Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

The Two-Pronged Financial Strategy

3 Jan 2025 · 1 min

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Richard Canfield explains a two-pronged personal financial strategy: (1) your primary income-generating business (employment or entrepreneurship) and (2) a separate "banking" business that finances your life. He emphasizes people already participate in the banking business but often lack ownership and control, and advocates running both simultaneously to support desired life outcomes.

Chapters

Nelson and I say that everyone's in two businesses. The first business is the one in which creates your income, whether that's a W2 or a T4 employee, someone that's working for someone else's business and happy doing that, or you've got your own business structure, whatever that is, it's the one that's generating your income. As you identify, what income do you need to make that functional for the good? Life business number two is the one that finances everything that you do for a living, the banking business. And people don't realize that they're already in the banking business. They just don't own and control a lot of it. It's a two pronged approach, and it's a simultaneous approach at Life Financial to accommodate life the way you want to live it.