92. Financial Independence In The 21st Century – Dwayne Burnell

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.

Financial education and empowerment really form the cornerstone of our guests approach today, and we are absolutely thrilled and honored to be joined by Duane Burnell of Burnell Financial Solutions. Now, we've known Duane for several years. We got acquainted with Duane through the authorized Infinite Banking Practitioner program through the Nelson Nash Institute, and long prior to that at the annual Infinite Banking Think Tank conferences where I believe we first met Duane back in. It was 2012 or 2013. And we're so delighted to have you with us and, and Duane, welcome to the show. Welcome to Wealth Without Bay Street. We're also joined by Richard Canfield, who is hailing from, as everyone knows, Chilliwack, British Columbia, otherwise known as the wac. And so, without further ado, we want to extend a warm Wealth Without Bay street welcome to Duane Burnell.

Dwayne, how are you? I'm doing all right. Thank you for that wonderful introduction, Jason. Hello, Richard. And just a pleasure to be on the podcast and to share any, you know, thoughts with the listeners and, and, and answer any questions like, say that we're gonna have a great conversation today.

Thank you. I'm excited, Dwayne, and one of the reasons I'm excited to have you here is because I've got a copy of this book, Financial Piece, A Path to a Financial Peace of Mind. And then in my other hand, for our YouTube viewers, I have financial independence in the 21st century, but both fantastic books. And I want to make a couple good comments for anyone who has not had a copy or gotten a copy of these books, that you should certainly add them to your library. I've got a lot of notes and highlights, of course, in mine. And one of the things I really like about Dwayne's book as I'm flipping through it here, is that there's a lot of good graphics and visuals that really help for visual learners to kind of harness the understanding of some of the principles of becoming your own banker. And I really gravitated to your book when I first got a copy. And coincidentally, would you believe it that this guy Jason over here is the guy that told me to go buy a copy of this book.

There you go.

He's telling me to buy books all the time and every once in a while he gets it. Right. This was one of those and one of the things I really loved about this book. And perhaps we'll speak on this a little bit today because prior to hitting the record button, we were talking a little bit about your daughter and her new, her new journey in life. But you write about, you know, an example family in here and you use an example of, of Jenny and the parents getting a policy on the daughter and then that they are able to use that as a multi generational tool. And I think you do such a great job of outlaying that here and I think that might be a great place for us to even start. Is, is maybe just the genesis of what, what caused you to write these books. Starting with a path to a financial peace of mind. How did that, you know, come up and you, you know, take on that momentous challenge to bring that, that work to life.

Sure, Richard. And, and thank you. And again, you know, just like when you talk to a lot of folks, you know, things just happen by happenstance, you know, that you. Something else happened. And, and, and so like I say, years ago I was doing some illustrations in my, my home office, you know, and I was just in the, doing some illustrations and it was a million dollar death benefit and my daughter walked in to ask me a question, you know, she was like, you know, seven years old or so. And, and then it kind of triggered me. I was just at the date of birth, you know, in the, putting the input in and you know, I was doing that, I think, for a 42 year old or something. And so I said, I wonder what the numbers would look like if I punched my daughter's date of birth. And you know, truly happened that way. And the numbers just lit up, you know, as far as, you know, especially, you know, a little bit on the short term, but certainly on the long term. And you know, I just couldn't believe the, how the, the policy grew over decades, you know, at such a young age. So I was quite surprised. So, you know, and so I just was wondering if this was true. So, you know, not sure. I gave Nelson Nash a call and, and so I said, hey Nelson, it was Dwayne up in Seattle. I just punched in my daughter's birthday and that's it. And you know, the numbers light up and in his wonderful Southern, you know, Alabama. And he goes, well, of course, Dwayne, you know, it's just time that, you know, and so forth. So anyway, then I saw him at a, at a conference and we talked about, you know, policies on juveniles who are less than 18. And he said, hey, Dwayne, that'd be great if you presented that at one of our conferences. So I said, sure. And this is when the conferences, you know, are really small. We had like, you know, 40 people, you know, and so presented the concept and like, and I had people come up to me that were in the business for 40 years and said, dwayne, we just missed it. You know, we just never looked at it from this perspective. And again, just as you, Jason and Richard, you look at this as, you know, it's life insurance for sure, but, but it is a tremendous financial instrument. And, and they said we just missed it from a financial point of view. Cause that's how I came into the business, from a financial point of view. And so then someone said, hey, why don't you do a white paper and, you know, publish it a little bit. And so I thought, hey, I've done all the logic and whatnot with the PowerPoints and it should be easy. Well, you know, comparing to a presentation, to putting it in words is I found significantly different. And, and you know, I thought maybe a six to eight page white paper, you know, what wouldn't be a problem. And it turned into, you know, 146 pages of, you know, here's my copy to talk about tabs. Look at all the tabs I've got, you know, for, you know, Talking with clients, etc. Etc. So that was really what happened to start it, you know, something very unique. And looking at it from a Nelson Nash multi generational perspective of having the, the triangle of, you know, the three parties to the contract being the owner, the insured, and then the administrator being the insurance company. So, you know, you talk about Jenny, as far as in the book, we have to come up with fictitious names. But to be candid, as I've said that that policy in the book is in reference to our daughter's policy. So, you know, for the, the people listening here on the podcast, that, and that we're now 15 years later, she is 23 years old and she's got again, we own the policy, she's the insured, but she will get, you know, this policy, you know, in, in years to come. But at 23 years old, she's got over $200,000 of cash value and permanent life insurance just under 3 million. So it's. The growth of the policy just continues to grow like a rocket ship. And, and that, and like I say, it'll. So as far as how we laid it out in the book, that's exactly how things are going, that it's not subject to the ups and downs of, as you say, Bay Street. And it'll be a solid rock financially for her in her lifetime. So that's how it all came about. And then the second book came about recognizing not Everybody would be 8 years old. So we knew the second one would have to be written. And then we put in a lot of case studies there. 66 pages of case studies for people to, you know, understand, you know, just to give them some ideas on how flexible, how powerful this particular, you know, instrument is as far as utilizing life insurance. And we also recognize this isn't for everybody. This is not for everybody. Hey, why don't you have one? You know, you have to have the right resources. You know, you have to be healthy, you have to qualify. You just can't walk up and like, buy a tube of toothpaste. Yeah, there's a number of steps you that. So it's not for everybody, but for the people that it is, you know, that fit the criteria where it does really apply to them, then it's. It's fantastic. So not for everybody, but for who it does apply to, it is great. So that's kind of the background on how it all began and put it all together. And it's helped a lot of people and like yourselves then, you know, up in Canada that, you know, you've written your own books and CDs again based on the concept and put the Canadianization to it, which is certainly needed. So I really appreciate the writings and efforts that you guys have done so well.

Thank you, Duane. And the books for our viewers and listeners, the books that we're referring to, again, the first one titled A Path to Financial Peace of Mind, again, that's a path to financial peace of mind. The second being Financial independence in the 21st century. Now, we have made both of these books available through our bookstore, and so we're going to include the link in the show notes. And we can we, meaning myself, Richard, and so many of our clients can attest to both of these books having an incredible transformational impact. Because Duane does such a great job of making what would otherwise could be complex, making it so simple and easy to understand, easy to grasp. And the example, Duane, that you were leading us through as it related to your daughter. You describe in the book the greatest gift to a child. And you go on to talk about, you know, what greater gift can we get that doesn't require batteries? It's not going to end up in a toy graveyard somewhere. It's never going to be too small. It's going to provide this ever increasing lifetime pool of financial value that can be accessed for opportunities that track you down or for the things that you need to finance throughout your lifetime. And we get asked all the time, especially with folks who are just getting started on their journey, how do we get our children involved or how do we do this for our kids? So this is really creating and really financially empowering the family because Nelson always said to think three generations past your own, to think long range. And this is a sharp example of that. And so for our viewers and listeners, add these books to your library. We promise you that you'll be glad you did. They are to say they're transformational would be an understatement. So a job well done in both books. Dwayne, we, we appreciate you very much.

Thank you. Thank you. It, you know, over the years, like you said, I, I've got comments that, you know, and just like myself, I'm, I'm working on, you know, three generational case right now where grandparents want to, you know, are funding a trust and then the trust is going to purchase policies on, on four grandchildren, you know, that are 4, 7 and 10. Actually there's four of them. 4, 7, 10, 12. You know, so again, those grandchildren will think of their grandparents long after the grandparents are gone because that they'll have it, you know, for their lifetime. You know, like you're, you're, we have to believe our kids are going to live to 100, you know, based on medical advances and replacement of parts for our body, you know, knees, shoulders and you know, everything else. So, so it's truly, and they'll refer back to their grandparents who set this up for them when they were children. In fact, I just saw a client last and a new client and he pulled out a policy that his father purchased for him 35 years ago. And you know, the good news is that, you know, he purchased it 35 years ago. Unfortunately, he didn't. The father didn't do it the correct way or with the right company. So, so there's a couple of components there that I think your listeners should really understand that there's a lot of, you know, there's a number of different insurance companies out there. There is, you know, certainly a number of different agents out there. And it's truly important to get together with an agent who really understands how this concept works because as I sometimes give an analogy to automobiles that, you know, if you come onto a car lot and without much conversation or whatnot. And salesman or gal salesperson, you know, sells you, let's say, you know, the special of the day, $10,000 or something under retail, four door sedan, but with not really a conversation or understanding what they're going to do with. And then they go home and remodel their house and use it like a pickup truck. After a year or so, it's kind of all destroyed and the owners of the car are not happy, they're not happy with the dealership, they're not happy with the salesperson. Like it's just a bad story. And so relating that to insurance, that there's a lot of policies you can purchase but you have to buy the right one to suit this multi generational strategy. And that's where Jason and Richard and their people have really do understand how this works, how to set it up and with the right carriers so that you do have that multi generational effect. And so when you do have someone look at the policy, 35 years later, they go, wow, you know, and versus, you know, in this particular case, after 35 years, he's got $14,000 of cash value. You know what I mean? So it was, as I explained to him, the there was the right intent but unfortunately didn't quite get the right product and the right counseling to make it happen.

I like your car lot analogy because it reminds me of one of the things I like to describe. The type of, you know, participating whole life insurance that we put together is really, it's the financial minivan. You know, it, it's, it's utilitarian, it can do an awful lot of things. You might be able to haul some drywall with it if you need. You might be able to throw an appliance in there to and from the seats toe down. It's a good family vehicle. You can fit a lot of passengers in it. It accomplishes, you know, a lot for the family. You know, you don't get dinged in the parking lot because the side doors, it's got all the bells and whistles. It can go fast enough. Maybe not like a race car, it's not meant to be a race car, but if you need to put a trailer hitch on it, you can tow something. So it has all these multiple type of purposes to it. It's not a pickup truck and it's not a sports car, but boy, it sure does accomplish an awful lot of other thing in between. And really participating whole life insurance is kind of like that thing. It's this multi use tool. It's a Swiss army knife, a financial product essentially, in that it allows us to do so many different things in life and it doesn't have to be pigeonholed to one specific thing because it gets a chance to do a little bit of everything. And this multi generational case is great that you're talking about because really there's another generation that doesn't yet exist, has not yet been born, and probably multiple ones behind that trust that's being set up by those grandparents of family members in that lineage that'll still be blessed beyond the definition of good fortune because that person sought to seek you out, help, get your assistance and your help and your good guidance and coaching to help put this trust together and build this machine that will outlive them.

That's correct. And I do like your minivan example because our daughter, you know, said, hey, dad, why are you hanging on to the minivan? We've got a, you know, Honda, you know, minivan. And I said, well, Brandy, because it comes in handy, you know, when she had to pick up her bike rack, when she had to go pick up a lot of stuff and you know, we're heading back up to Canada here to, you know, and we're, guess what, we're bringing her skis and a whole bunch of other stuff and it's all getting thrown the mini man. And we're bringing back her mountain bike, you know, because we got a bike rack on the back of the back of the minivan. So your example is bang on and we're living it. And you know, and she goes, well, yeah, it does come in handy. You know, exactly how, how the policy does come in handy for all the different financial eve that happen in your lifetime because, you know, your lifetime is just filled with unpredictable events. There's some predictable ones that you want to happen as far as good health and education and so forth, but many life is just a journey of navigating unexpected events. And the. Just like the minivan, it's like I say, if you gotta haul stuff around or all the examples you gave, it works. It's not perfect. It's not, but it certainly does a lot of things.

That is so true. And I'll share with you one of the several things from your first book, a Path to financial peace of Mind that just really resonated, I think, with all of us at that time, was how you did such a great job distinguishing the difference between saving versus investing and how those two words can be commingled. And it can be very dangerous in terms of the outcome if A person truly doesn't understand the difference between the two. And here in Canada, we have a financial tool that is a creature of the tax code. It's the registered retirement savings plan. But what we see most often is that people who have this financial product, they're invested in mutual funds. And so it's really created under the guise of saving. But when you really look a little deeper into where that money resides, it's in mutual funds. And so when you start to have that conversation with the person who owns that account, they really, for the most part, don't truly understand, you know, the difference there. Could you expand a little bit, Dwayne, on your, your philosophy and your approach to explaining that? Because I just think it's so well put in the book.

Yeah, you're, you're absolutely correct that I think our. My first tab, I'm just looking down on, on my book here, then, you know, that's my first tab on, on page 10 there, you know, saving versus investing. So, and, and looking at, at those differences, and you're exactly right, Jason, that those words are interchange, shall I say, and it gives a different perspective in the sense of saving that if you go, you know, back in years before the RSP.

And Wall street down in the US it's called the 401k exactly. That, you know, people saved in financial instruments like life insurance and like, because again, it was true saving. It's not subject to financial loss. It's not subject to like, say, the whims of headlines, different global, you know, financial economic situation, you know, that we just, you know, are in the midst of still with COVID and the like, so the swings of the market. And, and then also really important that people don't think about is access to the. You put money into an RSP, which is, you know, basically similar to the 401k down here. Yeah, you get this little bit of a tax deduction because you postpone the tax. And again, what people don't understand, you postpone the tax calculation. So, you know, yes. Anybody, you know, are taxes going to go down, stay the same, or go up over time? And I don't think if I had one person say they're going to go down. You know, a few people said, well, maybe they say the same. And then they went, no, they're going up. So by utilizing, you know, a true saving vehicle, you only have a couple of choices. You know, your savings account at the bank, and if you're lucky, you're, you know, getting 0.1% or, you know, on that and you're taxed on that, you know, each year as well. But with utilizing the infinite banking strategy that again, it's access to money, people don't realize how important that is. And I think Covid did bring that up. You know, there was, you know, a tremendous amount of employment disruption as far as furloughs, job loss, job interruption and whatnot. And if people have all their money in, you know, their RSPs, there's penalties to take it out tax wise. And depending on when you took it out, if you're on the bottom side of that V curve, then you lost even more money. So again, that's where access to your money throughout your lifetime and as Nelson points out, financing is really important. So people with policies that came through Covid with financial disruption, but they had access to money at very, very little cost and absolutely nobody asking them what are they doing with the money or how to qualify for it. So, you know, typically the policies, you know, they provide protection for the family, which is, number one two is access to the money without qualific, meaning you don't have to go to your banker and show up, you know, your credit reports and, and your, your job and all this other kind of jazz. And then so, and economic opportunities. I had a number of clients that, you know, took loans from the insurance company, which put liens on the policy when the market went down, so they were able to capture some great opportunities. And then when it swung back up, they were able to sell those at a great profit and put the money back in, in, in the policy. And so again, it's access to money without having those swings in the market. So family protection, access to the money forever compounding, unerupted compounding. So exactly what Richard was saying is it does a lot of things that people don't realize, but certainly risk of loss is a big one, that it just doesn't go down.

Well, you hit the nail right on the head in your book when you said savings can only be truly achieved where there is absolutely no risk of loss.

That's right.

And we, we had just so many clients reaching out to us. In particular, clients like, you know, dentists and chiropractors and orthos and people who see patients in their clinics and when there were lockdowns, they couldn't see any patients. And they had communicated that having ready access to money not only enabled them to keep their practices open, but also enabled them to keep their team members because they didn't want to be in a position to have to, you Know, of course, let people go, and then you've got to rehire when things open up again and retrain people. And the expense of doing that, there's a cost associated with it as well. So they. They were so grateful and relieved, you know, and you really don't know until you need it just how important having it available is.

Access to money.

Absolutely. And that is, so I would say, one of the least explained elements to that degree, because people are. And you've seen this Duane over the years. I mean, you've experienced this like we have. There's a lot of noise out there, as Nelson described it, where people are comparing. They're comparing a policy to equities, they're comparing a policy to mutual funds, comparing it to whatever that other investment option may be. And most recently, I was just speaking with the board at the Nelson Ash Institute this morning. We were talking about the family banking method and doing a talk about that at the next think tank. My nephew Ethan just purchased a $3200 car by accessing a loan from the family money pool. And he grasps this concept much faster than most adults would. And he's not asking, well, what if I would've taken that 3200 and put it into a mutual fund? Like, can you show me what the difference in the internal rate of return would be like? He just knows that the money's coming back and he gets to reuse it again. So we don't have to complicate this. It really is simple.

That's correct.

The comparison to, hey, if I put my money exactly with your nephew, a mutual fund or some stock or whatnot, and you may get lucky with this stock. Hey, you know what I mean? If, you know, we should have all bought Amazon 20 years ago and, you know, from there. But, you know, but utilizing life events. But again, you have to compare apples with apples. And like, say I have, you know, potential clients, say, well, I could get more money in the market. And I said, well, you're not comparing apples with apples that, you know, coming back to your automobile example, hey, if you want to compare, you know, a Porsche with a van, who's going to win? You know what I mean? It's just no contest because it's a whole different vehicle. You know, compare a Porsche with a Ferrari or something else, something in the same class, etc. So. So again, not understanding the core difference of saving versus investing and then not understanding the core differences of a savings vehicle versus a investment vehicle, you know, because then you could open up, well, why Put the market, the money in the market, you know, some stocks and mutual funds. Why not real estate, that's an investment. Why not commodities, be gold or silver? If you really want to go on the extreme, you know, crypto now that's crept into our world and so it's not comparing the same, the same things. So, and if, you know, some of the people you talk to, you know, have trouble with that concept, then it's clearly this infinite banking concept is not right for them because, you know, it's just, it's just not right for them. So, and that's okay. And so that's kind of how, you know, people think about things. And that's how I try to reframe it, if you will, Jason, in the sense of let's compare the same with the same. Like I say, a savings account, no risk of loss. So there's only a couple, that's your savings account or your checking account. You've got instant access to the money without people asking you for it. And the same issue with the mechanism, how you design it for life insurance. So compared and compared the same and, and that's where like I said, is your savings account. If you put, you know, $10,000 in a year, does it come with, depending on, you know, the age of the person, whatnot, a million dollar death benefit. So if you pass away, your beneficiaries receive what's in the savings account. 10, 20, 30, 40,000. Compare that to a life insurance policy where they get a million dollars. You know.

Just no comparison. Especially if you ask the spouse what would you rather have, 100 grand in a savings account or 100 grand in cash value with a $2 million death benefit, you know, that's when the spouse goes sign up, you know what I mean? So it's really understanding, comparing apples with apples versus not.

The only thing that would have made that Amazon purchase 20 years ago better would have been if you used a policy loan to.

That's exactly right.

Which you could have only done if you had the policy in place to begin with at that time because opportunity would have presented itself.

That's exactly right. Great point, Richard. You know what I mean? Then you would had a, you know, absolute great home run twice. You know what I mean?

Heaven forbids city bus takes you out along the track for that 20 years and you still probably had the stocks to, to in your estate to leave behind. And the big windfall of tax free money shows up that CRA or the IRS doesn't get any, any component of whatsoever.

That's Right. And unfortunately, you know, since I've been in the business, you know, a number of years, I've had clients pass away and I've seen what the power of life insurance does to the family. Because if you think about it, with or without life insurance, the family and the extended family and friends are going to mourn the same. However, what with life insurance that, and I use the words in the books that it affords the clients to grieve. They're going to grieve the same, but it affords them, and I use that word, time to either step away from their job or whatever because their, their life is messed up and you need time to adjust. There could be kids involved, need time to adjust. So now you've got the financial resources in order to take the time to readjust. And, and I, I've witnessed that on, on our, our personal family. My brother passed away at 54, my sister passed away at 56. So that wasn't on their timetable. And then unfortunately, I had the youngest client that I've had pass away again. The grandparent was funding a policy for the grandchild and at six years old, the grandchild passed away. So tragic. But it enabled that the parents were the beneficiaries and were able to set up a scholarship, you know, at her school, to, you know, as a memorial for the child, whatnot. Again, they wouldn't been able to do that without the financial resources of the policy. So again, we don't know when the good Lord is going to take us. But like I say, it's never goes away.

I will say, you know, Duane, in addition to that, you know, we, to all of our colleagues, you know, in the industry that, you know, may be tuning in and we, we have that duty of care, you know, to be there for the family. And we've delivered a number of death claims as well. And there hasn't been a single occasion, you know, where the family has said, I wish the check that you showed up with was for less money. It's that that's never happened. There's an extreme sense of relief and gratitude and the family needs. Needs help, you know, to go through that readjustment phase. And that's all part of what we're here for. You know, we, we do truly emphasize the, the, the characteristics of all the living benefits of utilizing this tool, this amazing tool, dividend paying, participating whole life insurance contracts to take care of financing all the things that you need throughout your lifetime. But we also know that death will come and we just don't Know what anyone's best before date is and when death comes, and it will come, that there's a tax free windfall that shows up exactly when it's needed the most. And Dwayne, you would know with all of your years of experience in the industry. We often quote the late Ben Feldman. And Ben Feldman described the perfect investment as one that pays the most when it's needed the most.

And that.

Would perfectly describe death benefit proceeds that are received tax free to named beneficiaries. And so we take that to certainly take that duty of care very seriously.

One of our other mentors, Bob Shields, would say everyone should have to die for a week just to experience all the mess that they leave behind. And then they would, then they would know.

Never heard that one.

How to deal with it. Yeah. And, and you know, thinking about the insurance, you know, we talked about our car analogy. Well, you know, you can't be driving on the road without having liability insurance on your vehicle. And that's a requirement because you could injure somebody and what have you and that, you know, if you get in an accident, et cetera, et cetera. So it's there to protect other people. Well, what about, why don't we have a requirement to protect the other people in our life, our family members with a death benefit? It doesn't make sense. People will happily go and pay every month for their automobile insurance because they need to get to work and they need to drive around, but yet they won't think it's important enough to make that insurance a contribution to the thing that will protect their family when they're gone because they're going to leave an awful lot of problems when they walk out the door. It's just all there is to it.

That's right. And you know, with, you know, tragic events like when there is a death in, in, in the family that money solves issues. Just, just that simple. Money solves issues. You know, again, through a professional. We had some partners killed in a tragic accident oil and accident years ago. And, and you know, money helps, you know, again it doesn't take away from the grieving any way shape or form or, or the sense of loss but it affords some time because they've got the resources to manage through the days and weeks and months, you know, ahead of them. And, and the bills. Dying is not cheap, you know. And you know, I love that phrase, you know, you realize, you know, the value of, of life insurance if you'.

Death for a week. You know. And you know, again, just saw a client what should a Friday, earlier this week and again, his father passed away. No will, number of real estate assets, etc. And it's, it's now causing a lot of issues with the siblings. So, you know, in combination with having the right documents and having life insurance in place, but having a will, I would say go hand in hand with that to give the direction as far as, as how things should be done. So with life insurance, you name beneficiary, so it's paid directly. But I wanted to just throw in there that what's also important is having your proper estate documents together so that they go hand in hand to exactly what you're saying, Richard, that the mess that is left behind is not so messy, is that it's pretty clean and just has to be administrated to, to its conclusion versus oh my gosh, where do we start and go from there?

So well put. And again, for our viewers and listeners, we're so honored to be joined by Dwayne Burnell of Burnell Financial Solutions. We're going to provide some coordinates in the show. Notes that will lead you to Dwayne's website, to his authorized Infinite Banking Practitioner profile with the Nelson Nash Institute, and also a link to get your hands on a copy of Duane's books. The first book being A Path to Financial Peace of Mind. This was the book that led us to Duane, and we've known him for years. He's just a wonderful, wonderful colleague in the industry and one of the nicest people that you'll ever meet. And the second is Financial independence in the 21st century. The case studies alone in this book are worth adding it to your library. And so get your hands on a copy of both. And Duane, we wanted to invite you if you have any closing remarks for folks who maybe they're on this journey of learning. So they've come across us on the YouTubes or on their favorite podcast platform. They're learning about this process. What would you say to folks, what advice and good guidance would you give them on their journey of learning to determine whether or not this is something that they may want to do for their family or their business?

I guess the parting words are as, I've had a number of people call me that have come across this one way or another and have talked to different agents. You know, I think it's kind of like the medical industry as far as there's a lot of doctors out there. They all wear white coats. They all have the medical degrees. However, some are better than others. And, you know, and depending on your issue, health wise, you go to a specialist. And I would say for the viewers to, if you're going into this concept, this is a specialty, a clear specialty, and get together with an agent like Jason and Richard, because they are specialists, they continue to hone their craft. But make sure you're with a specialist that truly understands this concept and how to put it together. Kind of like a surgeon, you know, hey, I get a shoulder injury, but hey, the doctor down the road does knees, but hey, he, you know, he studied shoulders in school. So, yeah, I can do those. Maybe not. You know what I mean? I think I'll choose someone who does shoulders every single day, all day, continues to learn about new techniques and shoulders. So I would say truly understand who you're dealing with. There's some great agents out there that know what to do. Make sure you're with one of those folks. I would say that that is the key aspect to making this work, because once you get a contract, you want it to do its thing for the next 30, 40, 50, 60, 70, 80 years. So you got to get it right. And unfortunately, I've had many calls from people that have bought life insurance policies, thinking they bought, you know, one thing, but it turned out to be another, and they're disappointed. And, and, and it's just not a good story. So I would say that'd be the parting words. Make sure you get with the right specialist.

That is great advice. Thank you. And a sharp example of, you know, financial education and empowerment, you know, really being the cornerstone of your approach. And we appreciate you so much. Duane, thank you for joining us. And Rich, you want to take this home?

Absolutely. Jason, this was awesome. Dwayne, thank you so much. And so, Dwayne, you know, you may not watch superhero movies, but every once in a while, you know, Batman, he's seen driving the Batmobile. It doesn't look anything like a minivan, but it is a superhero vehicle. Now, your superhero vehicle may look a little different being a Honda. And every time that you show up with your, with your books, people read these and they learn from the case studies, the graphics, the ideas, the visuals within, and the way that you've laid information up. You're adding value to their life. You're showing up like a superhero. And so our question for you, Dwayne.

Is who do you want to be a superhero to?

Well, you know, you know, thank you very much for the wonderful and thanks for having me on. On the, the podcast today. I would say just like, you know, all parents, you Know, it's our. It's our wives first and then our kids, you know what I mean, to show them the right direction and try and give them a little guidance, you know, and hopefully some of our words stick and some of them don't, and that's where they've got to fall down and scrape the knees. So I would say, like you say, just to our family and then extending that to our friends and colleagues. So I would say that's who I'd want to be the superhero to. But again, thanks very much for having me on the program today. I'm thrilled that you asked me and we're able to make it happen.

We appreciate you so much, Duane.

Thank you.

And one final question. Could there perhaps be another book on the horizon?

Well, you know, one's been, you know, kind of mapped out a little bit and. But it. We just got too busy, actually, and it takes a tremendous amount of effort, and so you never know. But one, certainly one is, you know, on a drawing board. You know, if it gets off the drawing board, we'll see. See in the future.

So, well, we'll keep an eye out for it. And we appreciate you. Thank you for joining us. And to all our viewers and listeners, if you're on the YouTubes, just take a look at either this side or this side, whatever side. The playlist, the recommended playlist is showing up for you to continue your journey of learning, which we would encourage you to do. And be sure to, you know, visit Dwayne's website, get your hands on a copy of his books. You will be glad that you did. And we want to wish all of you a great rest of your week. And gentlemen, this was a pleasure. Duane, it's so good to see you again. My hope is that we will cross paths in person at an upcoming annual Infinite Banking Think tank conference. And so with that, gentlemen, make the rest of your week great. Thanks for a great episode. It was terrific.

All right, thanks very much, you guys. Take care.

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 first financial tools, strategies, and the mindsets that maximize your wealth.