Can You Do Infinite Banking in Canada

If you think about what is infinite banking, what do we mean by that? So really it's privatized banking at the you and me level, meaning it's, you know, something that you and I can do. And the whole idea behind it is to recapture the interest that you're paying to either commercial banks or that you're giving up, that you could have earned if you hadn't spent that dollar.

I meet with people every week, people who are just at the same place that you are, where they're discovering how to implement this in their life and they're trying to figure out, can it really be done? Geez, how do you actually go about doing it? Can it be done in Canada? Well, so again, the short answer is yes, but I want to quantify that by helping you understand the fact that it can be done is less important as to whether or not you should be doing it.

Just what the heck is a Canadian supposed to do when it comes to their money and their finances? How the heck do you get ahead in life? I keep hearing about this thing called infinite banking, the infinite banking concept. Well, can I even do that in Canada? Can you implement the infinite banking concept in Canada? Well, the answer is yes. The short answer is yes, but we're going to expand on that. And I'm joined today by authorized infinite banking practitioner and my good friend Dan Allen, and we're going to discuss just exactly how you can do the infinite banking concept in Canada. How can you become your own banker? The reality is it's not that difficult, but it focuses right here in your mind and you got to get some work done. You got to get your thinking right before you implement this process. So, Dan, tell me a little bit about how you can implement the process of becoming your own banker in Canada.

Yeah, well, that's a great question, Richard. And when you think back, and again, what I want to encourage everybody to do is if you're interested in this concept, you need to get a copy of this book. And it's really the foundation that we point everybody together. And yeah, this book was written by R. Nelson Nash and it was written in the US and so there's definitely people that wonder, well, will this work in Canada? Well, if you think about what is infinite banking? And let's just start there, Richard. What is infinite banking? What do we mean by that? So really it's privatized banking at the you and me level, meaning it's, you know, something that you and I can do. And the whole idea behind it is to recapture the interest that you're paying to either commercial banks or that you're giving up that you could have earned if you hadn't spent that dollar. And the foundation, the platform that we use for this is strictly dividend paying whole life insurance. That's the platform. And I even remember Nelson saying, I wish they'd called it something else. But it works very well for banking and it's private. It's between you, that contract is between you and the life company. And that is a system that works in Canada just as well as it works in US. There's slightly different laws in each country, but the actual platform that we use for this concept works very well in both countries. So what is infinite banking? It's gaining control of your need for finance in a way that when whatever you're doing in life financially, money, you're not sending interest away from you, you're actually able to, to gain momentum. I always call it a tailwind behind whatever you're doing financially by utilization of a pool of capital that you build over time so that you can access it. And when you access it, you get to decide what you're going to use it for. You get to decide whether I'm going to pay it back in a year, whether I'm going to pay it back in six years, 10 years, whatever length of time that may be and how much you're going to pay it back. You get control and you get uninterrupted growth. Your money never stops growing. You know, when you think about this whole concept and again I always love to talk about Richard, what is a concept? Well, it's a, you know, someone come up with a thought. Nelson come up with thoughts about how he could do privatized banking. And he realized that hey, it can be done and it can be done using this platform that works the best. That's a thing that he found was the best. And no one's found anything better than dividend paying whole life. And so yeah, it works in Canada. I guess that's my long way winded way of saying yeah, it works in Canada.

Well and I think further to it working in Canada. I mean you and I are we, we are Canadian individuals that do this. So I mean, don't take our word for it though. I mean go and do your, your own research and more importantly, get started and you will see yourself how you can do this. And there's many of our clients across the entire country that are doing this. And a great way to learn how people are doing it, hear some stories of it in action. And get really crystal clear on the fundamentals that Nelson imparted on us and taught in his book but also in his live sessions. His line seminars is to go to watchibc.com that's watchibc.com from that vantage point you're going to get access to an amazing 90 minute session. You're going to hear some stories, you're going to, you're going to hear some frequently asked questions that people come up who attended that live session. You'll be able to hear what other Canadians just like you are asking about this process and how you can implement it. And you might be at a different age or financial condition or you might be have a business or not have a business. You might be a T4 employee. Like we're, wherever you're at, there's someone else in Canada just like you that's been implementing this process and we meet them coast to coast. Dan. We, we meet with people every week, people who are just at the same place that you are where they're discovering how to implement this in their life and they're trying to figure out can it really be done? Like I keep hearing it, I've seen some videos, but geez, how do you actually go about doing it? Can it be done in, in Canada? Well, so again the short answer is yes, but I want to quantify that by helping you understand the fact that it can be done is less important as to whether or not you should be doing it. So you need to be able to determine for yourself if this is something that you should be doing. In other words, have enough baseline of education. And then once you've made that decision, you can now move forward powerfully with an authorized practitioner, an authorized practitioner from the Nelson Nash Institute to see your own circumstance and try to dial in and find out, okay, what would a plan like me or a plan for me look like? How would we go about implementing that? How would we fund it? Where are we going to get our resources of capital? What places that we're saving money and investing and moving money through our life. Can we grab, harness and inject into a properly designed high cash value insurance contract before it leaves our financial life forever? And so that's what a good coach will help you determine and understand. And then you'll get into some more knowledge understanding of things like illustrations and things like what you know, what are the mechanics of utilizing a policy loan? How do you request the loan? What forms are required? How do you pay the loan back using your online banking? How simple is that process? How Quickly, can I access a loan and get it back into my bank account? And the turnaround time might surprise you. It's not very long. Typically within less than two weeks you can have money from a loan request back into your bank account. Often it's even faster than that. There's the odd time where maybe it takes a day or two longer because of, you know, the long weekend or something, but for the most part it's a pretty quick turnaround time. Then you'll also, you know, working with a coach, you'll learn a little bit about the different companies or life careers that you can do this within Canada. However, the focus that Nelson talked about was working with a mutual whole life insurance company. Now in Canada there's a limited pool of those to work from because back in the late 90s, in the early 2000s, there was some deregulation that took place and there was a vast change in the insurance landscape in the country where many companies that were mutual, they went through a voting process with their mutual owners and I believe they needed to have 70% of the owners agree to basically demutualize the company. And essentially it's like, it's like doing an ipo. It's like taking that company public and becoming a stock traded company. So that happened with many companies again in the late 1990s and early 2000s. And since that time there's, there's very few mutual companies left in Canada now because of that we have a smaller population. We're one tenth the size of the population in the United States. Right Dan? Give or take a couple of, you know, babies or something. And we have similarly a fractional amount of insurance companies to work with because we're a smaller population, but we have high quality, very well established, a tremendously powerful history of well performing whole life insurance contracts that have been on the books for a very long time. So we can do this with multiple companies. Again, what is the right situation for you? You know Dan, earlier we were on a chat that you were delivering to our team talking about a recent case where there was some insurability issues with, with a couple, I believe they were in their late 50s and early 60s if I'm correct. And, and they were looking at implementing this strategy, but they each had a health condition. That health condition would make them uninsurable for a new policy. However, they already had pre existing term insurance with an existing carrier. Because of the structure of that carrier, you were able to assist them in converting that term insurance, transitioning it into the new structure of a whole life policy that had all the features and benefits, all the mechanical necessities to implement this strategy in their life. And so that, that's a powerful thing to know that you can do that. Even though it maybe wasn't the carrier that you would first choose, probably not the carrier they would first choose, but they, because of the limitations of their circumstance, they were still able to implement the process. Maybe it wasn't 100% exactly how they wanted it to. They wanted to go with company A, they ended up having to choose company B because of those circumstances, but it's still a great company, still a great structure, still a great policy, all the right mechanics, and they get to embrace this concept in their life. And so I think Dan, the biggest concern, or not concern, but like unsettling feeling that can come from Canadians is that all of our media that we're bombarded with on a day to day basis is it comes from south of the border and, and all the TV shows that we watch, all the, you know, the, the super bowl commercials, like everything that we get is so American focused, sometimes it's hard to find our little place in it. And it's like, oh, well that sounds really good and interesting, but can I trust it? Because it came from the, the States and you know, like on principle I get, I can do it here, but like, will it really work in my area or my jurisdiction? And the answer is it will. And when you're working with a proper authorized infinite banking practitioner, a coach like Dan or myself, or any of the members of our team who have been harnessing and doing this for a long period of time, you can really get clear on what those differences are and how you can go about implementing the strategy. The, the, the concept, the mindset of being a good banker in your life, regardless of the insurance company it's done with. It's, it's, it's less about the product and the insurance company because none of that matters if you don't first have the right set of thoughts floating through your brain. So we got to get those things working properly. That's that concept component of the infinite banking concept. And the infinite component is about the fact that whatever shows up in your brain isn't limited. This powerful squishy mass between your ears, this mechanism, this human computer, it can process ideas and thoughts at lightning speed. And we don't know what new idea is going to be entered into your brain or Dan's or mine, or, you know, somebody else that's watching this video. Maybe after you're done, that you share it with, they're going to have be inspired by a new idea. That's where the infinite really comes into play. And that's what Nelson was searching for when he, he called it the infinite banking concept. It wasn't infinite as in you have an infinite rate of return. That's not the focus. The focus is you have an infinite capacity to think and to think about how to implement any process in your life. The limitation is in your brain.

Yeah, I like that, Richard. And as you were speaking, I got thinking about, you know, that whole word infinite. And if it's something, you know, that we're focused on infinite. And I've heard people get hung up on that word infinite. What do you mean? How can it be anything financial and infinite? It comes with the way you think. If you think about this, if you build a capital, a pool of capital, what can you do with it? Well, the possibilities are infinite. Like it may be different for you than it is for me, but the possibilities are infinite. You can use it for anything that you need the use of capital for. Therefore that becomes an infinite tool. And what we found from working with multiple people, from, you know, being in think tank sessions where we're hearing from different people and how they're utilizing it, we've actually sat there with, with actual people that are using this process in their life who are not infinite banking practitioners. But just speaking about how they've implemented. And some of the times as I sit there and listen to them, I'm just amazed at the ways that they've used just that pool of capital that they have access to, to change things financially in your life, in their life. And you know, like you said so well, Richard, is that what I might do with. It's going to be different than what someone else might do with it? And those possibilities, there's no limit to them. Now, what can you do with money? Is there a limit to what you can do with money? Or really not? It's like, you know, different ideas come along for someone else. They can put it to work this way, I can put it to work that way. So the possibilities with it are infinite. And you know, in Canada, we've got some great life companies to work with. Some of them are stock companies and some of them are mutual companies. And so like, even in Nelson's book, he says, ideally you do this with a mutual company. But he said there is stock companies that do this. And you know, and we have lots of great life companies here in Canada that are very strong and they have products that we can use for this process. So, you know, when I, when I hear people speaking about, you know, does this concept work in Canada? Well, I think like you said, Richard, talk to somebody that's using it. You know, just find someone that's using it. We do that. We'll connect you with people that have actually put it to use who aren't, you know, quote unquote, trying to sell you this idea. It's actually people that, you know, like Richard and I both use this. So don't doubt that we both use this in our life. But this is someone who is, you know, doing something else in life and they use this foundation in their financial life to do other things, the things that they need to get done. I think you go back to Nelson's book. It's about getting control of your need for finance. And people are doing that, not just Richard and I and other practitioners. No, we have clients that are doing such a great job at implementing this process. And it's, you know, it's one of the things I love about when we do our client coaching sessions. You know, clients get to hear from other clients who are implementing this. And I don't know about you, Richard, but other. I've been in some of those sessions where I look at just how people have put it to work and it just like, whoa, not something I hadn't even thought of doing yet. And that person's given me ideas and that's, you know, again, I think that kind of goes back to the whole possibilities with this concept are endless. And yeah, what a great way to live your life. If you can get to a point where you control your need for finance, that puts you in a totally different position. And, you know, that's what I would encourage you to do. Again, if you don't know about what this actually is, I'm going to encourage you to go to watchibc.com and we mentioned earlier, it's a 90 minute video. It's going to give you a great foundation. And IBC is infinite banking concept. That was the term that Nelson used in his book and that's where it comes from. And it's a great way for you to learn and expand your thinking because you have an opportunity. If you don't know about this, you know, what's it going to cost you to learn something? Well, if it's, you know, when I think back when I first heard about this, I heard it being spoke about and I go, what would that be like? Like, you know, how can that work? And I was Thinking all those different things. Well, I can tell you it changed my life when I did take the time to put the effort into learning how it worked. That's what I would encourage anyone that's watching this video to do that. If you haven't implemented this life, at least take the time and effort just to learn about how it works and how it may work for you. We know it works, but we also know it's not for everybody because you have to have the right mindset. It all begins with the way you think. You have to be someone who's, who's interested in making a difference over time. Because it's not going to be instant gratification. It's not a get rich quick scheme. But I know because I use it and I've seen it work in my life. I know it works here in Canada, without a doubt. Are there differences between Canada and us? Yeah, there's some differences, but in both countries this concept works extremely well. What else would you have to say about if somebody just asked you that question, Richard? Does it work in Canada? Does it work as good as it does in the us I think actually.

In some points it works better. But I mean, that's maybe my bias as a Canadian, I'm not sure. And we have some amazing colleagues and friends of ours down in the States that teach us concepts. And so maybe one of them watches this and they're going to send me a nice private message. But it's good because we can have. It's like, it's like watching the oilers in the flames. There's always competition. And so I'm, you know, I, I think that there's certain things that we have that are, that are actually an advantage. There might be certain things that might be a mild advantage in the States and vice versa, but at the foundational level, a house you want, you need a structure, you need some walls, you need a door, maybe a window, you need some ventilation, you need a foundation, you need a roof. These are basic fundamentals of a house. Can you design the house to look differently so that the neighbor's house and your house look different? The answer is yes. But you both have a house. Well, the same method, you know, thought process applies to infinite banking. As long as you can build a solid house, solid structure with some, some of the core fundamental pieces. How, what other little, you know, what color paint you put on it, or what kind of gable you put on the front, or whether you have a front deck or a back deck doesn't matter. Okay. And that's really, you know, the. Nelson tried to get us to understand that, you know, he was building policies when he started. His first policy started at age 14 and. Which is astonishing. Another one at 16, another one at 19. Then he got one on his. On his fiance, who they weren't quite married yet, and she was 18 at that time. So Nelson had multiple policies in his early, you know, early age. And then at age 28, he got another one. That's the one he talks about frequently, his state farm policy. And he spent 88 years on this world, on this. On this, you know, the spinning blue ball called Earth. And he experienced so much through that period of life and time, including a variety of different policy designs. Before computers were invented, before computers could be used to do illustration software, which people get mesmerized by and they lose their brains over. These days, Nelson used to do this with a rate book that that's how they used to do insurance back in the day. And he did this, he implemented this in his life. And he didn't have near the level of flexibility and options that we can offer people today. But yet, because there was less options, it was actually a lot simpler. So people, as soon as you add another option on something, it's like, okay, well, how many times can you supersize your fries? Or what are the different options for your combo, for your Happy Meal? And you throw too many options at people and a confused mind says no. So sometimes it's great. I love flexibility and I love options. I love that they're there. However, when you have too many in front of you, it often can be very confusing. A sea of confusion is created. And it doesn't matter where that's, you know, down in the States or here in Canada. In fact, if anything, I would say that's an advantage that we have in Canada because. Because we have less companies.

Just by popular, by virtual population base. But they're very strong, very solid companies. And in the States, there's such a bigger population, there's so many more options. The sea of those options, I think, adds to the confusion that's created, and I think it adds to the confusion that you see on platforms like YouTube and so forth. So recognizing that you can keep things very simple, when you get the foundation, the core principles down, you can add and adjust from those core principles to suit and tailor your needs. But if you don't have the core principles, there's no point. It's like. It's like you're building the walls of a house and you're trying to get trusses on. But you forgot to install a foundation. Like, what would be the point? What an absolute waste of energy and effort. So you got to focus on that foundation. That's where watchibc.com comes into play. And I want to do a shout out to our podcast, wealth on Bay street, because, Dan, we're talking about hearing client stories. We have an entire client series over there that people can access. There's a whole list of them. Many of them have been your clients. You know, I thinking about as an example, Corey, who's a business owner from Saskatchewan. We had a great conversation with him doing this for himself personally, looking at implementing into his business, hear his story, hear the stories of other people just like you from different ages, different places of the country, different financial backgrounds, different business structures implementing this in their own life. Don't take Dan and my word for it, and I mean, happy to have a phone call, talk about it, but I, but really we have people who are experiencing this in their own life at different stages that you get to learn from and we've put those resources together for you. And you can go check them out over at the Wealth About Bay street podcast. But don't worry about any of that stuff until you get your foundation set. That foundation begins with Nelson's book Became youe Own Banker down in the comments. There's going to be a link in the description about where to order that book. And of course, if you go to watchidc.com you'll also be invited to know where to go purchase and access a copy of that book as well. And I think another thing I'd like to share, Dan, you know, as we're, as we're looking to wrap up here, is there are so many things that you can do. You talked about all the possibilities. I'm just going to rattle off a couple as an example. You know, I have one gentleman I know where he's very busy in cryptocurrency space and he does some of the defi stuff. So he's taken policy loans. He's funding an account, it's already set up. It happens to be with his business. And while he's waiting to do something else with the money, he goes and gets a certain type of currency and then he's actually basically pledging that currency and he's earning interest on it the whole time, like every day. Then when he needs the money, he can move it back out into here and if he ever wants to, he can go put it back on the policy loan. But his money's growing in the policy loan. His family's protected because they needed that anyway. And his business has protection because he's the primary breadwinner. Plus he's also earning over here in this other space. You have someone who's got maybe $10,000 available in a policy loan. And you got someone who's got $100,000 available in a policy loan. Well, the person with $100,000, they can probably go buy the real estate deal. They got enough for a down payment, they can go get a deal. The guy with $10,000 or the gal maybe doesn't have enough to do that. But if they have the mindset that they can go and find 10 other people with $10,000 in cash value, could they pool their money for $100,000, go buy the exact same deal that the other guy's going to get? And the reservoir all came from, from policy loans. Now that's where our community comes in, the ability to meet and network with other people. What I'm trying to share is that these possibilities expand beyond your own brain. And when you can share the brain power of other people, that's where you start to see possibility. It starts to show up in your life. And what better people to be around than free people in free contract with one another through the method of voluntary participating whole life insurance where you're mutually participating in the same pool of money you have, you're already operating by the same foundational mindset principles. So you already have common ground, you have commonalities by which you can communicate and discuss similar mindsets. And it's, it's a great platform and a basis by which powerful relationships, both personal, professional and financial relationships, can be now harvested and created. They can be planted and they can build into a wonderful harvest. And we see that happen in our community quite regularly. So this infinite banking thing isn't limited to a piece of insurance that you get one policy. That's a ridiculous assumption. What it is is a way of doing things in life, a thinking process, a way that you look at how you go about funding, financing things in life, which you're going to do anyway. And can you do that and get inspired through a community of people, through good coaching on how to do more and more and more and have a prosperous life. That's, you know, really there's the things that we talk about doing infinite banking in Canada, people want to think of, is it about the products, is it about the rules in the country? No, the, the limiting factor is how you think. And if you think Big and you think positive and you think that you want to continue learning and you don't believe that you've learned everything there is to know. If you have the arrival syndrome and there's no point teaching me anything new because I already know it all, you would not be a good fit for infinite banking. In which case, if you live in Canada, you, you can't do it because you've locked your brain into a prison where you've lost the inspiration to learn. Not meaning to be a jerk and call you out on it. I'm just saying, flat out, if that's the kind of mindset that you have, you shouldn't be entertaining any video that has anything to do with the infinite banking concept. But if you're ready to learn and you're hungry to learn and you want to grow and be, have a positive, you know, the world is my oyster kind of a mindset, and you're ready to take in and be inspired for new information, then yes, this absolutely can work for you.

Yeah, well said, Richard. And you know, as you're speaking, I just thought about some of the conversations I've had with people as they get introduced to this and they get introduced to other people that are doing it and they get inspired and they just start to open up their mind and they got, they start to see the possibilities that they could do. And I think that's a key in a lot of things in life. When you think about it. If you, if you come across something, go and find someone that's doing it and talk to them about, you know, how it's working for them. And that's what I think. You know, I didn't really encourage someone watching this to do. If they really wonder about, you know, is this, does this work and does it work in Canada? And go find somebody that's using it in Canada and ask them about it. That would be a great place to start. The other thing I thought of as we were talking about banking, you know, we know that there's four characters in the banking. That's the, you know, the depositor, the saver, and then it's a borrower. And then it's the banker, the person that makes a, you know, decision, are you going to get this loan or not, or. And what are we going to charge for this or that? And how long your amortization period is, and then there's the bank owner. And so we all bank, whether we know it or not. We're all banking already. We probably just two of those four characters and this process just allows you to become all four. So, yeah, privatized banking works here in Canada, and we call it the infinite banking concept. But I'm just going to encourage you as we, you know, wrap this up today to, you know, learn more and go to. We got lots of great videos on our channel. Just gives you more information. Go and watch them. They're great. Great way to learn.

Speaking of those great videos, poof, look at that. There's a couple that just showed up on the screen. Go ahead and click on one of those bad boys and continue your journey of learning. Thanks for spending some time with Dan and I today, and we appreciate you, too, tuning in. Have an amazing rest of your day and keep your education high and keep your abundance mindset up as well.