Expanding Your Family's WEALTH in Canada

Remember, your kids aren't going to do what you say. Your kids are going to do what you do. So it's all about your behavior.

It could even be as simple as acknowledging the fact that you have fear in this area of your life. And if that's with your spouse or with your kids, you say, hey, you know what? I've had some fears, or I still have fears about money and how it's going to work out for me. And so sometimes I don't like to talk about it, but because I know I have this fear, it's something I want to work on, and I'd like your support. You know, there's not a single person in your family who doesn't want to support you. I suspect that's the case. And so when you acknowledge those things, it's amazing how that can break down the barriers of an initial conversation, and it can really shift things into a positive environment that could be the catalyst that gets you started on the track of a positive financial future.

So, Canada, what have you been taught? Don't talk about money at the dinner table. Don't talk to your family about money. My colleague Richard and I are here to tell you that you have a huge opportunity to keep the wealth and expand the wealth in the family. We should be circling the wagons and actually talking about how to create more wealth. What are those values? What are good principles for ourselves and our kids to follow? Remember, your kids aren't going to do what you say. Your kids are going to do what you do. So it is all about your behavior. Stick around to the end of the video, and Richard and I are going to talk to you about how to conduct a. A family banking meeting.

Oh, Vern, I'm so pumped about this. Talking a little bit about the family banking meeting and, you know, specifically just how to broach the subject, how to start having conversations about money in the household. Because it's, you know, typically for the average Canadian household, money is the cause of most stress. You know, so the kids that are growing up in a household today, they hear, you know, kind of, you know, nitpicking and little, you know, word battles going on, maybe with mom and dad. And there's. There's some stress that gets built up. And a lot of times the thing that's the catalyst, maybe that's not the thing that there's being discussed right now, but the underlying thing that's the cause of that argument or that strife that exists in the stress in the household, it has something to do with money. It's about how are we going to pay for the family vacation? Or hey, we're short this month because a transmission went, or are we going to have enough money to retire? Like whatever these things are that come up and you throw in a global pandemic in the mix, that.

Turns the heat up a little bit around the family stresses. So the kids of today that are growing up in households like this, they're hearing these conversations. Kids hear a lot and they're very smart, they're very intuitive, they pick things up. They may not know about the conversations happening, but they know the feeling that's created. And so one of the ways that we can help create a positive environment around the topic of money and how to have a good relationship with money is to start having and broaching the subject early on with our kids. And it doesn't matter how old your kids are, if you haven't had a conversation with money about them with them. The key is to just get started. And get started often looks like first, taking a good hard look at what does money mean to you and how do you want to have a relationship with money? Maybe the relationship you've had with money isn't so good right now, but think instead about what's the relationship you want to have and what would you want to envision for your children? That's how you want to bring the subject in. You don't want to talk about what hasn't been working or maybe the negative energy that it creates. You want to talk about what you envision for them and how you're working towards a positive outcome on your relationship with money. So with that in mind, we're going to talk about a few different things. Vernon and I were coming off of some much deserved needed vacation time with our families and we each were able to have some conversations around money with our families. And for me, I was able to host the first annual Canfield Family Banking meeting. So very excited about that. And we're going to talk a little bit about it. In fact, I'm going to play a little video of my daughter I took with my daughter after the meeting. But Vern, before we jump into that, I'd like to hear a little bit about, you know, a conversation you were talking about recently that you had with your son and just talking about some of the things that you've done in the last year or two in the household and how you're starting to change the conversation around money just in your own household.

Yeah, thanks, Rich. I appreciate that. Yeah, I talked to both my Son and my daughter. My wife, of course, too. But I talk to them a lot about money and what's dad up to? And they actually really support me a lot. They build me up. They see that we're doing important work here, and I think it's awesome. For context, my daughter's just turned 12. That's part of reason why I took time off. She turned 12 at the end of March, and my son just turned 14. And so been talking to them about this stuff for a little while, but really, they're actually starting to take an interest in it. So I'm helping them understand, like, where is the money actually coming from? And what are we doing with our capital and being responsible with that money? And so one of the things that I was talking to my son about, my family and I were in doing some workouts together, which is pretty cool because we just used our family banking system to finance a home gym. It's right on the other side of this wall, and we're putting it to good use, which is cool. But again, we're here exercising and doing that, and I'm like, it was a great opportunity for me to have a conversation about that. Like, you know, isn't it good that Dad's paying for this gym? But we're sending that money back to our own system. And every single day that we wake up, just because the good Lord blessed us with oxygen, our family has access to more capital than we did the day before because we're controlling the banking function in the house. And a couple days later, that led to what you were referring to earlier, is that led to a conversation that I had with my son, and he was asking me questions and taking an interest in my life and what we're doing with the family. And I thought that was pretty cool. And I said to him, I said, you know, one of the reasons why Dad's doing what I do, one of the reasons why I'm implementing the process, coaching other people to implement the process, is because part of my legacy is that I want you to live a life that you love. I want you to live a life where you get to have the choice about what it is that you actually do. Now, I don't want you downstairs playing video games 24 hours a day and getting Cheeto fingers when you're 25 years old, living in my basement. That's not what we're talking about here. What I said to him, I said, I want you working on things that matter to you. I want you working on things that make a difference in the world and that you're passionate about, not so that you can earn money and pay the bills. Earning money is important and investing and all those kinds of things, but you and I weren't blessed with that luxury. Rich, right? Both of you and I have a construction background. We were both in the trades. We grew, we evolved, we changed. Nothing wrong with all that. Not that we wasted any of our time and journey. I'm sure you'd agree with me in saying that you wouldn't have changed anything because we got a lot of value out of that, too. But just imagine being able to live a life where not like you have the silver spoon in your mouth, but you actually were taught values about what matters in the world and how to know yourself and how to figure out what it is that you want to do and go out and chase a cause versus go out and chase a dollar like that is. It's a bleak outlook in my mind. Money's important, but it certainly isn't everything. And I don't think whatever you believe in, you weren't put here to worry about the Visa bill. You were put here to make a difference. You were put here to do something in the world.

Right?

And I'll do a quick shout out before I hand it back to you to a guy by the name of Jack Canfield who you've probably heard of. So no relation, I don't think, but I don't know where he got this term from, but he mentioned something before. I heard him speak one time, and he talked about something called Attention units. Like, there's only so much RAM up here, right? And you were talking about it earlier, worrying about, oh, how do we pay for this trip? And oh, the transmission went and, oh, my work slowed down. A pandemic hit. Well, we waste way too many attention units worrying about how to keep the lights on. I joke by that simple thing, keeping the lights on, but that's it, right? Getting food in the fridge, paying the Visa bill, going on the trip. Oh, my gosh, don't even get me started on retirement or passive income time. We're spending 60 or 70% of our day thinking about money and work and the stresses that come along with it. We can be pouring that energy into a lot more things like loving our family. And that's what this process, to me is all about.

Yeah, Vern, I love that. Especially the comment about 25 years old with Cheeto fingers. Also something I don't particularly want for my. For my son or my daughter. Not to say that we don't mind having some Cheetos now and again, but we're, you know, we. I was really excited about this family vacation, first of all, because we haven't been able to take one for a while because of. To the degree of actually getting on an airplane and travel, etcetera, but because I was very intentional about making sure that we were going to have this, this, this meeting together. Now, my kids are about eight years younger than yours, both, you know, on average, so my, my daughter's four my. So. And for us to have the conversation, I knew that we would have some attention units issue with. We've got kids that age. How are we going to keep their attention units, you know, while we're having this conversation? So, you know, I preempted my wife. She was ready to go on that as far as making sure we had a treat available for the kids so we could keep them engaged in conversation. And I didn't have, you know, like a specific agenda that I followed. Although, you know, in. In the future, that will be something that takes place for right now, at their age. I wanted to keep it very high level, very conceptual, and I just wanted to begin the process. I wanted to get it started so that there's an expectation that we're going to do this at minimum, once a year now probably is. If we take more, say, family vacations or outings, we'll just increase the volume of meetings that we have. And in fact, my intention, I think, while the kids are young, is to do more volume because I want to get these lessons in early. And the core premises they're already familiar with. They don't know about the word policy or they don't know what whole life is. They don't know what insurance is. They don't know what a loan is. They don't know any of these details. What they do understand is that we have a Canfield Family Piggy Bank. Now, I call it the Canfield Family bank, but my daughter Nora has dubbed it the Family Piggy Bank. So that's how we kind of communicate a little bit in jest, but it's relatable to the kids. So with that in mind, I think what I want to do, Vern, I just want to kick into the little video I've got of my daughter that we took after our meeting. And then I'll kind of circle back to how the conversation started and happened in the meeting and what we talked about as a family to kind of give everyone a reference point.

Hey, Rich, before you share your screen there, I Think that's a great idea. But, you know, at some point you might be hearing us have this conversation and thinking, gosh, I'd love to hear more about what these guys are talking about. We want to encourage you to hit the link in the post description below. Go to watchibc.com that's watchibc.com if you want to learn more about implementing the process of becoming your own banker at the Infinite Banking Concept in Canada. Go ahead, Rich.

Okay, do it again one more time.

Family bank meeting.

Did you. Do we have fun on the family bank meeting?

Yes.

Did we talk about everything we're grateful for? Yes. Who else did we talk about? Nelson. We talked about Nelson. And is that book pretty special? Yes. And you have a copy signed by Nelson, don't you? One day when you're older, you're gonna get that copy. Yes. And it's important. Every year we talk about the.

Family bank. Hurrah.

All right, so there's my daughter.

And here's kind of just the one of the pictures that we took. Took a variety of pictures after the family banking meeting just to kind of commemorate that with, with Nelson's book and in this conversation. So that was kind of a spur of the moment thing. It was actually sort of my daughter's idea actually to do that. We, you know, we had about 25 minutes where we sat down together. We were on a little patio table. We're out in Palm Springs. So it was, you know, pretty, you know, hot out. It was a, it was a late morning, kind of around 10:30, 11:00am range. The kids had already been to the pool once, right. So we'd already got some of that energy out early. And they each had a popsicle and I think a cookie or something or one and one. My daughter had like a little, little Dixie cup of ice cream, you know, thing. So they're, they're having this, you know, treat as we're having a conversation. And once everyone was calm, we were sitting down and I had Nelson's book with me. So always the important thing here for us, you know, teaching the premise of the Internet banking concept. If you're going to have a family banking meeting, you have to have the source material with you. It's absolutely critical you have this with you whether you go through it or not. I mean, I would absolutely encourage that. I think especially as the older your children are, the more important. For me in this first meeting, it was just critical to have the book on hand because I knew I was going to reference the book and I was Going to reference Nelson Nash in our conversation, as my daughter indicated in the video that we talked about Nelson. So, you know, we started off our meeting just really taking a deep breath and just saying, hey, this is our first, you know, important family banking meeting. We are talking about a couple of cool things. But before we get too deep into that, I just want to hear from everybody, let's talk about what we are grateful for on our trip. So I wanted the kids to really open up a little bit about just thinking on all the things that we had done over the days we were there. We went for 10 days. This was on day nine. So they had nine days of experiences to talk over and reflect on while they're, you know, having their Popsicle. So they talked about how we went to the Glow in the Dark zoo and all the pools, and we were there with some friends. They talked about their experiences with their friends, and they talked about, you know, a couple of the dinners out that we had and, you know, this. We did some stargazing and some, you know, saw some beautiful sunsets and so how much they enjoyed the sun. And just all these experiences that I knew we had had, but I didn't know how much they had understood what we'd had. I didn't know their reference point, but I got to hear that from them, and it was really wonderful to hear. My wife shared hers, and then, of course, I shared mine. One of my favorite parts, of course, was that my daughter was swimming without her life jacket by the last day, which was pretty incredible. So that was really, really wonderful experience for me. And then we tied it all together by saying, okay, the reason we were able to do this trip is because of the family banking system. If we didn't have the family bank, we wouldn't be able to have had this kind of a journey. And so anytime that we access money or capital, I use the word money and I exchange capital in there to get them started. Being aware of this word, of this terminology early on, that when we use this, we have to make sure that we put it back. Now, my kids already know this, so I asked them some questions. I said, when we take money from the family bank, what do we have to do next? Now, usually my daughter jumps in, but my son jumped in first, and he's like, oh, we have to put it back. Oh, okay, great. High five, high five. So I'm always doing a high five or a positive reinforcement around their engagement. I want them to feel comfortable engaging in the conversation. You know, there's no wrong answers. It's just, it's just being involved in the experience. And I said, okay, great, awesome. We have to pay it back. So why do, why do we have to pay it back? What's the reason we need to do that? And my daughter pipes in, she says, so we can use it again later. Right? She always jumps in. Now the reason they know that is, is because those are the fundamentals that we've worked on. They say, okay, great. Now why do we have to, why do we need it so we can use it again later? Well, so what are some of the things that we might do the next family vacation or the next thing like this? So we talked about some of those future outcomes, those future results that we want to achieve that by putting the money back in, by, by re. Saving money back into the family bank. It'll be there for things that we want to do later on. And I touched on some of those things, like maybe one day you guys will want to use it to start a business or you might want to use it to buy a home. And so we just, very high level touched on some of those items to get their brains kind of open and aware to what their future could be. What are some of the reasons a family bank is important?

And then we talked about Nelson and it was hard for me to keep my composure. I got choked up talking about Nelson because the kids are aware of who Nelson is. They know that they each have a copy of this book. I had Nelson sign a copy for each one of them before he passed away and that they'll get that copy when. And I said they'll get it when they demonstrate that they understand what Nelson talks about in this book. And when they're old enough that they can be that they've shown that they know how to use the family banking system. So I'm planting a carrot for them about something that is very important that they will get later on after they do something. So they're not just going to get it handed to them. They have to learn and implement the strategy. They don't know what the strategy is. They don't, they know the core pieces, the fundamentals, but they don't really know what that's going to be. They simply have the seed planted about that future. And you know, we talked a little bit about how this year we're going to spend more time learning about money, learning about how to count money, how, you know, learning about the currency itself in Canada and how does the Canadian green. What's a loony, what's a toonie? What's a, you know, quarter's got a caribou on it. Right. Some of the basics. I'm at that stage right. With my kids still. But then we're going to start talking about, you know, I also said, and we're going to start talking about you learning how to generate an income, how to create an income. An income is how you earn money like daddy does. And so we had a conversation around that, you know, people often will have an allowance for their kids and that's fine. I mean, allowance is fine. I don't want to, you know, say anything negative about that. But for me, language and vocabulary matters a lot. And so the reality is when our kids are older, they're not going to get an allowance from anyone. They're going to have to generate an income somehow some effort will have to create an income result. They're not going to be allowed to just have money. So I personally don't respond well to the idea of an allowance. I think it's more of a, and I just use my own terminology, it's my opinion it's more of a socialized, socialist leaning type of experience. It's like, you know, if it's like a assistance program to a degree and I don't want that for my kids. I don't want them thinking in those terminologies. I want them thinking about income generation and what could cause that. So we used, we just adjusted the language in our household a little bit. Now the end result is that we had a heck of a good time. We had 25 minutes of conversation. I've got a great video of my daughter. We got a recording. They're familiar with Nelson. We talked about the importance of Nelson and that when we take money out of the family bank, we have to put it back in. We put back more than we took out so that there's more available for us to use later on. Those were the fundamentals. That's really our focus. And kids at my kids age, they completely get that. That's how simple it was.

Yeah. And what kind of a difference is that going to make? If you think about that compounded over the next 10, 20 years as they're growing and going through school and all that kind of stuff, and they're going to start listening and recognizing conversations that other kids are having in school. Or maybe they overhear another group of parents. Not that it's right or wrong, good or bad, or you guys are any better than anybody else, but they're going to recognize that not everybody does things the way that they do it in the Canfield home, right? And that's. That. That's where my kids are at now. They were having those kinds of conversation. And just because you were talking about earning an income the other day or just a minute ago, One of the things that I was talking to my kids about is we're talking about contribution right now. They don't have a job, but we're like, look, take a look around this house. Like, a lot of things need to be done. Everything from preparing food to keeping the house clean, to washing the dishes, taking care of the laundry, you know, and mom works really hard to get a lot of that stuff done. And dad just lags behind trying to help out wherever I can. And I say, you know, it's not a big deal. It doesn't seem like a big deal to wash your plate after dinner. And it has an impact. It makes a difference. And what are you asking for? How easy is it now to buy a video game on those consoles now where you don't even have to go to the store anymore? You just buy it right off the video, off the console? And they're like, hey, dad, can I.

Get a video game?

And it's like, well, let's take a look at what you've been up to lately around the house. Are we contributing? We don't have an official chores list, but I can tell you now that my kids are recognizing that, hey, effort creates a return. Effort creates a return. I can tell you there's a heck of a lot less dishes lying around. They just. Now, I used to get after them. Now they don't do it. They just. They just do it on their own. Now, that's not a big deal, but it's.

It's.

It's planting those seeds and some really good principles for them, for life, right? Like, hey, I don't just get something for nothing. That's not how it works. My daughter, as I mentioned earlier, she's 12, and now what she's really into, she's, like, so stylish. She's got so much skills, the way that she puts her whole look together. And she likes to shop, she likes to get nice clothes and stuff like that. She says to me, she goes, hey, dad, like, when can I get a job? Like, when could I go to work? I was like, well, there's things you can do to produce income. But really, I mean, yeah, you can get a job in Canada around 14. She goes, okay, cool. She goes, yeah, I can't wait to get a job so I can Start earning money and I put into a policy and then I'm going to be able. And she said that like that was all on her own. Like she said that, that she recognizes already that I don't just get the job and earn the money and go spend it at the store. There's a behavior, there's an action that has to occur first. We prioritize our premium and our loan repayments. Pumping energy into our own family banking system first before we just go and spend money and send it away forever. We don't do that around here. And I was like so proud of her. I didn't say anything, but I just thought it was so cool that that's what she said. I didn't create that. She created that, right? And let's face it, this thing's a computer up here. It's a supercomputer. And there's seeds being planted all the time and we're being programmed. Well, I think that this is a pretty positive, pretty powerful program to help our kids start to adopt. Creating wealth and actually being empowered around it and not being disempowered by money. Money is a pretty powerful thing if you think about it and act about it the right way, I think.

And talking about a program or starting a program and planting those right seeds, I think the best way that someone watching this can do that to get started is to go to watchibc.com we have Canadian specific content. We walk through these primary principles that we learned from our mentor Nelson Nash, and how people are implementing this behavior in their life. Because yes, this has to do with a policy, but it really has to do with behavior. The policy is simply a tool that allows us to implement the behavioral process in your life and it allows things to become more efficient. It's about efficiency in your day to day living, your day to day cash flow and the things that you're spending money on already, which we don't want to interfere with, we want to amplify your ability to do. That's really what you're going to learn when you go to watchibc.com, at least, you know, for the Canadians among us. Now, one thing that you said, it really appealed to me, Vern, other than the story about your daughter being that engaged, which I love to hear, is that you also recognize the how these conversations are starting to show up for your kids even at their ages today. And you know, prior to you really delving deep into ibc, you know, they didn't have these conversations before. So your own knowledge Base your own understanding of Nelson's process, of your, your own learning and mentorship that you continually go through is now showing up in the family conversation, in the family life. And so that's where it's like these, the things that you don't see start to take place. The power of IBC isn't in an insurance contract. It's in the way that we think and communicate with, with people around us. Because now if you were to just take stock of your daughter getting a job in the next two years and your son may be at that state, them starting a policy that's now kind of ancillary connect in and around the family system.

What does that amplify to over a 50 year period of time? What are the opportunities that are going to be created for, for you and your wife and your children because you're now communicating in this direction of life. Now there's a book called what Would the Rockefellers Do? By Garrett Gunderson. And this is one of the books I was revisiting on my vacation. And the key thing about that book is it talks about the dichotomy of a story between the Rockefeller family, everyone would know as a well prominent family, a banking family, they keep the wealth in the family. And the Vanderbilt family, which was at one time was one of the richest families in the world, and all of the money in the Vanderbilt family is gone. There's nothing left. Whereas the Rocco family continues to utilize and grow because they have a set of principles that they follow for people to access. If you want to access money, you need to have a business plan or a repayment schedule, like a commitment. There needs to be a way. And money comes back is always coming back into the family trust or the multiple trusts that are created because it's a mindset on how they utilize capital. They have to be thinking about how do they grow the family's money that year, how do they deplete it? And there's an old saying that it's rags to rags in three generations. And that is very common. And so the only thing that can get in the middle of that, that can fix that problem, that can solve that, if that's what's important to you about a legacy you're going to leave behind right now, whatever you're doing, if you have children or grandchildren or you're planning on having children or grandchildren, you are going to create a generational legacy. It's either going to be the legacy you want to have or one that you don't. The thing that's going to determine that is going to be the conversations that you have and what principles do you leave behind? And then are you leading by example, Vern? You're leading by example. In my opinion. I'm just trying to follow the example that Nelson left for me, Nelson Nash. And that example exists, you know. Yes, in my memory, in the conversations I have with Nelson, in the various resources of Nelson's that we have available for people. But most of it exists right here in 98 pages. And in three hours, you can get an incredible financial education simply by ordering this book. And in less time than that, you can get a great education by going to watchIBC.com to see if it's even the right fit for you or not. You may not know that until you actually start to go through the information. But the power of the language that we use and the actions that we take today and how it sets the stage for multiple generations is it's an astonishing amount. And Nelson said one of his primary golden rules, his first golden rules, is you got to learn how to think long range. What Nelson really meant by that is he said, learn how to think three generations down the road. If your brain is starting to think about the third generation, the actions that you take today shift precipitously towards the results you want to achieve out there. And so that's the state that I'm talking about. I'm even going to start talking to my children about their future children and what kind of life do they want to have now? They're very young. They may not be thinking that way. They may understand, and that's okay. But if I begin the conversation now, when it actually comes up and they're ready, they're going to be aware. They'll understand what's called an even distribution of age classes, which is one of the pages in Nelson's book.

Yeah, that's so good, Rich. You're just planting seeds. You talked about behavior to me. This is really powerful. Getting your health on track has nothing to do with wealth. Well, I'm going to tie it in. I mean, you know a bit about this backstory, but two years ago, pretty young, healthy guy on, you know, you look at me, maybe I was a little bit more, a little heavier, 40 or 50 pounds heavier, but inside, things were not going very well. And it took, you know, six, seven, eight years of bad behavior consistently for me to produce that result. And do you think at some point during those eight years I didn't try to get my health on track? You didn't think I changed my behavior or changed my diet, got on the wagon, off the wagon, working out a little bit, not working out, and then continuing the same bad behavior because I just wanted to feel better, but it wasn't enough for me. But I went to try and expand my family banking system and guess who wasn't insurable? Guess who couldn't get enough, the appropriate amount of insurance. Guess who couldn't expand his banking system and actually not just own the policy, but have it on my own life. That's me. Well now, because 18 months ago, 24 months ago, I worked with my doctor, I realized, holy snap, this is making a huge impact on my wealth transfer, on my ability to control the banking function, on my ability to expand the system, take care of my family, my grandkids and my great grandkids that haven't shown up. There's all those things that you're talking about that led me down the path to do, to change my behavior and start working out again and inconsistently eat the right foods for the last two years. And six or so months ago, I was able to get approved for my life insurance policy and my critical illness. And now we've been able to expand our system up to 11 policies. Now that doesn't happen if I'm not somehow linked and tied into like what really matters and what's important to me. And this whole process was the catalyst to make all that happen. So that just gives you a prime example right there. What's possible when, you know, you think ahead, like you're talking about like, just like letting that sink in right now, like, wow, it really blows my mind, you know, it's amazing.

I'm so glad you shared that, Vern, because really what you're isolating for the listener is that everything that we do, everything intersects in our life with money and also in our death. So there's not a single aspect throughout the, the period of time where you take your first breath to your last and then beyond your last that isn't connected to your financial life. And the day that we leave planet Earth, when we walk, when we're, when we're, we, we cash in our, you know, last check or whatever, a lot of things take place, you know, and there's a lot of emotional stuff that takes place as well. And but on the financial side, money has got to be used, a lot of it at that period of time to deal with everything. And there's only one way that money can show up in a tax free check to help solve all those problems. And that's if you have proper insurance now, if you live a long and healthy life like you're supposed to, and if you, if you're going to be here a long time, there's only one kind of insurance that's likely to be in place to be in force that's going to produce that tax free check. And I can tell you what it's not going to be. It won't be term insurance that's not going to work. It's going to get so pricey it'll price you out of the market. You'll, all of your money will go and it'll be to the benefit of some other policy owner that has permanent coverage, likely a high, high cash value whole life insurance policy. That's who's going to actually have all the payouts because they, they didn't think about renting the benefit. They thought about having ownership and building equity. Now if the idea of having ownership and building equity is important to you, if you would do that in your own life, in a housing circumstance, well, there's no reason not to do that in the circumstance of your own life, your own body and the people around you. It's like each person in my family is like another rental property, a long term buy and hold piece of rental property, but it has constant guaranteed appreciation to it and I control the outcome. And I know beyond the shadow of a doubt there will be an exit that produces a tax free check. And interestingly enough, at the time we're recording this, Vern, we just had an email come out today about.

A business owner, a client of our firm, who had a policy on a key employee. And that key employee, unfortunately, young man, young individual, I don't even think he was 45 yet passed away of a brain aneurysm that happened just a few days ago. Very unfortunate, obviously supremely unfortunate story. But the check that's going to show up will be north of $750,000 tax free to the business owner who got the policy, the corporation, and a large component of that money is going to be utilized to the key employee's family. The gentleman that passed their family will receive that because of the arrangement that they set up for the business and for them. And so even though the business owner paid for that, he's going to be able to help take care of that key employee's family in a very positive way and have financial resources to replace that key individual who was instrumental to his business. Now, very unfortunate, but we don't have, I don't know about you, vern last time you took a look, used a mirror and looked at the back of your head. Is there a best before date stamped on there?

I haven't found it yet, Rich.

Me neither. So Nelson would say, you know, plan as if you're gonna.

You know, live. I think plan is if you're gonna live forever, but live as if you're gonna die today. And he did a good job at that. And so we can, we have somebody to emulate in Nelson Nash in the type of things that he taught us, but the way he lived his life and the people he helped and supported when he passed. Momentous things took place even at Nelson's passing and people knew that they were going to be looked after and taken care of when it happened. And so the power of certainty is something that you can provide when you begin implementing this process in your life. To learn more about that, again, we encourage you, especially Canadians, head on over to watchibc.com that's watchibc.com there's a link in the description down below. And begin your journey of learning. Because there's so much power in what we're able to do here and what you are able to do when you have the knowledge.

Oh, man, you hit the nail. That last part that you said right there, where you emphasize the, you like, that's where the power lies, right? You got to focus on things that you can control. There's so many things that you can't control. And that's when you start focusing on that. That's when you get anxious, that's when you feel powerless. That's when you feel small and you want to quit. But when you actually put yourself, it's all mindset, right? You put yourself in a position of like, wait a minute, I heard this on a quick YouTube clip last night. The guy said, hey, what's a 30 second hack that you can, you know, a mindset hack that you can talk about right now. And some coach or whatever, he said, hey, you know what, Think about a problem that you have, write down all the variables about the problem and cross out everything that you can control and just focus on all the things that you can control. And you'll immediately put yourself in a position of power because you're focusing on the things that you can deal with. And so what you emphasized is, hey, what you can do, right? And that's, that's a really, that's a really powerful thing, man. I appreciate you saying that.

Awesome. Well, final thoughts on talking to kids about money. Getting the conversation started. The family Banking meeting. What would you like to close us out with today? Vern?

Well, the first thing that I would say is start, like, just get real about it. Have a conversation even maybe with yourself or between your spouse first and start talking about money and then have a conversation with your kids about it. Get a sense of what it is that they think about money. Are they even thinking about money? Depending on what age they're at, obviously. Go to watchibc.com to learn more about the process of becoming your own business banker. But you don't have to become your own banker to talk about money and wealth with your kids and all that kind of stuff. And of course, Rich, we talked a little bit about insurance, and I have to mention in here, you've been in this business a long time. We talk about the process of becoming your own banker, but clearly there's the life insurance, the estate planning side of things. And sometimes I heard this on a sitcom the other day, and it really fricking annoyed me. They were talking about like, oh, I don't want the wife, I don't want to talk about wills, I don't want to talk about this stuff because she was freaked out about it. And I get that some people might have have that, but I wanted to reach through the screen and say, like, look, if you're worried about it, deal with it. And then once you deal with it, guess what happens? You actually get power around it because you've now dealt with it. So I had to say that, like, that's the thing. If you have some kind of a fear about the conversation, just start having the conversation, whether that's money, wealth, insurance, whatever that stuff is, once you start having conversations about it, you start to get power around it instead of just being inside the fear about it. So not sure if that's what you're looking for.

It could even be as simple as acknowledging the fact that you have fear in this area of your life. And if that's with your spouse or with your kids, just say, hey, you know what, I've had some fears, or I still have fears about money and how that's going to work out for me. And, and so sometimes I don't like to talk about it, but because I know I have this fear, it's something I want to work on and I'd like your support. You know, there's not a single person in your family who doesn't want to support you. I suspect that's the case. And so when you acknowledge those things, it's amazing how that can break down the barriers of an initial conversation, and it can really shift things into a positive environment that could be the catalyst that gets you started on the track of a positive financial future, simply opening the door to that conversation. So Vernis is a ton of fun. Again, we appreciate you for tuning in. Make sure to check out the playlist that's popping up on the screen screen for you here. And if you haven't done so already, check out watchibc.com and Canadians. Make sure you get a copy of the book Becoming youg Own Banker. It's phenomenal. Changed my life, changed Vern's life. And you should own a copy of this book.