Becoming Your Own Banker Masterclass

We're going to talk about the process of becoming your own banker. Now, before I begin, I just want to share with everybody that, you know, obviously right now we're seeing this uncertainty in the markets, we're seeing this COVID 19 pandemic and the devastating impact that this is having, you know, across the globe. And so we just want to start by saying that we hope that you, your family, your loved ones are safe and healthy and that you're practicing all of the recommendations that are being put forth by government, you know, federal and provincial healthcare professionals. And for any of you who are on tonight's meeting, or if you know someone who is in the healthcare field, please pass along our most sincere gratitude and thanks to all of those hard working people that are just working tirelessly and selflessly to be available and to provide critical health care.

Real quick here, if someone can just confirm, you can see my screen just fine as well and we'll be off to the races here. I want to share that and just begin with many years ago.

I'll never forget this. I was standing in a dark, empty living room and I was staring out at a for sale sign on the front lawn. And I was, at that time, I was feeling like a failure and I was feeling stressed and really felt, you know, defeated. And I never would have expected to be in that position.

After doing all what I felt were all the right things financially. And I wonder how it was even possible that I could have ended up in that position after doing everything right. Or at least I thought I was doing everything right. And before that, a few years before that, I was 30 years young at the time and I was married, I had a mortgage. I was really ambitious about my future. And up to that point, I really was following all the mainstream financial advice. And over the course of the next few years, life decided to hand me a few challenges. And it all came at once. My first marriage had ended. I was deeply in debt. I was really on the brink of financial ruin. And I had endured the unexpected passing of my mom and dad. And those are some of the most stressful events that you can experience over a lifetime. And it happened to me in just a few short years. And so, standing all alone in that, you know, dark, empty living room, I really didn't know who to turn to. And just when I felt like, you know, I had hit rock bottom, I remember my late father saying to me, son, I'm proud of you ever be found guilty of giving up on yourself. And I made the decision to take control of my Life. And so in 2008, I was contacted by a friend and Matt. At that time, he was a successful, really established business owner and he invited me to attend an event. And the topic of the event was the process of becoming your own banker. The infinite banking concept. And I didn't have the money to go at that time, but I felt that, you know, being determined to find answers, I decided to do whatever it took to get there and I took action. I am just referencing my notes here because I want to make sure I don't miss anything. I left that conference believing that everyone should hear about this process. I began to implement this process in my life and everything changed for the better. Today I am remarried to my beautiful wife, Rebecca. We have.

Four beautiful children. And I no longer feel stressed financially. My family and I are in total control. We're in total control of our money. We're no longer worried about the ups and downs of markets. We're not being impacted financially in a negative way by this viral pandemic because our money is shielded from the effects that this market turmoil is having on so many people. And because of this process, my family and I will never have to have another bad financial day in our lifetime while I'm alive and after I'm gone. And so my belief is that financial power and control should be in your hands, not in the hands of a banker, a loan officer, or temperamental stock markets. In the next.

Couple of hours that we spend together, I'm going to take the past 12 years of time, money and energy that I spent learning this process. And I'm going to show you exactly how I've helped thousands of people just like you to build your own peaceful, stress free financial existence. Thank you for being here. Thank you for being on tonight's meeting. And I really hope that you get as much value out of it as the energy that it brings me to spend this time with all of you. Okay, so let's go ahead and get right underway. So my role here at Ascendant Financial, I'm the CEO, I'm the founder of the company. And when we had initially booked these events to be live and in person.

We were obviously super excited to be with many of you who registered for those events. And obviously with the turmoil COVID 19 has caused, we decided to take the events away from being live, just respecting the direction that we're receiving to socially distance ourselves, bring them online. And our registrations and enrollments more than quadrupled because we just opened it up to all of you. So thank you Again, for being here. And if I may ask you if you have one of these handy, our smartphones, if you could just go ahead and hit the silent button, make sure that you're not being disturbed and just make sure that you know, you're not distracted because we really want your undivided attention here for these next couple hours together. Let's start off with the truth. Everything begins with the way that we think everything. And you've all been conditioned to think certain things about money, about.

Anything financially related. Maybe you've been mentored or you've received advice from people in your life who are close to you that you trust. And everything truly begins with the way that we think. Our thoughts are shaped by our life experiences and the people who influence us. And one of the things that R. Nelson Nash does such a great job at in what he had mentored us over the years is that there are certain human conditions that can impact the way that we think. And one of those human conditions is the arrival syndrome. The arrival syndrome is basically a condition where a person stops learning and growing. And Nelson used to always share with us, God rest his soul, he would share that there's no such thing as having arrived in knowledge. There's always something new to learn. And so if you approach tonight's meeting with an open mind and you recognize that there is always something new to learn, you're really going to get a lot of value from tonight. R. Nelson Nash was the developer, the pioneer, the founder of the process of becoming your own banker, the infinite banking concept. And you can see him pictured on the left here. He wrote a couple of really good books. The first one is, of course, Becoming youg Own Banker, which is a book that if at any point during tonight's meeting, if you find yourself thinking, hey, this is a book that I really think I'd like to add to my library. It's a 92 page read. You can purchase that right from our bookstore if you go to ascendantfinancial CA and you just click on our bookstore, we'll ship a copy right to your front door. Now, the gentleman that you see here on the right, this gentleman's name is Bob Shiels. And Bob Shiels wrote the book titled you don't have To Die to Win. And this is a photograph of R. Nelson Nash and Bob Shiels meeting each other for the first time at an event that some colleagues of mine and I hosted in Kelowna, British Columbia, a few years ago. And it was just so incredible to see these two gentlemen meet Bob had been practicing this process with his clients for the better part of six decades. And so it was really amazing to see these two gentlemen come together. And you just never know who is going to change your life. And these two gentlemen had such a profound impact and really transformational change on my life. And by proxy, everyone that I've served and everyone that I've had the privilege of coaching and working with, you know, all these years. And there are three truths that we're going to talk about on tonight's webinar. The first one is that someone has to perform the banking function in your life and it should be you. Here's a secret, you don't have to be rich to do it. One of the examples that Nelson refers to in his book Becoming youg Own Banker is he talks about the all American young man who's earning 28,500 a year after taxes. And he goes on to describe how this young man is able to embrace the process of becoming your own banker. And so whether you are someone who is just starting in your professional earning career and, or you're someone who's affluent, if you're somewhere in between there, you can embrace and implement this process in your life because you're going to need the use of money for the rest of your lifetime. Now the second truth is that you don't need to play the bank's game. The banks need you. It's not the other way around. And thirdly, you deserve dependable wealth. You can create that, you can build that and, and rescue your retirement without investment risk, without market risk, or without tax risk. Now I should go on just to ask all of you, which of these apply to you? So if you just take a moment to glance at this list and ask yourself, which of these apply to me? Whether you're an entrepreneur or a business owner, an investor, a high income earner, whether you're inexperienced or experienced, maybe you're in retirement or nearing retirement, you have family, you have debt, anything that you're doing is vastly improved when you implement the process of becoming your own banker in your life. Now there's a great video that I would absolutely recommend that you watch. This video is available on YouTube and I would absolutely encourage you to watch this. It's titled the Backward Bicycle. Now, it's a short video, it's just under eight minutes in length and it's really going to speak to. Everything begins with the way that we think. And so be sure to jot that down and watch that video at your convenience. Now we say the capacity to learn is a gift and the ability to learn is a skill. But the willingness to learn, that's a choice. And so please never lose your ability to receive inspiration to learn something new. All right, now here are the six most common retirement risks that we all face. The first one is market risk. And people are seeing firsthand yet again what a market crash, that impact that it can have on families, individuals, households, globally. You know, we've been in contact with a number of people who've reached out to us because we don't invest clients money in mutual funds or stocks or anything of that nature. We don't expose clients money to risk or the possibility of loss. And people are reaching out and saying, my retirement account has gone down in value. We're being approached by people who are saying that it's as much as 50% or more in the last three weeks. Trillions of dollars of market value evaporated and it's only going to get worse. In fact, I was just reading this article and I'll just share this with everybody. This article that was posted a short while ago and look at the title of that. Bank of America says the recession is already here. Jobs will be lost, wealth will be destroyed. That's an understatement. And so if you're presently exposed to this volatility into this risk, you're in the right meeting because we have a solution here for you to share, that's for sure. Okay. The second is inflation and taxes. And the third is long term care, healthcare risks, legacy planning and longevity. Now longevity risk, people are, people are living longer. So the fastest growing segment of our population are centurions. And so longevity risk is driven by market risk and investment risk. And so it's very important to make sure that you not only have a clear understanding of where your money is accumulating, but what risk is that capital exposed to? Is it exposed to tax risk? Is it exposed to market risk? Is it exposed to investment risk? If it is, you have an opportunity, you have an opportunity to change that. Now if you think of the number one financial fear in Canada, it should be obvious, especially.

Based on the times that we find ourselves in presently. That's the fear of running out of money. And it's a legitimate fear. This crisis that we're in presently is going to bankrupt more people than it's going to kill. And this virus is obviously deadly, it's very serious. But the economic fallout is going to be incalculable in terms of the number of families and households and businesses that it's going to impact you have an opportunity this evening to shield yourself and to make sure that you're prepared not only to weather this storm, but that you're prepared for the next storm and there will be another one. Now, the two biggest risks of running out of money are tax risk and investment risk. And the one thing that I share is just in this example, you might remember when Mark Zuckerberg, the founder of Facebook, one of the founders of Facebook, when he was called before the Senate Finance Committee Congress, and he was being grilled on what was going on in the way of political interference and data breaches and all of these things. Can you imagine people who were sitting there watching Facebook stock the stock ticker when he was responding to questions properly, the stock price would rise. When he was responding to questions improperly, the stock price would fall. And people are sitting there going, God, I'm in a position of no control. And it's exacerbated by what we're seeing right now in the markets. It's just terrible. Now, one question I'd like to ask. We're going to do some great chat interaction with everybody tonight. If I can ask you just to respond to this question. Do you think that our government is going to require more or less money in the future? Especially with the recent announcements, and thank goodness our government is stepping up to help people who are in need. I really applaud that and I commend that. But do you think our government's going to require more or less money in the future? Okay, everyone is saying more and more and more now. That's the right answer. And where do you think that money's going to come from? Let's hear from folks in the chat window. Where do you think that money's going to come from? Yeah, everyone's saying taxes from us.

Yes, Nathan, it's. It's a rhetorical question. Taxes, taxpayers, etc. You're all absolutely right. And what we share is that who's going to pay the bill are the people that have taxable accounts and people who are earning taxable income. That's who's going to pay the bill. Money that hasn't been taxed yet. And so clients love to show us their RSP statements. And we ask, hey, what exactly are you showing us here? That's not your money. It's not worth what you think it is because it hasn't been taxed yet. And so something to obviously be aware of. We always tell them there's a mortgage on that account and nobody knows how much? Because we don't know what the tax calculation is going to be going forward. It's going to be whatever the government feels that it needs. Whatever the government feels that it needs.

When you reach in to get yours, that's the time when the government lets you know, hey, here's how much of this account value belongs to us. And so while you're deferring tax at the moment, you're also deferring the calculation of the tax. And I was speaking to a very kind couple here just earlier today, and I was expressing to them what I share with many people who are either fast approaching retirement or presently in retirement that most parents, grandparents that we meet with, they're saying, you know what? We want to leave something behind to each other as spouses, but we also want to leave something behind to our kids and to our grandkids. And so you know what? We're going to spend a little less. We're going to really be conservative in retirement because we want to maximize what we're leaving behind. Well, by understanding the process of becoming your own banker, the infinite banking concept, and also how you can rescue your retirement, you're going to be able to enjoy your retirement lifestyle because the worst accounts to inherit are taxable accounts. We want to make sure that what you're leaving behind is being transferred to the next generation without triggering a taxable event, and that you're able to enjoy retirement without having to worry about what the calculation of tax is going to be so that you can really, truly spend your life living. So let's carry on. All right, I'm getting a little amped up here, which I normally do, you know, especially in a live setting. But let's go. So a key component to creating dependable wealth is controlling the banking function as it relates to your needs leading up to retirement and beyond. Now, this is about the process of becoming your own banker. The whole essence of becoming your own banker is to recapture the interest that you're paying to banks, to finance companies for all the major items that you need throughout your lifetime and to have that money continuous flowing back to your household versus flowing away. Now, some of you on tonight's meeting are saying, I don't have any debt. My question to you is, is it possible to owe no man nothing unless you're homeless and destitute? You have to pay the cell phone bill, you have to pay your property taxes, you have to pay your car insurance. You have all of these obligations that require money. And every time you spend your own cash to fulfill Those obligations, that's a permanent transfer of money and by proxy wealth away from you, your family, and your business. And that transfer is permanent. It's not just for your generation, it's for every generation that comes after you. And so whether or not you have debt or whether or not you, you don't have debt, you're still going to need the use of money for the rest of your lifetime. We'd rather have that money flowing back to you versus flowing away from you. The whole objective is to keep that money in your family. Now, another truth is that your money must reside somewhere. The question is, how much of the banking function do you control as it relates to your needs? So hop into the chat window, let me hear your responses. How much of the banking function do you control as it relates to your needs, your family's needs, your business's needs? Go ahead and type your responses in there. Someone has to perform the banking function as it relates to your needs. The key teaching moment here on this slide is that your money must reside somewhere. And so if you have a notepad and a pen handy, write that down. Your money must reside somewhere.

Now, the infinite banking concept, the way that it got started, was R. Nelson Nash, right? In the early 1980s, again, another obviously really, really stressful high anxiety time for people because interest rates skyrocketed, because inflation skyrocketed, interest rates peaked at 21.5%. There were so many Canadians at that time that were simply walking into the bank, taking their house keys, dropping them on the counter and saying, we're out. Because their mortgage payments literally quadrupled overnight. And R. Nelson Nash found himself in a really bad situation. He owed a half a million dollars in mortgage debt to commercial banks. And he didn't think that he would end up in a position where he was having to pay over $63,000 just in interest alone to service that debt. Now, leading up to that point, he was following all of the financial guru's advice. You should use other people's money, go and borrow capital from someone else, use that capital to purchase a piece of property, sit back and relax and watch that property continually appreciate in value. And then someday, you're going to take that deferred benefit that you've been waiting for and you're going to sell that property and you're going to be financially prosperous. Nobody told him what happens when the interest rate lever goes the other way. Now he thought to himself, hey, the only advice I'm going to get is to sell the property. But his question was, what fool is going to buy this property from me and have to service this debt at such a high rate of interest. What he didn't realize is the solution to the problem was in front of him the entire time. He had a growing number of dividend paying, participating whole life insurance contracts and he had a growing pool of financial value called cash value that he could use as collateral. He could borrow money from the insurance company at 8% and get rid of the commercial banks and completely control the repayment schedule of the loans that he took from the insurance company. So it took him 13 years to get out of that mess and to completely get rid of all the snakes and dragons in his life. And from that point forward till the day that he passed away last March, him and his wife Mary of 64 years, him and his wife Mary did not see a commercial bank for anything other than the convenience of debit. Now for all of you who are listening, that is a peaceful, stress free financial existence. Now it took my wife Rebecca and I 12 years to achieve what took Nelson 13. And so we followed his lead. We were coachable, we were mentored by him and blessed beyond the definition of good fortune to be mentored by him for so many years. And now during this period that we find ourselves in of extreme uncertainty, turmoil, hysteria, fear, panic, all those things that are going on, my focus isn't there. All of my net worth keeps rising every day. I'm not exposed to the temperamental stock market. I'm not exposed to mutual funds and to stocks and to all that unnecessary risk. My net worth is rising every day. And when you have ready access to a growing pool of financial value, opportunity will track you down. And right now I'm an opportunity magnet because I have ready access to a growing pool of financial value. All right, let's carry on. Now I did want to include this value added resource for everybody in tonight's meeting and invite you to watch the documentary film that I had commissioned on Nelson which began filming in September of, pardon me, in January of 2018. We commissioned the film in September of 2017 and with the great work of folks like Richard Canfield, Jason Rink.

With the board of directors of the Nelson Nash Institute, Carlos Lara, Bob Murphy, David Stearns and of course R. Nelson Nash, we were able to create this amazing film and it's available for you, it's available for you to watch. There's no cost associated with it. Just visit nelsonnashfilm.com again, that's nelsonnashfilm.com and it's a one hour documentary and it's going to give you a look into the essence of just how incredible this. This man was. And I think about him every day. I miss him dearly. The impact that he's had on my life and by proxy, everyone that I'm serving is just incalculable. Okay, let's talk about a grocery store. Now, you're probably asking yourself, what on earth are we talking about a grocery store for? I promise you there's some relevance here. If you and I were thinking about going into a business where we were both the buyer and the seller of the same goods, going to use a grocery store as an example, if we were thinking of getting into that business, we would first have to study the business for a period of time. Then we would have to purchase a superior location. We would have to stock that location with great quality products and a lot of toilet paper. And we would have to hire staff, and we would have to train them and coach them on how to take care of customers. And up until that point in the business, we haven't earned anything. We've taken all the time to study it, which is why you're here tonight. You're studying how to become your own banker. And if you own that business, you're naturally going to shop at that business. So if we owned a grocery store together and you decided to buy your food from another competitor, I'd be concerned about that. So let's walk through this. We're going to use a can of peas as an example. Now, let's presume for a moment that this can of peas, we sell it out the front door of our grocery store for 60 cents and it costs us 57 cents to purchase it. So we're making three pennies on each can of peas that we sell. Now, being that we are the owner of the business.

We are both the buyer and the seller of the same goods food. So let me ask all of you this question. Put yourself in the position as the grocery store owner and you need a canopies. How many of you are going to walk out the front door and pay 60 cents? And how many of you are going to walk out the back door and pay nothing? Let's hear from you in the chat window.

Go ahead and type in either the front door or back door. Let's hear from. From all of you, go ahead and type your responses into chat.

Okay. Front door. Okay, We've got a few folks that are saying the back door. Okay? So most common response is front door, which I'm very pleased to hear because if you walked out the back door with the canopies, remember, we are only earning three pennies on each can of peas that we sell. And so if we walk out the back door with just one can of peas that we could have sold for 60 cents and we didn't pay anything. That's a polite way of describing theft. But how many cans of peas do we need to sell to make up for the one can that we took out the back door? Well, the answer is 20.

Now, if our employees see us behaving that way, they're going to start behaving that way. And it should be no surprise that one of the largest contributors to shrink in retail or in grocery stores is employee and business owner theft. Now, the reason I'm sharing this with you, the reason why it's significant, is that if you envision for a moment put yourself in Nelson Nash's shoes, when he got out of that financial crisis that he was in, if he had borrowed money from the life insurance company and he walked out the back door and he never replenished his system, he's going to be in a position where he's stolen from his own business. He's not going to have a very profitable business, is he? So rather than, rather than walk out the back door and even, rather than just pay 60 cents and walk out the front door, what if you paid 62 cents, you put a few more pennies into the cash register. Well, your grocery store is going to have more money available to buy more cans of peas to sell to more captive customers. It's the same with this process of becoming your own banker. When you have ready access to a growing pool of financial value and you access policy loans to take care of things that you would have otherwise used your own money for. And, and you take your capital and replenish your system, but not only replenish it with what the insurance company calls for, but you put a few extra dollars in the till. You are providing additional capital that can be multiplied. And when we think of money, everyone is a captive customer of money. And so the key teaching point to this grocery store is what Nelson Nash used to say, which is don't steal the peas. This is why I shared this grocery store example with you. Now, if you have a spouse who also needs to purchase groceries, where is your spouse likely going to shop? Hopefully from your grocery store as well.

Here's the problem. One of the things that Nelson used to say all the time is he would say, if you don't understand the problem, the solution just Won't matter. And so if I just dove right into the process of becoming your own banker without framing up the problem and making sure that we understand it, the solution to becoming your own banker just wouldn't matter to you. So it's really important that we gain a good understanding of the problem. Here we go. Think about what I shared earlier when Nelson was describing this all American young man earning 28,500 a year after taxes. He spends money on a vehicle, he spends money on housing expenses and on living expenses. All of those transactions are a permanent transfer of money away from him. But the financial gurus are saying you should save 10% of your income. And if you do that, you're going to get ahead financially. But what about the 34 and a half cents of every dollar that he's transferring away in interest?

So imagine for a moment if you took one step forward, which is the 10% savings, and you took three and a half steps backward, which is 34.5% of every dollar leaving the family.

How are you going to get ahead financially? If that's the case, I would suggest to you that it's just not possible to get ahead financially. And so while all the financial gurus are focusing on saving 10%, we want to recapture all of the money that's leaving your family and leaving your business. We want that money coming back to you, not flowing away from you. And if you think about this.

Let'S use an airplane analogy. If we were in the city of Calgary and we wanted to fly due north to Edmonton and we got into the airplane and the airplane had a maximum airspeed of 100 miles an hour. So that's the 10% savings with the decimal point removed. And we left the Runway and we were out on our climb. And air traffic control said, you know what, Jason, you've got a headwind of 345 miles an hour. So that's the 34 and a half cents of every dollar with the decimal point removed. So we're going to be moving backward at 245 miles an hour. We're not going to get to Edmonton anytime soon. So the safest thing for us to do at that point is to get the plane on the ground because we're not getting ahead. Now, if we see that we have no headwind, we're just flying in the center of that air mass because every, every air mass moves from west to east and in that center there's no resistance. So the airplane's flying along at 100 miles an hour that our ground speed is 100 miles an hour. That's the arrival syndrome. That's where you feel like, hey, I've learned everything there is to know. I can't be taught anything new. I'm in a great position. I think I'm just going to carry on financially the way that I've always been. But envision turning that headwind into a tailwind where you're recapturing all that money. And now your plane is Moving forward at 445 miles an hour versus what everyone else is doing, which is moving backward at 245 miles an hour. That's a 690 mile per hour difference. So we're going to teach you how to create your own financial tailwind. Now, we know just to end that airplane example, you cannot control the environment that you fly in because you can't fly an airplane in a vacuum. And if you simply tweaked the engine on the airplane to fly 110 miles an hour, you're still not going to get ahead. So what we want to do is we want to change the financial environment that you're operating in financially so that you can have more money coming back. Now, for everyone on the call, I'd like to ask you, what is money? Just go ahead and type your responses into chat and I'll read. I'll read them out loud. What is money?

Go ahead, type in some responses. I know if you're like me, I'm not a very fast typer. Okay, so we. A currency exchange. Currency opportunity.

Again, currency, a tool. All right, good. Thank you for participating, everybody. This is terrific. So money is a medium of exchange. Money has value. So it has two types of value. Money has value in terms of what it can purchase, and it also has value in terms of what it can earn. Now, everyone knows the value of what money can buy, but most people forget all the value that money can earn. Guess which people never forget.

Bankers. Bankers never forget the value of what money can earn. Now, interest rates go up, interest rates go down, markets rise, markets fall, economies grow, economies recede. The process of banking goes on no matter what. And so, regardless of what you do in your life financially, if you practice the process of becoming your own banker, you're automatically ahead anyone who isn't practicing the process of becoming your own banker. So you put yourself ahead because everything that you do financially is measured against what everyone else is doing financially. And so if the minority of people in the world are accumulating and controlling the wealth, why do we continue to do with the Majority do. Financially, it just makes no sense. And so you either pay up or you give up. You're either paying interest to the banker on a loan from his pile of money or you're permanently giving up the interest that you could have otherwise earned. It's real simple. You either pay up or you give up. Now, motion is a natural law. If blood doesn't circulate through our bodies, what happens? We die. If air doesn't circulate through the atmosphere, what happens? We die. If water does not move through the lakes, oceans, rivers, creeks and streams, what happens? We die. Now envision for a moment that there's only one body of water on the planet. And you may also be interested to know just for trivia, that moist air is lighter than dry air. And so we see that form into clouds, the wind currents move. Clouds precipitate back down to earth in the form of rain, hail, sleet, snow. Somewhere at some point that flows through you and me and we expel that and it ends up right back in the rivers, lakes, streams, oceans, et cetera. There's no difference between the Indian Ocean and the Pacific Ocean. There's only one body of water on the planet. There's only one pool of money on the planet. And it's inconsequential that there are many different lending institutions, many different deposit taking institutions that handle all these different currencies. There's only one pool of money on the planet. And what happens if the banking system, if money stops moving? Well, we saw that in 0809 where we had a near financial collapse because banks stopped lending. Now it's interesting, back in the 0809 crisis, little less than 900 banks failed. I'm talking about if you focus in on North America, in the USA in particular, there's a bank on every street corner, less than 900 banks failed. Not one life insurance company failed, not one. So what does that tell you about where capital is accumulating? It should tell you that that's a very safe, certain secure place to store capital. And financial institutions, they want you to stop the motion of your money so that they can gain the motion of your money. And whomever controls the motion of capital increases their wealth. So what financial institutions want is they want your money. They want it on a regular basis, they want it for a long time. And when you're ready to take it out, they want you to take it out in bits and pieces. In fact, there was another article on CNN where it showed someone pulling money out of an atm and the headline of the article read, do not take your money out of banks during this crisis. What does that tell you? The financial institutions do not want to lose control over the motion of capital because if that happens, the banking system is in severe trouble. Now let's take a look at the real truth in lending. We're going to look at a $400,000 mortgage with a 25 year amortization, 2.79% interest rate, $1,853 monthly payment. Now, when most people go to acquire a mortgage, whether it's for a principal residence or for an investment property, the two things that are most important are to the borrower are the interest rate and the payment. And isn't it interesting that commercial banks are making record profits in the lowest interest rate environment that we've ever been in? It's because they understand that it's not the rate of interest that matters, it's the volume of interest that matters. People are lining up from here to, you know, three miles down the road to borrow money because they're focused on the rate. It's a really low rate. The banks are focused on the volume. So for example, I try to get my flu shot each year. I know my wife and children do. And the rate at which that nurse sticks that and, you know, puts that whatever's in the syringe into my body. The rate at which the nurse does that doesn't matter. It's the volume in the syringe compared to my body weight. That's the criteria. It's all about the volume. Now in this example, the very first monthly payment, $923 of that payment went toward principal and the remaining 930 went toward interest. Now, we all calculate math the same way. How does that equate to 2.79% when more than half of the payment in the first month is going toward interest? It's really important to understand what's going on. The 2.79% is a fully amortized rate of interest. And the mortgage isn't fully amortized until it's paid for. And so you're not truly paying 2.79% until the mortgage is paid for. And so if you go to the second month, you're a good paying customer. $927 went toward interest, 925 went toward principal. At the end of the first year, you still owe the bank $388,000, but you paid 22,000, 241. Now, what happens with most Canadians between year three and year five? What most Canadians do is they either refinance and when they refinance, they're restarting this whole equation all over again. Or they sell and then they move into maybe a bigger property, or maybe they're empty nesting and they're moving into a smaller property, but they're kickstarting this whole equation all over again. So people think that they're doing something really good financially, but what they're doing is they're making the wheels of the real estate and the banking business turn in that order. And so what's really important to understand is that if you carry this out to the 25th year and you actually spent 25 years making payments on this property, you would have paid the bank 556,000, presuming that the interest rate never changed. And so the effective rate is much higher than 2.79. And the banks understand that it's important to lend with security rather than invest with risk. The bank didn't give you a high five and say, congratulations on purchasing this superior piece of real estate. The bank lent you the money because they believe that you can make the payments. And it's the stream of payments coming back to the bank that's the real asset, not the piece of real estate. The deal. What's in it for the bank is a constant steady stream of capital. And when the bank receives that capital, they put it into motion immediately. Immediately. So ask yourself this question. Who is the banker in your life today?

Just take a moment, just take a moment to really think about that. Who is the banker in your life today? And what I'm here to tell you is that it can, and it should be you. The banking function should be totally controlled at the you and me level. We're in one of the greatest financial messes that we've ever seen and it's a result of central banks. And so we need to regain control of that function as it relates to our needs. And we need to control that function at the unme level. And most people truly know next to nothing about the process of banking and its importance on their day to day lives. It's the most important business in the world. And whenever a transaction takes place, money has to flow, it has to flow from one party to the next in a relatively short time frame, otherwise nothing happens. So we have the bank, we have you, the buyer. Whatever it is you're purchasing doesn't matter. We have money, which is the medium of exchange. We have the seller who receives that money and where do they put it? Right back into the banking system that's the essence of what the banking business is all about. Someone or some organization has control of a pool of money that can and must flow at a cost to meet some need. That money comes out of and ends up right back in someone else's a bank. I say that again, someone else's bank. So here's the crux of the problem. You're earning an income. Maybe it's investment income, maybe it's positive cash flow from, from real estate, maybe it's dividend income, maybe it's T4 income, maybe it's dividends from your corporation. You're earning that money and you're depositing it into someone else's bank.

That money sits there waiting for you to take care of all your financial obligations. But I think we're all aware that that money is not sitting still, not for an instant. When you log into your online banking and you see an account balance there, what you think is there is just an illusion. It's not there. The money doesn't show up until you ask for it. In the meantime, that money is in constant motion, producing volume for the bank. And when the bank produces a surplus or a profit, which their stockholders expect the bank to do, that profit is distributed to the stockholders of the bank, not the people who left the money there.

So if this results in a permanent transfer of money away from you, your family and your business, you're the one doing all the work and everyone else is getting all your money.

And that constant transfer means that you can't earn interest on that money ever again. That's called lost opportunity cost. And the loss is permanent. And it affects your net worth far more than gains ever will. Because when you lose money, you have less capital working for you and you have less opportunity to make gains.

So creating dependable wealth and rescuing your retirement is achievable by implementing the process of becoming your own banker. We talked about there's only one pool of money. We talked about there's only one body of water on the planet. And we talked about how money constantly ends up right back in the system that it came out of. Now, this process of becoming your own banker is about controlling 100% of your needs and you can't get there overnight. It's a process. It takes time. Give this process your close attention tonight, and I promise you it can make a radical improvement in your financial future. Now I want to go through. So if you think about a net worth statement, you might know what this is, or you might have been asked to provide one at Some point in your lifetime, a net worth statement is assets minus your liabilities equals your net worth. Now, if you have a checking or a savings account at a commercial bank, you were to take note of that on your balance sheet. It would show up on your balance sheet as an asset. But on the bank's balance sheet it's a liability because it's really an on demand deposit account. You can go in and demand some or all of the money that you left on deposit with the bank. When you put the money in the account, the bank simply provided an iou. And that's all based on trust because the moment that money lands in the account, it's in constant motion. And when you have a mortgage, that mortgage is listed as a liability on your balance sheet, but it's listed as an asset on the bank's balance sheet. Isn't that interesting? What do banks make money on? They make money on assets, not liabilities. What you call an asset the bank calls a liability, and what you call a liability, the bank calls an asset. But who's got all the money? The banks do. Someone's got to perform this function in your life and it should be you. So let's talk about creating your own banking system through the use of dividend paying participating whole life insurance. Now there's a very clear distinction that I want to make with everybody right away. There's a process which is what we're describing, and there's a product which is the participating dividend paying whole life insurance policy, or in many cases a system of policies. We have 46 policies in our family banking system. We contribute just under 400,000 a year in premium into our system. We have a growing pool of financial value. Our money is completely shielded from temperamental stock markets, from economic cycles good and bad, from government intervention. Our money's not exposed to investment risk or tax risk. We're in a position of total and absolute control. But it's so important to recognize that banking is a process, it's not a product. This life insurance policy or system of policies is the tool that's utilized to implement the process. Now I would ask you this question and I'll invite people to participate here in chat.

And this is rhetorical question.

If I was to put the best tool for the job in the hands of someone who was incompetent.

Not only are they going to not turn out any good work with the tool, they're likely going to break the tool. Is that something that you would agree with? Go ahead and type in the chat window. Yes, or no. So if I put the best tool for the job in the hands of someone who's incompetent, not only are they not going to turn out any good work with the tool, they're likely going to break the tool. And so we want to take some time to make sure that you understand what the tool is. But you need a coach. You need someone who can coach you how to use the best tool to get the job done. And at Ascendant.

We are very proud to hold ourselves out there as the very best coaching and mentoring people on how to utilize this tool. Anybody can purchase a dividend paying, participating whole life insurance policy from any one of the hundred thousand plus life licensed advisors out there in Canada.

You can go and purchase a policy or a system of policies from anyone who is life licensed. What I would implore you to do is that if you're going to practice the process of becoming your own banker, the infinite banking concept, you work with an authorized infinite banking practitioner. This is someone who's authorized by the Nelson Nash Institute and who's experienced, who's practicing this process in their own life. I would implore you to do that. Now.

The very first principle that must be understood is that you finance everything that you buy. You either pay interest to someone else or you give up the interest that you could have otherwise earned. That's the very first principle that must be understood. Now let's break down the tool a little bit. Participating means that you become a part owner of the life insurance company and you participate in the profits generated from every product that the life insurance company provides to the marketplace. If you're dealing with a mutual life carrier. Now there are many options in Canada and without, you know, airing a commercial for any one particular life insurance company, there's one mutual life carrier in Canada which is Canada's largest life insurance company, that is mutual. And the difference is mutual means there are no stockholders to share any of the divisible profit with. A demutualized or a publicly traded life insurance company has stockholders that also participate in the divisible surplus generated. Now dividend paying means that every year that the life insurance company declares a dividend, it is contractually guaranteed to be paid. I say that again, contractually guaranteed to be paid to the participating policy owner and it can never be repossessed and it can never lose value. Now some of the things that I hear primarily from colleagues in the industry is that, hey, whoa, wait a second, dividends are not guaranteed. Let me clarify. The only dividend that isn't guaranteed is the one that hasn't been declared yet. The moment that a dividend is declared, which these carriers that we work with have declared them every single year since the inception of dividend paying whole life. And I'll give you a bit of a history lesson. One of the carriers that we work with, the oldest, began issuing participating policies in 1847, began declaring and paying dividends in 1848, and has been declaring and paying those dividends every single year without failing. Now, if you know history, you know that we've had more than 25 recessions in the last century. We had the financial crisis in 08 09, we had the Great Depression. We had so many ups and downs in economies and stock markets. And yet these life insurance companies are all able to declare and pay dividends year after year. It's because it's an engineered outcome. When people put capital into these instruments, it's not an investment. It's a unilateral, binding contract. And the insurance company is 100% on the hook. They take on 100% of the risk to fulfill all of the contractual promises and obligations that they're legally bound to fulfill. And in Canada, I've never been made aware of a single instance where a participating policyholder lost a dime. Now, whole life means that you're insured. There's a death benefit thrown in for good measure. You're insured for your whole life all the way to age 100. And the fastest growing segment of our Canadian population are centurions, people that are going to live to age 100 and beyond. The total cash value of the policy must equal the total death benefit by age 100 of the life that is insured. Now, I don't know about you, but I age every single day. And so every single day that I'm aging, the cash value of all of the policies where I'm the life that is insured is rising daily. And that increase is fully vested with me daily. And it can never be repossessed, it can never be taken away from me. That makes me feel at ease. And it's a very stress free, peaceful financial existence. How would it make you feel if you knew that you had a growing pool of financial value that was increasing every single day, was not subjected to investment risk, was not subjected to market risk or tax risk, and could not be repossessed or taken away from you? How would that make you feel? Please type that in the chat window. I want to hear from you. How would that make you feel?

Secure. Absolutely.

Peaceful? Absolutely.

Yes. That you're in control. Most definitely in control and at peace. That's the most common response. Thank you everyone. Thank you for participating at ease. Absolutely. And so remember what I shared earlier? What was one of the key items that I asked you to write down? Your money must reside somewhere. And so what better place to have money reside than here?

We don't have many financial guarantees left in life anymore. Pensions are going by the wayside. There's obvious doubt about the future. And I want to promise everyone things are going to get better. We're going to be fine. But there's doubt and participating. Life insurance creates a solid foundation long term financial security. Here's how. The cash value is contractually guaranteed to grow daily. It cannot go down. It's liquid. So you can utilize it for any purpose at any time. You're not penalized for accessing capital early like you are in a registered retirement savings plan or a RRIF or a lira. There are tax advantages. Provides a death benefit which instantly creates a tax free estate to help achieve your legacy goals. Now I want to also emphasize that the process of becoming your own banker is a lifestyle. It's not a financial plan. We had a great. I'll just digress for a second. We had a great question from one of our attendees. It's all good, but how do I access that value before I die? That's the beauty of this, is that you don't have to die to win. This growing pool of financial value can be accessed while you're alive and should be accessed while you're alive without interrupting the daily growth of your own capital. And there'll be a tax free windfall that shows up exactly when it's needed the most to take care of your family or to take care of any philanthropic or any charitable objectives that you have. So great question. Thanks for asking.

I want to refer to Nelson Nash's Five Golden Rules. Now remember, R. Nelson Nash is the gentleman that wrote the book titled Becoming youg Own Banker. And if you found yourself thinking at any point during this meeting, hey, this is first of all really good information and something that's really resonating with me and I'd really like to explore it even further. This book is a must add to your library. It's a 92 page read and I always ask folks, you know, it's going to take a little less than an afternoon to read it, but is a little less than an afternoon worth the rest of your lifetime? So make sure that you add this book to your library. You can Go to ascendantfinancial ca. Go to our website, click on the books, order your book. It'll be shipped right to your front door. Okay, so here's Nelson Nash's golden rules. The first one is to think long range. Now what he meant by that is he meant, think three generations past your own, not only for the advantages of becoming your own banker, but think about this for a second. I talked about lost opportunity cost. If you permanently transfer money away from you, you can't earn interest on it again. You can't save it again, you can't spend it again. The lost opportunity cost doesn't only apply to you, it applies to every generation that comes after you. It's permanent. So thinking long range also means to think three generations past your own as it relates to becoming your own banker. Because if you can take wealth that is left behind when you die and that day will come, and you can transfer it to the next generation without sharing any of it with Revenue Canada, how does that make you feel? And the next generation, if they become good stewards and they can transfer it to the next generation without having to share any of the gains with Revenue Canada, that's something to think about, right? Don't be afraid to capitalize. Your money must reside somewhere. And isn't it true that presently all of your money is flowing through the books of someone else's bank? Isn't that true? So why not change the flow of that capital and grow your system to the point where you can accommodate all of your needs through your own system and control the banking function completely as it relates to your needs and to your business needs? Now this doesn't happen overnight. This takes time. But time's gonna pass anyway, isn't it? So you might as well take control of this function. Don't steal the piece. Remember the grocery store example? You want to go out the front door and you. And you also want to leave a little bit of extra money in the cash register so that your business can go and purchase more inventory to satisfy more captive customers. Don't do business with banks. Every single time you borrow money from a bank, you're contributing to inflation. Think about what a chocolate bar and a can of pop and a bag of chips cost when you were knee high to a grasshopper. And think about what that same product costs now. It costs way less to manufacture that product now, but you're paying way more for it now than you did when you were a youngster. It's not because the cost of manufacturing went up. It's because the value of the dollar went down. So don't do business with banks and rethink your thinking. All of you have a bias as it relates to money and where it should reside, whether you think you do or not. So we talked about the arrival syndrome earlier and we talked about having an open mind. Now, there are four characters in the financial play. This is really, really fundamental for everybody to understand. And in fact, I would invite you to write these down. The first character in the financial play is the depositor. So when you have your pay or your investment income or dividend income or whatever that may be, when you have that deposited into someone else's bank, you're the depositor. When you access money from someone else's bank, you're the borrower. And when you pay cash for things, you're also a borrower. You're working with borrowed money even when you pay cash for things, because you're just transferring it away. Now, the banker is the individual who controls access to someone else's pile of money. The bank owner receives a share of that divisible profit from the bank. Now, presently, for the vast majority of you on tonight's meeting, you're only two of the four characters in the financial play. What you're going to become are all four characters when you implement the process of becoming your own banker. The infinite banking concept. Now, there are three keys to this concept. The first is access and control of your money. Now think about that. I'll just give you an analogy. Access and control. If you have contractual access to a growing pool of financial value, does that take away any of your options? Of course not. There's no government restrictions. You've got peace of mind. I meet with people all the time who say, hey, you know what? We paid off our property or our investment property. And I say, that's fantastic, that's great. Congratulations for doing that. But who's got all the money? And so so many of you are sending extra money in principal payments. You want to pay off the mortgage faster. What you're doing is you're essentially saying to the bank, hey, Mr. Banker, don't worry about going to find another borrower. I'm going to give you more money. And you can put that money to work and create more money for the benefit of the bank owners. So your money must reside somewhere. Every time you're doing that, you're increasing the margin of safety for the bank, not for you. So when you think of real estate, you think of location, location, location. I'm going to add to that for you and say, location of the equity. Location of the equity. Location of the equity. I took a 40 year amortization on my principal residence back in April of 08. You could still get 40 year amortizations on your mortgages back then. And I got rid of the Commercial bank in seven years by implementing this process. But I'm still making the very same payment that I would have made to TD Bank. It's just coming back to my aquarium, not to theirs. So I'm in a position of total and absolute control. I got rid of the Commercial Bank 33 years ahead of schedule. I'm still honoring the original loan schedule because I'm an honest banker and that money is flowing back to my family every month, not flowing away from it. And I still control the asset. And so when you compare that against what everyone else is doing, there's a big difference. I have a significant advantage because opportunity tracks me down. Now I'm able to take advantage of opportunity uninterrupted, compounding your money. This eliminates the number one destroyer of your wealth, which is opportunity cost flexibility. So when you access a policy loan from the insurance company, it's an unstructured loan. You're the one that dictates the repayment schedule of the loan, not the insurance company. Now the reason why that happens is because the insurance company itself is guaranteeing the collateral for the loan. That's why they're not asking you for a repayment schedule. Because they know there's no possibility of default. They place a lien on the death benefit of the insurance policy. All of your money remains intact. Your pool of financial value keeps going up every day. And the insurance company lends you money and uses your cash value as collateral. It's brilliant. And you get to take care of all of your financial needs by doing that. I just wanted to briefly share with you. So here's an example. Tim Dawson, he's a senior partner with Myers, Norris Penny, which is one of Canada's largest chartered accounting firms. And he goes on to say, these are his words. He talks about how he really didn't have a knowledge of or understand the truth about dividend paying, participating whole life insurance and the impact that it could have on the medical professionals and business owners that he serves on a daily basis. He spent some time with me. I walked him through the very same training that we're going through here tonight. And he left that meeting about 10ft off the ground saying, this is phenomenal. I really see a very clear and present advantage to clients that I never knew about before. And he was kind enough to share that he would not hesitate to put me in front of anybody. And he's gone on to. Which I'm very grateful for, to introduce me to so many clients, and we've expanded a very wonderful relationship. But this is coming from a chartered accountant who now understands that this is an asset conversation on the balance sheet, not an expense conversation. And so I'm very grateful to Tim and to his partner group at MMP and the relationship that we have with them. The reason I'm sharing this with you is that here's a professional who meets with so many people who don't understand that they could be implementing this process in their lives. And now he's introducing it to them. Now, let's talk about constant compounding. I'm going to use this example, and in this example, I'd like you to really, really think about how this has an impact in your life. So let's think about a penny doubling every day. Now, some of you may have seen this before. This might be repetition to you, and if so, repetitions. Our best teacher. And so let's go through this and let's calculate what. Let's see the impact of a penny doubling every single day. So we see that it's taking time. And right around.

Okay, so let's look at that jump right from day 27 to day 28, and look at the net effect at day 31. So we started with a penny, and 31 days later, we have $10,737,000. And we know that that's not possible, and that's not going to happen. Here's the key teaching point. Inside of my system of policies, I have a growing pool of financial value that cannot be interrupted. Whereas if you were in a position where you said, you know what? I'm going to build up this pile of financial value, and then at day 22, I'm going to withdraw all that money from my account and I'm going to go buy the car, or I'm going to go buy that X ray machine for my dental practice, or I'm going to go set up the operatory that I need. The moment you take the money out of the account, you permanently kill the compounding factor on that money, because the very next day, you put another penny in, it doubles in value every day. And at the end of the 31st day, you don't have more than 10 million. You've got $2.56.

So what you want to achieve financially is you want to achieve uninterrupted compounding. And that's what the tool enables you to achieve, not the process, not the process of becoming your own banker. That's separate. The tool enables you to achieve uninterrupted compounding. And so if you believe that compounding is an effective use of your money, when would you ever want to interrupt it? Go ahead and type in the chat window.

If you believe that uninterrupted compounding is an effective use of your capital, when would you want to interrupt that compounding? Okay. Yes. People are saying never. Never. That's the obvious answer. Absolutely. So by utilizing this tool, you achieve uninterrupted compounding. And by implementing the process, you have all that money flowing back to your family and your business versus flowing away. Ask yourself, how would I feel if I had money flowing back versus flowing away? And if I was achieving uninterrupted compounding, how would I feel? Pretty good. Now the financial sector, right, all the financial pundits and financial entertainers are out there shouting from the rooftops, don't worry, everything's going to be fine. The market's going to come back. Now that may be true, but my question is, on whose timeline?

How could anyone possibly think that the markets are going to correlate with your plans to retire and your plans to expand your real estate investment portfolio and your plans to, you know, take care of whatever it is you need to take care of Financially, it would be completely illogical to believe for a moment that the markets are going to correlate with your plans.

We don't control the markets, the central banks do. And look at the, look at the wonderful job that they're doing.

So remind yourself that your money must reside somewhere. My capital resides inside of these insurance contracts, not investments, contracts that can't lose value. How much of my capital do I want residing there? As much as possible. Because to me, I can still invest. I can still invest in. I own a number of other companies, co own a number of other companies. And those opportunities were made possible because I had a growing pool of financial value that I could use as collateral. I could access money from the insurance company to go and take advantage of the opportunity and never interrupt my growing pool of financial value. It's brilliant. And I get to control the repayment schedule of the money coming back into the insurance company that I co own because remember, it's participating. I'm a part owner of that business that's never failed to produce profit, declares and pays dividends every single year, and is contractually bound to fulfill all of the promises that they made to me. It's brilliant. Your money must reside somewhere. Think of all these government programs. Registered retirement savings plans, registered education savings plans, tax free savings accounts. These are all instruments that were created under the guise of giving you a break. Think about that for a moment. If the government creates a problem, too much tax. And I don't believe there's anyone on tonight's meeting who believes that they're not taxed enough. If the government creates a problem, too much tax. And then turns around and grants you an exception to the problem they created by allowing you to put money into a registered retirement savings plan, which is grossly misclassified, it should be named a registered retirement investment plan.

If the government really wanted to give us a break, all they need to do is cut the taxes. Do you believe that they want to do that? Of course not. And so aren't you just a little bit suspicious that you're being manipulated? And in order for you to participate in investments in stocks and mutual funds and things of that nature, you must hand control of your money over to someone else who thinks they can do better with it than you. And I'm not saying that those instruments are good, bad or indifferent. I'm just telling you the truth. You must control. Hand control of your money over someone else who gains control of your money. It doesn't have to be that way. All of that typical financial advice and planning and all of that stuff that's going on, folks, I'm here to tell you that it just doesn't work.

It doesn't work. You can put yourself in so much better position financially and eliminate those risks that you're presently taking with all your hard earned capital.

The infinite banking concept is all about the utilization of capital and having money flow back to you in a very safe and secure environment. You can use it for anything that you would have otherwise spent your own cash on. Cars, weddings, rentals, college education, houses, investments, gold, silver, bitcoin, crypto, eliminating third party debt, whatever, whatever it is that you choose to do. Now let me ask you a few questions. Let's talk about cars for a second.

Let me ask you this question. How many vehicles have you and your family purchased up to this point in your lifetime? Now I'm talking about leasing, paying cash, or finance. How many? Let's see. Okay, six. What else? Let's get a few more.

Four. So that's 10. Three. That's 13. One. That's 14. Keep going. Four. That's 15.

Nine. So that's 24.

Seven. So 31, 36. Okay, I'll stop at 45. All right, so think about it from this perspective. If the average value of that vehicle purchase was 25,000 bucks, so what does that equate to? I'm just going to grab my.

25 grand multiplied by 45, so that's 1,125,000. How much of the money do you have from all those vehicles that you least purchased or leased, financed or paid cash for? How much of the money do you have? None of it. It's been permanently transferred away. Now ask yourself, how many more vehicles are you going to require or purchase for the rest of your lifetime? People are going to spend more money financing cars throughout their lifetime than they will ever save for retirement. Now I'm going to walk you through this client example real quick. So this is a 32 year old male and back in 2008, this, this individual resigned a senior role at a technology company, started a new business in January of that same year. Had a firstborn on the way. Had over $100,000 in consumer debt. Just signed a 40 year mortgage for 427 grand. Had money in RRSP stocks and investment real estate. Owned 13 properties at that time. Discovered becoming your own banker in July of that same year. Fast forward to 2015. Fully divested of all real estate and registered retirement savings plans. 40 year mortgage fully recaptured. Eliminated the bank 7 years. No consumer debt, no reliance on a commercial bank, no financial stress or worry. 2018 used the family banking system as a source of a down payment on a 2.2 million dollar dream home. That person is me.

Who I'm describing to you as me. Now I want to walk through this vehicle purchasing example real quick and I want to share this with you. Now I don't want you to limit yourself to just thinking about a car. I want you to think about anything that you would otherwise be investing in or purchasing, whether it's real estate, whether it's maybe business equipment, anything, farming equipment, whatever that is. I just want you to think about the process, not, not what I'm buying here, but the process that I'm using to purchase it. Now I had options back in September of 2017. I could have paid cash for the vehicle, I could have leased it or I could have financed it. Now what I chose to do was to implement the process of becoming your own banker for this transaction. And I took out a policy loan for $55,000 from the insurance company. Now the insurance company, all they asked me was would you like us to electronically deposit the money in your account, or can we confirm a mailing address and send you a check?

I didn't have to jump through any credit check hoops. I didn't have to speak to some fat cat nosy banker who wants me to go through a lengthy nosy credit application. I didn't have to worry about who was going to dictate the repayment schedule of the money that was borrowed. The insurance company placed a lien on the death benefit of the insurance policy. All of my money, my pool of financial value inside of that policy continued to grow uninterrupted, and it's still growing uninterrupted to this day. The moment that I purchased a vehicle, I own it free and clear because I use the insurance company's money to buy it, not mine.

Every single day that I'm driving the car, my pool of financial value is going up.

I asked the salesman at the car dealership, I said, hey, if I was to finance this thing for five years, what would my repayment schedule have been? So he calculated it for me and I decided to repay my policy loan in five years. And it was me who decided that. And at any point during this five year window, if I decide to take a payment holiday, so if I was in a real cash crunch like many people are in right now, I can take a payment holiday. Nobody from the insurance company is going to call me and say, hey, how come you're not sending a payment in every month? They don't care because the lien is on the death benefit and the insurance company itself guarantees the collateral, which is the cash value for the loan. So they don't require a repayment schedule from me. I'm the one that determines that every payment that I'm making is a deposit back into my own system. I say that again. Every payment that I'm making is a deposit back into my own system. I get to re access everything I put back in. Whereas if I would have financed it, I can't call the car finance company and say, hey, you know, the last six months of payments that I made, can you send those back to me? I need to reuse the money. Of course, I wouldn't be able to do that.

So the teaching moment here is that you have options. If you're practicing the process of becoming your own banker, you have one additional option that's not available to anyone who isn't practicing the process. And that puts you at a significant, significant financial advantage. Now, I want to show you something real quick. I'm Just going to pull this up on the screen here. I'm just using. I'm showing you the real numbers here from this particular policy that I used to purchase the vehicle. And now this policy as of these figures were as of March 3rd of this year. Now I want to show you something and I want to get everybody's participation here. I deposit 20,000 a year into this policy. And the starting death benefit back in October of 2012 was 721,000. The total cash value at the end of the first year was just above 17,000.

Now, up to this point, I put 160,000 into this policy. I have 152,000. That's my pool of financial value. And that pool of value is growing every single day. I have a loan amount available which is higher today than it was on March 3rd of 136,867. I've paid up additions in the policy which has paid up death benefit of another 306,000. So now my death benefit is 1,027,000. Received dividends totaling $40,226 since the inception of this policy because I am a co owner of the insurance company that I have this contract with. Now, just this year, my cash value is growing by $64.79 a day. Now I want you to think about this for a moment. I deposited $20,000 of premium this year. My cash value is growing by $64.79 a day. So this year my cash value is going to grow 23,648. Now ask yourself this question, knowing that your money must reside somewhere. If I deposited that $20,000 with a commercial bank, how much interest would the bank have to pay me in order for my value to be 23,648 a year later? Let's do that math. Let's take the 3648 and.

Divide that into the 20,000.

Bank would have to pay me 18% interest.

Now you must be asking yourself, how on earth is this possible?

Here is the analogy. What I'd like you to think of is I'd like you to think of taking a pot of water down to seaside. So I want you to be at sea level, right at seaside. And I want you to put that pot of water onto a fire pit.

Now, as that water is heating up, when that water gets to 210 degrees Fahrenheit, all that you have is a really hot pot of water. But the moment that that temperature reaches 212 degrees Fahrenheit, you have live steam. And live steam changed everything in our world and the economy. The industrial revolution. So what I've produced in this policy by paying my premium every year. Right. Your money must reside somewhere from 2012 to now. So my policy was heating up, if you will. And now I'm at a point where I'm producing live steam. There's no turning back. So when you think about this like a checking account, If I deposit 20,000 into a checking account and I have 23,648 a year later, when would I ever stop depositing 20,000 into that account? So I'd like to ask all of you this question.

Because I have 136,000 in loan amount available. That's just from one policy. I'd like for you to give me a loan amount. Tell me how much capital you want me to borrow. Tell me what you want me to borrow it for. So what are some things that I could use a policy loan for, and how much do you want me to borrow? Go ahead and type that into chat. Now, obviously I can only choose one, so let's capture a few and let me see which one I pick.

Okay, I've got 500,000 for a house. Now, I only have access to 136,000, Jacob. So I can't borrow 500,000. 420,000 for a mortgage. Again, I only have access to 136. I can only borrow what I can offer as collateral.

Okay, dental office upgrade. So how much would that be? Alex, how much would a dental office upgrade be?

Okay, I'm seeing 100,000, 40,000. Okay, so let's choose 100,000.

Okay, I'm going to input that.

And I want you to see this. What's transpired here.

The amount of simple interest that accrues on that policy loan. Now, this is the amount of simple interest that the insurance company accrues on that loan balance on a daily basis. Now, if you understand simple interest, you'll understand that simple interest compounds one time per year. So If I have $18.63 of simple interest on this policy loan balance, I ask you again, how much is my cash value growing on a daily basis, and what is the simple interest on the policy loan?

I can, without seeing any of you, I can see light bulbs going on right now. So I have an ever increasing pool of financial value. When I took out the policy loan for 100,000, my entire 152,000 is still growing on a daily basis by $64.79, and it's growing uninterrupted what the insurance company did is they placed a lien on the million dollar death benefit for the hundred thousand that I borrowed. Now, presuming if I'd made no policy loan repayments, I need to understand that I'm stealing the peas. So I don't want to do that. I want to make sure that when I access a policy loan, I already have a plan to put more cans of peas back on the shelf so I can sell more cans of peas to more captive customers. In other words, the insurance company uses money and the money comes back into the money pool. And the insurance company can lend that capital out to more captive borrowers. They can put that money to work for the benefit of everyone who co owns the company. Now I repay my policy loans at 10%.

Now you might be thinking to yourself this guy needs to visit a psychiatrist or he's got something going on. Why on earth would he repay a loan at 10% when he can borrow the money from TD bank at 3.5%?

I want to say to you, please understand what I'm about to share. When I put more capital back into my grocery store, I get to purchase more inventory to sell to more captive customers. When I put more capital into someone else's grocery store, they get to purchase more inventory to sell more to their captive customers, not mine. This is not about the rate. This is about the process of who's getting the money. This is about the process of who's getting the money, not the rate. Remember, it's all about volume, not rate. So when I repay my policy loans at 10%, I'm increasing the volume of money going back in so that the insurance company can multiply it for my benefit and everyone else who co owns the business with me. Now you might be thinking why would I want to benefit anyone else? This is all about me, not anyone else. Well, let me ask you this question. Would you have much of a grocery store business if you were the only person who shopped there? The answer is no. You must build this to the point where your needs are met, but to the point where you can help other people prosper as well. Now God forbid if I use that hundred thousand to purchase a piece of property as a real estate investment and God forbid I passed away, not only does my family own the investment free and clear that we use the money to buy, but all the money that I use to pay for it comes back to the family plus more and there's no income tax triggered. So the only loser here is the government. I Want to keep money in the family? I don't want money leaving the family. Now, what are some other things I just want to ask in the chat window, what are some other things that I could use policy loans for?

Go ahead and type it in. Okay. Yes. Paying off debt. What else? What else? Can we use policy loans for renos? Absolutely. Thank you.

Think about what's happening right now. If you're a real estate investor, you might be worried about tenants who want flexible payment options now. You might be worried about vacancy, you might be worried about property damage, you might be worried about all those things. If you have ready access to a growing pool of financial value, you don't have to worry about those things anymore. Okay.

What else? Okay. Farm input costs. You bet. For all our farmers who are on the line tonight, ask yourself this question. When you produce revenue from your farming operation, who gets paid first? It's the banks. So you can, as my great friend and colleague, Mary Jo Erman, she wrote a great book titled Farming without the Bank. If you want a copy of that, message me. She says that you can farm without the banks. You can take control. And this is what she's talking about. And we work with so many farmers. We love you. We appreciate all the hard work that you, you do to help us put food on our table. Thank you. Yeah, subsidized rent, payments, equipment, all those things. How's the insurance company making money? Thank you, Bill, that is an awesome question. The insurance company, much like any other deposit taking institution, we talked earlier about motion being a natural law. So if money isn't in motion, what happens? The system dies. No different than if blood doesn't circulate through your body, you die. So the insurance company puts capital to work, but not where you might think. They're not putting capital to work in risky speculative places. They're putting money to work primarily in guaranteed fixed income. And it's right up there with watching paint dry. Now the reason they're doing that is because they're chasing stability. They're not chasing the next 90 days, the next quarter, quarter on Wall street or Bay Street. They're dealing in theoretical 100 year lifespans. And so they need to make sure that they're putting capital to work inside of instruments that are going to produce guaranteed fixed income. Now they do get involved, they get involved in commercial real estate projects and things of that nature. They absolutely do that. But if you go to borrow money to purchase a property and you need to put down into commercial real estate, you know, situation where you can only get 60% loan to value, you're really balancing the risk there. And in addition to that, they lend capital to you and me, to participating policyholders. And in fact, it's one of the best invested assets they can have because they know that there's no risk of a borrower defaulting. And so that's how insurance carriers primarily make money. And in addition to that, you might have heard of an instrument called term insurance. So term insurance is a form of life insurance that you're renting from the insurance company so you don't accumulate any equity. You're not a participating policy owner. You're just renting a benefit. And you're betting that you're going to die early because the only way for you to benefit or to beat the insurance company is to die. Less than 2% of those term insurance policies ever pay out a death benefit. So that produces an enormous cash flow for the insurance company. And the insurance company must put capital to work. And when they put it to work and they produce profit, that profit is distributed to the participating policyholders, not to the term insurance policyholders. And so variety of ways that they make money. Since the inception of these participating policies, I shared with you earlier, these life carriers have been making a lot of money and they distribute that profit in the form of dividends to their policyholders. Now I walk through how I'm in control of the repayment schedule. I walk through all of the advantages of purchasing my vehicle this way. And I always ask folks, was there anything stupid about me buying a car this way? I would ask you to ask yourself whatever your financial objective is, is there anything stupid about me buying farm equipment that way? Is there anything stupid about me buying real estate property that way? Is there anything stupid about me renovating my dental practice this way? The answer is no, because you're in a position of total and absolute control. Now, before we dive into what we call the preferred retirement solution, I just want to ask folks, yeah, thank you. I was just diving into that. Jeff, you must been reading my mind. The question was, where does the dividend go? Well, there's five different things that you can do with the dividend. We only recommend that you do one. That's to chunk the dividend right back into the policy to purchase more fully paid up death benefit. Because remember, the cash value of the policy must grow to match the total death benefit by age 100. So if we can continually increase the death benefit for no additional capital outlay, we're in a really good position and we have a contractual guarantee Backing up that good position. Great question, Jeff. Okay, now, preferred retirement solution.

Preferred retirement. I don't like the word retirement. It's a word that's not in my own vocabulary. But I have to speak in a vernacular that people understand. And I would prefer to use the words passive income. Now, I already talked about.

RRSPs money inside of RRSPs. It's infested with taxes. So let's look at John Doe's objective here. Now, John Doe is 45 years young. He's a non smoker, he owns a business. He wants to retire between age 65 and 70. He's not quite sure yet. He wants to have a minimum of $30,000 of net spendable money to supplement his other sources of retirement income. And he wants to continue that until at least age 90. He wants to leave a legacy behind to his heirs and he wants to use the equivalent that he could have contributed to his RRSP because this year the maximum Contribution limit is 27,230 and change. And so he decides that he wants to put that into his policy.

Now he's worried. He's worried about spending existing RSP accounts because he wants to leave more money behind to his family. He's concerned about the massive tax bill that he had to deal with when his own parents passed away. Here's something that you all need to know.

In Canada we have what's called a deemed disposition rule. And what that means is that when you die, not if, but when you die, you are deemed to have disposed of all of your capital property at fair market value. At the moment of your death, someone in your family is going to have to file a terminal tax return. And if any of that deemed disposition rule impacts you by way of a terminal tax bill.

Someone'S got to pay the bill. Where's the money going to come from? I'll give you an example. Husband passes away. He's deemed to have disposed of all of his capital property at fair market value at the moment of his death. Any of his existing RRSP accounts if he actually named his spouse as a beneficiary. So that's one takeaway from tonight. Double check your beneficiary designations. You'll thank me for it. The account rolls over tax deferred to his spouse. His spouse says, I don't want to spend too much because I want to leave behind a lot of money to the kids and the grandkids.

The surviving spouse dies. So the wife passes away. She has a million dollars in a registered retirement savings account the moment she Passes away, she's deemed to have disposed of that capital property at fair market value. At the moment of her death, the entire RRSP account balance is added as income to her final tax return. So more than a half million is going to go to the government. Not only are the kids or the grandkids going to have a coronary, but they're going to be questioning why didn't anybody tell us?

John Doe had that same worry and we told him the worst accounts to leave behind as an as an inheritance are taxable accounts. So let's leave behind tax free money. Now the number one rule of retirement is don't lose money in retirement. The number two rule in retirement is to go back and refer to rule number one isn't that good.

So John needs to manage his accumulation on the way in and he needs to manage his taxes on the way out. So let's do this.

Make sure first of all that you have a will, that you have power of attorney, that you have medical directives in place, and make sure that if you have money that are in forever taxed accounts, that you look at moving that capital into a never taxed account, if you structure this properly, there's ways to do it. Remember what I told you about the tool. If you put the tool, the best tool for the job, in the hands of someone who's incompetent, not only are they not going to turn out any good work with the tool, they're going to break the tool. So there's ways to utilize this tool where you can trigger a taxable event. So if you don't want to do that, you got to work with a good coach who knows how to use the tool properly and who's going to coach you on how to do that properly. Okay, now here we go. He puts capital inside of a dividend paying, participating, whole life policy. He has a starting death benefit of $439,025. So let's do just a quick calculation here. Let me pull up my calculator. If I take $439,025, that's the starting death benefit. If I take the premium that he deposited and divide that into the starting death benefit.

We'Re paying 6.2 pennies for every dollar of tax free death benefit. That's a pretty good deal. If I say, listen, I'm going to give you a dollar, you need to give me 6.2 pennies. How many dollars are you going to buy from me? As many as you can. Now the cash value that's been Piled up at the end of that first year is 20,794. And the death benefit rose to 491,000 in that first year. Let's fast forward to age 65. He's put $544,600 in.

He's got cash value of $815,303 and a death benefit of $1,605,000,000. And let me ask you this question. Is it easier to save $544,000 inside of the policy or is it easier to accumulate 815,000 inside of a mutual fund?

Which one do you think is easier to do?

And this policy has all the contractual guarantees that I explained to you earlier. Now, the premium that he's putting in is flexible. He doesn't have to put $27,230 in each year. He can put in as little as 11,956. That's by virtue of the way that the policy is engineered and designed. You got to work with a good coach, somebody who knows what they're doing and how to design these properly. If he puts less in, he gets less money out. It's that simple. No more deposits after age 65. He gets to collaterally assign this policy and use money, withdrawing it on a tax free basis starting from age 66 to age 90. He gets 25 years of tax free income of 32,624, for a total of 815,000. He passes away at age 91. There's an additional 553,000 tax free to the next generation, which is more than he ever put in. So we call that replenishing the asset, bringing the money back to the family. There's no investment risk here, there's no tax risk here. Tax rates could go up to 80%. Doesn't impact him. There's no stock market manipulation and there's certainly no government intervention. Now here's what's interesting. The way that he achieved this is he collaterally assigned the policy with a commercial bank. So when he was in passive income mode or retirement mode, he wasn't accessing policy loans from the insurance company. He collaterally assigned this policy with a commercial bank. The commercial bank said, listen, we're going to lend you a minimum of 90%. I say that again, we're going to lend you a minimum of 90% of the ever increasing pool of financial value in this policy. And we don't expect any repayment until you die. So at the time of death, the insurance company writes two checks. They write one Check payable to the commercial bank and one check payable to the named beneficiary of the insurance policy, all tax free. Now let's contrast that. If he had accumulated money in an RRSP, he begins drawing down on that asset. COVID 19 comes along. The asset base gets reduced in value dramatically. Now he's stressed and worried. And what's one of the greatest contributing factors to medical maladies in human beings? Stress. Whereas John here, he doesn't have to worry about that because he knows that his pool of financial value is rising every day. Not going down.

Now I'm not going to spend much time on these graphs here. This is more so just for us in outlining what's happening with the asset base and how it's continually growing. But here's what's interesting.

Total in 544,000. Total out 815,000. He leaves behind 553,000 to the next generation. The question is, does having money safe and available when you need it take away any of your options? That's a question that I would ask for all of you. Does having money safe and available when you need it take away any of your options?

Now, if he decides to retire later at age 70, the results just get better. I want to share something with you because this is also all about creating the family banking system. So let's think about this for a moment.

We have family. We have generations that are going to.

Come after us. We have spouses that we're going to leave behind. We have mortgage payments, car payments, business equipment, investments, all sorts of things going on in the family.

How can we keep that money coming back to the family?

Let me show you. Here's a picture of my family. Now you can see the T shirts we're wearing that read annual family banking Meeting. Now I want to share with you the 46 policies that are in our family banking system.

Most everyone except two of the lives that are insured are in this photograph. Now when you hear about investing, you hear people talk about you have to diversify. Well, I'm diversified in lives that are insured.

Everyone in our family is going to die someday. I know that death will come. And when death happens, a financial windfall comes back to the family and we keep the money in the family. Now we have an annual family banking meeting once a year. This was on the Royal Caribbean Harmony of the Seas cruise ship where my sister in law Jen and her fiance Kris got married. And during that same trip we hosted a family banking meeting. All of the children were involved in the Family banking meeting. Here's my oldest son, Jackson. He was given kudos at the meeting. He's 11 and he had finished repaying another policy loan. He's 11 now. In the family we're talking about, you know, when you're growing up, you may have heard this too and your parents or your grandparents say someday you're going to start your own family. Someday you're going to move, you're going to have your own bills, you're going to have your own financial responsibility.

That we've been taught to be divisive. What we, the language we use in our family is I want all of the mortgages, car loans, investment payments, I want all that money coming back to the family, not flowing away from the family. You can have that too. And just envision.

What we've done here. Our family gets together and we talk about how to keep the money in the family that helps everyone. And so what we also do is we let family know. If you don't have all the money you need to achieve the financial objective that you're looking for, access the capital from the family banking system and everything that you put back in, we're going to grant you re access to and that creates a very peaceful, stress free financial existence. And so I want to, I just want to leave you with this and I'll talk to you a little bit about obviously our process now if you're tired of all that stress and that pressure and you want control, security, you want peace of mind, you want that safety, creating this system in your family and your business is going to represent a significant, significant advantage for you. And what I want to ask all of you, I just want to ask you for a favor. If all this process did was keep more money in your family or business, would it be worth it? Go ahead and type in the chat window. If it provided you with financial peace of mind, would it be worth it? If you could create real financial change and raise your life to new incredible levels, would it be worth it? And you've got two choices. In tonight's meeting, you have the privilege of doing nothing at all. As long as you leave happy, that's okay. Second option is you can take action. You can create real financial change in your life and the lives of that you care about. And I had to discover, as I shared with you in my story earlier, I had to discover my path the hard way. And it doesn't have to be that way for you. And so my question is to all of you, are you ready for a financial change? Please Go ahead and type in the chat window. Let me know if you're ready for a financial change.

Awesome. Well, I want to share with you a little bit about Ascendant Financial and that, you know, being a team of professionals, you know, you were likely invited here tonight by one of our amazing advisors on our team. And, you know, we're sought after really nationwide to serve families and households and established business owners. And in addition to the team that we have in house, we're backed by associations with expert accounting and legal professionals. I'll just. Let me just do this real quick. I just want to bring up many of our team members, if not all of them are on the call here tonight as well. And so I just want to share with you. Here is our awesome team.

They bring joy to my heart every single day, and they are the very best at what they do. And so whomever invited you to be with us tonight, you are in good hands. That I can assure you. And I'll just get back to my how I want to end things here for everybody tonight. Our mission is to financially empower households and business owners who value total control over their money. And we begin by first looking at a person's objectives. We get real clear on what you want to achieve financially, how much capital it's going to take to achieve it, what the timeframes are to get it done, how this process of becoming your own banker can be an advantage to you and to your family. We work in measuring progress. We meet with our clients once every six months. We're coaching and mentoring you along the way. And we just. We love what we do. We help you take action on spending your life living. And we provide our very best recommendations to you, making sure that we're fulfilling our duty of care to really honor your best interests and to make sure that your objectives are planned and mapped out and that you have a real solid path to get there. And we're committed to a lifelong personal relationship with you. This is not transactional for us. We're here with you. We're here to educate you and coach you. We care about achieving your objectives as much as you do. We serve families. We serve established professional business owners through their entire life journey through the growth phase, the transition phase, the maturity phase. Let's start a personal conversation. We need to get a deeper understanding of where you are in your current financial life cycle. What are your primary financial objectives? What are you worried about? We know today what people are fearing and what they're concerned with. We want to hear from you what Financial resources do you currently possess? Understanding where is your money currently residing, where is it accumulating? How much of that money is at risk and how much of it do you want to shield from risk? We do an initial consultation which we're going to invite you to do. There's no costs associated with that, it's included with your experience. We present our findings and our recommendation. We provide you with our good guidance. If we establish that basis to work together and we implement, then we do a 30 day follow up just to ensure that your plan is in process and that it's already progressing. We do a six month meeting to make sure that your objectives are on track and that we're accommodating for your. Obviously life happens and changes and we're there to help you and to be accommodating to that. And we complete an annual review which we also call a dividend party which we like to have with our clients each year. And our areas of focus are very clear. Becoming your own banker, growing dependable wealth, retiring by design, minimizing tax and creating a significantly larger estate. We have an amazing four point team. We have an advisory team that gives recommendations, attends all the meetings, provides coaching and mentoring. We have a client service team that ensures all those requests are met, taken care of, with a mission of great service every day, in every way. We have a strategic team of accounting and legal professionals that are there to provide their expert guidance at every step of the way. And we have an admin team that ensures all your needs are met. So the first step on a path to achieving your objectives is scheduling your first meeting with our team. You're going to get an automated email that's going to give you a link, a scheduling link to meet with the advisor who invited you to be with us tonight. And I would encourage you, you've got some time, don't procrastinate. Schedule a time. Let's see if we can establish a basis to serve you. And let's see how this process can be an advantage to you and to your family as you continue to work through your journey. Take action. Your first meeting is on us. Schedule that first meeting and let's get things started. And.

I just wanted to leave you with this. I just captured some notes that I just wanted to leave all of you with. Now what's interesting.

Is when I was 24.

I packed all of my belongings into my Chevy Beretta. If any of you remember what a Chevy Beretta was and I was ready to make a three day drive, all the Way from Timmins, Ontario to Edmonton, Alberta. And I was standing in the foyer of my dad's house and my dad wrapped me in a big bear hug and he said, son, I'm proud of you and please drive careful and don't get any speeding tickets along the way and make sure that you call me when you get to Edmonton. And I got pulled over by the RCMP right outside of Winnipeg and I got a speeding ticket and I knew that I was going to have to apologize to my dad for that. But I made it to Edmonton and I didn't call home. I got straight to work and three weeks later I was sitting down, I was having dinner with my team at that time and I excused myself from the table and I made a phone call home and my stepmom Beverly answered the phone and I said, hey, is dad there? And she said, he's in the bathroom right now, do you want to wait? And I said, no, I don't have a half an hour. Can you please let him know that I apologize for not calling sooner. Things are going great and we're going to catch up as soon as possible. And the very next morning I was paged to pick up an urgent phone call. It was my stepmom Beverly, and she had informed me that my dad passed away suddenly and unexpectedly and I was devastated. And I know that it's human nature to procrastinate and you know, we all think that there's always going to be time, but what I learned is that you can't wait. When my dad passed away unexpectedly, I felt lost and I truly felt full of regret and honestly felt like I let him down. Since then, I've dedicated my life to helping people just like you to live a fulfilling life. Now so that you don't have a life of regrets. You deserve a life of no regret. You deserve to be in control of your financial future. You deserve a lifetime of abundance. So join me and let's get you the life that you deserve. I want to thank all of you for spending your time here with us this evening. We all know that you could have been doing several other things with your time. Thank you for spending it with us. And we committed to ending the meeting tonight at 8 o'. Clock. And so it's 7:57. And so respecting the use of your time, we're going to stay on, we're going to answer any questions that come up for you. And so please feel free. If you want to type into the chat window, just go ahead and do that. We'll be the last ones to log off. And I can't thank you enough again for committing your time to being here with us this evening. I'm getting a lot of thank yous. Thank you so much to all of you. You fill my heart with joy, and this is what I love to do, in case you couldn't tell. And I'm surrounded by an amazing team. And so whomever the advisor is that you're going to schedule time with, you're going to be in great hands, I promise you. And if it's me, I'll be happy to serve you as well. I can't wait.

All right. Okay. Yeah. People are saying, hey, this was well worth it.

Some folks who.

Oh, thank you. Very well spoken. Thank you.

Awesome. Yep, 49 people still on. This is great. Any questions that you have, go ahead, type them in. Type them in.

If you have to hop off, we understand. No worries. Yep.

Oh, thank you, Karissa. That's. Thank you.

So many compliments. Wow.

I'm humbled. Thank you.

No, you're not too old to start. So that's a really, really good question.

You're not too old to start. If you are, if you still require the use of money, which you will for the rest of your lifetime, you need to investigate this process further. From David. I'm in Vancouver. I do not have an advisor. I came through you. How do I proceed? You'll get basically an automated email from whomever invited you to be on tonight's meeting, and you're going to have a scheduling link to create a time to meet with that person.

If the dividends collected annually go toward the purchasing more death benefit, can we add more from our own pockets to increase the value even more? The answer is yes. Will there be a replay? The answer is yes. I recorded tonight's meeting. What if you're not 32? That's a great question. Regardless of your age, if you require the use of money, this is a process that you need to investigate. What happens if you cannot make contributions one year? That is an awesome question. There's a myriad of flexible options to make sure that you can keep the policy in force. We adjust the premium. We can adjust the death benefit. We can do a combination of both. There's a myriad of options there to keep the policy going if you're unable to contribute in any given year.

What happens if COVID 19 becomes like the Spanish flu? Will insurance companies fail? The answer is no. So you may recall earlier when I was sharing with you, so the light carriers that we work with, the oldest began issuing policies in 1847, long before the Spanish flu. Another carrier that we work with began issuing policies in 1871, and these carriers have been declaring paying dividends every single year since 1848 and 1876, respectively. And another carrier that we work with began operating in 1920, began issuing policies right in the midst of the Great Depression in 1936, and has been declaring and paying dividends every single year since. And so I'm not worried about the insurance companies failing, not one bit. They are the most financially solvent institutions on the planet, bar none.

Does having health changes cause difficulty in setting this up? No, because you don't have to be the life that is insured. So you can be the policy owner, and you can insure someone else's life that you have a beneficial interest in. So that can be a spouse, it can be a parent, it can be a child, a grandchild, a business partner, a niece, a nephew, a joint venture partner if you're in real estate. So, no, it does not cause difficulty in setting it up. Great question. How long does it take to get a policy in action? Christine, that's an awesome question. And by the way, Christine, you're awesome. I just repeated myself. I sound like a broken record, but you really are awesome. How long does it take to get a policy in action? It takes about four weeks or so to go through the underwriting process on average. And so we like to say a little less than a month.

Contributions to RRSP is tax deductible. Is this tax deductible? The answer is no. Now, you have to remember. So this is such a common, common thing. Remember, everything begins with the way that we think.

Let me give you an example. My personal income tax bill is going to be to the tune of about $180,000. Last year, my accountant said, maximize your. You have contribution room left in your RRSP. Just go ahead and put 150,000 or so in that RRSP. I said, well, how much of a tax break is it going to give me? He said, oh, about half. So I said, okay, let me. Let me understand what you're. What you're suggesting that I do for a second. You want me to hand control of 150,000 of my money and permanently give up the opportunity to earn interest on it for the rest of my lifetime so I can get a tax break on half of it, Create an account that's going to be infested with taxes right from day one? Makes no sense to me.

In what situations can an insurance company refuse payment of A death benefit? That is a really good question. The insurance company has what's called a two year window of contestability. And if a person commits suicide within the first two years of being life insured, the insurance company will not pay the death benefit. They will return the premium that was paid to the named beneficiary.

If a person commits fraud. So, you know, you go to the doctor and the doctor says, hey, I think we're dealing with a cancer situation here potentially. I need you to go and get tested. And the very next afternoon you go out and apply for life insurance and you say, no, I've never been, you know, asked to go and get tested or that's never happened. And two months later you die. And the insurance company wonders, why did you die? And they ask your doctor for an attending physician statement. And the doctor says, I recommended that my patient go and get tested for cancer and they didn't do it, then that would be fraud. You materially misrepresented yourself. So those would be two situations where the insurance company refuses the payment of a death claim. The insurance company is always looking for every reason to pay it. And beyond the two year window of contestability, you could take a flying leap off the CN Tower at lunch hour in front of everybody and the insurance company is going to pay that death benefit. Great question. And by the way, don't take a flying leap off the CN Tower. Nobody wants you to do that.

Seems like the goal is to get the dividends to cover the annual contributions. Basic. At least. How long typically does that take? We'd have to run that scenario for you. Every policy design is unique. It's kind of like a fingerprint.

How difficult is the process to change over a term policy in current RRSPs? If your term policy has a guaranteed conversion privilege, you'll be okay. We would have to meet with you and expand on that current rsps. The first thing we would want to do is speak to your accountant and determine what the best way would be to do what's called a strategic meltdown. Those RRSPs so that we don't make an already bad tax situation even worse. We want to gradually shift that capital over. Can an existing whole life policy be transferred? It can be transferred in ownership.

I have existing policies. Can they be included? We would love to have a look at your existing policies and if they're suited for the process of becoming your own banker, we'll let you know that. And if they're not, we'll also let you know. But yeah, we always love to look at existing policies.

Okay, since you're recording, you can skip this one if you want. If a beneficiary is implicated in your death, does it go to the secondary beneficiaries? Wow, thank you for asking such a really interesting question. If that were the case and it became a criminal matter, then I would imagine that there would be some intervention there, you know, to.

Postpone the payment of the death benefit. I'm not an attorney at law and so I cannot, you know, speak to that. I suppose it'd be dependent on the case, but that is a really good question.

Can you explain how your family system works? 46 policies is quick bit. Not sure what that means. How many family members are included in this system? So I showed a photograph earlier of all my family members that are included in the system. But I'll give you an example. So we have four children, my wife Rebecca and I, three daughters, two of which are twins and our oldest son. Each one of our children have five policies on their own lives already. The remainder are on my father in law, my sister, my sister in law, my nephews, my niece, my own assistant here at Ascendant Financial, my amazing right hand man, one of my key teammates here in the company, so on and so forth. So it's a variety of lives that are insured. If yours is not the life insured and you are the owner, what happens when you retire or you die? So when you retire, you continue to use the policy the way that I described it in the John Doe example, when you pass away, you would have already named a contingent or a backup owner who's going to take over ownership of the policy at that point?

What's the maximum ratio between death benefit premium and paid up additions when trying to set up an IBC with the lowest death benefit but the highest cash value? That's a great question. And again, it's like a fingerprint. Every policy is unique because it has to be engineered to achieve the financial objectives that are yours. So there's no cookie cutter approach to this. I've seen so many podcasts and YouTube videos and all this stuff out there that says if you don't set up a policy this way, you're not, you're not practicing IBC properly. That's just a bunch of nonsense that's coming from a place where the person hasn't taken the time to really understand the person that they're getting into business with. You need to make sure that the policy is engineered to achieve financial objectives that are well defined, that require capital and time and so you want to build the policy or the system of policies that's best suited to achieve that. So thank you for asking, but we'd love to meet with you and understand what your objectives are and what the best scenario is.

In your example, how do you use the infinite banking system to pay down or pay off a mortgage when it isn't capitalized enough that you aren't just buying the property from the cash value of the policy? That's a great question. In my own circumstance, we were taking policies every year, policy loans. Pardon me, we were accessing maximum loan amounts available every year, using that to pay down the principal balance of the mortgage. Every payment that we were still making to the lender was reducing the balance even quicker because more of the payment was going toward principal and less of the payment was going toward interest. And when we got rid of the commercial bank, we had a policy loan balance of about 220 plus thousand. We continued to make the very same payment that we were otherwise making to someone else and getting it back into our own system. In hindsight, I would have done it differently. I would have waited until I accumulated enough capital, like maybe at the fifth year when my mortgage came up to be recast when the term was to be renewed and take out a single lump sum at that time. So I would do it differently today than I did my first go around. But I'm doing all right. I own the asset free and clear. Now we own and live in a different property now, that initial property we've rented out. So I'm creating all that passive income that's flowing every month and I'm still making a payment back to our own system. So I control the asset, I control who's getting the money. And God forbid if anything happened to me, I'm not leaving behind any indebtedness to my family. My death benefit is wiping out of the loan balance and I've got a tax free windfall that comes back. And my family will never have a bad financial day for the rest of their lifetime.

Awesome question. We still have 41 people hanging around. Hey, give me a thumbs up. Give me a Heck yeah. If you're still on in the chat window, let me know that you're here, that you're hanging out with us. You're getting some value, learning something new. All right, cool. Yes, I love it. Okay, I can see.

Hey, Karissa, if you can go ahead and type your question in to the chat window, I see that you're raising your hand. If you can just go in and type Your question in and I can share that for the benefit of everyone who's still on with us. Okay. We've dropped down to 38 people. Some folks are getting tired.

Okay. All right, here's what we're gonna do. It's 11 minutes after 8. We're gonna hang on here for another minute or so, see if any more awesome questions come on to chat. And then I'm gonna go ahead and give her. Oh, thank you, Krista. She was waving. Well, here, let me wave right back at you. That's awesome. How is 10. How add 10% to the policy? So when I said earlier that I repay my policy loans at 10%, I'm producing volume. I'm putting more money back into the insurance company at a higher rate of speed. I'm just paying off the policy loan quicker. And when I get to the end where the loan balance is extinguished with the insurance company, but I still have a few payments left to make. I just store those payments in any One of my 46 policies that'll hold it. So all the money is flowing back to my system. Yeah. Karissa. Yes.

All right. Thank you so much, everybody. You bring joy to my heart.

And looking forward to hearing from someone. So, to the person who typed that, you're going to get an email that's going to have a scheduling link. So make sure that you click on that link tonight and book that time with the advisor who invited you to be here this evening.

Oh, here. Okay. One more great question. How does it balance out with the fees or paying mortgages back early? Let me give you a great example. It got to a point where I went to the bank and I said, hey, I've got a check for 40,000. I need to buy down the principal balance of my mortgage. And the bank said, do you realize that we're going to have to charge you a three month interest penalty and that's going to be $938? I said, well, how many years does it shave off the amortization? And the teller said, not sure. And I said, well, would you mind figuring that out for me? So she came back and she said, it shaves two and a half years off the amortization. And I said, I'm gonna go grab a coffee. I'm gonna come back in 20 minutes because I want you to. I want you to make this decision for me. I want you to let me know if I give you 40,000 and I'm willing to pay 938 in interest penalty to shave off two and a half years. Of $1892 a month of mortgage payments. How would you suggest I proceed? And the teller, you know, chuckled and said, I think. I think you want to make the payment. And then I said, you got it. You can penalize me all day long. This is all about the process of who's getting the money. My pool of financial value kept going up every day while I was getting rid of TD Bank.