John Scherer, 82, started using the Infinite Banking Concept a year ago, converting $25-50 monthly savings and $9,000 into usable cashflow. He used policy loans to pay off his car and bought more policies, showing the strategy works even late in life.
Chapters
IBC is the whole concept. It's a way to take control of your, your, your finances in your life. I would suggest that to anybody, any, no matter what your age. At my age, it doesn't pay to buy insurance, life insurance on myself, but there's nothing to stop me from buying a policy on the rest of my family. They're still, you know, I can still get policies on them. And the dividends, and I don't mean, I don't mean the dividends that you get from the company, but the satisfaction, if I can use that word, the satisfaction of just knowing that you're in a position where you can help your family. You know, and if, if they're, if they are willing to learn how to handle their money properly. And certainly IBC is one way of doing it. If, the only way of doing it. If they, and if they're, but if they're willing to learn that, then they got a future ahead of them as long as the system will let them.
Oh, a future so bright they'll have to wear shades.
Yeah, just say that. Yeah, it's bright. Yeah. Yeah. So. But yeah, it's, it was an eye opener to me. And I'm sure, I'm sure that there's a lot of, a lot of clients that you have that will say the same thing there. Why did I not do this 20 years ago? Because those who have, and well, like yourself too, you know, you're, you're not looking back.
Yeah.
That.
It reminds us of something one of our other late mentors used to say. Bob Shields, again, another wonderful man. And we think about him all the time and bring him up each time something like this comes up. And when we first met him, he was in his early 80s and he said one of the things that you'll hear a lot is people ask, what if I had known about this 10 years ago, 20 years ago, 30 years ago, 40 years ago? And Bob would always reply with the same thing. You can't say that. 10 years, 20 years, 30 years, 40 years from now.
That's right.
Because you know what you know, and one of the things that I, I would. And I know that Rich is, is likely thinking the same. I would encourage anybody watching or listening to, to just really, really take a moment and sit. Sit with what you just heard. John Scherer, this is a man who's, he's worked his whole life. He delivered newspapers as a kid, milk as a young man, groceries as a father. He swept school floors. He stretched every dollar. He lived the, the story that you know, so many Canadians know too well. You, you work hard, you hope it's enough, and you pray that you make it to retirement. And then at 82 years young, he's changing the ending. He's discovered that control is possible, legacy is possible. Peace of mind isn't just for the wealthy or for the young. And he never lost the ability to be receptive to learning something new and to think differently. And so, speaking for myself personally, I mean, if that doesn't inspire you, I don't know what will, because the truth is we don't. We don't rise to the level of our income. I think what John's been trying to convey so eloquently and amazing, John, you've been an incredible guest, is that we rise to our level of thinking. And today, this interview, we saw what's possible when somebody decides to stop renting their financial future and to start owning it. And so my question for anybody watching or listening is, will you wait until it's too late or will you start buying, building the bigger financial future that you deserve today? John, this has been incredible.
Yeah. Yeah, I'm, I'm just. I'm just. Yeah, well, like I say, I feel bad that I didn't start earlier, but I'm glad I did start what I did. Yeah, it would have been nice. It would have been nice if it was 2020. It'd be a different story today. But, yeah, like you say, 10 years from now, if I'm still here, at least I can say I. I didn't start it.
That's right.
Yeah.
So, Rich, you know, impact of, of course, being in a retired state again, we have people who often will say things to us or ask questions, John. They'll say, well, what am I going to do? Or how am I going to pay premium when I'm retired? How am I going to continue funding my system when I'm retired? And Jason's common response to that is like, well, you still need the use of money, don't you? You're still going to be banking someplace. And, you know, I think here you've identified and really showcased that that is the truth. That is the, the real reality of life, and you're experiencing it. And you being retired, you're receiving a retirement income, and you're still creating a future bigger than your past.
Yep. Yep. When I, When I, When I, When I started. When I started this. September. No, July. June. July. So we're just. We're just approaching the one year I had. I had a total of 9,000 in my savings. And I had two separate little accounts where I was putting in $25 and $50 a month, just kind of money that I managed to kind of sneak out of my, you know, my daily, my daily allowance, let's say. And anyway, that builds up to the point there that when I got my first policy, that within one month I made my first payment on my car. I paid it back the next month and then the month after, after that. And the reason I paid it back the next month is because the, those other two matured. So I had the extra thousands of dollars coming from that which I could use. So, you know, those are my pennies that I saved. See, they, they found they finally accumulated enough there that I could use them. So the thing is there that on my third month, I managed to get the loan, my second loan, I paid my car off. And today I managed to get enough money so that I could borrow or I lend money for myself so I could buy another policy.
We have a ton more amazing conversations and great clips just like this. If you go right here or if you want to watch the rest of this conversation, the full episode, click right here.
