How You Can Take Advantage Of The Canadian Infinite Banking Concept

And my cash is doing what every day now, growing and compounding and expanding and gaining momentum for the future. But now what I'm going to do is I'm going to take advantage of the banking process. You may have heard of something called Parkinson's Law. You earn more money or you free up an expense like that. And what will happen, generally speaking is my income's up here and my expenses are going to rise to match income unless I do something about it, unless I'm conscious about it. Foreign.

Hi, Vern McCarty here with the Ascendant Financial team and today we're going to be talking about how you can take advantage of the infinite banking concept. You know, a lot of times people will be searching online and they'll be looking at what is infinite banking or becoming your own banker. How does it work? You know, we're looking at a lot of different ideas in terms of what this process is. And there's a lot of information out there so that you can learn about how this concept works so you can decide if it's going to be something that fits in your life. You can probably click on one of the videos that is beside me here. You know, I encourage you to go to the Bankers Vault, our YouTube channel, and learn more about the concept of becoming your own banker. Watch one of our webinars and we have a lot of bite sized content that you can take advantage of as well to expand your knowledge. And one last thing that I'll mention about that is this book right here. If you have not read this book, Becoming youg Own Banker by R. Nelson Nash, it's a great place to start. You won't regret adding this book to your library. There'll be a link to purchase the book book in the description of this video so you can go directly to our website, AscendedFinancial CA and Order A copy of your book. We ship it anywhere in Canada and we sell it for less. So go ahead and order your copy of that book and you can, you can learn more about this concept and expand on what I share today in the video. Speaking of which, generally speaking, when you're looking for infinite banking, finding case studies or how do I actually use this concept to become my own banker? How can I take advantage of of the infinite banking concept? So I thought what I would do, it's difficult to find that sometimes. So I thought what I would do today is share some examples with you in terms of how one of our team members is using their system to accomplish some of their objectives and that team Member is yours truly. So how have I been taking advantage of the infinite banking concept? Of course, everybody on our team practices the concept of becoming your own banker. We're all implementing the process into our own lives. So we're teaching people from a place of having walked the path, a place of experience. And so I use my system for many, many different things. But what I love most about the process of becoming your own banker, or the banking process in general, is it's all about how money flows. How does money flow through your life? So generally speaking, what's happening is you're working away, you're earning an income, the money's landing in someone else's bank. I say that again, you're doing all the work and your money is landing in someone else's bank. And intuitively, most of us know that when your money lands in someone else's bank, they are putting that money to work so that they can create profit and income streams for the shareholders of the bank. They're not sharing that money with you. So to me, I recognize an immediate problem and an immediate opportunity for me to just learn how could I become my own banker? Because money seems to flow toward banks. So if I were my own banker, more money would be flowing toward me and my family rather than flowing away from me. That's the major problem, is you're doing all the work, someone else is getting the money, and then you're merely just handling it. So it'll then flow away from you so that you can pay for things like home and auto insurance. Maybe there's some third party debt that you're paying for. Maybe you have other insurance policies. I have a lot of insurance policies personally. Maybe you have business expenses or just gas, groceries, things that you have to pay for to keep your household running. And the money's always flowing away from you. It flows to the grocery man, and then the grocery man takes that money and it flows right back into the commercial banking system. So what I want to do is I want to share with you some ideas and some things that I've actually done in my own life to have less money flow away from my family and have more of that money flow back to my family so that we are the ones recapturing not only the interest that we otherwise would have paid to somebody else, but we're recapturing the payments that we've already been making to somebody else. So we're the ones controlling and accumulating the capital in our own lives so that we have more access to capital so we can Accomplish more objectives? No, that's again, one of the major problems. You do all kinds of work, you build up some cash, and then you go and spend it on something that you need for the family. Could be a new car, it could be an annual home and auto insurance, it could be your property taxes. But once you've spent that money out of that account, let's assume that you're actually earning some interest on that account, that you're saving the money in probably in someone else's bank. The minute you spend that money, well, now it's gone, someone else has it, or you've dramatically reduced the balance. And if you are earning interest on it, that means you've dramatically reduced the growth potential on the money as well. Because as soon as you spend a dollar, you can never earn interest on that dollar again. So one of the opportunities that I'm taking advantage of with the infinite banking concept is being able to grow my capital uninterrupted every single day, whether I access the money or not. So let me just walk you through how it looks, assuming that you have some context for how the concept works. What I've done is I've built up multiple policies within my family system. I have multiple lives insured in my family, and I'm depositing premium, generally on an annual basis into these policies. It doesn't matter how much you're putting into the policy, because the process works exactly the same. So whether you're putting all kinds of money into your policy every single year, or your policies, or you're just starting out and maybe you have a small policy, the process works exactly the same. The larger you build your system, the more of the banking function that you're going to get to control in your own life as it relates to your needs. So I've been building a lot of momentum in my system for many years now. So what I've been able to do is build up a lot of cash in my policy system because I've been paying premiums for years. And what I do is I access capital for my own policy system, and I access that via something called a policy loan. So now I access a policy loan, and when I take a policy loan from my own policy system, I'm actually using the life insurance company's money to accomplish my objective, because the capital inside my policy system is just going to continue to grow and compound uninterrupted every single day. So every day that I go back to my policy system, every day that I wake up and take air into my lungs, I Get to look and see that there's more capital in my policy system today than there was yesterday. And me and my family are not working any harder. All we're doing is aging, and you're already aging anyhow. So this process is an excellent way for you to start to get paid for aging. Isn't that exciting? Anyhow? So what I do is I access a policy loan and I recently just did this. I had.

A life insurance policy that I was actually paying for on a monthly basis on my mom's life. I was paying the premium monthly. So it was 100 and some odd dollars a month, leaving me every month, accomplishing an objective by paying for the permanent insurance on my mom's life. But still I had to make that payment. And then I have critical illness life insurance, or excuse me, critical illness policies on my kids. And I happen to be paying those policy premiums every month. And that was 180 odd dollars combined for my two kids because I have quite sizable policies on them. And I also was paying for my own home and auto insurance on a monthly basis. So you can see these are starting to add up. My home and auto insurance was over $420 a month. Don't let me get into why those are so expensive. But point is, so now I've got a couple $100 for my mom's policy and almost a couple hundred dollars for my kids policies for their critical illness. You add that up, that's 300 bucks, over $400 a month for my home and auto insurance. That's $700 a month. That's just leaving me because I have to pay for those things. I also had a couple of small third party debts that, that I wiped out via policy loan. So that was maybe $100 of servicing those debts every month just to keep the snakes and dragons happy there. And I also accessed a policy loan to pay for some business expenses that I would normally have used my own cash for. But I was able to pay for that with the policy loan as well. And I had a few other tiny life insurance policies, permanent participating whole life policies that I had started on my kids years and years ago. But you know, if you combined all those premiums, it was almost $300 per month. So what I did was I, I asked all the insurance companies and whatnot, hey, how much would I owe if I were to pay these premiums out for the remainder of the year, including my home and auto insurance? And so I accessed a policy loan, I paid those annual premiums off. So now no more premiums due for the year for any of those policies. So now I no longer have to pay. It added up, when you combine it all, it was almost $1,200 a month. So I was paying this $1,200 a month every month for all these different expenses. And now I access the policy loan, paid out those annual premiums, and my cash is doing what every day now, Growing and compounding and expanding and gaining momentum for the future. But now what I'm going to do is I'm going to take advantage of the banking process. You may have heard of something called Parkinson's Law. You earn more money or you free up an expense like that. And what will happen, generally speaking, is my income's up here and my expenses are going to rise to match income unless I do something about it, unless I'm conscious about it. Now I'm practicing the concept of banking. So all I'm going to do, instead of not making those payments anymore, I'm going to redirect where those payments are being made to. I no longer have to pay them to those credit cards or to the multiple insurance companies that I mentioned. Still have the coverage, still accomplish the objective of paying the premium. Got my cash growing every single day, but I'm going to keep on making those payments as if, just like normal. So 12, $1300 a month, instead of paying it to those carriers, I'm actually going to pay that money and funnel it back into my own system. So now the money is flowing back toward me and my family when I've previously been used to having that money flow away from my family. So I haven't changed anything. I haven't changed my cash flow, and I haven't. And I've taken advantage of the programming that I have in my head here. You know, as good, hardworking Canadians, we're always trained to pay our bills. Pay your bills first. How often have you hear that? Not saying not to pay your bills, but never do we get trained to put our own name, McCarty's or Vern, on our own list of things that we need to pay. We got to start paying ourselves first. You're the one doing all the work. So take advantage of all that hard work that you're putting in and start building something up for your future to relieve some pressure. So now my family is the one controlling and accumulating that $1,200 a month. That percentage of the banking function in our own family's life is now being controlled by us. And we're the ones collecting and accumulating the cash. So not only can we go back and spend or re access everything that we're putting back into our system, but we can also go back and re access all of the capital that's accumulating on a daily basis. So we're always able to access more out of our own banking system than what we're putting back into it. So this is one of the ways that you can take advantage of the infinite banking concept by literally just practicing the banking process. So we have to build up our policy system. We access money from our policy system. We pay off a consumer debt or an annual expense of some sort, something that we might be paying for monthly. And now we keep on making that payment every month, except we're just changing the direction of where that money is flowing to and where it's being accumulated. So I hope this really helps you understand what's possible with the process of becoming your own banker. And if you have questions, of course, leave a comment, hit the like button. Don't be afraid to subscribe to our channel so you can get more great content and you know, check in with us sometime and ask a question. We'd be happy to help. Okay, all the best. Take care.