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156. ​​Tax Free Retirement, Tax Controlled Passive Income with Richard & Jayson · Wealth On Main Street

• 0:00
  Speaker A: I try to look at things just from a perspective of, okay, a before and after in the sense of if I were storing money and accumulating it inside of an account where I had no control, I was investing maybe in a basket of mutual funds or whatever it is, I just don't have control. When I receive account statements or when I log in, I am uncertain as to what the account value is going to be. And the discussions that I hear happening with prospective clients is, yeah, when I look at, oh, I'm down again, or I'm up a little bit, or, gosh, I really don't enjoy logging in and looking at that at all because of the anxiety that it creates versus the after of, okay, now I've added this tool, dividend paying, participating whole life insurance that is contractually guaranteed to accumulate cash value on a daily basis cannot go backward. That every time you log in and look at that account value, it's larger than the last time you logged in and looked at it. And that creates certainty. It creates a feeling of very positive anticipation for the future to say, we're going to be okay.
• 1:20
  Speaker B: Like, at the end of the day, is it really tax free income that you're looking for, or is it just net income that you can use and spend? You want the most amount of spendable income. That's really what you want.
• 1:32
  Speaker A: Absolutely right.
• 1:34
  Speaker B: And so ultimately, by eliminating or reducing or minimizing the tax impact, obviously you would have more net to spend. So everyone's just really what you're looking for is you're looking for the most possible net income that you can get.
• 1:48
  Speaker A: Your hands on to enjoy the lifestyle that you desire. And I was sharing with, first of all, it's great to be with you. We're recording this on a Sunday, which is unusual. Normally, Sunday is a day for family, a day for rest, which you and I both honor religiously. Like, we really want our Sundays for that purpose.
• 2:12
  Speaker B: I'm not sure how much rest I usually get on a. Yeah, you know.
• 2:16
  Speaker A: With all of our know, running around and everything that we need to do. But being that I was just in Naples and I was sharing rich, you and I were talking about the Internet connection there being really unstable because of all the restoration efforts that are going on from Hurricane Ian, which in many parts of Naples, you would never know that a hurricane had come through that area. And so we had to postpone to today, being that I'm in Clearwater for today before heading back to Canada tomorrow. And so it's great to be here with you and recording. And we want to talk about. Because this time of year, that's the topic, right? That comes up in mainstream media. It comes up on social media. There's a lot of buzz and a lot of conversation going on about and a lot of seminars and workshops on tax free retirement or how to enjoy a retirement and minimize your tax. Whatever the buzzwords are, you hit the nail on the head. People want money. They want the most of it to enjoy the lifestyle that they desire. And retirement is not even in our vocabulary. That takes you out of service. Just have more freedom. Maximize your freedom of time, maximize your freedom of money, maximize your freedom of purpose, and maximize your freedom of relationships. Credit to Dan Sullivan, who instilled that way of thinking in you and I and by proxy, our team and by proxy, now our listeners and our subscribers. So what does that mean? What does it mean to have freedom of money? If you're taxed onerously, do you feel like you have freedom of money? No.
• 3:56
  Speaker B: I think you feel like you're caught in the cog, in the system and you're always looking to figure out, is this system returning to you what you're putting into it? And yeah, hey, maybe the odd person says maybe it is doing that, but I think most Canadians that we speak to don't feel that way. They generally feel quite the opposite. So we want to make sure that you're able to maximize that freedom component as much as you can. And that requires effort. It requires thinking, it requires planning, and it requires being consistent in that planning. You can't just plan for one day, one Sunday like we're here recording on a Sunday. You can't just plan that one Sunday and then the rest of your life is set and the whole tax plan ahead of you is just completely solid. Stuff's going to change. Sorry. You're going to have to put some energy and some effort in.
• 4:51
  Speaker A: If you want the outcome, you got.
• 4:54
  Speaker B: To put in the input. And the input is not only just in your capital, it's in your capital resources of things like time, effort and energy. I'm sorry. The idea that you can get something for free is a big pile of baloney. You got to put in some work and some energy.
• 5:10
  Speaker A: Totally. And when we think about that phase of our lives, and when our clients think about that phase of their lives, one of the common scenarios that we encounter is a prospective client. Family, husband, wife, business owners. They've got all their net worth tied up in their business, or they're working hard outside of a business environment to save for the future to save for that eventual retirement. And then once they achieve that and get there, they want to actually minimize what they're spending. If they have plans to leave something behind to their children or grandchildren, great grandchildren and so on. And when you introduce a dividend paying whole life insurance contract or a system of contracts where the death benefit has to have merit. Right. It is a life insurance contract where you get all the attributes that many of our listeners and subscribers are already familiar with that we'll highlight. The point that I'm trying to make is I was talking to a couple here just recently, and they said, gosh, we understand completely how not only having this tool in place is really important, but how we can utilize it while we're alive, which is great. And I said, yeah, if you kind of think of it almost like a permission slip to spend what you've accumulated in your retirement accounts. And they're like, can you say that one more time? It's like, yeah, you've got a permission slip now to spend what you've already accumulated in your retirement accounts, you no longer have to worry about what you said of, well, we want to really minimize that because we want to maximize what we leave behind. If one of us goes first, we want the surviving spouse to not have to rely upon financial support from the kids or the grandkids. Well, now you've got a permission slip, because when that day comes, there's a tax free windfall that shows up exactly when it's needed the most. So that was just a recent conversation that I thought I would highlight because it's common. I hear it often. And if you're even the least bit effective at accumulating money, and you're presently doing it inside of a registered retirement savings plan, then you're on the government's radar. That's just a fact. And if that's your pathway to retirement, that's great. That's your pathway. But if you're thinking along those same lines of once I get there, maybe I won't want to spend as much because I'm planning to leave a lot behind you introduce this wonderful tool, and not only does it shield you from onerous taxation and protect you from any volatility, and there's no taxation on the buildup, and there's no taxation on the death benefit. How much capital do you not want accumulating there? Right? It just begs the question. It's just logic. It's pure logic.
• 8:14
  Speaker B: One thing that comes up for me on this, Jason, based on what you said, is our second book, Cash follows the leader, uninterrupted daily growth with high cash value life insurance, which is a great book, by the way. It's a great book and it has a case study in there. And this case study is based off of a real client scenario and wonderful family. They live in the Edmonton Quadrant and it shows combined deposits on four policies, husband and wife. They're both age 45, they have two children, two daughters. They're funding four policies. One of them is in a corporation. And so that actually speaks. So I'm going to dovetail into this, into our upcoming book, which is keep taxes away from your wealth, authored with ourselves and Henry Wong doing an amazing job talking about this very similar idea to what we show here in this book. And so they put in combined deposits and then they are pulling out a tax free passive income. So you could call it retirement income if that's what's applicable to you. Again, our suggestion is that you eliminate that word retirement. It's kind of a useless term in my opinion. I think it's one of the dirtiest words in the english language. And we talk about a passive income. Passive versus active income. Active income. You had to put some energy in to do something for it. Passive income, usually you put the energy in early on up front while you were earning an active income and then you're reaping the passive rewards at a later date. That's commonly what's happening. Not always, but that's certainly the case. So they're getting about 92,000, $93,000 a year in passive income after tax. And in this scenario, most of this is actually tax free. But a chunk of this isn't tax free. There's a portion that's taxable as it exits the corporation. But our chart on page 46 is isolating the after tax component. Right. So again, we want tax free. Well, what we really were looking for is understanding and having some measure of clarity or real idea around what is the net, how much can we spend and utilize in our life in the time frame when we want to be able to do that. Maybe you don't want to work as much or you want to not work at all, but you're not going to not do anything. Are you just going to sit there on your couch and be a bump on a log? Like you're going to do something? Totally right. So just recognize that your activity level, it's kind of like think about a muscle that you don't work out very often. Well, you get atrophy on those muscles and then they become less and less useful for you and you have to build them back up again. So when you take yourself out of service, you take yourself out of active work or active activity, then you're basically becoming low hanging fruit for gravity. Someone's going to dig a hole, it's going to be about 6ft deep, and it's going to pull you into it. So we don't want that for you and you shouldn't want that for you. And I'm probably going to take a wild guess, your family doesn't want it for you either. So put your energy into being active in many different ways, including mentally. But when you engage in activity around generating revenue and income, maybe you're used to accustomed to doing it in your career path, but that doesn't mean you can't do it in other areas. Lots of people generate income in multiple areas other than their primary career path. So again, we're showing an example here in this book of a case study, and then we break it out over two generations. This is a 91 year case study. We show husband and wife getting 26 years of passive income, and then we show the kids getting passive income for an even longer period of time. I don't know how many years, but all based off of that original system, not including what the kids do afterwards. And here's the thing that I really want to touch on in this. Everything that we're showing in this book is based on using the tool, the insurance contract as a tool to build premiums, and then using it as a reservoir where we're drawing out of its value from a collateral perspective, drawing it against it, against it to get that collateralized lending. So again, in Canada, we have an episode 100 of a podcast, talks about some of the tax differences between us and Canada. For the purpose of a Canada, we're talking about a third party loan, third party from the insurance company, because that is where you can create this tax free, because that is not considered income when you take it. But there's many different ways of getting this done. And you talked about spending down the other assets a minute ago, which is a great concept when you have your other assets, registered accounts, let's say you still have some of those, you have real estate investments or whatever. Maybe you have a stock portfolio, whatever the bag of goodies that you have, those things are dealing with market cycles. We're in a pretty, I would say relatively horrendous market cycle right now, where we've got a bear market, stock markets down pretty far. A lot of challenges that people are facing. And so when you're in that down period, if you're in a stage now where you have to start drawing, you were originally planning a retirement or your passive income that way. And if you would have had to draw down on that, you're going to have a double hit because the market's down in the tank and now you're depleting the resource. So it's going to be really hard to recover. Well, because you have the policies in place that you can now access capital from there, so you don't have to access it from these investment piles and you can give them the time that's necessary for them to recover. And so not only does it give you the permission to spend down your other assets, it also gives you the permission to give recovery time to your other assets when the market kicks you.
• 13:44
  Speaker A: In the face like it's kicked a.
• 13:46
  Speaker B: Lot of people in the last twelve months.
• 13:50
  Speaker A: I agree with everything you've just said. And I try to look at things just from a perspective of, okay, a before and after, in the sense of if I were storing money and accumulating it inside of an account where I had no control, I was investing maybe in a basket of mutual funds or whatever it is, I just don't have control. When I receive account statements or when I log in, I am uncertain as to what the account value is going to be. And the discussions that I hear happening with prospective clients is, yeah, when I look at, oh, I'm down again, or I'm up a little bit, or gosh, I really don't enjoy logging in and looking at that at all because of the anxiety that it creates versus the after of, okay, now I've added this tool, dividend paying, participating whole life insurance that is contractually guaranteed to accumulate cash value on a daily basis cannot go backward. That every time you log in and look at that account value, it's larger than the last time you logged in and looked at it. And that creates certainty. It creates a feeling of very positive anticipation for the future to say, we're going to be okay, we've got a unilateral binding contract that is guaranteed to accumulate. There's no taxation on the build up. If I live a long time, we're going to have a big build up. If I die early, we're going to have a very big death benefit. So either way, big, well, that's certain. And tax rates can go up to 80%. That's not going to impact me as it relates to what I'm accumulating inside of this instrument. So again, logic begs the question, how much of my capital do I not want accumulating there? We're not suggesting for a second that all you do is put all your money into dividend paying, participating, whole life insurance. But you've heard the expression, rich, don't put all your eggs in one basket, put them all in the basket. If you control what happens with that basket.
• 16:00
  Speaker B: If you own the basket and the basket constantly refills.
• 16:05
  Speaker A: All. Again, it's a function of we understand the truth, the fundamental truth. Your money must reside somewhere. There's room for registered retirement savings plans dependent upon your circumstance. How you want to juggle the how do I minimize tax while I'm accumulating? That's great, but do you want a taxable, taxable stream, a tax free stream, a tax advantaged stream, a tax mitigated stream? Use whatever term you want.
• 16:44
  Speaker B: I like tax controlled.
• 16:47
  Speaker A: I like contractually guaranteed growth. So I'm looking at the other side of the coin here. Let's move away from the whole conversation about all the noise around. Look, if you store a lot of money there and it's guaranteed to accumulate, and it's attracting no tax on the build up, and you can gain access to it on demand, on your terms, you and I both have a lot of capital piling up there. And in our journey, you and I can attest. And thank God for our amazing clients, because they refer us a lot, and we're incredibly grateful for that. And humble.
• 17:33
  Speaker B: We'd be excited to chat with more of them on this podcast.
• 17:35
  Speaker A: Well, precisely. So. There's a reason that they refer us a lot, and because every time they go in and look at the account, the balance is bigger, even. Especially when you're dealing with turmoil economically, interest rate wise, politically, tax wise, real estate cycles, whatever it is, everyone's got an idea of where to store your money. But there's only one tool that we've ever come across that has all the attributes of certainty, control, contractual guarantees, access, absence of volatility, shielded from taxation. And the list goes on and on.
• 18:20
  Speaker B: Something that's interesting here, too, is I remember you asking this question a number of times. It's probably come up on a podcast before, but I'm specifically thinking about a conversation that was had amongst a group of advisors, and advisors in general. We come into a conversation from wherever we're at, but there was this whole idea of, I think it had to do with adjusted cost basis, and all that stuff came up and you just asked the question, okay, hey, Mr. Advisor, if I wrote you a check today for $500,000, it could have been 50 grand, it could have been 100 grand. It doesn't matter the number. Let's just put. I picked 500 grand. And the only requirement is that if you take this check and you go and cash it and you use it, is that you have to pay tax on the money. Would you take my check, obviously, and run?
• 19:11
  Speaker A: That's what I would do. Take the check and run. Like, of course I'm going to cash that check. And so this is all about making sure that, because, look, what does uncertainty and anxiety and stress lead to? Right? Nobody's referring to that in mainstream media, right? It's all about you have a choice. You can store your money somewhere. And then they have these nice commercials, couples strolling together, eating in a nice restaurant, and the sun's setting over the ocean, and they're happy. The reality, on the other hand, if you now zoomed out of that and zoomed in on the couple that's been doing all that, and there's uncertainty in the economy with taxes, rates, interest rates, etc. And what they would show is they would show a picture of a couple staring at the market tape on the.
• 20:07
  Speaker B: Tv screen, as Nelson Nash calls it, the mountain wave graph of lies.
• 20:12
  Speaker A: Yeah, the mountain wave graph of lies. And you're just sort of staring at that, just shaking like a leaf, going, hey, we got to pay attention to this every single day because there's increasing uncertainty. Well, this is just a path to certainty. And people tell us, because, again, we always talk about understanding what the clients we have and the clients we want to have truly value and providing it to them. And they tell us we truly value certainty. And having hope, a sense of hope is great, but having certainty accompanied by that, wow, you just feel positive and confident. And does that have anything to do with managing stress?
• 20:56
  Speaker B: Well, so there's a couple of. It sure does come up for me on this, and I want to share. So lately I've been telling a story about one of the most, the newest policies I've got. It's a little over a year old now. It's a conversion, term insurance conversion that I did on my wife. I set up the original policy, which was whole life, with a term insurance rider on it years ago. About ten. Well, maybe it wasn't ten years. Actually, it was about ten years ago. Last year, I converted that into a new contract, and I decided how much I wanted to put in. And the premium is about 35, $36,000, roughly speaking. So I'll just use 35 as quick math. And the flexible portion of that premium is around 25, $26,000. Well, in the very first year, when I deposited that premium, which I was going to do anyway, I designed the policy. I wanted to accept that money. There was an instantaneous increase in the tax free death benefit, a paid up addition, which is death benefit that increased immediately upon the receipt of that influx of capital. And the amount was about $110. So I'm rounding things off here. It's about $110,000 on my wife's increased death benefit. So I traded about $26,000 of today's money. It's actually last year's money. And I guaranteed an accumulating increase of future value, a future cash flow of $110,000. So I put 26 of $2,022, and I guaranteed $110,000 of future money by age 100 when my wife turns 100. So roughly 60 some odd years down the road. Well, there was immediate impact of cash available to work with from that policy. And I've set in stage, in motion a guaranteed event to accumulate that I now control. And that works out to roughly 4.23, 4.2 times the amount of money I contributed. Well, that may not match the exact inflation that's impacting everyone in Canada today, but if we looked at a 30, 40 year average, I would say it's pretty darn close to what we've been experiencing. So I have inflationarily protected my $26,000, actually, the whole 36,000 I put in, but 26 of it specifically in that one transactional aspect, and created a guaranteed outcome that we control. And I've already worked with that capital, using the collateralization aspect of the policy to help pay, coincidentally, my corporate tax bill, which had to be paid anyway. And so I put the money that was going to go to the CRA to work in something I controlled before I gave it to those guys. That's amazing. I still paid them, but I got to use the capital before I paid them.
• 23:48
  Speaker A: Okay, well, so this is really good, by the way, and this takes us to a very important point. So you can create a policy or a system of policies that takes care of everything that we educate people on and the implementation of a process, et cetera. But you can also create a policy for the tax collector, too. You can build one for the tax collector, right? So if you say, look, maybe you're of that persuasion where you say, well, I do want to store all of my money in the stock market or mutual funds, okay, that's your privilege. You can do that. And a person may say, I'm completely comfortable with all of the volatility and uncertainty, and that's how I roll. Okay, good. You can do that. But who's going to pay the tax bill? Why don't you let the life insurance company pay the bill versus your estate? Paying the bill one way is always cheaper than the other. And so you can actually determine, hey, what is my terminal tax obligation going to be? And when the tax collector shows up, we've got a check, and we haven't interrupted any of the value of the assets that we want to pass along. And here's a great liquidity test that I'd like all the listeners and viewers to do. If you just take note of all of your net worth, essentially, okay? So if you document your assets, subtract your liabilities, that gives you the calculation of your net worth. You have a home that's worth a million, you have a mortgage for a half a million. You have no other assets or debt. Your net worth is a half a million. Pretty simple. Well, if you were to do this calculation and look at all your assets, what I'd like you to do is put a check mark beside each asset that you could convert into cash immediately without triggering a penny of tax, and without reducing the asset's value by a single penny, put a check mark beside any of those assets on your personal balance sheet that you could turn into cash immediately, without triggering tax and without reducing the asset's value. And that'll give you a very clear sense of your liquidity, which is a fancy word. You can hang out with folks on Wall street or Bay street, if you know that word. If you use the word liquidity in a job interview with any of these firms, they think you're a smart person. So that's why we use it on the show, because we want to appear to be smart. And so the point being is that once you understand how illiquid your personal balance sheet actually is, and then you have this wonderful, amazing tool where, again, we can't emphasize enough, it's a dividend paying, participating whole life insurance policy. It is a life insurance policy. It has a death benefit associated with it. The death benefit must have merit. There must be rationale logic to support the need and the justification for that death benefit. And the more death benefit that you need, the more contractually guaranteed accumulation of cash value you can pile up. And you get to shield that whole build up from taxation. And you don't have to be the life that is insured all that you need to do is have a beneficial interest, children, grandchildren, joint venture partners, key people in your business, your spouse, your parents, et cetera. And so you've got to work with somebody who knows how to lead you through this process to determine where is the best place for you to begin. And if you're listening from America, from the United States of America, we've got great news for you. We can help you now as well. We've got ascendant financial teammates here in Canada. We've got life Eva teammates in the United States. We're north american. Now, it was kind of interesting. Rich may have some video footage of this. We had these massive helicopters with giant pencils and erasers, and we flew across the whole canadian US border, and we're just like, erasing the border. And because we've been contacted, rich, as you can attest, so many Americans who reach out and say, love your content. Can you point me in the direction of somebody who can help me do this in the United States? Well, we can help you do that. And it's just an awesome feeling, because you know what? Everybody's going to reach that point in their lifetime where they want more freedom of money, more freedom of purpose, more freedom of relationships, more freedom of time. And if you think of retirement, what element of those four buckets that I just described do you want less of? Hey, I'm going into retirement. I want less freedom of time, less freedom of money, less freedom of purpose, less freedom of relationships. Well, it won't be long before you have less life. And so if you're pursuing more of those things, you need tools. This just so happens to be an amazing tool. And let's change the conversation. Once everyone's talking about mitigate tax and put your money here so you can mitigate tax and get your money over here, so you can get the maximum tax deferral and put your money here so you can get the maximum tax credit. And why don't we put our money here so we get maximum control guarantees, access shielded from volatility. Let's focus on all those other attributes, because once you understand them, you will ask yourself that logical question, how much of my money do I not want residing there?
• 29:38
  Speaker B: Wow. Probability of doing that is you will also be engaged in a community of people, a community of thinking in a certain way. And then, yes, the ideas and the strategies on how you can also begin to mitigate tax to a larger degree goes hand in hand with that change up, right?
• 29:56
  Speaker A: Absolutely.
• 29:56
  Speaker B: Again, you talked about changing the conversation, changing the way we think. I want to mention another idea that I did some real quick numbers before we hopped on. Jay, just thinking outside the box.
• 30:07
  Speaker A: Okay.
• 30:07
  Speaker B: We talk about the importance of the banking aspect and doing family banking, working within the household of the family, keeping the money in the family, something you do a great deal of and talk about to a large degree. And so, like presently, right now, I don't know the number, but I'm going to venture to guess it's somewhere in the $25,000 a month range, is what repayments coming back into the low family.
• 30:29
  Speaker A: Banking system is somewhere just under 50,000 now.
• 30:33
  Speaker B: Just under 50,000. Okay.
• 30:35
  Speaker A: A month.
• 30:35
  Speaker B: A month in repayments to the family banking system. Now, in that there might be some interest earnings that you might have to declare in your tax bill. I'm okay with that. Right, exactly. Because you get to control the income and you get to keep the money in the family so that it can also be dispersed within the family at a later future date, regardless of who the body is. Just want people to think about this for a moment. We talk about passive income, and we also talk about measures of control. And so right now, over the 2022 year, I did some quick stats. The average price of a vehicle, according to auto Trader, was somewhere between 33,040, 7000 for a used vehicle in Canada. And a new vehicle was between 40 and 70. And pricing went way up because of the supply and demand issues and also the pieces, the chips they need for the electronics and everything went up. Well, now, because of the inflation and because of the increased interest rates by the bank of Canada, well, the average vehicle loan rate now is the rate you would get on. That is somewhere between seven and a half and nine and a half percent. Okay. So, again, landscape has changed. The price of the vehicle's up, the price of the borrowing is up. Money is going to flow. It's going to flow to the car dealer, which is totally fine. They're in business. They need to make money, but money is going to flow to them, and then it's going to flow out of your hands. How much of that flow is coming back? Well, now, think about your kids, your grandkids, your spouse, your extended family members, people that need capital to go buy these things. Most places in Canada, the transit system isn't the greatest in the world. So you probably need a vehicle that's pretty common. There's not even Uber in Chilliwack. So if I wanted to go and Uber around, like, I can't do that. I got to use a know so imagine that now you've got three kids or you've got two kids and then two spouses. Okay, well, that's four cars. As those kids get spouses and get married and whatever, that's four cars. Well, you can create a legally binding arrangement on the purchase of a vehicle. And you can purchase that vehicle in cash, and you can negotiate directly with the seller of the vehicle, whether it's private or through the dealership. And then you can create a loan arrangement. Well, the average, I did a little bit of looking at the average car payment is around $800 a month, somewhere between seven and 850, again, depending on the type of car. If it's a truck, maybe it's a little bit more, et cetera, about $800 a month. So if you wanted to do that over five years and you did it at the current prevailing interest rate, about $800 a month would pay off a typical vehicle in about five years. Well, if you're the banker and you control the interest rate, you're going to charge more interest because that's more capital, more p's that come into the family system that can be used for other things. So what if you just extended the amortization by one year? So it's $800 over six years. Cool. Well, that works out to about almost a 13% if you do the math on it, on a $40,000 vehicle. But if you had four of those, or you had five of those going at any one given time, it's five times $800 a month is $4,000 a month in income. Now, only a portion of that is interest earnings. So only the interest earnings piece is what you'd have to report as taxes. The rest of it's a return of principal. But if you control the flow of that money, could you take some of it? Let's say you cut it in half. You took 2000 and repaid some policy loan, and then you took 2000 and went and bought bread and milk and groceries. That's a form of passive income, and you're controlling the environment by which you live and you utilize. And you can also mitigate some of your risks. Now I'm not saying you would eliminate risk, but you can mitigate risk. And another thing we were talking about here recently is now with the wonders of technology, there's all kinds of things, people doing, airbnbs and that sort of stuff, where you don't even need to technically own the real estate to be able to generate a revenue stream. But now you can do that even with cars or underutilized vehicles vehicle that's sitting in your garage not doing anything. Well, you can load it up on turo if you're close to an airport. And now you can create an income there. A lot of people are generating $500 to $1,000 a month in extra revenue on an underutilized vehicle. So these are other ways that you can think about creating an income stream without the markets and the marketing of the rest of the world trying to tell you how to go and do it. By giving up your money. We're trying to help you understand you can maintain control over your money and exercise your freedom of thought to be able to investigate new ways to generate revenues and income so that you can dictate the terms of your passive income on a going forward basis.
• 35:05
  Speaker A: Yeah, all very good, very good words of wisdom as it relates to your money. Control is everything. And so just think about all the deposit taking institutions out there. What do they want? They want your money because why do they want it? Do they want it so they can stuff it in a vault and keep it sitting still? No, they want your money so that they can assume control over where the money flows and the use and the motion of that money. And so once you're in control, boy, the feeling of certainty, the feeling of absolute optimism, and there's nothing that can replace it. And I was just chatting with my wife, Rebecca, before you and I hopped onto this call. I was checking in with her back in Canada, and I was asking her, I said, I can't quite recall, but with our kids, the quantity of policies that we have. And she said, yeah, we've got six policies in place for sure on each one of the kids, because I said, I want to expand our program this year, and I'm trying to figure out who in the family where there's merit for us to do that. And I was so amazed to hear how the kids policies are progressing because I said to my wife, Rebecca, this is going to be a really great source of additional money for you and I, and we can leave behind a big windfall to backfill all of their policies and so on. And my daughter, Charlotte, my son and my nephew are coming to our family banking summit in Toronto. And so we got a big treat plan there. But let's close this out. As you said, rich, look, control is everything. And let's just change the narrative here. More freedom of time, purpose, relationship, and money. And money is a big catalyst to the other three. And your money must reside somewhere. What better place to have it reside than here? And then from that place, you can go and take care of and maybe store some money elsewhere if that's what you aspire to do. But a skyscraper like the one I'm in now, it wouldn't stand for very long on a weak foundation. So make this your foundation.
• 37:14
  Speaker B: Awesome, man. Well, appreciate you. Have an amazing rest of your day. Have a safe journey back home. Jay. For our viewers, there's boom. Magical playlists that just showed up on the screen. Go ahead, click on through. Find some more amazing, great content, and continue your journey of learning, because there's always something new to learn. Thanks for being with us today.