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Transcript

Cash Smart for Life · Divas That Care Network

• 0:00
  SPEAKER_01: Blob Talk Radio.
• 0:04
  SPEAKER_01: Hello to all.
• 0:05
  SPEAKER_01: Welcome to Divas at Care Network.
• 0:08
  SPEAKER_01: I am Joyce Benning, and
• 0:09
  SPEAKER_02: I will be your host for this show.
• 0:11
  SPEAKER_02: Divas at Care is working together to make the world a better place.
• 0:16
  SPEAKER_02: Our podcasts may be listened to on SoundCloud, iTunes, Spotify, and any place you listen to podcasts.
• 0:24
  SPEAKER_02: Please go to our website, divasatcare.com, and check out all the amazing hosts and their shows of women they are interviewing around the world.
• 0:34
  SPEAKER_01: I am so very
• 0:35
  SPEAKER_02: excited today to welcome back Winnie Lau.
• 0:39
  SPEAKER_02: She was one of our speakers on May 1 in our Divas at Care virtual summit.
• 0:45
  SPEAKER_02: And today she is going to speak about cash smart for life, which truly sounds very interesting for me and all of the listeners.
• 0:57
  SPEAKER_02: Winnie, could you please introduce yourself and tell us a little about yourself?
• 1:04
  SPEAKER_02: Thank you so much for having me, Joyce, on your show today.
• 1:08
  SPEAKER_02: Winnie Lau here from Edmonton, Alberta, Canada.
• 1:13
  SPEAKER_02: I am a first-generation Chinese-Canadian and currently working What I specifically do professionally is that I'm a financial life and legacy advisor, and I specialize in what's called the infinite, like, you know, the sideways eight, infinite banking concept.
• 1:39
  SPEAKER_02: And I say that slowly because, you know, over the years as I introduce myself, when I say that, you know, I've gotten things like internet banking, huh, or you're into banking.
• 1:52
  UNKNOWN: No.
• 1:54
  SPEAKER_02: Yeah, so I don't mean to come across condescending.
• 2:00
  SPEAKER_02: I just have had years of feedback, that's all.
• 2:05
  SPEAKER_02: Yes, I can understand that, where they would misunderstand when you say infinite banking.
• 2:12
  SPEAKER_02: Winnie, could you please go in and explain a little more to our listeners about what this means, an infinite banking concept?
• 2:24
  SPEAKER_02: Well, so one of the things that you led with is that I share something what I consider is cash smart for life.
• 2:35
  SPEAKER_02: Infinite banking is this very specific strategy that I use in which I consider allows individuals, families, entrepreneurs, business owners, farmers to invest become cash smart for life and it is a process it's not something you just set and forget just like banking you know we don't stop we only we don't bank one time and that's it we we bank right because we it it really talks about the flow of cash right um Money comes in, money goes out.
• 3:11
  SPEAKER_02: Money comes in, money goes out.
• 3:13
  SPEAKER_02: And so the infinite banking concept is really about how can we manage that cash flow with more control and in a much smarter way.
• 3:26
  SPEAKER_02: So that's the high level introduction to it so far.
• 3:30
  SPEAKER_02: Oh, wow.
• 3:32
  SPEAKER_02: What is so awesome, it covers everybody.
• 3:34
  SPEAKER_02: Everybody can be included in this, and everybody is looking to manage their cash flow and all of that concept.
• 3:43
  SPEAKER_02: Oh, that's incredible.
• 3:45
  SPEAKER_02: Wow.
• 3:46
  SPEAKER_02: Well, how did you become so passionate about this cause to get into infinite banking?
• 3:53
  SPEAKER_02: Would you share with us this, please?
• 3:57
  SPEAKER_02: Sure.
• 3:58
  SPEAKER_02: One of the...
• 3:59
  SPEAKER_02: first moments that I recognized that, you know, the skill set of growing your money is very different than the skill set of knowing how to keep it.
• 4:11
  SPEAKER_02: And I mean, I think that some of the discussions that the mainstream media have really talked a lot about in knowing how to keep your money is using the word budget and also, you know, using tax strategies to keep more money in your pocket.
• 4:30
  SPEAKER_02: And I find that although relevant, it's not principle-based, you know, in the sense of really truly getting to the heart of how do we better know how to keep more money in our pocket that allows us to have more control without the reliance of, you know, using the government or using the banking system.
• 4:59
  SPEAKER_02: So, yeah.
• 5:05
  SPEAKER_02: Let me continue.
• 5:06
  SPEAKER_02: Okay, please.
• 5:10
  SPEAKER_02: My journey, in my mid-20s to late-20s, I became a real estate investor, and I became a real estate investor when the markets were super hot and I was so disillusioned.
• 5:26
  SPEAKER_02: I became really disillusioned about real estate investing because I came in when, like, so say, for example, my first property that I bought was in February of 2004.
• 5:38
  SPEAKER_02: It was$140,000 for a three-bedroom, two-bathroom bungalow and less than, you know, less than four years later, that same property got value to$375,000.
• 5:51
  SPEAKER_02: So from$140,000 to$375,000 in a matter of four years.
• 5:58
  SPEAKER_02: Right?
• 5:59
  SPEAKER_02: And this was also a time when you could, you know, the banks still allowed, you know, like, you know, in my area, they still allowed a person to assume mortgages without actual financial qualifications.
• 6:13
  SPEAKER_02: So the rules were a lot more relaxed at that time.
• 6:17
  SPEAKER_02: And then, of course, in 2008, 2009, it impacted both the states and Canadians.
• 6:24
  SPEAKER_02: But as a real estate investor, you start with one property and it goes up that much.
• 6:29
  SPEAKER_02: Well, I used that one property and I kept using the equity from that and I put down payments on other houses, other houses, other houses.
• 6:36
  SPEAKER_02: So I collected as many houses I personally could qualify for and get underneath my belt.
• 6:43
  SPEAKER_00: And
• 6:44
  SPEAKER_02: then all of a sudden the market fell, the value of my houses fell.
• 6:48
  SPEAKER_02: There was no way I could sell my property without getting into more debt.
• 6:52
  SPEAKER_02: It was actually cheaper for me to take the, like to pay into my properties, like, you know, over negative$2,000 a month just to keep things going.
• 7:02
  SPEAKER_02: Cause it was, again, it was a lot cheaper than trying to sell my properties and owe, you know, the payout penalties to the bank.
• 7:09
  SPEAKER_02: Right.
• 7:11
  SPEAKER_02: Correct.
• 7:11
  SPEAKER_02: So, Real estate investing is, you know, the pursuit of investing, again, is like a different art altogether than knowing how to keep it.
• 7:24
  SPEAKER_02: And, you know, when you think about one of the principles that I talk about is you can either, you know, when you're deciding where do you want to put your money, You want to ask yourself some really key questions before you put your money in there.
• 7:42
  SPEAKER_02: One of the first questions I now ask myself as a result of that painful experience, not only because I dealt with a negative cash flow and my property is going down, but it destroyed my relationship I was in the middle of.
• 7:56
  SPEAKER_02: You know, money can tear people apart pretty easily in very stressful situations, especially.
• 8:03
  SPEAKER_02: And...
• 8:06
  SPEAKER_02: So in going back, sorry, I'm kind of hopping all over the place because I am passionate about this, is that the reason why I even share what I share is because I really want money to bring people closer together and create loads and loads of stories about how money can do that versus all the other horrible stories that are out there that money can tear people apart.
• 8:32
  SPEAKER_02: Okay.
• 8:32
  SPEAKER_02: Wow.
• 8:33
  SPEAKER_02: Well, and what is so incredible is how you have lived the experience just by what you shared.
• 8:40
  SPEAKER_02: I mean, you know exactly where a lot of different people are coming from because you have had that dealing with the money and what has happened in your life.
• 8:50
  SPEAKER_02: Oh, my.
• 8:52
  SPEAKER_02: Yes, you can totally relate to people in such a very educational way with them also.
• 8:59
  SPEAKER_02: Goodness, that's incredible.
• 9:02
  SPEAKER_02: So...
• 9:02
  SPEAKER_02: How do you go about, are there workshops that you offer to help educate people on this?
• 9:09
  SPEAKER_02: And if some of our listeners are interested in finding this out, how can they go about looking more into this infinite banking concept with you?
• 9:22
  SPEAKER_02: Well, you can certainly visit my website, winnielau.com.
• 9:27
  SPEAKER_00: And
• 9:27
  SPEAKER_02: as well, specifically, I do have another website that's connected, which is cashsmartforlife.ca.
• 9:38
  SPEAKER_02: Winniealoud.com is probably the better one to go to, specifically around infinite banking.
• 9:42
  SPEAKER_02: Whether you're in the States or whether you're in Canada, I can help you.
• 9:47
  SPEAKER_02: In the U.S., I do have colleagues that I will most likely refer you to because I'm not I'm not actually licensed to specifically service U.S.
• 10:03
  SPEAKER_02: citizens at this time, but I will get you connected for sure.
• 10:11
  SPEAKER_02: Okay.
• 10:13
  SPEAKER_02: What are some of the classes that they can look to be offered through going through your website and looking at some of the education?
• 10:23
  SPEAKER_02: What are some of the classes that you deal with online?
• 10:28
  SPEAKER_02: All right, so there's really three specific things, and it really just depends on what is most relevant to you at this time.
• 10:40
  SPEAKER_02: So I'll start with Cash Smart for Life.
• 10:46
  SPEAKER_02: That one is specifically for parents.
• 10:51
  SPEAKER_02: I coach parents how to coach their kids about cash flow management.
• 10:56
  SPEAKER_02: And that program is actually right now, it just happens to be May of 2020, and it's currently in process.
• 11:05
  SPEAKER_02: It'll be ready soon.
• 11:06
  SPEAKER_02: It'll give you a space to, you know, just enter in your contact information and you will be notified as soon as the online program is ready.
• 11:14
  SPEAKER_02: I am super stoked to be getting this prepared for everyone, as I will also be doing this with my daughter, who is now, you know, in her early 20s.
• 11:25
  SPEAKER_00: And
• 11:25
  SPEAKER_02: so she'll be a living testimonial that when you coach as a parent, you know, the rewards are great as a parent.
• 11:38
  SPEAKER_02: And the...
• 11:40
  SPEAKER_02: Go ahead.
• 11:42
  SPEAKER_01: I was just going to say that sounds like
• 11:44
  SPEAKER_02: an incredible class, Winnie.
• 11:47
  SPEAKER_02: Definitely.
• 11:51
  SPEAKER_02: I really enjoy it.
• 11:52
  SPEAKER_02: Like, I mean...
• 11:54
  SPEAKER_02: You know, I have some prior experience to specifically just coaching the kids and in different age groups, you know, from, you know, pre all the way to, you know, age 18 and over.
• 12:08
  SPEAKER_02: However, what I have found is that coaching parents is much more effective and also much more rewarding on so many levels, right?
• 12:20
  SPEAKER_02: It has a...
• 12:22
  SPEAKER_02: a much more powerful impact doing it that way rather than just getting at the kids.
• 12:27
  SPEAKER_02: Because if you just do the kids, the kids pick it up, no problem.
• 12:30
  SPEAKER_02: But if there's no one there to enforce what you're actually trying to share, it's very difficult.
• 12:39
  SPEAKER_01: Wow.
• 12:40
  SPEAKER_01: I
• 12:41
  SPEAKER_02: can understand that because coaching with the parents and the kids you're helping is going full circle, right?
• 12:48
  SPEAKER_02: They can help one another and work together.
• 12:51
  SPEAKER_02: So, oh, what a great idea.
• 12:53
  SPEAKER_02: Yes.
• 12:54
  SPEAKER_02: And then you said there's more classes that are offered then also?
• 12:59
  SPEAKER_02: Yeah.
• 13:02
  SPEAKER_02: Yeah.
• 13:02
  SPEAKER_02: So the second class that I have, it's not really a class.
• 13:06
  SPEAKER_02: It's more like workshop.
• 13:08
  SPEAKER_02: Well, I guess it's called Willing Workshop.
• 13:13
  SPEAKER_02: And it's a space for...
• 13:16
  SPEAKER_02: anyone who's working on wanting to get their will done for the first time or wanting to update their will.
• 13:23
  SPEAKER_02: And there is usually a panel that I invite, a lawyer and an accountant usually on the show or at the workshop, I should say.
• 13:31
  SPEAKER_02: And it is usually over two days because, you know, I think the reason why most people don't have their will estate planning done slash will is because it's a lot for a person to tackle on their own.
• 13:53
  SPEAKER_02: It's the time and the space to actually think on, you know, deliberating some of the very important questions.
• 14:03
  SPEAKER_02: And it's so much more fun to procrastinate because and avoid it because it just is.
• 14:12
  SPEAKER_02: And that's just, you know, a part of our human nature.
• 14:15
  SPEAKER_02: So I've created a workshop, you know, to help people have the space, dedicated space of time and thinking and accountability so that they can get this very important document completed because in my personal opinion, it's one of the most respectful things you could do for your loved ones is to complete that document.
• 14:39
  SPEAKER_02: And, yeah, so that's the second program that I have.
• 14:43
  SPEAKER_02: And, of course, you know, circling back to everything that we started talking about with the infinite banking concept is that, you know, hey, I mean, if you're not interested, you're not a parent right now or you're not into that and you don't want to get your will done or you have your will done, then it's all about, hey, you know, the biggest gap is and the biggest curiosity is how is it possible to get rid of you know bank financing out of my life and what is what is the problem with the way that it is now why is this a solution how you know yeah and what is the benefit and so with that it's more it's more of a you know I have some introductory video series around that and that's that's something that people can sign up for right away and yeah If you're already in the financial industry in and of itself with a life license, you'll probably...
• 15:43
  SPEAKER_02: you'll probably get more redirected towards having a conversation with me, a direct conversation with me about how you might be able to share this with others.
• 15:52
  SPEAKER_02: But other than that, for everyone else, the introductory series is absolutely 100%, no obligation, and everyone, I believe, deserves to know about it.
• 16:07
  UNKNOWN: Yes.
• 16:08
  SPEAKER_02: Oh, man, these are some incredible classes that you are offering online, and especially now, being everything virtual, where they can be in their own home convenience at their computer and have access to all of this information.
• 16:24
  SPEAKER_02: Wow, that is incredible.
• 16:26
  SPEAKER_02: And this willing workshop, how you're bringing in a legal expert person along with an accountant so they can get different questions answered too from the professionals in those fields oh my this is this is very very learning winnie and very helpful to our listeners wow and i was also being on your website i saw that you have a store online and Can you give some information on what's available in this store online for people to go and check out?
• 17:03
  SPEAKER_02: Thank you very much for mentioning that.
• 17:05
  SPEAKER_02: And so that is also, in my personal opinion, it's not– the store is not exactly– it's not always going to remain what it looks like today.
• 17:16
  SPEAKER_02: It's in the process of improvement, as is every– everything, right?
• 17:20
  SPEAKER_02: Like everything's always evolving and I always find a way of like, okay, how can I make this better?
• 17:24
  SPEAKER_02: How can I make this better?
• 17:26
  SPEAKER_02: But right now, what I do currently have on there is, you know, some very specific books that are online, including some of my courses.
• 17:37
  SPEAKER_02: And so some of the books that I have online are specific to the very subject that we, that I specialize in, which is the infinite baking concept.
• 17:46
  SPEAKER_02: And, you know, it's, Some of the books you can find online elsewhere, but most of it is, you know, it'll be hard-pressed to find, you know, in other places.
• 18:01
  SPEAKER_01: Okay.
• 18:03
  SPEAKER_01: Wow.
• 18:04
  SPEAKER_01: So there's some great information.
• 18:05
  SPEAKER_01: People can go and
• 18:07
  SPEAKER_02: order right now, currently, and have it in their hands quickly to get started on looking into this.
• 18:15
  SPEAKER_02: Oh, that's great that you have that stored online.
• 18:17
  SPEAKER_02: I love it.
• 18:19
  SPEAKER_02: Well, you are a very busy, busy lady.
• 18:23
  SPEAKER_02: Winnie, how do you go about balancing your work and how you're giving back and helping in the ways that you do?
• 18:34
  SPEAKER_02: Well, sometimes it's a matter of blending in, blending in things that I do.
• 18:40
  SPEAKER_02: I think as women, you know, we have quite a few things that we are, you know, we just We have a lot of competing priorities all the time, especially with us having kids as well.
• 18:54
  SPEAKER_02: Sometimes we just have to have our kids along for certain things, so I tend to blend things together to help bring some more leverage into my time.
• 19:04
  SPEAKER_02: I also have virtual assistants that I use because we simply just can't do it all.
• 19:13
  SPEAKER_02: And if we did, I think we would...
• 19:16
  SPEAKER_02: go insane.
• 19:17
  SPEAKER_02: And I use time batching, which means, you know, specifically even today.
• 19:24
  SPEAKER_02: Today is a day where I only work on things that have something to do with my business.
• 19:31
  SPEAKER_02: So I work on my business today and I don't work in my business today.
• 19:35
  SPEAKER_02: And so it gives me freedom that all I do today is I do activities.
• 19:42
  SPEAKER_02: So I believe it's called time batching.
• 19:46
  SPEAKER_02: I also use another tool that was introduced to me early on this year.
• 19:53
  SPEAKER_02: It's called FocusMate.com, M-A-T-E, FocusMate.com.
• 19:59
  SPEAKER_02: It is literally$5 US a month.
• 20:02
  SPEAKER_02: And I have found it incredibly useful because you can literally hook up with anybody around the world who's also with FocusMate.
• 20:13
  SPEAKER_02: And you announce right at the top of the hour what you intend to do for that one hour and then check back in.
• 20:20
  SPEAKER_02: And it's literally two people sitting online.
• 20:22
  SPEAKER_02: It's like an accountability session.
• 20:27
  SPEAKER_02: And, yeah, it's great.
• 20:31
  SPEAKER_01: All right.
• 20:31
  SPEAKER_01: Wow, this was all incredible information.
• 20:34
  SPEAKER_01: I actually am keeping that one in mind,
• 20:37
  SPEAKER_02: Focusmate.com.
• 20:38
  SPEAKER_02: That sounds really great and how you're balancing everything.
• 20:43
  SPEAKER_02: I love your time batching of just setting aside the day to just work on one thing and that's what you focus on.
• 20:50
  SPEAKER_02: Oh, that was incredible information for our listeners.
• 20:53
  SPEAKER_02: Thank you so much, Winnie.
• 20:56
  SPEAKER_02: You're welcome.
• 20:58
  SPEAKER_02: Sorry, Joyce, may I just add one more thing?
• 21:00
  SPEAKER_02: sure please do um yeah and i mean creating uh a system for how you start your day and end your day and how you preview your week so um that is probably the last key thing that i i do to help balance my my world yes oh yes great great tips for people on balancing everything together Well, as busy as you are, what are the steps that you see next for yourself?
• 21:37
  SPEAKER_02: Well, at this time, what I'm working on is completing my book, my very first book, which will also be called Cash Smart for Life.
• 21:50
  SPEAKER_02: And like I kind of alluded to it before, is just completing the online course.
• 21:58
  SPEAKER_02: to go with that book.
• 22:02
  SPEAKER_02: Oh, how exciting.
• 22:04
  SPEAKER_02: As busy as you are, you're taking time to write a book also.
• 22:07
  SPEAKER_02: Oh, my, that is exciting too.
• 22:10
  SPEAKER_02: Oh, Winnie, that's awesome.
• 22:13
  SPEAKER_02: Well, this has been such a fantastic interview.
• 22:17
  SPEAKER_02: And as we are getting to a close, what are some final thoughts, tips, tools that you would like to leave with our listeners today?
• 22:32
  SPEAKER_02: Well, I feel like I've been dropping tools all throughout our interview today, so I'm not sure that I have much more to add in terms of tools and resources.
• 22:48
  SPEAKER_02: I guess my last thought really for our interview today is that gratitude is one of the quickest ways that I have found that lifts lifts me up no matter what state I'm in and um because I'm very focused and what I love talking about is you know how can people be um you know cashmark for life and uh you know how can they improve that area of their life um I always start with gratitude definitely and very grateful for what I have what I do and um and I truly hope that um that what I do spills into your life and adds a lot more value and brings you and your family closer together.
• 23:40
  SPEAKER_02: Oh, that was a great, great thought to leave with everyone.
• 23:46
  SPEAKER_02: That was just beautiful, and I love the gratitude.
• 23:48
  SPEAKER_02: Yes, gratitude journals and being grateful are so very important in our lives.
• 23:55
  SPEAKER_02: Thank you so much for that great thought, Minnie.
• 23:58
  SPEAKER_02: Truly beautiful.
• 24:01
  SPEAKER_02: And Winnie, I want to thank you for being my guest.
• 24:04
  SPEAKER_02: And I do hope you will return and keep us updated on your Cash Smart for Life book and all the happenings that are happening in your life in the future.
• 24:15
  SPEAKER_02: We would love to have you come back on Divas at Care and keep us updated.
• 24:21
  SPEAKER_02: Well, I appreciate that so very much.
• 24:23
  SPEAKER_02: Thank you for taking the time to connect with me today.
• 24:27
  SPEAKER_02: And thank Just putting out the invite all together.
• 24:30
  SPEAKER_02: So thank you so much, Joyce.
• 24:33
  SPEAKER_02: And thank you, Candice.
• 24:36
  SPEAKER_02: You are so welcome, Winnie.
• 24:38
  SPEAKER_02: And you have a fantastic rest of your day.
• 24:41
  SPEAKER_02: Will do.
• 24:43
  SPEAKER_02: Okay.
• 24:43
  SPEAKER_02: And we will be posting all of Winnie's social media links to this podcast.
• 24:48
  SPEAKER_02: And I want to thank you all for listening to this interview with our amazing diva, Winnie Lau.
• 24:54
  SPEAKER_02: Please share this show with your family and friends along with telling them they may listen to Divas That Care podcast on Spotify, Stitcher, SoundCloud, or any place they listen to podcasts.
• 25:07
  SPEAKER_02: Be sure to check out all the hosts and their shows on DivasThatCare.com.
• 25:12
  SPEAKER_02: Have a fantastic day.
• 25:13
  SPEAKER_02: Remember, be kind to all.
• 25:16
  SPEAKER_02: Give your animals a hug and share your love with them.
• 25:18
  SPEAKER_02: Until next time, stay strong and healthy.