This Is How A Canadian Welder Achieves Financial Success

Join me today as I speak with one of my clients. His name's Marty. And we're just going to speak about a couple topics. One is one of the things he utilized his infinite banking bank for and how it worked out for him. And the other one is just building off of the family banking meeting concept. We did a bit of a discussion before about just talking about, you know, how you've utilized your infinite banking system for banking, and just for a little background, I know you started back in 2018, and you were capitalizing your system for a period of time, and then you got to a point where, hey, I got an opportunity to use it. So do you mind just describing what you did with your. Your banking system last year and how you used it and what were some of the outcomes?

And I'm a welder by trade, and so me and my son decided to do a project. We wanted to build freestanding panels and then sell them just as a little side hustle. So we priced everything out, found all the steel and what it would cost to buy the steel and go get the steel and.

Realized we had enough in our banking system we could borrow against it and use that. So we took the steps and borrowed against our policies, went, bought the steel, picked it up, brought it home, got to work.

How long did it take you to build those panels? How many?

A month and a half. Built 30 panels. And that's not going every day. That's all after work and weekends kind of deal, right?

Yep. They're kind of like a freestanding panel.

Yes.

Yeah. And. And your market for those would be like, livestock producers?

Yes, yeah. Yeah, that's right. Yeah. Or horse people, too.

Horse people?

Anything.

Yeah, anything that somebody wants to keep in, like.

Yeah, yeah, that's right.

So when you went through the process of. Of taking your policy loan, how did you. What'd you find that?

Like, easy. Like.

Unreal easy. Just 10 minutes on filling out a few things, send it away. Less time than it would take to phone a bank and ask questions for anything.

Exactly. So you got your 30 panels built. Then what'd you do then?

We listed them for sale. And? Well, my dad. We actually built them out of my dad's. He bought a few and then got the rest sold. And with the profit we made from all the panels, we're looking at buying more policies.

Excellent. And so I know you've repaid your policy loan, so that's one thing you did.

Yeah, we covered that. Yep.

As your funds came in, so. Great. And now you're looking into just Adding more to your system. So that's a great opportunity for you and your family. And I just thought, well, that's a great way. Just, you know, to use, you know, just the equity that you've built up in your own banking system in a way that makes a difference for you and your family and just goes on. And, hey, every dollar you put back in, you could access it again, plus more. That's just the way it works. So that was a great, great result. I know last time we talked, you were asking me lots of questions about family banking, and I just thought, okay, so, you know, I've been messaging back and forth and talking about different ideas, but at first I thought, you know, could you repeat for me just what is your whole objective around this whole family banking thing? What are you hoping to get out of it?

Number one would be just educating my kids on it. Like, I would like them to start out way further ahead than what I did as far as knowledge on how money works. And so basically, that's the main goal.

Give me an idea. What are you hoping to planning to do? Like, I know you had a frequency that you're hoping to meet. Who are you going to bring into that meeting? All those kind of pieces.

Yeah. So I want to. What I've started is once a month, just me and the wife and the kids get together and do a little bit at a time. Just don't want to overload the kids. They already got a million other things going on, but teach them little by little. And I found out something about myself just on the first meeting. I suck at teaching kids.

Yeah.

Try to throw a bunch of information at them. And the wife's like, whoa, whoa, whoa. They don't even know half the definitions of the words you're using.

Yeah, take her back. Yeah, that's good. Because that's how you learn, right? Just by trying something. And, you know, when you think about that, it's like you'll get it down to a point where, you know, okay, this is how I need to prepare for that meeting. And just like, I think I really like your idea, Marty, where you talk about, you know, just give them little pieces at a time because they're at a great age, just to keep on learning. And again, observing Jason put out recently, and Jason just the CEO of Ascendant, and he put this out as kind of his last.

Family meeting that he had with his whole family. These are kind of the agenda pieces that he covered. And I think from what you were talking about, and correct me if I'm wrong there. Martyou're just hoping to do something similar to this where, you know, you bring in pieces, you talk about the results you've had with your, you know, first project and how that went and, you know, opportunities to use your banking system going forward and, and I know I'd sent this to you at one point and just as an idea and for you to use and your family and it just gives, you know, some kind of an idea as to what you can go through and hey, when you're having them as often as you are having them. And the other thing I really loved was this picture you sent me of your book. And you know, that's just a great example, you know, having a process and, you know, just that you're going to start it, you're going to make a difference in the lives of your children. And those are just, you know, just little elements of education and just taking time to talk about it because one of the things I found a lot of people don't even talk about money with their kids. Yeah.

Something. Figure it out on your own, you know.

Yeah, that's how it was when I grew up. We never really discussed it until I was thrown in the thick of it and I was like, now what?

Yeah, the school hard knocks. Get out there and get knocked around and figure it out. And so I really appreciated the fact that you're starting those meetings and you know, on a monthly basis and you know, just if I could encourage you, one thing is just, you know, make them short and sweet but to the point and just teach them something each time and cover off your agenda as you build it. And yeah, kids won't, you know, because you know how young people are. They don't want to sit too long for doing anything that's not, you know, they find really exciting. So give it. You know how they always say the best way to eat an elephant, one bite at a time. Yeah, yeah, kind of. Deal. So I love that. So anything else from the, your first meeting experience that you.

Well, that list that you sent me from that Jason uses, I really like that goal setting. Like I want even just little goals for the kids, whatever they're doing, whether it's the daughter's art project or.

Hudson's physical goals, going to the gym or whatever, getting them to write them out and then we can review them once a month. That way we can hold them accountable. And I put my goals down too, and then same thing, they can hold me accountable if they feel the need.

Yeah, because that's a great idea. And I don't know if you've ever heard of the dream board kind of idea where you put up a board and you put your goals there and they're visual. So just all it is is just a visual kind of indicator. So it's a reminder. Like I like to have one on the wall behind where I sit just to remind me of some of my goals. So I can look over there and I can see some of the goals I have for this month and this quarter just by, you know, just by glancing over there. So just, it's just a good reminder. But I love what you're doing with your kids where you talk about goals, you set them and then reinforce it and talk about, hey, here's how I'm doing. Because I'm sure you find like I have, I haven't always been successful with every goal I've set. Sometimes the goal is great. Timelines may not be reasonable and I don't get it done. But at least, you know, I have to go back and talk about it. What could I do differently?

Yep.

Now that you've really been practicing this for a number of years, what would you say is the most, you know, if I asked you what is the most value you've got out of it, what would it be?

Well, just.

You know, how you say this project or this process is caught, not taught.

Realizing that for one thing would be.

Has brought more value because then it made me want to get, dig deeper into it and keep going and going and going. The fact that my future is already laid out a little bit and I know what to expect, it's sure nice.

And I think too, it's just, you know, as I went through the process and as I continue to take more information and either by reading a book or, you know, watching videos and I know, you know, we're putting out tons of content online now for people. Have you found that helpful or how.

Yeah, yeah. I'm still going through much videos and content as I can get. Really?

Yeah. And I think that's, that's great. And I know, you know, every quarter we try to have a client coaching session where we just invite, you know, clients into a. It's usually a zoom type meeting setting right now because obviously works better because we're pulling people from everywhere and just give them a chance to hear what other people are doing, see what other people are doing and just build off that. So that's another opportunity. If it ever works for you, I'm going to encourage you to take that in. But.