Own Your Own Debt Through Canadian Infinite Banking

It's about assets and getting that flow of payments coming towards yourself. That asset of payments is what you can achieve if you own the debt.

Why is it best for you to own your own debt and is it possible? Well, today I'm going to speak about that subject. I'm going to give you some insight into debt and we're going to talk about why, if you could own your own debt, that would be much better than own debt to someone else. Hi, my name is Dan Allen and I'm with Ascended Financial.

Now I don't know what you've heard in life, but I've heard it a few times that all debt is bad. So is it and is there such a thing as good debt? Well, let's talk about how and why people get to an understanding all debt is bad. I'm going to share a little story about one of my experiences that was early on in my adult life and I just went into business for myself a couple years before this point and interest rates in the early 80s went up over 20%.

And so I was paying like 23 plus percent interest on the debt I had. Well, I can tell you that was difficult to think about the volume of interest that I was sending away all the time to someone else. And it really did put me in a bit of a mindset that hey, if I can become debt free, that would be a much better outcome than the one I'm experiencing now. So I can understand why people see debt as bad. But is it all bad? Let's just talk about three or four different types of debt that are out there. So the first one that I wanted to speak about I just call bad debt. Well, what would I call bad debt? Let's just say, say you have a vice, say it's an addiction to something like gambling and in order to feed that habit you start to borrow money. To me, that is bad debt. And it's really going to be destructive not only to you financially, but just to you and your family generally. It can really impact your life more than just from a money perspective. It can cause all kinds of issues for you. So it's going to be really destructive and, and I really encourage you to always avoid that. If you have a addiction, get that dealt with so you don't end up with debt related to that type of vice.

So the next debt I wanted to speak to was something we're probably all familiar with. That's what I call lifestyle debt.

Now there's all kinds of things that we think we need to support our lifestyle and some of them are not needs, they're wishes. And again, I'm just going to remind you, what is debt? Well, debt is when you owe money to someone else. And I want to remind you that debt can be crippling. So if you don't have good control over your debt, that can really hit you in the bottom line financially and put you under a lot of stress. So as we think about lifestyle debts and just our desires that we have, we all have them. We like shiny objects. So we have at times the latest and the greatest, all the bells and whistles. And sometimes that's okay for some of this lifestyle stuff. I would say, like if your family's growing up and they're at a stage where they won't be with you much longer and you wanted to take a vacation and you really didn't have the money, to me, that's a lifestyle debt, but it's a little different because you're doing something with your family that will create a memory forever. Because I don't want you to stop doing those things and I don't want people to stop consuming things like the big screen TVs and such. Just make sure you manage that debt so it doesn't start to control you and put real stress on your finances and on your life. So that's the second one. It's just lifestyle stuff. And where does your home fit in there? Because it's kind of in a different category, but yet it can be a lifestyle choice. So if you had to buy a much bigger home than you really needed so you could keep up with other people, that can become a debt that's not good for you and really tough to manage. And it's all about our desires. So again, I have nothing. I say there's nothing wrong with big homes and shiny objects. Just make sure you have a very manageable debt loan when you do that stuff. Now, the next kind of debt is kind of one that I'd like to end the debt conversation with because it's about productive debt. Now what kind of debt would that be, you say, Dan? Well, it's things like.

Borrowing money to improve the growth of your company or improve cash flow for you and your family. It could be things like education where you take on debt to educate yourself so that your pay could go up from where it is. So those are some examples of productive debt. Now that is something that you can use to your benefit. And again, if it's managed so it's not too much debt for your business or your budget to manage and it can be very productive and beneficial to you over time. Again, all debt is debt. So is there such a thing as good debt? Well, there's definitely debts, like productive debts that can help you in life to get ahead.

My name is Dan Allen and I'm with Ascended Financial. And what I wanted to speak to you today about was why it's best if you own your own debt.

So we've done a really good job here speaking about different types of debt, but why is it best if you own it and is that possible? Well, I thought I'd start this conversation off by talking about an example of you and a commercial bank. Now I'm going to say for this example that you have $10,000 and you're going to go into a commercial bank and you're going to deposit it there. Now when you walk up to the teller and you put that down, the teller gives you a slip. It says they basically owe you $10,000. Now for this example, I just wanted the teaching point to be is that that transaction would be where it's an asset for you. That $10,000 deposit is an asset for you. And for the bank, it's a liability. So asset for you, liability for the bank. They owe you $10,000 so you could come in and demand that. So they always have to be aware of that debt they owe to you. Now I love the business models of a bank because they know they need to put that money in motion. They're not going to leave that money sitting in the bank in case you come back. They're going to put that money to work right away. So when they lend out that money, or most of it to someone else, that other person will make a commitment to that bank to pay them payments until they pay all that debt back. So that stream of payments that comes from that other party that took that loan towards the bank is an asset for the bank. So those payments are assets to the bank. And the person that took the loan, well, that's a liability. That loan is a liability. Now the bank will continue to do that. As they get those payments in, they will use that for another loan. It's a great business model. And that next loan again, there'll be a stream of payments coming back and those are assets for the bank. And the teaching point here that I wanted to get across to is that it's about assets and getting that flow of payments coming towards yourself. That asset of payments is what you can achieve if you own the debt. So that's really what I wanted you to Understand, if you're able to own your own debt, then instead of that stream of payments going away from you to someone else, those payments can come towards you and that can become an asset for you. So that's why it's best if you own your own debt. Well, you might think, well, is it possible? Well, we teach a concept called becoming your own banker. And one of the benefits of that concept is that it enables you to, to own your own debt. And when you own your own debt, you would take a loan against your cash value. So you're actually not going to be taking out your money out of this system because we use a platform for this process called dividend paying whole life insurance. And when you have cash value built up in that system, you can take a policy loan and that loan will be from the life company to you. And then you can use that money. And as you pay that money back, every dollar that you put back into your system, you're going to be able to access again, plus more. And the reason for the more is that because you didn't actually use your money, it kept on growing as you used it for collateral. And when it's structured properly, that growth will be greater than any interest that you're paying to the life company. So you put money back in and you get access to more than you even had before. And that's the process that we help people with. And yes, you can own your own debt.

The author of the book called Becoming youg Own Banker, R. Nelson Nash, he always spoke about, you cannot get a better rate of return doing anything without first controlling the banking function. And through this process that we teach, you can gain control of the banking function as it relates to your needs. And if you can own own debt.

It will be better than owing debt to someone else. It's all about where are the profits going. So if you owe money to a commercial bank, the profits are going to go to the shareholders of that bank. And if you owe money to the life company and you're a participating member of that pool of money, who are the profits going to be shared with? Well, it's with you. So change that little outcome for yourself, which is who owns the debt and you can change things for your finances and improve them much from other ways of taking on debt. So I hope this gives you a little idea about why it's best for you to own your own debt. And yes, it's possible. Now if you want to learn more, just go and look at this next video. We've got lots of good information about this process called becoming your own banker. Thank you. And have fun on your learning journey.