What Every Canadian Entrepreneur NEEDS to KNOW Before Starting Their JOURNEY

So today we're going to talk about, you know, I mean, we talk about infinite banking. It's infinite, so it can be used in so many different areas of your life depending on, you know, what, what your life goals are, where you're coming from, where you're going to. Today we're going to talk about, in maybe generically about the entrepreneur and how it can help them. But maybe we should start with what's the problem that it's solving and in the eyes of an entrepreneur, how does it help them?

Oh boy. Well, two words, capital and control. And so if you think about any entrepreneur, they need access, ready access to capital so that they can obviously achieve their business objectives. And typically that requires the use of money and they want to be in a position of total and absolute control. And so this process of becoming your own banker, the infinite banking concept, really puts the entrepreneur in the driver's seat on both fronts. And, you know, we haven't worked with a single entrepreneur yet who has contacted us over the past 13 years to say, wow, you know, I really wish that I was back in a position where I didn't have control and I didn't have ready access to capital. It frees up the entrepreneur, it frees up the entrepreneur to be thinking more about what brings them energy and fascinates them, which is to develop and grow a business. Or, you know, I guess the, the generic description of an entrepreneur to take something from a low level of productivity to a much higher level of productivity and having capital and being in a position of control only amplifies that for the entrepreneur.

And so this could be anywhere, I guess, in the life cycle of an entrepreneur in terms of their business, whether or not they're, I don't know, maybe not the startup per se, but, you know, someone who's kind of going through, all the way through retirement, I guess they're always going to need access to capital. But I think the other pieces too, and maybe we can go through a couple use cases, maybe how we relate to an entrepreneur. But I think of, you know, maybe they have, you know, financing requirements, maybe they're, maybe they have extra capital and they want to invest more. But are they invest, do they invest more in their business or they invest more in investments outside? How does this help these different situations?

Well, I, you know, when I think about myself and so many of our clients who are entrepreneurs that, you know, you're in a position where most of your net worth can become tied up in your business and you want to have ready access capital outside of the business to take advantage of opportunities that will most definitely, you know, track you down. And an entrepreneur is only going to leave their business one of a few ways. Eventually they're either going to sell it, they're going to, you know, unfortunately for, for some, get really sick, pass away, push the retirement button, which for any entrepreneur who's listening to this or watching this, is likely thinking, yeah, that that's not going to happen. But if it did, then having ready access capital to carry you through without having to worry about the business and having to worry about, you know, turning, you know, bricks and shingles and equipment into money through liquidation. And the entrepreneurs need for financing is extensive, Even when you're dealing with cash flow abundant businesses where, you know, maybe the business has cash flow, confidence, they have a lot of money. But what the entrepreneur doesn't know prior to discovering this process is that every piece of equipment they buy, every team member that they pay, everything that the business spends money on, it involves a permanent transfer of capital away from the business, which is exactly what the entrepreneur doesn't want. The entrepreneur wants money in the business to be able to grow it, scale it, expand it, et cetera. So this process enables the entrepreneur to do that, because when you're putting money in to your program, your system of policies, you're accumulating that daily cash value growth. Think of it much like if you just picture it for a moment, like an aquarium, and that aquarium is filling up with more and more cash every single day, uninterrupted. The entrepreneur gets to essentially collateralize that cash without any qualifying, no lengthy, nosy credit applications, not having to speak to some banker who has no earthly idea what the entrepreneur is doing, what the nature of their business is, why they need the money. And so now the entrepreneur can, at the push of a button, get ready access to capital, have total control over the repayment schedule of money that they're accessing by way of policy loans, and get to recirculate that money over and over and over and over again. So what once used to be a situation of money leaving the business, we now have money flowing back to the business, which frees up the entrepreneur to grow. And when we say entrepreneur, we're not just talking about somebody who woke up this morning and said, I've got a great idea, I'm going to go start a company. We're talking to the established business owners, we're talking to people who have been operating businesses in profit for many years, but the ambition is still there to continue growing and continue Bringing their ideas to life. And typically that requires money.

Right. There's a couple things you brought up there. I think maybe the beginning of where you were speaking there was about the permanent transfer way of money. I think that's maybe a problem that people aren't seeing. Can you speak to a little bit to that?

Oh, boy. Yeah. Think about it this way. If you were to add up all of the money that you've spent up to this point in your lifetime, now, I'm talking about on everything.

Vehicles, utilities, business overhead, cars taxes, business taxes, property taxes, you name it. Could you write me a check for that amount of money right now, Peter?

It's pretty doubtful, I would say. Yeah, right.

And it's a hard no for anyone that we've ever talked to. And so if you can't write a check for that amount of money right to me right now, it's because all that money's been transferred away from you. It's gone. Does that make sense?

Yeah.

And you can't earn interest on it again. You can't use it again. You can't save it again. The money's gone. And it's not only gone for your generation, it's gone for every generation that comes after you. That's what's called lost opportunity cost. And I've talked to so many people who pay lip service to those words, but very few people actually ever reckon with it. And so when we're talking to an entrepreneur and we're saying, listen, this involves a permanent transfer of money away, and we start to get into, hey, how much money is flowing through your business every month? Well, you know, I've got $30,000 flowing through the business every month, or I've got a million dollars flowing through the business every month. Well, it's not flowing through it, it's flowing away from it. And when you do the math and you say, okay, gosh, how much interest are we giving up the opportunity to earn on all of that money? Nobody's having that discussion with them. Nobody. Everybody's talking to them about their business and their great ideas and, you know, what's next. But nobody's sitting down saying, hey, have you reckoned with this lost opportunity cost thing that we heard this guy Jason and this guy Peter talking about live on the LinkedIns and YouTubes and Facebooks? Lost opportunity.

What?

It's the interest that your money could have otherwise earned not just for your generation, but for everyone that comes after you. So by embracing this process of becoming your own banker, the infinite banking concept, you create uninterrupted compounding on your own capital. And you get to use someone else's capital to do all the things that you had planned to do. And now the revenue flowing into the business is not flowing away in expense. The revenue flowing into the business is now flowing back into your own system to be recirculated again. Isn't that good?

It's so simple. But it's really just the mind shift. Right. And I think everybody has this in their business, even in their household too. Right. It's money in, money out, money and money out. Right. And there's money's never really captured. Everyone else is making money on that money. Whoever you're deploying that money to, the banks are making money on the money while it's sitting in your account for that little amount of time. But we literally have money that sits in our account for couple days and then it's gone to pay a bill and it's. You've lost. That's a lost opportunity. That's such a huge, huge piece. The other piece I was going to ask you to. Now this sounds too good to be true. What about things like implications on taxes? How does that, how does this process relate to taxes?

Well, again, any payment of tax is a permanent transfer of money away.

So it, regardless of what the line item is as an expense or as a required payment, we don't want the money flowing away. We want to keep the money in the business. And so taxes, you know, you've heard me say this before, that there's two certainties, death in taxes. But the only thing that doesn't get worse every time politicians meet is death.

So from a tax implication standpoint, you know, Peter, if I had said to you, hey, listen.

You'Re going to send $100,000 of money away from your company and by proxy, you, because you are the company, and you're sending that money away to Revenue Canada to pay tax. Well, if we were able to access money from our own system to pay the tax bill, but not have any money leaving our system of policies and still growing uninterrupted and earning compounding interest, which option would be most preferred? Whether it's for the entrepreneur or just the average household, well, the answer is obvious. You would want option B. And that's what our clients do day in and day out. And so taxes are going to be there. We have an obligation to mitigate tax to the greatest degree possible, so we have more money available to employ more people who pay tax and so on. But this is all about capital and control. And this process puts the entrepreneur in that driver's seat.

And it works extremely well to extend upon that just tax on the other side of it. So the process itself does. Are there tax implications to using this system? What are they or implications or benefits? Right to the positive or negative in terms of is this a tax free, you know, solution or process that you're, we're talking about or is it something.

Where, well, when you think about it at a corporate level, you know, we have something in here in Canada called the passive investment income tax rules. And these policies are exempt from those rules. And so these contracts represent the greatest exemption in the tax code that exists today. There's no greater exemption. And I think it's important for the business owner to know that because if you've got surplus capital inside of your corporation, surplus meaning revenue minus expenses, minus tax, minus whatever the outflow needs to be, whatever's left over surplus. And that surplus, if you're putting that money to work in some form of investment that the corporation is making, well, you're triggering a taxable event on any gain in that investment. And you're paying 50% tax minimum versus having that surplus growing inside of a policy or a system of policies and you're paying zero tax on the daily accrual of that cash value growth. And so again, it becomes a matter of options. Option A is don't do anything different and continue to transfer money away and lose the opportunity to earn interest and still pay tax. Or option B, store surplus capital in this wonderful tool, be able from that place, be able to practice the process of becoming your own banker, the infinite banking concept. Still pay tax only less and have total and absolute control over the use and liquidity of capital so you can take advantage of opportunity that will most certainly track you down. Isn't that good?

Yeah, that's really good. And the next piece I was going to ask you is, okay, this, some of it, you know, sounds a bit too good to be true when you get into things. What's. How has this been impacted? How's your business, how entrepreneurs been impacted by the last year of the pandemic? What's, what's happened?

Oh, wow. Well, I, I can tell you, I mean, the media, the media has done a very good job at, you know, continually broadcasting to the world everything that's bad, everything that's negative, everything that's stress inducing, anxiety inducing, and I don't pay attention to any of that noise. Canadians saved over $150 billion last year. And so we have it's almost like polar opposites. You know, we have certain sectors of the economy that have been decimated and our hearts go out honest to goodness from, from a sincere place of authenticity. Our hearts go out to those families and those companies and those employees who've all been impacted. That's why we take 50% of our quarterly profit pool and we bless other people's lives in a positive way. 50% of our quarterly profit pool. And you've heard me share the expression that life gives to the giver and takes from the taker. And so I don't believe it's a coincidence that last year our business more than doubled and this year we're 112% over last year, year to date. And so we have more money available in our profit pool to bless other people's lives in a positive way. And so from this place, from this process, it's not just about all the advantages of capital and control that we've already talked about. It also creates abundance so that you can help others and you can bless other people. And that is the unseen of this process. And so that's what I would say to you. I'm talking to people every single day. And again, it's polar vortex conversations. Like one conversation is with a family or a business owner who's really struggling, and then the next conversation is with a family or a business owner who's thriving. They're busier than they've ever been. And that's the way of the world right now based on the pandemic. And, you know, the, the guidelines that are in place provincially and the impact that it's having, which is again for so many decimating, but coming through this, and we will get through this when we get the green light, you know, from this pandemic and we're able to move forward.

Implementing this process will shield you from the next event, you know, the next pandemic, the next severe economic impact. And so I always ask entrepreneurs, you know, what are you going to do the first hundred days after we get the green light, you know, with this pandemic, what's your first 100 days going to look like? You should be planning that now. And it should include.

Embracing this process and making sure that you're in process and you're implementing it. So that's, that's what I would say to you about that, Peter. That's very good question.

Yeah, I think, I guess further for people to understand in terms of it's, you wouldn't necessarily call it an either or. This Is this is a, this is something that maybe people are just. It's not a miss, but just something people do. They bank through banks and we don't think twice about it. Yeah. To know that you can actually take control of it yourself is a. That's a massive lift or, you know, gives you a bit of a tailwind. Right. In terms of the direction of where your business and ultimately entrepreneurs are doing things for, to give to someone or for their family or something. So all you're doing is you're just giving them extra momentum to whatever they're doing.

Agreed.

Yeah.

You're. What you're doing is you're not transferring the financial energy away from your business or away from your household. You're adding financial energy that would have otherwise gone to someone else's system. You're adding that financial energy back to your own system. And that in and of itself is really an incalculable advantage because everything that you do financially is compared to what everyone else is doing financially. And so if the minority of people in the world are accumulating and controlling the wealth, then why do we continue to do what the majority do financially? It makes no sense. And so if we want to, you know, reap the reward and the advantage that the banks have, then we have to become our own bankers. And this process obviously enables your viewers and listeners to, to do that.

How does it work with you? How do you work with business owners? How do people get started with it? What do you recommend they do and how does it work? Working with ascended financial. Oh, wow.

You know, I would say first and foremost is to educate yourself on the process. There's a few really easy methods to go about doing that. The first would be to read the book that was authored by the late R. Nelson Nash titled Becoming youg Own Banker. So this particular book.

Is one that you can order and Peter, I'm sure you'll provide. You know how a person could go about doing that. When you get the book, you can read it literally before sundown. And it is going to open your eyes to a whole new financial world. In addition to that, there's a great documentary film that I had commissioned on the late R. Nelson Nash. And your viewers, listeners can watch that at no cost. It's at nelsonnashfilm.com that's nelsonnash film.com and it's a one hour documentary that'll give you a deeper, you know, glimpse into the essence of just how incredible Nelson was. And then thirdly, once you have read the book and you've captured some thoughts and questions. The next step is to schedule a call. Because the most frequently asked question that I get is, jason, can you connect me with the right person on your team to help me understand how this process can be an advantage to my family or my business or both? And the answer to that question is yes. We have a call designed especially for that. So you can book your becoming your own banker call. There's no cost associated with that. You know, we share with people all the time. You've heard, you know, the old expression, there's no obligation, there won't be any pressure, anything like that. What we share with people is that you don't have anything to worry about because we're the buyer, not the seller. So the buyer is the only one in a transaction that gets to do the rejecting. And so there has to be a good fit there. So the becoming your own banker call is not only designed to answer the questions that you have and to have a good conversation about the process, but it also enables us to make a buying decision in terms of whether or not we have a basis to work together.