Infinite Banking in Canada

This week, we had the pleasure of joining our Canadian friends on the Wealth Without Bay Street podcast. In this episode we talk about our business, and how we can apply the principles of infinite banking in Canada. If you've ever wondered how The Money Advantage got its start, how our perspective has shifted on life insurance, and the importance of implementing what you learn... tune in now! Table of contentsHow The Money Advantage StartedTransformational LearningHow the Message Gains TractionGetting Back to the FundamentalsDealing with NegativityHow a Near-Death Experience Elevated Our Understanding of the Death BenefitRe-Thinking the Value of a LegacyBook A Strategy Call How The Money Advantage Started The Money Advantage Podcast began after Lucas and I met Bruce and his team at an event they put on many years ago. Bruce’s team had been weary of the industry, which seemed only to be interested in pushing products over personal solutions. Yet, Bruce and the team knew there were so many good, well-meaning advisors in the industry. [3:05] Bruce: “We decided we were going to start something called the Freedom Advisor event, and we were going to open this up to people across the nation who wanted to do things in a collaborative way to help make the industry better.” Lucas and I met Bruce through this event after becoming familiar with Nelson Nash and the Infinite Banking Concept. The event put us with many like-minded people and was an incredible opportunity. Months later, after putting out our own content, the idea came to us to reach out to Bruce and create video content with him. Now, over four years later, we continue to produce educational content and love every moment.  Transformational Learning [9:26] Rachel: "I was thinking the other day how much more transformational it is to engage with material rather than just hear someone else talk about it. And I think that this is really important, even for listeners to the show.”  Engaging with information and stories helps you to relate it to your real life. You can choose to read or listen to something, and then set it aside, and that’s a fine thing to do. But when you take that information and attempt to make sense of it in the context of your world, you have the opportunity for transformational learning.  If you want to create a real transformation in your life and your finances, you have to take watching, listening, and reading into thinking, doing, and applying. With the infinite banking concept, application is key. After all, the title of Nelson’s book is “Becoming Your Own Banker,” which hints at a lifelong dedication to learning and implementing these strategies.  [24:50] Rachel: “I’m just so amazed that [Nelson Nash] did say [infinite banking is] a concept. It’s a way of thinking. It’s a framework, if you will, to be able to fit in so many of the challenges that people face financially and find a way to put control in someone’s hands. For the person who is willing to say, ‘I am responsible for my own financial future, yes, that’s me. I will choose to become educated, I’ll choose to make the right choices, and I’m going to choose not to just rely on someone else to tell me what to do.’” How the Message Gains Traction [30:45] Rachel: “I think the challenge is that because information is so easy to come by, the people who are best at presenting that little piece of information, in the most compelling way, and seeming the most confident about it, and putting the most money behind the advertising dollars to make that more visible to others get heard. And then the consumer sees that and thinks it’s the most popular so it must be the truth.”  [33:04] Bruce: “What happens is, people comment more on what they’ve heard than what they experience.” If you’ve followed our content, you’ll see that we frequently get comments from viewers who have heard that whole life insurance is bad. Yet,