40. Infinite Banking Is The AND Asset For Canadians

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.

And we're here with Caleb Quilliams, the founder, the CEO Better wealth, also the author of the number one best selling book, the End Asset.

So good, Caleb.

Caleb, it is so good to be with you. Thank you for joining our listeners and my amazing co host, Richard Canfield and I on another episode of Wealth Without Bay Street.

Welcome you guys. It is a pleasure being here. I'm going to try to keep my energy up so that I can be on your level. But no, we're going to have a blast today.

It's going to be a lot of fun. And the one thing that we want to share with our listeners, this particular book, the End Asset. Now, throughout the interview with Caleb, if you find yourself thinking, hey, this is something that I really want to take a deeper dive into, then just ease on over to the link that we include in the show notes. Get your copy. We sell for less, we ship anywhere in Canada. We'll get it right to your front door. And we'll also maybe preempt folks on some work that we're doing with Better wealth in the United States and Canada. And so, Caleb, talk to us about what inspired you to write the End Asset and maybe give our listeners a sense of what's one of the key messages that you want people to take away from reading the book?

Yeah, I mean, that's a loaded question. I think one of the, one of my missions in life is to help people live their highest potential. Like, one of the things that like makes me so sad is people going through life and literally floating. And it was very early on in my life that I realized that money could be a tool, could be used as a tool to help people live more intentionally, more powerfully. And like, life is such an incredible gift and yet so many people were not living life intentionally now and in the future. And so I'm just like, and again, I couldn't articulate that. You know, when I was 15 years old when I had my first job, but, but then I got a job at a bank and I started like getting, you know, open to all the problems that people have. Like you just like you're literally as a bank teller, you're just reminded about how broke people are every day when they come in. And so I just Started asking myself like, there's gotta be a better way. And I got the opportunity to work in our investment department when I was 18 years old. And what was crazy is When I was 19, I ended up taking over the investment department of the bank, which that tells you how crazy banks are, that they would let a 19 year old take that big responsibility. But Jason, that's when I got introduced to the infinite banking concept. That's when I got introduced to different ways of thinking about money. Because one of the biggest blessings in disguise was, was I did not have a person mentoring me on a local level, because I would have been one of the most charismatic, average financial advisors if that was the case. But I asked a simple question, I asked a simple question that essentially went like this. There's gotta be a better way. I wanna find a better way. And I used to hate life insurance. And then when I was challenged about maybe life insurance is not what I thought it was, it opened my eyes. And I went from being the biggest skeptic, you could say, to one of the biggest believers. And it was this idea that life insurance, the infinite banking concept, the thing that ultimately has built our businesses, is not about investments. It's not about rates of return. It's not about a magic bullet. It's more about a mindset. It's about a foundation. And I had this epiphany that everyone's being taught. Canada and in the United States, everybody is being taught that you need to choose between retirement or this thing that we call control or savings or liquidity. And I had this dilemma of wanting to invest in myself, but also knowing the time value of money and knowing that a dollar today was worth way more in the future. And I had this dilemma. And I was told from everyone, all the gurus that you need to choose, just hope, just put it money. And 30, 40 years from now, you're going to thank me. I'm like, okay. But then I also am reading all the stories of the people that I look up to got there because of their action, not because they put their money in Bay street or Wall Street. So I'm like, okay, what is going on here? I know compound interest is just math, but I also know this thing called control is key. And what made it like the light bulb moment for me was like, we don't have to choose anymore. It's not about investments, it's not about rate of return. It's about where you store your capital. It's about where you have that foundation and the name of the end asset Came because life insurance is not an investment. Life insurance is not investment. How many times we have to say this, Jason? And people still compare it to an investment.

And I was like, it never has been and it never will be.

No.

And people are trying to sell it like investments. And we wonder why our industry's got such a bad rap. But what the light bulb moment came on for me was when I realized, oh, the and is eliminating the choice. The and is essentially saying you can do multiple things. If you understand how banking works, you understand how velocity works, you understand just how this strategy works. And so for me.

The tagline that originally started, I would have changed the tagline knowing what I know now, because the word secret comes across as kind of scammy. But the tagline is the secret way to save and use your dollar at the same time. And if you can give a dollar two jobs rather than one, you're better off. And so my thesis of the whole book is give your dollars more than one job and invest in the thing that will help you get the result that you want. And it just happens to be in talking about the and asset, which is another word for overfunded life insurance. And so that is the story, because I was sick and tired of telling people the same thing and everyone was like, why haven't I ever heard of this? I was like, okay, I'm going to do something about it. And so your audience needs to know this. I'm dyslexic, I could barely read. And so.

I knew that a book was the first way to get this message out in the world. I spoke. The book worked with a lot of talented people and through that came up with a book that has impacted not only my life, but thousands of people around the world.

It's an amazing read. It's an amazing read. And for all of our listeners, if you don't already have a copy of the End Asset on your bookshelf, you have an opportunity.

One of the key things I love about your book, Caleb, is that it goes beyond just what you isolated right there. The concept, what Nelson shared with us, the message of infinite banking, become your own banker. What. What I think, and one of the things I resonate really well with your book, it's you did something that I've been saying to people kind of on a one to one basis. You did it in this mass environment in a book. So I'm so proud of you for doing that. And that's really getting clear to help people understand that they are their greatest asset. One of the core messages of your book is that you as the individual, you taking the time to seek understanding, to go out and invest in yourself and your own education and developing your knowledge, expanding your horizons so that you can. You. You can make powerful choices about what you want to do and what you want to accomplish, and then how you want to go do that. I find that that's one of the core things in your book that is just so key, and I think it resonates so well with people of all ages. But I would imagine that you probably have certain, you know, you experience meeting people of all walks of life, all countries, all ages. And what are some of the messages that people tell you and they come up to you after you have a talk or a speech. What are some of the things you hear from people after you do that and they speak to you about your book?

I think one of the words that comes to my mind is permission. The and asset gives you permission to start living your life. The other word that comes to mind, you said it multiple times without even knowing it, is key. One of my good friends who got introduced to the and asset who got introduced to me and Better wealth, we went through this whole program. His name is rich, and he's all about helping people come up with their one word.

And.

And he said, you know what your one word is, Caleb? It's key because it was so clear to him that the and asset and what we're doing at Better wealth is helping unlock doors for people, is showing up powerfully and ultimately being that key that shows people how they can go and be proactive and do other things. And so this concept of unlocking, this concept of us being the true foundation and key to someone's life is, like, really cool. Cool. Because I can't take responsibility or credit for someone's massive success, but I can know that I helped them get to that room where they unlock the door themselves.

That is so powerful and knowing the transformative time. Transformative. Transformative. Hang on, let me try and reel that back in.

Okay.

We'Ll get that out in post production. Don't worry about it.

Jay, with the times that we're living in. So what are. What are you hearing? What's the word on the street with clients that you're serving, team members that you're working alongside? How are you helping people navigate through this day 746,222 of the COVID 19 pandemic?

Yeah, I think more than ever, people are realizing that our message of helping people create more certainty has Never been more relevant. You know, it's interesting because I've, on my podcast, I've interviewed actually some key, some really key people in the money space. And one of the things that I want people to focus on is whether all your money's in life insurance or whether a portion of it is in this asset. The asset itself helps create certainty, help helps unlock and enhances everything else in your life. And so it's interesting because for a while the market just was this thing that always went up. It's like you go to class and you learn about investing and it's just like, put your money in a mutual fund and you'll be fine. And then I think it's a good reminder to be like, oh, the market doesn't always go up. Just FYI, if anyone was wondering if Bay street just. There's no guarantees on anything. And so I think people are starting to just question, like, okay, what do I really want? And again, life insurance is not the silver bullet. But what we try to teach our clients is we're aiming for a result. What did Nelson say about retirement?

Well, he removed the word from his vocabulary very quickly and replaced it with passive income.

Because to be retired is to be taken out of service.

Right. And so one of the key messages is intentional living. If you're seeking intentional living, what in the world are we doing? Aiming for something about being taken out of service.

Right.

That's assuming that you want to be taken out of service. So one of the key elements that we try to help our clients with is like, what do you want? And we don't necessarily need to be 65, 70 to get that. Let's seek that. Let's be most efficient. And it just happens when you have an and asset, when you embrace the infinite banking concept, it helps unlock, it helps enhance other things. But I also want to remind people that life insurance is not the silver bullet. It's how you think. And so it just goes back to it's way more about what's going on between your ears than anything else. And so that's what I'll say is it's been, it's been quite the journey. And we also have to remind people that this is a long journey and we're going for a result, not a rate of return. And our clients know that. And so they don't freak out when Wall street or Bay Street's doing certain things because they know that their plan is rooted in guarantees. And so that helps with the planning process.

We've got the best opportunity fund on the planet. Because when you have readily available access to capital, opportun will hunt you down. And markets do shift to everything you just said, Caleb, they shift, they change. And we don't know exactly when that's going to happen. Some people might think they have a crystal ball. I don't really think anyone does. But if you're positioned in such a way where you have that liquidity component while you have protected capital and you can pounce on those opportunities, not only do you come to recognize them, you get. You tend to see them for what they are much quicker and clearer. Your ability to take advantage is.

It's powerful. It's powerful feeling.

One of the concepts that we share is opportunity fund. What is the value? What is the return on investment by having access to capital to access? You tell me.

For most people, it's unfortunately not much. For the right people that are in the right headspace, it could be game changer. Game changer.

Oh, yeah, completely. There's a few things that come up for me in what I heard you say as well. A policy or a system of policies is merely a tool. And Nelson often said that if you put the best tool for the job in the hands of an incompetent, not only will that person not turn out any good work with the tool, they're likely going to break the tool. And so the policy owner's behavior is far more critical than the behavior of the insurance company. And I'll share a quick story with you, Caleb, that you'll be able to resonate with this. So I was speaking to a young gentleman who was very, very enthusiastic about the process. And he said, one of the things that I'm thinking about doing is going to my bank.

Taking money out of my line of credit, getting a policy, then taking a policy loan and going in and investing money in precious metals. And so there's multiple points of leverage there. He's levering himself. And I shared something with him. I said, I would wholeheartedly recommend that you don't do that. And I'm going to share something with you that is not necessarily aimed at you. But just please understand that this is coming from. Because you have an investor's mindset. This is coming from a fellow that, well, he's a guy, you may know him. His name's Warren Buffett. And Warren Buffett said, and again, this is Warren Buffett's viewpoint, very relevant. He was asked on CNBC once about his comments about leverage. And his response was so clear and sustained that it just made me think oh my God.

Did I hear him correctly? He said smart people don't need it and stupid people shouldn't be doing it.

Be very careful about how you're taking advantage of opportunity that tracks you down. Because far too often, and we see this quite often with real estate investors, they're over levered because all the financial geniuses are saying, go borrow someone else's money. Interest rates are at record lows, and these people aren't saying anything that is untrue. But nobody's talking about what happens when the lever goes the other way.

Yeah.

And if you're over levered and interest rates rise and you end up in a position that Nelson was in when interest rates peaked at 21.5% and he owed a half a million dollars in mortgage debt, you're in a real predicament and no fool is going to buy that real estate from you. And so the key teaching moment there is that when you talked about opportunity, I think it's very important to also remember that there are many ways to take advantage of opportunity that tracks you down. And this, in our view, is one of the safest ways to take advantage of opportunity that tracks you down.

Right?

Yep.

Isn't that good?

That's great. And I also would say not all opportunities are created equal, not all areas to finance those opportunities are created equal. And we teach a lot of our clients the difference between good debt and bad debt. And what we find is a lot of people are in a world of hurt because they have a lot of bad debt. Some of the debt that they think is good. Like you said, a lever is beautiful when it's not working against you.

Well, and more importantly, it's about your why. So why are you contemplating.

Doing this? Why are you contemplating investing in this thing? Well, you know, my buddy has been doing it for a few years and he's, gosh, he's gotten a 372,000% return on investment. I should probably go and remortgage my house, my car, my business, and go and put all my money in that. Don't you still have an answer to the question, why are you doing it?

Yeah, the ror. Most people say ROR stands for rate of return. ROR should stand for return on result.

Where you put your time and your money should go towards the number one thing that helps you live the life that you want to live. And a lot of people don't even know what that is. So if you're listening to this or watching this, pause and get really clear on what Your ROR statement is, what does financial success actually look like for you? And when you have clarity on that, you won't get seduced either way. Because I just find that Wall street banks, all these corporations, all they have is that carrot, that rate of return. And the last I checked, you can't spend a rate of return. And a rate of return ultimately could be one of the most shallow reasons for you to say yes or no to something. So we just try to get our clients to focus that, like, money is multidimensional. We as simple human beings really only look at one thing, rate of return. But if you reflect back and say, what do you actually want? There's a world where you can get a less rate of return but be more aligned with the results that you're actually looking for. Or you could go for a high rate of return and be less aligned and quite frankly, put you further back. Or the lack of alignment is enough of a. Of a disadvantage already. And so that concept, I think, needs to be shared as well, because a lot of times people don't have a method to even make decisions.

Something so key that you said there, Caleb, it just highlighted something that. To give people an example, to kind of take it out of the, you know, kind of in this, like, you know, financial investment quadrant, to bring it down to a more you and me level. You know, as an example, we recently moved, my family and I, and so my wife has been using a service that wasn't available to us before we lived outside of town. We lived on an acreage and a service that could go and pick up our groceries, drive it to our house, drop it in front of our door. Didn't exist for us previously for, like, the last six years now. You know, what was Covid and also just the move. We have the ability to do that. And so for. I don't know if it's like a hundred bucks a year or something, my wife has now ordered, like, groceries and pickups or whatever, like three, four times a week. Things are showing up that otherwise we would have to get in a car, use our own fuel, drive, load up the kids, strap them in, deal with all the hassles and all the stress around all that activity. None of that's required. She can go and operate on a craft activity, do something that she really likes to do, Take a break, take a nap, you know, any of those kind of things. What is the. What is the ROR on that? Like, for me, it's astronomical. It's through the roof, because I don't have to go and do that stuff either, which means I get to do this. I can sit here with you guys. We can have a great conversation. That's way more valuable to me personally, to how I feel. What. What about me? Sleep well at night for her time. I mean, man, that you can't get a better deal than that. And if you relevate, you know, get the relevance to that, to your financial life and other categories, it's like, man, decision making processes get clearer and clearer all the time.

Great example, Caleb.

You had an opportunity as Rich and I did, and so many other fortunate people to meet Nelson, to spend time with Nelson. Now we're talking about the late R. Nelson Nash, the developer, the pioneer, the founder of the process of becoming your own banker, the infinite banking concept. And one of the questions that we love to ask guests who had occasion to know Nelson is maybe share with our listeners one of your fondest memories.

One of my fondest memories is if you go back to my podcast and you scroll all the way back, you'll see Nelson being one of the first six episodes. And I was down in Birmingham with Russ and Joey and I was going to interview him and I had this conviction that I really wanted this interview to be tight because Nelson, he just loves to talk, loves to share stories. But I was just like, I, I'm burdened by the fact that so many people like infinite banking is confusing and so they just use that as an excuse to say, oh, it's too complicated. So I really wanted Nelson to articulate that and, But I also wanted to be respectful. So I, I had Nelson come in and I spent two hours with him before going into the interview room. We just talked about crazy stuff. Like we, we talked about so many. I would just ask him questions. We were talking about economics, we were talking about politics, we were talking about faith, we were talking about, you know, all these things which by the way, I've recorded. I've never, like, it's still on my hard ride backed up multiple places because I just, I wanted to hold on to that. And then we, I took him into the room and I said, Nelson, I, I may interrupt you and I want you to know that I have this moral obligation to get your message out in the most powerful way.

And so he had the opportunity to share with me all the things that was on his heart. And then we went in that studio and I think it was a very well done, tight interview. And there's a couple times, as you see, that I do, like, you know, pull the reins back in. And I did that because I just respect like I am who I am. Our company exists because of this man. And so I wanted to honor him in that way. And so when I think of Nelson, I think of that memory as being one of the most fondest memories that I have.

Now for listeners who want to tune in to Caleb's podcast, you'll be glad you did. There will be a link to his podcast in the show notes and we would wholeheartedly encourage you to do that. You'd be glad you did. Now, Caleb, you're recording what, 16 episodes a day?

Close.

We're putting out a podcast a day during the weekday and it's been one of the hardest but best things that we've ever done. And it's really cool to see all the people that we've met through, through the podcast.

Love it. I also think it's interesting that you shared about this extra content that you've got, you know, stocked away in a hard drive because, you know, Jason had this great idea. We're planning a day, Caleb, you know, into, into the near future here to celebrate. We're going to have a day of Nelson and I think we might need to pull some of those clips out. So we're going to be, we're going to be chatting, I think offline on that a little bit to see if we can grab some gold mine.

Deal.

Yeah, we kind of rich let the.

Cat out of the bag there.

Yes. It's going to be titled A Day of Nelson and it will be a full 12 hour sprint on the YouTubes and the Facebooks and the. What other platforms can we stream this on? And there'll be, Caleb, everyone that we all know will be sharing, giving, reflecting. It's just going to be beyond, beyond outstanding. Very best of the best.

One of the things that Nelson had is he literally had the composure. He was super humble, but he also was so confident and he knew exactly where he was going. And so that is a deadly combination when you, number one, don't think too highly of yourself and number two, you could care less about what other people think of you. Like.

It could be, it could be a deadly combination.

And we understand as well, Caleb, that you do keynotes, you do talks and just a great speaker. So maybe share with, you know, listeners some of your more. I know you had some really awesome recent talks, particularly with a real estate investment group. And so maybe share with listeners what groups you love to connect with. And let's see if we can't help in the wealth without Bay street community to get you connected.

Yeah, I really appreciate that. I think this concept of you being your greatest asset resonates with certain people and some other people. It doesn't. I'll say this. If you don't resonate with that concept, I'm probably not going to be a great speaker for your audience or for you, because very much if you believe that, then you believe that you are the derivative that makes everything in your life possible. And so what I love is, number one, I love talking about a framework of how to think about money. So many people, even infinite banking can be confusing if you don't understand the bigger picture. We start off by saying, okay, first of all, you got to get clarity, you got to get clear in where you're going. Second of all, you need to be able to audit yourself. And you and I both talk about this. If you don't know the problem, the solution really doesn't matter. So one of the things that I love to do is I want to be the mirror and I want to literally say, without me telling you, Jason, I want to be like, Jason, you got some problems here, here, here. And let's not even begin with Richard, because that would take forever. But I want, I want you to catch it. That's a Nelson ism. You're right.

That's right.

It's got to be caught, not taught. And so one of the areas of being like, understanding that is like your cash flow, your assets and your liabilities. We look at that on someone and if I know where they want to go, I will see people being hypocrites across the board. You tell me you want to be an entrepreneur and this business is going to make a big difference. And then you're doing this with your money, this with your money, and this with your money, and this with your money.

Should I take your words or should I take your actions? Well, most people aren't like, they're just, they don't know any better. But like that one talk, that one process can change someone's life. And then we go into strategy. And so if I'm talking to real estate investors, we're talking about most efficient ways to acquire real estate. We're talking about people that are just beginning. We're talking about efficient ways to maximize your income, talking about entrepreneurs, we're talking about the most efficient ways to grow your business, and we can show you the most efficient ways to pay off debt. It's like that activity, it's like using your money is the most valuable thing that you can do throughout your life. And yet no one's having that conversation about how. They're just talking about what. So all in all, I get fired up talking about people, like, people that very much identify in those areas. And most of the world wouldn't understand why I get so passionate about such a boring concept. And if you're that kind of person, trust me, I'm going to discourage you and frustrate you more than I help you.

One thing that you talked about, Caleb, and that what I heard, the theme amongst all of that, you know, holding up the mirror, etc. It really speaks so directly to coaching. And you didn't use the word coaching, but for me, that's what I. What I hear. You're, you know, you're. You're helping extract what's already within somebody. You're helping to draw it out of them so that they can have, you know, that clarity component of, like, oh, man, like, I've been doing that. I didn't realize. And all we're doing is trying to make present for them what's already been going on in their life. And then it's like, boom, you have that moment of, okay, now I know where I can go forward with this. Now I know what I can change, what I can implement. And a lot of the times, you know, you're not really providing them the instruction. You're simply opening up the doorways and you're saying, you got a lot of options here. Which option do you want to walk through?

It's funny, our coaches, I mean, we call people that we help on our team that help people are called better wealth coaches. So that's really cool.

I love in your book, Caleb, when you discuss uninterrupted compounding, we love to say, always be compounding A, B, C. Maybe expand for our listeners a little bit more about uninterrupted compounding.

Yeah, compounding is a function of three things. It's just math. You have to have matter. You have to have something to compound. So in this case, money, it needs to compound at some kind of rate, rate of return, and then it's over a period of time. And so some people quote Albert Einstein for saying compound interest. The eighth one in the world. Whether he said that or not, he's noted for saying that. And so they think this magical thing and we don't understand it. But what boggles my mind is Bay street and Wall street, that's their number one thing. It's like, compound your money. Their same strategy of saying compound your money. They're Essentially taking you, they're taking your money out from compounding when it should be compounding the most. Think about that. Here's your goose. It's laying the golden eggs. And by the way, we're gonna kill the goose when you're 65 and you're like, okay, that makes no sense at all. And so one of the things that was an epiphany for me is like, okay, if we're going to, if we're going to commit to compounding your money, I believe in there needs to be two Cs. You need to compound your money, but you also need to control. It's the short term versus a long term. And there's every decision we make, opportunity costs. Essentially every decision you make has a short term and long term consequence. By me being on here with you, I'm no longer able to do other things. So it's costing me a lot more than just my time now. It's costing me what I could be doing elsewhere.

Same thing with Rich is going to.

Write you a check, right?

And when I do something with my money, there's a long term consequence, time value of money, compound effect, and then there's a short term lack of control. So when we think about if we're going to commit to a compounding strategy, my one request and plea with people is never stop. The epiphany that I had is why aren't we creating lifetime compounding strategies? And so uninterrupted is essentially stop interrupting your money from growing. Because here's the other thing is we Talk about rate versus volume is you can get an 8% rate of return and just crush it. Well, not only if you do that, you're probably giving up control for that money. So there's that. But then you're going to take that money out eventually. That's right. So imagine for a moment if you could have that money growing the rest of your life. And if you look on a compounding curve and you look at where most people are stopping and you look and then to age 100, it's like incredible. But no one would know because no one's getting that. And so one of the things that we try to do is have more money for a longer period of time, never stop compound growth and maximize control. And when you can, when you can maximize both the compound effect and the control effect, going back to the key, you are giving someone the most foundational asset that will help them long term, but then also show up powerfully in the short term. So that is now you don't need to get my book, everybody. I just, I just share with you the. The MC squared. You can be efficient by maximizing compounding and control.

I think if anything, this is going to propel interest in wanting to get your book. And on that note, as we mentioned a few times throughout the episode, if you find yourself wanting to take a deeper dive into what Caleb is sharing with you, then make sure that you ease on over to the link that we shared in the show notes and get yourself a copy and we'll ship it right to your front door.

It's an easy book to read and you can, you can get through it in a short period of time. Other than that, you might get carpal tunnel just kind of taking notes and jotting things down as you go through the book. The other thing that's really cool too, that I like about your book, Caleb, is you got some very easy, easy to view, easy to understand graphs and diagrams in there. And they're in color, which I think is also great. A lot of times you see books and they're also not in color. So those are a couple things that I think for anyone who's visual, you're looking for some visual connection on understanding this concept in your life. Kayla's done an incredible job of helping people to see that. And, you know, it's kind of like, I wish you, you know those books where you used to be able to like, flip through and it would like, there'd like be a person running at the bottom. You could almost do that with some of these graphs in here. It's like, wow, look at that graph. It keeps going up. That's the compounding he's talking about, or.

Somebody doing that with the, with the money. Caleb, without spontaneously self combusting, talk to us about taxes.

I mean, look at where both of our countries are going. It's like.

When Nelson talks at a higher level. It's interesting because when I give people Nelson's book, I say, don't try to be super analytical here. Get the bigger picture.

Mark my words, the government will take your money someday. Whether it's through regulations, whether it's through increasing thresholds, whether it's increasing taxes. You look at where the government's at. Our government, everyone likes to look at the debt. Why don't you look at the unfunded liabilities? Same with Canada. And you just ask yourself the question, why in the world would someone partner with somebody who's in such bad financial shape that could ultimately take advantage of you in the long run? And people are like, well, it's a good thing I'm not partnering with the government. Most people are, Jason. Most people are partnering with the, with their governments by where they're storing their capital. They're literally saying, like. And it's crazy to me that people are like, they'll argue with me on today's current taxes and regulations. They'll, like, be super analytical and say, like, oh, you're off here. I'm like, okay, are taxes going up or down? I don't, I mean, for me, like, I don't really care what your answer is. It's up to you. But you, you ultimately have to understand that there's some. Some things outside of our control. But the beautiful thing is you can take control over certain things in your life and prepare for what some people are calling the unknown. I don't think there's much unknown about it. We have people in the United States that are openly calling for. For socialism, which is one step closer to giving up your freedom across the board. And again, I don't want to get super political here, but I do believe most people that have listened to you guys as far probably very much in agreeance to that. And so just be careful where you store your money and who you're partnering with.

We don't have any listeners that reach out to us and say we'd like more exposure to tax. Yeah, it's just like, we've never had that feedback before. And the reason I ask is because you do a really good job just, again, providing the reader with some additional framework about.

Rethinking our thinking. And that if you ask yourself, regardless of.

The border that's separating our two countries.

Are the governments of Canada and the United States going to need more or less money in the future? And where's that money going to come from? It's going to come from taxable income, taxable accounts. And so if tax rates rise, then tax free becomes instantly more valuable. And understanding that your capital has to reside somewhere, what better place to have it reside? In an environment where.

The exposure to tax is either dramatically reduced or even eliminated if you're structured properly. And we all believe in, we say this on our, on our show often. We believe in, of course, we believe in health care, and we believe in infrastructure, critical infrastructure, and police services, and, you know, the military and all those. Of course we believe in that. But when you're taking your capital and you're putting it to work and the job that you hired your money to do is to multiply, do you Want more or less exposure to tax?

Well, the answer is less. And so by embracing this process of, as you describe it in your book, creating your master account and putting yourself in a position of control.

Everything changes. The transformation reduces stress, reduces anxiety, increases awareness, increases ambition, and puts you in a position of total and absolute control to take advantage of opportunity that will most definitely track you down.

Well, I think something that's perfectly telling, kind of connecting the dots between what your statements, Jason, and Caleb's is, you know, the accounts were referencing tax qualified plans, you know, RSPs in Canada, 401ks, et cetera, in the United States. And so these plans have rules and regulations about there's only one, one environment, one entity that can change those rules. And it's not any one of us on this call, okay? We don't have the ability to go do that. Someone else does. And more importantly, when we place capital inside of that environment, speak to anyone who's gone through a negative financial experience in the last 12 months because of this COVID pandemic. And I'm sure we've all communicated with someone by show of hands. I know I've communicated with some people and they're in an environment where if they've lost a job, position or whatever kind of financial environments taking place, if they needed access to money to get through a lean time because they literally cannot go to their job because the job itself is no longer there, or that business is temporarily shut down, well, where are they getting the money from? A lot of people don't have that savings available. And if they had to start drawing out of those tax qualified plans, you know, they're in a double paying event, you know, now the market's down potentially or most likely. Plus there's an initial tack, there's all kinds of ripple effect that's taken place there. And it goes directly to what you were talking about, Caleb. We've now interrupted the potential of whatever compounding might have been taking place there. So it's actually a triple pain event.

And most often it's killing the compounding. It's one thing to interrupt it, it's another thing to terminate it because the loss is permanent and it's unavoidable. There are no exceptions. You either pay interest or you give up the opportunity to earn it. Caleb, what is the.

If you could share advice for people who are wanting to find that better way and they're just.

Not quite sure what path to take, what direction to take. So what advice would you share with listeners, people who are finding us for the first time maybe searching us out on the YouTubes and the Googles and all of that. What would you share with folks in terms of your recommendation on their journey?

Yeah, the first thing I want to share with you is congratulations for being here, because I think there takes some humility, sometimes listening to something that's not necessarily the norm. And I want to just challenge you on, like, what do you really want? Because you're going to have a lot of people, maybe even including us, that say a lot of good things. But if you don't know what you actually want out of life, you're just delaying or procrastinating what you actually need to be doing. So the first thing is do whatever you need to do to really get clarity on what you actually want. That's number one. And then number two, focus on being efficient. So many people maybe know where they want to go, but one foot's on the gas and one foot's on the brake. And so all the things that we've talked about essentially are helping people be more efficient. And it's our belief that if you can be more efficient with more of your dollars, giving them multiple jobs, understanding the time value of money along with control, you're going to win in the end. And so the way that you need to do that is you need to find some guide, you need to find someone to learn, and then ultimately find a coach that can help you with that. And so, first of all, have clarity. And then second of all, find a coach, find a system that can ultimately help you maximize your cash flow, your assets, and your debts to help you align with that. And so it's very, very clear to me and you guys, this is not just a setup, but if you're in Canada, like, the reason I'm working and partnering with you, Jason, is I 100% believe in your guys's ability to help people be more efficient and focus on the wildly important. And I love.

Thank you.

Yeah, I love the way that you communicate. I love your team. And so, yeah, if someone's in Canada right now wanting a better way and just unsure, I also know that your team doesn't bite. So, like, one of the best things that you could do is work with someone that can help guide you in that area and then learn and YouTube and podcasts, all the books, you just got to be really discerning on who you're going to listen to. And it always has to come back to, is this thing going to help you get closer to the result that you want? The answer is No, I could say no. Like, you know, I don't know if that's. That people are either more confused or less confused at this point. I'm unsure.

No, I think that that was very clear. And we're happy to people in touch with the right person on our team. And we sincerely thank Caleb for his kind words. We're very grateful, very humbled, and you know, we love to serve in this process because, you know, we, we say it often. We haven't had a single client call us once in the last 13 years and say, you know, I'm really frustrated that my policy values keep rising every day and I'm feeling a lot less stressed and a lot more ambitious about my future.

As Jason would say, isn't that good?

Isn't that good?

And so, Richard, any.

Final questions that you wanted to ask, Caleb? Any remarks that you wanted to share?

Well, one that I'd like to ask. And Caleb, you've been doing all these talks and a couple of conversations we've had before in the past. You've talked a little bit about how your book, you know, really does speak to people of multiple ages. And what I've recognized in it, in our conversations is that people in different age groups receive it differently. And so, you know, I kind of want to speak to folks that are in, you know, they're just getting started in life, on their journey. They're, they're just coming out of high school, they're just coming out of university. They're in this precipice of a new financial world that's being created out in front of them in a Covid or post Covid type of environment. And you've already shared with them, you know, how to get started, what are the, some of the next steps. But what additional message would you leave for them as they think about their future?

Yeah, you, you are the ultimate derivative. You are your greatest asset. The number one investment you can make is in yourself. Design your life in a way to maximize that. And Bay Street, Wall street and most financial advisors are going to indirectly, I don't think everyone does this directly, but indirectly they're going to try to diversify your impact. And as a result, you're going to devalue the number one person in your life. Just think about that for a second. The system is designed to not help you elevate, not help you actually invest in the things that you need to invest in because we'll outgrow the system. Just think about that. So if you're young, it's like the Full focus is protect, be efficient, maintain that platform and foundation. It might take a couple of years, but never take a step backwards as it relates to you being your greatest asset. And so as you get older, it's still relevant. It just early on, you have a longer Runway.

Wow. Beautiful. Rich.

Let's land this plane in hero town.

Let's do it. Caleb, I think you know this already, but you know, not all heroes wear capes. It would be awesome if they all did. I know I'd like one, but. And you may not, you know, classify yourself as a hero. I think you'd look good in a cape, though. You're out there with your book, with your podcast. You're creating value all over the planet for people all over the place. You're making a huge difference. You're benefiting others. You're making their life easier in some way.

Tell us, man. Share with our listeners. Who do you want to be here too?

One of the, one of the exercises that we have our clients do is we have them fill out a card and they pretty much check off each box. And each box represents a life that they've lived or, sorry, a year that they've lived. And it gets people really seeing how quickly, like how fast life is. And if I could be a hero to one person, it'd be be the person that gets the value of how important life is. And if I could do one thing, if I could just inspire you to go for it, that's what I want, to be the hero to the person that is inspired to live beyond themselves.

Well, there you have it. Caleb Williams, founder, CEO of Better wealth, author of the End Asset. Caleb, it was a pleasure, a real pleasure. And our hope is that you'll join us again.

It was a pleasure to be on with you guys and I hope my energy was at your guys level.

It was awesome.

Don't worry, we're going to get the thumbnail for the YouTube. It's going to have you in a cape. We'll just photoshop it all in. It'll be fine.

It's all good. Don't sweat it. Leave it up to our editors. They're fantastic. All right. Thanks to our Wealth Without Bay street audience. We appreciate you and we wish everyone an amazing rest of your day.

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