Transcript of a YouTube conversation (Richard Canfield, Roman, and Renee) about Renee’s family using the Infinite Banking Concept (IBC) to replace bank borrowing. They describe practical uses—policy loans for crop cycles, vehicle repairs, a rental furnace, a family trip to Denmark, and even a $60 knitting machine—emphasizing faster, simpler access to cash, repayment flexibility, and recapture of interest into family capital. They also discuss attending live events to learn the system and the social difficulty of convincing others to adopt it.
Chapters
Foreign. You've refilled all the stock, as Nelson would say, you put all the peas back on the shelf.
Yeah.
And you want to add another gondola in your. In your grocery store so you can add more inventory? Is that what you're saying?
Yeah. Yeah.
Awesome. Now, Roman, of course, you know, you're. You're much more of a numbers guy and stuff, but it sounds like in the short time frame, you know, three years or so, that Renee and his family have been operating this and done a great job of embracing Nelson's principles and showing that they're a good steward of repaying loans, being an honest banker, and also looking at the idea of expansion so they can maintain more control. So where have you seen that his family is taking strides towards making that expansion happen? And what are some of the big purchases that you've seen them be making, you know, using their system?
Yeah, so I noticed that Renee is very open to, you know, ideas. And every time we speak, he. Or either he's texting me or he is emailing me, there's always something going on in his mind where he's always thinking about expanding. Roman, how do I expand? How do I grow my system? Roman, I have this amount of money show up, and I'm out of my capacity. How do I buy more policies? And sometimes we just look at other strategies, like also protecting other risks, you know, including the critical illness and there's other disability possible risk that we also need to look at. Be very mindful of. But Rene has been sharing with me that he has been flowing a lot of policy loans through his living expenses, through his business, through his farm and. And buying equipment. And maybe Renee can share what you've been able to, you know, buy, purchase, and then pay back with your income later on. So, Rene, would you maybe willing to share how you've flown it through your system and what have you been able to, you know, purchase and basically taking that business away from banks?
Well, first of all, like, I've. I have kind of done small loans to begin with for just your. To pay off your Visa card or whatever. And to kind of. That was our first policy. Loans were, whatever, paying off a thousand dollars on your Visa even to see if it worked. Right. And then pay it back and then do whatever.
How easy was it to apply for a loan with a company?
You know what? We just went through a month and a half worth of dealing with our commercial bank on our rental here. And it's like pulling teeth, trying to touch your own cash. Like, Jesus, it drives you nuts? Right? To begin with, the going through the insurance company was you would have to go through your advisor, which I kind of felt bad for Roman, he had to be the middleman. Since then everything's been kind of updated and you just click the button and check, check. And you got your cash in whatever three or five days and same thing the other way around. You, you want to repay them, you just do it off your checking account and send it back.
Right.
In terms of what we've financed like we've done, we've financed three complete crop cycles with it. Two years ago we went to Denmark to visit my family for my sister's wedding.
Huge.
We had engine repairs on one of our vehicles that GM offered to finance. But I said thank you, but no thank you.
Did you ask them about their interest they would charge you?
Oh yeah.
So what was the interest?
I can't remember. But it was, it was brutal. We put a new furnace in the rental property which they also offered to finance for us. Yeah, all sorts. The latest one was actually that's probably one of the smallest ones was our 8 year old daughter needed a new knitting machine which was 60 bucks and she didn't have it. And her piggy bank quite said we would finance it for her. So they're in town right now picking it up.
Awesome.
But she'll pay it back. So yeah, that's. That's been like I said to Roman beforehand there, I. He knows probably better than me how many thousands have been cycled through it. But it would be more than. Yeah, I would even know.
It is multiple X of your premium, let's say that. So think about all that money that you should have borrowed from a bank possibly to flow through your business and crop and harvesting and even the vacation to Denmark that you use it for. Think about all the interest that you would have paid and it would have been permanently transferred away from your family and that all that interest has been recaptured and now is part of your net worth and sitting in your policies as a capital.
Yeah, it's a beautiful thing. We've really enjoyed even just the simplicity of it. Right. And it's. And the fact that it days like this where, where everything is read when you look at any chart online. Then you screenshot your cash value at night and the next morning and it's. And it's not affected. Right. It just keeps climbing.
Yeah, yeah, 100%. And Renee may ask you. So I know that you have attended couple events, a couple live events that we ran and the very first event we Ran in Edmonton. I believe it was 2022 you attended. And so maybe speak to. How helpful was it to understand at that point you already had a policy, I believe. But how helpful was it to you to understand better this system and willing to open more policies and expand the system. So maybe talk to us a little bit about that experience that you had at the live event and maybe to someone who's listening and thinking, should. Should. Should I attend a live event? Should I be there? Even if. If I'm a client already, I have already a policy. Should I be there or is it for new prospects only?
No, it's definitely. I think it's for everybody to attend. Kind of like the. The client meetings we do.
Right.
And it's. This should almost be a. I don't know how you would enforce it, but you should show up once a year at least. Right. And if nothing else to show your face and keep. And say hi to your. The fellow co owners of the same insurance system. Right. Because we're all kind of members. Right. I really enjoyed the. I did the trip up to Edmonton there with a buddy of mine and he ended up getting policies through Roman and girlfriend did the same thing and yeah, so I mean he's been one of the few that I've been able to share. Yeah, I've shared the system with a lot of people but man, it's like. It's like. I don't know how to describe it. It's tough to get across. You can pass the book out and you can explain what you're doing, but it's like I have very few people that. That even really believe what you're telling them. Right. And then you pass in the book and three months go by and have you read the book and if they haven't read it in three months, give it back to me because I don't. It obviously doesn't matter to you then. Right?
Yeah.
There'll be other people out there that need that. Need that book more than you, so. Which is frustrating. But it's more caught. Right.
More caught than it is taught. What's interesting, you mentioned at the beginning of the call how you. You felt that it was too good to be true and you had those. That apprehension that I think a lot of people have and maybe that's what some of the people you've been talking to. They're experiencing that it's hard to make that shift sometimes. But then you're now on the other side of it. So you almost can't see your life without having this in your life. Is that a fair assessment?
Oh, for sure, yeah.
So how do we get that domino to tip for. For other people? And I always think about, like, a tractor or. Or a truck that's stuck in the mud, and it's just digging ruts in the mud, and it can't get out. And every once in a while it slides out. But if they don't get far enough out right away, they'll just slam right back into those ruts. And you've probably experienced that a time or two yourself on the farm. Pretty much anybody living in Alberta knows what that feeling is like, you know, especially in the wintertime. So. So that's kind of the mental ruts that I think people have in their brain, Renee. And they're stuck in that old pattern, and every once in a while they pop out. But it's really easy to slide right back into that old way of doing things. And you are able to start taking loans right away and experiencing wins very early on. And that. How would you say that that helped you lead to making almost like leapfrog adjustments in your life by starting to embrace the concept right away?
If you ask me if. Yes, sure. This is probably for everybody. Like, everybody's got a bank account, right? So. So would infinite banking not be for everybody? But I don't think everybody should be part of it, because I wouldn't want to be in the same membership with everybody because I see how people manage their finances, and I wouldn't be proud of that. The way that some of our people around me are dealing with their finances and not. Not. They would rob. They would steal the peas all day long. And if you can't manage that, it's probably not for you anyway. The people that I've shared it with is people that I believe would benefit from it. Right. When you've always done it a specific way, it can be tough to get out of that old habit. Right.
