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Wealth Without Bay Street 156: Tax Free Retirement, Tax Controlled Passive Income with Richard & Jayson. This conversation between Richard and Jayson focuses on the idea of creating certainty and positive anticipation for the future by investing in a tool such as a dividend paying, participating whole life insurance policy. This type of policy is contractually guaranteed to accumulate cash value on a daily basis and can provide tax-free income and more net income to spend. Richard and Jayson also emphasize the importance of tax-free retirement planning and how to maximize financial freedom. They pointed out how people want money and to be able to enjoy their desired lifestyle in retirement, but they need to figure out how to get the most out of the system. This means understanding how taxes work and finding ways to minimize taxes in order to maximize financial freedom.
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IN THIS EPISODE, YOU WILL LEARN:
0:00 Intro
3:47 What does it mean to have the freedom of money?
5:22 Common scenarios for clients who are trying to prepare for their future
8:14 Case study: Tax-free passive income for a family of four using insurance contracts
12:05 Third-party loans for retirement planning in Canada
13:57 Dividend-paying participating whole life insurance
17:36 Benefits of certainty and control in financial planning
20:57 Making the most out of whole life insurance policies for tax planning
25:07 Liquidity test: Know how much your net worth and your liquidity is
30:07 Exploring the family banking system and passive income strategies
31:03 Impact of inflation and interest rates on vehicle loans
34:11 New ways to generate income
36:39 Control as the key to financial freedom and security
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Canadians Guide To Wealth Building Without Risk
https://www.amazon.ca/Canadians-Guide-Wealth-Building-Without/dp/B0BB5S5D6C
Wealth Without Bay Street is a Founding Member of the SMB PODCAST NETWORK visit https://www.smbpodcastnetwork.com/ to learn