The Family Banking Summit: A Success!

We had a lot of people in the room who aren't clients, aren't infinite bankers, haven't gotten started, some of which probably don't even have any idea what infinite banking was before they walked in the room. We didn't teach them what infinite banking was in the room. That wasn't the purpose. But they were getting it by the time the event was over.

We did a live event last week, which was really awesome. It was on a Friday.

Just a little bit of an event, right?

Well, it was just a tiny bit of an event. Yeah. There, you know, we filled the room so sold out and then had people literally lined up, wanted to get in, who just showed up at the venue. It was great. We had our entire team. The whole day from start to finish was amazing. And the whole theme being around family banking, creating the family banking system, or improving the family banking system, or expanding the family banking system. Everyone that we've been connecting with at the event, following the event has just told us how impactful it was. And we also got a great idea from an audience attendee who said, you should create a youth group and have kids. Because my daughter Charlotte spoke at the event. She's 10 and went over super amazing. She had the crowd engaged and laughing and honestly, objectively, she did a really great job.

My quick start tendencies kicked in. Justin reached out. He's like, you got to do your Colby again, because I'm positive that you're a much higher quick start.

And.

And we were already initiating the ibc, the Infinite Banking Concepts youth group. And in fact, today is the first session of reels that we're recording with Charlotte. So every Friday after 5pm, so whenever in the Friday evening, that's going to work for her. She's going to be sitting right here and we're going to be recording reels that we're going to get out there on the Internets and start talking about the Infinite Banking Concepts youth group. And then as that grows, then we're going to have sessions where we have parents with their children coming into the IBC youth group sessions. And we're just having these really, really good discussions about the concept and how it works in the family. So super exciting.

One of the really cool things that happened, I mean, other than the amazing positive feedback, there was some really incredible sessions from yourself, Jason. There was obviously. We had Vern up talking about his family banking system, Sarblo talking about his family banking system. Everyone was very from our team. My perspective and the feedback I received from people in attendance was that it Was very raw. Raw. Being like, look, we just opened the kimono and said, look, this is what we're doing. This is our system. This is what we got going on. I think that that really came across in a really powerful way. And talking about how people are capitalizing, where did they start, how their policies have increased and gotten progressively larger, the utilization of them, that sort of thing, I think was really good. You know, one that was a really good takeaway. I had some people really love Sarblo. He talked how he negotiated with a landlord paying the rent for a property annually instead of monthly. And he got like a 20% discount. I mean, that was huge. And so he, he continues to make that same payment. The difference is it's all going back into his family's control. That's being an honest banker. That's not stealing the piece. And that's just one example of doing that.

You never know what that's going to spark in terms of the imagination of the person receiving that. To hear how he utilized his system to get a few deals done on the real estate side things and to do this prepayment of rent for an entire year and getting the discount. And you could just see people lighting up with, oh, wow, okay, well, if I can do that for my rental real estate, maybe I can do that for the commercial real estate that I lease for my company and for my office. And so it started to really spark the imagination of folks. And everything was recorded professionally. We had a great crew there. They captured the event from start to finish. That's going to end up living in the client portal. It's also going to end up being sliced and diced for the YouTubes, some real footage and all kinds of stuff that we're going to get out onto social media to let people know that the family banking system, that model is something that we're going to be touring the country in 2023 and having multiple live events coast to coast and talking to Canadians and really helping to open people's eyes to this. This whole new financial world, especially with the current environment that we're in. Rising inflation, rising interest rates. Rich, you and I have talked about this so many times where we were literally shouting it from the rooftops in. In periods of the lowest interest rate environments that we've ever been in, in periods where inflation was not spiking or spiraling out of control. And we would tell people, because one of the most frequently asked questions that would come up in a boot camp is what happens when inflation rises and what happens when interest Rates go up. Everything that we communicated to people then is what's real now. So clients are reaching out to us, going, I heard you guys say it, I remember the questions coming up. But now it's real. And this is really one of the only assets on my balance sheet that hasn't been interrupted in its growth at all. It just keeps getting better. Whatever life carrier it is that you have your participating policies with, if it is with a mutual company, it's even better because they're thriving in this environment. There's a reason for that. There's a reason that they engineer the money pool to be able to thrive in periods of high inflation and rising rates of interest and to come out the other end even more capitalized than they were going in. Like the influx of capital coming into the insurance company right now is mind boggling. Assets under management grew 800 million last year alone from 6.2 to 6.8 billion. We're going to break 7 billion this year. We were talking about a 4 billion dollar money pool 15 years ago. What an amazing time. It's pretty fulfilling to do when you never have a client reach out to you going, I'm really pissed off that my cash values keep going up every day and my dividends keep getting better in yield and my paid up additions keep rising. And if I live a long time, I know I'm going to be great. And if I die early, I know my family's going to be great. Like nobody's calling us, you know, complaining about that. So wow, what a great position to be in. And that's just with the tool that has nothing to do with the process.

I met with a client here recently, right before the event and we have another meeting kind of coming up here in about two weeks. He wants to expand his system. He's got, had another child's for getting a child policy, et cetera. He just sold a property and come into a windfall of money. He wants to see if he can get that working in his program. Great guy, young guy, he's done really well. He's in his ninth year right now, so he's nice in his ninth year on one policy and eighth year on two other ones and he's got live steam. So Jason and I, we've talked about live Steam a lot. We talked about live Steam at the Family Banking Summit event and I just did the quick math. So he's got one policy, the smaller of his two on his life because he's the, he's the primary breadwinner, his premium is 12,970.

Okay.

And this year, by the time he gets to the end of the year and he receives his dividend at the end of this policy year, so he's already about halfway through. His cash will have accumulated. His policy values will have increased to $17,105. He put in 12,900 and he got 17,100 back out. His total net increase is 4,198. So he's ahead almost 4,200 bucks in that one year in his asset value plus the increased death benefit.

That's a Mike Tyson prime of his career punch in the face to inflation.

Like I've got three of them. He's got three of them. One of the things we did at the event on last Friday was we had a conversation with a bit of a grape breakout session with basically everyone in attendance. They got to do some partner stuff where they got to do some reflection. And then we did a planning your family banking meetings kind of a group exercise. And so there was some really cool things that came out of it. And we were able to take some pictures of some of the group work at the end of the day. So there was one question being, you know, what are the things you would want to make sure were at your family banking meeting, your annual meeting, where would you want it to be? Who, who needs to be there? What are the things you need to talk about? And then the second question is, what is the impact if you did that on a regular basis? And so I have a couple just, you know, just was able to grab a few of the, the pictures from the people took on the walls here. What do you want to make sure that you can go over and stuff there. So here's some stuff talking about, you know, what are the loan terms that people need to follow? Who is all going to be in the family banking system? How are you going to deal with withdrawals and implementation? Who needs to be covered? What location are you going to do it in? So some just high level things. Here's one people saying, okay, well we need to have our kids and the grandparents there. It should be a vacation. So it's memorable, a fun environment. Bring the extended family if you can, maybe consider a lawyer, an accountant there and even a financial advisor. So example, have your, your coach, your infinite banking coach, maybe participate or be, you know, able to dial in the zoom call to join you, what loans you want to take out and what for, you know, planning ahead for the next year, that kind of thing. How should you pay them back Making sure you're following your loan schedule. Celebrating wins. When should you start your next policy? Talking about the generational impact, you know, not just. Not just seeing it happen, but talking about how you want it to happen. Celebrating wins. Really getting clear on why you're doing this in your life. Setting your rules, understanding the rules, Nelson's rules. And maybe there's some specific rules as a family you want to adopt that you want to make part of your own family meetings and how to plan for windfalls. So just really good stuff. Again, a lot, A lot of. A lot of people agree that it should be someplace warm. So tropical seemed to be a buzz term there. Talking about investment opportunities and just making sure you have an agenda. And you're. You're bringing up points from the book. Nelson's book, Becoming youg Own Banker was, you know, again, good suggestions, looking at your progress, taking a look at where you've come, where you've gone, how far things have moved forward, making it informal, have some food and drinks, enjoy yourself. Again, do something out of the ordinary and bring the entire family. I like how simple this, this one is. They kept it real. The next question was really about the impact. If you did this on a regular basis, once a year, you got the family together to do those things. What would be the impact of that over time? And so here we get into kind of some of those second, second questions. Having unity, staying focused as a family, creating accountability, looking ahead so that you can have better control, being prepared for opportunities, creating peace of mind, being less dependent on traditional banks. Right now, that's more important than ever. Always expanding everyone and being on the same page. Again, unity. So the family, fostering deeper connections within your family. So here we're talking about this idea of the financial world, which in most households. And strife. And Jason, you shared this. The idea of talking about finances in the family was never something that came up when you were growing up as a kid. Not really when I grown up as a kid either. And it becomes this thing of strife. And we're trying to bust that loose with a sledgehammer so that we can make that actually a bonding experience instead of what people usually visualize it as, again, having more transparency, making it memorable. So just really, really cool things about the impact, the feeling of control, generational mindset, being on the same team.

This. It's all in the way that we think. Because look, look at it from this perspective, too. And we talked a little bit about this in some of the breakouts with folks to say you can get the Whole family together to watch your favorite sports team game. You're struggling with the notion of getting the family together to talk about creating everything that we're describing here. Why is that? It's because everything begins with the way that we think. If you look at this as a source of fulfillment and energy and joy and celebration and something to look forward to and be very energized about, your thinking begins to change around that. Because a lot of families simply don't know how to do that. And that's what we're here for. We're here to help coach through it and help people get ready to receive the inspiration to actually implement that within their family. And then once you begin to do it and you approach it from that vantage point and you're not approaching it from a technical standpoint, let's talk about numbers. Let's talk about dollar figures, money. Let's talk more so about the legacy that we want to create as a family. Let's talk about mobilizing our financial resources because that's what the wealthy do. And we can either continue to view the wealthy as being the villains, or maybe they're onto something. And maybe we could do something where we mobilize our resources and we keep the money in the family and we, we tune out all the noise as the media, the Hollywood, they do a great job vilifying successful, abundant, wealthy individuals, families, et cetera. We have to move past that. You have to think differently because you deserve abundance, you really do. And it's to whatever degree you want to create for your family. And that's what we're talking about. And that's what we're going to be educating about. And that's the course content that's coming out the family banking system. And we're going to be teaching and encouraging families to do this. And imagine the effect that that's going to have not just on this generation, but the future generations that come after that aren't only receiving money, they're receiving knowledge with the money. And what a powerful impact you can have on a family and future generations. And if you're uncomfortable, that means that you're stepping into a place of growth. That's a good thing. Nelson used to say it all the time, no pain, no growth. Got to break through some barriers with people in their way of thinking.

We did this event and there was. It was open to the general public, obviously. We had lots of existing clients policy.

Some of those are people that had maybe not been overly engaged in the last number of years. That happens we have, we get busy in life and sometimes we have people who are engaged, you know, to the nines and then others who, you know, for whatever reason life has gotten in the way and they've taken themselves out of the learning path. What happens is again, just like Nelson talked about not working out frequently you get muscle atrophy, you got to go and rebuild those muscles again. So there were people in the room who were looking to rebuild those muscles. I've had some, had conversations with people doing that. In fact, I spoke to one of them this morning and they were just invigorated by the event. To be in that group of people, to be participating in an exercise like this, talking about the impact of what this will do for their family. Further than that, we had a lot of people in the room who aren't clients, aren't infinite bankers haven't gotten started, some of which probably don't even have any idea what infinite banking was before they walked in the room. We didn't teach them what infinite banking was in the room. That wasn't the purpose. But they were getting it by the time the event was over and again. So by inviting people, your close friends, family members, people that you coworkers that you care about to an event like this, we're going to have more of them. That's part of how we spread Nelson's message. It's part of how you get more people involved in that giant mutual pool that you co own together so we can get more capital flowing to that co ownership pool for the benefit of everyone in the pool.

And there will be another big event in Edmonton next year. We're also planning, like I mentioned earlier, we're going to be doing major cities across the country. You know, it's, it's going to be pretty amazing.

And in fact, when are we lining up for like the GTA area, Toronto area?

We think it'll likely be February. I think we're getting out there and bringing people together and having these amazing discussions and coaching and educating them.