Different Ways to Start Your Own Bank

Once you start utilizing this concept as a process that, you know, we teach people how to do privatized banking at the you and me level. Once you start to adopt that in your life, it's important to surround yourself with other people that are like minded and, you know, are in that same communities. Hey, if you get an opportunity to understand, you know, how this makes a difference for you, that's what I get excited about. It's like, you know, until you actually can control the banking function as it relates to your needs, well, there's an opportunity. That's what I tell people. You have an opportunity.

All right, well, excited to be here today with my good friend, the Mr. Dan Allen, authorized infinite banking practitioner. And normally, you know, we're recording this on a Friday. I typically have Jason Lowe with me. He's attending a great session, a training session with some of our colleagues down in Florida right now. He's, he's really upset that he's there because of the weather in Florida.

Yeah, I can imagine.

No, we got a good, we saw a good email. I think he sent out or he did a post even, maybe it was on Facebook where he kind of did a little bit of recording shot showing the beach in the background. And I was like, dude, enough about the beach. What's that food truck that's down there?

Exactly. Yeah.

All is good to get, but I'm excited to be with you, Dan. You know, we're going to kind of just jam on some, on some things that have been on our mind a little bit here. And one of the things I wanted to just kind of touch on real quickly is that, you know, for our clients, people that are clients of Ascendant Financial, one of the things that we do, some, some folks may not know this, but we have ongoing regular client coaching sessions and those are, you know, typically done once a quarter. So we have one of those coming up fairly shortly in about a week and a half or so. I'm really excited about it because it's an opportunity for people from all across the country to come together. Yes, it's all on zoom, but pretty much everything is these days. But people get a chance to get together and a lot of times we have new folks that are maybe just starting, just embracing the process of infinite banking. And then we have people that have been doing this for 7, 8, 9, 10 years that are joining and so they're there to learn something new. They're at a different stage. You know, people that are at different stages, their journey, they're at different stages of Life and, and it's really cool. And we get to bring those people together and they get a chance to connect with one another. We do some breakout rooms, breakout sessions where you get to have a little discussion. And it's really surprising to me. One thing I always am fascinated by is how having an event like that gives people an opportunity to connect at a level where all of a sudden a little bit of magic happens. And now, you know, a couple months later, you know, we find out, hey, you know, Bob and you know Dave, they connected at an event and hey, now they're, they're, you're creating a business together or they're, they're doing some kind of, you know, joint activity. And that's really one of the beautiful things about a community. And Nelson would say that when you keep things in the community or you keep it in a, in an aquarium, you get to kind of maintain, you know, maintain the dollars a little bit. You're just running the same money through. So it's like supporting one another a little bit in that way, which is kind of neat. Now you've attended these events, Dan, I'd love to get some of your commentary on what are some of the takeaways you find from clients that attend and what are you yourself from an advisor position. What do you get out of joining in on these sessions?

Yeah, that's a great question, Richard. And, and I think, you know, even going back to the, you know, the book, the Announcer and one of the things he put in there for all of us to see and understand is that, you know, once you start utilizing this concept as a process that, you know, we teach people how to, you know, do privatized banking at the you and me level, once you start to, you know, adopt that in your life, it's important to surround yourself with other people that are like minded and you know, are in that same community. So I think those client coaching sessions are just give everybody that opportunity. You know, it's one of those things that we get the advantage, Richard, when we go to think tank, you know, we get to, we get to see what other people are doing with, you know, this concept. And I don't know how you, but I get excited when I'm there, when I see the opportunities that, you know, people have found and have realized. And it's just like, you know, here's one of the things I wanted to talk about briefly today and I heard this recently or somebody was going on about, you know, they had a problem with the word infinite. And when, you know, and Nelson, one of his, you know, he called it the infinite banking concept. And you know, from my perspective, I get it. I understand that there's no shortage of ways that you can use this concept. But there's a conversation I heard when somebody said, I have a problem when they put the word infinite with anything financial. But it's just like when you get to those sessions, those live sessions with other people, whether it's a, you know, I still learn from some of my clients. They. They figured out ways to start to utilize this concept process in their life. And it's just exciting because, hey, you know, I'm on the learning journey. I'm never going to end that until I walk out of life. That's my goal, keep on learning. And in those sessions, Richard, I have to say, I always come away from that feeling like I got a. I got an idea or two that I'd like to even consider for myself. And that's what anybody that comes to those sessions is going to be able to experience is just, you know, that opportunity. And the other thing I think we work so well for people is they get to hear us often they get to hear us speak about this and they get to hear about it, what it's doing for us, and we all practice it in our lives. In a lot of ways, isn't it better for someone to hear from someone else who's just not a practitioner, not, you know, doesn't teach us every day, but they've figured something out and they can help someone else with that knowledge they have. So I love those, you know, those events and quarterly, you know, they comes around quickly, gives people an opportunity. The more engaged everybody is, the better the event.

I love that, Dan. And, you know, there's a few. There's so many little nuggets that you put in there. And, you know, again, Nelson, you know, he called it infinite because he says, well, when something's finite, you put limitations on it, you know.

Right.

And he would also say, maybe what we should have done is we should have done it kind of, you know how they do, you know, in Spanish they say agua caliente, like water. Hot said hot water. And he, you know, so he would say, well, really, it's. It's concept about banking that can be done in an infinite way.

Exactly.

And so, you know, and you talked about, obviously, you know, you know, getting together with people. Even Nelson mentions the book that's on page 65, which I have open here. We'll talk about that in a second. But you talked about learning from Other people. And I agree that's one of the unique advantages of these, these quarterly coaching sessions because, you know, we, we connect with our clients and they're, they're accustomed to hearing our version of how we relay the information. And although we do our best to try not to lead with any bias that we have, I mean, we have our own human experience that shows up in how we relay information. Other people. And so what I love about these sessions is that, you know, my clients get a chance to come on and they get to learn from, as an example, Dan, they get to learn from Sarblo and Jason and Vern and, and Jingen and the other members of our team and, and the other people that are sharing an experience or commenting in the chat box. And it's just such a really great way because you never know what's going to happen. They're not, it's not like we put together big, huge PowerPoints and whatever. There's a lot of discussion that takes place and there are certain resources that we have access to as you know, as authorized practitioners of the Nelson Nash Institute. And in fact, on this upcoming session we're gonna, we're gonna be digging into one of those resources. And so, you know, at our most recent think tank. You're talking about the think tank. We had an incredible session. Lots of wonderful learning that we did there, but one in particular we're actually going to be going over and covering and then debriefing with all the attendees. And that's a session that was done by the, the wonderful David Hearns. David is again Nelson Nash's son in law. He's the president now of the Infinite Banking Concepts company. He is the, you know, president of the Nelson Nash Institute. Amazing guy. He has really truly embraced this process as a lifestyle and is learning in his mentorship, his long extended mentorship with the late R. Nelson Nash. And he tells, he did a wonderful presentation called the Tale of Two Dads. And in that he, he talks over his, his real life father, you know, amazing guy who loved deary and, and dearly and how his, his life progressed and, and he showcased, you know, then with Nelson who is his father in law and similar, similar experiences that they had throughout their journey of life and just certain areas where they diverged and, and the biggest real divergence that showed up was, was after they were gone and how what was left behind from each of them and where their priorities kind of were in life. And it's not a good, bad or otherwise thing. It was just an understanding and a Takeaway, what was different? And I think when people get to, they get to see that history. You know, if this is your first day when you got a brand new policy, let's say, and you just started Infinite Banking or maybe you're doing this for 10 years, well, your history is limited to, to that period of time. Whereas now you could learn over the lifespan of two great individuals and how one took a traditional path and one took a non traditional path and how did that, how did it amplify, you know, throughout their life and then post life. And I think it's really, really powerful and our clients are going to get a ton of value out of that. And so we have the ability to kind of do that in that private format, you know, when you're, when you're a client of Ascended Financial, which I think is really fantastic. And I'm pumped for it. I'm excited. I already watched the session again because it just. Okay, I just went live like a couple days ago so I watched it. I'm just like, oh man, it's so good. It's so good. But you talked about the book that Nelson, so page 65, the title is capitalizing your system and implementation. The whole section of the book is about ideas and ways that you can get started. Where do you find the money and that kind of stuff. But one thing that Nelson says in here, he talks about the cash flow game for kids and stuff. But he basically says, look, organize or join one that's already in existence. A wealth club that meets periodically. Here you'll have the support of others that are working their way out of darkness. Be sure to include members that already have a good track record in practicing the principles of the infinite banking concept. This is important because you need to surround yourself with others of like minded understanding. You don't want to be a victim of feeling that you are a lone ranger. We all need nourishment of a favorable environment. And no one elevates himself much above the environment in which he operates. Such an incredible paragraph. And that's the inspiration for why this client community exists, why we have some of our content on YouTube, why we have our private, our Facebook group and this, these coaching sessions for our clients.

Totally agree. And you know, as we were speaking about this, I just got went to that thought that Nelson put in in his book and I just, I'm always amazed at how he worded things. And you know, the longer every time I read that book, there's just more I learn about it and, and it just goes back to this thing that we're going to share about the Tale of Two Dads, and I'm excited to see it again, because if people come and this is a key thing in. I think whatever you do in life, you have to come with an open mind. I want to take something in. I want to see. This is the way I'm doing it. Is there a better way that I could be doing it? And that Tale of Two Dads is great. This is just a great example of how people. People took a different journey in life. And then, you know, you get to dissect that and you say, okay, what can I learn from it? And that's what happens so often, you know, during our events, is you get to take in information, you get to see how someone's done something, and you go, okay, what can I learn from that? How can I apply that to my situation? And just to have that, you know, community of people that you can connect with. I don't know how you put a, you know, actually, you know, what value. How do you put a value on that? Because it, to me, it's. It's something that you can't even put a value on because it's worth that much to have that connection. Just like, you know, I heard from one of my clients recently, and he said, you know, I love the fact that I get your guys's YouTube videos all the time. Says it just. It helps me, he says. He just. It keeps me, you know, in the thought of, you know, opportunities, how I can use this. And, you know, and I think you and I probably both seen people over time, Richard, that they start to put the pieces in place. They've got their own little banking system and they're using it, and to a degree, and then they just stop staying connected to the group. And over time, you know, their interest wanes and they just focus on other things in life and they lose an opportunity. Because as you and I know, and we want everybody else to know that this process should be the foundation for whatever else you do in life financially. And when you understand that, that's a huge step forward. And then how better to actually keep building off of that than to stay connected to with, you know, people that are using it in multiples of different ways?

Yeah. I was chatting with somebody earlier this week that was referred from one of my clients in Ontario. Awesome guy. Guy's been on our podcast. And of course, he's. He's a. He's a, you know, an avid, you know, a die hard, infinite banker kind of guy. And so he's, you know, he, he's, he's just, you know, he goes off with a, you know, 100 miles an hour explaining everything. And he does a really good job of it. He's a, he's a great kind of teacher. But, you know, I'm on with this, this couple and of course they basically just kind of know that they want to do this and they've read the book, they had a copy of the book. And, and the, the gentleman he said to, he made a comment and I'll, I'll paraphrase, but he said, you know, it's really interesting. It, it was hard to get your head wrapped around it, but then when you do, it was like, wow. He said, and it was because he's got, you know, it's, it's going through a life of what everyone else has told you to do. And there were folks that were very focused on, you know, something referred to as like Financial Peace University. So it was all about paying cash and you know, you know, get out of debt, don't, don't, don't use third party debt and everything. And so they were doing okay in that. But although they had gotten rid of everything, they also hadn't accumulated anything. Right, right. And so the mindset that they were in was, was fine. It wasn't anything wrong with it, but it was like, wow, it was like a, it was like a new, it was like a doorway just opens to a whole new. And there's like this bright light on the other side of a new world of financial possibility and capacity. So fun conversations to have. And I felt very similar. I know when I, when I read the book, because it was like, okay, I thought I knew a bunch of stuff. I was wrong. And you know, it's, what was I missing? It's, let's time to retool and let's figure some new things out, you know.

Yeah, I like that because I think for a lot of people, they come into it thinking this is, this is, you know, this was myself at one point I thought, hey, if you could get to that stage, Richard, where, you know, you had no debt, you're paying cash for everything. No, that's it, you know, you've got to a really good place now. How much better can it get now you just need to build, you know, some streams of income so that when you get to, you know, a point later in life that, you know, you can actually have passive income. And so, you know, and I'm sure for this couple that you were speaking to as they start to see what they didn't see about the cost of the way you. When you do that. Yeah, it works because I did it. I got out of debt, I paid all my debts off, I did all those great things. And yet, you know, most of my money. Where did it end up? Well, it wasn't with me. Like, I sure, I had the vehicle that I bought, paying cash for it, but it depreciated. And pretty soon, you know, over time, you have to replace that vehicle. Yeah, there's things you have, there's assets you end up with, but all that huge volume of money that, you know, you spent, money sent away from you, money that went away from you, that you no longer have. And I just realized as part of my journey was how much. How little of it I kept. And that was where, you know, I just go, whoa. Once I figured that out and started to see that. And that's what we get to enjoy when we work with people, is we get to see them understand the opportunities that they haven't understood. And how many times have you heard this, Richard, Be interested. As you've been. You've been teaching this longer than I have. And where people said, I wish that I heard about this 20 years ago, like, that is something. If I don't hear it once a week from a. From somebody that I'm speaking to, I'm shocked. It's just like. And. And again, I go back and I always. This is. I get this all the time from somebody says, well, I'm 63 down. Am I too old to start this thing? And I go, well, I hope not, because I'm 63. And yet he goes, well, I wish I'd heard about this 20 years ago. And I go, well, I'm with you, too. Like, I heard about it, you know, back in 2013, and I'm glad I did. And the second thing I'm really glad about, Richard, is I did something about that. I didn't just take something in, and I actually put, you know, actions in place, and I started to change that outcome for myself.

And one thing that, you know, Jason would say is, okay, well, you can't make that same comment 20 years from now.

Right, Exactly.

And. And that's. That. Get that. That pops things in a perspective. And, you know, I was sharing with someone. I asked someone a question. Might have been the same couple, I don't know. I asked a question, I think it was earlier this week, and I'd said, okay, well, you know, hey, I. You know, I just. I just got A new policy enforce, I don't know, two or three weeks ago. And I mean, I made a decision yesterday, okay, well, it's time to get some new policies on my kids. So I'm going to be getting some applications done, you know, next week. But I made this comment about, hey, you know, well, today, in today's day and age, the world, in Canada and in the States, but, you know, just. I'll speak to Canada. The product designs and choices and options we're getting, we're starting to see competition in the marketplace. Competition is a good thing in the marketplace because it, you know, it's. Our friend James Nethery says, iron sharpens iron. So what it does is it levels up a little bit and it allows us as consumers to have a little bit more choice. Choice is good. And so the type of policy that I'm going to get, you know, on my kids or on my. The one I just got my wife, it's slightly different. It's all the same. The core components are all the same. There's just maybe a little. Some slight tweaks and adjustments to it that 10 years ago I didn't have available. And so I think about my first policy, which. Trying to think, did I just come over 11 or 12 years? Maybe 12 years on it or something? I don't remember. Yeah, I guess, actually, yeah, I'm in. I'm in the 12th year of that policy right now. That policy, you can't get one like that today. And is the new. The new one that I have if I could choose between one or the other? Well, I, Yeah, I might. I might have liked to have some of the options that the new one has. But if I could choose between one or the other, I would choose the one that I already have. Because it's already 12 years old.

Exactly.

I can't get better than the one that's already got 12 years under its belt. It's. It's impossible. The best policy is the one that you started.

Exactly.

We don't have a time machine. You know, our. Our friend Vernie says, well, you. You know, this isn't Back to the Future. You can't hop in a DeLorean with some. Some, you know, crazy scientist or whatever, putting radioactive material in the engine so that you could go back in time. Every single component was everything you wanted it to be. I know I've got three of them that are like that, that I could have done differently. I just didn't know any better. But I'm still happy with them. They've done a lot for me.

No, I totally agree with that because I think back and I look at, I look at my first policy a lot and everybody knows Jason, he's the one that, you know, structured that policy for me. And we hear a lot of, you know, noise at times about how much base, how much paid up additions, rider should you have and all those kind of pieces. And yeah, the flexibility that we have now with life companies here in Canada is a lot different than even when I, you know, I applied for mine back in 2013. So I look at that and I go, okay, I could have, I could build a better structure today than, than it could have been there. But man, I look at that policy, Richard and I started with a small one and then I added a big one a couple months later. But it was like when I look at that one and I go, you know, I've, I flowed over twice the amount of cash value that's in that thing. I've flowed more than twice of that through my policy because I've been banking with it, man. That's what it is. It's my banking account. It's a perfect size for a banking account just to use it. And it just, you know, and I just love the fact that I started that thing when I did. And you know, going back to your comment about, you know, time and I always tell people this, you, because it's just, just to get people to think I was asking this question. So I say to him, so what do you think is going to be the most efficient year on the policy you have started? And I just pause at that point and I let him think about that because you just see the wheels turn and they're thinking about it and obviously the answer is the last one because we don't know when that is because we're still here. But with every one of those again speaks the time, it speaks to the uninterrupted compounding effect that's there within the models that we use. And that's going to be the most efficient year for that policy, is going to be the last one. And so I just get people thinking about that because sometimes when you think about the future takes you back to today. And what would I do differently knowing that? And I think it just takes people to that spot you, you spoke about is, hey, the sooner I, the sooner I get something going, the more efficient it's going to be at whatever date that is in the future. And that's what I look at mine. The first two I started both in the Same year. You know, they're just phenomenal assets that I own now. And, you know, I bank with them every, all the time. They're just the two best assets that I've got. And I've got other ones that I've put in place after that, but those are my two best, and I'm just glad I did it. And I, again, I think it's just worthwhile for people to understand because here's a question I had this week, and I thought I'd get your take on it, Richard, is it's one I get all the time from people. It's like they go, okay, we want to start this, we want to get this going in our family. And, you know, they'll give you some background information about each one of them, the matriarch, the patriarch, and the kids. And they go, so who should we start this on? And it's like, I get that question all the time, and it's, it's always a great question. I just love it when it comes up. I'd love to get your thoughts on when you get that question, because I know you've dealt with it countless times.

Oh, yeah, that happens all the time. And I, I, you know, a lot of times, people, again, they want to kind of dip their toe in the water, so they, okay, well, what if I just start a little one on my, on my kid? Okay, well, you could do that, except first off.

Do you have any coverage right now? So if something happens to you that your kid's actually taken care of, and if the answer is no, well, then clearly that doesn't, that's not going to work. And then additionally, like, the underwriter is going to say, okay, well, how much coverage do the parents have? And if you don't have any coverage, well, they're going to say, well, why are you not getting covered and you're getting coverage on the kids? What's the reason? So they don't like that. And then, you know, so what it boils down to is.

It'S not necessarily about looking at who's going to be the first one to go, but it's about recognizing where are the financial resources that are going to be used to create, to fund the premium. And if we were to lose that individual or those individuals, we're going to have an awful tough time continuing to fund premium, aren't we? So we, we need to, you know, you have to have a pragmatic approach to not just looking at it. It's not just about, okay, you know, so and so is age 60 and you know, this other person, you know, they've got a kid that's age 35. Well, can I get it on my kid? Like, well, yeah, you might be able to get on kids, very possible. But what is the intrinsic advantage of that for you? If you're, if the, the person at 60, whether they get a pulse on the 60 year old or the 35 year old aren't, don't they have the same amount of time left on planet Earth? Let's, let's just say they got 30 years left and we're going to kill them off at 90. So, so whether the policy is on them or it's on the kid, it's the same 30 years, which means the cash is going to go reasonably similar. You know, there might be some slight variance, but it's going to go reasonably similar over that same 30 year period. And so then someone's going to die. Sorry, that's called life. And we can all just kind of get over it. And once you get over it, you get past that, you can actually start planning effectively. And so the, the older person, from all probability indications is the one that's going to go first. There will be a death claim at that point and then that produces a, a legacy transaction transition. And it's a matter of do you want to do that or not? And if you do want to do it, why do you want to do that? Why is that important to you? How will that, how will that make you feel knowing that, that, that reality has been set in place? What is that? Ease off of your financial burden of life and your thinking about what you want to see happen down the road. And these are like intangible things. And these intangible things, you can, you can appropriate an amount of value to all of them, but that value is subjective to you. So I put a price on a peaceful night's sleep, Dan, and I suspect you do as well. Now if I don't get a good night's sleep and I'm, you know, I'm up and tossing and turning or I don't get enough hours or whatever, maybe I'm crabby and cranky with everybody the next day or two days, as it were, and, and then that has an impact on them, well, so what price would my wife put on me getting a good night's sleep? I don't know, I've never asked her that question. There's a connection there. Right. And so now you add that up over every day for 365 days and you put 30 years on it. Cool. What number did you come up with? Great. Well, we can solve that with life insurance for the most part.

Yeah, I appreciate that answer. And just for those, our listeners out there is every time we work with people, we spend time trying to get to understand everything about, you know, how you're doing things, what are you trying to achieve in life and how are you going about that and how can we help you with this process? And one of the things I always remind people about is, hey, if we come away from this and we haven't set up a plan, you can't foresee every possible thing in life, but there's certain things like, that you can count on. And so we want to have a plan that helps that family or individual or business or whatever it is really to achieve their objective. And so if they're, if we haven't thought of something about, okay, so, yeah, we're going to start this on someone else and you're going to be the owner. And this other person might be a child, and yet you don't have protection in place if something happens to you. Well, we really haven't done you justice. And so we have those conversations with people just like the matriarch and the patriarch. Those are the ones that I always start with. Like, if you haven't addressed that to some degree, then we need to think about that. Why wouldn't we do that? Because that becomes a bigger risk for this unit, this family. It's people. That's what I love about what I do. Richard, above all things is I, I get to work with people. And to me, that's what matters. It's like, yeah, I'm, I'm fortunate enough. I get to make a living doing this. But above that is I get to, you know, I get to help people and see opportunities. I get to, you know, they get to have, see possibilities. They get to see that, hey, I can have a more peaceful mindset about all things with, you know, if I use this as one of those tools to help me, one of those processes to help me to get there. So that's just something I thought I put out there because it's just powerful for me to remember all the time.

You get to do it. You get to do it all with a great team, too.

Yes, I do. Lots of.

I do see a great question. He says, you know, if I had a 100k saved up, should I borrow from IBC or tap into the savings? And I'm assuming that's because there's a purchase to be made and what I would say is if you had 100k saved up, where are you warehousing it? Are you warehousing it in someone else's bank or in your bank? And I would rather see that there was 100k saved up inside a cash value. And so if you have 100k in cash value and you have 100k in a savings account, then you're probably not paying enough premium. Right. So the, so that means that there's, there's been a misallocation maybe of, of premium where it's time to get a new policy. And if you had a hundred thousand of dollars that you had when earned and worked with and you had it sitting in a bank account and you want to, and your objective is to do more infinite banking, that's what you're looking for. And you also have a hundred thousand, you know, available in a policy or a system of policies. If a deal comes up that's $100,000 I would borrow from the policies to go do the deal. And then I would take my good dollars and I would use the insurance company's money to go do the deal and I would take my dollars and I would use it to re up what I'm able to do and reimagine my thinking on my system of policies. Because if you're going to go do a deal, the deal should have some dynamics about it, hopefully that will generate profits, cash flow that should sustain the deal. Right. So your repayment situation on the borrowed money from the policies would be, would have to be factored into your decision making of the deal. And so when you look at a deal that way versus saying I have 100,000, I can go do the deal versus hey, I'm borrowing a hundred thousand from the insurance company that I co own and there's going to be a cost of that borrowing. Absolutely. But my cash continues to rise every day. But now you're also looking at the deal differently because you're factoring in some of those costs. And so your criteria that you're using to scrub deals shifts. So I think there's a lot more thinking that goes on when you recognize that the reservoir where you're going to access money from is the policy and how you go about doing things and the things that you would, you would normally you might shift and change what you might choose to do because of that additional dynamic. That's kind of part of the, I don't want to call it magic, but I think that's some of the, the again it's One of those intangible things because our brain is just views information differently once the policy is involved in this situation.

I totally agree. That's a good answer for her because it's, you know, you just need information to be able to help her make a good call on that. But it's like I would totally agree, Richard. Where I had, because that's what I, you know, that's how I fund a lot of my policies is out of savings. And I purposely, you know, I've got huge premiums I pay every year and part of that's coming out of savings that I've saved. And so I've just structured in a way that that's where my savings go to. Because I know once they're housed there, warehouse there, their growth is never going to be interrupted and I can still use it for things like whatever comes my way for an investment. So there's ways to do that, you know, step it in over time. Just like it's not, doesn't go in all at once. You just, you know, come up with a plan, have a good coach, talk about it. And I think that's going to serve her well.

Yeah. And it looks like there's a follow up too that it's for the purchase of a vehicle and same, same example. You know, I would, if a vehicle is going to be purchased, I would, you know, again, it depends on where you know, there's a lot of factors in there. But for me, if I'm going to go buy a vehicle, my intention is to purchase it with a policy loan and then make repayments to the loan. One of the other advantage, like psychological advantages that happens there, people have, everyone has a different, like I'll call it mental baggage over the word loan.

Right.

You know, depending on what age or stage of life you're at or what you were trained in their household growing up, there's an association to the idea or the word loan. And so when you have an outstanding policy loan, you know, let's use an example. We have, we have 50,000 in a savings account. We have 50,000 in the policy loan. So if we drained our savings account to 50 to 0, you might be, yeah, oh, I want to refill my savings and you want it to be above zero. But you may not make the mental connection that you want it to be greater than 50,000. Whereas if you have the policy loan, what happens is because the loan is there and you still know inherently it's a loan even though it's with the company you own and control that the life company, you're a participating owner in your mindset to prioritize that loan repayment, which is a great, which is the best way to save is to repay policy loans. It, it, it's, it's a higher level of personal accountability than to just refill your savings account. Most people don't have the, the, the intentional wherewithal to say I'm going to refill my savings account with an appropriate car payment every month. That is at least what a market lender would have charged me or greater than. We don't think that way because we haven't been taught to think that way. Nelson tries to teach us in the book. And so when you utilize the policy loan, because it still has the word loan attached to it, even though you're using the insurance company's money and you have some control and they're growing your money, at the same time, your desire to want to retire the loan creates a psychological advantage for you to be more efficient with your money.

Yeah, that's a great way to put it, Richard. And as you were speaking, I was just thinking about, we got recently from one of our clients and I, I think it was in one of our live events actually. And, and we were showing, you know, the, the truth of lending, you know, and how much the volume of interest is. And someone asked, you know, it would be really nice to see an example right side by side with the commercial loaning borrowing example of doing it with the infinite banking concept, like having a policy where you had that cash value in there to do the same thing, buy whatever the value of that home is. And so the interesting thing is I, you know, I've been working on building that example and I've got to, you know, I've got the information I need now and it's just, it's quite eye opening when people understand what the difference would be if you, you know, had that $400,000 loan at a commercial bank or you're able to take that $400,000 mortgage onto your own bank using this process that, it's like we always talk about, you know, when you, when you use this concept, you're going to be able to get the interest back that you were paying to commercial banks if you use this process. Well, you go over, you know, the 25 years that we show that truth lending concept in and you not only get your interest back, Richard, you get all your payments back. It's not just the interest, your value will be greater than, than all the payments that you pay back that, you know, Just, it's just the way, you know, process works. And I just go like for me even every once in a while when I work on stuff, I just get this aha moment. Haha. Like that was, that's a pretty enlightening thing to see. And so we think about buying a car. I'm in the same boat. Like that's the way I buy my vehicles now. I, I'm using my system because I know the difference it makes over time and I feel, I love what you said Richard, about you know, that we have that desire to pay. We're very good at that. If we have a loan at the bank, where we think about that, we go pay it back. Well, if it's a loan in our own system, it feels the same way. I want to pay that back. That's the way I feel. I took out that loan for a reason and it's my own, my own banking system. I should even feel even more passionate about making those payments back. And it's, and yeah, I could go on and talk about that topic for a long time but it's, it's just something I get excited about every time I speak about it.

Well, and I want to, I want to I guess piggyback on that because I want to, you know, for you know, bit of point of clarity because sometimes people take, are more literal than others and so they take the things that we say maybe to a, to a very literal degree. And so what we're really talking about is equivalency. So you, you have a mortgage, let's say it's 400000 and if you would make payments over 25 years or 30 years, you would repay, let's just say 200000 in interest. I'm going to keep it simple. And that would become 600000 of total payments. The principal plus all the interest. Well, if, if you had that resource available in a policy, then that means you have 400000 of cash that's growing every day. And so if you go over that same 20 year time frame, you're going to return the same payments but they're now going to your own, your own pile, which means you have all those payments available to reuse by the way. You don't have to wait 25 years to reuse them. You could be reusing them along the path, which is an intangible that we can't quantify very well mathematically. But because the cash is growing that whole time from, and the death benefit, you, you're going to have equivalency of all that available to work with as working capital again at that time frame. So that's really what we're saying, you know, are you getting the actual quote, unquote, interest back that you paid the bank? Well, you didn't technically pay the banker in that scenario, but you would have paid them that amount of money. That amount of money is now available in a system that you own and control. Ergo, you have the equivalency of that financial value representing usage for your own family. And the worst case scenario is that somebody dies. Well, guess what? It's going to happen anyway. We just don't know when and we don't know who. So if we have enough bodies covered, there's going to be an influx of capital. And if there is any outstanding policy loan that gets wiped away and you can, you can reset that system. It's like, you know, staples they used to sell, I think they still sell those easy buttons, you know, so you can say first of, it wasn't that easy. But I just imagine that being like a reset button and somebody dies and it's like, boom. And we're resetting now all that financial value that is coming back into the system. So we, we can, we get run rate on all those dollars again and we get to keep that out of the Canadian government's hands, which is also pretty nice.

Oh, yeah, I totally agree. And that's a good follow up to what I said there, Richard, because people, you know, again, when we get into numbers, it can get to take people to a lot of different places. And it's really what we're trying to do is focus on value. Like how do we get the most value for someone? And that's what I focus on. It's like, you know, that is a conversation that you have to have with your coach and you have to sit down and you have to talk about, you know, how this works, how this looks. But hey, if you get an opportunity to understand, you know, how this makes a difference for you, that's what I get excited about. It's like, you know, until you actually can control the banking function as it relates to your needs, well, there's an opportunity. That's what I tell people. You have an opportunity, and if you understand that and start to work towards getting to that point, you're going to add value, wealth to your system, your family. That's what I always usually focus on, your family values. And, you know, and that's what this gives everybody an opportunity to do. And everybody's situation is different and every case is different, but it works. And that's something we get to live, we get to see. And yeah, I just love speaking to people about it.

Well, Dan, this was awesome. We got a chance to talk a little bit about our, the client community. We got to talk about quarterly coaching events. We got to chat about some fun questions. And I really appreciate this, man. It's good. We need to do more of these. And thank you for joining me today and taking up Jason's position here. I really appreciate it. I was looking forward to this a lot. And for everyone tuning in, you know, keep, keep, keep your journey learning going. Make sure that you get a copy of the book. If you don't have one, if you have one, if you haven't cracked it open in a while, go and crack it open. I would suggest you grab page 65. Some good content on page 65, including the paragraph that we, we talked about earlier. And recognizing that the power of being in a quote unquote wealth club or a community of people that are like minded is really advantageous. That's why we have YouTube channels, we have live events, we have these live sessions on our Facebook group and so on. And we have the podcast at Wealth Without Basery. So all these are resources that are available to you guys. And thank you so much for tuning in. And if you're watching the replay, well, thank you too. All right, have a great rest of your day. Dan.