Taking Control Of Your Money With IBC and Real Estate Investing | Wealth Without Bay Street

You got to look a little bit closer at that because there's a lot of other factors that come in play and there's no control with that pension. That's the other part. I look at what's happening with during COVID and all the government bailouts that are being handed out, and the country's going more and more in debt, the province going more and more in debt. They're going to come for money at some point. We know that taxes are going to go up. We know that registered accounts, the tax rate on those are going to go up. We know that pensions are going to be looked at at some point, and they're going to start thinking, you know, why are we contributing so much to this pension here? Right. They might start pulling back on that. There's no control. From my standpoint as a teacher, right. I'm giving money to someone that's. Well, I'm not even giving. It's taken from my paycheck and it's put into the pension fund, and I'm trusting that they're taking care of it so that when I go to retire, they're going to be able to give me my biweekly or monthly pension check. But there's no control there. Right. There's just a lot of trust. So if it's there when I retire, great. That's amazing. But in the meantime, I want to control the money that I've got coming into my system. So I know that down the road, in case there's not that amount of money there, I'm prepared.

You are listening to the Wealth Without Bay Street Podcast, a Canadian guide to building dependable wealth. Join your hosts, Richard Canfield and Jason Lowe, as they unlock the secrets to creating financial peace of mind in an uncertain world. Discover the strategies and mindsets to a financial future that you can bank on.

From high school teacher to active real estate investor, to a practitioner of the process of becoming your own banker, the infinite banking concept. Welcome to another special episode of Wealth Without Bay Street. Today we are joined by one of our colleagues, Peter Lount, an authorized infinite banking practitioner with the Nelson Nash Institute, one of our esteemed colleagues at Ascended Financial, who is also a proud sponsor of this episode. Peter, welcome to the show. We're going to give you all of the spotlight to introduce our very special guest today, a client of yours. Take it away, Peter.

Thank you, Jason, and thank you, Richard, for having us on the show today. It's such a pleasure to listen to all these episodes and kind of need to be on the other side of things. Today, I'm pleased to have Scott Wilson on. Scott, I introduced to this system to Infinite Banking a couple years ago. He's a high school teacher in Markham. He's been investing in real estate for over six years. And he got to a point where he just was looking for other ways to expand his wealth and wisdom and search for an knowledge he found Infinite Banking. We met, we talked about it, and he immediately was connected with it. He was very eager to learn more and has really built his system up pretty nicely in the last couple years and I would say is a great example of someone who really understands and puts the process to work.

Awesome. Welcome to the show, Scott. It's good to have you with us.

Thanks for having me. I'm a longtime listener of this podcast. You guys have actually joined me on many night walks. Every time I go out, I've got your podcast on and I'd love to learn from you guys for sure.

We're very, very humbled and grateful for those kind words. Thank you so much for listening and for embracing this process. And before we get underway, Scott, being that it's day 962,472 of the COVID 19 lockdowns, in particular in the GTA, what's life been like for you since implementing this process? So if you maybe take our listeners back to what things were like before embracing IBC and connect those dots for us, walk us through that transition from before IBC to practicing the process in your family.

Sure, for sure. Well, as Peter mentioned, I'm a high school teacher and I've been teaching for about 16 years now. Love my job, love what I get to do every day. But one thing I noticed with it is that there was just, there's a lot of restrictions when you're a teacher. You don't really necessarily have control of your own time. And I started to realize that that control piece was something I wanted to add in some way to my life. And that's where I looked into investing in real estate. Again, that was just coming from reading some books, listening to some other podcasts, hearing some guests, and I thought, well, if they're able to do it, maybe that's something I could do on the side, not leaving teaching, but just I have some extra time I could do. I'll try it out. And really liked that challenge, really thought it was interesting. Kind of jumped in without really preparing as well as I could have. But at the same time, I learned a lot through that. First the first rental house purchase, and then I Bought a couple more with a friend of mine, and we were kind of in business together and learning and making mistakes. And it worked out well in the end. But there was still that control piece that I was missing. I liked. I had newfound control of an investment. I had newfound control of growing my portfolio of real estate. But one thing I kept running into was many, many, many emails and phone calls with the bank. And bank works during school hours. So I'm in class and my phone's ringing on my desk. I can't get it. I'm finishing my class. In between classes, I'll come back and find 17 emails and 18 voice messages, information they're asking for that they probably could have asked for months ago about an upcoming closing of a house that I've purchased. And now I'm scrambling. And I now I felt, well, now I don't have control at all. I've lost all the control and I've got my job that's pulling me with control. Now I've got this secondary investment, which I thought I was moving into to gain more control. I've lost that control now. And it was kind of. It was stressing me out, and I didn't want to add more stress to my life. I've got a busy life already with my family, but I didn't know if there's any other choice. Every podcast I listened to at real estate just said, you know, leverage, leverage, leverage, buy more. You know, it appreciates. Buy another one. It appreciates. I thought, oh, that's great. But it got to a point where I was thinking, but wait a second, now I don't have any of that money. That money's all controlled by someone else, and it's not controlled by me. I've got the keys to the house, I'm deciding who moves into the house. But at the end of the day, I don't really own the house. It's controlled. And the bank, at the end of the day could say, we kind of want that house back. You know, we need some more money. And I don't have any money because it's in another house. So I was getting a little worried about what I was going to do with my real estate investing. Was it exactly what I wanted? Wasn't it? And that's not even bringing in the tenants aspect of it either. That's another story altogether. And then I was talking to Peter about one day, and he had started bringing up this infant banking. And I was naive at the beginning and thinking that I know about investing, right? I was successful with real estate, I figured I could do this on my own, but. And he brought it up once, and I kind of shrugged it off. I thought, okay, interesting, Whatever. Brought it up again. And I said, okay, well, how can I turn that into a lot of money? You know, which is totally the wrong question now that I understand the process. But my thought was, you know, I'm looking at an investment opportunity. Yeah, how can I earn a lot of money? You know? And he explained a little bit more of it to me, and I thought, well, this isn't going to get me rich really fast. And I think real estate still might be the way to get there. And it was good the way that he approached it, because he didn't say, like, you need to do this. This is the missing piece, right? It was just kind of, here's a little bit, made me want more. Here's a little bit, maybe one more. I think it was the third time he brought it up that I started thinking a little bit more about the control brought back to the control piece. And I was thinking, well, I do have some cash flow that's coming in from real estate, so if I put that into insurance and then I could reuse that. That's a good idea. You know, maybe I can make a little bit more money on the side. Maybe I won't buy. Maybe I'll just have this as another investment. And then he said, okay, well, read the book. So he gave me Nelson Nash's becoming your own banker book. And I did. I read it, and I read it probably in a couple hours. I just sat there, I opened it, and started reading it. And the reason I was really invested in reading it is because I wanted to get that understanding so that I could ask him more questions. Every question that I asked him was, you know, he couldn't really answer it directly because he didn't understand what I was even asking. So if that makes sense, that makes sense. So as I read the book, as I got through the book, you know, I started realizing, okay, now this is a lot bigger than I thought. This isn't just, this is not an investment. This is a tool. This is a lifestyle. This is a switch in everything that I've been thinking. And I think I was lucky, you know, listening to other guests that you've had on your podcast and other podcasts that talk about infant making. I think I was lucky in the sense that I didn't dismiss it right away with what I was reading. I kind of embraced it right away. And I know that sometimes people go through It. And they get caught up on interest rate right away, right? They get caught up on interest rate. And so I don't think I got caught up on that right away. I think I was ready to be open to it and ready to understand it and wanting to understand it. And that's when Peter connected me with you, Jason, and we met for that first time. And I remember that meeting. And I don't know if you remember it, but I do. And basically I came on and said, I'm ready. And he said, no, you're not. I said, okay, I'm ready to start.

Let's get going.

Right? And he said, no, no, you don't. Because whatever questions I had asked you at that time weren't the right questions. I didn't really understand as much as I thought I did. And you said, let's meet in two weeks again. And I said, okay, but I am ready. But I took that two weeks and I went through the book again. You had given me some information during our conversation. I had written down notes, and I kind of went back to the book and looked at it, connected the dots a little bit more. And then when we met again in two weeks, then I realized, okay, now I'm ready to start. Not. Not to fully understand it, but to start similar to what I did, you know, six years ago with real estate. I was ready to start something new. And. And once I had that policy in place, I actually got a number of policies just on my family, my immediate family, my two sons and my wife and myself. And we started that. And you said, log into the. Into the portal. And we talked at our next meeting, and you walked me through the portal, and then I got a little bit more. As you introduced different aspects of that, I understood a little bit more, and I started feeling confident with it, and I started understanding, okay, this is something that's going to change, not just my investment, but it's going to change how I'm going to live my life. It's going to change how I view money. That was a big thing. It changed my view of money. It changed my view of the use of money. Maybe a little bit angry, A little bit angry, but years that have passed that I just had money and I let it go, and I thought it was letting it go for the right reasons. I was purchasing things that I thought were necessary, and they were, but I'll never see that money again. That was gone. Very good point.

You're not alone in that, by the way. I also had that angry thought. He did.

Richard will Tell you, The year was 2009.

I was flipping tables and I had a big chip on my shoulder with everyone that talked to me, like, what's your problem?

I gotta become my own banker. Get away from me.

And you know what? I'll say, Scott is the catalyst here is Peter. And that's one of Peter's unique abilities, is connection. And he approached it absolutely the right way. So it wasn't an approach to try and convince you, was an approach to say, here's something. I think that you may find a value. Take a look at it, see what questions come up for you. And then that's what kind of triggered that journey. And I'll never forget that first meeting that we had because your enthusiasm was amazing. I am all set. I am ready to go. Like, this meeting. Hi, nice to meet you, but we are already wasting time. I want to get started. Like, let's get going now. And we still had a little bit of work to do on getting clarity on the problem because the solution was right there for you. Like, you caught it so quickly. And once we framed up, got crystal clear on the problem, then of course we knew exactly what to do. But got to give credit to Peter, you know, for being the catalyst here and a really, really great connector, an extremely valued colleague and proud to have him as a teammate.

And I want to speak to that really quickly because this ties into Scott, you know, you know, Peter vesting in you and wanting to build relationship. Nelson Nash would. Would say, you know, Jason, I'm sure you can recollect having this message drilled into you a number of times. And then Nelson would say, all I'm looking to do is plant high quality seeds in fertile soil.

That's it.

And then tend the seeds. So every once in a while, you. A random book would show up in the mailbox and it would have a message written from Nelson, like, I think you should read this book. And then he would call him like, hey, thanks for that. And then he would ask you a bunch of questions about did you even get started reading or not yet. And he would. He would use that adage all the time. And so that just is kind of a homage to Peter looking at really, you know, he saw something in you. And obviously you join us on the podcast, we see that now. Anyone listening in, you know, really take heed of the journey that Scott's walking us through about this learning process and the things that he didn't know, that he didn't see that all of a sudden became exposed. And it's like A whole new world just opens up about financial possibility. So thank you for sharing. That's awesome. Peter, congratulations for being awesome and for making that connection for Scott. So love it.

And Peter, what's your recollection of events?

So I would just, I layer on top of that because I appreciate the kudos I'm getting as a connector. But I mean, you know, I know where, where my unique ability is and you know, get in front of the right person to. Through the process, we built such a great team within Ascendant that, you know, there's, there's great players who play their part and so I know where my part plays in there. What I was going to add to the connector part is, I mean Scott himself is a great connector. Like I literally drop off books to his place like by the, by the dozen and he's like, he just goes and talks to people about it, right? Other teachers, other, you know, other people. It's just like that was kind of just reminds me of myself when I first found the process. I went and bought like 10 books and was like, okay, who could I drop them off to?

Right?

But it's not about that. It's being people who have open mind to learning something new because it's definitely rethinking the way that we're brought up.

To think, you know, a lot to that. Peter, like when Scott was sharing, you know, what he was dealing with in expanding his real estate portfolio, the frustration, the inconvenience, the instances where bankers were asking him for things that they could have asked for long before the pending closing of a deal, putting him in a position where he felt like he was scrambling. That's hardly a peaceful, stress free financial way of life. And what I know that is already occurring with Scott and with his family is that this is beginning to create that for him and Scott, it's the way that you've embraced this process has been, it's been remarkable. And like Nelson always said, you know, it takes two to tank. And so for, you know, for where you're headed on your journey, I think it's going to be incredible. And so when you first began to put policies in place and you were starting to see more of this process that you didn't see initially. So describe for our listeners just from your own vantage point, you know, what has life been like for you since embracing this process? How has it made you feel? What has changed for you in your financial outlook for your family?

It's interesting. It goes back to kind of what Peter said about how I've been handing out books that he's dropping off in my house. I'm kind of doing that selfishly because when I hand those books out, it means that I have to explain what IBC is. And from my teaching background, explaining it kind of clarifies or gives me more clarity in my own head. So I'm handing a book out, I'm explaining what I'm doing, I'm kind of walking them through my own process. And then in my own head I'm thinking, oh, yeah, I am doing that. And then I can add to it. And I learned from the explanation myself to other people. So, I mean, I am doing it to definitely try to help other people out, especially, you know, friends and family, so that they can kind of see what I'm seeing, what I'm seeing. It doesn't always happen that way, but I do. You know, they ask me questions that I'm forced to then answer, which I'm then forced to think about, which is good for my own system because I figured another. I try to solve a new problem that I might not have thought of until I was asked of that. But in terms of my own financial situation, I think the really important part that I've taken away from this is just. I just feel that security. I feel that calmness now. It just gives me that understanding that I'm setting myself up every single day. It's getting better. And it's not that I'm having to go rush to buy something that I think is a good investment. I know that if I do nothing, my money is compounding and I can sit back and I can wait for those good opportunities or those great opportunities. It's not money that's available in a bank HELOC that it's there and I want to spend it, but if I spend it, then it's going to start costing me more money. I can literally just sit there with knowing that my money's being taken care of because I'm not using my money. I'm borrowing money back from the insurance company. So my money's tucked away, it's safe, it's locked up, it's never going to be touched. It's good. And that's kind of the conversation I had with Pete is. And he laughs because he said, I got to open another policy, Pete, because I've got money coming in. I've got to lock this in so that I don't lose it. I want to make sure that it's safe.

Right?

And you know, that thought process is such a. It's such a nice feeling because I'm not worried about, you know, all the other things that are happening around me. I know I see clearly or clearer, I shouldn't say super clear because it gets more clear every day. But I see clearly right now what's in front of me, and I'm prepared for it. And I think that's, that's the biggest takeaway is that, you know, I, as a teacher, I know I have a pension coming apparently, right? That could still go away. It's, it's. I mean, people say it's, it's the safest thing. And I tell my colleagues, I said, I don't know, like, I'd make sure that you're. You're looking at other opportunities also. Because if you're just relying on that teacher pension or you're just relying on selling your house because it's going to appreciate it after 20 years and that's your retirement fund, you got to look a little bit closer at that because there's a lot of other factors that come in play and there's no control with that pension. That's the other part. I look at what's happening with during COVID and all the government bailouts that are being handed out, and the country's going more and more in debt, the province going more and more in debt. They're going to come for money at some point. So we know that taxes are going to go up. We know that registered accounts, the tax rate on those are going to go up. We know that pensions are going to be looked at at some point, and they're going to start thinking, you know, why are we contributing so much to this pension here? Right. They might start pulling back on that. There's no control from my standpoint as a teacher, right, I'm giving money to someone that's. Well, I'm not even giving. It's taken from my paycheck and it's put into the pension fund. And I'm trusting that they're taking care of it so that when I go to retire, they're going to be able to give me my biweekly or monthly pension check. But there's no control there, right? There's just a lot of trust. So if it's there when I retire, great. That's amazing. But in the meantime, I want to control the money that I've got coming into my system. So I know that down the road, in case there's not that amount of money there, I'm prepared.

That is an excellent, excellent explanation. And what we're describing here. If you're new to wealth without Bay street, first of all, welcome. Pleasure to have you. We're talking about the process of becoming your own banker, the infinite banking concept. Now think about this. If you think back in history. Well, actually, let's think currently. If you think of a real innovator in the automotive industry, who comes to.

Mind immediately, got to be Elon.

Okay.

And if you think about going on a family vacation and running into Mickey Mouse, who comes to mind?

Walt Disney.

Walt Disney. And so when you think about this process that Scott has been describing and what's come up for him and his family, we're talking about R. Nelson Nash being the pioneer, the developer, the founder of this process. And we've got detailed notes, show notes on how to get your own copy of Becoming youg Own Banker. It's a book that will absolutely open your eyes to a whole new financial world. Peter, any anything that you'd like to add or any questions that you have for Scott?

Yeah, Scott, I guess, you know, where do you see yourself going with this? We actually Scott and I talked about quite a bit about this is there's a lot of good back and forth and going through ideas, et cetera. What's kind of your next phase for you where you see yourself using this?

Good question. I think right now I've moved away from real estate in terms of investing. I haven't moved away, so I shouldn't say that. I'm just letting my places do what they're doing. I'm not looking to get more right now I've started actually taking a course on options, which you guys had a guest recently with Irwin and Jerry. I took their course on stock hacking just as another plan or thought in terms of gaining more cash flow. The nice thing I like about that combined with ibc is that again, I'm paying premiums with cash flow money. I put that into the IBC and then I can borrow back the insurance company's money to refund my options account, which I can continue to trade on. But again, I've now pulled money out of my trading account. So I've secured it right, just in case because we don't know what's going to happen with the market. So I've now taken it out, I've secured it, I put it back into my system and I'm just rotating it through there so I make sure that there is that control piece that I have. I know I can't control the stock market. I don't know what's going to happen every single day. I have an idea. But now, because I can take profits out, put them into ibc, lock them away, I know that that's safe for my future and my family's future down the road. But when we talk, when you and I talk, Pete, we're always talking about different ideas and different uses of ibc and it's the same thing, right? There's so many things that kind of are coming towards me that I didn't see before that could turn into opportunity or could be passed up. Right. I don't know what it's going to be, but I know that I'm preparing to be ready for that next opportunity. And that's a phrase that Jason brought up to me. I remember in our first meeting and our second meeting and probably every meeting that we've had since then is just that these opportunities are going to find you. They are going to find you. And it's not that I didn't believe him the first time I heard that. I just wasn't too sure. I just, I know that I was always the one that was seeking out opportunities in the past, right. But now that I'm. Now that I'm seeing this process being played out in my own life, I am seeing different opportunities. And I'm hoping that more come my way and the more that come my way allows me to pick and choose and to be very, you know, prescriptive in terms of what I'm looking for.

I'll share with you, Scott, that what comes up for me is when Nelson describes in his book becoming your own banker, he does a very good job outlining who the key characters are in the financial play and for our listeners benefit. So we're talking about four characters in the financial play. You've got the depositor, you've got the borrower, the banker and the bank owner. Now, if you think about Scott's journey in particular, where he's growing this real estate portfolio, he is both the depositor and the borrower. He's not the banker and not the bank owner. And now when you introduce the process of becoming your own banker, the infinite banking concept, and he gets to become all four characters in the financial play because he just described what he's doing with his stock trading. And these are things that Scott enjoys doing and recognizing that when you can become all four characters in the financial play, you cannot. There's no way that a person can get a higher rate of return by ignoring the banking process. And so in this particular example, Scott isn't Ignoring the process, he's controlling it. And so when you put yourself in that position, you will create indestructible wealth. And we know that money isn't wealth. That's not what we're describing. We know that the money's going to be there, especially when Scott needs it the most. It's all about the element of control in that peaceful, stress free way of life when you're no longer worried about the bankers in your life. And so most people don't even understand who the characters are, let alone the importance of them. And so when you get that right and you're able to do this opportunity will track you down. And if you compare it side by side to anyone else taking advantage of the same opportunity, but they're ignoring who's controlling the banking function, Scott's going to come out ahead of his peer group every single time. There's no other outcome. There are no exceptions.

And so what's beautiful about that too, Scott, is that, you know, you've isolated something we've talked about on the podcast, but talking about it and then walking through an experience of it and seeing it, you're, you're taking people through the journey of what's actually shown up for you, what's, what's become true, and that's that, hey, I heard Jason say, I heard that opportunities are going to show up, that if I start amassing more capital, I'll start to recognize opportunities more. But you're actually walking people through the experience of it taking place in your own life. And that's what's really important. There's a difference between giving lip service to something versus hearing someone's actual journey. And Nelson really kind of beat that into Jason. And I know quite a bit is that this opportunity magnetism that is created. And our friend Ryan Griggs, he says that ibc, simply put, is the best way to systematically accumulate capital for the ability to deploy it when you determine is best. So these opportunities that you're now discovering because of exposure to new ideas, exposure to new things, actively learning and focusing as a teacher and an avid student in your own life, you're bridging these gaps between the opportunities you want to take place and you have the available access to do so. So it's a beautiful thing to share with our listeners. I hope they really take heed of that because it's so critical and you've mentioned control a number of times and how valuable it's a value, it's something that is internal in how you recognize what's important to you and that this process is providing so much control. And you even mentioned some tenant stories. I've got a number of those. Jason, I think you've probably got a couple.

Peter's, probably a few.

We do have a lot of real estate investors who listen to the podcast and that sort of thing. And if you're listening to this, I bet you you've got a doozy of a story that you can share. And, you know, take that story before you had infinite banking. You know, the furnace goes, the tenant, the tenants calling you while you're in school, and you can't answer the phone because they've got no heat. Amazingly, they don't have any sense of humor about that at all. And you've got to, you know, immediately go and access capital to go do something. There goes all your cash flow for the year on that property. Well, if you've been able to store and optimize it so that it's never gone from you and you can access it from the life company, but your furnace capital reservoir of costs continues to accumulate, plus your family's protected in the process. I mean, what a totally different environment. The exact same transaction of replacing the furnace exists, but the method by which you control the whole environment is the differential. So really, really cool stuff.

And Richard, do you think any commercial banker lays awake at night and worries about the issues that active real estate investors face? They could care less. It's the stream.

I think if they're investing in their own real estate, they're probably worried, but they're not worried about what the bank's up to.

Like, the banker is not laying awake at night wondering, gosh, I hope Scott gets a good tenant for that rental property that he's just purchased. The banker doesn't care about that. The banker is saying, hey, we just locked in another stream of payments, fixed principal and interest. We know that that money's coming in and we know that we're going to redeploy that money and it's got to move and we're going to keep it in motion and we're going to multiply it for the benefit of the stockholders of the bank. And Scott's wondering, is my tenant going to pay the rent and did I screen the tenant properly? And all those things that are part of actively managing real estate. And real estate's a great way to accumulate wealth and to grow your passive income. Absolutely. But, gosh, if you can achieve the same objective on a path of much less resistance, is there anything stupid about doing that? Is There anything stupid about being all four characters in the financial play? Scott wouldn't say so.

Go ahead, Peter.

That's why. That's why I want to be all four players all the time. For sure. I want that control. I keep bringing it up. I want the control. I want to keep the control and I want to figure out how I can do other investments and other opportunities, but always be in control for sure.

Love it.

Peter, I was just going to say, just to dovetail on what you were saying, Jason. The banks have all the security too. There's no risk for them at all. We're the ones who are putting all the risk out there. But the other piece I want to add into Scott in terms of talking about future is why we connect so well, is he's thinking beyond retirement. He's thinking when I retire, my pension, if it's there, is going to be. I'm going to be making lucky if it's three quarters to half of what I'm making. I don't want to live on less. I want my future to be bigger than now. I think that's a big reason that we connected too, is the amount of time that he spends in terms of he's curious, he's looking. Investing himself. He's looking for. Jason, you know this well too, because you've met with Scott since as well, very recently. And how can I put this to work? How else can I implement this into my life? Right.

Yep.

You know, for every.

I love that because, you know, Scott is continually rethinking his thinking and that that was Nelson Nash's fifth golden rule. Because everything begins with the way that we think. And what we are sharing with people when we are first introducing this process and most recently as well, is that we're saying to folks, it's time to think again. Well, I said, pardon? It's time to think again. And so once you start thinking differently, you open your eyes to a whole new financial world and you get to radically improve whatever it is that you're already doing financially, what you're contemplating doing financially. This is a game changer. And Richard and Peter, you can both attest to this, haven't had a single client contact us during this pandemic of all things, once in a lifetime, something that we've never experienced before. And clients are contacting us saying, I feel so much more assured because my money is safe. And I know that my policies keep growing in value every day uninterrupted. And I know that I have a growing pool of financial value that's readily accessible in case we need it for the family, the business. And that fills our hearts with joy. You know, it's so transformational and this client series is one of the sharpest examples of that.

Speaking of filling our hearts with joy, Scott, you mentioned your family a little bit on the call. You talked about how you've got a number of policies going and you, you establish some on other members of the family. You talked about, you know, having a few kids. I'd love to hear just your thoughts. Maybe someone's listening. They've, they've got, they're like yourself. They've, they've, they're, they're married, they've got a couple of kids and they're thinking, well, why would I do that? Why would I get policies on other, other individuals and that sort of thing. Maybe walk us through your thought process. What was important in you to you about doing that and how do you see that playing a role in your family's future?

Yeah, for sure. I think getting policies on my two sons is one of the most important things that I've done when I started this system. Because these policies, and I'm hoping to get more down the road on them, are going to be the foundation for their financial future. I want them to understand how IBC works and I want them to understand how these policies work and I want them to understand that, you know, they're not, they can't be abused. You have to use them properly. Just because I know how to use them properly doesn't mean that they're going to have that same understanding until I, until I teach them right, and I have to walk them through that. But I mean, for their futures, if they can understand exactly what I'm doing right now and they can imitate that, they can improve that. They're going to be in an amazing situation down the road, right. Both they're six and eight right now, so they're still young. And they've got many years where these policies that I've started on them are just going to start spinning faster and faster and faster and it's going to get to the point where they put in their annual premium and it's going to be three, four times that in cash value. And they can use that money for things, whether it's for school down the road, whether it's for, maybe even a down payment on a house, hopefully, if we can get enough of those policies spinning for them and it stays within their system. But at the same time, they've got to understand that that's not free money.

Right.

That money that's there, that's available, is meant to be used, but it needs to be repaid also.

Right.

There's gotta be a system set up where if they take a loan from their policy or from the family system, there's gotta be a structured repayment because that money's coming back to us and they'll get to reuse it again later on. But if they just borrow it and they use it and they buy it, then they're just emptying out our family bank. And there's no understanding of really what I've been trying to set up for them, but it really is, I'm hoping, going to set up their future so that they can not have to go to a commercial bank ever.

Right?

They can come to a family bank and they can sit with us and they can talk to me if I'm the CEO of our bank and they can give me their business plan of what they want to borrow and why they want to borrow it. And I'll say, sure, but here's the. Here's the terms for the repayment, right? And they're not going to say no to that because that money's coming back to them anyways later on and they can reuse. Would be smart for them to do that. And I think it was actually that same question is something that I discussed with Jason during one of our meetings, too. And I said, what do you do with your policies for your kids once they get older? What are you going to do? And we kind of walked through that. And I think everyone's got different ideas of what they're going to do, how they're going to pass them on, how old their kids are going to have to be before they get it. But I think the common thing is that no one's getting that policy. No kid's going to get that policy until they understand how it works. It's not just. It's not a gift. It's not. This is not a windfall of money where I just give it to them and they can go blow it. There has to be an understanding. And until there's that understanding, then they're not going to get access to it. And I think that's the most important piece to it. It's just educating them on what they're about to get the keys to, because it's the most powerful foundation of their financial future that they could ever imagine.

Nelson would say, learn to plan, think and act intergenerationally, demonstrating through your actions that that's exactly what you're doing. Because you're stating for everyone who's listening that you really understand Nelson's first primary golden rule, which is you gotta think long range. Learn to think beyond your own lifespan. And so you're a living embodiment of that, sharing that with everyone who's listening in Scott. So congratulations. And that's wonderful. What a key takeaway for any listener that the power of what you can create on your own children and working together as a family line, the abundance mindset, the abundance mentality of how these dollars can interplay amongst the different generations of a family. Because it's all under one control mechanism, as you're the CEO of Wilson Family Bank. And that's just amazing.

Absolutely. And one of the things that we are doing, Scott, and we'll share it with our listeners, too. So with clients who are embracing this process, one of the things that we just recently launched was our client portal, which is this amazing vault, no pun intended, of resources. And there will be a whole family banking, I guess, series of modules, if you will, where it's just kind of walking through the approach, the system that we take in having our annual family banking meetings where all of the children attend, some of whom have already initiated and repaid policy loans. And we're teaching them the language, we're helping them to think. And so we're going to have all that in the client portal. That's exclusive, of course, to clients who embrace this process with our ascendant financial team through the bridge here of the Wealth Without Bay street podcast. And so we're super pumped about that. And you will be a part of evangelizing that message. And so we appreciate you sharing that part of your journey for your family.

Yeah, you know what? I got those emails for that client portal and it was really exciting to get. I haven't logged in yet. I have to do that.

What are you waiting for?

I'm too busy checking my policies, my daily policies, all the time, logging in to see where my client's.

Like I was in the wrong portal. I'm in my policy access.

No, for sure, for sure. And I think that, you know, anytime I hear anyone else talking, that's why I listen to your podcast. Anytime I hear anyone else talking about how they're using their system, it just adds a little bit more knowledge to what I can do. Right. And I guess also going back to one of the earlier questions you had asked me, I think another thing that IBC has really brought me is just that ability to be open to all these new ideas. Right. And not to have tunnel vision on. Here's what I'm going to do and here's how I'm going to get there. There's just. There's so many different messages within IBC that I can learn from that I can, you know, not all of them are going to work for my situation, but if I can find a couple of different ideas that I can use that others are already doing with their system, that's a huge advantage. Right. And this community just keeps growing. And like I said, the more people you have on this podcast that are experts and that are clients, they all have different views. And that's just. The value in that is, is huge. And I wasn't joking. I do take you guys on a walk every night and I listen to the episodes multiple times just to see what I've missed.

Right.

Similar to reading the book. Right. There's even in the podcast, there's different languages, there's different things that are said that I wouldn't have picked up on the first time. And it's just important, I find for me at least, that's great.

And are you listening to us at 2x speed? Because I know I sound very chipmunk, like at 2x. So if you haven't done that and you want an extra laugh, maybe on your next evening walk, you could just kick us out.

I haven't, but I will, I will.

For sure to try that. It's a much faster assimilation of knowledge. So on that note, Peter, any closing remarks for our listening audience today before Rich takes us out with the hero?

I think just the example of Scott is just the community that we're building in Ascendant is, is, you know, he's kind of the, for me, the ideal client and person to work with.

Right.

Like, it's so enjoyable to have these conversations and like, I come out of those conversations really energized and I think just, you know, we're all, we're all going to different paths, but we're all on a similar journey. So it's, it's, it's so good to have clients like Scott to be able to, to share this journey with.

Excellent, Richard.

Very cool. Well, I appreciate this, Scott. It was so nice to connect with you, for you to share. I really think that as you're beginning to continue learning, growing, I see having you join us again in the future to update our listeners on some of the new discoveries that have come that will come for you. Maybe some new opportunities that showed up for you unexpectedly because you'd been in the capitalization phase of your financial life, which is great. And also to hear some great updates as those kids of yours begin to age and start to incorporate some teaching lessons with them, which is really cool. Now, as a teacher, as a high school teacher, I'm sure you're familiar and you've probably seen kids in school wearing many superhero T shirts and uniforms throughout the years. And we know that not all heroes do wear capes. But you might not always think of yourself as a hero. You might. I'm not sure. I think you've got it in with you. But every time that you're creating value for others, you're teaching the youth of today and you're sharing Nelson's message in the book, you're joining us on the podcast, et cetera, you're benefiting people, making their life easier in some way. Who would you say, Scott, that you'd like to be a hero to?

I think it all comes back to my family again. I think that's what I'm trying to do is I'm trying to build generational wealth. I'm trying to build a system that's going to benefit my family for many generations to come. I'm not overly concerned with, with the wealth that I'm building for myself. That's great. But it's really going to hit the ground running when my kids start implementing this system because their policies are going to be so far along. And the understanding of what I've done to this point is hopefully going to add a lot of value to them and to their lives and to their future lives down the road. I think if I'm able to accomplish that passing of knowledge along with the passing of these policies in the system, I think I will have done a good job for them. And that's kind of what the reasoning for me starting this was always about. Terrific.

Well, thank you, thank you to all of our guests who joined us here today. Peter Lout, authorized Infinite Banking practitioner, teammate extraordinaire here at the Ascendant of financial headquarters, the world, the global headquarters of Ascendant. Thank you, Peter. And to Scott Wilson, thank you for teaching. Thank you for committing your expertise to help others learn and grow and for the way that you've embraced this process of becoming your own banker, the infinite Banking concept. Really appreciate having you today. And of course, my amazing co host, my dear friend, my confidant, hailing from Chilliwack, British Columbia, standing today with a bit of a sore back, Mr. Richard Canfield. Thank you so much. Rich for being here again. And to all of our listeners who are on the YouTubes, just watch the playlist that's either there or there. Might be there or no, it's never there. But tune into the playlist, keep watching, keep learning, keep growing, and we'll see you on the next episode of Wealth Without Bay Street. Thanks, gentlemen.

Thanks guys.

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