Richard Canfield walks through how to learn Nelson Nash's Infinite Banking Concept, pointing to the newly edited 2016 Kelowna seminar broken into 26 short chapters, learnfromnelson.com, and the Nelson Nash Institute channel. He covers practical examples like equipment financing and self-insuring with whole life policies.
Chapters
Nelson's not with us anymore. So this is the only mechanism that you have to do it. And the way that it can elevate your thinking and the. The types of ideas that you're inspired to start coming up with inside of your own head are really amplified, in my opinion. When you get a chance to spend time with Nelson Nash.
I want to talk about something that's really, really special, really important to me, and I think, know for folks that have had the chance to learn a little bit, whether it's reading Nelson Nash's book Becoming youg Own Banker, or maybe they've been tuning into the podcast or they've been watching some of our other content, once you begin embracing the process a little bit, once you start recognizing the kind of individual that Nelson Nash himself was, Jason Lowe would say he's a character, you know, kind of like, you know, Santa Claus is this character that we know and we understand and we. And as a kid, you grow up thinking about, you know, these. The wonderment and kind of the magic of, like, a Santa Claus type of a figure. Nelson Nash, although he didn't have Santa Claus beard, he certainly had that magic about him. And he was an individual that. He left a tremendous unshakable impact on my life personally and on the lives of many of my clients and, of course, certainly for my. My wife and my. My children. Although my. My kids don't really fully know who Nelson was, they certainly know of him. You know, they've seen pictures of Nelson, obviously, they know. They know about the book. They, you know, it's up on my wall. They come and join me in the podcast studio here and there, and these are things that we talk about. We talk about banking. And I mentioned Nelson's name, in fact, the other day. It's actually kind of interesting. So it's my birthday the other day. And, you know, one thing that's really cool about where I live in the Chilliwack area in Chilliwack, British Columbia, is that there's a lot of eagles flying around. And, you know, there was a. An eagle that was swooping down quite low over our house. And, you know, it's just kind of. They're just very graceful and very, you know, cool to watch. And, you know, my wife chimes in and she says, oh, geez, you know, maybe that's a. Maybe that's Nelson checking in on you, right, for your birthday. So I thought that was kind of cool. And, you know, it's just. It's just one of these things where he had Such a impression on me, both through his teaching, his education, his, his gift of laughter. Right. He was a very, very funny guy. So what I want to do today is I want to talk about some of the resources we have available for people to learn from directly and experience Nelson themselves to some degree in the way that I did. And so I think that it's really a huge benefit in doing that. And so that's kind of what we're going to talk about today. And we're going to talk about where to find some of these resources, kind of what they are, how they were developed. And you know, there's another, you know, project that we're going to be working on, hopefully in the upcoming year where we'll be able to ideally get some more Nelson content from people. And one of the things that's really great about Nelson and learning from him is obviously when you have a copy of his book, Become youg Own Banker, you know, he's, he's kind of always with you. So you can always, you know, pick up the book and you can read from, you know, any given page and seek some inspiration. You can seek some, an opportunity to learn. And there's things in this book that will teach you areas of life that you can learn in your own, your own life and the things that are happening from history, from, you know, past economic cycles. And there's, there's things that teach you much beyond just what becoming your own banker is all about. And I think Nelson did a really good job in outlining this book because it was originally designed as a workbook for a ten hour seminar. And so if you have a copy, you know, I really encourage you to get a copy. If you don't, please certainly, you know, make a comment, reach out and someone from our team will, will get to you about how to get a copy in your hands. But the first thing I want to talk about is this project that I've been working very closely on for about the better, the better part of 18 months really. And we're at a point where we're about to kind of close the final chapter on this project. And we're going to be releasing, essentially it's a, it's a seminar, a live seminar that Nelson did in 2016. It was hosted in Kelowna, B.C. so it was done in Canada for a Canadian group of people. And I was in attendance at the event. It was you. In fact, you can hear my, you can hear my laughter in some of the, some of the video content. I have a, I have a Pretty outrageously obnoxiously loud laugh. But in this, this seminar, it was kind of a slightly condensed version of Nelson's 10 hour seminar. It was done over two days, but it wasn't a full 10 hour section. So there was a lot of Q and A periods. Because it was actually hosted for a group of advisors. It wasn't really done to like the general public. But most of the people that were in the room were people that had never met or seen Nelson before. They had a rough familiarity with the concept, maybe they had his book, but they'd never really experienced the man himself. So yeah, it was a really wonderful experience. And it was a small group of people. I think there was maybe 25 people in the room. The issue is, is that it was never done with, you know, it was one of those kind of last minute, oh, geez, we should probably record this. And you know, so there was rudimentary camera and you know, there wasn't a sound microphone system. So a lot of that ended up creating, you know, we'll call it an inferior recording. But the content is really spectacular. And so it's been a real process working with a great team of people. I want to give a shout out to Sheldon Claussen. Sheldon, I don't know if you get a chance to watch this or not, but I really appreciate you and his team. You know, Harris worked on the videos and so Sheldon has been with me working on this project for a great period of time. And there was a lot of effort going through transcripts and trying to revise and make sure that people could follow along with what Nelson, Nelson was talking about through the session because of the, the, the audio quality and then that sort of thing. So, and then what we've done is we've added a lot of, you know, like B roll, like images and, and there's pictures of the book, there's pages of the book that are shown and like snippets and cutouts of certain segments of the book or images from the book. Even as we get into the later sections of like equipment financing, there's even like pictures of some of the illustrations in the book and highlighted segments. So that way people can kind of follow along. The idea was in such a way where it was as though if you're watching it as close as you could get to being in the room with Nelson was what we were trying to craft. You know, you could literally have your book with you and kind of follow along through certain segments as Nelson's teaching, because he would teach the book basically from, from COVID to the end. And he would go through the pieces and the book is broken up into five parts. And so he would, he really broke the seminar up into those five parts. And then there's all these ad lib stories of course that Nelson would share and tell. So I'm going to point to where to find these resources. All right, so what you're seeing here is a page on our site. Now you can get to this page. I'll put it in the chat box is learn from nelson.com. that's learnfrom nelson.com. so if you type that in, it'll bring you right to this page. And we have the, the series basically here listed. And it's, it's done in little chapters. So it's broken up into segments. Those segments are, they range, some of them are. I, you know, maybe the shortest one is probably like 7, 8 minutes and the longest one is like 31 minutes. So you know, I would say on average the average clip length is probably about 17, 18 minutes or so. And you know, these are all posted on our YouTube channel, of course, but here's just like One Stop Shop where you can kind of come and see them. Now as I scroll down, you'll see we've got 26 clips that are currently on this page. There are, there are I believe three or four more that still need to be added to here, but some of them have not yet been released. But they will be released here over the, should be before the end of the month of August. And then all of these will be available and they'll get posted on this page for everyone to access. Now this is one way of course to access them for folks that are subscribed to the Bankers Vault YouTube channel over here. One of the nice things about YouTube is that you have, you can create playlists and so on the Bankers Vault YouTube channel we actually have a playlist that's Infinite Banking with Nelson Nash. Presently you can see that there's actually 28 videos that are listed here. So if I scroll down all the way to the end, you know, we see we have 27 and, and 28 here. So there's, there's a couple more still being posted. And these are set the next few that are coming out. There should be about three more remaining that should get posted before the end of the month. And as these are being released, I would encourage you to tune into them. Maybe you're watching this. You've already been partaking in some of this, this series. It has come out in some Chunks and those chunks haven't always been consistent. And that's just the virtue of, of time and how much time we have to really plug into the project. But it's an amazing thing to be a part of. And some of my favorite ones here down towards the end where we're getting into the equipment financing example. And a lot of people have questions about the equipment financing section of Nelson's book. And Nelson does a good job of talking through it here. And one of the things that, you know, one of my personal favorites and that this video isn't available yet, but it's going to be coming out here shortly. Nelson tells a story of self insuring for collision coverage and that sort of thing in the book. And he mentions, you know, he's talking about this, this, this gentleman who's a logger, he's got a logging business and he's essentially, you know, got all these logging trucks. And for each logging trucks, I don't remember the cost of them offhand, but he has to pay collision coverage because he's financing them through a third party finance company. When you're financing a vehicle with a third party lender, they require collision coverage so that they're the first one paid in the event of a total loss. And you know, he makes a comment, well, how often do you go see a logging TR in the auto body shop? It doesn't really happen. And so it's kind of like, yeah, you have to pay for this, but do you really need this kind of item? And then he tells the story of, you know, a logging truck getting, you know, basically melted by a ray gun from a spaceship. And it's just the way he outlays it is really hilarious and it gets me every time. Unfortunately, you will hear me laughing during the clip because I couldn't help myself. In fact, even to this day, like as we're going through the editing process and trying to get this, the clip released, like it catches me every time. I can't stop from laughing out loud. And you know, it's just, it's just one of those endearing stories that Nelson would tear. You know, he was just such a great storyteller, but he would tie the story into the lesson and he would just weave it in so perfectly. And you know, the whole idea is that, you know, if, if you get to this point, as you're building up your own cash value, resources and you're doing that in a really effective way by practicing the concept Nelson teaches. Once you have an established capital base, you can be in A position where you can start to quote, unquote, self insure for things like collision. He doesn't talk about liability liabilities. Is a different situation when it comes to like vehicle and auto insurance, but like the collision component of, of that. And, and then as you accumulate maybe a fleet of vehicles, you think about, just think about in a family system, you have a husband and wife, you have, you know, say three kids. Those become adult kids, they all have cars. Those out kids go get married, they have spouses. Each one has a car. You know, just in that zone. We've got three kids and, and three spouses is six kids. That could be six cars. Mom and dad have a car, that's eight cars. If you had a system where you're now harnessing and controlling the capital requirements even for, for, for all that financing, but also for that collision coverage premium that would otherwise be walking out the door to someone else's insurance company, instead, you could harness the potential of that capital. So, so Nelson's teaching us lessons of this nature throughout the book. And he does that lesson in a couple different ways, but where he really kind of hammers at home is through this, this story he tells of, you know, basically a truck getting zapped and blown up by a spaceship because it's, it ties in the story, it's very, very comical. And, and then the logger, in this case, it's his nephew Terry, says, uncle Nelson, can you send me some money to, you know, replace my truck? And yeah, so the whole idea is that you get to harness more, more power of, of capital flowing through your life. So, but going back to this, this playlist, again, there's lots of stuff here. Each one of these does have a bit of a description. I think in the future we'll probably look at expanding some of the description aspects there so you can learn a little bit more like what's discussed in each of the videos. And you know, maybe we can get some chapter titles and stuff in them as well. The first video here is just really me sharing about the experience of being at the event and what, what the purpose of this whole segment of videos is for now. This is one of the great resources that we have. There's not, unfortunately enough Nelson Nash specific content out there. The, the other place you can go find some of that content is of course, the Nelson Nash Institute YouTube channel. I'm going to bring that up in a moment, but before I do that, one of the other items I'd like to make sure people are aware of. I'm just going to open up the Bankers Vault channel here. There is also our Day of Nelson project. So you can go directly to dayofnelson.com it's also available here in, in one of the playlists is a tribute project that we did. And again, some of our viewers will be familiar with that already. But basically you can go and watch this commemoration of, of Nelson that we've done. And within this, you'll kind of see at the bottom here, there's all these, these chapter titles. I'll even make this full screen so it looks a little bit bigger on our video. There's all these segments and so you can see the interviews with the different people that we've done great interviews with, wonderful people. And then intermixed in between these interviews are little seminar clips and highlights of Nelson. So some of these are used or built into the, the playlist that I just mentioned. So a few of those are, you know, you can see them in the playlist to, to a more full scale. And then there's little, you know, snippets of them in here as well. Like Nelson talking about estate farm policy is in here. Some of these highlights, however, come from different session that we had available with Nelson. And I'll just zip to one right here. Here's Nelson talking about again, equipment financing example, but it's from a different recorded event. So there's some clips that you can see here that really aren't available anywhere else and they're very powerful. So if you're ever just looking to kind of get your Nelson fix, I personally do seek that from time to time. I'm a little weird that way, but reading the book, of course, does give me that. But. But there's something about hearing Nelson, the way he delivered things, his voice, his mannerisms of expression that I find really helpful for the learning process and just the way that he told the story. So I would encourage you, if you haven't done so already, you can come through and you can zip in and check out these little seminar clips along the way. You know, like this one right here is a great one. He goes over the twin sisters example, I believe, and there's even some clips. He tells a really neat story actually about the Blackbird airplane, like the, the Stealth bomber airplane and how it was created. And at the time that it was created, it was created without the use of computers and they used a slide rule to, to construct it. And so the thinking, you know, the whole lesson is about the thinking that had to go into the creation of this epic airplane and how they were able to accomplish it because of their thinking, their imagination that was utilized. And you have to bring that same concept of imagination and thinking into how you operate your financial life. So again, there's just some really awesome clips here and there's also some epically amazing interviews with some really wonderful people who knew Nelson and were inspired by Nelson to teach his message and in many areas of their life. So the other thing I wanted to highlight though, I'm going to go to the Nelson Nash Institute YouTube channel. So the Nelson Nash Institute channel. There's a lot of amazing resources on here. We're avid supporters of the Nelson Essence Institute with David, Bob and Carlos. And of course there's, there's a foundations of IBC modules here. There's lots of great stuff. But specifically, I mean, if you do pan through some of the videos, you'll find the Nelson documentary film there. Of course, if you're looking for it, if you want to find it very easily, you can also find it very easily by simply going to Nelson Nash film. And that will basically bring it up again on one of the pages that we have available on our site. And it's just so that it's an easy place, an easy placeholder to find it, it's easy to remember. So you can go ahead and bring it up and watch it right here. There's also a nice little bonus interview of myself and Jason and Jason Rink, who is the film director who helped put this project together. But going back to the Nelson Nash Channel specifically, there's one here I want to highlight. I mean, there's a great, like interview with Nelson by Bob Murphy here. There's a ton of just really good content that's available here, these little conversation pieces. But the main thing I want people to recognize is this one right here, Nelson Nash at the Freedom Advisors event. So I already have that posted. This is a really fantastic video. It's one of my favorites. I actually come back and I watch this one, but myself personally from fairly frequently because, well, first of all, I'm inspired by it. And there's, there's a particular stuff that Nelson talks about in this particular clip that are really, really powerful. He talks about, you know, you can see some of his slides. He talks about the devaluation of the purchasing power of the US Dollar. He talks about his state farm policy, talks about the dividends that he received on his state farm policy, talks about where the life insurance company can put money to work. You know, here's the graph of his state farm policy and the dividends and everything that he received and the growth of the policy. And he walks through that in just a really powerful way. He shows you the four dividend checks that he received, which he did as a, as a teaching tool. He did this as a lesson. It actually stunted the growth of his policy. But Nelson recognized that people would understand a check better than they would understand conversation. So he, he did this, he did everything very intentionally. And this one description of what he was able to use his state farm policy for. And in fact, he made three very profitable investments in real estate from this policy. The first one being one of his most profitable deals of all time. He walks through that deal and he explains how he was able to generate the type of revenue he did off of it. And he says, those are things that you don't see in a illustration. It doesn't show up there. It only shows up. It's external to that. It's outside of illustration. It's about what you can do when you have readily available access to capital. And you know, again, there's some cool stuff on the back end of this video that he talks about as well. So this little hour session, in my opinion, is the advantage of seeing Nelson, you know, teach his seminar several times. Not as many as times as other, of course, of my colleagues have, but certainly enough times that I have some of it memorized. And this segment is one of the best I ever saw Nelson deliver the description and the. And the conversation around that state farm policy that he used to deliver in his seminars that doesn't show up in the book becoming your own banker. However, he does reference it and talk about it in his second book, building your warehouse of wealth. I'm a huge fan of this one. Members of our client community, we have this embedded in our client portal. And there's also a description of the things that Nelson talks about at all the different timestamps and some additional commentary. So that's available for, for Ascendant Financial clients as well. But basically, you know, these are all resources that are available. We have the playlist here again, you can find it either by going to learnfromnelson.com or you can go directly to the Bankers Vault and click on the playlist segment here. There's several playlists, of course, here you can access. We're starting a few reaction videos. Maybe you've seen a few of those. But the Nelson playlist. Oh, right there. Infinite banking with Nelson Nash. And then of course we have day of Nelson. And there's the learn Nelson Nash film. So these are all fantastic resources. And of course, another place you can get some of the resources is right from the. The Nelson Nash Institute website, infinitebanking.org but all the video content that they have primarily, I think is available on Nelson Nash Institute YouTube channel, with the exception of. There is now an option, a digital option where you can access Nelson's seminar on dvd. Of course, it's no longer on dvd. It's now digital version. And that is a phenomenal thing to. To do. So if you've never tuned into that, that's now available for you to get that in a digital format. If it's something you'd like to learn how to do, you can, you know, leave a comment. Go ahead, post a comment. And we can have again one of our teammates post how you can access that. And I believe we have maybe a code that might give you, I don't know, $10 off of it or something like that. I don't remember the details, but any chance you have to spend some time with Nelson? Nelson's not with us anymore. So this is the only mechanism that you have to do it. And the way that it can elevate your thinking and the. The types of ideas that you're inspired to start coming up with inside of your own head are really amplified, in my opinion, when you get a chance to spend time with Nelson Nash. So I appreciate every moment I got to spend with him. I couldn't imagine my life not having had those moments. They're very, very important to me. They're very near and dear to me. And when there's a person that inspires you in such a way, like Nelson has done for me, I think that you have a responsibility to share that message or that, that inspiration that you received with other people. So that's what I'm here doing today. And hopefully you'll get a chance to spend some time with Nelson and you can equally be inspired. So that's it for me today, folks. Thanks very much. Make sure you tune into some of the other great content you'll see popping up on the screen and continue, as always your journey of learning and make a commitment to get inspired about your financial life and spend some time with Nelson Nash. Thank you.
