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Wealth Without Bay Street 195: Using the Infinite Banking Concept to Reset Your Business
What exactly does it look like to completely restart your life after 30 years and finding out that you're losing a business you've worked so hard in?
Well, our amazing client Laura Harkin has gone through this challenging experience, and she's here to share the valuable lessons she's learned.
From establishing a holding company and setting up a family trust to ensuring a secure financial legacy for the next generation, Laura shows us how to hit that reset button on life with confidence.
DON’T MISS this episode of 𝙒𝙚𝙖𝙡𝙩𝙝 𝙒𝙞𝙩𝙝𝙤𝙪𝙩 𝘽𝙖𝙮 𝙎𝙩𝙧𝙚𝙚𝙩 — Using the Infinite Banking Concept to Reset Your Business
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Cash Follow The Leader: https://cashfollows.com/
Canadians Guide To Wealth Building Without Risk: https://wealthwithoutbaystreet.com/wwbs-book-1/
IN THIS EPISODE, YOU WILL LEARN:
[00:00:02] Introduction
[00:05:04] Discovering the Infinite Banking Concept
[00:07:56] Cashing out a policy to buy furniture
[00:13:45] When long term succession is not properly setup
[00:19:30] How does retirement look like for you?
[00:24:11] Challenges and blessings from restarting a business in 2020
[00:29:22] Credit as capital
[00:44:33] Setting up a Family Trust, incorporating a HoldCo
[00:49:27] Seeking the path to become your own banker?
QUOTES:
- You can achieve time and financial freedom while in service to others.
- Spend time to make strategic decisions around building the future you want to create with infinite banking.
- Avoid the pitfalls of the family handshake agreements in business.
Laura Harkin is an entrepreneur, a devoted wife, and a loving mother to three beautiful children. Her journey of resilience and determination is truly inspiring, especially when she and husband Reuben decided to embark on a new business venture in 2020, right after experiencing a major setback from a family business they worked on for three decades.
Despite the limited support they received through the CEWS assistance program, Laura and her family managed to stand on their own feet. They seized the opportunity with the need for plexiglass glass barriers.
Within a mere 10 months of launching their new venture, they not only paid off all their loans but also generously rewarded employees with salary increases and bonuses. To their utter amazement, their business grew far beyond their wildest imaginations.
Laura's entrepreneurial spirit goes beyond the desire for a conventional retirement plan consisting of pensions and RRSPs. She is motivated to be her own banker by pursuing the IBC (Infinite Banking Concept). This approach will enable her to retire gracefully before the age of 60, all the while knowing that her hard-earned money is diligently working for her through her carefully crafted policies.
#familytrust #familygoals #estateplanning #wills #propertylaw #infinitebanking #lifeinsurance #generationalwealth #ibc #wholelifeinsurance #WWBS #RichardCanfield #JaysonLowe #HenryWong #BeYourOwnBanker #InfiniteBankin
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Learn how Canadians are Implementing Infinite Banking for Free Here:
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📚 IBC RECOMMENDED BOOKS
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📽️ WATCH THE DOCUMENTARY
Documentary Film This is Nelson Nash: https://www.ascendantfinancial.ca/nelson-nash-film/
💸 Financial Advisor? Learn about the Infinite Banking Concept here: Nelson Nash Institute Practitioner Program: https://infinitebanking.org/practitioners-program/ref/6/
EVA – Economic Value Add The Real Key To Creating Wealth Article: https://infinitebanking.org/the-real-key-to-creating-wealth/ref/6/