48. Seeing Opportunities with Infinite Banking and Real Estate – Client Series

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Another episode, another Client series episode. We're joined Today by Liam McGoran. Liam, welcome to Wealth Without Bay Street.

Thank you. Yeah, no, it's good to be here.

Real pleasure to have you. And of course, joined by amazing co host, Mr. Richard Canfield, coming to us live from Chilliwack, BC, otherwise known as the WAC. Welcome, Richard.

I'm excited to be here. I've got a mountain view in the background, so pretty excited. It's a beautiful day and I'm really, really pleased that we've got Liam with us because I'm excited to hear.

You'Ve ventured into this new journey, this new realm, this new world of incorporating the process of becoming your own banker into your life. So I think we appreciate having you come on to share a little bit about how that's been going for you and what are some of the things that led you to that decision. So maybe we should start there. How did this enter your life in the first place? How did it come up for you?

So it kind of first came up with me kind of like over the past maybe two years, I kind of started kind of looking into, like, investing podcasts and whatnot. And I'd come across one of the ones I was listening to that I came across was the Cash Flow Ninja with MC Lobster. And, yeah, I'd kind of listened in, and he kind of interviewed many people over. Yeah, I kind of probably been listening for about a half year, and then it kind of clicked in. I'm like, oh, wait, what is this process? Maybe I should kind of email him about it or whatever. And then. But he, obviously, he's. He's in the usa and they. They kind of have a. Yeah. A little bit different process and companies and whatnot over there. So he referred me to Jason and then. Yeah, and that's kind of how I kind of explored him. Did a few emails and conversations kind of back and forth, and that's kind of how I kind of learned about it and then got into it.

That's awesome. Yeah, I remember, you know, the. The conversations that we had and how you were talking about how you see the process being an advantage for you and what some of your plans were as it related to your implementation of it. And so maybe share with Listeners what your journey has been like in implementing the process up to this point. Because we did what we refer to as a client review, where we get together, we take a look at how the policy's been growing, we talk about what you've been utilizing it for, and it was a really, really good conversation. And I recall that was the meeting where I said, hey, we'd love to have you in our client series on the podcast to share your story and so maybe share with the listeners what your journey's been like and what are some things that you've been able to do to implement the process up to this point.

Yeah, I mean, so to kind of start off, initially, I had kind of, I understood that you kind of have to. You got to have somewhere to build capital and capitalization. You have this capitalization phase. And I kind of learned the benefits of IBC and kind of thought of putting into it, utilizing it with real estate, where I was able to kind of jump into a joint venture and use the process or whatnot to kind of pull the capital out, invest in the real estate and then use the cash flow from the real estate to pull back into the policy and until gap filled, back right back up. And then, yeah, and then it's just been this process and utilizing IBC to pull capital when an opportunity arises and deploy it to work for more into other asset classes or real estate. And so far over the last year and a bit, yeah, it's been good process and kind of learning to implement it and utilize it properly.

So I love that. And when you know that people are going to find this podcast episode, people who are researching the process, people who may have heard about it or maybe tuned into another podcast or YouTube channel and they're surfing around and so what would you share with people who are, who land on this episode? What message do you want to convey to them because of what you know now versus what you knew prior to implementing the process? What would be that message that you would want to get across to people?

I'd say starting off like, you kind of have to rethink the way you think in the sense of kind of how maybe how you've been brought up or how you've kind of learned to utilize money and kind of ask yourself the question, what is money? And if you go down that rabbit hole, you kind of some deep rabbit hole to go down, but it's definitely worthwhile. And once you kind of start doing that and you kind of look, look at like, what are your options? You got a checking account A savings account, TFSA and rsp. And there's. There are other options out there and it's kind of, you just, it's starting off with those questions and then you just kind of being open minded about other ways of thinking and, and then once you do that definitely helped me a lot. Was kind of reading Nelson's book initially and that kind of got my brain juices flowing in the sense. Right? Yeah. Just exactly.

Kind of rethink your thinking. And it's been great because it's brought me down many other rabbit holes outside of IBC as well. And it's. Yeah, it's kind of definitely been an interesting journey so far with it. But I've learned a lot of learning about this process and applying it.

Really cool. One thing I hear that you're sharing, Liam, is that I'm picking up in the background is.

You'Ve also been really proactive. You started the process of really wanting to invest in yourself and your own financial education. Something fundamentally along that path led you to some podcasts that led you to the cash flow ninja, our good friend mc to start digging into his material. And there was some, maybe a burning desire to just have more control or fundamentally learn more about how to take control of your financial life. Am I on track there? Would that be a fair assessment?

Yeah, totally. Yeah, it was just kind of, it started off with just building my financial education because I kind of seen over the years, even with the generations before me with stock market and this and that and this and yeah.

It came across to me as just again, IBC just being this awesome way to kind of capitalize and build a pool of capital and the currency we use and yeah, being able to kind of deploy it. And with your financial education, it's just a tool, right? So yeah, it's been great.

I love that because it's not about this being the standalone. The only thing that you're doing, you are really, really talking to us and you're sharing with everyone who's listening that you are using it in that and asset method. It's. You've got this, this pool is capital. You're, you're saving your story. You're. You're creating this multitasking effect.

Boom.

You're accessing capital and you're putting it to work in other financially beneficial areas of your life that you've already done your due diligence. Your research on venturing into the real estate, doing joint ventures. You're, you're actively the key thing I think is a really important takeaway for any listener is that, you know, Liam is demonstrating that he's actively focused on increasing and enhancing his own financial education. So, you know, there's so many good things to take away from this, but that is a really fundamental piece. And so we encourage everyone to really step in the role of being the driver of their own financial life. You know, you've got a car, it's your financial life, you should be the one driving it, not somebody else.

Such a good point that Richard, for sure. Go ahead, Liam.

Oh, yeah, I was just going to say, like with kind of the options most people have available with their employer and RSP matching. It's kind of interesting. When I was going down, for example, real estate and you kind of need this down payment in this big pool of capital and you're like, you're looking at your options, trying to pull out as much capital as you can and you try going down the RSP run, you're like, oh no, it's all locked, right? And then when you use ibc, it's just, it's so easy and so simple and two days in your bank account and you put it to work. And it's been a very useful tool so far. Just learning to use it and whatnot. It's been great.

The book that Liam was referring to was the book titled Becoming youg Own Banker, which was authored by the late R. Nelson Nash. Over 400,000 copies of that book have sold for a reason. And so as always in our show notes, we include a link where you can easily pick up a copy for yourself, maybe pick up a copy for a friend or someone who you think would benefit from the gift of this knowledge. But Nelson would be so proud. He'd be smiling ear to ear. Because, you know, Liam.

At this stage in your life, you know, this early in your journey.

I think what I'd love to hear you share is for folks who are. When I got started with this process, I was 32 years young and knowing what I know now, my goodness, I was pretty ambitious and pretty fast paced, I guess, in how I implemented it in my life. But knowing what I know now, I think I would have been moving at an even higher, you know, rate of speed. And so what would you say to other young folks out there who, you know, again, are. Our experience has been that they, they find that there's, you know, a distrust in the financial system and they're looking for something that's different. And so what message do you want to impart on those younger folks who are, you know, Maybe even on their journey before you were in terms of age.

Yeah. It's just kind of realizing like it's nice to have something that gives you kind of a hat. I don't know if habits the right word, but it's kind of like a forced savings. I know. Like for example, people's. Their house, it's kind of a forced savings into equity. Whereas this is even better in the sense that it's a way where you can save pool capital. And as. I mean, as even Nelson said, it's kind of like as you pull that capital, all these opportunities just start kind of coming your way. Right. And it's mindset as well. You got to be obviously kind of always on the ball with opportunities when they kind of come and go. But once you start kind of building that capital, it kind of clicks. Your mind kind of opens up in the sense that, hey, I have capital and now I can look at these opportunities that maybe I couldn't have before. And it's kind of. It's just a shift in your mind. And I think once that shift happens.

Opportunities kind of come to you. And overall I'd kind of say is as young, the younger you are, if you can shift your mindset and there's multiple ways, like listening to podcasts, listening to your guys podcast. I always recommend the book Rich Dad, Poor Dad, a very, very good book. It's. And those it's not. It's just. It's shifting your mind. And once you kind of are able to do that, you can kind of use these tools like ibc and it's. Opportunities kind of come to you and that's. That's if you can. Once you can change your mindset, the growth will happen and it becomes an exponential thing of more and more opportunities coming and happening. So there's really cool about that.

Go ahead, jump in, Jason. Because what Liam's isolating for anyone who's listening is that Nelson called it the infinite banking concept because he would say as soon as something is finite, you put limitations on it. So what you've just isolated and identified there is the things that are showing up for you, these opportunities, the stuff that you're now more able to see, recognize, and then take advantage of. That's part of the infinite capacity here. And so the policy is there. It's doing its thing. It's. It was there anyway. But because you now have it and you're in that habitual nature, you're incorporating it into your life, new things are being exposed to you that weren't there before. So a lot of the opportunities and prosperity that's going to be created for your life.

There'S a starting block with this policy being at the epicenter of that. But all the things that are going to happen beyond that are way beyond the policy itself. That's really some of the power that Nelson was trying to teach and impart on us. And so you've really clarified that, I think, and I'm so glad that you did that, because anyone who's listening is going to start to recognize that there's so much more than meets the eye here, like my favorite Transformer, Optimus prime would say. So I just think that's awesome. Thank you for sharing that.

Yeah, no worries. Yeah, I know.

Beforehand, coming across just using a savings account to build capital, you realize I've gone down a few rabbit holes with the idea of inflation and.

Monetary policy with governments and.

Then the huge national debt. Right. And the one way.

The governments can stay afloat is to kind of take the purchasing power of our currency, and that's coming out of people's savings accounts, and they're able to take little bits here and there. And it may get worse, I'm not sure in the future. But with the ibc, the insurance companies invest the capital into assets that kind of hold the purchasing power that you can use to buy, kind of use it for whatever you want to use it for. Right. So it's definitely a good way to hedge inflation.

I'll share, Liam, that you're one of the sharpest examples of Nelson describing that this message of becoming your own banker, the infinite banking concept, it must be caught. It cannot be taught. You can provide knowledge, you can share that knowledge with a person, but they have to catch it. And once they catch it, they know exactly what to do. And you're a very sharp example of that because you really grasp the fifth golden rule, which is to rethink your thinking. And Nelson would always say, everything begins with the way that we think. And so as you began that process of rethinking your thinking, your eyes were opened up to a whole new financial world. And you've clearly grasped that. And that's why I think, you know, your voice and your story are really, really so important to share. What are your. Some of your aspirations with your, you know, your system? And as you're implementing this, what are some things that you're looking forward to doing with the process?

Well, in the potential future, obviously continue to kind of grow wealth and with that, obviously, like be able to assist friends and family and with, with things they need or maybe opportunities they haven't been able to have?

Yeah, just kind of a multitude of things. And yeah, it's. And I mean, in today's world, it's definitely difficult maybe to buy. Buy a home one day or things like that. And it gives, I think it, yeah, it opened up, opens up the opportunities quite a bit more so for whatever kind of comes my way. And. Yeah, love it. Rich.

Well, I'm curious because it sounds to me like you mentioned friends and family and you identified being an avid listener of podcasts and gobbling up a lot of material, as many people have had over this last year, to gobble up more material in that format, working from home and that sort of thing. How do you find that when you're communicating or you're trying to broach this subject with others or friends or family, how do you find that's being received? Do you find it's. People are very receptive to it or you recognize that sometimes people are a little standoffish on the idea?

I'd say for the most part, people are usually skeptical because it's a thing where, yeah, they don't teach you this kind of stuff in school. They don't really teach any sort of financial education. And so most people are, Are kind of cautious of it and rightfully so. Yeah, it's kind of one of those things where, like, I kind of have to do your own due diligence. You can't just rely on other people, like the crowd thinking or, you know, like the way people. It's, it's just one of those things that I think if you do your own due diligence and kind of think for yourself and you dive into it, it'll make sense to you at some point. It might take. Take some time and as it should. But, yeah, again, I'd say most people are usually a little bit skeptical of it. They'll hear of it, they'll hear you talk about it, and maybe it takes a few times and some people will go with it, and then some people won't, and that's, that's their choice. Right. So you, you get, you give them the option, and then you might talk about it a few more times. And yeah, it is what it is.

So I like that. So you're, you know, you're, you're looking to help open doorways for people, much like Jason and I are, much like our podcast is. It's a, it's a way to crack open a doorway, and you don't want to when you're in a dark room and all of a sudden one door cracks open and there's a little bit of light on the other side, it just kind of floods that dark room. That's really what we're trying to do with the podcast. And so it sounds like in conversations you're having, people, you're trying to do that as well, but you leave it up to them if they want to walk through the door or not. And that's, you know, we're big advocates of that. It's all about. It's a learning process. Take your time to learn, go through these sessions, listen to some of the other episodes that we have. And there's a number of other great source material out there, but there's also a lot of source material that maybe isn't so source. It's maybe so good. So you do have to really look at tuning in your filter, your radar a little bit. And so we would encourage people to do that. And what's nice is, from your perspective now, being an advocate of the process, incorporating in your life, taking loans, making loan repayments, using it to go and create other assets in your life, you're a living embodiment of that thing that you're incorporating. And so you can speak and come from this place of true authenticity about what's happening that's real in your own life. You know, I can say, Liam, for myself, I've experienced that, and I can. I can certainly hear it from you. That really resonates with people. It comes through because all you're doing is you're speaking what's true for you, and people seem to really gravitate that. So I'd encourage you to continue on.

And.

And I suspect that through doing that, through sharing what's working for you, you'll find that many people do. You know, it does. It takes time, but they. They will come around to that way of thinking, because once you're exposed to a new idea, it's very hard to unlearn that new idea is out there.

Especially when you catch it.

True. Yeah.

And so that's great. And, Liam, we hope that you'll be open to joining us again on a future episode, because we'd love to, you know, just to, I guess, be spectators, I guess, if you will, of your journey. And so we hope that you'll be able to come on and join us again.

Yeah, for sure. Definitely. Always up for it.

Awesome. Rich, any closing remarks?

Well, not so much closing remarks. I think I would just like to encourage everyone to take heed of some of the things that Liam shared with us today because he's taken time to learn. He used to exercise a little bit of caution. He did some due diligence. He asked questions. He did some research. He didn't look at everything that he learned and, and just take it as fact. He looked at a number of sources. He came across, you know, Jason, through a great introduction. Here he is now. He's living, you know, living proof of putting this process into work in his own life. And so just understand that wherever you're at in your journey is okay, but really make a commitment to keep moving forward in your journey. Keep. Keep progressively moving forward, because that's how we grow as human beings and certainly how we do it in this process. It's very important that that's the case. You're always learning. Nelson was a huge advocate that, um, you know, he talks about in his book called the Arrival Syndrome. There's. There's no point in teaching me anything new because as though I've already arrived in knowledge. Well, you know, to really embrace this concept in your life, you need to kind of phase that out of your. Out of your world, out of your life. And you really need to be focused on being in constant motion with your learning process. So, Liam, thanks for doing that. Thanks for sharing that message with our. With our listeners. Now, we, we ask a lot of questions, obviously, in our podcast. That's the whole interview process. But one of my favorite questions is. Is really all about heroes. Now, I don't know. You may have watched the odd superhero movie over the last number of years. It's become very popular, but not all superheroes wear capes. You might not always think of yourself as a hero and, you know, but every time you're creating value for others, you're. You're sharing what's true for you. You're sharing that message. You're opening doorways for people to learn about something new that could impact them positively in their financial life. You're benefiting others and you're making their life easier, you know, in some way. So, Liam, would you share with us and our listeners, who would you like to be a hero to?

I'd like to be a hero. I guess it'd be for my. My family. I got a bunch of younger brothers and yeah, it's kind of just kind of live. Live by example and.

Yeah, encourage and do what I can and kind of support them as much as I can. And that. I'd say that would be them.

Well, there you have it.

Thank you.

Liam McGoran, another client series on Wealth Without Bay Street. We appreciate you tuning in and continue your journey of learning. Again, Liam, we thank you sincerely because you're a really sharp example of grasping this process, implementing it, and obviously it's creating a lot of new thinking for you and really exercising your imagination and what you can do. So really appreciate you being on. We look forward to having you as a guest in the future and can't wait to hear about what you've done next in the implementation of this process. So thank you for being with us. It was a real pleasure.

Yeah, no worries. Thanks for having me on. Jason Richard, thanks for listening to the.

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