Solve Business Cash Flow With Infinite Banking Policy

Foreign.

You think about all the times that you've read this book, becoming your own banker. Is there one particular part of the book that really resonates with you or just continually lands with you? I'm genuinely curious when I ask teammates because the spectrum of responses is just. It's like we cover the entire book if we were to canvas the entire team. So I'm really curious, like what. What part of Nelson's book really lands with you?

Page three, second column, first paragraph or second paragraph, depending on how you look at it. Where he talks about, he talks about. This book is not about an investment of any kind. I love that paragraph because it really sets the tone for the conversations that I have with the prospects and the people that I get to interact with. Because as soon as I actually read it with them and then I pause and I. And I ask for their feedback or insights after I read it. And I get varying degrees of responses. And it helps me understand where their mindset is at from that line. And it also sets a baseline that this has nothing to do with investing. So get that out of your mind. Get rates of return out of your mind. And let's talk about how you bank.

That is so good. Can I finish what Nelson said there? Would that be okay? Or do you already have?

Sure. I'll probably butcher it, so please go ahead.

This is so powerful. Thank you, Tron. Because Nelson wrote this book is not about investments of any kind. Exactly what Toront said. It is about how one finances the things in life which can certainly include investments. It is not about rates of return. As time goes by, interest rates are up and interest rates are down. But the process of banking goes on no matter what is happening. It is a well known fact that banks make more money during times of low interest rates than when interest rates are high. And so he's immediately encouraging the reader to understand that what he's going to describe is how to take control of a process, how to. To take control of a function in your life and to create more abundance than maybe you ever dreamt was possible. Because the entire time most consumers are just focused on the savings element. What am I doing to save my way to wealth? Where banks are saying what are we doing to lend our way and charge interest our way to wealth for our stockholders. There's a massive difference between those two outcomes. And Nelson just did a brilliant job of articulating that. So thanks for sharing your favorite part of the book. I love that.

Yeah, absolutely.

And I would imagine that gravitated yourself. You connected with that the very first time you read it. But what I've also discovered for myself is that the page that's my current favorite page shifts and changes over time. Have you seen that take place for yourself, Toronto, over the last five years?

That's a great question. So page 17 is another one that I really like. The problem. Starting to share that a little more on meetings as well. And the reason being is because it really identifies the problem, which is with the way your money is flowing in your life, regardless of what you're doing with your investments or with your savings rate, it's about maintaining control over the money that's leaving you. And most people don't see that. And that's really well explained in the problem. In the problem chapter there, those couple pages.

Yeah.

So that's the second one that comes to mind, which is what I thought about when Jason asked a question. But the first one is page three, for sure.

Love it.

Now, now being that you have recovering engineer status, and we're gonna have to do that. And I know engineers, they get the iron ring. There's, you know, pins and stuff you get. So we'll have to get one made for you. Still work, being recovering, maybe we'll have a ring of a totally different metal that we'll get for you or something of that nature. What I'm curious about is, you know, you're working with people of all kinds of age groups from all backgrounds and all over the country, all over Canada. So you've seen things now in the time frame that you've been doing this from all different dynamics. There's obviously common trends and commonalities with people. But what, what comes up for you? Have you encountered other engineers like yourself? What are some of the. The things that you find interesting in those conversations and what would you suggest to. Because I know Jason, he absolutely loves working with engineers. Just kidding. What would you encourage for someone who maybe was going through a similar experience like yourself, or perhaps they were in an engineering background, whether it was, you know, mechanical, civil, software, whatever the engineering style is.

What.

What would you say to someone of that nature? How they could look at this differently because you took an approach to it? And often engineers take a certain approach to it. There's a. There's an excessive level of research that must be done. So what kind of things would you suggest for an individual who is in a similar position like yourself, if they were looking at the concept?

Yeah. Amazing question, Richard. I would say the first thing that comes to mind for me when I work with. Let's call it the analytical types is they're over analytical and they dive too much into the weeds with the numbers and rates of returns and things like that. And what I like to share with people of that mind because I'm analytic myself, is to focus on the logic. Focus on the logic first, let it make sense from a logical or hypothetical standpoint and then you can, then you can look at the numbers after. As we like to say, if you don't understand the problem then the solution won't matter and the solution really is a bunch of numbers and it won't mean anything if you don't understand the problem. So I actually love working with analytical tabs because I understand how they think and so I try to ask the questions that I would be thinking about that would help me and I just ask those questions to them and then I try to meet them where they're at. I try to use logic and try to stay away from from numbers. And then if the logic makes sense I say well the logic makes sense. So why do we need to still keep talking about numbers?

And is that usually when you ask them if they own a weed eater? Sorry for those listening in. If you know, you know that is good.

I you know that that inspires me to share my current favorite page which is 30 page 35. And on that page Nelson described, he said accepting a totally new point of reference means that one must develop new habits. In talking with members of the Infinite banking concept think tank, we continue to notice that many are still caught up in the posture of thinking that the matter is a function of interest rates. This is a fatal error. It has to do with recognizing where money is flowing to and the failure of charging interest to yourself for the things that you buy using your own banking system. Anytime that you can cut out their payment of interest to others and redirect that same market rate of interest to an entity that you own and control which is subject to minimal taxation, then you have improved your situation. You're going to need the use of money regardless of rates and it has to flow. And so it's a function of where is it flowing to, who's it being put to work for and for how long. When you are reminded of the cash value in a policy has to grow to match the total death benefit by age 100 in Canada, age 121 in America. Who do you want to be in a 100 or a 121 year relationship with an institution that you co own and control where capital is put to work for your benefit and the benefit of everyone else who co owns it. And I'm referring to both sides with.

A demonstratedly long term effective method of doing that.

100% where profit is an engineered outcome regardless of the rate. That's a pretty long relationship to be in with an entity. And if you co own the thing, when would you ever want to do business with someone else's entity regardless of the rate? And so that was a really good reminder of that. Thank you. That's been the page that's really clicked with me, even most recently when I just read the book like a week and a half ago or so on a very long flight. Every, every single time I read it, I get focused in on something that my brain is looking for. Right. As Dan Sullivan says, your eyes only seeing, your ears only hear what your brain is looking for. And that's been a topic of conversation that I've loved diving into. And so thanks for the reminder.

I like the last sentence that you forgot to finish off with Jason, which is just like Eva, the economic value add principle. To be effective, the infinite banking concept must become a way of life. Yeah, you must use it or lose it. And I think when people hear use it or lose it, then, oh well, you're going to, you're going to lose the insurance contract. You're going to lose, no, you're going to lose the right to have access to the, you know, money someone else is going to be using. You're going to, you, you're going to lose the potential that it could create in your life because you're not activating, doing it. You're going to lose the little leaks, little financial leaks that are taking place in your life because you're not being more focused on containing the financial energy. I really think that's what Nelson means. Around this and a little bit higher up there, this all comes down to economic value add. What were the most common mistakes and when economic value add didn't work for businesses, number one, they don't make it a way of life. Most managers try to implement it too fast. We see clients, they want to go too fast. Sometimes we're the ones slowing them down.