Episode Transcript
[00:00:00] Speaker A: 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.
Get our simple seven step guide to becoming your own bank banker. It's easy. Head over to Sevensteps CA and learn exactly the learning process required for you to implement this amazing strategy into your financial life. That's Sevensteps ca.
[00:00:38] Speaker B: Okay, so let's talk about, and have.
[00:00:41] Speaker C: A really good conversation about not only.
[00:00:43] Speaker B: How the, the, the, the infinite banking concept.
[00:00:47] Speaker C: Let's also have an expanded conversation around.
[00:00:50] Speaker B: Nelson, indicating that the root thought, and.
[00:00:55] Speaker C: I'm sure there was pun intended there.
[00:00:56] Speaker B: The root thought of the concept came.
[00:01:00] Speaker C: From the study of forest finance.
[00:01:06] Speaker A: The fact that you commented on that pun is so ridiculously stupid and amazing all at the same time. Exactly. I never even considered it, but I'm 100% certain that that was intentional. And Nelson would have thought as he was writing that it's like some people will get this all day long.
[00:01:21] Speaker C: And the more you see, the more you'll see you didn't. And so here's what's interesting. Among so many things, Nelson talks about his background and that he was educated as a forester.
[00:01:35] Speaker B: As we're talking about this, if you think about the process, right, of you're going to put money into a policy.
[00:01:44] Speaker C: Or a system of policy. So you're going to grow one tree or you're going to grow several trees.
[00:01:50] Speaker B: On your plot of land, okay? And one thing that Nelson asked us all the time, he would ask, have.
[00:01:59] Speaker C: You ever seen a tree contract?
It's never happened. Mother Nature supplies the tree with nutrients.
[00:02:10] Speaker B: Vital nutrients and water, and the tree grows.
And if you have these trees on your plot of land, then you're the.
[00:02:21] Speaker C: Individual who has the power to decide.
[00:02:23] Speaker B: What to do with those trees. You're either going to trim or you're going to cut them down.
And what I love about every time.
[00:02:32] Speaker C: I read Nelson's book, becoming your own banker. If you haven't read this book, you have an opportunity. We'll provide a link or some pop up for you to get a copy of the book.
[00:02:41] Speaker B: But every time we read it, he.
[00:02:44] Speaker C: Goes on to say this, page twelve. The fact that you're dealing with compound interest over a long period of time with no taxation on the buildup.
[00:02:52] Speaker B: And the reverse fact is that you.
[00:02:54] Speaker C: Must make an investment and you won't see any result for that same long period in the forestry world, you must think many years into the future, and he worked as a forestry consultant for about a decade.
[00:03:06] Speaker B: Well, think about this.
[00:03:10] Speaker C: When you put money inside of a.
[00:03:11] Speaker B: Policy, the cash values of the policy cannot contract, and the owner of the policy controls his or her behavior as.
[00:03:24] Speaker C: It relates to the ownership of that policy, no different than it relates to you owning that tree or trees on.
[00:03:30] Speaker B: Your plot of land.
[00:03:32] Speaker C: What comes up for you, rich, when.
[00:03:33] Speaker B: You think about now, when you can.
[00:03:35] Speaker C: Reflect back on what Nelson was sharing, and we're going to show the tree stump example here, we'll dive a little bit deeper into that, too. But what comes up for you when.
[00:03:43] Speaker B: You think back now and reflect on.
[00:03:45] Speaker C: What Nelson was describing, when he described.
[00:03:48] Speaker A: You know, before we hit the record button, you were talking about how Nelson used to tell the story of how he went door to door and he was pioneering something brand new, where in forestry, he would basically go directly to private landowners, private farmers, et cetera, and he would help explain to them how he could turn their land into more sources of revenue that they didn't know they were already generating revenue. They had whatever they had farms, wheat and grains or whatever they were doing. They had cattle. They may have different things going on, but they owned a lot of additional land. And out where he was located in Georgia and know neck of the woods, a lot of forestry land, a lot of plots. And so Nelson understood that if we planned effectively, we could turn this into several very profitable cycles of profit for you as a landowner. And he had a method of doing that that required clearing the land and then planting trees in a strategic manner. And so he pioneered a way of doing that. And he basically went and sold you. You've heard of door to door salespeople for vacuum cleaners and stuff back in the day? Well, Nelson was selling something that no one had ever heard of. Everyone had heard of vacuum cleaner. No one had ever heard of this method of clearing land and planting it in a strategic fashion. The way that he had kind of come up, you know, it's kind of like Nelson showing up as a pioneer in many ways in his life, but the experience of doing that and what he learned in it, because he also had the experience. You go to the equipment financing example in Nelson's book. He talks about a logging business. He's referencing his nephew, Terry. But the reality, you know, the reason he chose that example is because that example was very relevant to Nelson's life. He was spending all kinds of money financing, like, was it d 50 caterpillars or something like that, like these huge caterpillar tractors for clearing land. So he knew a lot about the cost of the equipment and what it was to burn money hand over fist just so you could get something done in order to get started in business that way. So he learned a lot in that experience that led to the formulation of, eventually, what we now know as IBC today.
[00:06:08] Speaker C: That is so cool. And the day that he shared, and you might remember this. So this was the first time that we heard Nelson say, this was in, I believe, 2016. Was it 2016 that we were in Kelowna?
[00:06:24] Speaker B: Yeah.
[00:06:25] Speaker C: So in 2016.
So somebody in the room had said, oh, but one of the things that I hear that is dividends are not guaranteed.
And he said, without skipping a beat, he said, the only dividend that isn't guaranteed is the one that hasn't been declared yet.
And so all the value, because, again, think of the tree, and I'm going to share my screen because I promised.
[00:06:57] Speaker B: We would do this. Think about a tree stump.
[00:07:01] Speaker C: So Nelson, in that moment, led us.
[00:07:03] Speaker B: Through that thought exercise of I want you to think about a tree stump. And he asked the question, what does each ring represent?
[00:07:14] Speaker C: And it represents one year of uninterrupted growth.
[00:07:18] Speaker B: And he reminded us, you're paying no.
[00:07:20] Speaker C: Tax on that buildup either.
[00:07:22] Speaker B: And the growth, again, is uninterrupted.
[00:07:25] Speaker C: So it's inconsequential that the space between each one of these rings is different. When the dividend is declared, it's declared on the entire circumference.
[00:07:36] Speaker B: So the circumference of the policy just.
[00:07:39] Speaker C: Keeps getting larger and larger and larger. And this example that we reference when we have a family banking discussion or we speak to the general public and.
[00:07:48] Speaker B: Talk about all the great things that.
[00:07:50] Speaker C: You can actually do in utilizing this tool without ever interrupting its compound growth. You can see here in just this one example, all the cars, the vacations.
[00:08:01] Speaker B: The things that a family can do.
[00:08:04] Speaker C: In utilizing the policy. All the while, the policy continues its uninterrupted growth. And this was such a brilliant analogy.
[00:08:13] Speaker B: Because of Nelson's experience as a forestry consultant.
[00:08:17] Speaker C: It just made such perfect sense.
[00:08:20] Speaker B: And so when you're on your journey.
[00:08:22] Speaker C: Of learning about this concept and you're.
[00:08:24] Speaker B: Thinking about the tool that's utilized to implement it, we want you to come.
[00:08:29] Speaker C: Back to this episode and refresh yourself.
[00:08:31] Speaker B: On the whole analogy around the tree being one policy, multiple trees being multiple policies, your plot of land, being a.
[00:08:44] Speaker C: Life insurance company that you co own.
[00:08:46] Speaker B: You'Re literally building your warehouse of wealth. And you are providing vital nutrients, money into your system.
[00:08:57] Speaker C: And your system of policies cannot contract. They can only grow day in and day out.
[00:09:02] Speaker B: Isn't that brilliant?
[00:09:04] Speaker A: Yeah, and I think it'd be good to the question of the dividends not being guaranteed. That does come up from time to time. And usually it comes up from.
I don't know, I think it's a combination of just natural curiosity and also maybe a little bit of fear. Because there's so many financial tools and products in the marketplace where nothing is guaranteed. Everyone, in the last twelve months, how many people have lost their shirt on their stock market investments because the markets tanked or whatever? So we're accustomed to not having guarantees. And so when you have something that you can say there is guarantees to it, but then there's a section that isn't guaranteed. Well now it creates like. Sometimes there's a bit of a confusion around that. Totally what I think is really important. And one thing I walk people through, if that question comes up, which I wouldn't say it's all that frequent, but if it does, is that usually it rears its head when we're looking at an illustration or something to that effect. But whatever dividend is projected. So a projected dividend is based on reasonable assumptions of the life company. Knowing their data for a very long period of time, they can reasonably project down to the future far superior than anyone else. Because they have cash reserves, they have contingency funds in place, so that they know reasonably they can continue chugging along dividends for an extended period of time in the current market environment.
But they can't guarantee it, because some offhand thing could happen. There's many different factors. We have a whole episode on dividend scale interest rate. You can go watch. And there's a whole bunch of factors going into the thing that materializes what eventually becomes the dividend that everyone receives. But this is the most important piece. What you do as the policy owner has a direct and immediate impact on the size of that dividend in each given year. And starting from the very beginning of the policy, what you do in year one has an impact on every future year of the policy. It's like in the tree example, jason, if you had that tree and you planted it in an area that maybe wasn't the most fertile ground, maybe it wasn't.
[00:11:16] Speaker C: Yeah, let's say it's a poorly managed.
[00:11:19] Speaker B: Life insurance company, okay?
[00:11:21] Speaker C: Because you're not just buying the policy.
[00:11:24] Speaker B: You'Re buying the company.
[00:11:25] Speaker C: So let's say that land description that you were sharing. Let's say that the analogy is you're saying, okay, if you create a policy or a system of policies within a company, that's maybe not the best managed.
[00:11:39] Speaker A: Yeah, best managed, that would make sense. Maybe they're too aggressive on certain things, or whatever it is, it doesn't matter. And so the impact on your dividend, the key thing to take away is if you did nothing to tend the policy or to manage it to some effective degree, you won't have the same result as someone who does. So two identical policies, they're the exact same starting death benefit. They're with the same company, they have the exact same features and riders built in. They're identical.
Same age, individual, same health status. The difference is one individual funds premium, more premium than the other individual does. And in other words, they put more water, they tend their garden more effectively in that scenario and the timing of when they do it. So, with many companies, the earlier in the policy year that you fund the excess premium that you're able to, what's your contractual authority to do, but not your obligation to do?
The earlier in the year you do that, the better the impact is on the dividend. And so your behavior has a direct and measurable impact to the output of.
[00:12:49] Speaker B: What the life company does, not what you did.
[00:12:52] Speaker A: What you did directly impacts what the life company does.
[00:12:55] Speaker B: You can have a great tool, and that great tool can be provided to.
[00:13:00] Speaker C: You by a company that's not really all that well managed.
[00:13:03] Speaker B: And you can have a great tool.
[00:13:05] Speaker C: That'S provided to you by a company that is very responsive and very well managed.
[00:13:09] Speaker B: That matters.
[00:13:10] Speaker C: It doesn't only matter transactionally when you're getting customer service from that particular company.
[00:13:16] Speaker B: But it matters in the result.
[00:13:18] Speaker C: Not now, but for the long term. These carriers are dealing in theoretical 100 year lifespans.
[00:13:25] Speaker B: They've become pretty darn good at managing and engineering outcomes.
[00:13:31] Speaker C: And it's a very reasonable assumption that if you are warehousing money inside of a company that has a track record of never failing to declare and pay dividends, then a reasonable assumption would be that they're going to continue doing that considering everything that's happened. But here's something else to consider.
Let's say presume you have more than one policy in your family banking system, which is a registered trademark application in process. Right now in both Canada and the, uh, you've got a policy or system of policies in your family banking system.
[00:14:13] Speaker B: And then death is going to happen in the family. So think about that as cutting a.
[00:14:20] Speaker C: Few trees down occasionally, if you don't.
[00:14:23] Speaker B: Recede to replenish, meaning if you don't.
[00:14:27] Speaker C: Take the windfall and create more policies, then eventually you're going to end up.
[00:14:32] Speaker B: With no trees on your plot of land.
And so, super important to, again, remind ourselves that we are the stewards of our system.
[00:14:43] Speaker C: No different than the owner of that plot of land is a steward of.
[00:14:48] Speaker B: The timber that's rising up out of the ground.
[00:14:51] Speaker C: And it is methodically, by design.
[00:14:57] Speaker B: That forest is cultivated so that you.
[00:15:04] Speaker C: Can think and act intergenerationally.
[00:15:07] Speaker B: You're dealing with decades of growth, and.
[00:15:10] Speaker C: So you're cutting some trees down, other trees are growing. You reseed, these trees get cut down, these trees have grown, and the process continues.
[00:15:20] Speaker B: That's what Nelson was inspiring us to.
[00:15:23] Speaker C: Be thinking about by utilizing really simple analogies.
[00:15:28] Speaker B: But you actually had to think, oh.
[00:15:31] Speaker C: Okay, I can see where he was going with it.
[00:15:33] Speaker B: And whenever we describe it in this.
[00:15:36] Speaker C: Fashion and we're speaking to people, they grasp it very quickly. They go, oh, okay, I understand that.
[00:15:41] Speaker B: I get it. And always remembering that it's not, should.
[00:15:48] Speaker C: I plant a tree in my forest or should I build a home?
[00:15:52] Speaker B: Well, you need the timber to build the home.
[00:15:55] Speaker C: And so should I become my own banker and put money into policies, or.
[00:16:00] Speaker B: Should I invest in real estate?
[00:16:04] Speaker C: Capital's got to reside somewhere, and that capital source has to come from someone or some organization.
[00:16:12] Speaker B: It should be yours.
[00:16:13] Speaker C: So get the trees growing on your plot of land so that you can create the timber that you need to go and build the real estate again. It's all the way that you think about it.
[00:16:25] Speaker D: Become your own banker and take back control over your financial life. Hey, is this even possible? You may be asking, can I even do this? Well, you better believe it. In fact, it's easy to get going. So easy that we put together a free report. Seven simple steps to becoming your own banker. Download it right now. Go to sevensteps ca. That's seven steps. Ca. Now let's get back to the episode.
[00:16:55] Speaker B: I think.
[00:16:56] Speaker A: Another thing that comes up for me when I think about Nelson talking about his days as a forester is classification, which I'll circle back to. But the other thing is just that when you think about a tree growing, everyone would.
[00:17:11] Speaker B: If you just picture a tree growing.
[00:17:12] Speaker A: In your mind, well, you can't really do that because you've never actually seen.
[00:17:14] Speaker B: A tree grow, right?
[00:17:16] Speaker A: Unless it's like bamboo or something. Apparently it grows really fast. But you haven't watched an old pine tree just sit there and grow and like, oh, yeah, see, it got a.
[00:17:24] Speaker B: Little bit bigger right there.
[00:17:26] Speaker A: No. You recognize that over a three year period. Like, man, that tree is a lot bigger than it was a couple. Than I remember a couple of years ago. So it's a slow process, but continually growing. It's always happening. I think the key that Nelson was trying to help people understand in the.
[00:17:41] Speaker B: Tree and forest analysis is that when.
[00:17:43] Speaker A: You think about the profitability of having a forest that you're going to use for a logging business, and the many years that takes to get that up and running, but the years of continual ongoing profit that are created. He says it could take 40 years to create the right cycle. So that every year thereafter, you're essentially in a position where now you're creating absolute profit. You're clear cutting a chunk, you're replanting. The next year you're cutting this chunk, you're replanting. And then you have this 40 year cycle where every year you have a continual output of money. And it's a long process to do that. Becoming your own banker is much easier. It doesn't need to take that long. There is still a longevity mindset that is attached to it, though. You have to have the mindset of.
[00:18:30] Speaker B: What it's like to go and build a forest.
[00:18:33] Speaker A: So that you can create this continual ongoing profit over time. So it really goes hand in hand with Parkinson's law. Things like expenses rise to meet income. And recognizing that it takes time to get some things done. And you have to have patience. You have to conquer Parkinson's law. Nelson really beat that into our heads a lot. The other thing he talked a lot about was classification. He said that in forestry school, every single year or semester, there was no less than three courses dedicated simply to classification. The classification of trees. And I think it's called dendrology or something to that. I might have that incorrect, I'm not sure, but it's some kind of word like that. And he talked a lot about, as an example, an apple. He says if you cut an apple in half at the equator, so not down the spine, like down the core, but in the middle at the equator, and you open it up, you'll see a five pointed star. So an apple is actually a member of the rose family. All aspects. Every plant in that entire family aspect has a five pointed star attached to it. Somewhere in the seed level, I think, is where I understand.
So he used that to help us understand that how you classify things is really important. He said that insurance, whole life insurance, specifically dividend paying, whole life insurance was grossly misclassified. If he had a hand in naming it, he would have called it a personal monetary system with a death benefit thrown on the side for good measure. That's a really long acronym. We'd have to come up with something else, but effectively that's really what it should have been called.
[00:20:10] Speaker C: Yeah, I remember him saying that often, and it's interesting. So in our wealth without Bay street, our private Facebook community, which we would invite people to request to be enrolled in, it's a wonderful community. So there was a great question that came up today, and I've actually been trying to remind myself to not type.
[00:20:34] Speaker B: My comments, but record video because that.
[00:20:38] Speaker C: Creates these great, short, real comments and people can really develop an understanding based on the context. Right, because you're verbally describing it.
[00:20:47] Speaker B: And so the question was, should I.
[00:20:50] Speaker C: Use a policy loan or should I.
[00:20:52] Speaker B: Pay cash for a vacation?
[00:20:55] Speaker C: And let's think about the forestry element of it here. But I just wanted to emphasize what I shared in the video.
[00:21:03] Speaker B: You're doing both, because if you've already built up the cash in someone else's bank and then you withdraw it and you pay for the vacation, you've paid cash.
[00:21:19] Speaker C: If you request a policy loan from the life insurance company that you co.
[00:21:22] Speaker B: Own, and then you take your cash and you pay off the policy loan, you're paying cash for the vacation, you're.
[00:21:33] Speaker C: Just changing the matter of where the.
[00:21:35] Speaker B: Money is flowing to who it's being.
[00:21:37] Speaker C: Put to work for and for how long.
[00:21:40] Speaker B: So if you have a forest on your plot of land, and then you've.
[00:21:49] Speaker C: Also been growing some trees on someone.
[00:21:51] Speaker B: Else'S plot of land, my question to you would be, why would you continue doing that? Go cut down those trees, sell the timber, and then use the money to.
[00:22:06] Speaker C: Plant more trees on your own plot.
[00:22:08] Speaker B: Of land, that's what you should be.
[00:22:10] Speaker C: Doing when you think about this. And again, if you just think about it in a way that's so ridiculously.
[00:22:17] Speaker B: Simple, it's just all a matter of.
[00:22:22] Speaker C: Where the money is flowing to who it's being put to work for, and for how long.
[00:22:26] Speaker B: If you start getting into thought collision.
[00:22:31] Speaker C: Of, yeah, but I can borrow from my conventional bank at a lower rate than the insurance company, or I've already.
[00:22:38] Speaker B: Saved up the money, so I'm just.
[00:22:42] Speaker C: Going to withdraw it and pay cash.
You're going to withdraw it and pay cash regardless. Where do you want the money flowing.
[00:22:48] Speaker B: To make a decision? Do you want it flowing to another landowner so they can grow more trees.
[00:22:58] Speaker C: On their plot of land, or do.
[00:22:59] Speaker B: You want it flowing to your business.
[00:23:03] Speaker C: So you can grow more trees on your own plot of land? Well, the answer should be ridiculously obvious, and so it's a great thing to.
[00:23:11] Speaker B: Be thinking about, but the key is.
[00:23:15] Speaker C: That you've got to actually think about it. And so this is the type of thing that happens in our private Facebook community, where we always emphasize, we say, look, share your questions, because your questions can become the best answers for everyone else in the community.
[00:23:30] Speaker B: And so I thought I would just.
[00:23:31] Speaker C: Reiterate it on this episode so it.
[00:23:33] Speaker B: Gets out there in perpetuity in our land of content, as people are thinking about it.
[00:23:39] Speaker A: You remember Nelson talking about a downtown area of Birmingham where you drive by and there was a building there that.
[00:23:48] Speaker B: Just so happened to be financed by.
[00:23:52] Speaker A: A major life company that he represented. Do you remember him talking about that a little bit?
[00:23:56] Speaker B: Sure do.
[00:23:57] Speaker A: And I can't remember the circumstance in which he used it as a lesson. I think he used it a number of different ways. But the Cole's notes version basically is.
[00:24:05] Speaker B: That insurance companies have to put money to work. They must.
[00:24:11] Speaker A: They have to put the money to work for the owners of the company.
In this case, if we're talking about a mutual company, there are no owners other than participating dividend paying pulse. There's no other owners. They don't exist. If you have a stock company, well, then there's stockholders and they manage a different pool of money, and they also.
[00:24:29] Speaker B: Manage a general fund for the par owners.
[00:24:33] Speaker A: But there's some separation there and there's.
[00:24:35] Speaker B: Some, how can I put it, maybe.
[00:24:38] Speaker A: A difference of opinion on the management level.
[00:24:41] Speaker C: Well, there's no difference of opinion. There's the truth. The truth is that the stock company is responsive to the stockholders, hence why they're named a stock company. They're not named a stock. Used to be mutual company. They're named a stock company because they are mandated.
Their primary mandate is very clear. You are responsive to the stockholders.
[00:25:04] Speaker B: First, plain and simple, it doesn't matter.
[00:25:06] Speaker C: If you like the logo, if you.
[00:25:08] Speaker B: Like the wallpaper, if you like the.
[00:25:10] Speaker C: People who work there.
[00:25:12] Speaker B: None of that matters.
[00:25:14] Speaker C: The governance of that business.
They're bound to be responsive to the stockholders.
[00:25:19] Speaker B: Not a bad thing.
[00:25:20] Speaker C: Stockholders have an expectation of profit. Stockholders have an expectation of performance.
[00:25:25] Speaker B: So stock companies are well operated.
That's also the truth.
[00:25:31] Speaker C: If you can deal with a company that's primarily responsive and solely responsive to.
[00:25:36] Speaker B: You and everyone else who thinks and.
[00:25:40] Speaker C: Acts like you and who understands the advantages of co ownership in the business, then you've got a decision to make as to where your money resides. It's not that one is bad and one is good. It's just recognizing and understanding and shining a light on the truth.
[00:25:55] Speaker B: That's it. It's not about opinion, it's just speaking the truth.
[00:26:00] Speaker C: And when you buy a policy, you're.
[00:26:01] Speaker B: Buying the company too.
What would you want? Do you want to buy ownership or.
[00:26:07] Speaker C: Do you want to just buy participation?
[00:26:10] Speaker B: Pick your pick. That's it. The consumer has a choice. But ultimately.
[00:26:19] Speaker C: I can only speak from first hand experience that my experience in dealing with an increasingly responsive mutual company and the thousands upon thousands of clients that we have who do the same.
[00:26:32] Speaker B: The service, the mandate, the responsiveness is terrific. It's excellent.
[00:26:39] Speaker A: In fact, the technology is also substantially better.
[00:26:41] Speaker C: Oh yeah, I mean, well, we're doing.
[00:26:43] Speaker B: Some pretty cool things that are exclusive to ascendant, which we're quite honored to be doing.
[00:26:50] Speaker C: And it's going to create value for the entire advisor community in the country, which we love to do. We think and act collaboratively, not competitively, because there's never any new value created. If you're just trying to do what.
[00:27:02] Speaker B: A competitor is doing, that's not what we're about here.
[00:27:06] Speaker C: And so we don't think competitively. We're in a competition free zone. That's the amazing part of it, because.
[00:27:13] Speaker B: We'Re always focused on developing a deeper.
[00:27:16] Speaker C: Understanding of what the clients we have, and the clients we want to have truly value bringing our unique capabilities to deliver that, and then collaborating with other innovators who have unique capabilities that we don't possess.
[00:27:28] Speaker B: And when you combine them, everybody's results get better, and new innovation happens and new value gets created.
[00:27:35] Speaker C: Because if you've already demonstrated your credibility.
[00:27:38] Speaker B: In a competitive world, you can leave that behind, which is what we've done.
[00:27:44] Speaker C: We've just left it behind entirely. And it's such a great feeling to do business that way. And we attract great people who want to collaborate with us, and our clients love that too, because we're creating and innovating and delivering new value to them.
[00:27:59] Speaker B: So that's the joy of doing this. We're in a profession where with a unilaterally binding contract and a premium, we.
[00:28:09] Speaker C: Get to create money, a promise to.
[00:28:11] Speaker B: Pay, and that promise is legally binding.
And we get to create a bunch.
[00:28:18] Speaker C: Of aquariums of ever increasing capital for.
[00:28:21] Speaker B: Our clients who have ready access on.
[00:28:24] Speaker C: Demand, on their terms, to take advantage of opportunities that track them down, and.
[00:28:28] Speaker B: Who help these aquariums of capital help.
[00:28:32] Speaker C: Our clients to enhance their financial well being.
[00:28:35] Speaker B: Brilliant. What a great profession. And we get to talk about trees.
[00:28:41] Speaker A: Reminds me of Ben Feldman, the late Ben Feldman, talking about, of course, the hardest working employee. Put me on your payroll, he would say. Put me on your payroll. Yeah, for whatever it was. For $50 a day or whatever it is.
[00:28:55] Speaker B: Totally.
[00:28:57] Speaker A: I won't get sick. I won't take holidays. You don't need to pay me extra holiday pay. You don't have to worry about the payroll tax.
And I'll be there for life, for the life of the business. And then when somebody passes away, I'll come in with buckets of money and I'll solve problems that are left behind when that person walks out.
[00:29:15] Speaker B: Let's say this.
[00:29:16] Speaker C: Basically, we're reinforcing the fundamental truth, right? Your money must reside somewhere. What better place to have it reside than here, where from this place, you can set about controlling how you finance all the things that you need throughout.
[00:29:30] Speaker B: The course of your lifetime.
[00:29:32] Speaker C: A fatal error in thinking is that this has anything to do with interest rates. It's all a matter of where the money is flowing, to, who it's being put to work for and for how long. And so Nelson shared on page 13 of his book.
[00:29:46] Speaker B: He said, maybe you have found yourself.
[00:29:49] Speaker C: In such a financial prison, or maybe you want to develop a system that will keep you out.
[00:29:53] Speaker B: Maybe yours is smaller or greater, whatever.
[00:29:56] Speaker C: The principles are the same and they will serve you well. It requires understanding and it requires discipline to implement the idea. But it can change your life dramatically, even beyond your fondest dreams.
[00:30:07] Speaker B: And so join us.
[00:30:08] Speaker C: Change your life dramatically beyond your fondest dreams and we encourage you. You're going to see the next video pop up. Continue. Watch that next video. Who knows, it might be the next episode that we actually record and continue your journey of learning. And for all our viewers on the youtubes, thanks for watching. And for all of our listeners on whatever podcast platform you like to enjoy, thank you for listening.
And don't forget to remind yourself just.
[00:30:34] Speaker B: How awesome you are today. And rich.
[00:30:38] Speaker C: This one was fun.
[00:30:39] Speaker B: Let's do another one.
[00:30:41] Speaker A: Thanks for listening to the wealth without Base street podcast where your wealth matters. Be sure to check out our social media channels for more great content. Hit subscribe on your favorite podcast player and be sure to rate the show. We definitely appreciate it. And don't forget to share this episode with someone you care about. Join us on the next episode where we continue to uncover the financial tools, strategies, and the mindset that maximize your wealth.
