If you can’t tell, Cherry and I prefer to buy than rent. I like hard assets and being in control. I do rent some things like cottages, hotels, cars while on vacation as I want my life to be simple. We used to lease our cars for tax purposes and those are generally depreciating assets.
Other examples of wanting to be in control is of our estate when we pass on from this world. I don’t want our staff nor our kids to have to sell off our businesses or properties hence we invest in insurance to cover the taxes as the good old government will want their pound of flesh.
As we prefer to own over rent, we prefer whole life insurance over term life insurance. If you don’t know why that’s because you’re among the 99% of Canadians. I only learnt of the Infinite Banking Concept strategy a few years ago at my real estate mastermind where I’m the poor person in the room. Several members were already applying the Infinite Banking Concept and we even brought in an outside expert from one of the big banks to educate us on the subject. Unfortunately, the subject is confusing until we met Jayson Lowe, founder of Ascendant Financial, co-Author of “The Bankers’ Secret, a Simple Guide to Creating Personal Wealth for Canadians.” And leading Financial Professional in Canada.
Jayson being an expert in whole life insurance including being a client of all the insurance providers in Canada alone gives him more experience than anyone I know.
At the end of the day, Cherry and I’s policies, because we own them, shows up on our balance sheet with the banks which they love to see hence they’ll lend us more money. We can also borrow against our policies at rates low rates and can pay it back whenever we want. Cheap money, flexibility and control. All things I like hence our plans in 2023 include growing our policies.
To explain it in further detail, I give you Jayson Lowe.
For priority access to Jayson and his team go to: https://www.ascendantfinancial.ca/cherrychan