How To Pay Off Debt in Canada Without Getting A Loan

So what we're actually doing without changing our cash flow, we're eliminating a liability while we build an asset at the very same time. And we're just starting to control the banking process. That's what we're talking about here is we're controlling the banking process. So we're not actually accessing a loan from a third party lender. We're accessing a loan from our own system. Now why is that important? Well, think about it for a moment. Debt. We've been taught that debt is really bad. But depending on who is owning and controlling the debt, it can be very valuable.

Hi there, my name is Bernard McCarty and I'm a member of the Ascendant Financial team. And the title of today's video is how to pay off Debt without getting a Loan. Let's talk about that for a moment. You know, really, the process or the, or the ability to pay off debt the way you do that is actually quite simple. It isn't always easy, but it's simple, isn't it? You owe a certain amount of debt and all you have to do is make a bunch of payments to equal the balance of that debt plus any interest that accrues, and then the balance of the debt is paid off. Right. The problem is you've worked really hard, you've paid off the debt. Now you have a zero balance on the debt, but you also have a zero balance in your bank account. So you paid off the debt and you have no money. So now you got to go work really hard to get more money to do other things with. And if you run into a problem at any time where you need a large amount of money, you know, life happens, that happens. Where we need a large amount of money, you know, from time to time, well, you have no money built up because you just sent it all to the debt. And now what are you going to do? You're probably going to go back and use that debt instrument again, build up more debt and the cycle begins again of you just working hard and sending money away from you just to pay off debt and then winding up with nothing. In the end, we got to break that cycle. That's a part of the problem. So I'm going to share with you today how you can pay off debt without getting a loan normally. Again, what's the solution? Oh, I got a bunch of other debts, a bunch of random debts and making all kinds of payments. Oh, let me go and get another big loan from somebody else's bank. Let me borrow money from somebody else's bank so I can pay off all these little debts here and all these different payments and now make one big payment to somebody else and money is still flowing away from you and you've got no money working for you. So I'm going to show you a different process, paying off debt or what I like to call what we call recapturing debt by using the process of becoming your own banker. Now in the video description it's called how to pay off a pay off debt without getting a loan. And there's a little bit of a fib there because I actually am going to use a loan. I'm just going to be the one who controls the process. Let me tell you more about that. You might be familiar with what I'm talking about here. The process of becoming your own banker. And a great reason resource for you to start about learning how to become your own banker is by tapping into some of the videos that we have on the playlist beside me here so you can learn more about the concept of becoming your own banker. Or you can click the link in the description of this video to order your copy of becoming your own Banker written by one of our great mentors, R. Nelson Nash. Great place to start. Okay, so we're going to implement the process of becoming your own banker and use that process to pay off your debt without having to access any loans, at least not from a commercial bank. You don't have to do an income verification, a credit check, agree to a repayment schedule and jump through all their hoops and pay even more interest to someone else. What we can do is implement the process of becoming your own banker. Start making deposits into your own policy system, a system that you own and you control which allows you to become a co owner in the life insurance company. When you're a co owner in the life insurance company, that means that capital that you're depositing there in the form of premium is being put to work for you and and all the other policyholders, all the other co owners of the business. And now what we're going to do is we're going to be able to access cash value from our own policy system via a policy loan. And now I'm borrowing money out of my own system, which means I own and I control the debt. I'm going to break that down for you in a moment. I access that money, I pay off the third party debt, I pay off that lender and now the payment that I was making to them is now freed up. I'm already used to making that payment. So guess what, keep on making the payment, but now you can change the flow, the direction of that payment and you can pay it back into your own policy system so that now you're the one who's controlling and accumulating the capital and your debt is paid off. All the while, momentum is actually being built up inside your policy system. Your capital inside the policy is growing uninterrupted every single day that you take air into your lungs. So rather than sending all my extra cash to a debtor and flowing money away from me, what I'm first going to do is this is how I've done it. I pay the minimum payments to those debtors and just keep them happy. I take the maximum amount of capital that I can, I build up my policy system with it, and within a few short months, I'm accessing policy loans and chunking down my third party debt. Every time I chunk down the third party debt, my minimum payment is coming down, freeing up even more cash that I can flow back to my own system to replenish my pool without interrupting the momentum, the compounded growth on that money. So what we're actually doing, without changing our cash flow, we're eliminating a liability while we build an asset at the very same time. And we're just starting to control the banking process. That's what we're talking about here is we're controlling the banking process. So we're not actually accessing a loan from a third party lender, we're accessing a loan from our own system. Now why is that important? Well, think about it for a moment. Debt. We've been taught that debt is really bad. But depending on who is owning and controlling the debt, it can be very valuable. Like if you owe money to a bank, that's a debt for you, that's a liability. But that money that you owe to the bank, that loan, whether it's a line of credit, a personal loan, a car loan, mortgage, those things are listed on the bank's ledger as assets. Anything that puts money into your pocket is an asset. Anything that takes money out of your pocket is a liability. So if I owe debt to a bank, that's a liability. But if I, and I'm going to use air quotes here, if I owe debt or owe money back to my own policy system in the form of a policy loan, and I'm the one controlling the repayment schedule to that loan, I'm flowing money back to my own system that previously was flowing away from me. So I'm the one who owns and controls the debt within the policy system. Thus I'm the one getting the money. So that loan actually becomes an asset to me because it has money flowing back to my family. So that's a quick breakdown in terms of how you can actually pay off debt, third party debt, without getting a loan, without having to jump through a bunch of hoops and get into even more debt. So now we have cash building up inside our policy system. We're recapturing the payments that we were previously making to somebody else. Now we're pooling and accumulating the capital so that when life happens and I need access to cash again, the first place that I'm going to look is back to my own policy system where I control all of the terms of the loan and I don't lose momentum on my money by permanently transferring that cash away from my family. Really excited to see your comments on this video. Go ahead and hit the like button. Subscribe to the Bankers Vault so you can get more useful tips and really valuable content where you can learn about the process of becoming your own banker and get the resources that you need to deepen your understanding of the concept so you can start practicing this concept, implement it into your life, and start taking back the control over the banking function for you and your family and have more money flowing toward you instead of away from you. Have a great day. Thanks for watching.