42. Getting Started With The Process Of Becoming Your Own Banker – Client Series

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Getting started on your journey with the process of becoming your own banker. A continuation of our client series. Today we're joined by James Eau Claire. Now, James. James has been a practitioner of the process. He's been a client for some time now. We're super excited to have James with us here today, also joined by my amazing co host, Mr. Richard Canfield, coming to us live from Chilliwack, BC, otherwise known as the WAC.

It is a wacky place to be.

James, welcome to Wealth Without Bay Street. It's good to have you.

Thank you very much, Jason. Appreciate being here. Hi, Richard.

Hey, man. I'm stoked about this. We've had some great email conversation going back and forth and leading up to this, and Jason and I are just both, we both blessed and we're excited to have you on because I think that the stuff that you're going to be able to share with our listeners is going to add a lot of value to them because you've gone through this process and there's some new things happening that are really exciting in your world because of it. And I think we're really excited to share that and just have you share with everybody what's been transpiring and that sort of thing. So, Jason, we talked before we went live here about a couple of questions, and I think it'd be great if you kick this off to.

Get James talking a little bit about his experience.

Yeah, absolutely. Our listeners, new and existing, are always curious when we do a client series interview. So take us to the beginning, James. So what compelled you to discover this process and to implement it in your family?

Yeah, it started for a while now. I've just kind of been going on a journey from a realization that going through school, just regular high school.

I learned nothing in the way of finances and savings. And I quickly realized that. So I was like, okay, well, if I didn't learn in school, I better start learning it myself somehow. So I've been going down this path now for a little while of just learning the basics, you know, starting what's a tfsa, what's an rrsp, and going from there. And. And then I quickly, quickly learned that those things didn't always make sense to me. I mean, I mean, I could understand kind of the fundamentals of them, but.

They didn't always make sense in every application. And, and a lot of times they just didn't feel right. Like the, the circumstances surrounding them just, it didn't feel right. Like it, it made sense to put money away, but they just, like I said, didn't. Didn't feel right to me. So once I got introduced to the IBC concept, I mean, just quickly researching.

Really showed it, it showed its true colors. Like it's, it on the face of it, it's nothing flashy or super exciting when, when like a newcomer like me is reading about us, like life insurance. Okay, well that's not crazy or anything.

It's right up there with watching paint dry.

Yeah.

But it quickly shows the potential it could have if you just start the process.

And follow through and keep going.

And so what's been one of your earliest wins in terms of the success that you've had with the process? What would you share with listeners about that?

Well, the earliest win is just the inspiration, like following your guys podcasts, getting introduced to those through the ibc, following your podcast and hearing just the amazing people speak and tell their stories. Everything from the experts in the fields down to the other client series people. So one of the big ones was an interview with Jonathan Peru when he was on your guys podcast. So he's an inspiring individual just to hear him speak. And then he also offered up.

He seems to love sharing his knowledge too. So he offered up an incredible free training program for selling, becoming a seller on Amazon and something I'd never, never had any experience in before. But it seemed interesting. And the way he presented it, you know, he broke it down step by step, super simple.

So I took his advice, took his training, and I went ahead and started selling products on Amazon.

How's that been working out for you?

Really good, actually. Really good. I started super small. It was just a really small family project. Not looking to become a millionaire overnight down the road maybe, but it was a family project. I took it on for myself and my family and we've been starting small. We've got the kitchen table assembly line going on occasion, and I'm learning new things all the time. And my children, I have a son who's 12 and a daughter who's 10. They're learning new things all the time too. Like everything from the nuts and bolts of numbers and cents down to just different ways of even earning an income. So we're ecstatic how we're going so far, even if it stays small. In a family hobby, a family group activity. Yeah, we're super excited about.

Sounds amazing to me to hear that. Because there's a number of key takeaways that have been identified. You got involved in the process, doing research, doing learning that led you to inspiration by listening to others and their journey and their stories, including another member of our community. You know this in this one case being Jonathan, who inspired you to learn additional things outside of ibc. But you've, it's opened a new doorway that really wasn't there before. You didn't know about it, leading to incorporating a family discussion about learning about money by getting tactile hands on the kitchen table assembly line to now also generating new revenues in your life that weren't there before. That's incredible. I mean, it's absolutely amazing to see how that journey of opening a doorway to IBC and choosing to walk down a path has created all of this new experience in your life. Isn't that fantastic?

Like I said, we love it.

It's so good. And the process that we're describing is of course the process of becoming your own banker. The infinite banking concept developed by the late R. Nelson Nash. And you know, James, in your, you know, going through this process, beginning to implement it in your life, you know, what compelled you? Why us? So when I talk about us, I'm of course referring to our Senate financial team in the implementation side of this. And so why us? Why did you choose us?

Well, I got introduced to you guys through another client of yours. So he was a policyholder and we actually, we played hockey together. So we had a few locker room chats about this and that and investing and whatnot.

And we talked about different stock market trades and you know, a hot stock tip that he may have had or didn't have. And as he mentioned this IBC to me and as Susie mentioned it, it piqued my interest. Just again, I'm not a flashy guy and this wasn't a flashy concept. So I was like, okay, if he's taking the time to tell me about this, I'm thinking there's something to this. So right away I started looking that I found some of Richard's step by step videos he put on there and his recommendation of becoming your own banker book. And it just flowed from there. I bought the book audio version so I can take it with me everywhere I go. And I really, I didn't, I didn't understand all the concepts obviously of Nelson's teachings just in that one book alone, but I understood Enough I could see the potential, like the solid foundation that it starts off with and then the potential that just grows from there. I could also pick up Nelson's character. It just shines through and is his motives and intentions seem, you know, extremely honorable.

Yeah.

And it just came through in his writings. So. So again, that made me, it gave me a good warm, fuzzy feeling to keep at least exploring down the path before I committed and. Yeah. And reaching out to you guys again, that that same honorable intention just beams through. It's something that.

That it can't be hidden. It's just there. It's in your guys nature. So again, it's just, I didn't make a decision off of that, but it definitely made me feel good that I can keep exploring this and explore it with you guys.

Well, that's fantastic. I love it.

Yeah, I would say too that you know, for folks who are listening to James, and thank you again, James, for being available to be a guest. Our client series is one of the most popular elements of our podcast and I would share with people that if you're, if you find yourself thinking, if you're new to Wealth Without Bay street, you're new to your journey of learning about the process of becoming your own banker, and you find yourself thinking, okay, this sounds really interesting. What's my next step? How do I learn more? Well, getting a copy of R. Nelson Nash's book titled Becoming youg Own Banker is a great first step. And so we will include a link there if there's someone that you know, because James was introduced to this from an existing client of ours who felt that James would benefit from the value of understanding what this process is. And so if you find yourself thinking that, then why not pick up an extra copy? Why not just gift it to someone and say, look, you know, I'm, I'm on my learning path with this as well, but maybe you might find this compelling and you'll be glad you did. You know, the book has transformed thousands of lives in just the short period of time that we've been practicing this process. And so James, to someone who's listening to this and binging our podcast and kind of going through this process, so what would you share with people? What advice would you give to people about how to, to learn more and what steps should they take next?

It's simple, like just, just start exposing yourself to the information that's there. Like, like I said, the wealth of knowledge just in this podcast alone, the wealth Without Bay street go through. Like you said, binge watch the episodes. And there's such a variety. It's not all just on one subject either. It's not always the same thing over and over again. There's different aspects and there's almost a limitless different aspects. So that's another great thing. But yeah, just expose yourself to the material. See if it feels right to you. I mean, definitely felt right to me. No, no questions asked. So just keep exposing yourself to it. Reach out to you guys. You guys are awesome.

Thank you.

And the community that you guys are building is awesome too.

Thank you, James.

Well, one thing that really stands out for me, thank you for sharing that, James. And this kind of ties into what you shared, Jason, is.

Sharing the concept, how you the locker room chats after playing hockey with a buddy. And that's how a lot of good conversations start about how people learn new things. We're always asking for a recommendation or whatever or something we want to learn new now in this current day and age. We live with people are work, a lot of people are working from home, etc. It's a phenomenal time to learn, to dive into more learning, spend some time, watch some videos, get engaged in that. You know, I learned about this concept because of Jason. Jason thought well enough of me in our relationship to say, rich, I need you to go out, go and order this book from the United States, have it get held up in Customs for four weeks and have another bill show up by FedEx for another $25 or whatever at the end of it and read this book. I'm like, okay, Jason, I'll do that. And that one decision totally changed my whole life. And so I'm eternally grateful for that. And that's the power that we have as individuals when we're able to share something with another individual we care about or, or even someone who just expressed interest. It's like we have the ability to provide such tremendous value to them. So you coming on the podcast, James, sharing your story with us, with the listeners, that's a value that you're bringing to everyone else by doing that. So we absolutely commend you and we're so thankful for it. One of the things that you mentioned early on that I really connected with you talked about, you're beginning the journey of learning about financial concepts that weren't taught in school and you learned about other products, you know, our government sponsored plans that are out there, which are the most common that people use, but you identified that something didn't feel right about them. There was something that just didn't it didn't connect with you. It felt like something wasn't right. And then you started talking about IBC and you identified. It just felt right. Like there was this totally difference there. Can you maybe just tie into that a little bit? How did you go from this feeling of something's weird about RSPs, et cetera, to like, wow, IBC. This feels like the right thing for me.

It's hard to really put a finger on it, but as I was learning back then, it always seemed weird that every, every expert on this subject seemed to have a different opinion. RSPs are the best thing on the planet. And the next Guy says the RSPs are the worst thing on the planet and conflicting results. You have to filter through their information. And so that didn't feel right that there's such differing of an opinion on it.

And then a lot of it was also tied to the stock market. So a lot of RSPs, most RSPs, most TFSAs that I've become aware of are tied to the stock market. And in my own personal learnings, I've seen firsthand how, lack of a better word, how manipulative the stock market can be. So I almost felt trapped. It felt like if I wanted to save for my family's future and stability, I had to invest my money in this manipulative market.

It did not feel right at all. I played the game for a little bit, but just because I felt that was my only choice, but it did not feel like the right choice at all. So that's what made that feel so wrong, I guess. But what makes this feel so right is that.

When I first learning about it, the foundation is built on life insurance, to my knowledge. So just knowing that, like having that foundation for my family, if that was the only thing it offered alone, I mean, that's a great foundation to start with, but then it just expands from there and it just keeps on going and going, like I said before, almost limitless from there. So. So all that just again, just makes it feel right.

It brings me back to Rich. You can attest to this. Nelson used to say so, you know, God rest his soul, we miss him. You know, we lost him in March of last year and think about him every single day. And one of the things that he used to say, often to audiences that he was speaking to, he would ask the question, he would say, are you feeling like there's just something fundamentally wrong out there in the financial world, but you can't quite put your finger on it and you. That was literally your feedback and you had not met Nelson or had the opportunity to hear him deliver that. And so it's another sharp example of just how in tune Nelson was with meeting people where they're at and just helping them to rethink their thinking. And that to me, in the interactions that you and I have had, your thinking has changed. And you're not only expanding your thinking and your awareness of this process of becoming your own banker, the infinite banking concept, but you're also receptive to learning new things, as evidenced by your foray into the Amazon resale world. And, you know, we have to give a shout out to Jonathan Prue. I mean, he is the number one Amazon resell trainer in the world. No, last time I said Canada, but he's since been awarded the world's best. So if you're listening, Jonathan.

Yeah, the award was delivered. The award was delivered by Amazon.

And so, James, you know, thinking about becoming your own banker in particular, so what would be, what would be something that you would want another listener to know about the process from your vantage point?

I guess it would just be that.

Just thinking, dollars and cents wise.

It might feel like your money is getting trapped. Because if you can, if someone compares it to a different type of a life insurance that doesn't offer the options that this does, it feels like your money is locked away and trapped until you're dead.

And then it's no use to you. I mean, it helps your family, of course, but it's no use to you at that point. So your money isn't trapped in this. So that's not a concern whatsoever. And then, so once you accept that now, you can move on to say, okay, my money isn't trapped. In fact, it's growing and it's accessible for me to use it to grow again and to keep growing and keep expanding, all the while still having that fundamental security of knowing that my family is provided for.

I couldn't have said it any better. That is awesome.

You know, you, you've mentioned that a number of times in this conversation, James, about the, you know, tying again, to the feeling of the protection, the protection aspects, the, the, the knowledge that your family just this, this, this machine is in place to help provide extra layer of protection around the family, you know, you know, for yourself and your wife, talking about doing this and having good communication, making joint decisions now involving the whole family in the Amazon track, what would you say has transpired in the level and the quality of conversations around money in your household?

Like many guests have echoed before, the level of stress is Way, way down when it comes to finances, it's basically nonexistent at this point. And we're still really early on in our journey. Just knowing that, and knowing that the further you get into the journey, the better things get. Just, just knowing that adds, or I would say decreases another level of stress. But on top of that, I guess it makes for more, more engaged conversations, more in depth conversations. And we're not just talking about, okay, we got paid this week, what bills are we, or do we need to pay and then wait another two weeks and just repeat that same process over and over again like it's. It makes for now a more in depth conversation and expanded conversation. You know, what, where, where do we go from here? Kind of thing.

It's so good.

Those are. One of the things that Nelson Nash would say is the unseen.

That's right. Of ibc because.

Because that doesn't show up on an illustration, does it, James? No, but yet you're living embodiment of the experience of what it's creating in your life that you didn't even know could happen until you started the journey.

So good, so cool. Richard, I think it's time for the hero question.

Oh, I should say we should do that.

Before we ask that question, I have one more question for you, James.

Okay.

Do you have any parting remarks for our listening audience? Do you see how I did that in the late night FM DJ voice? I'm working on that.

I feel like you're channeling your. Who's that guy? Dr. Johnny Fever from WKRP in Cincinnati, if anyone's old enough to remember that show.

Well, it could be, but it's actually Chris Voss.

So.

Chris Voss wrote the book titled Never Split the Difference. He was one of FBI's best hostage negotiators. And one of the things that he shared is that in the hostage negotiation process, when he would first get someone on the line, like for example, if we first got James on to start interviewing him and he was screaming into his microphone because he's just so excited about, you know, becoming your own banker. If I use my late night FM DJ voice and, and I say, James.

Let'S have a conversation about the process of becoming your own banker. Well, James brain is immediately getting to work on.

Bringing it down. Isn't that good?

You're gonna have to use that more often because I think I'm the guy who's chomping at the mic to bring.

It up all the time. And that's okay. That's why we work so well together.

Your ability to balance my. My energy is very advantageous, Jason, and I appreciate that about you all the time.

Thanks, man. Likewise. And so, James, any. Any parting remarks that you want to share with listeners, something that you would like them to take away from our interview today?

Yeah, I guess quick and simple is just start looking into it. Even if you don't feel like you're ready to make a commitment or anywhere near that level to make any commitment whatsoever, start looking into it. Like, start seeing the free information that's out there, and you'll quickly see if it's right for you, I would say, or not, but I don't see why it wouldn't be. But you'll quickly start to get a feel for it.

And I obviously highly recommend anyone to do this, everyone to do this, but the time you put in will pay for itself. So don't be afraid about putting in a little bit of time just to get that ball rolling, because if you choose to go down this path, that time will be well worth it.

Thank you, James. Very well put, Richard.

James, I think you probably are aware if you've ever read a comic book, that not all heroes wear capes, but you might not think of yourself as a hero. However, like joining us on the podcast today, every time that you add value to others, you. You help and you benefit others in some way. Even with the products that you're packaging and shipping, because people want those and they're buying them, you're adding value to others, you're adding value to your family through discussions of what you're doing in this new family endeavor. And so every time you're doing that, you're making life better for them in some way. So who would you say that you want to be a hero to?

Well, not something I've ever really thought of before, but obviously I've heard the question on the podcast before.

It just boils down to my family. Start with my immediate family, like I said, trying to give them some advantages I didn't have. Like learning these concepts earlier on in their lives will definitely help. And then also my family, brothers and sisters, none of us learned any of this in school. So whatever knowledge that I'm able to absorb in this process, I'm really looking forward to passing it on and. And just helping as many of us as I can.

Well, there you have it, James. Eau Claire, we sincerely, again, appreciate your time. Thank you for being generous with your time to join us today. Our listeners will undoubtedly get a lot of value out of today's interview, and if you're okay. We'd love to invite you back and check in with you periodically on how you're doing with your your Amazon venture and to also check in with you on how things are going with your implementation of the process and some of the additional wins that you'll undoubtedly have with this in in your family. And so it's a real honor to be able to to work with you. And thank you so much for your kind words today. We appreciate you have a terrific weekend. Thanks again for joining us.

And if you're listening, make sure to tune into another episode because there's more good stuff coming right up after this. 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.

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