Infinite Banking Unplugged: Real Questions, Real Answers!

Thought that went hand in hand.

Perfect. Well, welcome everybody. I, I, I know it's, it's a late evening for those who are on the east coast and in Ontario as well, but welcome to everybody for making it tonight. So let's get to the question. So I'm curious how I would borrow against my policy and write off the interest charges on my personal taxes. So the process of becoming your own banker really is capturing that cash flow, that financial energy that's leaving to you. And when you do borrow against your cash value using the, using the insurance company's money, you are charged an interest rate of borrowing that, that, that money, that capital. And it varies from insurance company to company. And then when you do look to basically write off the interest charges, some people do, some people don't. It's really a preferable rental choice and it depends on what you want to do with that cash.

On our website, when you go into the client portal, you're, you're walk through a number of ways of really being shown how you can do that, recording the interest rate that you're charged and throughout the year. But I also want to bring it to our tax expert because he's also here to really answer and help answer those tax questions. So I want to bring a specialist in, my teammate Henry.

Thanks, Ron. So.

When it comes to the concept of becoming your own banker and taking the control of the banking function, there's definitely a separate component to it as it relates to accessing the funds from the insurance company. And technically speaking, how interest is allowed to be deductible is based on interest paid.

And interest paid is going to be recorded by the insurance company. But how the interest paid is being what the money that was used to incur the interest, this is the part that needs to be very clearly separated. And there's procedures and processes that have to be followed in the Income Tax Act. And if it's used to generate income for business purposes, then it can be used. So there's a philosophy. If you want to use it for investment purposes and you want to deduct it for interest, by all means you can do it that way. But there's a particular process that you need to follow to do that on a separate conversation. There are some times you need to think about is it worthwhile to do it. That's a different business decision and that's also up to individual circumstances that I would really encourage. And our clients get the access to when they work with us, we coach them to see if it's worthwhile for them to do. Because sometimes capturing that information, tracking it, dealing with the administration of it, working with the cra, may or may not be in your favor. So just because you can deduct the interest, if it's applied properly, using the processes for the Income Tax act doesn't mean you should. So that's just a very high level process related to it. There are particular forms that needs to be filled out when you're using it and doing it. And you have to make sure you fill it out correctly. If you fill it out incorrectly, that's something that you just have to be very mindful of.

That's great. Thank you very much, Henry and Ron. Now, that was one of. It was the most popular question as we kicked off the night. So I have a challenge to those audience members who upvoted that question to put it sort of in the gold medal position, if I can put it that way. If you could put in our chat box here in zoom.

What it was when you came across in your research that made you want to ask that question tonight. I'm just sort of curious what the, what the thought process was there and where you're coming at it from. So if anybody can sort of share in their research trail, you know, how they came across that question or sort of what's behind it, we'd love to sort of expand on it, if that's possible at all. So let's just take a moment here.

The question was.

How do I go about writing off the interest on the policy loan I've taken from my dividend paying whole life policy?

Okay. So Randall's talking about watching a video on paying off the mortgage faster by borrowing against the policy.

So that was, that was one of the queries there.

Okay.

And size saying don't claim interest made me surprised.

All right, so that's, that's another one. So, you know, it's interesting because as, as Henry was alluding to it, it's going to come down to the purpose of the loan. You know, what are you doing with the loan?

Right?

So is, is the loan. And again, you know, we always encourage people to, to advise, to seek the advice of a licensed tax professional. Right. So first and foremost, I want to definitely get that caveat out there. But what's the purpose of the loan?

Right.

Is it to go buy a snowblower? In the case, when Randall was asking the question, he was talking about mortgage, right? Is it a personal mortgage or is it a mortgage on investment property? Because those can be two very different things. Right. And so this is where we're hoping to add some value in terms of, you know, for your specialized circumstances. It's great to book a call with one of us advisors and we can really sort of pull back the financial curtain just to see where you're at financially and what your objectives are and we can give you that sort of specialized advice.

Thanks, Neely. Is it okay if I jump in here quickly?

Right.

So the whole essence behind becoming a banker is to do what?

Well, I mean, that's to take control of the banking function in your life.

Yeah. So Nelson talks about creating a financial tailwind when you're working in an environment of recapturing interest.

If you recaptured all the interest on anything that you're going to finance using the system of policies, what did you technically lose?

A big nothing.

So you can deduct the interest if you wanted to and then let everybody know in terms of CRA that you have a system like this. That's why the whole essence is to keep things private. So that's the decision that most of us have made. Yes. At some point in future we may look at it differently and maybe tax deduction at that time is very significant and we want to take advantage of it. I'm not saying that we shouldn't be doing it. I'm just saying that if you don't do it, you didn't lose anything.

Because you already are winning. The moment you take a policy loan, you already are winning.

Absolutely. And that's what we're trying to do here.

Go ahead, Neil. The purpose of becoming your own banker is not for tax deductions.

Well, Nelson says this on his book, right? So page three where he says introduction to the fifth edition. And he says becoming a banker is not a tax qualified idea of any sort.

The income tax law as we know it today has been around since 1913. Life insurance has been around for over 200 years. And it's not a creature of tax code. Well, there's more to what Nelson is saying there. And we had an opportunity to really get trained by Nelson directly from him. And again, everything begins with how you think. If you want to see it as an expense, you want to get a deduction. Yes, there's ways, there's processes in place. As Henry mentioned, you cannot deduct the interest if you haven't paid the interest. Insurance company. And there's certain forms that are required with the insurer. In this case the insurance company has to complete so that you can take those forms and deduct it. But really think about your thinking.

If you didn't lose much, why lose odors? Sleep over deduction.

Oh, you know, and the very next line there, Sarblo, is, you know, this is nothing more than like minded people contracting with one another to solve a financial problem.

Right.

So we gotta, we gotta keep that in mind. And, and that's really what we're trying to solve here is, is the need for financing over people's lives. Right. So I'm wondering if one of my teammates can just for those maybe who are arriving late, just put in the, the Slido website and the code. And for those arriving late, you can go to, and you can upvote, you can see all the different questions that we're going to try to tackle tonight. You can upvote those and yeah, it's a popularity contest tonight, folks. That's right. We're going to be answering the most popular questions, the most sought after advice to give you the clarity that you want to answer the question, why should I become my own banker? So with that being said, I'm going to turn now to John here. And John, we're going to tackle the next question. And that next question is, I don't have a lot of money. Can I still start?

The short answer is yes, absolutely. And this is one of the reason why I was attracted so much to this great system. It's because we can implement it at our own level.

So this is my answer, straight up.

No, that's, that's a, that's a great answer, John. I, I'm just gonna throw a little bit more in there too. You know, it's interesting because sometimes we don't even realize the money that's flowing through our hands as opposed to the funny money we're hanging on to. So it's, it's really interesting. You know, our teammate here, Sarbo, he did, he did a great video and it's entitled, you know, becoming your own banker is not just for the rich. And so I would encourage anybody who, who's not familiar with our YouTube channel. It's called Banker's Vault. It's got over 900 videos to go and check out that video again. IBC is not for the rich. And sometimes when you think, okay, I don't have a lot of money, you're not, maybe you're not, what's the proper word? You're alive to the fact that there's, there's some money that's passing through your hands that, that could actually be the fuel for your future system of becoming your own banker.

And beautifully said. And the thing is, we all need our money to reside somewhere. That's, that's just a fact. It doesn't matter where you live, your money need to reside somewhere. So why not allocate it into this system where you can take control of your finances no matter what what comes in. You know, the, the idea is to stop the compounding effect, to reap the benefits.

Can I also add something there?

Yes, for sure.

Yeah. When you book a call with your coach, there's a process that we try to go with each of our clients and that's really education first really get you understanding the process to, to become your own banker. And then from there we're going to analyze and a holistic picture of your financial picture to get a better sense of where the cash flow is leaving you permanently fore. And then from there demonstrate how we can recapture that and redirect it back into your system. Now that's part of the process that we do. And when we do find a situation where we can raise capital based on the money that's permanently leaving you, then we can decide how you can get started. And if it's to get started now or prepare to get started in the future. It's all important about understanding. It's a process that we want to go through our clients by educating them, getting them understanding the system and then from there take give them a hard close look at their financial picture to see what we can do for them. So you know, booking that call with your coach is so important because each of our coaches here and those who can't be here really emphasize the education part and the process of understanding your situation to find out how we can solve your financial problems.

Yeah, yeah, go for it, Henry.

Go ahead, Henry.

I just want to refer to the wisdom from Nelson and if you have a copy of the book, on page 65 there's a chapter that speaks specific to, specific to it. So part five, capitalizing your system and implementation. And there's a sentence specifically in the paragraph, remember Parkinson's law back in part two, everyone is already spending all financial resources on what he thinks is best. There has to be got to be some honest introspection at this point and a commitment to get out of financial prison. That must be a burning passion. And it's really easy with how busy things are going, how more legalized tax situations are coming, how inflation is going up and how spending is going the way that it's going to. Everyone wants your money and you will be lost in your day to days. And sometimes that extra insight from the coaches that we have will really help share some perspective and help with this process for you to go through that honest introspection. So just as Ron shared.

You just got to have the commitment and mentality to want to do it and you have nothing to lose when you schedule a call with our coaches to approach it from that vantage point.

See, see, the reason why you don't have enough is not because you're not making enough.

Is because you're not keeping enough. That's a problem. So when you implement becoming a banker, you will get to keep enough. And the reason why you want to start becoming a banker, it doesn't matter where you start. You could start small. You could start big. The reason, the real reason why you want to start becoming a banker so that you can keep more of your money going forward. You don't need more to start becoming a banker. You do need to start becoming a banker so that you can keep more of the money going forward in your family. Now, here's some of the sources of premium which you haven't even considered. Think about this. Just imagine this. Do you have a property tax bill that you have to pay every quarter or every year?

Let's get some engagement from all the attendees. So type in Y in the chat box. If you have a property tax bill that you have to pay every quarter or every year, are you paying it on a monthly basis? Randall says three of them. Well, congratulations, Randall. You got three sources already. Yes, yes, yes. That can be your source of premium. Do you have car insurance and home insurance that you pay every month or every year? Type in Y for yes, if that. If you're doing all that. Yes, yes, yes, that could be a source of premium. Are you setting aside money for charity donations? Charitable donations today? Doesn't matter what amount is. If you are, that could be source of premium. Are you setting aside monies for kids education? That could be a source of premium. Are you setting aside money for emergencies and it's sitting in the bank? That could be a source of premium. So that's why it is such an important thing to book. Your becoming a banker call is because you will have clarity on what monies you can move into policies. And the reason why you want to move money to policy is because you can use the system to keep more of your money in the family.

I did an analysis on, you know, if someone doesn't take action on. On really becoming a banker. So let's just say you didn't flow $1 through your system of policies today and you are age 40 today, 15 years from today, you're going to have $3.50 less in your net worth.

That's the cost of not becoming your banker.

And again, I say this because I didn't start with high premiums. I started with very basic policy. My first policy was 2400 a year. My second policy was 5000 a year. I started because I understood what I had to solve. And most clients get started where they want to get started. But. But the important thing is having a plan in place to keep more of your money in the family. That's the reason why we want to get started. I know I maybe sound like a broken record, but everything begins with how we think we don't need a lot of money to get started. We do need to get started so that we can keep a lot of our money in the family going forward. And how you can have all these sources that you already sending spending money on phone through a system of policies and work for you and still be able to pay for property taxes and insurance and all that stuff. Well, that's the stuff that we teach. And guess how much do we charge for a teaching?

0. So if you come to this call, the worst thing that can happen is you leave the call with a lot of value. That's the worst thing that can happen. And think about what's the disadvantage now in booking a call?

What are the downsides? It's a free call. So you know, by all means. Schedule, text Schedule the 780-809-4599.

So I think that's that. Thanks so much for that, Sarlo. Thanks for that, John. Thanks everyone. I think what we're going to do is this is a good segue to the, to the next question. Again, we're talking about ability to pay here. So I'm going to, I'm going to throw this one to Sebastian. And the question, Sebastian, is what if I started a policy based on a salary at the time, but my salary has dropped significantly since?

How would we handle that?

Okay, great. Thanks, Neil. And just for my part, welcome everyone. Again. So I didn't have a chance to shout out everyone, so this is my opportunity. Great. So one of the great things about how we design policies is that there's a good measure of flexibility built into them as well. So sometimes people get required Premium vs Optional Premium A little bit confused. And just because there's a certain capacity that our system can handle doesn't mean that we're obligated to that level. So we do take that into consideration. When we are solving, solving, coming up with solutions for people, right? So if someone's salary has decreased, they may have a decreased capacity to capitalize, but if they can still capitalize their system when cash flows are better, there's more room to capitalize further. And there are other details and other, other options that are there if, if people run into dire straits, more than, more than people realize at first. But this is why, as has been mentioned now, we're, we're all going to start. Sound like a broken record. You got to stay connected with your coaches, guys, right? Just because you got your policy set up, system of policy set up. Connect with us regularly. We're, that's why we're here, to keep you guided along the way. And if you run into difficulties, connect with us. We're an email or a text away and let's discuss the options. Let's make sure you have clarity on the options. And that way we don't have mistakes happening that are regretted later on, which we do run into. Most of the times those mistakes have happened before someone's even come to us or from those who have neglected to stay connected with us. So Ron spoke to this already. I'm going to echo that sentiment here.

So Sebastian, just to sort of build on this, is this a system, a process where somebody who maybe has seasonal income that it could still work for them?

Absolutely. So even with the last point that was made, and of course it runs through all of them, this has a lot to do with stewardship, right? Stewardship of capital. Right. So how responsible of a steward are we? So someone mentioned, what if there's not a lot of capital? Is that not the same thing? Neil, as someone who has seasonal work, what will there not be a season of scarcity and a season of plenty? How do we manage in the season of plenty to make do or account for the season of scarcity? Is this not all about stewardship? Is this not about becoming your own banker? There's a common thread here, right? And it's this kind of accountability and awareness that, that the coaching is there for as well. Right. We're going to challenge people to do exactly what was read, right? To take have some serious introspection into how we decide to use our capital both today and in the future. What are our goals if these things are clear in our minds? It's more difficult to overspend when you shouldn't. When a goal is meaningful to you, if you've already decided what's most meaningful for you, we have a tendency of naturally making provisions for it and having a little bit of foresight. And after all, Neil, what is Nelson Nash's first golden rule?

Well, you know, the first golden rule is to rethink your thinking, you know, so that's what you want to be doing here, how you approach things and, and how you think about your finances.

Right?

So that's what we're trying to do tonight. We're trying to add some clarity for everybody. So, and, and just for those arriving late, in terms of adding cl, we've got a website where you're going to be able to upvote the questions for tonight. So if you can see that on the screen here, you can scan that QR code with your phone, folks, and go to slido.com, enter the code there, 16975 29, and you too can get in on the action here and upvote the questions that are most dear and near and dear to your hearts when it comes to this amazing concept, becoming your own banker.

Is it okay if I jump into this question?

Yeah, go for it.

Yeah, you got to say an analogy.

With no, you can't, you can't.

So, so let's, let's ask everybody this question. Hey, has life ever happened to you?

Just put in Y for yes.

Let's get this in the chat box, folks.

Yes.

So one thing I would say is life never happens to you. It happens for you. Rethink your thinking right now when everything is going great. Neil, will becoming a banker work?

It'll work well.

It'll work beautifully. Now when nothing is going well in anything that you do financially becomes suddenly the worst case scenario.

Right at that time. Becoming your own banker is your best case scenario because it'll help you get through that.

Another reason why you need to start is because life is going to happen. You need to have a plan in place to get you through it, and this will get you through it. When everything is the worst case scenario, this is still your best case scenario.

And Sorbo, I was just going to say didn't, didn't we, you know, if we rewind the clock about four years ago, didn't we see a lot of chaos? And the people who were equipped with their own banking system, you know, they were much better positioned to, to deal with the waves of uncertainty in the world at that point in time.

Right?

Yeah, that's countless things that we can look back and see, hey, this, these are all the things happen. The only thing then happened to the policy is it just didn't stop growing.

Yeah, did. Hey, Sarbo, did your policy cash value go up last night?

It's going to go up tomorrow. Here's the thing. Cash, but it doesn't take a vacation.

Good to know. Good to know. Perfect. Okay.

All right.

I'm going to move on. Unless there's anything else anybody wants to jump in here to add value wise.

Well, I was just gonna add to Sarblo's. Sarblo's worst case scenario. Like some. When you have a system like this, somebody else's rainy day worst case is actually an opportunity for you.

Right.

Because you can slide right in there. You have this capital that everybody else has to line up at the bank to go get at, but you. It's instantly, it's there to use and.

Good point. And it's not about just worst case for you. You need to be ready to hedge that worst case for someone else in the family. That's what we call it, the family banking system. Your kids may get into that situation, your spouse may get into a situation, your other family members will get in a situation. Who better than you to get them out of the situation?

That's the benefit of the family banking system.

Yeah. Right.

To create that. That's the reason why our clients expand their policies. Right. Majority of our clients have more than one policy.

Okay.

Together.

Yeah.

Keep the money in the family. Right. And. And stronger together, as you said, Henry.

Well, sorry, when things go bad, bank is not going to give you money. Bank can only give you money when you don't need money. When you need money, they're not going to give it to you. You need to have your own banking system ready to help you fund your lifestyle when that day comes.

Just want to thank Kurt in the chat there. Kurt, you know, providing us a real life example where, you know, you're helping out your son because you've set up a family banking system and that's what a policy loan can come and do.

Right.

And you're not trying to help out a relative by going down to the commercial bank and getting what I refer to as the financial colonoscopy every time you need a loan.

Right.

So that's something that doesn't show up on a balance sheet.

Right.

So.

With that being said, we've had. Oh, we're back to a tie now here. I'm going to go move on to the next question here and I'm going to, I'm going to throw it back here to, to Ron.

Okay.

So Ron, the question now is, so how soon can I get access to capital with the infinite banking concept?

Great question.

So again, it's all based on, you know, if, if you're starting a policy and let's say, for instance, you put that policy premium you paid and settled today. Well, it's going to take a little bit of time for the money to shift from, you know, your bank account to paying the premiums and then the insurance company applying your premiums to put it to work. I would say within about 5, 7 to 10 business days is what you're looking at to quickly access it. And then afterwards, you know, you could just basically go online and you know what two questions they're going to ask.

You, Neil, Fire away.

Well, the insurance company, your bank, is going to ask you two questions. How much do you want and how.

Do you want it?

And those two questions, you just go in there, you answer, you put in how much you want and depending on how you want it. So if you want direct deposit, it's typically three to five business days.

Days.

And then if you want a check in the mail, it's five to seven business days. And so that money comes to you that quickly. And so you're able to access your money at any given time if you have cash values that you can borrow against using the insurance company's money.

Ron, do I need to submit my T4 for the last three years, my income statement? Do I have to fill out like an asset balance sheet to do this?

Whose bank is it, Neil?

Well, it's our bank. It's my bank.

Right. So if you want to submit all that paperwork to you to qualify to borrow your, the insurance company's money against your cash values, absolutely. You can put all that information down. But that's what's great about becoming your own banker, is that you are the owner of your own bank. So you dictate how much you want to take out, how much you want to pay back, what the repayment schedule is going to look like. You dictate all the rules in terms of being the bank owner. And like Nelson said, he who has the goals makes the rules.

Awesome. So, Ron, just expanding on this. So most clients who take policy loans right away, the policy gets started. What applications, what are the things that they're using that money for? Because someone needs money immediately, there's a reason why they need it. Right? So that's, that's what we're solving for, is the need for money immediately to do very specific things. So can you list or share some of the things that they've used for?

Yeah, yeah, absolutely. Like, so when we sit down with Our clients, we paint a picture of what their financial picture looks like and what kind of problems that we're trying to solve by becoming their own banker. And from that.

Point of view, we move forward to say, okay, you're probably going to take a loan to either recapture debt to finance an investment, maybe an expensive item that you are annually paying. So you mentioned a couple of them, right? So property tax is a big one. Maybe there's, you know, home and auto insurance that you want to, you know, pay for using a policy loan. Or maybe there's a circumstance where you're, you're putting it to work in another asset vehicle, whether it's, you know, TFSAs or in equities or even crypto. So there's a number of reasons why you would be taking out your money and having a plan to take out that money for the purpose of becoming your own banker and then eventually repaying it back is why we're here. It's what all your coaches will sit with you as you move forward. And again, as you can see, Henry, is unlock, right, Unlock the infinite banking concept by becoming your own banker. So you decide what kind of.

Reasons you want to access those loans to finance the things that you want and take more control of your money instead of permanently leaving forever.

So the solutions are tailored to very specific goals. Right? So if you need money, yes, that is possible. We can make it happen. And now, now insurance companies also allow us to backdate the policy by almost one year. So imagine getting started with compounding or uninterrupted compounding. November 7th of 2023. In November 7th of 2024.

How do you put a value on that? Right? Because we get so many questions. I wish I had done this two years ago, three years ago. We can't take you back two, three, four years, but we can take you back one year and get you started with compounding. And then you can build a pool of capital immediately and then start to use a system right away.

I'm going to give an example of how a year ago, I recently used one of my children's policies to finance a trip to Disney. Disney, we can all agree, is an expensive place to go to. It might be the happiest place in the world, but at the very least.

My daughter doesn't even know it exists because it's expensive.

Well, I used a policy loan from my, my kids policy as a way of paying it because we were going to pay it one way or the other, whether it's through credit card financing, it through a line of credit through a traditional bank saving for it. And then that money, we're losing it permanently forever by. By paying it that way. But we decided to take our policy loan, pay for that trip. And guess what? We were going to pay it back anyways. Why not pay it back to our own bank?

And how much of your capital stopped growing while you were on Disney?

Uninterrupted starblock compounding every single day. Guess what? Tax free.

We're happier now with more money when you actually come back from the trip as compared to not doing it using becoming a banker.

My kids were happy because they left with a lot of smiles and good memories. Along with myself, I was even happier that I don't have that money leave my system permanently forever because of the fact that we took a policy loan and we repaid it back so that we can borrow that same capital another day.

So, so for, for attendees, you know, I would say, you know, start to imagine like, you know, in the next month, two months, three months even, like Christmas is coming up, right? Like you're going to do a transaction, you're going to take your money and buy things and think about going forward. If that money is not coming from your system of policies, from your banking system, how much of that money will you have.

Over your lifetime now left? And then how much of that money will you have for your next generation? Because when you take your cash and you buy things, that money is gone forever. It's never going to work for you. That's one reason why people have less money to spend in retirement because they give all this money away. You can fix it. It's fixable.

We have a lot of money leaving generations this coming December that will never be compounded.

Well, let's do the math. So we have 108 people on the call today. So let's get everybody's number. So how much money are you going to spend on Christmas? Let's get everybody. Put your number in the chat box and we'll do our best to get it all tallied.

Okay.

Too much. Just number.

So, so what do we have so far, guys? Like, are we able to follow along? Like it's, it's a lot of it.

There's a lot of money rolling in here. Sar Blo. So a lot of money, right? You know, so I mean, Ash just has dollar signs. That's how much he's spending. So we got 250, we got 3,000, 2,000, a thousand five hundred.

Yes.

Everybody's different budget. So think about this. If you're not practicing becoming a banker, you're going to do this again next year, the following year, the year after that, the year after that. Add up all the money that you're going to spend on Christmas from Now till age 65 or age 75 or age 85.

Just get that number in your head. Think about that number in your head.

That is how much you could keep and way more than that, because once that money is flowing through that system, that money will never stop growing for you. So when you think about cost of not doing becoming a banker, you already have the number in your mind now.

Powerful stuff.

That's for cost. That's for a concentrated time. Right. Ron brought up his kids policies, which makes you think about what about kids. You know, they used to say it costs a million bucks to raise a kid from 0 to 20. Well, after Trudeau, it's probably more like 2 million now. But the whole point is that we got, we got predictable expenses there right? From, from, you know, diapers, cribs and strollers and car seats to eventually activities, kids activities to, as was already mentioned, education needs and so on and so forth. Eventually vehicle and so on and so forth. When you, when you keep, when, let's just say that they're on their own after that. But either way, there's a lot that, that they're foregone conclusions that we're going to have those expenses. So being proactive, we can take care of the financing of those things proactively. And that's why that's the value of really for those who haven't fully grasped the concept enough to grasp it earlier on. So those of you have children, the younger they are, the more of an opportunity you have.

This is a shameless plug, but my teammate Ryan and I are actually going to do a webinar presentation in January based on our children's policy and how such a small policy can go such a long way over the years and recapture all the things that just Sebastian just mentioned. So we're going to go through scenarios and real life examples how Ryan and I were able to use our policies for those things to raise our kids. So shameless plug. But I'm putting it out there anyways.

It's just another opportunity to gain clarity on the process, which is what we're trying to do tonight. So thank you for that, Ron. Thanks. Thank you everybody, all my, all my panelists here for, for sort of adding that clarity on that, that really important question. And so again, just for those of us who are you who are maybe tuning In a bit later. We've shared the screen here. We're, we're doing a democracy of questions tonight@slido.com and you can see the, the code you need to put in there. And you have your say tonight. You upvote the questions as you see fit. We're answering the most popular questions here tonight. So with that being said, I'm going to, I'm going to turn the next one over here to, to Quan. And so Quan, the, the question here is if I took out a large loan, should I pay it back first or pay to fill up the Edo first? So maybe, maybe before we get to the answer, Kwan, maybe you can explain what the Edo is first.

Yeah. So with the way that these policies are designed and structured, there is your base and then the extra that you can add in there, that's your Edo or it's called paid up additions in Nelson's book. And so what that person's asking is you have to pay the base to make sure that policy stays in good standing in force. And the edo is the extra. And that question is it's all based on what you're trying to accomplish with taking out the loan. And that's something that we'd have to take a look at with a coach to help you, walk you through how you would want to do this because we have to think of it like a banker. Right. You always have to have a plan to pay whatever loan you have out.

Right?

That's always, you should always plan for that. And then the Edo is what.

Builds the growth in your policy. And so it all depends on what you're trying to accomplish.

So Quan, if I can just sort of ask a follow up question there. Paying back a loan versus paying say the Edo portion of a policy, are there any sort of time limits attached to either one of those?

Well, the policy loan there is, it's an unstructured load.

Right.

So there's, there's no time limits, there's no minimum, there's nothing like that. And then the Edo, there's a time limit in that Edo is you have to pay within that year for that loan for that policy.

Okay, so then what, what does, how does that, perhaps that consideration weigh on the question here?

I guess it, it depends on what the person's doing. Maybe it would be a good strategy to pay off to pay that Edo so they can build their policy knowing that they have cash flow coming in to be able to pay off that loan.

Yeah.

So Kwan, is, is paying back loan creating more financial energy for Your system going forward?

Yes, it is.

Yeah.

And is paying into Edo more financial energy for your system going forward?

Yes, it is.

So they're both good.

That's right. Now one thing I would say is when it comes to building a system for the first five, the first five years are very, very important in building the system. So the first five years you're like, I got just capital to just capitalize my premium and I have to take loans to do the things they want to do. I may not pay back loans for five years, six years. That's okay because you can always catch up on loans. You got a lot of time to pay back your loans. But when you miss compounding, you cannot go back and recompound it. Premium is compounding Edo, so called paid up addition rider, so called deposit option. That's compounding. So don't compromise on compounding, especially in the first five years of your policy. But the beautiful thing is you're not going to make a wrong decision whether you pay back a loan. You would pay back an Edo like they're both going to add financial energy. It's just going to be different kind of financial energy for you going forward.

When you buy a car and you borrow money from them, you're not expected to pay your loan right away. You don't pay it off in one shot, you don't pay your mortgage off in one shot.

You are the banker. You set the terms.

The whole essence is.

To build behaviors that are going to create financial energy for you, your family, your business going forward. That's what we're looking to get accomplished here using the process of becoming a banker.

And again, we're going to be able to calibrate on people's individual circumstances and situations, but only if you're booking a call, folks. And we can really pull back the financial curtain to see where you stand financially, what you're trying to achieve and what makes the most sense. So we'd encourage you to do that. There's no cost to do that. At the risk of sounding like a broken record, we'd love to help you out that way.

And this is where also ongoing coaching is helpful, right? That that's the biggest value that we bring into your relationship. So when you become a client, you are invited to quarterly group client coaching sessions so you can spend time with other like minded people, you can network, you know, build relationships. But then there's always going to be opportunity to do one on one strategy calls with, with your coach, who's, who's been assigned to you and Then that's where we can just flush all these questions out. But hopefully your question was asked. Whoever asked that question. Hopefully that question was answered.

Yeah, I, I guess I, I maybe goofed up a little bit here, Sarbill, because I forgot to instruct everybody that you can type in your name to slide 02 because we, Anonymous is just dominating the board tonight. We with questions.

But so, so whoever asked that, thank you. And whoever is asking of the questions out there, we, we do, thank you. It, it adds the, the educational energy for this evening's call. So we really appreciate you out there.

Right. So, so with that being said, I'm going to go to the next question which has a, a five vote lead over the, the, the question below it.

I'm going to throw this one to Sebastian. What's the best way to start becoming my own banker?

Okay, great. Well, if you're, if you're on this webinar right now, you're halfway there, right? Because you've already, you've already, you quan mentioned the 5% there, right. So you've already demonstrated one of those qualities. You're asking questions, not afraid to learn something new and presumably not afraid to do a little bit of work. So the best way. It was already said this is the best way. The next best thing to go along with. This is our beautiful panel right here and the rest of the ascendant team, with those two tools alone, you're well on your way. Right. But I think I, sorry, I apologize. I don't have the exact page number. Sorry. Blow. I don't have that mastered yet. But I will, I will. But Nelson clearly tells us you must have a burning desire to improve financial situation. 6. Is it, is it 65 probably. Right. You must have a burning desire to take, I'm paraphrasing here, to take control of your financial situation. Right. Ah, thank you, Mr. Henry. Awesome.

This is why servable is the grand master here, right? Absolutely so. And honestly, that, that is, that is, I, I believe frankly that is the most important thing. If that burning desire is there, you're going to do what's necessary. You're going to learn what you need to learn. You're going to be humble enough to, to get the assistance that you need to. And no one is above, no one is above the need for coaching. Right. Even the greatest athletes in the world have coaches. Not because those coaches aren't always better than them at that, that particular sport, for example. But there's a reason they need the coach. Right? So being coachable, being ready to Learn being able, ready to rethink our thinking and having that burning desire. Those these will lead to you starting to becoming your own banker process. Right. One other thing that I would say, if I can just throw one more point in there is one of the questions that we sometimes do ask on some of our initial calls with someone when we're trying to understand where they're coming from is sometimes we ask them, hey, do you, are you in the habit of spending less than you earn? Right. If someone does says yes to that question, they've already demonstrated a certain level of discipline and a certain level of means or readiness.

I would list as yet another quality that brings you one step closer to actually implementing the becoming your own banker process. And if you're not there yet, then Nelson's already pointed us in the right way. We have some introspection to do. We have to ask ourselves some questions about what are we choosing to prioritize with our spending habits. So I believe that these are in these ideas are the keys for us to get a good start on byob.

That's great, Sebastian. Maybe I might just talk a little bit of our process here at Ascendant Financial. Because if you're, if you're looking to get started, I want to just tell you a little bit about our team here and our process. So we, we have over 18 advisors here that have all come together from different walks of life and we're all trained specifically in the process of becoming your own banker, the infinite banking concept. And we're trained by the very institute that bears Nelson Nash's name, the Nelson Nash Institute. And our process here, as I sort of said at the beginning, the purpose of the call tonight was to get clarity on this process because clarity builds confidence and our process begins with education. And so that's the main focus of the call tonight. So because we feel like education.

When you get educated, then we can step in and add the clarification which we're doing, which we hope we're doing tonight. And hopefully we're doing a good job for everyone here tonight. Interestingly enough, I think our number actually went up sar BLO in the last half hour, which is fantastic. So we go from education, self education, to clarification to then implementation. Right. Because you're not going to implement something unless you have full clarity. And that's what we're really trying to achieve here tonight. So it's a three step process and that's why you're seeing these webinars. That's why seeing, you're seeing the emphasis on the book. That's why you're seeing a YouTube channel with over 900 videos. And if you become a client, there's that quarterly client coaching, there's the client portals there the, there's the hop on a call with your advisor. So we are very focused on clarity and education because we have the belief that when you have that full clarity, you can make that confident decision. And we're pretty enamored with the process. And not that we're betting people, but we think that when people have total clarity, this, this becomes almost a no brainer. Okay. So hopefully that adds some value for, for folks tonight. I don't know if anybody wants to expand on that.

Well, Neil, is it okay if I.

Yes, it's okay.

Sorry.

So. So the question is how to become your own banker, Right?

What's the best way to start becoming your own banker?

What's the best way to become your banker? Well, so I'll add one extra word to it. So the question is not just what's the best way, what's the easiest way to become your own banker? And the easiest way to become your banker is to do it how Nelson teaches, because you can just tap into a system that exists and stop practicing banking principles immediately. The other way to become your own banker is where you get a chartered license, AKA what TD bank did, what RBC did, what BMO did. And by the way, those chartered license are not just handed like hotcakes. You have to work for it. It takes years to get it. And once you get the chartered license, then you have to get a fancy building, you have to put a lot of money in, you have to have a lot of money on deposits to actually get into the banking business. It's in millions. And then you have to ensure that people actually trust you to deposit money into your bank and hand off some iPads or Google tablets or whatever it is in exchange for deposits. And then at that time you can start practicing becoming your banker.

And that's not easy, lucrative and fun. It's hard, it's lame, and it's taxing. If you want to become your own banker, where it's easy, lucrative and fun and you can do it today, then Nelson has the best way to do it. And that's why the tool participating hold a policy is such a beautiful tool because it enables you to implement the principles immediately. Hence we use the tool. So it's not about just becoming a banker, it's about becoming your banker quickly and easily and getting there faster.

So what, what did you say there, Sharbolo, it's hard, lame and it's not fun. But I, I thought you're richer than you think, right?

Isn't.

Aren't they trying to tell us that.

Well, there's no right. This is being recorded. I can't say this.

Okay, difference between IBC way of becoming a banker and RBC way of becoming a banker.

Let's just say.

Good one.

Very good, Very good. Okay, well, what we're, we're going to keep moving and, and folks, I, we're loving the participation here. We have a ton of questions. We're already halfway through. We're going to try get through as many as we can, but we can't make any promises that we're going to get through all of them. So let's, we'll just keep moving here. And John, I'm going to throw this over to you here. The, the next question here is why should I become my own banker? What are the advantages?

Well.

It'S taking control of the financing of the things in your lives. And as human beings, we need stuff in our lives. We need cars, we need cell phone, we need TVs. And the big banks out there, they know about that. So that's why without thinking, we dump our money to them and they put it to work and they make a lot of profit with it. So we are just coaching regular people like you and I, the neighbors, or you can duplicate that and reap the reward for yourself.

Well said. Well said. Anybody got anything else to add to John? We're looking at all the advantages. I mean, he hit the nail right on the head, of course, but any other advantages that come to mind, folks?

Well, let's ask our participant, what's the disadvantage of becoming your own banker? Put it in the group chat. Let's see what people would have to say about having a disadvantage of owning your own system.

They call Ron.

Don't jump all, don't everyone jump all in at the same time here.

And, and Sean, I, Sean, I think Sean misunderstood the question because he says, I love paying bank fees, fees and more fees plus interest for $4 billion per quarter. Where they got that money, folks?

I mean, I love making the banks rich and giving them their fees and the interest and them not paying me anything. How, how amazing is that?

So here we go.

So let's take these answers and really look at what the advantages are. So I, I'm looking at. There's a few that are none. Trip, chirp, chirp. Tax implications, can't collect deposits from people I see it as a better way to save for life stuff, own bank stuff, I guess. So when you ask yourself what the advantage of owning your own bank system, John, hit the nail on the head. You control more of your money, that money is permanently not leaving you forever because you flow the direction of your cash through your own banking system to finance the things in your life.

The same way that traditional banks are doing and collecting your weekly deposits from your salary, your income or your savings, they're putting your money to work. And Nelson identifies that problem that you're doing all the work, yet everyone else is getting your money. So why not put your money to work in your own banking system so that you can take control of the cash that comes to you and redirect it to finance the things in your life and control it for future generations.

You know, what did Einstein say About compound interest?

8Th wonder world of the world.

8Th one of the world.

Earn it those who don't pay it.

Is it okay if you use a simple analogy to just to get some thought process going on how awesome it is to become our own banker. So to, to everybody participating, let me ask you this question. Do you own a property today?

So just type in Y for yes or N for no.

Why? Why? Why? N? N, Y Y feel more wise than ends. So. So, so Ron, if you, if you go through the whole process about buying a property. So let's just say you have to buy a property. So first things first is you have to save money for down payment. Right. Let's just say the property is worth. Make it easy. Number you're in Ontario, million bucks. You get a garage for a million bucks. Okay. So. So you want to buy a profit. Million bucks. You have to save money for down payment. So let's just say today you want to do a transaction, there's bank ready to lend you money. But before the bank lends you money, what the bank needs to see from.

You.

Income debt ratios, what kind of debts I have out there, that's qualification.

Let's qualify.

Okay, sorry, what was the question then?

So before the. So now you're closing on your property today?

Yeah.

What does the bank need to see in your lawyer's account before the bank releases the funds?

My down payment.

Your down payment. So who's the first one into the deal, you or the bank?

The bank.

You are the first one to deal. Because you put the down payment?

Yep.

And do you have to buy insurance for the property?

Absolutely.

To protect who?

Well, the bank and myself. The bank.

Before. So before the bank Releases the money, you have to put a down payment, you have to pay for insurance. And then the bank releases the funds. Correct. And then what happens after that? You just stop right there. Or what happens after that?

Well, I've entered into, depending on the agreement, a lifelong term memorization schedule. Yeah, What?

What? Gage. Yeah, Mort Gage. Right. And then let's just say a few years in, you're like, I want to sell the property. You are selling the property. When you sell the property, who gets paid first? You are the bank.

Well, the bank.

So you are the first into the deal. You have to pay for insurance to protect the bank. And when you sell the property, the bank gets paid first before you do. So now what is wrong in becoming a bank?

Nothing.

So now think about what are the disadvantages of becoming a bank.

Now here's something else. So who here has borrowed money from bank? Let's just get some interaction going. Type in why I had to borrow money from a bank. So many people have borrowed money from the bank. Right. Now here's the follow up question.

Would you borrow money at low interest environment?

So type in Y if you like low interest rate. So many, yes.

Now, when you pay.

The loan back, which you took at a low interest rate, who got the money.

Of the.

Bank, but who did all the work to pay the bank?

The borrower, you did.

Now so at low interest rate, you're doing the work and the bank is getting paid. Now do you think the outcome is going to be any different if the loan was at a higher interest rate?

Won't you still be doing the work in making the payment? And the bank will get the payment. So it doesn't matter what's low rate or high rate, you doing all the work and everybody else is getting your money. But the issue that everybody wants to solve is the rate. And the rate is not the problem here. Because I just proved to you at low rate and high rate, the outcome is the same. You do the work and everybody else gets your money. So if the rate is not a problem, why are you focused on the rate, on everything?

The reason why this is happening is you're not the own banker on the transaction. That's why you're doing all the work and someone else gets all the money. The process of banking has nothing to do with the rate. It has everything to do with who gets the money. If you're the first in the line to get paid, you will keep the money with you in your business and your family. If you're the last or the second to get Paid, it doesn't matter because you're the second, you're the third, you're the fourth, you got to be the first. And to be the first, you got to be the banker. So now, going back to the question that Neil asked and draw an added to that, think about all the disadvantage of being being a banker now.

Well said, well said. That's great. And you know, it's, it's funny too, when you're, when you're looking at these situations, right? I mean, you know, we're glued to our TVs and our radios these days. Many, many Canadians, Americans are because, because we're watching what's, what's the bank of Canada do? What's the Federal Reserve going to do? It's, it's because we've abdicated the role of banking in our lives. And so we're so focused on those people who control the levers of power that now have control over our lives. Right? And you can see sometimes Parkinson's Law in, in play here, right? Where when the rate goes down, okay, well, now I can borrow more. So I'm going to borrow more. And what does Nelson say? What happens when, when the lever goes the other way, right? Oh, borrow all that money. You know, borrow all that money. But, but nobody's, those experts aren't around when the interest rates go up like they just did two or three years ago.

Right?

So it's, you know, it's who, who controls the banking function in your life.

And that's what we're trying to change here. This isn't about rate.

That being said, I'm going to move on to the next question. I'm going to try to tackle it here. It says, when I take a policy loan, does the interest paid add into my policy? Okay. And so the short answer is.

The short answer is, you know, I'll say this like a, like a lawyer, a yes and no. Right. So it's not directly paid into your policy.

Right.

But when you become your own banker, as opposed to getting that bank charter, we, we do something called co generation, right? Which means we team up with the life insurance company and they help facilitate our banking system. So just like any business, the life insurance company is dedicated to earning a profit, Right? And if you, if you think about it and you look at Nelson's book at page 15, he talks about the grocery store example, okay? And so this is much like owning a grocery store. If you own your own grocery store, would you go down the street and shop at the Safeway? Well, the answer is no. So you want to shop at home for the financing you need, which is in your own bank. And while the life insurance company is getting the interest you're paying on a loan, who owns the life insurance company? Let's see in the chat box. Who owns the life insurance company? When you're becoming your own banker, let's get a bit of participation.

Okay, we do. I do. Policyholder. You got it. So.

If, if the company that you own is getting your interest payments as opposed to some commercial bank that you don't own and the company you own is paying you a dividend that includes the interest that you were paying on that loan. Is there any disadvantages to borrowing from your own company?

Anybody want to chime in here?

And then is there any disadvantage in paying the interest? And then when you need money, you can go back and re access everything that you repaid the interest.

Right.

And it's not some on demand loan that some third party banker can decide, oh, we're freezing it up because there's a, there's a financial freezer, there's a credit, a credit freeze in the global markets. Right?

Yeah. So there's three environments that you can work in when it comes to money and finances of financially speaking. One environment is the environment where you pay interest. When you borrow money from someone and you pay interest, that's called paying interest environment. The other environment is when you pay cash for things that you need. And then when you pay cash for things you need, you're losing interest because once that cash is used is gone forever. When you pay interest, when you low interest, the money is gone. You cannot reuse any of that money. The third environment is called the recapture interest. And when you, when you work in an environment of recapture interest, you can still do everything that you want to do financially, but you're able to re access everything that you repay, including the interest. Because you never interrupt the growth of your capital. And interest paid creates additional profit for the business that you co own, which means more dividends.

So again, the process of becoming a banker has nothing to do with interest rate. It's all about when you pay back the loan, how much of the loan you can re access. And if you're able to access everything back, interest doesn't matter. And then who is that interest being paid for or put to work for. If it's being put to work for you going to benefit from it. And the last thing is who's in control to repay the loan back.

And if you're missing any of these three elements, you Know, you don't have a financial tailwind. That's the fact.

And you're glued to your TV to see if the interest rate's going up or down.

Yeah, I got news. So there's so much news. Hey, Trump election and then. And interest rates, yada, yada, yada. Right. So much stuff. Well, you know, as time goes on, interest rates go up, interest rates go down, market goes up, market goes down. But one thing continues no matter what, and that's function called banking. And someone has to control it for you, and who better than you to control it? Right now, that responsibility has been abdicated to someone else, and that's the problem.

And if you want to fix it, the solution exists. You just have to spend time educating yourself on it so that you can have clarity on it, as Neil mentioned, so that you can make addition with confidence.

That is great. Fantastic. Okay. Yeah, and, and good reminder there, Ash. You know, schedule, Text Schedule to 780-809-4599. It's right in the, in the chat box there, the webinar chat, just to get clarity for your particular situation. Right. Because we're trying to give broad answers tonight, but we'd love to drill down with everybody on the call here tonight just to get those, you know, personalized answers to those specific situations that each and every one of you are facing day in and day out and how we can really optimize a system for you and your family for generations to come. So book that call.

All right, with that being said.

I've got, I've got a question here, and I'm going to, I'm going to call on Quan for this one. Okay, so the question is, should I close out all my government accounts like RSPS or resps?

Yeah, that, that's a great question. That depends. And I, I can tell you my personal example. I was getting matched by an employer back in the day. And when I learned this process, I said, okay, they're gonna match me and then they're gonna wait and tax on my harvest once my account grows. So I said to myself, once I learned this process, I said, I would rather get taxed on the seed and then put it in place that can grow tax exempt for the rest of my life, Life and the next generation. And then so for some people that have RSPs and RESPs, that's a good discussion to talk with your. To give us a call and talk with your coach, because we'd have to look into that situation to find the optimal way to melt it down. And I Know, Henry's got a great example. If you guys are on YouTube and the bankers vault, it's called melting down your RRSPs. It's a great resource to learn from.

Econ. Do you know the loafer bread analogy?

Yes.

So when you put. Yeah, so, so. Yeah, yeah, so, so let's just do some role play on it. Are you.

Okay, let's do it.

Right? Yeah.

So, Kwan, if I ask you to buy a loaf of bread and put that in your freezer and you keep it in your freezer for 20 years, and after 20 years, I would like you to take it out and toast it and eat it, how's it going to taste?

I'd give it to some friends that I don't like. Tell me how it tastes, but I wouldn't take it.

So you never would do it with a loaf of bread, right?

Nope.

Okay, now what if instead of one loaf of bread, you put one loaf of bread in your freezer and I'll match that loaf of bread by putting another loaf of bread and do the same thing for 20 years and on the 21st year, take it out and toast it. Is the outcome going to be any different?

No, it's not.

Still, it's still stale. So you would never do this with things that you're buying using money?

Nope.

But you're okay doing it with money.

You freeze drawing your money in these registered accounts and when you're ready to take it out, it's going to be stale.

Well, because that's what, that's what everybody talks about around the water cooler, right? The RSPs are going and the, and the match and everything like that.

So as a team, like how many? So we got three, three, six nine advisors on this call, right? As a team, we see about 200 to 300 people per year per advisor. And I met with many folks this year who are at that, you know, cusp of retirement or in retirement mode. And then one thing that they're sharing with me is, hey, we were thinking, so we got monies in the RRSPs, and we were thinking we can maintain a lifestyle based on 40k because we don't have any debt and we don't owe any money to anybody and we can get it done by 40k, but we don't. We actually need more than 40k to actually maintain a lifestyle now because what happened to the cost of goods and services?

Everything became expensive. So now Instead of using 40K, they need to take 60 or $65,000 out to make the world go around. And when you take more money out of RSPs, what do you have to pay more of?

Or tax taxes.

So when I'm having conversation with someone who's in 60s or 70s, the question is, hey, what can I do to pay less taxes and money coming out of RRSPs?

That's a problem that they have. But on the contrast, when I meet with someone who's 25, 30 and they're putting money into RSPs, and my question is, why are you putting money into RSPS today? Because this is how I'm going to save taxes. I said we'll have a different kind of a conversation 30 years from today. I can assure you that.

Don't create a problem that doesn't exist right now. That is what we say. And Quan, you just said it beautifully. You know, when you put money into RSPs, that's the seed. But that seed is going to grow into harvest in 20, 10, 15, 20, 30 years and you're going to be paying taxes on the harvest in the later years. Is it's cheaper to pay tax on the seed, but it's expensive to pay tax on that harvest.

And don't forget about, you know, who's going to control all the use of the money.

See, for, for investment to make sense, rationally speaking. Logically speaking, for investment to make sense, think about all the interest you're paying to the financial institution that you have borrowed money from, from. And I'm not talking about the rate of interest, I'm think, I'm saying think about the dollar amount of interest that you're paying to any bank. But if your investments are not earning the same dollar amount in interest per year or per month, then you're not making any financial progress. And the fact is you're paying more in interest to someone than the interest that you're earning in investments.

You focus on the wrong rate.

I'm just gonna.

Sorry. You can't get better rate of return investing into anything without first controlling how you go about finance. The things that you need in life. And this is in Nelson's book. It's in a chapter. The chapter is titled the problem.

Read it, please. Few times.

Page 17.

Okay, so it's not just page 65. Because for a while there I was thinking maybe I just need to read page 65. But it's the whole book we gotta read. Right?

Right.

You're going to read the whole book. It's 92 pages long and the first three pages are blank, so.

Oh.

Oh, no, I, I'm just, I'm just going to Add, add on to that a little bit. Sarlo. So you know, the other, the other thing about these systems, right, is you know, who, who's controlling, who's controlling this, right? So if you think about the rsp, the tax door, it's got to come out when, when you hit 71, you, you got to start making these withdrawals. That's one of the rules that you don't control. And you know, I was helping out a client out the other day and this individual, very big believer in the rsp. Very, very big believer. So I wanted to do a bit of my own research about the rsp. And, and you know, when you take.

We have some Americans in the call. So what's the American equivalent to RSP?

Right, so that is 401k. The 401k. Yeah.

All right, so it's the same thing. So I want to make sure we're adding value across the borders.

100. 100. So I, I did a little bit of research and this individual, you know, really hard working individual and his situation was that even in retirement he would find himself in the highest marginal tax bracket. So you know, many people's retirement planning, it's a long term plan over the decades, right? And interestingly enough, here in the province of Ontario, the top marginal tax rate just, just in the last 12 years, not 20, not 30, it's gone, it's gone from just under 48% to over 53 and a half percent.

Right?

So it's more than 5 actual percentage. But when you think of the, the share of taxes, it's actually an increase in the share of taxes by over 11%.

That's.

So that's almost 1% a year. It's climbing this top, this top tax bracket, right. Do you have control of that? Who's in control of that?

Right?

So it's just one more thing to think about. When we abdicate the banking function in our lives, who's got the control? And that stuff, folks, that stuff doesn't really necessarily show up on a spreadsheet.

Well, there's a really awesome analogy that Nelson says in his book, or I think it's in his book or he must have told us this analogy. He said, hey Neil, let's you and me get into business together. Are you okay if we do some business together?

Yep.

Right. And here's the terms to the business and let me know if you want to go into business with me. So first term is, Neil, we're going to own the business together. I want you to put up all the Capital for this business.

Okay.

And I want you to take all the risk on this business.

Effort, energy, everything for this business.

You like it so far.

And then when we read yourself the business, as your business partner at that time, I'm going to step in and dictate how much of the business I own.

Oh.

So would you go into business with me now?

Not willingly.

Not willingly. What does it sound like?

Sounds like the IRS or the CRA.

It sounds like RSP or the 401k plan. So think about this. Who puts all the money into these plans? You do. Who takes all the risk to grow the money into in these plans? You do. Who pays all the management fees to grow this plan? You do. But the moment you're ready to take the money out, who's the first one who steps in and says, this is how much of this business I own?

The CRA and the irs. So you're in the business, but you said you don't want to get into this business for me based on these terms. But if you have RSPs and 401ks, you are already in this business. I fired CRA as my selling partner a long time ago. When I killed all my RSPs.

You decided that they were no longer going to get to be able to tax the harvest. That was a decision you made in your life, right? Terrible.

Yeah. So, so in, in Henry's video that you're gonna watch, it shows you a beautiful way of how to move from a taxable environment to a never taxable environment. Never taxable environment.

Let's get, get, let's get. Let's ask folks, hey, who likes tax free?

See it in the chat box here, folks. Who likes tax free?

Yeah, perfect.

I don't have a no yet or.

Not or the question based on what Ron has asked, what's the disadvantage in working in a tax free environment going forward? No matter what the tax rules have to do.

No matter what happens in tax rules. And that's one of the things that we solve using becoming a banker. So here's the thing. Taxes are going to go up. It already has. History says it. It's going to go up. When taxes go up, tax becomes even more valuable. Think about that.

Case of Ontario. 11 and a half percent over the last 12 years.

Right?

So, and you could probably do a history lesson on any jurisdiction here in Canada, the United States, and likely find the same outcome.

Not even just income taxes. What about carbon taxes?

What about property taxes? How many times in the news are you seeing all these municipal councils talk about how Much. The tax has to go up. In many cases it's double digits.

We're not serious about climate change.

Well, you know, we're not against taxes. Like we want to pay our fair share, you know, for all the services that we get. And, and I want to do that. The only thing we are against is a dumb tax.

Sarvo, has anybody told you what your fair share is? Anybody able to been able to really pinpoint that?

No.

Okay.

All right, we're gonna, I'm gonna put this one to Henry.

This is the next question.

This is really, I think we've asked, sort of answered the second half of it. But the question is, what is Ascendant financial and why should I start to become my own banker with Ascendant? So we haven't, we haven't answered any of that actually. So. So you want to feel about one Henry, that'd be great.

A little bit hard to be not biased in this, but I will arguably say we're the gold standard when it comes to becoming your own banker. Implementing the concept, we actually.

Use and practice the concept. We're not life insurance agents masquerading becoming your own banker. We are actually believers that you should own and control the banking function as it relates to your needs. Money needs to be in your hands, your family's hands, and not in the hands of the government and not in the hands of the banks. And that's why you want to do you want to practice this process with those who are doing it and work with the gold standard?

And what are the some of the things that we can offer our clientele? We're obviously all practicing it, but what are some of the other things that perhaps unique here at Ascended Henry?

You're going to get top notch coaching and you can make sure you can keep your wallet and your checkbook at home because we don't charge you for that coaching that comes with it. And all of us come with unique individual vantage points and perspectives that can really add value to your financial journey. And aside from that, we have ton of tons of videos, contents, content in the form of podcast webinars just like Q&As like right now.

And we also have unique.

Client access, only portal that you can access to and just a shameless plug. Some team members and I are going to have a quarterly coaching session this Saturday and I really encourage if you're client on the session, please attend. You're going to get a tremendous amount of value from that.

And you know, we just had a national live event where we all were Doing, bringing people together on this concept, becoming your own banker. And it was just a great event. We sold out.

Awesome.

It was absolutely awesome. And you won't find yourself with a community, which is what you need because you are against the forces of everyone else who's comfortably paying the banks their interest, their profits, and giving their money away to someone else and keeping less of it. You need to be surrounding yourself with a community. And that's what Ascended Financial has, so that everyone else will think you're wacko. Except all of us.

And Henry, when, when someone has access to one of us, what else do they have access to?

You get access to all of us as a team.

Well, if I may, guys, let's just ask all the attendees. So if you have to make a decision to work with a firm, a company, agency, or an advisor who practices the whole process of becoming a banker, what attributes are you looking for? So let's get. Get all those attributes in the chat box. So please share all those attributes in the chat box. So what attributes would you look for in an advisor or an agency who's focused on teaching the process of becoming a banker?

I'm just going to start reading them out here. We've got experience. Daniel says experience. Jeremy's saying integrity, non bias is another great question. Or attribute. Knowledgeable and experience. Support, Credibility, adaptability, walk the talk. Passion and knowledge. A diversified view. Experience, consistency and knowledge.

Awesome.

Now if you have existing clients in the webinar, please, existing clients just share in the chat box which of these attributes we fail on.

So Jeremy says that the advisors are practicing this.

You know, they take their time to explain maybe two or three times and, and have some patience.

I see. Chuck says none. Brian says none. John says none. Norm says take the time to explain their practices.

So if those are the attributes that you want, an ascendant or anybody at ascendant doesn't fail at any of those attributes. I think you already know the answer now.

Great.

Okay, I think I'm going to go here next to Sebastian.

One of the questions here is how can I use IBC to pay off my mortgage?

Okay, great, great question. Well, as, as Nelson tells us, people are often tempted to go for the mortgage right away, but he recommends that we work our way up to it. However, the principle is no different.

One way to think of it is essentially we want to purchase. We want to purchase that debt back from the bank to our own banking system and then continue to do exactly what we would have done for the previous owner of that debt, but within our own system. So, for instance, when we, when we look at what we know of interest rates that are used for mortgages, but we apply it to the breakdown of any individual payment, we don't see much of a similarity between the 5% and the 50% of the payment that is actually going towards interest. And therein lies one of the clues. So if we're able to first capitalize our own system, we then have P's that we can put to use and we could start chunking, for example, payments, portions of our mortgage. Each one of those payments would in fact, eliminate a great deal of interest that was scheduled to go to the commercial bank. And then once we've been able to absorb or accelerate our external obligation to the commercial bank, our job is not done because we have to recognize the value of the capital of our own banking system. So since they provide us with an amortization schedule, we have our model to follow. We could simply continue to apply those same payments back to our own banking system so that we would make what the banks have made. Will this happen overnight? Absolutely not. I believe Nelson said it took him 13 years to kick the banks out of his life. That's because once he had absorbed those larger ticket items into his system, he then recognized wisely so that he then had to go ahead and pay it back as well. Right. One could say that once you've got into your own system, you've, you've, you've kicked the snakes and dragons out, but you still have to be an honest banker. So that's the other side of the coin. So if. I'm not sure if any one of my teammates wants to add on to that a little bit, but from a high level, that's how.

And Sebastian, is this something that you can do on day one to pay off your mortgage?

For most people, no. No, it's banking. Banking is a process. Becoming your own banker is a process. Right. And we are. We took us a long time to get accustomed and trained on behaving financially the way that most of us do. And therefore, it's going to take a little bit of time to reabsorb the banking function as at the you and me level, as Nelson intended it for us. All right? And as we know that works. So it's the gradual process. Any portion of the banking function we control now improves our situation compared to the time when we controlled none of it. If we increase our control over the banking function, our situation is improved to the time when we only controlled a small portion of the banking function. So as Our ability to do so increases, we're able to tackle greater and greater problems or obligations. Let's say when it comes to control of the banking function, the mortgages represent probably one of the biggest sources of control. Because if we look at someone's budget, who has a mortgage, what constitutes a gigantic pizza slice out of our budget, out of our expenses, Right? That is certainly an elephant worth aspiring to take control over. Right?

How do you eat the elephant now? Oh, Neil, sorry, you're gonna ask the same question.

No, that's fine.

You, it's your question, that's how you.

Pay off the mortgage. It's with tactics and strategy. So, so here's the thing. When someone gets into debt, did they get into the debt overnight? No, no, it's never overnight. So don't expect to get out of that overnight also. But as long as we have a plan, we have accountability, we have coaching in place. You will get out of debt using this process. But here's the thing, you just won't get out of debt. You'll also end up building a positive net worth while your debt is eliminated. So you'll be much ahead financially. So if you have a dollar of debt and a dollar of cash, so cash is asset, dollar is debt is liability, you take your dollar of asset, pay down the dollar of debt, your debt goes down, your net worth is zero, but you have dollar of cash value, you got a dollar of debt, you take a policy loan, your debt goes down, but your cash value goes up. Then you take another loan, your debt goes down and then the cash value goes up. So if you want to build positive net worth, more money that you can spend in the future for retirement while eliminating debt, you're going to love the process of becoming a bank banker because that's what it does.

You know, if I can just add to that. Sarblo, one of the things that we tend to come across in, in our journey and, and it's, and it's normal. I think it's human nature quite frankly. You know, a lot many of us on this call have a mortgage, right? And so the thing to remember about becoming your own banker, the infinite banking process, is think about what you're doing now. What is your current plan now if you're not practicing, okay, so get that mortgage statement out. How many more years are you going to be paying the mortgage? Had you never met us, never come across us?

Right?

That's your plan now, Right. And so when you're, when you're meeting with your coach or you're meeting with one of us advisors, maybe we're not your coach yet. Compare this process not to perfection, but to what you're doing now and is it, is it an improvement? Right. Because we can't compete with perfection.

Right.

But let's, let's look at what you're doing now and can we enhance what you're doing financially? That's really the question I would encourage everybody to ask of themselves. Is this going to bring me closer to my financial objectives quicker? And so think about that when you're sort of unpacking the concept. And I would just say, you know, nothing's perfect in this world, but is it better than what you're doing now? And that's a, that's a question that you're going to hopefully get some clarity on and build some confidence around.

And there's a, there's this few videos on a YouTube channel and one video exclusively on how to tackle mortgage.

Yeah, yeah, it's a, It's a great video.

There's.

It's a great video. I think, I think it was Roman and Richard that tackled that one, but it, we might have more than one, too. So again, that, that YouTube channel is Bankers Vault. And you just go to YouTube and you type in Bankers Vault and you'll see we have over 900 videos. As I said earlier in the call, we're trying to lead with education to give you guys the clarity that you deserve to, to be confident in the decision you need to make. So, so.

I'm going to try to throw this one over to Ron. This is more about us. I think it's a little bit more reflective of us here, Ron. And the question tonight is, can you please talk about your journey on how you became an infinite banking practitioner and coach at Ascendant?

Well, before I became a practitioner and a coach at Ascendant, I was a policyholder and I was coached on infinite banking by Ascendant. And as a result of my years of being coached by them, understanding their processes, getting that mentality of becoming my own banker, it really sort of gave me a lot of drive to do the same for others. And being in the education for over 20 years, my love of education, along with finances, among with other things, it was just a perfect meltdown, melting pot of, you know, passions that I have. And so before I became a coach, I became a policyholder and I owned like 3 or 4 before I even stepped into this role, because I firmly believe that what I was doing with coaches like Sarblo and Roman and the whole team before I Got here, it allowed me to see how much control I have over my finances by becoming my own banker. And so that pushed me to become, you know, someone in that same position as Sarblo and the rest of the team. So you're looking at what, 12 people here tonight. There's probably another half a dozen that aren't here tonight. And we all have similar stories of how we were policyholders and were educated, coached with and coached upon by guys like Sarvolo and Jason and so forth, that we were just enthralled by the environment. And when you look at the core of becoming your own banker, well, that's Nelson Nash. He's the one who instilled in our senior coaches like Sarblo, like Henry.

Like Jason and Richard, he instilled those principles and Ascendance mission statement, if you were to sort of put in paragraph, sorry, paraphrase it, it's really to stay true to those same principles. And I think that that's what you get with Ascended Financial. And I firmly believe because of that, it attracted me more to be part of a, a gold standard team. So my journey was simply because I got hooked on, by the messaging, coached by the coaches here, and I was able to, you know, use my policies to better my situation in the hopes that I can do the same for others.

I hope that sort of gives you a good idea.

Well, that's fantastic, Braun. Thank you so much. Appreciate that.

John, I want to ask you this question. I want to sort of get you to share your journey a little bit and, you know, why is it that you picked Ascendant to come work here?

Yeah, that's a very good question. So I pick Ascendant because the integrity, the level of support that I got just.

Before even I got a policy, the way that I got answers to my questions, and then also the way that I was nurtured into learning more about this system, I could feel that it wasn't just another advisor trying to sell me a product, but truly wanting me to take control of my finances by learning for myself. You know, the saying where that goes as, you know, give a man a fish, you feed him a day, but teach him how to fish, and then he will be able to feed his whole family for the rest of his life. So that's. That's the main take that, that I can share right now. It's. It's the passion and also the humanity at Ascendant. You know, the fraternity between.

The teammates also. That's really something amazing.

And can I add to that, as well, like when you're on a coaching call or a webinar like this, you hear the authenticity by each of our coaches explaining how we can better serve our clients so that they can be their best banker. And when you hear that authenticity, that passion from each member that you're looking at on the webinar, it just makes you want to be part of it. Whether you're a policy owner or a coach, a practitioner, an observer, you know, a, a friend of a friend who's just watching this. You can see the authenticity of becoming your own banker through this, through this team and, and the mission statement that Ascendant has. So, I mean, that's what drew me to Ascendant and that's why I'm here.

Fantastic. Thanks guys for sharing. Really appreciate that. I think, I think I'm going to answer this one last question. We're sort of getting to the, towards the end of the evening here tonight. We really appreciate everybody sticking it out and just really listening. Unfortunately, we're not. We actually have more questions now than we started the evening with. So that's a testament to you guys sticking around and really adding value for your, for your fellow attendees tonight. We just want to really say thank you for sticking with us tonight. We really appreciate it. I'm going to, I'm going to pass this next question off to Quan. He's going to wrap it up for us tonight. Quan, this is a question about age. Okay. And again we have people, they know we use dividend paying whole life insurance. And so the mind tends to go to that life insurance question. And the question is this, you know, I'm 77 years old. There's no way I can start becoming my own banker, is there?

Absolutely. There's where there's a will, there's a way, where there's a desire, there's a way. Right, so 77, you're not too old. The, with life insurance, 85 is the last year. But even if you're 85, there's still strategies where we can help, help do that. Because the way these, the way these policies work is that there's an owner and there's a life insured. So there's grandparents that do that for their grandkids. So they have access, they can still practice banking and using.

Their grandkids as the life insurer.

That's a quick and short answer.

Well, John just posted in the chat box, he's 81 and just getting started and I can attest to that.

So realistically.

How old do you have to be to actually not become your own banker. What's the age limit? Is there an age limit?

No.

Zero.

Oh, does bank have an age limit with how long you can work with them?

Bank has told you. Bank has actually shown you there's a proof with the banking system. There's no age limit to become your own banker because if you're not the banker, the bank is going to become the banker for you for the rest of your time or planet or whatever your time you have.

Each is just in the mind. The, the real reason why someone doesn't become your banker is because of the intention and not having clarity on what this can do. That's the limitation. Not putting time in to educate yourself is the limitation. Age isn't.

That's fantastic.

So.

I think, I think with that, short of anybody else who wants to chime in on that last question, I think what we're going to try to do. I know there's a number of questions in slido that remain. We're going to do our best to try to get some of those answered by some typewritten answers for folks. We might not get to all them. We're definitely going to try to do that. But Sebastian's got something to say here, so I'm going to let him chime in.

Well, I've got a question, Neil. You know, everyone's been asking us a whole bunch of questions. Maybe, maybe we can have throw a question out there for. I know we asked a few, but I was just curious to see, like how many times has everyone read Nelson's book?

That's that question.

That's a great question. Right. And so we've been answering them all night and hopefully. And I know our guests have two, but this would be fantastic. So we've got one, one and a half, two, four.

Okay.

Kurt Berry's at 23. Can any. Do I have 23? Can I have higher than 23? Does anybody have higher than 23? I'm going to turn into an auctioneer. Ton. So, hey, Lane got zero. You have an opportunity, Lane. That's fantastic. So, and, and, and Joe's got a zero there too. You've got an opportunity, Joe. Henry's got. Wow. That's how many times he's read it. So that's fantastic. So started it again. You know, our advisors, we, we try to read this book multiple times a year because what you're going to see the more you read it is you're going to see that there's many things you didn't see in the first second or third reading. So there's always teaching points. And it's a journey, right? This is a lifelong journey. So there may be some things and components of the book that resonate with you more depending on what stage you are in your life, right? And those seasons of your life change. There's going to be other parts of the book that stick out for you. So you know, as John saying and urging people in the chat, buy the book. There's a link. You've got an opportunity, as I said at the beginning of the call tonight, folks, you know, to know and to not take action is not to know, right? So what we're asking you to do, if we've provided value for you and you want a personalized answer to many of these questions, these 40 plus questions that we haven't got to, if you want that personalized answer, we're encouraging you to book a call. Text Schedule to 780-809-4599 we want to say thank you to everyone tonight. It's been two hours of your time that you've dedicated to be, as Quan said at the beginning of this call, to be in that 5% you're there. You're trying to make a difference in your family's lives. We commend you for it. We thank you for your thoughtful questions this evening. And with that, we just want to wish everyone an excellent rest of their evening and have a great rest of your week and a fantastic weekend. And we look forward to connecting with each and every one of you in the days and weeks ahead. Thanks so much, folks. Have yourself a great evening.