Best Ways to Spend Your TAX REFUND Check in Canada (To Grow CASH FLOW)

Before I spend it, I'm going to prioritize it to capture that energy somehow and then I can go ahead and spend it. If you could take that money and just stick it in some sort of an interest bearing account and earn one or half a percent uninterrupted every single day for the rest of your days and even the days of those who come after you, how much more money, how much more capital would you have available to you today to do more things to make a bigger difference in the world?

If you get a tax refund and you think, hey, great, I got some money I wasn't expecting and I'm just going to spend it on something I want. Well, I'm here to tell you that's a mistake. My name's Dan and I'm here with my colleague Vern and we're going to talk about that just a little bit. So based on that comment, Vern, what would you say to someone who said, hey, I just come into some cash and I just want something that I got back, it's tax free, all those good things, what would you tell them to do if they were thinking of just spending it on something they want?

Thanks for asking that question, that was great. You know, whenever I think about money, cash, I always think of the money as like energy, it's financial energy. And the last thing I want to do is just burn that energy on nothing because I know that banks know better than anyone how to harness that financial energy. So that's what I want to do before I spend it. I'm going to prioritize it to capture that energy somehow and then I can go ahead and spend it.

Yeah, good, great comment, Fern. It's, you know, I think, and I just thought back to some of my earlier days in life and sometimes when money came to me that I wasn't necessarily expecting and what I planned on doing it, well, one of the things I never thought about is how could I capture that value so that it was going to be with me the rest of my life. So often, often I just, I spent it. Yeah. And I ended up with some nice things that lasted for a while, but nothing that lasted for the rest of my life. And you know, I just think, and I know now about all the money that's flowed through my hands all over the years because I thought, hey, I've got cash, like I can just spend it. Like there's nothing better than that, is there? And I never understood the cost of the opportunity that I was given up for that money to do. Anything for me for the rest of my life. And when people start to factor that in and really, you know, if you're watching this and you wonder, well, what is it? Oh, opportunity costs that would be there if I spent my tax refund. Well, there's lots of opportunity cost calculators online. I just encourage you to go find one, plug in the value, plug into an interest rate you could get. I always use a low interest rate, you know, just something that you're going to get over the next 30 years or however longer you plan on being on life, 40, 50, and see what that would cost. The cost of spending that capital would be to you and your family. And is there a better way for them?

Yeah, that's brilliant, Dan. Like, you know, rarely do we ever think about exactly what you're talking about. We just think, oh, I just go to work, I earn money, I spend it and then it's gone. I go and earn more. But exactly what you're talking about, right? Like, you might be a couple years more senior than I, Dan, but we've both earned, you know, a lot of money throughout our lifetime. And it's like, imagine if you were able to just forget about the rate. If you could take that money and just stick it in some sort of an interest bearing account and earn one or half a percent uninterrupted every single day for the rest of your days and even the days of those who come after you. How much more money, how much more capital would you have available to you today to do more things to make a bigger difference in the world? And so to your point, what we're talking about here is simply the process of banking. Like money just has to flow, right? And that money actually has to be deposited. It has to be deposited somewhere. And as I said, we think, oh, I look at my bank balance, I see 3,000 bucks or whatever that number is. And I think that I actually have that money. And maybe, you know, intuitively we know it's not just sitting in some warehouse somewhere waiting for me. You know, the banker's not just padding our money and taking care of it for us all day long waiting for us to come get it. We know that they're putting that money to work, but they're not putting it to work for us. And the minute we spend it, it's gone forever. So all I do is I just, instead of depositing my money in someone else's bank, I've created my own entity. I use this tool, it's called a permanent participating dividend. Paying whole life policy. And just like you are depositing money in a checking account or a savings account or under your mattress or in your mutual fund, I don't care where it's going, it's going somewhere. I just prioritize my deposits. I just send it to the life insurance company as a policy premium. It's a deposit into my policy system which creates uninterrupted cash value every single day. And now I get to go ahead and access that money, achieve the same objective as Dan with his tax return. But I don't interrupt the growth on that money. It just keeps creating more and more momentum.

Exactly. And if people, if you actually understand the value of uninterrupted compounding of the value of the money you have, that will change your outlook on how you would deal with money. And this is something for both Vern and I. We've, we've learned and we didn't know it our whole life, but now we apply it. We love teaching people this concept. So what I'm going to encourage you to do is just take in more of our content. We got some great videos that will just help you understand what, how you can utilize this process we call becoming your own banker. And it's a, it's a great book. I encourage you to get it. If you don't have it and read it, read it, and then watch our videos. We got lots of information on how you can make a difference to you and to your family.

Yeah, that's a really good point, Dan, because a lot of times one of the most frequently asked questions we get is people say, well, this all sounds great, Vern, but, you know, how do we get started? Well, you know, it's not like buying a product. Even though we're buying, we're using a product to implement a process. So that means it's a practice. It's something that you actually do. And whether you realize it or not, you're already practicing the process of banking. It's just that someone else is controlling the entire function and the process is working against you rather than for you. So how do you get started? The first step is to educate yourself. Take your time. You know, you don't have to jump in with two feet. You don't have to do this overnight. It's going to take time. Educate yourself. We have a plethora of content. Nelson's book is a great resource. And of course you want to get in touch with a really good coach that doesn't have to be Dan or I or Ascended financial team. But it has to be somebody who has the experience and who can actually show you that they've actually gone through the process and they've accomplished some objectives by implementing the process of becoming your own banker. So the first step in getting started is thinking and rethinking your thinking and getting your hands on that book and doing some study. So, Dan.

Yes.

Remind me again, just to reinforce, why is it a big mistake just to, you know, hey, this is free money. It's a tax return. I'm just going to spend it. That's a big mistake.

Yeah. It's just it's a huge short term view, and it costs you in the long term big time. If you get to understand this concept we teach, you'll understand why. So I'm just going to encourage you to go on and educate yourself.