Vern breaks down the Infinite Banking Concept for young Canadians: set clear financial goals, track where your money goes, and educate yourself with resources like watchibc.com and Becoming Your Own Banker. Start small and consistent now, and compound growth does the heavy lifting later.
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What's up, Canada? I'm recording this video today because it's a very exciting time of year. I decided that I would share the top three IBC tips for young Canadians. That's Infinite Banking concept. So you've worked hard, you've studied, you got through high school or university, you did all the exams and now it's time to celebrate, right? You betcha. And I know you've heard from your parents and your friends, maybe your teachers or what have you that told you. Hey, time flies. It's going to go by the blink of an eye. I know you can see all this wisdom over here that I have in my beard. So I'm going to try not to be the old wise guy here. But the truth is, from age 20 to 30, yeah, a little bit of time goes by. It goes by pretty quick when you get to 30, but 30 to 40, man, that goes by in a blink of an eye. And I hear it doesn't slow down, it just gets quicker. So it's time to learn, it's time to grow, it's time to get that life experience that you need. But at the same time, you need to start to take actions today at let's say, age 18, 20, 25 that are really going to have a dramatic impact on the 30, 35, 40 and 50 year old and beyond version of yourself. And there are simple things that you can do to help you get started and educate yourself and really get a leg up financially. So actions that you take today are going to have a dramatic difference on that older version of yourself and the rest of the field out there. So let's, so let's dive into it. Let's talk about the top three tips as it relates to implementing the process of becoming your own banker for young Canadians. Tip number one, know where you want to go. You know, you can just go on day in and day out doing certain actions and aimlessly moving forward. But you're not really going to know if you're moving forward if you don't actually know where you want to go. So once you know where you want to go, you can start taking specific actions to move you toward that place. If you want to become a Hollywood actor, Hollywood superstar, well, it would probably make sense for you to start going into some improv classes and maybe a theater class or maybe go in and join a theater club or, you know, those kinds of things. Those are actions you would take. If I want to get my body healthy and fit, I would probably start to, you know, change the types of foods that I eat and maybe get a nutrition coach. So knowing where you want to go is going to allow you to start taking the action that you need to take to get there, to have some shorter, more easily attainable goals, short term goals, medium long term goals. And if you are committed, you can actually take actions to build the life that you want to build. And how the infinite banking concept plays into that is take a look at your parents or your teacher or a mentor or friend's parent where they're at. Go talk to some older folks, people who are in like even grandparents in their 50s, 60s, 70s, 80s, interview those people, talk to them, ask them they have a crystal ball, they know what's going to happen if they're willing to have the conversation. Ask them some things that they wish they could tell their younger self or some things that they wish they did when they were younger that they don't have the chance to do now. Right. And maybe ask some people financially what are some things that they could have done better. And I can tell you right now, as it relates to the process of becoming your own Banker, I'm pushing 40 years old and I can tell you if I would have known 20, that becoming my own banker was the secret to me creating a peaceful, stress free financial life, I would have started implementing the process. Then I would have started buying policies and getting the process started. You can start with a little and you can add up a lot of littles and those littles will become a lot. So start where you can and practice the concept and move forward day in and day out. And by the time you get to your mid-30s, early-40s, you're never going to have to step foot into a commercial bank other than for the convenience of debit. You're going to be able to control the financing function. That means travel where you want to travel, get the vehicle you want to get and start a business. If you want to start a business, you can relax when you want to relax. That is actually possible for you today, wherever you're at, if you take the appropriate action and stay committed to the plan. Okay, here we go, tip number two. So tip number two is know where you're at. You need to actually assess what's going on in your world. So we're talking about implementing the process, becoming your own bank of the infinite banking concept. So you should start to document some things and just do it step by step and you'll add to it and change it and modify where you're at, but just get yourself a version one of A basic, maybe a budget. Know how much income you have coming in. Know what your fixed and variable expenses are. A fixed expense would be like let's say your rent or your mortgage payment or your car payment. A variable expense might be gas or groceries or your light bill. Know how much money's coming in, what are you spending? That's the first thing that I would say is get some clarity around that. Number two, make some commitments. I spoke to a young lady just recently and she was making really good money and everything. All of her needs were met, but she didn't have a whole lot of savings built up. She had really low expenses, really good income, but not a lot of savings. Why? Well, because, you know, if I have it and I want that thing, if I have the money, why not go spend it and get the thing? That's fine. It's short term thinking. It is instant gratification. There's nothing really wrong with it. It was that she didn't actually see what was happening. So once you start to look at what you actually need, then think about what you want and then you can start building some commitments around it. And then I encourage people even my age and older, but especially young Canadians were so not used to this. Get yourself some cash. Go to the bank machine or into the teller or whatever and every time you get paid or whatever, put a certain amount of money in your pocket that will start to get you intimately connected. Do I really want to spend this money? And that's a question you can ask yourself when you pick up that item at a store or food or whatever. Ask yourself, do I really need this? Do I want this? Is this going to get me closer to my objective or keep me where I'm at or potentially bring me further from what it is that I want to create? So those are some really good things that you can do to build some really strong healthy habits. And they will feel a little uncomfortable at first, but welcome to life. Life is uncomfortable, but eventually it'll start to become just a part of your lifestyle and how you operate. Tip number three in this one I cannot emphasize this enough. Educate yourself. Right now you're watching this video on the process of becoming your own banker, the infinite banking concept. And I will encourage you right now to go to watchibc.com you're going to get access to a free 90 minute webinar that will take you into a deep dive introduction on the process of becoming your own banker, the infinite banking concept. And this book is another great resource which you'll find a link in the description for this book as well. Becoming your own Banker by R. Nelson Nash. But go to watchibc.com and start educating yourself on how the infinite banking concept works and how it might be able to help you achieve the objectives you want to achieve. Educate yourself and don't just do blindly, like follow what I'm saying or what somebody else says. Actually do some research, flip some stones, ask some questions and start looking at what do you actually value, what do you want to create? And based on what people are sharing and what you're reading, you'll know what to do. If you educate yourself and you know what the problems are, if you understand the problem, you'll be able to find a solution. All right, we just went through the top three IBC tips for young Canadians, and you stuck around to the end, so I'm going to reward you with a bonus tip. Tip number four. Tip number four is personal development. There's a lot of programs out there, personal development, coaching. There's things that you can do to learn more about how your mind and your heart work. And you know, when you get triggered if something doesn't go your way or you get bad news. You know, sometimes we have default behaviors that can really get in the way. They can prevent you from getting a job or making the right decision on the food that you want to eat or what you did with your money. They can interrupt a relationship. But going through personal development programs, and some of them are good, some of them are bad, some of them stick with you for a lifetime, some of them, you know, maybe it was a waste of money, but you learned, right? I started doing personal development and reading books and going to programs and getting coaching when I was in my mid-20s. And I can tell you, I'm a completely transformed human being in comparison to who I was then to who I am now. Back then you wouldn't have known it because I was sort of a attention grabber, loud guy. But that's what I did to make myself feel comfortable because I was really insecure and uncomfortable in crowds. That's just one example. I was able to transform that just by going through personal development and learning more about myself and who I actually was versus who I was trying to pretend to be or who I thought people wanted me to be. It's taken me years and years and years just to become present and comfortable with who I am and really just be okay with who I am. Guess what, Vern, not everyone's going to like you. That's just how it is. Welcome to life. I always used to struggle to try and connect with people because I was trying to get people to like me rather than just showing up as my authentic self and connecting with the right people who connected with me naturally. Right. So personal development, I can't stress that enough. You can get into some really great programs, learn about yourself, and actually get some coaching and accountability to help you take the right behaviors to transform anything that's not serving you today and just continue to optimize yourself, grow and let that compound. Just like the process of becoming your own bank or the infinite banking concept, when you start putting cash into policies, it'll start from zero and it's just going to grow every single day. And that's how you create a quantum leap in your own personal life and in your financials. The right decisions day in and day out add up over time. And all of a sudden, a year, two years, 10 years, 20 years later, you've made a quantum leap from where you are today to where you want to be. And it's absolutely possible. So go to watchibc.com to get started. And I know you got a ton of value out of this video. This one's going to blow your mind.
