for the rest of 2020. And because we're kind of halfway through the year at the time of this recording and it's been a strange, been a bit of strange year, you know, it's, you know, I don't think anyone would deny that we've had some odd things kind of happening. And so being a positive thinker, being someone who's engaging with so many of your own coaching clients and they're in various stages of their journey and I'm sure they're experiencing some upheavals during these Times as well. What, what, what do you see as we're moving in the rest of 2020? What has you excited? What are the opportunities that you see?

Well, for one, I believe that because of what's been happening in the, in the economy right now and everybody realizes that, you know what, things can shut down and it kind of tweaks your mind a bit and go, maybe I need that second, third, fourth, fifth stream of income that they may or may not have thought of ever before. But because of how big of an impact this has had, people are starting to think, to think, maybe I should start doing online sales, maybe I should start doing network marketing. Maybe I should start doing whatever it is to allow myself to have that safety net or that extra income that comes in so that if something does happen again, I'm more prepared for it. Whether it's learning more about business, learning more about real estate. Then they could go, okay, if my job does not allow me to go to work anymore, then I could focus on these things and expand on that or eventually have that overtake my job and then break out and do something else I actually really want to do. So I believe this period of time is maybe one of the biggest period of time where more and more entrepreneurs are being born because they're thinking about new things. They're definitely about more engagement and more solutions to allow them to be more.

Prepared for future love.

It definitely. And, and again, it goes back to what we shared just a short while ago. If you're surrounding yourself, if you're in a room with five other people who are talking about, hey, I just picked up my new hard hat today. Cause the sky's falling and there's no, there's no way out of this thing. And you know, everything's wrong with the world and you're feeding your mind with all of this crappy media and things that are instilling fear and anxiety and negativity and divisiveness, well, if you're surrounded by those people, five other people who think that way, then you're going to become number six.

That might include your Facebook feed, by the way.

Yes, definitely. And so what Fong is sharing with you here is so profound. You have to think about where are the opportunities. Change your mindset from, am I going to advance or am I going to retreat? I have a choice. Pick one. The moment that you choose to advance, your brain immediately gets to work on advance. I was versus retreat.

I was sharing with somebody. Just, I think it was just yesterday on the phone because, you know, I'VE got my acreage, and I was mowing, mowing my lawn in my lawn tractor. Normally, something was kind of like a bit of a hobby thing, something for me to do, just kind of unwind and get my mind off of everything else. But this particular day, because it was. It's been raining cats and dogs here, I literally got hit by a dog. No, but, you know, I was kind of thinking, like, you know, what is this really. Is this really something I want to be doing? The answer is I really don't anymore. I wasn't quite enjoying it like I normally was, but I had this thing pop into my head that's been rolling around here for about 15 years. And it came up a long time ago, and it keeps resurfacing. And it's. The less I do, the more I make. The less I do, the more I make, the less I do, the more I make. And, you know, it's a statement I heard somebody as a speaker at an event that I heard a long time ago, and I'm like, okay, well, what do you mean by that? Like, well, that sounds great. That sounds really awesome. Like, what does that really mean? And so over time, it's kind of developed, and it's really just about leverage. It's all about leverage of technology, human resources, being able to free up your mental capacity.

What's.

What's your unique ability? What's your ability to provide the highest value. Value to the world. Right. So that you can do that thing, and you can only do that thing, and everything else you're able to do is you're able to shift off to someone else. Those things come at a cost, but the bigger cost is the not doing of it.

Oh, completely. You know, and Fong talks about that in one of his books, Make More, Work Less.

Yeah.

Name of the series. Super Good, right? Yeah.

Or is that. Is that the series name? Oh, okay. Gosh, yeah. Because it just. The moment you said that, the book cover just jumped. Boom, came up. You know, the file just showed up on my virtual desktop. Yeah. You know, think positive. Thinking positive is one thing. What you do with those positive thoughts is something that's entirely different. And most people who have the ability to think positive, they may not take that action. So if you have a good coach, if you have someone who says, hey, listen, I'm responsible to you, not for you, and you're encouraged to take that positive thinking and turn it into positive action.

Well, then you look at obstacles and mistakes and failure as progressive steps on your journey. Not something that's going to prevent you from continuing to move forward.

Right. And right. And as a coach, Fong, I would imagine, I mean, you, you yourself have had coaches, you still have coaches, you have many mentors in your life, but you don't just get coached by one individual. You get coached by individuals in different segments of life. Is that right?

Yeah, for sure.

Maybe speak to that a little bit. And, and for anyone who's listening in, who's either looking for a coach or, or maybe they only have one coach and perhaps they're lagging in one area of their life that they need some additional support in, what would you suggest to them?

Well, for. People don't really know what a coach is for. Well, it's that person that lets you, that challenges you, that shows you what your potential is and they believe in you and support you and show you the way. It's one of those people that you can bounce ideas off of or know that they've been there, done that, and they're able to help you go through the trials and tribulations without you having to go through it yourself for the first time. And when it comes to coaches, when it comes to coaches, when we're looking at athletes and sports, we're all very. It's commonplace. We need a coach. We need a coach. We. For, for a. I mentioned Bernie Surin before when he was asked about, hey, how many coaches did you have when you went and competed in Olympics? He said something about six or nine coaches. You had a running coach, a condition coach, a nutrition coach, and it goes on and on and on. And then the question was, well, how many business coaches do you have? And he just stopped short and maybe I should get a business coach. So for myself, like, I started off with one coach who really worked with real estate at the time, and then he had business coaching as well. So we worked on some of that. But then when I wanted to do more speaking, then I had a speaking coach. When I wanted to do more informatic stuff, then you guys are my coaches there. So you want to be able to expand yourself so that you, you have more coaches in different aspects of your life or your businesses or whatever you're working towards so that you have the right people giving you the right advice and the right guidance and the right challenging so that you're able to achieve the goals that you want to achieve.

I love how you mentioned the importance of the challenges that person that challenges you because it creates a, it also creates an accountability method. I think that's one of the biggest things That I resonate with coaching is that there's some accountability that's there. And often when we're left to our own devices, it's. Some people have a difficult time being accountable to themselves. Your own calendar, you know, your own, sometimes your own commitments that, you know, they, they might not resonate as well because you're not tracking it. You haven't put a deadline. And sometimes a deadline you set for yourself isn't as good as a deadline that you've committed to some other individual.

Right.

So most people, because that's where Parkinson's Law, as Nelson talks about, comes back into the equation. You have a time limit on something and it pushes your brain into thinking how to get it done by that fixed time limit. And when you know someone else is accountable, that you're accountable to that person, you have to report back or you got to, you got to be able to show them the proof of the work, the, the work product, then it pushes you to be done by the time of that deadline is there. Whereas if you're the only one you're showing it to, but you're also the one doing it, sometimes that deadline's a little bit more flexible. Yep. So I think coaching has such an, it's such an integral component of, of a success model that, that I don't, I don't know of any person I know who's achieved a level of success that hasn't done so without, with a coat, without coaching.

I haven't met one. I have not met a single, define the parameters of, or the, the attributes of, of that, you know, person's success if they wanted to achieve freedom of money. Haven't met one who's achieved that, who hasn't had a coach or a series of coaches if they want to achieve freedom of time or relationship or purpose, whatever that may be. Haven't met one who hasn't had a number of coaches, mentors, people who have had that impact. And, you know, we'll be doing some exciting things within our business to help, you know, colleagues in the industry that we're super pumped about and, you know, Fong, I would encourage the listeners, we'll put a bunch of links and how to connect with Fong and how to, you know, tap into the resources that he's putting out there in the world.

Absolutely.

Gosh, take the time, get to know Fong much better. You, you'll be glad you did, I promise you.

Now, Fong, as we're getting ready to close our show today, is there any final thoughts you'd like to give to the listeners of the Wealth Without Bass Republicans podcast something you'd like to leave them with in regards to your journey with Infinite Banking, your journey on life that you think would be impactful for them. Favorite quote perhaps.

Well, first of all, I would like to thank both of you very much for letting me be on the show. Very, very honored. And for those who wants to get in touch with some of my books, reach out to the two of you. I will send some, some copies or even ebooks that you guys can send out for free.

Thank you.

Excellent. Thank you.

Go giver. Go giver.

Love it. So they have a choice between either the, the, the first financial book that I wrote.

Okay.

Or the, the communication speaking books I have.

Excellent.

So either one of those is fine.

Thank you, Phong. Appreciate it very much. We always like to end our shows with. And again we give all credit to for this segment to Dan Sullivan, co founder, strategic Coach, amazing coach, 10x ambition program. Can't give Dan Sullivan enough credit.

He's amazing, especially for any Colby Index fans out there.

And he wrote a book titled who do youo Want to Be a Hero To? And you know, not all heroes wear capes. Now, Fong, we know you like you're a Batman.

I'm a sucker for it, so and so.

But not all heroes wear capes. And you think about just through the stories you shared with us and the positive impact that you've had on, on so many people's lives.

And so this begs the question, who do you want to be a hero to?

Well, right now I want to be a hero to my family and my daughter. So that's foremost, number one. And I always tell people I like to impact and add value to as many people as I can and as often as I can. And that's why I write books, that's why I speak, that's why I do podcasts, so that I could reach out as many people to as many people as I can. So I would like to be known as that person who's been able to help people reach the goals that they've always wanted to reach, achieve success that they've never dreamed of achieving and adding just that little bit of value and always being able to add value to people is what I want people to know me for.

Excellent.

Well, you know, the.

You're well on your way, definitely.

And our team here, you know, at Wealth Without Bay street, we love having you around. So would you be open to joining us again if we put together another episode? I think our listeners are really going to enjoy it. And if you're listening to this podcast, you have any questions for Fong, please provide those questions. We'll get them communicated forward to Fong. We can get Fong engaged on the YouTubes and the Facebooks, get some responses going there. And if you are on the YouTubes, smash the like button. If you're in your car, don't look for anything to smash. If you're just listening to this podcast episode and rate the podcast, leave us a review and we would sincerely appreciate.

And we have to do the big Jason's favorite. The big sell.

The big sell.

Make sure again, we were like a broken record here and that's okay because records are still cool. Make sure you get a copy of becoming your own banker. There'll be a link in the show notes for that and you can one of the ways you can get it. We do encourage people to check out the masterclass that we have with wealth below Bay street. So go to wealthwithoutbaystreet.com masterclass.

Yes.

And if you, if you register for the masterclass, you will get a copy of the book shipped right to your front door. They, they take care of that for us here at the office, which is fantastic. So absolutely go ahead and do that. It's a great way to get a ton of value in one shot.

Thank you so much for tuning in to another episode of Wealth Without Bay Street. We wish you and yours a prosperous day indeed.

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.