Canadian Infinite Banking: It All Begins With The Way You Think!
Dan Allen explains how three mental habits keep people financially dependent: relying on banks to fund purchases, obsessing over interest rates instead of total interest paid, and thinking cash payments are always best. He draws on Nelson Nash's infinite banking concept to show how banks profit from these beliefs.
Now, I'm not going to bash banks because I actually think their business model is great. When you think about it, they take other people's money.
And they make a profit and they are very good at it. Their shareholders do very well. Now, how come we really haven't stopped to think about what's the problem with that? Well, it has a lot to do with the way we think because again, I go back to We've been conditioned to. That's the way it is.
How much has the way you think impacted the results you've had in life? Have you ever wondered that? I have. Recently I read a quote by Thomas Edison and it stated that if we all did the things that we were capable of doing, the results would astound us. And I just got thinking about that, and I got thinking about how often has the way we think limited the results we've got financially. And that's what I wanted to talk about today. Now, Nelson Nash, who is the developer of the process called Becoming youg Own Banker and the author of the book of the same title, he always said it all begins with the way we think. So today I'm going to talk about three ways that we think that are limiting our financial results. Hi, I'm Dan Allen, and I started practicing the process called Becoming youg own Banker in 2014, personally in my life. And then in 2017, I became an authorized infinite banking practitioner. And I've been helping people like you implement that process in their life ever since. So why did Nelson constantly tell people it all begins with the way we think? Well, it's because we've been conditioned to think the way we do about money and about a lot of other things in life, and we just accept it. For example, when I first got into business in life, I'd recently finished college and I went home to start a business on the family farm. Where did I go for the funding that I needed to start my business and to operate my business? Well, through observation and what I've been taught, I went to the bank and I went to the Farm Credit Corporation to get the funding that I needed. You see, I'd been conditioned. Even in college, the business classes that I took, and we talked about sources of funding, we talked about banks and other financial lenders that would help you with funding your business. And that's why I, I didn't even give it a second thought. I'd watched it at home when I was growing up. That's where we went for funding on the family farm. And then I learned it even at college. So we've been conditioned to think about banking the way we think. So that's number one. The number one thing I wanted to point out to you was we've been conditioned that in order to get funds for the things that we need in life, we will go to the banks and borrow that money. So what's wrong with that? Well, Nelson recognized that by depending on the banking system like we know it, it's very difficult to become financially independent. And in fact, the system was designed to make other people wealthy. Now, I'm not going to bash banks because I actually think their business model is great. When you think about it, they take other people's money and they make a profit and they are very good at it. Their shareholders do very well. Now, how come we really haven't stopped to think about what's the problem with that? Well, it has a lot to do with the way we think. Because again, I go back to. We've been conditioned to. That's the way it is. And so what is the problem? Well, the problem with our present banking system is that the money that you and I are spending and using is flowing from us to them. So the money is always flowing away from us. And it's a good business model for the banks because the money's flowing towards them. And so someone else is getting wealthy off of what we do. And that's just the way we were conditioned to think. So remember, it all begins with the way you think. And we've been taught that if you need money, you go to the bank. So what's the second thing that I wanted to challenge your thinking on? Well, again, it has to do with banking. And we've always been taught to focus on interest rates. So you think about it. The last time you've got a loan at the bank, what are those things that you were really interested in? Well, for most people, it's what interest rate am I going to be paying and what's my payment going to be each period? Those are the things we typically focus on. We never think about the interest volume as a rule. Why is it that when interest rates and right now we are going through a period of time where interest rates are extremely low. So if it's interest rates that matter, why is the banks are making record profits during this period of low interest rates? Well, I can tell you why. It's because of the volume of loans that they've got. People are lining up to take and borrow more money. So the banks have this huge volume of interest coming back at them. In the form of payments. So even though interest rates are extremely low, banks are making record profits. So that should tell you something. It's more about volume, interest volume than it is interest rates. And again, it all begins with the way we think. And we've been conditioned to focus on interest rates. Now, what's the third way that we've been conditioned to think that I wanted to talk to you about? Well, it's like we've been taught that paying cash is the best way you can purchase something. So you go, well, why isn't it? Well, here's the reality, and that's one. At times now, as I learned this about how money works actually made me angry because I got to thinking about all this cash that I'd spent on things over the years. And when you spend cash.
You never get the opportunity to use that money again. So you've lost the opportunity for that money to do anything else for you. So when you start to understand opportunity cost, you go, well, how can I change this outcome? How can I get to a point where when I walk into the store, because we still all have to live, we're going to be purchasing goods and services all of our life. So how do you do that? Well, that's the thing about this process that we teach, which is called becoming your own banker. We teach you how to put your money where it's going to continue to grow, and then you'll use other people's money to purchase the things you need in life. So it'll look the same. You'll walk up to the cashier the same way you used to walk up to the cashier. And if someone else was standing there, they wouldn't know anything different. It would look like the same type of transaction. But because you're using other people's money, your money hasn't stopped growing. You haven't cut it off. It continues to grow even as you use it for collateral, to use other people's money. So that's just the ways that we've been conditioned to think. We've been conditioned to think that you need to go to the bank to borrow money. That's the only way that we can do that. Secondly, we focus on interest rates versus interest volume. And thirdly, we have been conditioned to think that paying cash is the best way to go, and it's not. Again, remember, it all begins with the way we think. One of the other quotes that Nelson Nash always made that I wanted to share with you was he said we should all be in two businesses in life. One is whatever we do to make a living. So whether that is a business or whether that's a job. And the second one is we should be in the business of banking. Hence, what we teach, we teach you how to become your own banker. Now, if you want to learn more about this concept, and trust me, it works, I've been using it in my life since 2014. And everybody that works at Ascendit can help you with this process. If you have questions or if you just want to take in more of our videos, you can learn about this concept that way. And the other thing that I would really encourage you to do is if you haven't subscribed to our YouTube channel, you've got an opportunity because there's just great resources there to help you educate yourself on what is it that this process called becoming your own banker can do for me? Because it will allow you to really make a difference financially with what you're doing in life. And again, I'm going to remind you that you're going to be challenged by the way you've been conditioned to think. I just wanted to leave you with a couple of things. First, on this journey to learn about this process, I'm going to encourage you to make sure you get a coach. Now, it doesn't have to be with us, but I'm really going to encourage you to make sure whoever it is is an authorized infinite banking practitioner. That way you'll know you get someone who's been trained to do it the right way. And the second thing I wanted to leave you with was just another quote. And this is just to help you think about what I talked about. This quote is by Daniel Borenston, and he was a historian, and this is what he said. He said the greatest obstacle to discovering the shape of the Earth, the continents and the oceans was was not ignorance, it was the illusion of knowledge. So with that, I wish you well and I hope you learned something through this. And I encourage you to reach out and learn more about the process we call becoming your own banker.
