Wealth Coach Improves Financial Health With #IBC

This process is not just a start stop. It's, as you said, it's like banking for life. You're doing this differently, so there's always going to be something to learn. And so working with people who are willing to do that, as well as the attributes that you listed, is really important. And certainly people that I come across. In fact, yesterday I had two calls with people who very successful business owners, but incredibly frustrated that they couldn't get any financing at a commercial bank because their income didn't match what the bank needed, even though they had significant assets. So just being able to help people in any scenario, no matter where they're at in their journey, business owners, real estate investors, mitigate that frustration from their lives is hugely powerful. Being able to give people support on doing that.

Okay, we are back. It is another Advisor series episode. We're super excited. Honored to be joined today by our teammate, an authorized Infinite Banking practitioner extraordinaire and coach at Ascendant Financial, the very amazing Liz Lamond joining us from the province of British Columbia, serving Canadians coast to coast. Also with us, Richard Canfield, hailing from Chilliwack, bc, also otherwise known as the wac. Liz, welcome to Wealth Without Bay Street's Advisor series.

Thanks, Jason and Richard, pleasure to be here.

Let's begin. Let's talk about your exposure to the process of becoming your own banker, the infinite banking concept, and then how that inspired you to want to really make this a profession and have a career change and just be a part of this amazing journey in serving Canadians and helping them to do what you've done, which is implement this process in your own life. So take us back to the beginning of your journey.

We've got an hour or two here. I'll do the slightly abridged version.

All right.

Prior to learning about Infinite Banking, I was working in the health sector, so working in hospitals and with people in the community. And two things became really apparent to me through that work. One was that things happen to people at any age and it's regardless of where they're up to in their lives in terms of wealth or gender or status or any. Any other reason. And the second thing that really kind of struck me was I was starting to see a lot of professionals who had worked their entire lives and really didn't have enough money to support them in their latter years. And that was really hard to see because people were expecting to be in a very different place and certainly weren't. So that was happening in my professional life and then in my personal life. I was investing in real estate. So I was purchasing, buy and hold real estate and doing that. But I had a frustration that my money was only doing one thing at a time. And so I would look at that and I'd be saying it's going to be really slow work to get ahead here. And I don't have the flexibility that I need when I'm wanting to change things around in my real estate or whatever else I'm doing. So you combine those two things and I started searching for something else. I'm like, there's got to be a different, different answer out here. And to cut a long story short, I came across some information on a completely unrelated to finance podcast in the US Just happened to be doing a feature on Infinite Banking and then contacted them and they put me in touch with where Sablo was working at the time, actually. So, and so I connected with Sablo and yeah, became a client and then just all the puzzle pieces fell together for me. I was like, this is, this is meeting things that I've been wanting to teach people about for a very long time. And part of what I love about it is I had worked my career before that, empowering people to take, take back control of their futures. And this very much is in align with that. And it's also something that can apply to people at different stages no matter where they're at financially. So those two things really compelled me to want to teach this and work with people and coach it and then certainly using it in my own life. It's also just another way to complement what I was doing because I was super excited to share with as many people as I possibly could.

That's awesome.

I love that, you know, you spent, you know, a career helping people and helping them in the health category and you're still helping them in the health category. You're just doing it in their financial health. And I think, you know, you and I've had a few conversations about this, but recognizing that people's financial health has a direct correlated impact to the other aspects of their health, I think is, I think anyone listening in will, will agree and understand that, you know, and Nelson used to use to preach and speak about this, that the number one cause of stress and medical maladies is stress in that and that the number one cause of stress for most households is their budget. It's their, it's the money situation. You know, it's the cause of a lot of infighting and all kinds of things that happen. And so to know that you've come from that, that medical field type industry, helping people in that way. And you can take the skill sets that you have there and, and now translate them to the IBC world as you meet and communicate with clients. I think it's really powerful, gives you a unique perspective. That's. That's something you get to offer and provide for your clients.

Yeah, for sure. I mean, wealth to me is much more than just the, the money. It's around all those pieces you talked about, the impact on relationships, physical health, mental health, all of those pieces are all combined, for sure. And having stability, financial stability, really is the underlying importance of all those other things working as they, as they should so that people can live the lives that they want to.

Well, you get to work with people that are not only experiencing a desire to improve their financial situation, but you're dealing with people who are already doing well financially and they want to expand. Whether it's a real estate investor who wants to expand their real estate portfolio and have more control, or somebody who's achieving some level of success financially and just wants to improve upon that. It's all about the function of banking and it applies to everybody. And one of the things that I always like to ask in our advisor series is that if you think about the optimum mindsets of people that you most love to work with, and for example, some that come up frequently are people who are coachable, people who are polite and respectful, people who have strong family values, those types of optimum mindsets, what comes up for you in that for the people that you most love to serve?

Yeah, thanks. I really enjoy working with people who love to learn who, you know, have an open mindset in terms of that there could be a better way to do something and to explore options. Because this process is not just a start. Stop. It's a. As you said, it's like banking for life. You're doing this differently, so there's always gonna be something to learn. And so working with people who are willing to do that as well as the attributes that you listed is really important. And certainly people that I come across. In fact, yesterday I had two calls with people who. Very successful business owners, but incredibly frustrated that they couldn't get any financing at a commercial bank because their income didn't match what the bank needed, although even though they had significant assets. So, you know, just. Just being able to help people in any scenario, no matter where they're at in their journey, business owners, real estate investors, you know, mitigate that frustration from their lives is, is, you know, Hugely powerful being able to give people support on doing that.

Yeah, we, we talk to business owners all the time who share exactly the scenario that, that you've communicated too. And there's a better way. There's just a better way. And you know, what came up, Liz, is in our podcast episodes, just in folks that we interview and that we connect with in the communities that we live and work in, we received some feedback where some of the viewers and listeners were saying, oh, it's so great that, you know, we had Lisa Campbell on and people were saying, oh, it's so great that you have, you've got a female presence, you've got a female voice on the channel. And we just, we're so pumped to have you on today because, you know, we want people to know that we also have a female voice of female presence on, on our team to serve and to work with people. And we, we couldn't be any more happy about that. Like, you know, the more the merrier. And it's just, it's a real pleasure working alongside you and, you know, seeing you grow and develop and the people that you're super excited to work with. What would you say inspires you the most about this process?

Probably seeing people, when they catch it, and they realize that they're going to change what they believed their outcome was going to be. So whether that's a business owner, a real estate investor, someone looking to create passive income later in life, when it's like a, it's like a change on their face when they realize that how this could work, it's just like, that's just, that's just like, so fun for me. I couldn't get enough of that.

We often refer to those as light bulb moments. And I know exactly what you're talking about. And even for our listeners, I'm sure, regardless of the topic, you've seen that happen for people or you've perhaps experienced it for yourself in some other setting. And in the work that we get to do, that, as Liz has described, that's a daily occurrence, often with folks. And even just one of the recent webinars that we did, although we couldn't see everyone's face, there was all caps in the chat box and exclamations of like, oh, wow, I get it now, finally. And so having those kind of expressions and being, I think there's just something wonderful about being in a position as an organization, as a group, where we get to conduct meetings that have that experience on a regular basis. It's very fulfilling. And you Know, Liz, having had the pleasure to sit in on a number of meetings with you and stuff and, and really watching your attentiveness and listening and active listening and really trying to learn and hear and understand where people are coming from and what are their challenges, it's something I think you do very, very well. And I think that, you know, anyone that has an opportunity to communicate and connect with Liz is really at an advantage because she has that, she has a, that, that, that health care, caring background. You have to be attentive in that role and understanding people's needs. And that just the translation of that to this, this role I think is just so, it's so synonymous, it's just such a great fit. And plus, you know, you've always got some great stories and stuff as well. And from a real estate background, you know, having dealt with some challenges that come up and it's interesting, you know, everyone talks about just how wonderful and glorious real estate isn't it is, it's, it's a great thing. It's a fun of. Everyone, you know, likes real estate in some way, shape or form for the most part, but, but it's not without its challenges. And all three of us here, we've all experienced some of those challenges. Jay, you've had a couple. I know I've had, I've had a few along the way. And whether it, whether it's the three T's, you know, the tenants, the toilets or the termites or it's the, it's the bank and just, you know that like, oh, you're asking for those documents again, like I already gave that to you. You know, just those, those frustrations, you're just trying to close the deal, get the deal done. It's like, you know, those little bumps in the road that they cause such an intense frustration. You know, you're doing it for a bigger vision, a bigger picture. But there's all those kind of like, you know, there's broken pencils and stuff along the way. I was actually chatting with a couple of real estate investor clients the other day and they were talking about some, some tenant damage that, you know, big surprise. And it's like, you know, here we had this long term tenant, thought everything was great, but now we gotta spend the next two months sorting out the property to get it rent ready again. And you know, yeah, there's, there's value there, but there's also challenges. So I'm just curious when you think about some of those challenges going from that world where you had like money Tied up. You had equity, but you didn't have access. The money couldn't do something else like you identified earlier. You listen to this podcast, you discovered ibc. Where was the connection made for you? Where you really saw how this was going to be the thing that you were looking for.

Around the things that I, you know, that I was frustrated about. So, you know, having, you know, flexibility, liquidity, not losing the use of my money. And I'll give you an example which kind of explains why this makes such a difference. So previously, when I would get money for a property, I would put it aside and it was really sitting there doing nothing. I mean, I think most people will agree there's not too much interest to be earned and hasn't been for the last few years in just a regular bank account. But you need that money, access to that money in case something happens in a property. And then I had. But now with infinite banking, I was able to put that money back onto my policy, pay down my policy loan, actually have that money doing something for me. And inevitably after a month, something bigger than I expected happened in a property. I was just able to turn around, take out a policy loan and deal with the problem. Now, had I put that down on a mortgage, as I would have perhaps wanted to do in the past, I would have lost access to that money, which would have caused me enormous stress because I would have needed to find that money somewhere else. Whereas this way, because I have control of this, of my pool of capital, I'm not losing that ability to actually be still moving ahead while my money grows in the policy as well as still having that liquidity when things inevitably happen in real estate. So that piece alone just changes the whole equation. And it's not to say that real estate is stress free, but it certainly reduces a lot of hiccups.

Wow, great example.

Your vacancy allotment, your repair and maintenance fund, these things that we always do a nice spreadsheet when we're analyzing the deal before acquiring the deal. And then what happens is you just collect retina. It just pools up into an account or a couple of accounts and then it's just like, oh, yeah, pretty soon there's enough there, like, oh, maybe I can go, go do a rental or put a basement suite in, or I can go buy another property. Then what happens? You have this cash confidence, this capitalization that's built up and then it's gone again. That's when the problem always happens. One of our friends, James Nuttery, always says there's no problem until there's a problem. And it turns out that those happen quite frequently in the real estate world. So I love that experience and that you've had that. And that's actually true for you, because the component that you identified that I think is really key for people to understand they're listening in, is the difference in the feeling. You went from feeling, my money wasn't effective, it wasn't efficient, it wasn't doing anything for me. You had to keep it so you have some peace of mind. But then you would always build up, and then you'd want to put it someplace so it was more efficient, but then you would lose accessibility. Well, now you can have both efficiency and accessibility, and you can have peace of mind. So the feeling is, although there's also a financial impact, that the feeling is the biggest impact. And you can't put a dollar value to that.

Yeah, exactly. And just that ability to be more efficient with the money. So it's beyond being more efficient with, like, deposits for acquiring more properties. It's all of those pieces that it makes a difference for. And that's the bit that I think is, as I started to use this process, that I just understood how widely this could be used in any form of investing. It's not just that initial purchase. It's like everything that you're doing with that investment, that it change, as you said, the feeling and the way that you can manage that asset. And the best bit, at the same time, you're still growing another asset. So you're literally getting your money to do at least two things at the same time. It's just phenomenal.

No downside to having two assets and only one liability, especially when you're dealing in real estate. And I want to change gears with you, Liz, a little bit. So, you know, listeners, viewers, they, you may have all heard the expression at some point that, you know, you can go fast alone or we can go farther together. And so, Liz, what would you share with other viewers, listeners who are maybe contemplating, you know, being in this profession or may already be in this profession? Like, what would you share with them in terms of if you were to contrast? You know, Rich, you can relate to this, what Dan Sullivan would characterize as rugged individualism versus the power of team. So what would you say to the world about that, Liz?

Yeah, I mean, I think, you know, the team that I work with is, you know, is amazing. I would have no hesitation to put anybody that I worked with in contact with any member of our team. And I've worked in a lot of different organizations. And I couldn't say that in every organization I've worked for. So you just. Our team is cut above, I think as well, just having that additional support. So we have an amazing client services team. There are so many moving parts in this process and many things that clients themselves will want to be guided through in terms of applications and getting their questions answered. And having that team there to support people, as well as having a primary person of contact just creates a very different experience for our clients. Yeah, you just can't emulate that. And as an advisor, it's a true pleasure to work alongside so many people and to learn and grow together and to continue to develop what we're doing. For Canadians, it's. Yeah, it's a lot of fun.

Well, go ahead. Same on that same topic. I'm just curious because, you know, you identified one of the optimal mindsets you like is people who are just, you know, really open and excited about learning. And you've. You, you are that. That describes you, I think, very effectively. That's. You have a natural curiosity and thinking about the learning that you're able to participate in as part of the. Or an organization. The team oriented, like, maybe just speak to that a little bit. What are some of the things you recognize in the learning journey for yourself and how being a part of an organization that's very focused on education specifically, both for the clients, but also for ourselves, for us as individuals to grow together. What are some things that come up for you when you consider that as you've been participating in this growing journey?

Yeah, I mean, I've had the benefit and privilege of working with way more experienced people. And so that means that my learning curve has been steep, but faster. So because I've had the opportunity to be exposed to things that I wouldn't have been if I was just doing this myself, because I've been able to work alongside people who have more experience, can have conversations. You know, I've learned so much from the both of you and just being able to really advance my knowledge as well as get direction about where my knowledge needs to go. So I think that's often what people lack when they're learning a new skill is they actually need a little bit of coaching because you don't know what's on the other side of the clouds that you haven't learned yet. And sometimes you need to be pointed in a direction. So both of those pieces have been enormously beneficial. And then now we're continuing to learn and grow together as a team. So alongside Each other. We can motivate each other and assist each other to continue to improve our skills in a whole range of areas.

So, so good and true. And it's. It's a lot of fun that that's what brings, I think, fulfillment. You know, I. I think I can confidently speak on behalf of Richard as well. Him and I have known each other since the beginning, very beginning of this journey, you know, taking us back to, oh, my goodness and when we first met back in 2007, and then being introduced to this process a few years later and being on this journey is that it's incredibly fulfilling to see other people grow and to help them grow and to grow into their best potential. And Richard said it earlier, it bears repeating. Anybody who connects with Liz to get assistance and coaching and mentoring on this process is going to be incredibly well served and in great hands. And so, Liz, we really appreciate having you on the show, and we wanted to showcase you to the world and let the people out there in the world on the YouTubes and the Facebooks and the Instagramys and the tweeters and let everybody know that you are part of our group and such a valuable and important part of our group. And so we really appreciated having you on the show today. Thank you for joining us.

Oh, you're welcome. It's been a lot of fun. Thank you.

Are there any parting remarks, any words of wisdom that you would like to share with viewers or listeners?

I think it's just like I could count on, I've lost count, I should say, of the number of times people have said, well, I did kind of hear about this some years ago, but I didn't really take the time to look into it. Now I'm kicking myself that I didn't just get a little more educated and understand what this was about. And so if nothing else, if you have any level of curiosity, I just encourage you because we're very focused on education. So I just encourage you to just learn more and then you can make an informed decision. Because certainly from my background, I've seen the alternatives, and I really hope that people can choose what they want for their own futures in terms of what they create for themselves and their families.

Very, very well put, Liz. Very well put. Rich, any parting remarks? Can you take us across the finish line today?

Well, you know, Liz, we as obviously as Jason, we appreciate having you. In fact, all of our advisors have just been wonderful to speak to and communicate their message and sharing with the world what gets them out of bed to help take Nelson's process out into the marketplace. And now when you do that and even with your previous life, you, you know, you, I imagine when you used to go into work and today when you show up on a zoom call, I don't ever see you wearing a cape. But you don't need to wear a cape to be a superhero. And so not all heroes are wearing capes. But when you show up and you add value, you get on those calls with people to show them this process. You see those light bulb moments, those aha moments that give you so much joy and have such an impact for others, you're really adding value to their lives. And so who would you like to be a hero to?

People who are yet to learn that they can create something different for themselves.

Love it. Well, there you have it, ladies and gentlemen, Liz Lamont, authorized infinite banking practitioner, emerging coach here at the team at Ascended Financial. We're so privileged to have Liz as a teammate. She's an incredible, incredible teammate.

Strong female leader.

Absolutely. All day long. And we like, we are so supportive of that.

We need more of that.

It's not even funny. Like we are going to have an incredible, very well diversified group which we need. Right. Because that's our, that's our, the communities that we live in and work in, that's the makeup of those communities. And so to have Liz on our team is just a real pleasure. And for everyone viewing on the YouTubes, if you just look right over here, you're going to see a playlist of recommended videos to continue your journey of learning as Liz hopefully inspired you to do. And we'd love to connect. And we are going to include a link to Liz on our team page on our site and you can get to know Liz a little bit better. If you want to shoot her a message, just have a conversation with her. She'd be more than happy to and pleased to chat. And so thank you again to the both of you and to everyone else. Make the rest of your day great and we'll see you on the next episode of Wealth Without Bay, the Advisor series. Thanks so much, everybody. Have a great rest of your day.