{"version":"1.0.0","segments":[{"speaker":"Average Joe Finances","startTime":2.19,"endTime":4.59,"body":"Hey, Welcome back"},{"speaker":"Average Joe Finances","startTime":2.19,"endTime":4.59,"body":"to the Average Joe Finances podcast."},{"speaker":"Average Joe Finances","startTime":4.59,"endTime":9.06,"body":"I'm your host, Mike Cavaggioni, and"},{"speaker":"Average Joe Finances","startTime":4.59,"endTime":9.06,"body":"today's guest is Richard Canfield."},{"speaker":"Average Joe Finances","startTime":9.065,"endTime":10.89,"body":"So Richard, super excited to have you on."},{"speaker":"Average Joe Finances","startTime":11.19,"endTime":15.155,"body":"We're gonna talk about something really"},{"speaker":"Average Joe Finances","startTime":11.19,"endTime":15.155,"body":"neat becoming your own banker, right?"},{"speaker":"Average Joe Finances","startTime":15.155,"endTime":17.765,"body":"Because everybody should be"},{"speaker":"Average Joe Finances","startTime":15.155,"endTime":17.765,"body":"their own banker in their life."},{"speaker":"Average Joe Finances","startTime":17.765,"endTime":21.974,"body":"We just talked about that a little"},{"speaker":"Average Joe Finances","startTime":17.765,"endTime":21.974,"body":"bit offline, and I'm really excited to"},{"speaker":"Average Joe Finances","startTime":21.974,"endTime":23.95,"body":"to hear your side and get into this."},{"speaker":"Average Joe Finances","startTime":23.95,"endTime":24.939,"body":"So welcome to the show."},{"speaker":"Richard Canfield","startTime":25.33,"endTime":26.439,"body":"I'm"},{"speaker":"Richard Canfield","startTime":25.33,"endTime":26.439,"body":"happy to be here, Mike."},{"speaker":"Richard Canfield","startTime":26.439,"endTime":28.27,"body":"I'm excited you have a great program."},{"speaker":"Richard Canfield","startTime":28.33,"endTime":30.759,"body":"I think you provide a ton of value"},{"speaker":"Richard Canfield","startTime":28.33,"endTime":30.759,"body":"to your listeners and hopefully"},{"speaker":"Richard Canfield","startTime":30.759,"endTime":33.365,"body":"I get to be a part of the list of"},{"speaker":"Richard Canfield","startTime":30.759,"endTime":33.365,"body":"people that gets to do the same."},{"speaker":"Average Joe Finances","startTime":34.144,"endTime":34.474,"body":"Awesome."},{"speaker":"Average Joe Finances","startTime":34.474,"endTime":35.224,"body":"Thank you so much for that."},{"speaker":"Average Joe Finances","startTime":35.224,"endTime":36.989,"body":"I really genuinely appreciate that."},{"speaker":"Average Joe Finances","startTime":37.289,"endTime":41.88,"body":"I think the show's gotten better as my"},{"speaker":"Average Joe Finances","startTime":37.289,"endTime":41.88,"body":"beard's gotten longer, so just gotta keep"},{"speaker":"Average Joe Finances","startTime":41.88,"endTime":43.349,"body":"that just gotta keep that going, ofcourse."},{"speaker":"Richard Canfield","startTime":43.374,"endTime":45.565,"body":"Once you get"},{"speaker":"Richard Canfield","startTime":43.374,"endTime":45.565,"body":"to episode 1000, it's gonna be"},{"speaker":"Richard Canfield","startTime":45.565,"endTime":46.764,"body":"all the way down to your knees."},{"speaker":"Richard Canfield","startTime":46.764,"endTime":49.349,"body":"You gonna be, everyone's gonna be like"},{"speaker":"Richard Canfield","startTime":46.764,"endTime":49.349,"body":"when's it gonna, you'll have to, you have"},{"speaker":"Richard Canfield","startTime":49.355,"endTime":52.593,"body":"to find an end point before you have to"},{"speaker":"Richard Canfield","startTime":49.355,"endTime":52.593,"body":"reset and grow the second beard, yeah."},{"speaker":"Average Joe Finances","startTime":52.599,"endTime":54.458,"body":"I'm actually getting"},{"speaker":"Average Joe Finances","startTime":52.599,"endTime":54.458,"body":"ready to trim it up a little bit just to"},{"speaker":"Average Joe Finances","startTime":54.458,"endTime":56.278,"body":"make sure, I can keep it growing clean."},{"speaker":"Average Joe Finances","startTime":56.278,"endTime":56.668,"body":"But yeah."},{"speaker":"Average Joe Finances","startTime":56.673,"endTime":60.108,"body":"Anyway Richard, I wanna start this"},{"speaker":"Average Joe Finances","startTime":56.673,"endTime":60.108,"body":"off the same way I start every podcast"},{"speaker":"Average Joe Finances","startTime":60.108,"endTime":63.378,"body":"episode, and we wanna know more about you."},{"speaker":"Average Joe Finances","startTime":63.378,"endTime":66.378,"body":"So if you could share a little bit"},{"speaker":"Average Joe Finances","startTime":63.378,"endTime":66.378,"body":"about yourself for our audience here."},{"speaker":"Average Joe Finances","startTime":66.658,"endTime":67.738,"body":"Tell us your story."},{"speaker":"Average Joe Finances","startTime":67.738,"endTime":69.898,"body":"Who is Richard Canfield?"},{"speaker":"Richard Canfield","startTime":70.748,"endTime":73.079,"body":"I'll do my best to"},{"speaker":"Richard Canfield","startTime":70.748,"endTime":73.079,"body":"keep it tight and I'll go like this."},{"speaker":"Richard Canfield","startTime":73.079,"endTime":76.569,"body":"I'm from a very small town in"},{"speaker":"Richard Canfield","startTime":73.079,"endTime":76.569,"body":"an area called Alberta Canada."},{"speaker":"Richard Canfield","startTime":76.628,"endTime":78.399,"body":"A lot of people would know"},{"speaker":"Richard Canfield","startTime":76.628,"endTime":78.399,"body":"about the Edmonton Oilers, so I"},{"speaker":"Richard Canfield","startTime":78.399,"endTime":80.289,"body":"grew up in that general region."},{"speaker":"Richard Canfield","startTime":80.289,"endTime":81.514,"body":"I'm a Conor McDavid fan."},{"speaker":"Richard Canfield","startTime":81.514,"endTime":83.584,"body":"Anyone who's a NHL hockey fan here."},{"speaker":"Richard Canfield","startTime":83.914,"endTime":87.183,"body":"And, when I grew up in this small"},{"speaker":"Richard Canfield","startTime":83.914,"endTime":87.183,"body":"community, we lived on an acreage,"},{"speaker":"Richard Canfield","startTime":87.183,"endTime":88.833,"body":"about 10 acres surrounded by farms."},{"speaker":"Richard Canfield","startTime":88.833,"endTime":92.373,"body":"So I grew up working like a farm hand,"},{"speaker":"Richard Canfield","startTime":88.833,"endTime":92.373,"body":"doing all the farm related activity."},{"speaker":"Richard Canfield","startTime":92.373,"endTime":94.173,"body":"I understood working hard at an early age."},{"speaker":"Richard Canfield","startTime":94.653,"endTime":97.593,"body":"And we actually had a"},{"speaker":"Richard Canfield","startTime":94.653,"endTime":97.593,"body":"service business as a family."},{"speaker":"Richard Canfield","startTime":97.643,"endTime":100.613,"body":"I was the heir to the portable"},{"speaker":"Richard Canfield","startTime":97.643,"endTime":100.613,"body":"toilet kingdom of cameras,"},{"speaker":"Richard Canfield","startTime":100.613,"endTime":101.693,"body":"Alberta, is what I used to say."},{"speaker":"Richard Canfield","startTime":102.063,"endTime":103.653,"body":"A prince to the throne, as it were."},{"speaker":"Average Joe Finances","startTime":104.153,"endTime":104.753,"body":"I like that throne."},{"speaker":"Richard Canfield","startTime":104.753,"endTime":105.883,"body":"Was the"},{"speaker":"Richard Canfield","startTime":104.753,"endTime":105.883,"body":"business that we were in."},{"speaker":"Richard Canfield","startTime":105.913,"endTime":109.608,"body":"My dad had a septic truck and so he"},{"speaker":"Richard Canfield","startTime":105.913,"endTime":109.608,"body":"did that for, surrounding communities."},{"speaker":"Richard Canfield","startTime":109.868,"endTime":114.618,"body":"Then that, that turned into my parents"},{"speaker":"Richard Canfield","startTime":109.868,"endTime":114.618,"body":"had a conversation one night, when some"},{"speaker":"Richard Canfield","startTime":114.618,"endTime":117.568,"body":"of the work was changing, the economy"},{"speaker":"Richard Canfield","startTime":114.618,"endTime":117.568,"body":"was shifting, and, my mom was gonna"},{"speaker":"Richard Canfield","startTime":117.573,"endTime":119.218,"body":"lose her position on this one job."},{"speaker":"Richard Canfield","startTime":119.218,"endTime":120.588,"body":"And she says we're in the shit anyway."},{"speaker":"Richard Canfield","startTime":120.588,"endTime":122.448,"body":"Why don't we just get"},{"speaker":"Richard Canfield","startTime":120.588,"endTime":122.448,"body":"deeper into that business?"},{"speaker":"Richard Canfield","startTime":122.453,"endTime":123.108,"body":"That's what happened."},{"speaker":"Richard Canfield","startTime":123.408,"endTime":126.468,"body":"So that was how the transition happened"},{"speaker":"Richard Canfield","startTime":123.408,"endTime":126.468,"body":"and we ended up getting into these,"},{"speaker":"Richard Canfield","startTime":126.468,"endTime":130.338,"body":"this portable toilet industry and that"},{"speaker":"Richard Canfield","startTime":126.468,"endTime":130.338,"body":"just sped up and steamrolled from there."},{"speaker":"Richard Canfield","startTime":130.338,"endTime":132.138,"body":"And so I spent the bulk of my youth."},{"speaker":"Richard Canfield","startTime":132.638,"endTime":135.008,"body":"Working in the family business"},{"speaker":"Richard Canfield","startTime":132.638,"endTime":135.008,"body":"and so I even got to drive,"},{"speaker":"Richard Canfield","startTime":135.008,"endTime":135.938,"body":"we call it the honey wagon."},{"speaker":"Richard Canfield","startTime":135.938,"endTime":137.078,"body":"I drove that to school."},{"speaker":"Richard Canfield","startTime":137.388,"endTime":138.978,"body":"When I was a teenager and stuff."},{"speaker":"Richard Canfield","startTime":138.978,"endTime":140.808,"body":"And and I would leave school"},{"speaker":"Richard Canfield","startTime":138.978,"endTime":140.808,"body":"and I would go right to work."},{"speaker":"Richard Canfield","startTime":140.813,"endTime":144.233,"body":"So I learned about a lot about"},{"speaker":"Richard Canfield","startTime":140.813,"endTime":144.233,"body":"working hard, but we didn't realize"},{"speaker":"Richard Canfield","startTime":144.233,"endTime":145.673,"body":"and didn't understand at that point."},{"speaker":"Richard Canfield","startTime":145.673,"endTime":147.263,"body":"Time in my life was about"},{"speaker":"Richard Canfield","startTime":145.673,"endTime":147.263,"body":"things like coaching."},{"speaker":"Richard Canfield","startTime":147.263,"endTime":147.323,"body":"I."},{"speaker":"Richard Canfield","startTime":147.843,"endTime":152.643,"body":"And how you could go get resources"},{"speaker":"Richard Canfield","startTime":147.843,"endTime":152.643,"body":"to, to create efficiencies and systems"},{"speaker":"Richard Canfield","startTime":152.643,"endTime":157.413,"body":"and, the whole like Kiyosaki Cashflow"},{"speaker":"Richard Canfield","startTime":152.643,"endTime":157.413,"body":"Quadrant scenario, we were definitely"},{"speaker":"Richard Canfield","startTime":157.413,"endTime":159.993,"body":"the S quadrant individual family."},{"speaker":"Richard Canfield","startTime":159.993,"endTime":164.223,"body":"We weren't in the B quadrant and we were"},{"speaker":"Richard Canfield","startTime":159.993,"endTime":164.223,"body":"really just employed by our own business,"},{"speaker":"Richard Canfield","startTime":164.473,"endTime":165.923,"body":"and we were just running and running."},{"speaker":"Richard Canfield","startTime":165.923,"endTime":166.883,"body":"And so I spent that."},{"speaker":"Richard Canfield","startTime":167.263,"endTime":169.873,"body":"Whole part of my youth thinking about"},{"speaker":"Richard Canfield","startTime":167.263,"endTime":169.873,"body":"that was the way that businesses"},{"speaker":"Richard Canfield","startTime":169.873,"endTime":172.063,"body":"operated, and it didn't really"},{"speaker":"Richard Canfield","startTime":169.873,"endTime":172.063,"body":"seem like it was a lot of fun."},{"speaker":"Richard Canfield","startTime":172.663,"endTime":175.113,"body":"And shooting forward to, to,"},{"speaker":"Richard Canfield","startTime":172.663,"endTime":175.113,"body":"leaving that environment."},{"speaker":"Richard Canfield","startTime":175.113,"endTime":176.743,"body":"I went and got my electrical ticket."},{"speaker":"Richard Canfield","startTime":176.743,"endTime":178.453,"body":"So I'm a recovering electrician by trade."},{"speaker":"Richard Canfield","startTime":178.853,"endTime":180.773,"body":"My mentor Nelson Nash will"},{"speaker":"Richard Canfield","startTime":178.853,"endTime":180.773,"body":"talk about him in a minute."},{"speaker":"Richard Canfield","startTime":181.058,"endTime":184.268,"body":"I was doing a speaking event at one of"},{"speaker":"Richard Canfield","startTime":181.058,"endTime":184.268,"body":"our conferences and he introduced me."},{"speaker":"Richard Canfield","startTime":184.268,"endTime":187.628,"body":"He says Richard's been recovering as"},{"speaker":"Richard Canfield","startTime":184.268,"endTime":187.628,"body":"an electrician for almost 14 years."},{"speaker":"Richard Canfield","startTime":187.678,"endTime":189.268,"body":"He's finally able to"},{"speaker":"Richard Canfield","startTime":187.678,"endTime":189.268,"body":"turn a light switch on."},{"speaker":"Richard Canfield","startTime":189.268,"endTime":192.478,"body":"Thankfully I do turn the light switch on"},{"speaker":"Richard Canfield","startTime":189.268,"endTime":192.478,"body":"now, and I'm still recovering, but it was"},{"speaker":"Richard Canfield","startTime":192.478,"endTime":193.888,"body":"a great trade and I learned a lot there."},{"speaker":"Richard Canfield","startTime":193.948,"endTime":197.818,"body":"I met a lot of people while I was in"},{"speaker":"Richard Canfield","startTime":193.948,"endTime":197.818,"body":"that environment getting started there."},{"speaker":"Richard Canfield","startTime":197.818,"endTime":201.298,"body":"I was also still actively being involved"},{"speaker":"Richard Canfield","startTime":197.818,"endTime":201.298,"body":"in the real estate investment area."},{"speaker":"Richard Canfield","startTime":201.873,"endTime":204.003,"body":"My parents and I had bought"},{"speaker":"Richard Canfield","startTime":201.873,"endTime":204.003,"body":"our first property when I was"},{"speaker":"Richard Canfield","startTime":204.003,"endTime":207.913,"body":"about 12 years old, and it was a"},{"speaker":"Richard Canfield","startTime":204.003,"endTime":207.913,"body":"sweeped house, up, down duplex."},{"speaker":"Richard Canfield","startTime":208.243,"endTime":211.233,"body":"And I learned a lot about how much"},{"speaker":"Richard Canfield","startTime":208.243,"endTime":211.233,"body":"I didn't like managing tenants."},{"speaker":"Richard Canfield","startTime":211.803,"endTime":214.563,"body":"How much tenants can destroy a property"},{"speaker":"Richard Canfield","startTime":211.803,"endTime":214.563,"body":"if you don't pick 'em very well."},{"speaker":"Richard Canfield","startTime":215.103,"endTime":216.903,"body":"I learned that dogs named Goliath."},{"speaker":"Richard Canfield","startTime":217.308,"endTime":222.228,"body":"Are actually dogs named Goliath and"},{"speaker":"Richard Canfield","startTime":217.308,"endTime":222.228,"body":"they can destroy a yard that you"},{"speaker":"Richard Canfield","startTime":222.228,"endTime":223.908,"body":"have to go and fix as a teenager."},{"speaker":"Richard Canfield","startTime":223.908,"endTime":225.018,"body":"So I learned a lot of these things."},{"speaker":"Richard Canfield","startTime":225.018,"endTime":226.788,"body":"I shingled my first roofs there."},{"speaker":"Richard Canfield","startTime":227.098,"endTime":228.988,"body":"I moved more appliances"},{"speaker":"Richard Canfield","startTime":227.098,"endTime":228.988,"body":"and I care to count."},{"speaker":"Richard Canfield","startTime":229.408,"endTime":232.208,"body":"I learned how to paint and"},{"speaker":"Richard Canfield","startTime":229.408,"endTime":232.208,"body":"fix, do drywall repairs."},{"speaker":"Richard Canfield","startTime":232.213,"endTime":236.563,"body":"I did all that stuff in my early"},{"speaker":"Richard Canfield","startTime":232.213,"endTime":236.563,"body":"teens because of this one property."},{"speaker":"Richard Canfield","startTime":237.043,"endTime":240.728,"body":"And when we finally sold that"},{"speaker":"Richard Canfield","startTime":237.043,"endTime":240.728,"body":"property, I had all the experience."},{"speaker":"Richard Canfield","startTime":241.208,"endTime":243.038,"body":"But I didn't really have a"},{"speaker":"Richard Canfield","startTime":241.208,"endTime":243.038,"body":"lot of the money, and now I"},{"speaker":"Richard Canfield","startTime":243.038,"endTime":244.448,"body":"did get some out of the deal."},{"speaker":"Richard Canfield","startTime":244.518,"endTime":248.598,"body":"We sold right before the market started"},{"speaker":"Richard Canfield","startTime":244.518,"endTime":248.598,"body":"to take off in our area, and I said, I'm"},{"speaker":"Richard Canfield","startTime":248.598,"endTime":251.808,"body":"never doing that again because I just"},{"speaker":"Richard Canfield","startTime":248.598,"endTime":251.808,"body":"saw this like negative baggage around it."},{"speaker":"Average Joe Finances","startTime":252.228,"endTime":254.338,"body":"A quick"},{"speaker":"Average Joe Finances","startTime":252.228,"endTime":254.338,"body":"question, was it also in your name?"},{"speaker":"Average Joe Finances","startTime":254.518,"endTime":255.298,"body":"The duplex?"},{"speaker":"Richard Canfield","startTime":255.898,"endTime":258.048,"body":"Yeah, so I"},{"speaker":"Richard Canfield","startTime":255.898,"endTime":258.048,"body":"was one, I was on title as a"},{"speaker":"Richard Canfield","startTime":258.048,"endTime":259.938,"body":"beneficial interest to the property."},{"speaker":"Average Joe Finances","startTime":260.028,"endTime":260.208,"body":"Nice."},{"speaker":"Average Joe Finances","startTime":260.218,"endTime":260.398,"body":"Okay."},{"speaker":"Richard Canfield","startTime":260.488,"endTime":262.288,"body":"So effectively,"},{"speaker":"Richard Canfield","startTime":260.488,"endTime":262.288,"body":"yes, that's how my parents"},{"speaker":"Richard Canfield","startTime":262.288,"endTime":263.008,"body":"had set everything up."},{"speaker":"Richard Canfield","startTime":263.458,"endTime":266.458,"body":"And when we sold the property, I"},{"speaker":"Richard Canfield","startTime":263.458,"endTime":266.458,"body":"said, I'm never doing this again,"},{"speaker":"Richard Canfield","startTime":266.458,"endTime":269.383,"body":"because I had all this kind of baggage"},{"speaker":"Richard Canfield","startTime":266.458,"endTime":269.383,"body":"that had built up, working hard."},{"speaker":"Richard Canfield","startTime":269.713,"endTime":273.383,"body":"And then what I realized, we went"},{"speaker":"Richard Canfield","startTime":269.713,"endTime":273.383,"body":"to a seminar really a couple months"},{"speaker":"Richard Canfield","startTime":273.383,"endTime":277.343,"body":"later, and in that we learned about"},{"speaker":"Richard Canfield","startTime":273.383,"endTime":277.343,"body":"this concept of what we call virtual"},{"speaker":"Richard Canfield","startTime":277.343,"endTime":278.603,"body":"apartment building, where you could get."},{"speaker":"Richard Canfield","startTime":278.898,"endTime":282.428,"body":"A, a property that was a condo"},{"speaker":"Richard Canfield","startTime":278.898,"endTime":282.428,"body":"conversion, it's all being taken"},{"speaker":"Richard Canfield","startTime":282.428,"endTime":283.628,"body":"care of, it's being renovated."},{"speaker":"Richard Canfield","startTime":283.628,"endTime":285.638,"body":"It's, it's gonna go from like old to new."},{"speaker":"Richard Canfield","startTime":285.938,"endTime":289.373,"body":"You could buy the unit and, you"},{"speaker":"Richard Canfield","startTime":285.938,"endTime":289.373,"body":"could basically stack units like"},{"speaker":"Richard Canfield","startTime":289.373,"endTime":292.183,"body":"this every once or two, twice a"},{"speaker":"Richard Canfield","startTime":289.373,"endTime":292.183,"body":"year or every couple of years."},{"speaker":"Richard Canfield","startTime":292.188,"endTime":295.333,"body":"You buy another one might be in a"},{"speaker":"Richard Canfield","startTime":292.188,"endTime":295.333,"body":"different market environment, but"},{"speaker":"Richard Canfield","startTime":295.333,"endTime":297.433,"body":"because you're spreading out bunch"},{"speaker":"Richard Canfield","startTime":295.333,"endTime":297.433,"body":"of different markets, you have a"},{"speaker":"Richard Canfield","startTime":297.433,"endTime":301.153,"body":"little bit of diversification there"},{"speaker":"Richard Canfield","startTime":297.433,"endTime":301.153,"body":"from market cycles, et cetera."},{"speaker":"Richard Canfield","startTime":301.363,"endTime":303.253,"body":"And then you would just continue"},{"speaker":"Richard Canfield","startTime":301.363,"endTime":303.253,"body":"doing that and they wouldn't"},{"speaker":"Richard Canfield","startTime":303.253,"endTime":304.513,"body":"really cashflow a great deal."},{"speaker":"Richard Canfield","startTime":304.513,"endTime":305.173,"body":"But once you."},{"speaker":"Richard Canfield","startTime":305.513,"endTime":306.263,"body":"Pay them off."},{"speaker":"Richard Canfield","startTime":306.293,"endTime":308.213,"body":"You have this long-term cash flow."},{"speaker":"Richard Canfield","startTime":308.213,"endTime":311.723,"body":"So it was a very long-term thinking model,"},{"speaker":"Richard Canfield","startTime":308.213,"endTime":311.723,"body":"but the key for me, that really got me"},{"speaker":"Richard Canfield","startTime":311.723,"endTime":313.283,"body":"as a young man who had just turned 18."},{"speaker":"Richard Canfield","startTime":314.008,"endTime":315.178,"body":"I never have to meet a tenant."},{"speaker":"Richard Canfield","startTime":315.538,"endTime":316.768,"body":"I never have to paint any walls."},{"speaker":"Richard Canfield","startTime":316.918,"endTime":318.298,"body":"I never have to move an appliance."},{"speaker":"Richard Canfield","startTime":318.388,"endTime":320.098,"body":"There are no Goliath dogs."},{"speaker":"Richard Canfield","startTime":320.098,"endTime":322.768,"body":"There are no, none of these things"},{"speaker":"Richard Canfield","startTime":320.098,"endTime":322.768,"body":"that the experiences that were"},{"speaker":"Richard Canfield","startTime":322.768,"endTime":323.913,"body":"negative for me would be there."},{"speaker":"Richard Canfield","startTime":324.243,"endTime":327.423,"body":"And so I immediately, shortly thereafter,"},{"speaker":"Richard Canfield","startTime":324.243,"endTime":327.423,"body":"selling that first property, we"},{"speaker":"Richard Canfield","startTime":327.423,"endTime":329.973,"body":"got into the next one and then the"},{"speaker":"Richard Canfield","startTime":327.423,"endTime":329.973,"body":"next one, and then the next one."},{"speaker":"Richard Canfield","startTime":329.973,"endTime":332.913,"body":"And so we started building up Doug there"},{"speaker":"Richard Canfield","startTime":329.973,"endTime":332.913,"body":"while I was starting my electrical career."},{"speaker":"Richard Canfield","startTime":333.453,"endTime":337.363,"body":"And then when I sold the next property"},{"speaker":"Richard Canfield","startTime":333.453,"endTime":337.363,"body":"that that first one that we bought,"},{"speaker":"Richard Canfield","startTime":337.363,"endTime":339.883,"body":"that was a virtual apartment building"},{"speaker":"Richard Canfield","startTime":337.363,"endTime":339.883,"body":"style, it was about three years later."},{"speaker":"Richard Canfield","startTime":340.153,"endTime":345.793,"body":"I remember getting my first $15,000 check"},{"speaker":"Richard Canfield","startTime":340.153,"endTime":345.793,"body":"and I thought, okay, there is something"},{"speaker":"Richard Canfield","startTime":345.793,"endTime":349.493,"body":"after all to this real estate deal, and"},{"speaker":"Richard Canfield","startTime":345.793,"endTime":349.493,"body":"this is going back to about 2000 and."},{"speaker":"Richard Canfield","startTime":350.078,"endTime":352.688,"body":"Maybe 2002, 2003, something like that."},{"speaker":"Richard Canfield","startTime":352.778,"endTime":353.588,"body":"It's quite a while ago."},{"speaker":"Richard Canfield","startTime":353.978,"endTime":355.953,"body":"And I realized I wanted"},{"speaker":"Richard Canfield","startTime":353.978,"endTime":355.953,"body":"to double down on that."},{"speaker":"Richard Canfield","startTime":355.953,"endTime":359.013,"body":"So I really started getting into"},{"speaker":"Richard Canfield","startTime":355.953,"endTime":359.013,"body":"the real estate investment industry."},{"speaker":"Richard Canfield","startTime":359.353,"endTime":362.353,"body":"Taking courses, meeting a lot"},{"speaker":"Richard Canfield","startTime":359.353,"endTime":362.353,"body":"of people, a lot of networking."},{"speaker":"Richard Canfield","startTime":362.563,"endTime":365.593,"body":"Got involved in some real estate"},{"speaker":"Richard Canfield","startTime":362.563,"endTime":365.593,"body":"investment network groups and"},{"speaker":"Richard Canfield","startTime":365.593,"endTime":366.943,"body":"I had a lot of fun doing that."},{"speaker":"Richard Canfield","startTime":366.973,"endTime":369.313,"body":"And of course that led me down"},{"speaker":"Richard Canfield","startTime":366.973,"endTime":369.313,"body":"a personal development track."},{"speaker":"Richard Canfield","startTime":369.853,"endTime":374.113,"body":"And through that mechanism of going and"},{"speaker":"Richard Canfield","startTime":369.853,"endTime":374.113,"body":"doing all that work and spending all"},{"speaker":"Richard Canfield","startTime":374.113,"endTime":378.493,"body":"that money on those courses and meeting"},{"speaker":"Richard Canfield","startTime":374.113,"endTime":378.493,"body":"all the gurus, I came to realize that."},{"speaker":"Richard Canfield","startTime":378.943,"endTime":382.723,"body":"What I'm meant to do in the world is"},{"speaker":"Richard Canfield","startTime":378.943,"endTime":382.723,"body":"really to be able to take information"},{"speaker":"Richard Canfield","startTime":382.723,"endTime":385.033,"body":"that I've aggregated and be able"},{"speaker":"Richard Canfield","startTime":382.723,"endTime":385.033,"body":"to share it with other people."},{"speaker":"Richard Canfield","startTime":385.033,"endTime":388.213,"body":"So similar to the format of what"},{"speaker":"Richard Canfield","startTime":385.033,"endTime":388.213,"body":"your podcast does, not unlike your"},{"speaker":"Richard Canfield","startTime":388.213,"endTime":391.603,"body":"own journey, Mike, I think to some"},{"speaker":"Richard Canfield","startTime":388.213,"endTime":391.603,"body":"degree you just almost feel called"},{"speaker":"Richard Canfield","startTime":391.608,"endTime":393.258,"body":"and pulled to do that type of work."},{"speaker":"Richard Canfield","startTime":393.528,"endTime":396.733,"body":"And so I found that was the case and"},{"speaker":"Richard Canfield","startTime":393.528,"endTime":396.733,"body":"know that'll lead us up to my part"},{"speaker":"Richard Canfield","startTime":396.733,"endTime":399.613,"body":"of the journey where we get to the"},{"speaker":"Richard Canfield","startTime":396.733,"endTime":399.613,"body":"process of becoming your own banker."},{"speaker":"Richard Canfield","startTime":399.903,"endTime":403.583,"body":"But what was interesting is when I"},{"speaker":"Richard Canfield","startTime":399.903,"endTime":403.583,"body":"got this book, so the book called"},{"speaker":"Richard Canfield","startTime":403.583,"endTime":407.033,"body":"Becoming Your Own Banker, written"},{"speaker":"Richard Canfield","startTime":403.583,"endTime":407.033,"body":"by r Nelson Nash, I received"},{"speaker":"Richard Canfield","startTime":407.038,"endTime":409.373,"body":"that book in the summer of 2009."},{"speaker":"Richard Canfield","startTime":410.343,"endTime":412.533,"body":"And it was recommended by a good"},{"speaker":"Richard Canfield","startTime":410.343,"endTime":412.533,"body":"friend of mine who I, who's a business"},{"speaker":"Richard Canfield","startTime":412.533,"endTime":415.503,"body":"partner of mine today, and we actually"},{"speaker":"Richard Canfield","startTime":412.533,"endTime":415.503,"body":"have our own podcast called Wealth"},{"speaker":"Richard Canfield","startTime":415.503,"endTime":416.703,"body":"Health Bay Street together, him and I."},{"speaker":"Richard Canfield","startTime":417.243,"endTime":421.678,"body":"And when I received that book and I"},{"speaker":"Richard Canfield","startTime":417.243,"endTime":421.678,"body":"finally read it, what I realized is,"},{"speaker":"Richard Canfield","startTime":421.678,"endTime":426.138,"body":"this is the thing I've been looking"},{"speaker":"Richard Canfield","startTime":421.678,"endTime":426.138,"body":"for my whole life for at the time,"},{"speaker":"Richard Canfield","startTime":426.143,"endTime":429.258,"body":"being Canada, of course we do this,"},{"speaker":"Richard Canfield","startTime":426.143,"endTime":429.258,"body":"all over North America presently."},{"speaker":"Richard Canfield","startTime":429.258,"endTime":431.978,"body":"But being in Canada at the time, the"},{"speaker":"Richard Canfield","startTime":429.258,"endTime":431.978,"body":"exchange rate was pretty abysmal."},{"speaker":"Richard Canfield","startTime":432.638,"endTime":435.878,"body":"It cost me about 50, $55 to"},{"speaker":"Richard Canfield","startTime":432.638,"endTime":435.878,"body":"get a $20 book to my door."},{"speaker":"Richard Canfield","startTime":436.328,"endTime":436.688,"body":"Okay?"},{"speaker":"Richard Canfield","startTime":437.258,"endTime":441.848,"body":"And after reading that book, what"},{"speaker":"Richard Canfield","startTime":437.258,"endTime":441.848,"body":"I realized is in 92 pages, I got a"},{"speaker":"Richard Canfield","startTime":441.848,"endTime":447.158,"body":"better financial education than the"},{"speaker":"Richard Canfield","startTime":441.848,"endTime":447.158,"body":"$40,000 I had spent in the 10 years"},{"speaker":"Richard Canfield","startTime":447.158,"endTime":450.098,"body":"prior going to all the courses and"},{"speaker":"Richard Canfield","startTime":447.158,"endTime":450.098,"body":"doing all the personal development."},{"speaker":"Richard Canfield","startTime":451.238,"endTime":456.518,"body":"And I really got to thinking, I"},{"speaker":"Richard Canfield","startTime":451.238,"endTime":456.518,"body":"said, if that's true for me, how many"},{"speaker":"Richard Canfield","startTime":456.518,"endTime":458.138,"body":"other people would that be true for?"},{"speaker":"Richard Canfield","startTime":459.293,"endTime":462.533,"body":"Why am I putting all the money"},{"speaker":"Richard Canfield","startTime":459.293,"endTime":462.533,"body":"and giving all the gurus my money?"},{"speaker":"Richard Canfield","startTime":462.953,"endTime":466.293,"body":"If for this for what's in this book,"},{"speaker":"Richard Canfield","startTime":462.953,"endTime":466.293,"body":"I could have just learned things."},{"speaker":"Richard Canfield","startTime":466.293,"endTime":468.483,"body":"I could have just shortcutted a"},{"speaker":"Richard Canfield","startTime":466.293,"endTime":468.483,"body":"bunch of things and I could have got"},{"speaker":"Richard Canfield","startTime":468.483,"endTime":469.953,"body":"myself on the right track right away."},{"speaker":"Richard Canfield","startTime":470.343,"endTime":473.573,"body":"So I felt a little bit gypped, in"},{"speaker":"Richard Canfield","startTime":470.343,"endTime":473.573,"body":"my experience, and I didn't wanna"},{"speaker":"Richard Canfield","startTime":473.573,"endTime":475.103,"body":"discount anything I learned, of course."},{"speaker":"Richard Canfield","startTime":475.103,"endTime":475.914,"body":"And learning is learning."},{"speaker":"Richard Canfield","startTime":475.919,"endTime":479.873,"body":"There's nothing wrong with that, but"},{"speaker":"Richard Canfield","startTime":475.919,"endTime":479.873,"body":"I, it was just a pure realization to"},{"speaker":"Richard Canfield","startTime":479.873,"endTime":484.433,"body":"me that things could have just been so"},{"speaker":"Richard Canfield","startTime":479.873,"endTime":484.433,"body":"much better had I got the book first."},{"speaker":"Richard Canfield","startTime":484.663,"endTime":485.893,"body":"Before all that other stuff."},{"speaker":"Richard Canfield","startTime":485.943,"endTime":490.354,"body":"And so I immediately began to go into the"},{"speaker":"Richard Canfield","startTime":485.943,"endTime":490.354,"body":"discovery and the implementation phase."},{"speaker":"Richard Canfield","startTime":490.354,"endTime":494.403,"body":"Cuz at that point in time in"},{"speaker":"Richard Canfield","startTime":490.354,"endTime":494.403,"body":"Canada, we didn't really know how"},{"speaker":"Richard Canfield","startTime":494.408,"endTime":495.933,"body":"we were gonna implement the process."},{"speaker":"Richard Canfield","startTime":495.933,"endTime":497.823,"body":"So we had to go into"},{"speaker":"Richard Canfield","startTime":495.933,"endTime":497.823,"body":"that discovery and learn."},{"speaker":"Richard Canfield","startTime":497.823,"endTime":500.883,"body":"And the end result is, and you asked"},{"speaker":"Richard Canfield","startTime":497.823,"endTime":500.883,"body":"me before we hit the record button,"},{"speaker":"Richard Canfield","startTime":501.334,"endTime":503.704,"body":"you know how the process of becoming"},{"speaker":"Richard Canfield","startTime":501.334,"endTime":503.704,"body":"our own banker, the infinite banking"},{"speaker":"Richard Canfield","startTime":503.704,"endTime":506.913,"body":"concept operates in north of the"},{"speaker":"Richard Canfield","startTime":503.704,"endTime":506.913,"body":"border versus south of the border."},{"speaker":"Richard Canfield","startTime":506.913,"endTime":507.753,"body":"They're very much the same."},{"speaker":"Richard Canfield","startTime":507.753,"endTime":508.833,"body":"There's not a big difference there."},{"speaker":"Richard Canfield","startTime":509.073,"endTime":510.603,"body":"The differences are quite minor."},{"speaker":"Richard Canfield","startTime":510.923,"endTime":512.333,"body":"And they're technical of nature."},{"speaker":"Richard Canfield","startTime":512.333,"endTime":515.664,"body":"There's usually around our tax system,"},{"speaker":"Richard Canfield","startTime":512.333,"endTime":515.664,"body":"there's not a lot of difference as far"},{"speaker":"Richard Canfield","startTime":515.664,"endTime":519.473,"body":"as how you implement the concept and the"},{"speaker":"Richard Canfield","startTime":515.664,"endTime":519.473,"body":"way the concept itself works in general."},{"speaker":"Richard Canfield","startTime":519.624,"endTime":521.394,"body":"There really is no, no"},{"speaker":"Richard Canfield","startTime":519.624,"endTime":521.394,"body":"functional difference."},{"speaker":"Richard Canfield","startTime":521.753,"endTime":524.753,"body":"And so once we really understood that,"},{"speaker":"Richard Canfield","startTime":521.753,"endTime":524.753,"body":"we just went to work and got started."},{"speaker":"Richard Canfield","startTime":525.114,"endTime":530.138,"body":"And so now I'm entering my 14th year"},{"speaker":"Richard Canfield","startTime":525.114,"endTime":530.138,"body":"of teaching this concept to families,"},{"speaker":"Richard Canfield","startTime":530.439,"endTime":531.939,"body":"business owners, real estate investors."},{"speaker":"Richard Canfield","startTime":532.478,"endTime":534.728,"body":"And I'm having a heck of"},{"speaker":"Richard Canfield","startTime":532.478,"endTime":534.728,"body":"a lot of fun doing it."},{"speaker":"Richard Canfield","startTime":534.788,"endTime":539.514,"body":"And we just launched our third book"},{"speaker":"Richard Canfield","startTime":534.788,"endTime":539.514,"body":"about the topic and we got a best"},{"speaker":"Richard Canfield","startTime":539.514,"endTime":542.544,"body":"Amazon bestseller status here last"},{"speaker":"Richard Canfield","startTime":539.514,"endTime":542.544,"body":"week when we did our book launch."},{"speaker":"Richard Canfield","startTime":542.934,"endTime":544.674,"body":"So we're having a lot of"},{"speaker":"Richard Canfield","startTime":542.934,"endTime":544.674,"body":"fun with what we're doing."},{"speaker":"Richard Canfield","startTime":544.679,"endTime":545.634,"body":"And all we're really doing."},{"speaker":"Average Joe Finances","startTime":545.634,"endTime":545.754,"body":"Congrats."},{"speaker":"Richard Canfield","startTime":545.754,"endTime":547.144,"body":"Is we're"},{"speaker":"Richard Canfield","startTime":545.754,"endTime":547.144,"body":"taking Oh, thank you very much."},{"speaker":"Richard Canfield","startTime":547.144,"endTime":547.804,"body":"I appreciate that."},{"speaker":"Richard Canfield","startTime":547.854,"endTime":552.054,"body":"We're taking the message that was"},{"speaker":"Richard Canfield","startTime":547.854,"endTime":552.054,"body":"instilled on me from Nelson Nash, who"},{"speaker":"Richard Canfield","startTime":552.054,"endTime":553.784,"body":"was the guy who developed this concept."},{"speaker":"Richard Canfield","startTime":554.319,"endTime":557.769,"body":"He became my friend and my mentor, and he"},{"speaker":"Richard Canfield","startTime":554.319,"endTime":557.769,"body":"completely and totally changed my life."},{"speaker":"Richard Canfield","startTime":558.369,"endTime":561.339,"body":"And there's not a single aspect"},{"speaker":"Richard Canfield","startTime":558.369,"endTime":561.339,"body":"of my life, Mike, that hasn't been"},{"speaker":"Richard Canfield","startTime":561.339,"endTime":565.839,"body":"positively impacted in some way,"},{"speaker":"Richard Canfield","startTime":561.339,"endTime":565.839,"body":"in some measure by getting to meet,"},{"speaker":"Richard Canfield","startTime":566.109,"endTime":571.149,"body":"know, and understand Nelson Nash and"},{"speaker":"Richard Canfield","startTime":566.109,"endTime":571.149,"body":"the concept that he created right"},{"speaker":"Richard Canfield","startTime":571.149,"endTime":572.559,"body":"down to my personal relationships."},{"speaker":"Richard Canfield","startTime":572.679,"endTime":576.098,"body":"Everything has been positively"},{"speaker":"Richard Canfield","startTime":572.679,"endTime":576.098,"body":"impacted simply by getting to"},{"speaker":"Richard Canfield","startTime":576.098,"endTime":577.569,"body":"know who that individual was."},{"speaker":"Average Joe Finances","startTime":578.329,"endTime":578.509,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":578.509,"endTime":579.474,"body":"No, that's awesome."},{"speaker":"Average Joe Finances","startTime":579.504,"endTime":583.284,"body":"So Richard, before I, we like dive"},{"speaker":"Average Joe Finances","startTime":579.504,"endTime":583.284,"body":"a little bit deeper into infinite"},{"speaker":"Average Joe Finances","startTime":583.284,"endTime":587.214,"body":"banking and talking about your mentor"},{"speaker":"Average Joe Finances","startTime":583.284,"endTime":587.214,"body":"I was taking some notes as you were"},{"speaker":"Average Joe Finances","startTime":587.214,"endTime":592.283,"body":"going and I'm curious as to what"},{"speaker":"Average Joe Finances","startTime":587.214,"endTime":592.283,"body":"this virtual apartments were like."},{"speaker":"Average Joe Finances","startTime":592.289,"endTime":596.904,"body":"You described it and in my head I'm"},{"speaker":"Average Joe Finances","startTime":592.289,"endTime":596.904,"body":"telling myself this sounds very much"},{"speaker":"Average Joe Finances","startTime":596.934,"endTime":598.914,"body":"a real estate syndication, right?"},{"speaker":"Average Joe Finances","startTime":598.914,"endTime":604.863,"body":"So are you actually going in as like a"},{"speaker":"Average Joe Finances","startTime":598.914,"endTime":604.863,"body":"partner on these properties and you're"},{"speaker":"Average Joe Finances","startTime":604.863,"endTime":610.204,"body":"completely hands off, but it's an actual"},{"speaker":"Average Joe Finances","startTime":604.863,"endTime":610.204,"body":"physical property or is it really virtual?"},{"speaker":"Average Joe Finances","startTime":610.204,"endTime":610.834,"body":"What does that look like?"},{"speaker":"Richard Canfield","startTime":611.764,"endTime":613.554,"body":"So the idea"},{"speaker":"Richard Canfield","startTime":611.764,"endTime":613.554,"body":"and of course when this was being"},{"speaker":"Richard Canfield","startTime":613.554,"endTime":616.234,"body":"presented, I remember it was like"},{"speaker":"Richard Canfield","startTime":613.554,"endTime":616.234,"body":"one of those you go to the dinner,"},{"speaker":"Richard Canfield","startTime":616.239,"endTime":619.174,"body":"they pay for dinner and they try to"},{"speaker":"Richard Canfield","startTime":616.239,"endTime":619.174,"body":"sell you something basically ideals."},{"speaker":"Richard Canfield","startTime":619.594,"endTime":620.884,"body":"And it was a great dinner by the way."},{"speaker":"Richard Canfield","startTime":620.884,"endTime":621.484,"body":"It was fantastic."},{"speaker":"Average Joe Finances","startTime":622.234,"endTime":622.534,"body":"Time shares."},{"speaker":"Richard Canfield","startTime":622.774,"endTime":623.224,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":623.224,"endTime":623.494,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":623.494,"endTime":625.629,"body":"They, the idea they had an image."},{"speaker":"Richard Canfield","startTime":625.629,"endTime":627.669,"body":"Cause this was before"},{"speaker":"Richard Canfield","startTime":625.629,"endTime":627.669,"body":"PowerPoints were really good."},{"speaker":"Richard Canfield","startTime":627.669,"endTime":630.219,"body":"It was really, the internet was"},{"speaker":"Richard Canfield","startTime":627.669,"endTime":630.219,"body":"still pretty crappy at that point."},{"speaker":"Richard Canfield","startTime":630.309,"endTime":631.289,"body":"We're talking we're"},{"speaker":"Richard Canfield","startTime":630.309,"endTime":631.289,"body":"talking a long time ago."},{"speaker":"Richard Canfield","startTime":631.289,"endTime":633.709,"body":"We're talking like 1999"},{"speaker":"Richard Canfield","startTime":631.289,"endTime":633.709,"body":"is what we're back to."},{"speaker":"Richard Canfield","startTime":634.218,"endTime":638.409,"body":"And they had an image of an apartment"},{"speaker":"Richard Canfield","startTime":634.218,"endTime":638.409,"body":"building and then they had Different"},{"speaker":"Richard Canfield","startTime":638.469,"endTime":642.519,"body":"condos in that building, but that had"},{"speaker":"Richard Canfield","startTime":638.469,"endTime":642.519,"body":"different v different looks about them."},{"speaker":"Richard Canfield","startTime":642.939,"endTime":645.699,"body":"And then, imagine like a, like"},{"speaker":"Richard Canfield","startTime":642.939,"endTime":645.699,"body":"an image where it points off to"},{"speaker":"Richard Canfield","startTime":645.699,"endTime":648.039,"body":"a point in the map and it's hey,"},{"speaker":"Richard Canfield","startTime":645.699,"endTime":648.039,"body":"this one's over in this location,"},{"speaker":"Richard Canfield","startTime":648.044,"endTime":649.029,"body":"this one's over in this location."},{"speaker":"Richard Canfield","startTime":649.239,"endTime":652.479,"body":"So really it was just"},{"speaker":"Richard Canfield","startTime":649.239,"endTime":652.479,"body":"having a condominium unit."},{"speaker":"Richard Canfield","startTime":652.944,"endTime":657.284,"body":"In different buildings that were"},{"speaker":"Richard Canfield","startTime":652.944,"endTime":657.284,"body":"located in different geographic"},{"speaker":"Richard Canfield","startTime":657.284,"endTime":659.084,"body":"locations, at least across Canada."},{"speaker":"Richard Canfield","startTime":659.294,"endTime":661.973,"body":"So you're spread out a"},{"speaker":"Richard Canfield","startTime":659.294,"endTime":661.973,"body":"little bit by city economy."},{"speaker":"Richard Canfield","startTime":662.363,"endTime":665.434,"body":"So municipal provincial or state economy."},{"speaker":"Richard Canfield","startTime":665.673,"endTime":668.403,"body":"And then, geographically across"},{"speaker":"Richard Canfield","startTime":665.673,"endTime":668.403,"body":"the board, because where I'm from"},{"speaker":"Richard Canfield","startTime":668.403,"endTime":670.293,"body":"in Alberta, it's very oil based."},{"speaker":"Richard Canfield","startTime":670.293,"endTime":672.274,"body":"It's we're like the Texas"},{"speaker":"Richard Canfield","startTime":670.293,"endTime":672.274,"body":"of Canada essentially."},{"speaker":"Richard Canfield","startTime":672.743,"endTime":676.008,"body":"And there, there's a cycle that happens"},{"speaker":"Richard Canfield","startTime":672.743,"endTime":676.008,"body":"there when the economy, when oil's up"},{"speaker":"Richard Canfield","startTime":676.014,"endTime":677.718,"body":"and down and it causes a boom bust cycle."},{"speaker":"Richard Canfield","startTime":677.718,"endTime":681.049,"body":"It's pretty severe and often"},{"speaker":"Richard Canfield","startTime":677.718,"endTime":681.049,"body":"we're the economic engine that"},{"speaker":"Richard Canfield","startTime":681.054,"endTime":682.218,"body":"leads a lot of the country."},{"speaker":"Richard Canfield","startTime":682.218,"endTime":685.459,"body":"However, that engine shuts down"},{"speaker":"Richard Canfield","startTime":682.218,"endTime":685.459,"body":"for a couple of years and then"},{"speaker":"Richard Canfield","startTime":685.459,"endTime":686.748,"body":"before it ramps back up again."},{"speaker":"Richard Canfield","startTime":687.108,"endTime":690.023,"body":"And during those cycles, it has"},{"speaker":"Richard Canfield","startTime":687.108,"endTime":690.023,"body":"a real impact on market values."},{"speaker":"Richard Canfield","startTime":690.084,"endTime":691.464,"body":"It has an impact on rents."},{"speaker":"Richard Canfield","startTime":691.883,"endTime":694.213,"body":"And so You're always in"},{"speaker":"Richard Canfield","startTime":691.883,"endTime":694.213,"body":"some measure of that cycle."},{"speaker":"Richard Canfield","startTime":694.213,"endTime":698.723,"body":"So having something outside of that cycle,"},{"speaker":"Richard Canfield","startTime":694.213,"endTime":698.723,"body":"that's at a different fa, different phase."},{"speaker":"Richard Canfield","startTime":698.753,"endTime":702.103,"body":"So typically, let's say in the"},{"speaker":"Richard Canfield","startTime":698.753,"endTime":702.103,"body":"eastern section of the country,"},{"speaker":"Richard Canfield","startTime":702.433,"endTime":703.873,"body":"manufacturing is much higher."},{"speaker":"Richard Canfield","startTime":703.878,"endTime":705.553,"body":"They have a more stable cycle."},{"speaker":"Richard Canfield","startTime":705.763,"endTime":708.403,"body":"And when this, when this one"},{"speaker":"Richard Canfield","startTime":705.763,"endTime":708.403,"body":"goes down, that one tends to"},{"speaker":"Richard Canfield","startTime":708.463,"endTime":709.813,"body":"be in a superior position."},{"speaker":"Richard Canfield","startTime":710.023,"endTime":712.573,"body":"So there's some stabilization"},{"speaker":"Richard Canfield","startTime":710.023,"endTime":712.573,"body":"in your portfolio that you can"},{"speaker":"Richard Canfield","startTime":712.573,"endTime":713.563,"body":"create through that mindset."},{"speaker":"Richard Canfield","startTime":713.563,"endTime":713.623,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":713.623,"endTime":714.373,"body":"And that really."},{"speaker":"Average Joe Finances","startTime":714.378,"endTime":715.573,"body":"It"},{"speaker":"Average Joe Finances","startTime":714.378,"endTime":715.573,"body":"adds a lot of diversity."},{"speaker":"Richard Canfield","startTime":716.038,"endTime":716.998,"body":"Yeah, exactly."},{"speaker":"Average Joe Finances","startTime":717.208,"endTime":718.318,"body":"Yeah that's interesting."},{"speaker":"Average Joe Finances","startTime":718.318,"endTime":721.078,"body":"So cuz again, like when you first"},{"speaker":"Average Joe Finances","startTime":718.318,"endTime":721.078,"body":"described it to me, it sounded like"},{"speaker":"Average Joe Finances","startTime":721.078,"endTime":724.048,"body":"a real estate syndication, but at the"},{"speaker":"Average Joe Finances","startTime":721.078,"endTime":724.048,"body":"same time it's so much different, right?"},{"speaker":"Average Joe Finances","startTime":724.053,"endTime":727.078,"body":"Because yeah, you're getting a"},{"speaker":"Average Joe Finances","startTime":724.053,"endTime":727.078,"body":"couple different units, but they're"},{"speaker":"Average Joe Finances","startTime":727.078,"endTime":730.108,"body":"gonna be in different buildings and"},{"speaker":"Average Joe Finances","startTime":727.078,"endTime":730.108,"body":"different towns in different areas."},{"speaker":"Average Joe Finances","startTime":730.498,"endTime":732.778,"body":"So you actually own that unit, right?"},{"speaker":"Average Joe Finances","startTime":732.778,"endTime":734.938,"body":"But somebody else manages"},{"speaker":"Average Joe Finances","startTime":732.778,"endTime":734.938,"body":"it and takes care of it."},{"speaker":"Average Joe Finances","startTime":735.478,"endTime":736.378,"body":"Is that how that works?"},{"speaker":"Richard Canfield","startTime":736.383,"endTime":736.458,"body":"Correct."},{"speaker":"Richard Canfield","startTime":736.463,"endTime":740.698,"body":"So that was the key feature that really,"},{"speaker":"Richard Canfield","startTime":736.463,"endTime":740.698,"body":"no more Goliath to chase down exactly."},{"speaker":"Richard Canfield","startTime":741.078,"endTime":746.118,"body":"The concept was that they would institute"},{"speaker":"Richard Canfield","startTime":741.078,"endTime":746.118,"body":"a rental pool scenario, and that"},{"speaker":"Richard Canfield","startTime":746.118,"endTime":747.828,"body":"rental pool would be wholly managed."},{"speaker":"Richard Canfield","startTime":747.888,"endTime":752.018,"body":"You wouldn't really have to, basically"},{"speaker":"Richard Canfield","startTime":747.888,"endTime":752.018,"body":"it's, turnkey type property, obviously,"},{"speaker":"Richard Canfield","startTime":752.028,"endTime":754.698,"body":"when you pay for the management"},{"speaker":"Richard Canfield","startTime":752.028,"endTime":754.698,"body":"level, there's a cost of that."},{"speaker":"Richard Canfield","startTime":755.048,"endTime":757.758,"body":"That, turns the screws on"},{"speaker":"Richard Canfield","startTime":755.048,"endTime":757.758,"body":"your cashflow a little bit."},{"speaker":"Richard Canfield","startTime":758.088,"endTime":761.748,"body":"But the purpose of these buildings, for"},{"speaker":"Richard Canfield","startTime":758.088,"endTime":761.748,"body":"me upfront as a young man, wasn't to"},{"speaker":"Richard Canfield","startTime":761.748,"endTime":763.488,"body":"generate a huge amount of cashflow I have."},{"speaker":"Richard Canfield","startTime":763.768,"endTime":767.248,"body":"I got 60 years of working potential"},{"speaker":"Richard Canfield","startTime":763.768,"endTime":767.248,"body":"that I didn't really need the cashflow."},{"speaker":"Richard Canfield","startTime":767.248,"endTime":770.789,"body":"What I wanted was the"},{"speaker":"Richard Canfield","startTime":767.248,"endTime":770.789,"body":"asset to get it paid for."},{"speaker":"Richard Canfield","startTime":771.094,"endTime":776.674,"body":"Over a 15, 20 year timeframe so that"},{"speaker":"Richard Canfield","startTime":771.094,"endTime":776.674,"body":"I would have this ongoing asset that"},{"speaker":"Richard Canfield","startTime":776.674,"endTime":779.644,"body":"would be there for me, and then I would"},{"speaker":"Richard Canfield","startTime":776.674,"endTime":779.644,"body":"just keep accumulating, was the concept."},{"speaker":"Richard Canfield","startTime":779.644,"endTime":782.674,"body":"And now I've gone about, since I've"},{"speaker":"Richard Canfield","startTime":779.644,"endTime":782.674,"body":"learned a lot more in real estate, I've"},{"speaker":"Richard Canfield","startTime":782.679,"endTime":784.414,"body":"gone about doing things a different way."},{"speaker":"Richard Canfield","startTime":784.744,"endTime":788.339,"body":"But the premise of that never really"},{"speaker":"Richard Canfield","startTime":784.744,"endTime":788.339,"body":"left my mind and it's simplicity."},{"speaker":"Richard Canfield","startTime":788.549,"endTime":788.909,"body":"Now."},{"speaker":"Richard Canfield","startTime":788.939,"endTime":792.218,"body":"Shoot forward today, literally I"},{"speaker":"Richard Canfield","startTime":788.939,"endTime":792.218,"body":"was having I, we bought another"},{"speaker":"Richard Canfield","startTime":792.218,"endTime":793.449,"body":"unit with that same company."},{"speaker":"Richard Canfield","startTime":793.509,"endTime":794.079,"body":"It's in a."},{"speaker":"Richard Canfield","startTime":794.388,"endTime":797.508,"body":"An area that's been much more impacted"},{"speaker":"Richard Canfield","startTime":794.388,"endTime":797.508,"body":"by market cycles, unfortunately."},{"speaker":"Richard Canfield","startTime":797.808,"endTime":798.768,"body":"Tell you a little horror story."},{"speaker":"Richard Canfield","startTime":798.768,"endTime":800.808,"body":"It's at one time at the market peak."},{"speaker":"Richard Canfield","startTime":800.858,"endTime":802.928,"body":"It was appraised at 225,000."},{"speaker":"Richard Canfield","startTime":803.408,"endTime":805.508,"body":"Today, I'd be lucky to"},{"speaker":"Richard Canfield","startTime":803.408,"endTime":805.508,"body":"get 30 grand for it."},{"speaker":"Richard Canfield","startTime":805.884,"endTime":807.084,"body":"We paid 79."},{"speaker":"Richard Canfield","startTime":807.834,"endTime":809.514,"body":"That's over a 20 year timeframe."},{"speaker":"Richard Canfield","startTime":809.634,"endTime":815.454,"body":"Now it's in a very oil centric"},{"speaker":"Richard Canfield","startTime":809.634,"endTime":815.454,"body":"marketplace that has been very depressed"},{"speaker":"Richard Canfield","startTime":815.454,"endTime":818.544,"body":"and impacted in the last number of"},{"speaker":"Richard Canfield","startTime":815.454,"endTime":818.544,"body":"years from some economic aspect."},{"speaker":"Richard Canfield","startTime":819.054,"endTime":822.454,"body":"The end result is I went and pulled"},{"speaker":"Richard Canfield","startTime":819.054,"endTime":822.454,"body":"land titles, titles on the property from"},{"speaker":"Richard Canfield","startTime":822.454,"endTime":825.123,"body":"about 150 units of 180 unit complex."},{"speaker":"Richard Canfield","startTime":825.784,"endTime":829.473,"body":"I paid a VA to go and get the data"},{"speaker":"Richard Canfield","startTime":825.784,"endTime":829.473,"body":"and try to search those people out."},{"speaker":"Richard Canfield","startTime":829.684,"endTime":833.523,"body":"I put a one page lead page together with"},{"speaker":"Richard Canfield","startTime":829.684,"endTime":833.523,"body":"a video saying, Hey, I want you to send"},{"speaker":"Richard Canfield","startTime":833.523,"endTime":836.283,"body":"me your proxies for the next meeting"},{"speaker":"Richard Canfield","startTime":833.523,"endTime":836.283,"body":"because I don't like what's going on."},{"speaker":"Richard Canfield","startTime":836.283,"endTime":838.233,"body":"We're gonna do a hostile"},{"speaker":"Richard Canfield","startTime":836.283,"endTime":838.233,"body":"takeover of this condo board."},{"speaker":"Richard Canfield","startTime":839.133,"endTime":840.153,"body":"And then that's what we did."},{"speaker":"Richard Canfield","startTime":840.183,"endTime":841.903,"body":"And then it was been a long process."},{"speaker":"Richard Canfield","startTime":841.903,"endTime":843.824,"body":"We're now in year three of"},{"speaker":"Richard Canfield","startTime":841.903,"endTime":843.824,"body":"trying to revive and bring"},{"speaker":"Richard Canfield","startTime":843.824,"endTime":844.993,"body":"that building back in a place."},{"speaker":"Richard Canfield","startTime":845.263,"endTime":848.563,"body":"And we're literally just signing to"},{"speaker":"Richard Canfield","startTime":845.263,"endTime":848.563,"body":"hire a new rental property management"},{"speaker":"Richard Canfield","startTime":848.563,"endTime":852.858,"body":"company effectively today to try"},{"speaker":"Richard Canfield","startTime":848.563,"endTime":852.858,"body":"to bring that back up in a format."},{"speaker":"Richard Canfield","startTime":852.908,"endTime":855.948,"body":"So the idea of the lack"},{"speaker":"Richard Canfield","startTime":852.908,"endTime":855.948,"body":"of work that was there."},{"speaker":"Richard Canfield","startTime":855.964,"endTime":859.773,"body":"It was pretty good for the better"},{"speaker":"Richard Canfield","startTime":855.964,"endTime":859.773,"body":"part of 20 years, but the amount"},{"speaker":"Richard Canfield","startTime":859.773,"endTime":864.694,"body":"of work I've done in three years"},{"speaker":"Richard Canfield","startTime":859.773,"endTime":864.694,"body":"outweighs that 20 years in my opinion."},{"speaker":"Richard Canfield","startTime":864.694,"endTime":868.444,"body":"So conceptually everything is good,"},{"speaker":"Richard Canfield","startTime":864.694,"endTime":868.444,"body":"but it doesn't mean it always,"},{"speaker":"Richard Canfield","startTime":868.483,"endTime":869.834,"body":"it's always gonna land home."},{"speaker":"Richard Canfield","startTime":869.863,"endTime":875.163,"body":"So all I'm saying is that I think I'm"},{"speaker":"Richard Canfield","startTime":869.863,"endTime":875.163,"body":"given certain real estate experiences."},{"speaker":"Richard Canfield","startTime":876.528,"endTime":879.288,"body":"Horror stories, if you will, so that"},{"speaker":"Richard Canfield","startTime":876.528,"endTime":879.288,"body":"I have the ability to share those with"},{"speaker":"Richard Canfield","startTime":879.288,"endTime":881.838,"body":"other people as the tales of the trenches."},{"speaker":"Richard Canfield","startTime":881.898,"endTime":885.943,"body":"And the more that you can hear some of"},{"speaker":"Richard Canfield","startTime":881.898,"endTime":885.943,"body":"those as a real estate investor it doesn't"},{"speaker":"Richard Canfield","startTime":885.943,"endTime":889.243,"body":"mean that you're gonna experience the"},{"speaker":"Richard Canfield","startTime":885.943,"endTime":889.243,"body":"same thing, but when you have the context"},{"speaker":"Richard Canfield","startTime":889.248,"endTime":893.383,"body":"of what someone else has gone through,"},{"speaker":"Richard Canfield","startTime":889.248,"endTime":893.383,"body":"it can help you be more mindful as you"},{"speaker":"Richard Canfield","startTime":893.383,"endTime":894.793,"body":"go about making your future decisions."},{"speaker":"Richard Canfield","startTime":894.943,"endTime":898.333,"body":"Cuz a lot of people get so amped up"},{"speaker":"Richard Canfield","startTime":894.943,"endTime":898.333,"body":"and excited about real estate, but"},{"speaker":"Richard Canfield","startTime":898.333,"endTime":900.463,"body":"then they have really good years."},{"speaker":"Richard Canfield","startTime":900.463,"endTime":905.193,"body":"They're in that boom cycle, and as soon"},{"speaker":"Richard Canfield","startTime":900.463,"endTime":905.193,"body":"as the winds of change come about, that's"},{"speaker":"Richard Canfield","startTime":905.193,"endTime":909.423,"body":"when you start to re, you really get to"},{"speaker":"Richard Canfield","startTime":905.193,"endTime":909.423,"body":"recognize were you built for this or not?"},{"speaker":"Richard Canfield","startTime":909.423,"endTime":911.433,"body":"Do you have the stick factor"},{"speaker":"Richard Canfield","startTime":909.423,"endTime":911.433,"body":"and the sustainability to"},{"speaker":"Richard Canfield","startTime":911.438,"endTime":912.603,"body":"go through the hard times?"},{"speaker":"Richard Canfield","startTime":912.608,"endTime":913.768,"body":"Cuz hard times will show up."},{"speaker":"Average Joe Finances","startTime":915.088,"endTime":916.288,"body":"Yeah"},{"speaker":"Average Joe Finances","startTime":915.088,"endTime":916.288,"body":"that's super interesting."},{"speaker":"Average Joe Finances","startTime":916.288,"endTime":919.288,"body":"So no, I appreciate you going into"},{"speaker":"Average Joe Finances","startTime":916.288,"endTime":919.288,"body":"so much detail with that for me,"},{"speaker":"Average Joe Finances","startTime":919.288,"endTime":922.833,"body":"cuz I think it was it was something"},{"speaker":"Average Joe Finances","startTime":919.288,"endTime":922.833,"body":"I never heard of before, so it was"},{"speaker":"Average Joe Finances","startTime":922.833,"endTime":924.158,"body":"pretty neat to learn about that."},{"speaker":"Average Joe Finances","startTime":924.608,"endTime":927.938,"body":"Now let's get down to the meat"},{"speaker":"Average Joe Finances","startTime":924.608,"endTime":927.938,"body":"and potatoes of what we're gonna"},{"speaker":"Average Joe Finances","startTime":927.943,"endTime":931.238,"body":"talk about today, which is gonna"},{"speaker":"Average Joe Finances","startTime":927.943,"endTime":931.238,"body":"be infinite banking, right?"},{"speaker":"Average Joe Finances","startTime":931.298,"endTime":935.618,"body":"So now obviously, you got into"},{"speaker":"Average Joe Finances","startTime":931.298,"endTime":935.618,"body":"real estate, you saw some of"},{"speaker":"Average Joe Finances","startTime":935.618,"endTime":937.088,"body":"the good, the bad, and the ugly."},{"speaker":"Average Joe Finances","startTime":937.523,"endTime":942.444,"body":"And then, somehow it evolved into"},{"speaker":"Average Joe Finances","startTime":937.523,"endTime":942.444,"body":"where you're at today, where you're"},{"speaker":"Average Joe Finances","startTime":942.448,"endTime":946.534,"body":"now doing infinite banking, you"},{"speaker":"Average Joe Finances","startTime":942.448,"endTime":946.534,"body":"became your own banker and you utilize"},{"speaker":"Average Joe Finances","startTime":946.534,"endTime":948.184,"body":"that, to purchase more real estate."},{"speaker":"Average Joe Finances","startTime":948.233,"endTime":951.144,"body":"So if we could get into that a"},{"speaker":"Average Joe Finances","startTime":948.233,"endTime":951.144,"body":"little bit, if you could tell me"},{"speaker":"Average Joe Finances","startTime":951.614,"endTime":956.204,"body":"what is it that attracted you to"},{"speaker":"Average Joe Finances","startTime":951.614,"endTime":956.204,"body":"this method, and then what did you"},{"speaker":"Average Joe Finances","startTime":956.204,"endTime":958.513,"body":"actually learn from Nelson Nash?"},{"speaker":"Richard Canfield","startTime":959.904,"endTime":960.714,"body":"Lots unpacked there."},{"speaker":"Richard Canfield","startTime":960.714,"endTime":961.253,"body":"Here's what I'm gonna do."},{"speaker":"Richard Canfield","startTime":961.253,"endTime":962.664,"body":"Yeah, I'm gonna, I'm"},{"speaker":"Richard Canfield","startTime":961.253,"endTime":962.664,"body":"gonna get it this way."},{"speaker":"Richard Canfield","startTime":962.664,"endTime":963.654,"body":"I'll ask a couple questions."},{"speaker":"Richard Canfield","startTime":963.654,"endTime":967.203,"body":"So just, if you're listening just close"},{"speaker":"Richard Canfield","startTime":963.654,"endTime":967.203,"body":"your eyes for a second and picture this."},{"speaker":"Richard Canfield","startTime":967.714,"endTime":968.513,"body":"Imagine that you have."},{"speaker":"Richard Canfield","startTime":969.214,"endTime":973.293,"body":"45 properties, but it doesn't"},{"speaker":"Richard Canfield","startTime":969.214,"endTime":973.293,"body":"matter if they're two, multi-unit"},{"speaker":"Richard Canfield","startTime":973.293,"endTime":976.023,"body":"buildings, or they're just a whole"},{"speaker":"Richard Canfield","startTime":973.293,"endTime":976.023,"body":"bunch of single family homes."},{"speaker":"Richard Canfield","startTime":976.114,"endTime":976.384,"body":"Okay?"},{"speaker":"Richard Canfield","startTime":976.384,"endTime":977.674,"body":"You got 45 properties."},{"speaker":"Richard Canfield","startTime":978.394,"endTime":981.604,"body":"They're all 100% paid for zero debt."},{"speaker":"Richard Canfield","startTime":981.604,"endTime":983.283,"body":"You don't owe anyone else about them."},{"speaker":"Richard Canfield","startTime":983.289,"endTime":985.533,"body":"You gotta pay your property tax and"},{"speaker":"Richard Canfield","startTime":983.289,"endTime":985.533,"body":"everything, but there's no debt on"},{"speaker":"Richard Canfield","startTime":985.539,"endTime":990.723,"body":"the properties, no incumbents, and"},{"speaker":"Richard Canfield","startTime":985.539,"endTime":990.723,"body":"they're all producing a great cash"},{"speaker":"Richard Canfield","startTime":990.723,"endTime":994.983,"body":"flow and you can access without"},{"speaker":"Richard Canfield","startTime":990.723,"endTime":994.983,"body":"any questions, no questions asked."},{"speaker":"Richard Canfield","startTime":995.568,"endTime":999.198,"body":"You can go and access the equivalent"},{"speaker":"Richard Canfield","startTime":995.568,"endTime":999.198,"body":"of a home equity line of credit up"},{"speaker":"Richard Canfield","startTime":999.198,"endTime":1004.508,"body":"to 90% of the current market value"},{"speaker":"Richard Canfield","startTime":999.198,"endTime":1004.508,"body":"of those properties instantly."},{"speaker":"Richard Canfield","startTime":1005.078,"endTime":1006.728,"body":"No, don't have to ask"},{"speaker":"Richard Canfield","startTime":1005.078,"endTime":1006.728,"body":"anybody's permission."},{"speaker":"Richard Canfield","startTime":1006.728,"endTime":1007.628,"body":"You could just go and do it."},{"speaker":"Richard Canfield","startTime":1008.708,"endTime":1012.338,"body":"And if you did access any of that"},{"speaker":"Richard Canfield","startTime":1008.708,"endTime":1012.338,"body":"money, you get to control at your"},{"speaker":"Richard Canfield","startTime":1012.343,"endTime":1013.928,"body":"schedule how you repay the money."},{"speaker":"Richard Canfield","startTime":1014.978,"endTime":1018.768,"body":"And no banker can call you and say, oh,"},{"speaker":"Richard Canfield","startTime":1014.978,"endTime":1018.768,"body":"hey, we didn't get your interest payment"},{"speaker":"Richard Canfield","startTime":1018.768,"endTime":1021.258,"body":"this month, because you control the terms."},{"speaker":"Richard Canfield","startTime":1021.258,"endTime":1022.008,"body":"Does that make sense?"},{"speaker":"Richard Canfield","startTime":1022.058,"endTime":1023.228,"body":"So just imagine that for a moment."},{"speaker":"Average Joe Finances","startTime":1023.228,"endTime":1023.288,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":1024.098,"endTime":1027.758,"body":"Now, heaven"},{"speaker":"Richard Canfield","startTime":1024.098,"endTime":1027.758,"body":"forbid, God decides to call you"},{"speaker":"Richard Canfield","startTime":1027.758,"endTime":1029.258,"body":"home and you're no longer with us."},{"speaker":"Richard Canfield","startTime":1029.258,"endTime":1030.128,"body":"You've graduated."},{"speaker":"Richard Canfield","startTime":1030.728,"endTime":1031.178,"body":"All right."},{"speaker":"Richard Canfield","startTime":1031.598,"endTime":1033.998,"body":"These 45 properties have to transition."},{"speaker":"Richard Canfield","startTime":1034.568,"endTime":1039.908,"body":"Let's assume 17 of them"},{"speaker":"Richard Canfield","startTime":1034.568,"endTime":1039.908,"body":"are sold instantly."},{"speaker":"Richard Canfield","startTime":1039.913,"endTime":1045.638,"body":"Mike, instantly, at the moment that"},{"speaker":"Richard Canfield","startTime":1039.913,"endTime":1045.638,"body":"you pass away, they're sold 100% tax"},{"speaker":"Richard Canfield","startTime":1045.638,"endTime":1051.698,"body":"free, no capital gains, and they're"},{"speaker":"Richard Canfield","startTime":1045.638,"endTime":1051.698,"body":"sold for their highest ever recorded."},{"speaker":"Richard Canfield","startTime":1052.238,"endTime":1055.088,"body":"Market value and you don't even"},{"speaker":"Richard Canfield","startTime":1052.238,"endTime":1055.088,"body":"have to pay any real estate fees."},{"speaker":"Richard Canfield","startTime":1057.158,"endTime":1057.428,"body":"Okay."},{"speaker":"Richard Canfield","startTime":1057.488,"endTime":1058.359,"body":"How are we doing so far?"},{"speaker":"Richard Canfield","startTime":1058.418,"endTime":1059.018,"body":"Sounds pretty good."},{"speaker":"Richard Canfield","startTime":1059.018,"endTime":1059.139,"body":"Too."},{"speaker":"Richard Canfield","startTime":1059.139,"endTime":1059.588,"body":"Good to be true?"},{"speaker":"Richard Canfield","startTime":1059.588,"endTime":1059.978,"body":"You would say?"},{"speaker":"Average Joe Finances","startTime":1059.978,"endTime":1060.038,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1060.338,"endTime":1061.178,"body":"Tell me more."},{"speaker":"Average Joe Finances","startTime":1061.238,"endTime":1062.228,"body":"How do you do that?"},{"speaker":"Richard Canfield","startTime":1062.488,"endTime":1063.639,"body":"How do you do that now?"},{"speaker":"Richard Canfield","startTime":1063.668,"endTime":1066.428,"body":"Now, the remaining properties,"},{"speaker":"Richard Canfield","startTime":1063.668,"endTime":1066.428,"body":"the other two, the other 28"},{"speaker":"Richard Canfield","startTime":1066.428,"endTime":1068.438,"body":"properties are still there."},{"speaker":"Richard Canfield","startTime":1068.959,"endTime":1069.679,"body":"They're still available."},{"speaker":"Richard Canfield","startTime":1069.679,"endTime":1071.029,"body":"You can still access 90%."},{"speaker":"Richard Canfield","startTime":1071.029,"endTime":1074.149,"body":"They're still producing a"},{"speaker":"Richard Canfield","startTime":1071.029,"endTime":1074.149,"body":"cashflow and they're automatically"},{"speaker":"Richard Canfield","startTime":1074.149,"endTime":1077.999,"body":"transferred tax free to the people"},{"speaker":"Richard Canfield","startTime":1074.149,"endTime":1077.999,"body":"that you selected in your will."},{"speaker":"Richard Canfield","startTime":1078.929,"endTime":1081.509,"body":"With no additional"},{"speaker":"Richard Canfield","startTime":1078.929,"endTime":1081.509,"body":"transfers or tax payments."},{"speaker":"Richard Canfield","startTime":1083.399,"endTime":1087.569,"body":"I'm talking about property, but I'm not"},{"speaker":"Richard Canfield","startTime":1083.399,"endTime":1087.569,"body":"talking about property the way that we"},{"speaker":"Richard Canfield","startTime":1087.569,"endTime":1089.039,"body":"think of when it comes to real estate."},{"speaker":"Richard Canfield","startTime":1089.399,"endTime":1092.909,"body":"I'm talking about property in"},{"speaker":"Richard Canfield","startTime":1089.399,"endTime":1092.909,"body":"the way of contracts, whole life"},{"speaker":"Richard Canfield","startTime":1092.914,"endTime":1097.109,"body":"insurance contracts, and the story"},{"speaker":"Richard Canfield","startTime":1092.914,"endTime":1097.109,"body":"I'm sharing isn't even my story."},{"speaker":"Richard Canfield","startTime":1097.439,"endTime":1101.899,"body":"It's a real true story of Nelson Nash, who"},{"speaker":"Richard Canfield","startTime":1097.439,"endTime":1101.899,"body":"wrote the book, become Euro own banker."},{"speaker":"Richard Canfield","startTime":1101.904,"endTime":1103.429,"body":"He's the pioneer of this concept."},{"speaker":"Richard Canfield","startTime":1104.059,"endTime":1105.439,"body":"He was an amazing individual."},{"speaker":"Richard Canfield","startTime":1106.184,"endTime":1109.514,"body":"Just to have a conversation with him could"},{"speaker":"Richard Canfield","startTime":1106.184,"endTime":1109.514,"body":"have changed your life, in my opinion."},{"speaker":"Richard Canfield","startTime":1110.144,"endTime":1114.374,"body":"He left us and he"},{"speaker":"Richard Canfield","startTime":1110.144,"endTime":1114.374,"body":"graduated in March of 2019."},{"speaker":"Richard Canfield","startTime":1114.379,"endTime":1117.764,"body":"It's been four years"},{"speaker":"Richard Canfield","startTime":1114.379,"endTime":1117.764,"body":"since Nelson passed away."},{"speaker":"Richard Canfield","startTime":1118.814,"endTime":1120.524,"body":"He was calling people from his deathbed."},{"speaker":"Richard Canfield","startTime":1120.704,"endTime":1121.994,"body":"He knew he was going into a surgery."},{"speaker":"Richard Canfield","startTime":1121.994,"endTime":1123.284,"body":"He was pretty sure he wasn't coming out."},{"speaker":"Richard Canfield","startTime":1123.944,"endTime":1125.084,"body":"That's the kind of guy that he was."},{"speaker":"Richard Canfield","startTime":1125.654,"endTime":1129.644,"body":"Now, when Nelson passed away, he"},{"speaker":"Richard Canfield","startTime":1125.654,"endTime":1129.644,"body":"had 45 life insurance contracts."},{"speaker":"Richard Canfield","startTime":1130.544,"endTime":1133.574,"body":"17 of those contracts or properties."},{"speaker":"Richard Canfield","startTime":1134.549,"endTime":1135.449,"body":"On his life."},{"speaker":"Richard Canfield","startTime":1135.929,"endTime":1140.579,"body":"So the day that Nelson left, 17 of"},{"speaker":"Richard Canfield","startTime":1135.929,"endTime":1140.579,"body":"them paid out a tax free death benefit."},{"speaker":"Richard Canfield","startTime":1140.579,"endTime":1141.359,"body":"Does that make sense?"},{"speaker":"Richard Canfield","startTime":1142.409,"endTime":1146.589,"body":"Bypassed probate, bypassed all"},{"speaker":"Richard Canfield","startTime":1142.409,"endTime":1146.589,"body":"the stuff and they paid out"},{"speaker":"Richard Canfield","startTime":1146.589,"endTime":1147.879,"body":"at their highest ever value."},{"speaker":"Richard Canfield","startTime":1148.869,"endTime":1149.259,"body":"Okay."},{"speaker":"Richard Canfield","startTime":1149.529,"endTime":1152.559,"body":"So that's the highest appraisal of"},{"speaker":"Richard Canfield","startTime":1149.529,"endTime":1152.559,"body":"the real estate, if that makes sense."},{"speaker":"Richard Canfield","startTime":1153.149,"endTime":1159.039,"body":"And the remaining policy contracts that"},{"speaker":"Richard Canfield","startTime":1153.149,"endTime":1159.039,"body":"he had or pieces of real estate, the"},{"speaker":"Richard Canfield","startTime":1159.044,"endTime":1162.069,"body":"other 28, they were on different bodies."},{"speaker":"Richard Canfield","startTime":1162.119,"endTime":1162.899,"body":"Nelson wasn't."},{"speaker":"Richard Canfield","startTime":1162.899,"endTime":1165.839,"body":"He was the owner, but he"},{"speaker":"Richard Canfield","startTime":1162.899,"endTime":1165.839,"body":"wasn't the insured individual."},{"speaker":"Richard Canfield","startTime":1165.839,"endTime":1166.709,"body":"Does that make sense?"},{"speaker":"Richard Canfield","startTime":1167.009,"endTime":1170.939,"body":"See, you can get an insurance"},{"speaker":"Richard Canfield","startTime":1167.009,"endTime":1170.939,"body":"contract on anyone that you have a"},{"speaker":"Richard Canfield","startTime":1170.939,"endTime":1174.419,"body":"legitimate business interest in, an"},{"speaker":"Richard Canfield","startTime":1170.939,"endTime":1174.419,"body":"interest in that person being alive."},{"speaker":"Richard Canfield","startTime":1174.869,"endTime":1177.089,"body":"If you have an interest in them being"},{"speaker":"Richard Canfield","startTime":1174.869,"endTime":1177.089,"body":"dead, it's gonna be hard to get the"},{"speaker":"Richard Canfield","startTime":1177.094,"endTime":1180.209,"body":"contract, but if you have an interest in"},{"speaker":"Richard Canfield","startTime":1177.094,"endTime":1180.209,"body":"them being alive, it's not that difficult."},{"speaker":"Richard Canfield","startTime":1180.359,"endTime":1180.419,"body":"Okay?"},{"speaker":"Richard Canfield","startTime":1181.109,"endTime":1185.429,"body":"So he had acquired those on his children,"},{"speaker":"Richard Canfield","startTime":1181.109,"endTime":1185.429,"body":"business partners from the real estate"},{"speaker":"Richard Canfield","startTime":1185.429,"endTime":1189.539,"body":"business and his grandchildren, and he"},{"speaker":"Richard Canfield","startTime":1185.429,"endTime":1189.539,"body":"was working on his great-grandchildren."},{"speaker":"Richard Canfield","startTime":1189.959,"endTime":1194.039,"body":"Okay, so when Nelson left, those 28"},{"speaker":"Richard Canfield","startTime":1189.959,"endTime":1194.039,"body":"contracts are still enforced, and they"},{"speaker":"Richard Canfield","startTime":1194.039,"endTime":1199.139,"body":"automatically passed without taxation"},{"speaker":"Richard Canfield","startTime":1194.039,"endTime":1199.139,"body":"to the next person in line that he"},{"speaker":"Richard Canfield","startTime":1199.139,"endTime":1200.849,"body":"had selected to own those contracts."},{"speaker":"Richard Canfield","startTime":1201.149,"endTime":1205.829,"body":"Usually it was the parent of a child or"},{"speaker":"Richard Canfield","startTime":1201.149,"endTime":1205.829,"body":"the grandparent of a child, et cetera, so"},{"speaker":"Richard Canfield","startTime":1205.829,"endTime":1210.409,"body":"that they would facilitate the management"},{"speaker":"Richard Canfield","startTime":1205.829,"endTime":1210.409,"body":"of that until such a time as they go,"},{"speaker":"Richard Canfield","startTime":1210.679,"endTime":1212.329,"body":"and then it can be transferred again."},{"speaker":"Richard Canfield","startTime":1212.899,"endTime":1215.089,"body":"But those policies"},{"speaker":"Richard Canfield","startTime":1212.899,"endTime":1215.089,"body":"continue to grow in value."},{"speaker":"Richard Canfield","startTime":1215.509,"endTime":1218.299,"body":"They increase in what's called"},{"speaker":"Richard Canfield","startTime":1215.509,"endTime":1218.299,"body":"cash value every single day."},{"speaker":"Richard Canfield","startTime":1218.599,"endTime":1223.188,"body":"Uninterrupted, the ability to"},{"speaker":"Richard Canfield","startTime":1218.599,"endTime":1223.188,"body":"access capital, just like a home"},{"speaker":"Richard Canfield","startTime":1223.188,"endTime":1226.549,"body":"equity line is instantaneous,"},{"speaker":"Richard Canfield","startTime":1223.188,"endTime":1226.549,"body":"except you're not getting it from a"},{"speaker":"Richard Canfield","startTime":1226.549,"endTime":1227.928,"body":"traditional brick and mortar bank."},{"speaker":"Richard Canfield","startTime":1228.499,"endTime":1231.198,"body":"You're getting it from the"},{"speaker":"Richard Canfield","startTime":1228.499,"endTime":1231.198,"body":"insurance company that you co-own."},{"speaker":"Richard Canfield","startTime":1231.649,"endTime":1235.609,"body":"So when you take you, you pledge that"},{"speaker":"Richard Canfield","startTime":1231.649,"endTime":1235.609,"body":"policy as collateral, just like a house"},{"speaker":"Richard Canfield","startTime":1235.614,"endTime":1241.579,"body":"can be pledged and you access a policy"},{"speaker":"Richard Canfield","startTime":1235.614,"endTime":1241.579,"body":"loan, it is an unstructured loan."},{"speaker":"Richard Canfield","startTime":1241.969,"endTime":1245.359,"body":"Unstructured meaning there's"},{"speaker":"Richard Canfield","startTime":1241.969,"endTime":1245.359,"body":"no requirement for a repayment."},{"speaker":"Richard Canfield","startTime":1245.989,"endTime":1252.124,"body":"You as the policy owner, Have complete"},{"speaker":"Richard Canfield","startTime":1245.989,"endTime":1252.124,"body":"and total control over the repayment time"},{"speaker":"Richard Canfield","startTime":1252.694,"endTime":1257.434,"body":"method circumstance, that you wanna put"},{"speaker":"Richard Canfield","startTime":1252.694,"endTime":1257.434,"body":"that money back in, and as you put it"},{"speaker":"Richard Canfield","startTime":1257.434,"endTime":1259.834,"body":"back in, you get to use it again later."},{"speaker":"Richard Canfield","startTime":1260.134,"endTime":1262.924,"body":"It's just if you pay off a home"},{"speaker":"Richard Canfield","startTime":1260.134,"endTime":1262.924,"body":"equity line of credit, another deal"},{"speaker":"Richard Canfield","startTime":1262.924,"endTime":1266.104,"body":"comes around, you wanna borrow 50"},{"speaker":"Richard Canfield","startTime":1262.924,"endTime":1266.104,"body":"grand and you're gonna go put it"},{"speaker":"Richard Canfield","startTime":1266.104,"endTime":1267.754,"body":"on the next deal, you just do it."},{"speaker":"Richard Canfield","startTime":1268.533,"endTime":1272.704,"body":"Same idea applies except you're"},{"speaker":"Richard Canfield","startTime":1268.533,"endTime":1272.704,"body":"changing where the money's located."},{"speaker":"Richard Canfield","startTime":1273.274,"endTime":1277.323,"body":"Rather than putting your money and saving"},{"speaker":"Richard Canfield","startTime":1273.274,"endTime":1277.323,"body":"your money and borrowing money from a"},{"speaker":"Richard Canfield","startTime":1277.323,"endTime":1283.174,"body":"traditional brick and mortar bank, you"},{"speaker":"Richard Canfield","startTime":1277.323,"endTime":1283.174,"body":"can save and access your money from a"},{"speaker":"Richard Canfield","startTime":1283.204,"endTime":1285.573,"body":"mutual insurance company that you co-own."},{"speaker":"Richard Canfield","startTime":1285.579,"endTime":1288.363,"body":"So when you take a policy"},{"speaker":"Richard Canfield","startTime":1285.579,"endTime":1288.363,"body":"loan, you co-own the lender."},{"speaker":"Richard Canfield","startTime":1288.664,"endTime":1291.994,"body":"Any interest that you pay them, it"},{"speaker":"Richard Canfield","startTime":1288.664,"endTime":1291.994,"body":"goes into the big pool for the benefit"},{"speaker":"Richard Canfield","startTime":1291.994,"endTime":1293.103,"body":"of everyone else that's an owner."},{"speaker":"Richard Canfield","startTime":1293.404,"endTime":1297.274,"body":"They're not responsible to anyone else"},{"speaker":"Richard Canfield","startTime":1293.404,"endTime":1297.274,"body":"other than their owners, which can"},{"speaker":"Richard Canfield","startTime":1297.274,"endTime":1300.424,"body":"include you through these types of steps."},{"speaker":"Richard Canfield","startTime":1300.484,"endTime":1307.129,"body":"This is how you slowly and incrementally"},{"speaker":"Richard Canfield","startTime":1300.484,"endTime":1307.129,"body":"begin to take back control of your"},{"speaker":"Richard Canfield","startTime":1307.158,"endTime":1309.229,"body":"financing aspects of your life."},{"speaker":"Richard Canfield","startTime":1310.639,"endTime":1313.339,"body":"When I say financing, Mike, I"},{"speaker":"Richard Canfield","startTime":1310.639,"endTime":1313.339,"body":"wanna expand on that a little bit."},{"speaker":"Richard Canfield","startTime":1313.789,"endTime":1316.624,"body":"There's a lot of people who are"},{"speaker":"Richard Canfield","startTime":1313.789,"endTime":1316.624,"body":"debt free or, and they don't like"},{"speaker":"Richard Canfield","startTime":1316.629,"endTime":1319.079,"body":"debt and they don't want, they"},{"speaker":"Richard Canfield","startTime":1316.629,"endTime":1319.079,"body":"idea of a loan is a bad word."},{"speaker":"Richard Canfield","startTime":1319.449,"endTime":1322.659,"body":"Loan is any a bad word if you're"},{"speaker":"Richard Canfield","startTime":1319.449,"endTime":1322.659,"body":"the consumer, but if you're a"},{"speaker":"Richard Canfield","startTime":1322.659,"endTime":1323.939,"body":"banker and you're a bank owner."},{"speaker":"Richard Canfield","startTime":1323.939,"endTime":1324.629,"body":"Loan is a good word."},{"speaker":"Richard Canfield","startTime":1325.169,"endTime":1325.979,"body":"Loan is an asset."},{"speaker":"Average Joe Finances","startTime":1326.489,"endTime":1326.849,"body":"Yeah, absolutely."},{"speaker":"Richard Canfield","startTime":1326.849,"endTime":1329.789,"body":"Every liability"},{"speaker":"Richard Canfield","startTime":1326.849,"endTime":1329.789,"body":"is someone else's asset."},{"speaker":"Richard Canfield","startTime":1330.434,"endTime":1332.804,"body":"Once you really understand"},{"speaker":"Richard Canfield","startTime":1330.434,"endTime":1332.804,"body":"that you just wanna change"},{"speaker":"Richard Canfield","startTime":1332.804,"endTime":1334.124,"body":"positions with who the bank is."},{"speaker":"Richard Canfield","startTime":1335.204,"endTime":1340.274,"body":"Right now, if someone is the banker"},{"speaker":"Richard Canfield","startTime":1335.204,"endTime":1340.274,"body":"in your life, there's always someone"},{"speaker":"Richard Canfield","startTime":1340.274,"endTime":1341.564,"body":"that has to perform the function."},{"speaker":"Richard Canfield","startTime":1341.594,"endTime":1345.674,"body":"Banking is the movement of money"},{"speaker":"Richard Canfield","startTime":1341.594,"endTime":1345.674,"body":"from one place to another place in"},{"speaker":"Richard Canfield","startTime":1345.679,"endTime":1347.054,"body":"a relatively short period of time."},{"speaker":"Richard Canfield","startTime":1347.084,"endTime":1349.784,"body":"That's what the transactional"},{"speaker":"Richard Canfield","startTime":1347.084,"endTime":1349.784,"body":"nature of banking is."},{"speaker":"Richard Canfield","startTime":1350.144,"endTime":1355.424,"body":"But when you can harness and control that"},{"speaker":"Richard Canfield","startTime":1350.144,"endTime":1355.424,"body":"process for as long as humanly possible"},{"speaker":"Richard Canfield","startTime":1355.484,"endTime":1359.864,"body":"and over multiple generations, You're"},{"speaker":"Richard Canfield","startTime":1355.484,"endTime":1359.864,"body":"the one that ends up with all the money."},{"speaker":"Richard Canfield","startTime":1360.344,"endTime":1362.174,"body":"That's what becoming your"},{"speaker":"Richard Canfield","startTime":1360.344,"endTime":1362.174,"body":"own banker is all about."},{"speaker":"Average Joe Finances","startTime":1362.894,"endTime":1363.044,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":1363.044,"endTime":1365.664,"body":"No I love that, Richard, because"},{"speaker":"Average Joe Finances","startTime":1363.044,"endTime":1365.664,"body":"so I was talking to you a little"},{"speaker":"Average Joe Finances","startTime":1365.664,"endTime":1366.864,"body":"bit about this off camera."},{"speaker":"Average Joe Finances","startTime":1366.869,"endTime":1369.209,"body":"I do something called"},{"speaker":"Average Joe Finances","startTime":1366.869,"endTime":1369.209,"body":"Velocity Banking, right?"},{"speaker":"Average Joe Finances","startTime":1369.214,"endTime":1370.139,"body":"And we were talking"},{"speaker":"Average Joe Finances","startTime":1369.214,"endTime":1370.139,"body":"about that a little bit."},{"speaker":"Average Joe Finances","startTime":1370.139,"endTime":1372.899,"body":"You described it when you were"},{"speaker":"Average Joe Finances","startTime":1370.139,"endTime":1372.899,"body":"talking about the HELOCs on"},{"speaker":"Average Joe Finances","startTime":1372.899,"endTime":1373.769,"body":"properties and everything."},{"speaker":"Average Joe Finances","startTime":1373.824,"endTime":1378.354,"body":"And it's in a similar fashion, I've"},{"speaker":"Average Joe Finances","startTime":1373.824,"endTime":1378.354,"body":"turned my house into my bank, right?"},{"speaker":"Average Joe Finances","startTime":1378.354,"endTime":1379.914,"body":"My house is my checking account."},{"speaker":"Average Joe Finances","startTime":1380.349,"endTime":1382.779,"body":"Now I'm not necessarily the bank."},{"speaker":"Average Joe Finances","startTime":1382.929,"endTime":1386.589,"body":"I'm the the teller or I guess you"},{"speaker":"Average Joe Finances","startTime":1382.929,"endTime":1386.589,"body":"could say or the person who works at"},{"speaker":"Average Joe Finances","startTime":1386.589,"endTime":1390.039,"body":"the bank, where the difference would"},{"speaker":"Average Joe Finances","startTime":1386.589,"endTime":1390.039,"body":"be if you're doing it through your own"},{"speaker":"Average Joe Finances","startTime":1390.039,"endTime":1392.829,"body":"insurance policy, you are the bank owner."},{"speaker":"Average Joe Finances","startTime":1392.829,"endTime":1398.229,"body":"Like you, it is your money, your bank,"},{"speaker":"Average Joe Finances","startTime":1392.829,"endTime":1398.229,"body":"and you choose, how you wanna do it."},{"speaker":"Average Joe Finances","startTime":1398.499,"endTime":1400.809,"body":"I don't get the choice of my"},{"speaker":"Average Joe Finances","startTime":1398.499,"endTime":1400.809,"body":"terms with my heloc, right?"},{"speaker":"Average Joe Finances","startTime":1400.809,"endTime":1404.679,"body":"It's, Hey, you got 4% guaranteed"},{"speaker":"Average Joe Finances","startTime":1400.809,"endTime":1404.679,"body":"for five years after that."},{"speaker":"Average Joe Finances","startTime":1404.679,"endTime":1405.279,"body":"It's variable."},{"speaker":"Average Joe Finances","startTime":1405.609,"endTime":1407.479,"body":"Good luck, so that's how that works."},{"speaker":"Average Joe Finances","startTime":1407.529,"endTime":1410.514,"body":"I really liked the way you"},{"speaker":"Average Joe Finances","startTime":1407.529,"endTime":1410.514,"body":"described it because it's a"},{"speaker":"Average Joe Finances","startTime":1410.514,"endTime":1412.374,"body":"lot simpler to digest, right?"},{"speaker":"Average Joe Finances","startTime":1412.704,"endTime":1416.939,"body":"And it makes it a little bit, again,"},{"speaker":"Average Joe Finances","startTime":1412.704,"endTime":1416.939,"body":"it's just more understandable and when"},{"speaker":"Average Joe Finances","startTime":1416.939,"endTime":1420.869,"body":"I look at what I'm doing with Velocity"},{"speaker":"Average Joe Finances","startTime":1416.939,"endTime":1420.869,"body":"banking, and this kind of makes me like."},{"speaker":"Average Joe Finances","startTime":1421.199,"endTime":1424.949,"body":"I really should put more money"},{"speaker":"Average Joe Finances","startTime":1421.199,"endTime":1424.949,"body":"into my life insurance policy."},{"speaker":"Average Joe Finances","startTime":1425.289,"endTime":1428.799,"body":"So I've got more access to that so I"},{"speaker":"Average Joe Finances","startTime":1425.289,"endTime":1428.799,"body":"could start borrowing from it as well."},{"speaker":"Average Joe Finances","startTime":1429.109,"endTime":1430.459,"body":"So that that's definitely awesome."},{"speaker":"Average Joe Finances","startTime":1430.489,"endTime":1434.929,"body":"Now, what does it actually mean, like"},{"speaker":"Average Joe Finances","startTime":1430.489,"endTime":1434.929,"body":"when you say that you become your"},{"speaker":"Average Joe Finances","startTime":1434.934,"endTime":1436.884,"body":"own banker you described it, right?"},{"speaker":"Average Joe Finances","startTime":1437.184,"endTime":1439.854,"body":"You shared how some of these methods work."},{"speaker":"Average Joe Finances","startTime":1440.349,"endTime":1442.449,"body":"What do you do with something like that?"},{"speaker":"Average Joe Finances","startTime":1442.449,"endTime":1446.409,"body":"Like when you become your own banker,"},{"speaker":"Average Joe Finances","startTime":1442.449,"endTime":1446.409,"body":"what advantages do you have when"},{"speaker":"Average Joe Finances","startTime":1446.409,"endTime":1450.199,"body":"you wanna go buy a piece of real"},{"speaker":"Average Joe Finances","startTime":1446.409,"endTime":1450.199,"body":"estate or when you want to go, pay"},{"speaker":"Average Joe Finances","startTime":1450.199,"endTime":1453.329,"body":"something down your current primary"},{"speaker":"Average Joe Finances","startTime":1450.199,"endTime":1453.329,"body":"residence or anything like that."},{"speaker":"Average Joe Finances","startTime":1453.569,"endTime":1456.479,"body":"What are some of the benefits"},{"speaker":"Average Joe Finances","startTime":1453.569,"endTime":1456.479,"body":"you get by being your own banker?"},{"speaker":"Richard Canfield","startTime":1458.069,"endTime":1458.579,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":1458.579,"endTime":1459.915,"body":"I there's a few different"},{"speaker":"Richard Canfield","startTime":1458.579,"endTime":1459.915,"body":"directions I can go with that."},{"speaker":"Richard Canfield","startTime":1459.915,"endTime":1462.445,"body":"So here's what I'm gonna, here's"},{"speaker":"Richard Canfield","startTime":1459.915,"endTime":1462.445,"body":"where I'll take our conversation."},{"speaker":"Richard Canfield","startTime":1462.595,"endTime":1466.285,"body":"So we're always dealing"},{"speaker":"Richard Canfield","startTime":1462.595,"endTime":1466.285,"body":"with borrowed money."},{"speaker":"Richard Canfield","startTime":1466.855,"endTime":1469.585,"body":"Nelson talks about this right"},{"speaker":"Richard Canfield","startTime":1466.855,"endTime":1469.585,"body":"on page three of his book."},{"speaker":"Richard Canfield","startTime":1470.635,"endTime":1474.355,"body":"You finance every single thing"},{"speaker":"Richard Canfield","startTime":1470.635,"endTime":1474.355,"body":"that you buy, you're either gonna"},{"speaker":"Richard Canfield","startTime":1474.355,"endTime":1477.265,"body":"pay interest to someone else"},{"speaker":"Richard Canfield","startTime":1474.355,"endTime":1477.265,"body":"to access their pool of money."},{"speaker":"Richard Canfield","startTime":1477.445,"endTime":1481.855,"body":"You're always dealing with a pool of"},{"speaker":"Richard Canfield","startTime":1477.445,"endTime":1481.855,"body":"money, someone else's pool, or your pool."},{"speaker":"Richard Canfield","startTime":1481.975,"endTime":1483.055,"body":"There's no exceptions."},{"speaker":"Richard Canfield","startTime":1483.595,"endTime":1487.165,"body":"When you access someone else's pool,"},{"speaker":"Richard Canfield","startTime":1483.595,"endTime":1487.165,"body":"you know they had to build that pool."},{"speaker":"Richard Canfield","startTime":1487.525,"endTime":1489.595,"body":"They're not gonna let you"},{"speaker":"Richard Canfield","startTime":1487.525,"endTime":1489.595,"body":"have access to it for free."},{"speaker":"Richard Canfield","startTime":1490.0,"endTime":1494.14,"body":"You're gonna have to pay some kind of"},{"speaker":"Richard Canfield","startTime":1490.0,"endTime":1494.14,"body":"a toll taker interest fees, et cetera."},{"speaker":"Richard Canfield","startTime":1494.26,"endTime":1498.82,"body":"In order to access their pool, you're"},{"speaker":"Richard Canfield","startTime":1494.26,"endTime":1498.82,"body":"gonna have to pay with signing a contract,"},{"speaker":"Richard Canfield","startTime":1498.825,"endTime":1502.18,"body":"a pledge of repayment, and you're gonna"},{"speaker":"Richard Canfield","startTime":1498.825,"endTime":1502.18,"body":"have to go through a bunch of Mickey"},{"speaker":"Richard Canfield","startTime":1502.185,"endTime":1506.35,"body":"Mouse paperwork just to get access to"},{"speaker":"Richard Canfield","startTime":1502.185,"endTime":1506.35,"body":"their big, fat protected pool of money."},{"speaker":"Richard Canfield","startTime":1506.59,"endTime":1507.73,"body":"That's the way that it works."},{"speaker":"Richard Canfield","startTime":1508.07,"endTime":1509.685,"body":"He who has the gold makes all the rules."},{"speaker":"Richard Canfield","startTime":1509.685,"endTime":1510.885,"body":"You've heard that expression before."},{"speaker":"Richard Canfield","startTime":1511.565,"endTime":1514.025,"body":"When you use your pile of"},{"speaker":"Richard Canfield","startTime":1511.565,"endTime":1514.025,"body":"money, you don't have to fill"},{"speaker":"Richard Canfield","startTime":1514.025,"endTime":1515.225,"body":"out the Mickey Mouse paperwork."},{"speaker":"Richard Canfield","startTime":1515.795,"endTime":1519.905,"body":"But if you don't treat your pool of"},{"speaker":"Richard Canfield","startTime":1515.795,"endTime":1519.905,"body":"money as though it has a cost, the"},{"speaker":"Richard Canfield","startTime":1519.905,"endTime":1521.825,"body":"result is your money's gonna deplete."},{"speaker":"Richard Canfield","startTime":1522.29,"endTime":1526.43,"body":"You're not gonna be replenishing it"},{"speaker":"Richard Canfield","startTime":1522.29,"endTime":1526.43,"body":"effectively, so you're gonna give"},{"speaker":"Richard Canfield","startTime":1526.43,"endTime":1530.66,"body":"up the interest potential of your"},{"speaker":"Richard Canfield","startTime":1526.43,"endTime":1530.66,"body":"money because of the way that you're"},{"speaker":"Richard Canfield","startTime":1530.66,"endTime":1532.25,"body":"using it and thinking about it."},{"speaker":"Richard Canfield","startTime":1532.52,"endTime":1535.91,"body":"So you're either gonna pay up to"},{"speaker":"Richard Canfield","startTime":1532.52,"endTime":1535.91,"body":"someone else's pool or you're gonna"},{"speaker":"Richard Canfield","startTime":1535.91,"endTime":1537.62,"body":"give up what your pool can do."},{"speaker":"Richard Canfield","startTime":1537.68,"endTime":1539.15,"body":"That's called opportunity cost."},{"speaker":"Richard Canfield","startTime":1539.54,"endTime":1541.31,"body":"So you finance everything you buy."},{"speaker":"Richard Canfield","startTime":1541.52,"endTime":1542.63,"body":"There are no exceptions."},{"speaker":"Richard Canfield","startTime":1542.96,"endTime":1547.58,"body":"Once you fundamentally, truly understand"},{"speaker":"Richard Canfield","startTime":1542.96,"endTime":1547.58,"body":"that, Now we can build from that to start"},{"speaker":"Richard Canfield","startTime":1547.58,"endTime":1552.23,"body":"thinking how do we change the game to"},{"speaker":"Richard Canfield","startTime":1547.58,"endTime":1552.23,"body":"put you in the driver's seat for the best"},{"speaker":"Richard Canfield","startTime":1552.23,"endTime":1557.0,"body":"possible, most efficient outcome that"},{"speaker":"Richard Canfield","startTime":1552.23,"endTime":1557.0,"body":"cascades across the most generations."},{"speaker":"Richard Canfield","startTime":1557.54,"endTime":1558.92,"body":"That's where insurance comes in."},{"speaker":"Richard Canfield","startTime":1559.25,"endTime":1562.64,"body":"Not all insurance, and the way that"},{"speaker":"Richard Canfield","startTime":1559.25,"endTime":1562.64,"body":"you build and set up the insurance is"},{"speaker":"Richard Canfield","startTime":1562.645,"endTime":1565.07,"body":"critically important, but it's a tool."},{"speaker":"Richard Canfield","startTime":1565.19,"endTime":1567.29,"body":"You know when you want to"},{"speaker":"Richard Canfield","startTime":1565.19,"endTime":1567.29,"body":"go buy real estate, you can"},{"speaker":"Richard Canfield","startTime":1567.29,"endTime":1569.48,"body":"go call for sale by owners."},{"speaker":"Richard Canfield","startTime":1569.975,"endTime":1573.575,"body":"You can go on the MLS yourself and"},{"speaker":"Richard Canfield","startTime":1569.975,"endTime":1573.575,"body":"you can go and write a bunch of offers"},{"speaker":"Richard Canfield","startTime":1573.575,"endTime":1576.065,"body":"or you can get a realtor to go do"},{"speaker":"Richard Canfield","startTime":1573.575,"endTime":1576.065,"body":"a bunch of that stuff for you and"},{"speaker":"Richard Canfield","startTime":1576.065,"endTime":1577.745,"body":"you can create some leverage, right?"},{"speaker":"Richard Canfield","startTime":1578.015,"endTime":1582.355,"body":"So there, there's a variety of ways"},{"speaker":"Richard Canfield","startTime":1578.015,"endTime":1582.355,"body":"you can go about doing it, but probably"},{"speaker":"Richard Canfield","startTime":1582.355,"endTime":1584.815,"body":"having a real estate professional"},{"speaker":"Richard Canfield","startTime":1582.355,"endTime":1584.815,"body":"that's experienced in your market"},{"speaker":"Richard Canfield","startTime":1584.815,"endTime":1588.925,"body":"area that can guide you and do a"},{"speaker":"Richard Canfield","startTime":1584.815,"endTime":1588.925,"body":"lot of the legwork is often the most"},{"speaker":"Richard Canfield","startTime":1588.925,"endTime":1590.605,"body":"efficient, cuz it saves you time."},{"speaker":"Richard Canfield","startTime":1591.175,"endTime":1594.065,"body":"So the vehicle in this case is"},{"speaker":"Richard Canfield","startTime":1591.175,"endTime":1594.065,"body":"the realtor that you would choose."},{"speaker":"Richard Canfield","startTime":1594.38,"endTime":1594.68,"body":"All right."},{"speaker":"Richard Canfield","startTime":1595.11,"endTime":1598.83,"body":"Insurance well-structured for"},{"speaker":"Richard Canfield","startTime":1595.11,"endTime":1598.83,"body":"high cash value is just a tool."},{"speaker":"Richard Canfield","startTime":1599.31,"endTime":1601.53,"body":"It's a tool in your financial toolbox."},{"speaker":"Richard Canfield","startTime":1601.89,"endTime":1604.8,"body":"Now, if Mike, have you ever"},{"speaker":"Richard Canfield","startTime":1601.89,"endTime":1604.8,"body":"used a chainsaw before?"},{"speaker":"Average Joe Finances","startTime":1606.12,"endTime":1608.91,"body":"Actually,"},{"speaker":"Average Joe Finances","startTime":1606.12,"endTime":1608.91,"body":"once, once I used the chainsaw once."},{"speaker":"Average Joe Finances","startTime":1608.91,"endTime":1609.18,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":1609.42,"endTime":1609.78,"body":"Okay."},{"speaker":"Richard Canfield","startTime":1609.99,"endTime":1610.65,"body":"They're a lot of fun."},{"speaker":"Richard Canfield","startTime":1610.65,"endTime":1614.685,"body":"I'm a big fan of the chainsaw, but if"},{"speaker":"Richard Canfield","startTime":1610.65,"endTime":1614.685,"body":"you've got a chainsaw and you sharpen"},{"speaker":"Richard Canfield","startTime":1614.69,"endTime":1618.405,"body":"the blade, you got the right oil, gas"},{"speaker":"Richard Canfield","startTime":1614.69,"endTime":1618.405,"body":"mix in there, the chain is oiled up."},{"speaker":"Richard Canfield","startTime":1618.405,"endTime":1619.395,"body":"It's all ready to go."},{"speaker":"Richard Canfield","startTime":1619.635,"endTime":1620.415,"body":"Gas powered."},{"speaker":"Richard Canfield","startTime":1620.595,"endTime":1621.825,"body":"You fire that bad boy up."},{"speaker":"Richard Canfield","startTime":1621.83,"endTime":1624.045,"body":"Everyone can picture in their"},{"speaker":"Richard Canfield","startTime":1621.83,"endTime":1624.045,"body":"mind the sound that it makes,"},{"speaker":"Richard Canfield","startTime":1624.045,"endTime":1625.185,"body":"you rev it up a couple times."},{"speaker":"Richard Canfield","startTime":1625.185,"endTime":1626.175,"body":"It's pretty interesting sound."},{"speaker":"Richard Canfield","startTime":1626.175,"endTime":1628.365,"body":"It's got that gas smells"},{"speaker":"Richard Canfield","startTime":1626.175,"endTime":1628.365,"body":"going in the background."},{"speaker":"Richard Canfield","startTime":1628.845,"endTime":1631.215,"body":"If I did that and then all of a"},{"speaker":"Richard Canfield","startTime":1628.845,"endTime":1631.215,"body":"sudden I just handed it over to"},{"speaker":"Richard Canfield","startTime":1631.215,"endTime":1632.445,"body":"some guy walking on the street."},{"speaker":"Richard Canfield","startTime":1632.75,"endTime":1634.49,"body":"Who's never seen a chainsaw before?"},{"speaker":"Richard Canfield","startTime":1634.67,"endTime":1635.57,"body":"I say, here you go buddy."},{"speaker":"Richard Canfield","startTime":1636.08,"endTime":1636.5,"body":"Good luck."},{"speaker":"Richard Canfield","startTime":1636.5,"endTime":1637.1,"body":"Hope you get there."},{"speaker":"Richard Canfield","startTime":1637.1,"endTime":1638.3,"body":"And I turn around and walk away."},{"speaker":"Richard Canfield","startTime":1638.81,"endTime":1643.735,"body":"What's the probability, low, medium, or"},{"speaker":"Richard Canfield","startTime":1638.81,"endTime":1643.735,"body":"high, that person might wreck the tool?"},{"speaker":"Average Joe Finances","startTime":1645.235,"endTime":1646.345,"body":"I"},{"speaker":"Average Joe Finances","startTime":1645.235,"endTime":1646.345,"body":"would say pretty high."},{"speaker":"Richard Canfield","startTime":1646.795,"endTime":1647.305,"body":"Pretty high."},{"speaker":"Richard Canfield","startTime":1647.575,"endTime":1648.235,"body":"What's the probability?"},{"speaker":"Richard Canfield","startTime":1648.24,"endTime":1648.985,"body":"Low, medium, or high?"},{"speaker":"Richard Canfield","startTime":1649.045,"endTime":1651.145,"body":"They might seriously injure themselves."},{"speaker":"Average Joe Finances","startTime":1653.27,"endTime":1654.77,"body":"Probably about the same high."},{"speaker":"Average Joe Finances","startTime":1655.34,"endTime":1657.8,"body":"I would say medium because"},{"speaker":"Average Joe Finances","startTime":1655.34,"endTime":1657.8,"body":"I, self preservation."},{"speaker":"Average Joe Finances","startTime":1657.8,"endTime":1660.59,"body":"I think you would know better than to"},{"speaker":"Average Joe Finances","startTime":1657.8,"endTime":1660.59,"body":"go touching the chain or something."},{"speaker":"Richard Canfield","startTime":1660.595,"endTime":1660.805,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":1660.805,"endTime":1663.145,"body":"There's certain intuitive things that"},{"speaker":"Richard Canfield","startTime":1660.805,"endTime":1663.145,"body":"are gonna, they're gonna kick in."},{"speaker":"Richard Canfield","startTime":1663.535,"endTime":1666.295,"body":"But the reality is it"},{"speaker":"Richard Canfield","startTime":1663.535,"endTime":1666.295,"body":"wasn't the chainsaw's fault."},{"speaker":"Richard Canfield","startTime":1666.865,"endTime":1668.005,"body":"The chainsaw didn't do anything."},{"speaker":"Richard Canfield","startTime":1668.095,"endTime":1669.175,"body":"A chainsaw's just a chainsaw."},{"speaker":"Richard Canfield","startTime":1669.865,"endTime":1673.645,"body":"It's the user that makes the difference"},{"speaker":"Richard Canfield","startTime":1669.865,"endTime":1673.645,"body":"on how the chainsaw operates, right?"},{"speaker":"Richard Canfield","startTime":1673.735,"endTime":1676.405,"body":"So if we don't understand what"},{"speaker":"Richard Canfield","startTime":1673.735,"endTime":1676.405,"body":"the tool's doing for us, or how"},{"speaker":"Richard Canfield","startTime":1676.405,"endTime":1680.8,"body":"the tool operates, Or how to use"},{"speaker":"Richard Canfield","startTime":1676.405,"endTime":1680.8,"body":"it, then the tool is meaningless."},{"speaker":"Richard Canfield","startTime":1681.13,"endTime":1681.46,"body":"Okay?"},{"speaker":"Richard Canfield","startTime":1681.46,"endTime":1683.65,"body":"The tool in the hands of"},{"speaker":"Richard Canfield","startTime":1681.46,"endTime":1683.65,"body":"a fool is no tool at all."},{"speaker":"Richard Canfield","startTime":1684.22,"endTime":1686.92,"body":"So what we focus our energy"},{"speaker":"Richard Canfield","startTime":1684.22,"endTime":1686.92,"body":"on, what Nelson taught us"},{"speaker":"Richard Canfield","startTime":1686.92,"endTime":1688.63,"body":"to do is that we focus on."},{"speaker":"Richard Canfield","startTime":1689.155,"endTime":1693.025,"body":"Our understanding and our education"},{"speaker":"Richard Canfield","startTime":1689.155,"endTime":1693.025,"body":"so that we understand as an"},{"speaker":"Richard Canfield","startTime":1693.025,"endTime":1696.625,"body":"operator, how do we implement the"},{"speaker":"Richard Canfield","startTime":1693.025,"endTime":1696.625,"body":"tools, financial tools that we're"},{"speaker":"Richard Canfield","startTime":1696.625,"endTime":1698.545,"body":"given to their maximum efficiency."},{"speaker":"Richard Canfield","startTime":1698.935,"endTime":1699.835,"body":"And that's all insurance is."},{"speaker":"Richard Canfield","startTime":1699.835,"endTime":1700.495,"body":"It's just a tool."},{"speaker":"Richard Canfield","startTime":1700.615,"endTime":1704.155,"body":"I refer to the type of insurance we"},{"speaker":"Richard Canfield","startTime":1700.615,"endTime":1704.155,"body":"use, which is participating, dividend"},{"speaker":"Richard Canfield","startTime":1704.155,"endTime":1706.825,"body":"paying whole life insurance where you"},{"speaker":"Richard Canfield","startTime":1704.155,"endTime":1706.825,"body":"are co-owner in the insurance company."},{"speaker":"Richard Canfield","startTime":1707.345,"endTime":1711.0,"body":"I basically look at it as the Swiss"},{"speaker":"Richard Canfield","startTime":1707.345,"endTime":1711.0,"body":"Army knife of financial products."},{"speaker":"Richard Canfield","startTime":1711.31,"endTime":1712.42,"body":"When you got a Swiss Army knife."},{"speaker":"Richard Canfield","startTime":1712.825,"endTime":1715.915,"body":"You can get like the little mini one"},{"speaker":"Richard Canfield","startTime":1712.825,"endTime":1715.915,"body":"that comes with from they give 'em"},{"speaker":"Richard Canfield","startTime":1715.915,"endTime":1718.285,"body":"a giveaways at the liquor store or"},{"speaker":"Richard Canfield","startTime":1715.915,"endTime":1718.285,"body":"something when you go buy something."},{"speaker":"Richard Canfield","startTime":1718.525,"endTime":1721.255,"body":"Or you can get like the Cadillac"},{"speaker":"Richard Canfield","startTime":1718.525,"endTime":1721.255,"body":"that's got like a spoon and a fork"},{"speaker":"Richard Canfield","startTime":1721.26,"endTime":1723.76,"body":"on it and it's got a three inch saw."},{"speaker":"Richard Canfield","startTime":1723.76,"endTime":1725.02,"body":"It's got all these different features."},{"speaker":"Richard Canfield","startTime":1725.3,"endTime":1727.55,"body":"We're talking about the one"},{"speaker":"Richard Canfield","startTime":1725.3,"endTime":1727.55,"body":"that's the Cadillac version."},{"speaker":"Richard Canfield","startTime":1728.09,"endTime":1730.85,"body":"But if you look at the different"},{"speaker":"Richard Canfield","startTime":1728.09,"endTime":1730.85,"body":"knives that are on there, and if"},{"speaker":"Richard Canfield","startTime":1730.85,"endTime":1734.47,"body":"I had like a knife for whatever,"},{"speaker":"Richard Canfield","startTime":1730.85,"endTime":1734.47,"body":"cutting vegetables or cutting meat,"},{"speaker":"Richard Canfield","startTime":1734.71,"endTime":1736.12,"body":"and then I had my Swiss Army knife."},{"speaker":"Richard Canfield","startTime":1736.45,"endTime":1738.07,"body":"Which one are you gonna"},{"speaker":"Richard Canfield","startTime":1736.45,"endTime":1738.07,"body":"choose to do the job?"},{"speaker":"Richard Canfield","startTime":1738.37,"endTime":1741.15,"body":"Probably the one that's meant for"},{"speaker":"Richard Canfield","startTime":1738.37,"endTime":1741.15,"body":"cutting the food at your table."},{"speaker":"Richard Canfield","startTime":1741.2,"endTime":1742.22,"body":"But in a pinch."},{"speaker":"Richard Canfield","startTime":1742.55,"endTime":1746.09,"body":"The Swiss Army knife's gonna do"},{"speaker":"Richard Canfield","startTime":1742.55,"endTime":1746.09,"body":"a pretty good job considering, so"},{"speaker":"Richard Canfield","startTime":1746.09,"endTime":1747.92,"body":"maybe it's not the best at all."},{"speaker":"Richard Canfield","startTime":1747.92,"endTime":1748.52,"body":"Things."},{"speaker":"Richard Canfield","startTime":1748.85,"endTime":1753.05,"body":"But it can do way more things"},{"speaker":"Richard Canfield","startTime":1748.85,"endTime":1753.05,"body":"than any individual tool can."},{"speaker":"Richard Canfield","startTime":1753.2,"endTime":1753.89,"body":"Does that make sense?"},{"speaker":"Average Joe Finances","startTime":1753.89,"endTime":1754.725,"body":"That's a great analogy."},{"speaker":"Average Joe Finances","startTime":1754.775,"endTime":1759.38,"body":"I really like that Now, so Richard, I want"},{"speaker":"Average Joe Finances","startTime":1754.775,"endTime":1759.38,"body":"to ask you about the other side of it."},{"speaker":"Average Joe Finances","startTime":1759.38,"endTime":1763.2,"body":"We were talking about, if you borrow"},{"speaker":"Average Joe Finances","startTime":1759.38,"endTime":1763.2,"body":"from a heloc, you gotta pay interest."},{"speaker":"Average Joe Finances","startTime":1763.205,"endTime":1764.1,"body":"There's fees you gotta pay."},{"speaker":"Average Joe Finances","startTime":1764.43,"endTime":1767.42,"body":"I know when I took my HELOC out,"},{"speaker":"Average Joe Finances","startTime":1764.43,"endTime":1767.42,"body":"and even when I raised the amount"},{"speaker":"Average Joe Finances","startTime":1767.84,"endTime":1771.17,"body":"I had to pay, like these fees,"},{"speaker":"Average Joe Finances","startTime":1767.84,"endTime":1771.17,"body":"just for the paperwork itself."},{"speaker":"Average Joe Finances","startTime":1771.755,"endTime":1774.655,"body":"Right now new appraisal probably"},{"speaker":"Average Joe Finances","startTime":1771.755,"endTime":1774.655,"body":"you're not really dealing with that"},{"speaker":"Average Joe Finances","startTime":1774.655,"endTime":1778.225,"body":"with the insurance side, but on"},{"speaker":"Average Joe Finances","startTime":1774.655,"endTime":1778.225,"body":"the insurance side, you're paying"},{"speaker":"Average Joe Finances","startTime":1778.225,"endTime":1782.705,"body":"a premium every month for, for the"},{"speaker":"Average Joe Finances","startTime":1778.225,"endTime":1782.705,"body":"actual death benefit and other things."},{"speaker":"Average Joe Finances","startTime":1782.705,"endTime":1787.185,"body":"So what does that kind of look"},{"speaker":"Average Joe Finances","startTime":1782.705,"endTime":1787.185,"body":"like compared to something"},{"speaker":"Average Joe Finances","startTime":1787.185,"endTime":1789.025,"body":"like a HELOC where I'm not."},{"speaker":"Average Joe Finances","startTime":1789.785,"endTime":1793.355,"body":"I pay interest now, but if I'm not"},{"speaker":"Average Joe Finances","startTime":1789.785,"endTime":1793.355,"body":"using it, I'm not paying for it."},{"speaker":"Average Joe Finances","startTime":1793.355,"endTime":1796.205,"body":"Now mind you, I do have a whole"},{"speaker":"Average Joe Finances","startTime":1793.355,"endTime":1796.205,"body":"life insurance policy as well."},{"speaker":"Average Joe Finances","startTime":1796.515,"endTime":1800.34,"body":"I also pay for that separately, but I'm"},{"speaker":"Average Joe Finances","startTime":1796.515,"endTime":1800.34,"body":"just, for my listeners, like what would"},{"speaker":"Average Joe Finances","startTime":1800.34,"endTime":1805.105,"body":"you say is like the biggest benefit to"},{"speaker":"Average Joe Finances","startTime":1800.34,"endTime":1805.105,"body":"having to pay that that monthly premium?"},{"speaker":"Richard Canfield","startTime":1805.105,"endTime":1807.105,"body":"Here's the way"},{"speaker":"Richard Canfield","startTime":1805.105,"endTime":1807.105,"body":"I would look at to me, it's best"},{"speaker":"Richard Canfield","startTime":1807.105,"endTime":1809.625,"body":"aligned with a long-term buy"},{"speaker":"Richard Canfield","startTime":1807.105,"endTime":1809.625,"body":"and hole piece of real estate."},{"speaker":"Richard Canfield","startTime":1809.865,"endTime":1811.965,"body":"And your listeners will probably"},{"speaker":"Richard Canfield","startTime":1809.865,"endTime":1811.965,"body":"be very familiar with that"},{"speaker":"Richard Canfield","startTime":1811.965,"endTime":1813.105,"body":"from listening to your program."},{"speaker":"Richard Canfield","startTime":1813.685,"endTime":1817.285,"body":"When we think about the plain"},{"speaker":"Richard Canfield","startTime":1813.685,"endTime":1817.285,"body":"vanilla long-term buy and hold real"},{"speaker":"Richard Canfield","startTime":1817.285,"endTime":1819.685,"body":"estate strategy, I'm gonna go buy"},{"speaker":"Richard Canfield","startTime":1817.285,"endTime":1819.685,"body":"a property, I'm gonna put a down"},{"speaker":"Richard Canfield","startTime":1819.685,"endTime":1823.345,"body":"payment, probably somewhere in the"},{"speaker":"Richard Canfield","startTime":1819.685,"endTime":1823.345,"body":"area of 10 to 20% down, depending on"},{"speaker":"Richard Canfield","startTime":1823.345,"endTime":1826.015,"body":"the market condition and the rules"},{"speaker":"Richard Canfield","startTime":1823.345,"endTime":1826.015,"body":"and how I can structure the financing."},{"speaker":"Richard Canfield","startTime":1826.855,"endTime":1829.195,"body":"I'm gonna get some tenants"},{"speaker":"Richard Canfield","startTime":1826.855,"endTime":1829.195,"body":"and they're gonna pay for it."},{"speaker":"Richard Canfield","startTime":1829.495,"endTime":1832.585,"body":"Every once in a while I'll have to fork"},{"speaker":"Richard Canfield","startTime":1829.495,"endTime":1832.585,"body":"out some maintenance and do this and do"},{"speaker":"Richard Canfield","startTime":1832.585,"endTime":1834.385,"body":"that, and there's some risk involved."},{"speaker":"Richard Canfield","startTime":1834.745,"endTime":1838.585,"body":"But eventually that mortgage is paid"},{"speaker":"Richard Canfield","startTime":1834.745,"endTime":1838.585,"body":"for and every time that the payment"},{"speaker":"Richard Canfield","startTime":1838.675,"endTime":1843.745,"body":"gets made, some equity gets created,"},{"speaker":"Richard Canfield","startTime":1838.675,"endTime":1843.745,"body":"and hopefully if I've been good"},{"speaker":"Richard Canfield","startTime":1843.745,"endTime":1848.77,"body":"strategically at my purchasing, The"},{"speaker":"Richard Canfield","startTime":1843.745,"endTime":1848.77,"body":"market value is gonna go up over time."},{"speaker":"Richard Canfield","startTime":1849.19,"endTime":1851.92,"body":"And so value goes up, mortgage goes down."},{"speaker":"Richard Canfield","startTime":1852.16,"endTime":1854.41,"body":"What we have in the middle, as"},{"speaker":"Richard Canfield","startTime":1852.16,"endTime":1854.41,"body":"I refer to as the jelly and the"},{"speaker":"Richard Canfield","startTime":1854.41,"endTime":1856.24,"body":"sandwich, that's the equity, okay?"},{"speaker":"Richard Canfield","startTime":1856.81,"endTime":1859.095,"body":"There's this old commercial"},{"speaker":"Richard Canfield","startTime":1856.81,"endTime":1859.095,"body":"that we used to have in Canada."},{"speaker":"Richard Canfield","startTime":1859.095,"endTime":1860.385,"body":"There was these, it was a bank commercial."},{"speaker":"Richard Canfield","startTime":1860.385,"endTime":1862.815,"body":"There's these two little kids and"},{"speaker":"Richard Canfield","startTime":1860.385,"endTime":1862.815,"body":"they're up late at night in their"},{"speaker":"Richard Canfield","startTime":1862.82,"endTime":1865.845,"body":"pajamas and one kid's got a flashlight"},{"speaker":"Richard Canfield","startTime":1862.82,"endTime":1865.845,"body":"and the other brother, they're looking"},{"speaker":"Richard Canfield","startTime":1865.845,"endTime":1869.145,"body":"around in the living room and the"},{"speaker":"Richard Canfield","startTime":1865.845,"endTime":1869.145,"body":"little boy says to his older brother,"},{"speaker":"Richard Canfield","startTime":1869.145,"endTime":1870.975,"body":"says, what are we looking for?"},{"speaker":"Richard Canfield","startTime":1871.935,"endTime":1872.985,"body":"Equity?"},{"speaker":"Richard Canfield","startTime":1873.57,"endTime":1875.43,"body":"Dad said it's trapped in the walls."},{"speaker":"Richard Canfield","startTime":1875.88,"endTime":1876.27,"body":"Okay."},{"speaker":"Richard Canfield","startTime":1877.44,"endTime":1878.61,"body":"And so that's your long term buying."},{"speaker":"Average Joe Finances","startTime":1878.61,"endTime":1879.63,"body":"Thats"},{"speaker":"Average Joe Finances","startTime":1878.61,"endTime":1879.63,"body":"pretty good commercial."},{"speaker":"Richard Canfield","startTime":1879.69,"endTime":1880.44,"body":"Yeah,"},{"speaker":"Richard Canfield","startTime":1879.69,"endTime":1880.44,"body":"it's a good commercial."},{"speaker":"Richard Canfield","startTime":1880.44,"endTime":1882.0,"body":"That's your long-term buying"},{"speaker":"Richard Canfield","startTime":1880.44,"endTime":1882.0,"body":"hold piece of real estate."},{"speaker":"Richard Canfield","startTime":1882.0,"endTime":1884.4,"body":"As the mortgage gets paid, you"},{"speaker":"Richard Canfield","startTime":1882.0,"endTime":1884.4,"body":"get access to some of the money."},{"speaker":"Richard Canfield","startTime":1884.55,"endTime":1886.98,"body":"As the rental, as a value goes up,"},{"speaker":"Richard Canfield","startTime":1884.55,"endTime":1886.98,"body":"you get access to some of the money."},{"speaker":"Richard Canfield","startTime":1886.985,"endTime":1889.26,"body":"However, you can only get that access."},{"speaker":"Richard Canfield","startTime":1889.935,"endTime":1892.995,"body":"If the HELOC is in place, or if you"},{"speaker":"Richard Canfield","startTime":1889.935,"endTime":1892.995,"body":"got it set up and if you're allowed to"},{"speaker":"Richard Canfield","startTime":1892.995,"endTime":1896.775,"body":"keep it and you often have to go back"},{"speaker":"Richard Canfield","startTime":1892.995,"endTime":1896.775,"body":"and refinance, but on day one, when"},{"speaker":"Richard Canfield","startTime":1896.775,"endTime":1899.715,"body":"you buy the property, you don't really"},{"speaker":"Richard Canfield","startTime":1896.775,"endTime":1899.715,"body":"have any equity because the bank's"},{"speaker":"Richard Canfield","startTime":1899.715,"endTime":1901.215,"body":"already lent you the maximum amount."},{"speaker":"Richard Canfield","startTime":1901.635,"endTime":1905.655,"body":"You're probably looking 3, 4, 5"},{"speaker":"Richard Canfield","startTime":1901.635,"endTime":1905.655,"body":"years down the road before you can"},{"speaker":"Richard Canfield","startTime":1905.655,"endTime":1907.755,"body":"restructure that loan in some way."},{"speaker":"Richard Canfield","startTime":1908.035,"endTime":1910.675,"body":"To get access probably to your"},{"speaker":"Richard Canfield","startTime":1908.035,"endTime":1910.675,"body":"original down payment capital."},{"speaker":"Richard Canfield","startTime":1910.885,"endTime":1911.485,"body":"Does that make sense?"},{"speaker":"Richard Canfield","startTime":1911.535,"endTime":1914.835,"body":"And I'm not talking about the"},{"speaker":"Richard Canfield","startTime":1911.535,"endTime":1914.835,"body":"Brrr strategy, people doing flips"},{"speaker":"Richard Canfield","startTime":1914.835,"endTime":1917.035,"body":"and creating value on the buy."},{"speaker":"Richard Canfield","startTime":1917.095,"endTime":1917.935,"body":"I'm talking about your."},{"speaker":"Richard Canfield","startTime":1918.31,"endTime":1920.02,"body":"Plain vanilla buy and hold strategy."},{"speaker":"Richard Canfield","startTime":1920.02,"endTime":1920.59,"body":"Make sense?"},{"speaker":"Richard Canfield","startTime":1921.1,"endTime":1925.09,"body":"So the same thing applies to getting"},{"speaker":"Richard Canfield","startTime":1921.1,"endTime":1925.09,"body":"a whole life insurance contract."},{"speaker":"Richard Canfield","startTime":1925.33,"endTime":1928.39,"body":"When it's well-structured,"},{"speaker":"Richard Canfield","startTime":1925.33,"endTime":1928.39,"body":"the premium is the solution."},{"speaker":"Richard Canfield","startTime":1928.39,"endTime":1931.57,"body":"So every time that you put premium"},{"speaker":"Richard Canfield","startTime":1928.39,"endTime":1931.57,"body":"in, you're creating equity."},{"speaker":"Richard Canfield","startTime":1932.17,"endTime":1936.22,"body":"Whatever equity is created,"},{"speaker":"Richard Canfield","startTime":1932.17,"endTime":1936.22,"body":"you can instantly access 90%"},{"speaker":"Richard Canfield","startTime":1936.22,"endTime":1937.6,"body":"of it with no questions asked."},{"speaker":"Richard Canfield","startTime":1938.98,"endTime":1940.42,"body":"No questions, okay?"},{"speaker":"Richard Canfield","startTime":1940.425,"endTime":1944.23,"body":"There might be a minimum loan amount from"},{"speaker":"Richard Canfield","startTime":1940.425,"endTime":1944.23,"body":"the life company, like we work with one"},{"speaker":"Richard Canfield","startTime":1944.23,"endTime":1946.0,"body":"where the minimum loan amount's 500 bucks."},{"speaker":"Richard Canfield","startTime":1946.315,"endTime":1946.675,"body":"Great."},{"speaker":"Richard Canfield","startTime":1946.675,"endTime":1947.905,"body":"I was on a call with a guy today."},{"speaker":"Richard Canfield","startTime":1947.905,"endTime":1952.285,"body":"I said, if you deposit $500"},{"speaker":"Richard Canfield","startTime":1947.905,"endTime":1952.285,"body":"tomorrow, you're gonna have, you're"},{"speaker":"Richard Canfield","startTime":1952.285,"endTime":1954.595,"body":"gonna instantly create a little"},{"speaker":"Richard Canfield","startTime":1952.285,"endTime":1954.595,"body":"bit more here from what you got."},{"speaker":"Richard Canfield","startTime":1954.595,"endTime":1956.215,"body":"And you could probably"},{"speaker":"Richard Canfield","startTime":1954.595,"endTime":1956.215,"body":"take a loan of $600."},{"speaker":"Richard Canfield","startTime":1957.055,"endTime":1958.075,"body":"It's a brand new policy."},{"speaker":"Richard Canfield","startTime":1958.08,"endTime":1958.825,"body":"He's just getting started."},{"speaker":"Richard Canfield","startTime":1958.83,"endTime":1959.605,"body":"He's a young guy."},{"speaker":"Richard Canfield","startTime":1959.605,"endTime":1961.045,"body":"Just literally just getting his feet wet."},{"speaker":"Richard Canfield","startTime":1961.555,"endTime":1962.605,"body":"But that's the key thing."},{"speaker":"Richard Canfield","startTime":1962.605,"endTime":1966.985,"body":"So as, and then every single year,"},{"speaker":"Richard Canfield","startTime":1962.605,"endTime":1966.985,"body":"here's the difference with real estate."},{"speaker":"Richard Canfield","startTime":1967.255,"endTime":1969.025,"body":"The market can go up and"},{"speaker":"Richard Canfield","startTime":1967.255,"endTime":1969.025,"body":"the market can go down."},{"speaker":"Richard Canfield","startTime":1969.67,"endTime":1971.47,"body":"The rental market can go"},{"speaker":"Richard Canfield","startTime":1969.67,"endTime":1971.47,"body":"up and it can go down."},{"speaker":"Richard Canfield","startTime":1971.56,"endTime":1974.32,"body":"And you've experienced those things, I"},{"speaker":"Richard Canfield","startTime":1971.56,"endTime":1974.32,"body":"suspect, and you've probably had a lot"},{"speaker":"Richard Canfield","startTime":1974.32,"endTime":1975.61,"body":"of people talk about it on your program."},{"speaker":"Average Joe Finances","startTime":1976.09,"endTime":1976.45,"body":"Absolutely."},{"speaker":"Richard Canfield","startTime":1976.455,"endTime":1977.955,"body":"I already"},{"speaker":"Richard Canfield","startTime":1976.455,"endTime":1977.955,"body":"shared a couple stories today."},{"speaker":"Richard Canfield","startTime":1978.225,"endTime":1982.125,"body":"I can give you more if you really want,"},{"speaker":"Richard Canfield","startTime":1978.225,"endTime":1982.125,"body":"so you don't get to control the market."},{"speaker":"Richard Canfield","startTime":1982.13,"endTime":1985.215,"body":"You and I don't get to control the"},{"speaker":"Richard Canfield","startTime":1982.13,"endTime":1985.215,"body":"next presidential election, by the way,"},{"speaker":"Richard Canfield","startTime":1985.215,"endTime":1986.895,"body":"that affects us in Canada pretty big."},{"speaker":"Richard Canfield","startTime":1987.315,"endTime":1992.475,"body":"You don't get to control the CB DC's that"},{"speaker":"Richard Canfield","startTime":1987.315,"endTime":1992.475,"body":"they're coming out with or any of those."},{"speaker":"Richard Canfield","startTime":1992.655,"endTime":1996.535,"body":"The gold price territorial conflicts"},{"speaker":"Richard Canfield","startTime":1992.655,"endTime":1996.535,"body":"happening in other parts of the world."},{"speaker":"Richard Canfield","startTime":1996.535,"endTime":1997.285,"body":"Global strife."},{"speaker":"Richard Canfield","startTime":1997.675,"endTime":1998.695,"body":"We don't control any of that."},{"speaker":"Richard Canfield","startTime":1999.325,"endTime":2001.755,"body":"We have to make good,"},{"speaker":"Richard Canfield","startTime":1999.325,"endTime":2001.755,"body":"rational business decisions."},{"speaker":"Richard Canfield","startTime":2001.945,"endTime":2005.69,"body":"With the insurance contract, none"},{"speaker":"Richard Canfield","startTime":2001.945,"endTime":2005.69,"body":"of that matters because guaranteed"},{"speaker":"Richard Canfield","startTime":2005.69,"endTime":2008.45,"body":"accumulation is built in from"},{"speaker":"Richard Canfield","startTime":2005.69,"endTime":2008.45,"body":"day one if it's structured right."},{"speaker":"Richard Canfield","startTime":2008.93,"endTime":2013.67,"body":"Which means your equity is ever"},{"speaker":"Richard Canfield","startTime":2008.93,"endTime":2013.67,"body":"increasing day after day, year after"},{"speaker":"Richard Canfield","startTime":2013.67,"endTime":2015.17,"body":"year, and it cannot be stopped."},{"speaker":"Richard Canfield","startTime":2015.17,"endTime":2021.89,"body":"The only thing that can stop it is the"},{"speaker":"Richard Canfield","startTime":2015.17,"endTime":2021.89,"body":"policy owner's behavior or somebody"},{"speaker":"Richard Canfield","startTime":2021.89,"endTime":2025.58,"body":"dies, and if somebody dies, there's"},{"speaker":"Richard Canfield","startTime":2021.89,"endTime":2025.58,"body":"a lot more money coming out than"},{"speaker":"Richard Canfield","startTime":2025.58,"endTime":2029.51,"body":"what you've put in, which is, by the"},{"speaker":"Richard Canfield","startTime":2025.58,"endTime":2029.51,"body":"way, my definition of an investment."},{"speaker":"Richard Canfield","startTime":2029.51,"endTime":2034.07,"body":"The best investment is the one that"},{"speaker":"Richard Canfield","startTime":2029.51,"endTime":2034.07,"body":"pays the most when you need it the most."},{"speaker":"Average Joe Finances","startTime":2036.155,"endTime":2036.425,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2036.455,"endTime":2037.535,"body":"No, that's fantastic."},{"speaker":"Average Joe Finances","startTime":2038.165,"endTime":2038.825,"body":"All right, Richard."},{"speaker":"Average Joe Finances","startTime":2038.825,"endTime":2043.595,"body":"I wanna ask you one more thing before"},{"speaker":"Average Joe Finances","startTime":2038.825,"endTime":2043.595,"body":"we transition this into the final round"},{"speaker":"Average Joe Finances","startTime":2044.015,"endTime":2047.555,"body":"because you said something earlier that"},{"speaker":"Average Joe Finances","startTime":2044.015,"endTime":2047.555,"body":"really caught my attention when you were"},{"speaker":"Average Joe Finances","startTime":2047.555,"endTime":2052.915,"body":"talking about, what Nelson did near the"},{"speaker":"Average Joe Finances","startTime":2047.555,"endTime":2052.915,"body":"end of his life with his passing, but his"},{"speaker":"Average Joe Finances","startTime":2052.915,"endTime":2057.295,"body":"focus was on calling everyone else and"},{"speaker":"Average Joe Finances","startTime":2052.915,"endTime":2057.295,"body":"making sure they knew what to do because."},{"speaker":"Average Joe Finances","startTime":2057.97,"endTime":2059.98,"body":"He had policies on other people."},{"speaker":"Average Joe Finances","startTime":2060.59,"endTime":2068.03,"body":"So how do you go about let's say that, so"},{"speaker":"Average Joe Finances","startTime":2060.59,"endTime":2068.03,"body":"I, I have, my own policy, my wife has one."},{"speaker":"Average Joe Finances","startTime":2068.51,"endTime":2072.65,"body":"Let's say I wanted to open up policies"},{"speaker":"Average Joe Finances","startTime":2068.51,"endTime":2072.65,"body":"on my kids in a similar way, but"},{"speaker":"Average Joe Finances","startTime":2073.16,"endTime":2077.009,"body":"how do I go about doing it where I'm"},{"speaker":"Average Joe Finances","startTime":2073.16,"endTime":2077.009,"body":"actually the owner of it and then I can"},{"speaker":"Average Joe Finances","startTime":2077.009,"endTime":2080.54,"body":"pass it down to them, after my death"},{"speaker":"Average Joe Finances","startTime":2077.009,"endTime":2080.54,"body":"similar to the way that Nelson did."},{"speaker":"Average Joe Finances","startTime":2080.54,"endTime":2082.379,"body":"Like, how do you structure"},{"speaker":"Average Joe Finances","startTime":2080.54,"endTime":2082.379,"body":"something like that?"},{"speaker":"Richard Canfield","startTime":2082.994,"endTime":2083.774,"body":"Super good question."},{"speaker":"Richard Canfield","startTime":2083.774,"endTime":2087.464,"body":"In fact we literally just did a"},{"speaker":"Richard Canfield","startTime":2083.774,"endTime":2087.464,"body":"Canada wide tour of our family banking"},{"speaker":"Richard Canfield","startTime":2087.464,"endTime":2091.724,"body":"conference, and what we do is we teach"},{"speaker":"Richard Canfield","startTime":2087.464,"endTime":2091.724,"body":"people about family banking and how"},{"speaker":"Richard Canfield","startTime":2091.724,"endTime":2096.014,"body":"to have a family banking meeting and"},{"speaker":"Richard Canfield","startTime":2091.724,"endTime":2096.014,"body":"integrate conversations about financial"},{"speaker":"Richard Canfield","startTime":2096.314,"endTime":2101.984,"body":"accumulation and wealth preservation"},{"speaker":"Richard Canfield","startTime":2096.314,"endTime":2101.984,"body":"and keeping all the money in the family."},{"speaker":"Richard Canfield","startTime":2102.015,"endTime":2104.984,"body":"We're talking about a family aquarium"},{"speaker":"Richard Canfield","startTime":2102.015,"endTime":2104.984,"body":"where the money never leaves the family."},{"speaker":"Richard Canfield","startTime":2105.104,"endTime":2106.484,"body":"That's what we teach people how to do."},{"speaker":"Average Joe Finances","startTime":2106.814,"endTime":2108.555,"body":"That's what"},{"speaker":"Average Joe Finances","startTime":2106.814,"endTime":2108.555,"body":"I'm trying to do with my kids."},{"speaker":"Average Joe Finances","startTime":2108.555,"endTime":2112.015,"body":"I wanna build something for"},{"speaker":"Average Joe Finances","startTime":2108.555,"endTime":2112.015,"body":"them that, They can carry down"},{"speaker":"Average Joe Finances","startTime":2112.015,"endTime":2113.334,"body":"to their kids and their kids."},{"speaker":"Richard Canfield","startTime":2113.345,"endTime":2113.825,"body":"There you go."},{"speaker":"Richard Canfield","startTime":2113.825,"endTime":2115.984,"body":"But bulletproof sustainability,"},{"speaker":"Richard Canfield","startTime":2113.825,"endTime":2115.984,"body":"that's what it's all about."},{"speaker":"Richard Canfield","startTime":2115.984,"endTime":2119.205,"body":"And so as, so I'll use"},{"speaker":"Richard Canfield","startTime":2115.984,"endTime":2119.205,"body":"myself as an example."},{"speaker":"Richard Canfield","startTime":2119.235,"endTime":2121.905,"body":"So I currently have 12 insurance policies."},{"speaker":"Richard Canfield","startTime":2121.935,"endTime":2124.165,"body":"I'm opening a 13th one this year."},{"speaker":"Richard Canfield","startTime":2124.495,"endTime":2127.075,"body":"I haven't made the decision yet,"},{"speaker":"Richard Canfield","startTime":2124.495,"endTime":2127.075,"body":"but I'm quite confident after what"},{"speaker":"Richard Canfield","startTime":2127.075,"endTime":2130.015,"body":"happened today that I'll probably be"},{"speaker":"Richard Canfield","startTime":2127.075,"endTime":2130.015,"body":"doing it in the next 30 or 45 days."},{"speaker":"Richard Canfield","startTime":2130.435,"endTime":2130.585,"body":"And."},{"speaker":"Average Joe Finances","startTime":2130.585,"endTime":2131.575,"body":"How many on yourself?"},{"speaker":"Richard Canfield","startTime":2132.425,"endTime":2133.285,"body":"Most of them are on me."},{"speaker":"Richard Canfield","startTime":2133.325,"endTime":2134.555,"body":"I have two for each of my kids."},{"speaker":"Richard Canfield","startTime":2134.555,"endTime":2138.334,"body":"I have a five and a seven year old,"},{"speaker":"Richard Canfield","startTime":2134.555,"endTime":2138.334,"body":"and then I have three on my wife."},{"speaker":"Richard Canfield","startTime":2138.334,"endTime":2140.895,"body":"One of 'em is pretty small, but I"},{"speaker":"Richard Canfield","startTime":2138.334,"endTime":2140.895,"body":"have three on my wife and then the"},{"speaker":"Richard Canfield","startTime":2140.895,"endTime":2145.095,"body":"rest are on me, and so I'm the one"},{"speaker":"Richard Canfield","startTime":2140.895,"endTime":2145.095,"body":"that's the primary income earner,"},{"speaker":"Richard Canfield","startTime":2145.095,"endTime":2146.564,"body":"so I'm the one that needs, so just."},{"speaker":"Richard Canfield","startTime":2146.859,"endTime":2149.259,"body":"Logically speaking, I'm the one"},{"speaker":"Richard Canfield","startTime":2146.859,"endTime":2149.259,"body":"that needs the most coverage."},{"speaker":"Richard Canfield","startTime":2149.35,"endTime":2152.229,"body":"The family will be most impacted"},{"speaker":"Richard Canfield","startTime":2149.35,"endTime":2152.229,"body":"if something happens to me."},{"speaker":"Richard Canfield","startTime":2152.289,"endTime":2152.62,"body":"Okay."},{"speaker":"Richard Canfield","startTime":2152.89,"endTime":2157.18,"body":"So when we think about building or"},{"speaker":"Richard Canfield","startTime":2152.89,"endTime":2157.18,"body":"plan, building a plan, it, a lot of"},{"speaker":"Richard Canfield","startTime":2157.18,"endTime":2160.93,"body":"things go into that con that that,"},{"speaker":"Richard Canfield","startTime":2157.18,"endTime":2160.93,"body":"that construction, because it has to"},{"speaker":"Richard Canfield","startTime":2160.93,"endTime":2164.049,"body":"think about what's unique to you and"},{"speaker":"Richard Canfield","startTime":2160.93,"endTime":2164.049,"body":"your family, your goals and objectives,"},{"speaker":"Richard Canfield","startTime":2164.049,"endTime":2166.509,"body":"and also how's the structure set up?"},{"speaker":"Richard Canfield","startTime":2166.509,"endTime":2168.679,"body":"Who needs the coverage, et cetera."},{"speaker":"Richard Canfield","startTime":2168.999,"endTime":2171.099,"body":"So a lot of people wanna go"},{"speaker":"Richard Canfield","startTime":2168.999,"endTime":2171.099,"body":"do it on their kids first."},{"speaker":"Richard Canfield","startTime":2171.099,"endTime":2172.479,"body":"I'm like, okay, what"},{"speaker":"Richard Canfield","startTime":2171.099,"endTime":2172.479,"body":"happens if you're dead?"},{"speaker":"Richard Canfield","startTime":2172.929,"endTime":2174.099,"body":"How are your kids gonna deal with this?"},{"speaker":"Richard Canfield","startTime":2174.129,"endTime":2175.029,"body":"They're not gonna deal with it."},{"speaker":"Richard Canfield","startTime":2175.059,"endTime":2175.119,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":2175.119,"endTime":2176.619,"body":"We need to solve a problem on you first."},{"speaker":"Richard Canfield","startTime":2176.619,"endTime":2176.949,"body":"Okay."},{"speaker":"Richard Canfield","startTime":2177.039,"endTime":2179.199,"body":"So I'm really glad to hear that you"},{"speaker":"Richard Canfield","startTime":2177.039,"endTime":2179.199,"body":"and your wife are properly covered."},{"speaker":"Richard Canfield","startTime":2179.589,"endTime":2181.839,"body":"So when both of my kids turned."},{"speaker":"Richard Canfield","startTime":2182.274,"endTime":2186.084,"body":"Basically with the 16 days of age policy"},{"speaker":"Richard Canfield","startTime":2182.274,"endTime":2186.084,"body":"application went in on both of 'em."},{"speaker":"Richard Canfield","startTime":2186.384,"endTime":2186.714,"body":"Okay."},{"speaker":"Richard Canfield","startTime":2187.104,"endTime":2190.364,"body":"And that's the earliest you can insure"},{"speaker":"Richard Canfield","startTime":2187.104,"endTime":2190.364,"body":"a child typically, at least in Canada."},{"speaker":"Richard Canfield","startTime":2190.814,"endTime":2193.604,"body":"And I've since got another"},{"speaker":"Richard Canfield","startTime":2190.814,"endTime":2193.604,"body":"policy on each one of them, and"},{"speaker":"Richard Canfield","startTime":2193.609,"endTime":2194.864,"body":"I plan to get more in the future."},{"speaker":"Richard Canfield","startTime":2195.194,"endTime":2197.204,"body":"I'm the owner of most of those contracts."},{"speaker":"Richard Canfield","startTime":2197.204,"endTime":2201.854,"body":"My wife owns a couple, and if"},{"speaker":"Richard Canfield","startTime":2197.204,"endTime":2201.854,"body":"something happens to me, I have it"},{"speaker":"Richard Canfield","startTime":2201.854,"endTime":2205.664,"body":"set where my wife is the contingent"},{"speaker":"Richard Canfield","startTime":2201.854,"endTime":2205.664,"body":"owner on the kids' policies."},{"speaker":"Richard Canfield","startTime":2206.024,"endTime":2207.614,"body":"So my policies pay out."},{"speaker":"Richard Canfield","startTime":2208.094,"endTime":2209.504,"body":"My wife, I own one on her."},{"speaker":"Richard Canfield","startTime":2209.504,"endTime":2213.284,"body":"She takes over ownership of it and the"},{"speaker":"Richard Canfield","startTime":2209.504,"endTime":2213.284,"body":"kids' policies automatically pass to her."},{"speaker":"Richard Canfield","startTime":2214.214,"endTime":2220.004,"body":"If she goes well, then the kids' policies"},{"speaker":"Richard Canfield","startTime":2214.214,"endTime":2220.004,"body":"pass to them and a trustee looks after"},{"speaker":"Richard Canfield","startTime":2220.004,"endTime":2221.434,"body":"them until they're 18 years of age."},{"speaker":"Richard Canfield","startTime":2222.014,"endTime":2222.284,"body":"Okay."},{"speaker":"Richard Canfield","startTime":2222.284,"endTime":2225.044,"body":"And we select who the trustee is"},{"speaker":"Richard Canfield","startTime":2222.284,"endTime":2225.044,"body":"and then we'll have additional"},{"speaker":"Richard Canfield","startTime":2225.044,"endTime":2228.524,"body":"context in our will to explain what"},{"speaker":"Richard Canfield","startTime":2225.044,"endTime":2228.524,"body":"we want the kids to do with that."},{"speaker":"Richard Canfield","startTime":2228.974,"endTime":2231.554,"body":"So I'll talk to you a little bit more"},{"speaker":"Richard Canfield","startTime":2228.974,"endTime":2231.554,"body":"about the idea of family banking."},{"speaker":"Richard Canfield","startTime":2231.914,"endTime":2234.524,"body":"We have a family banking meeting"},{"speaker":"Richard Canfield","startTime":2231.914,"endTime":2234.524,"body":"now my kids are only five and seven."},{"speaker":"Richard Canfield","startTime":2234.584,"endTime":2236.684,"body":"We only keep their attention"},{"speaker":"Richard Canfield","startTime":2234.584,"endTime":2236.684,"body":"for about 25 minutes."},{"speaker":"Richard Canfield","startTime":2236.954,"endTime":2239.684,"body":"I make sure that my wife gets a treat"},{"speaker":"Richard Canfield","startTime":2236.954,"endTime":2239.684,"body":"that the kids are gonna wanna do and"},{"speaker":"Richard Canfield","startTime":2239.684,"endTime":2241.544,"body":"we align it with a family vacation."},{"speaker":"Richard Canfield","startTime":2241.994,"endTime":2243.254,"body":"So we did it at spring break here."},{"speaker":"Richard Canfield","startTime":2243.254,"endTime":2243.944,"body":"We were done in Vegas."},{"speaker":"Richard Canfield","startTime":2243.944,"endTime":2245.054,"body":"We rented a house for a few weeks."},{"speaker":"Richard Canfield","startTime":2245.054,"endTime":2245.354,"body":"It was great."},{"speaker":"Richard Canfield","startTime":2245.354,"endTime":2246.704,"body":"We had a pool and"},{"speaker":"Richard Canfield","startTime":2245.354,"endTime":2246.704,"body":"everything was wonderful."},{"speaker":"Richard Canfield","startTime":2247.094,"endTime":2248.084,"body":"At the last day."},{"speaker":"Richard Canfield","startTime":2248.084,"endTime":2250.024,"body":"We have a family banking"},{"speaker":"Richard Canfield","startTime":2248.084,"endTime":2250.024,"body":"meeting and we spend the first."},{"speaker":"Richard Canfield","startTime":2250.68,"endTime":2253.08,"body":"10 minutes just talking about"},{"speaker":"Richard Canfield","startTime":2250.68,"endTime":2253.08,"body":"what are all the amazing things"},{"speaker":"Richard Canfield","startTime":2253.084,"endTime":2253.95,"body":"that we did when we were here."},{"speaker":"Richard Canfield","startTime":2254.37,"endTime":2255.27,"body":"What are some of your memories?"},{"speaker":"Richard Canfield","startTime":2255.27,"endTime":2256.68,"body":"What are your takeaways from our event?"},{"speaker":"Richard Canfield","startTime":2256.919,"endTime":2259.08,"body":"Hey, why are we able to"},{"speaker":"Richard Canfield","startTime":2256.919,"endTime":2259.08,"body":"do something like this?"},{"speaker":"Richard Canfield","startTime":2259.08,"endTime":2262.29,"body":"And the kids say, because of"},{"speaker":"Richard Canfield","startTime":2259.08,"endTime":2262.29,"body":"the family bank, dad, boom."},{"speaker":"Richard Canfield","startTime":2262.319,"endTime":2262.95,"body":"High five."},{"speaker":"Richard Canfield","startTime":2262.95,"endTime":2263.58,"body":"High five."},{"speaker":"Richard Canfield","startTime":2263.58,"endTime":2264.299,"body":"Big hugs."},{"speaker":"Richard Canfield","startTime":2264.72,"endTime":2266.249,"body":"I say, okay, that's great, Nathan, Nora."},{"speaker":"Richard Canfield","startTime":2266.249,"endTime":2269.52,"body":"Okay, now that we've come on the"},{"speaker":"Richard Canfield","startTime":2266.249,"endTime":2269.52,"body":"family vacation and we're gonna have"},{"speaker":"Richard Canfield","startTime":2269.52,"endTime":2273.18,"body":"our family banking meeting, when we"},{"speaker":"Richard Canfield","startTime":2269.52,"endTime":2273.18,"body":"go back home, what are some things"},{"speaker":"Richard Canfield","startTime":2273.18,"endTime":2274.24,"body":"that we need to make sure we do?"},{"speaker":"Richard Canfield","startTime":2274.799,"endTime":2278.609,"body":"As far as the family banking system says,"},{"speaker":"Richard Canfield","startTime":2274.799,"endTime":2278.609,"body":"oh, we have to put the money back in."},{"speaker":"Richard Canfield","startTime":2278.609,"endTime":2279.579,"body":"Dad, high five."},{"speaker":"Richard Canfield","startTime":2279.579,"endTime":2279.838,"body":"High five."},{"speaker":"Richard Canfield","startTime":2280.168,"endTime":2280.618,"body":"Why is that?"},{"speaker":"Richard Canfield","startTime":2280.618,"endTime":2283.858,"body":"Why do we put the money back in"},{"speaker":"Richard Canfield","startTime":2280.618,"endTime":2283.858,"body":"so we can use it again later?"},{"speaker":"Richard Canfield","startTime":2285.598,"endTime":2287.428,"body":"My kids don't know about"},{"speaker":"Richard Canfield","startTime":2285.598,"endTime":2287.428,"body":"insurance policies."},{"speaker":"Richard Canfield","startTime":2287.518,"endTime":2289.318,"body":"They don't know about"},{"speaker":"Richard Canfield","startTime":2287.518,"endTime":2289.318,"body":"rental property investments."},{"speaker":"Richard Canfield","startTime":2289.318,"endTime":2291.808,"body":"They don't understand a lot of"},{"speaker":"Richard Canfield","startTime":2289.318,"endTime":2291.808,"body":"these other things, and they don't"},{"speaker":"Richard Canfield","startTime":2291.808,"endTime":2295.618,"body":"need to because they understand the"},{"speaker":"Richard Canfield","startTime":2291.808,"endTime":2295.618,"body":"fundamental basics of how we're gonna"},{"speaker":"Richard Canfield","startTime":2295.618,"endTime":2298.438,"body":"cycle money as a family, and we're"},{"speaker":"Richard Canfield","startTime":2295.618,"endTime":2298.438,"body":"gonna keep the money in the family."},{"speaker":"Richard Canfield","startTime":2299.008,"endTime":2301.108,"body":"Now, we can expand on that as"},{"speaker":"Richard Canfield","startTime":2299.008,"endTime":2301.108,"body":"they get older, but for right"},{"speaker":"Richard Canfield","startTime":2301.108,"endTime":2303.118,"body":"now, Those are that's it."},{"speaker":"Richard Canfield","startTime":2303.118,"endTime":2306.239,"body":"That's all I need to understand"},{"speaker":"Richard Canfield","startTime":2303.118,"endTime":2306.239,"body":"because everything else is dead simple."},{"speaker":"Richard Canfield","startTime":2306.269,"endTime":2309.038,"body":"If you get those fundamentals"},{"speaker":"Richard Canfield","startTime":2306.269,"endTime":2309.038,"body":"in place and yeah."},{"speaker":"Richard Canfield","startTime":2309.418,"endTime":2313.138,"body":"What we talked about in this family"},{"speaker":"Richard Canfield","startTime":2309.418,"endTime":2313.138,"body":"banking meeting is I started to bring up"},{"speaker":"Richard Canfield","startTime":2313.138,"endTime":2316.048,"body":"the idea of passive versus active income."},{"speaker":"Richard Canfield","startTime":2316.708,"endTime":2317.729,"body":"Now, they don't see me."},{"speaker":"Richard Canfield","startTime":2317.769,"endTime":2319.359,"body":"They know I got the"},{"speaker":"Richard Canfield","startTime":2317.769,"endTime":2319.359,"body":"podcast studio at home."},{"speaker":"Richard Canfield","startTime":2319.359,"endTime":2321.843,"body":"They see me, standing on my"},{"speaker":"Richard Canfield","startTime":2319.359,"endTime":2321.843,"body":"walking treadmill, talking to"},{"speaker":"Richard Canfield","startTime":2321.843,"endTime":2323.013,"body":"you and having a good time."},{"speaker":"Richard Canfield","startTime":2323.013,"endTime":2325.624,"body":"And I've got my computer and my"},{"speaker":"Richard Canfield","startTime":2323.013,"endTime":2325.624,"body":"headset and they come in, they"},{"speaker":"Richard Canfield","startTime":2325.624,"endTime":2327.243,"body":"check out the, what's going on"},{"speaker":"Richard Canfield","startTime":2325.624,"endTime":2327.243,"body":"down here every once in a while."},{"speaker":"Richard Canfield","startTime":2327.788,"endTime":2329.678,"body":"But they don't know how"},{"speaker":"Richard Canfield","startTime":2327.788,"endTime":2329.678,"body":"that translates into money."},{"speaker":"Richard Canfield","startTime":2329.678,"endTime":2330.818,"body":"It's hard for them to visualize."},{"speaker":"Richard Canfield","startTime":2331.278,"endTime":2335.868,"body":"My wife, she makes these crazy art"},{"speaker":"Richard Canfield","startTime":2331.278,"endTime":2335.868,"body":"cool projects and outta wood and"},{"speaker":"Richard Canfield","startTime":2335.868,"endTime":2339.018,"body":"does all this fun wood crafty stuff,"},{"speaker":"Richard Canfield","startTime":2335.868,"endTime":2339.018,"body":"and then she sells that stuff."},{"speaker":"Richard Canfield","startTime":2339.023,"endTime":2341.958,"body":"People show up at the door and they"},{"speaker":"Richard Canfield","startTime":2339.023,"endTime":2341.958,"body":"bring money to buy her cool stuff"},{"speaker":"Richard Canfield","startTime":2342.408,"endTime":2344.328,"body":"so the kids can actually see that."},{"speaker":"Richard Canfield","startTime":2344.568,"endTime":2346.578,"body":"So we talked about that"},{"speaker":"Richard Canfield","startTime":2344.568,"endTime":2346.578,"body":"as being active income."},{"speaker":"Richard Canfield","startTime":2347.208,"endTime":2350.298,"body":"And then I said, now kids, you know"},{"speaker":"Richard Canfield","startTime":2347.208,"endTime":2350.298,"body":"that Daddy's written a few books."},{"speaker":"Richard Canfield","startTime":2350.604,"endTime":2353.484,"body":"So I brought a couple of the books and,"},{"speaker":"Richard Canfield","startTime":2350.604,"endTime":2353.484,"body":"so here's our book, cashflow As a Leader."},{"speaker":"Richard Canfield","startTime":2353.484,"endTime":2353.994,"body":"I'm gonna do that."},{"speaker":"Richard Canfield","startTime":2353.994,"endTime":2356.064,"body":"I'm gonna do a giveaway for your"},{"speaker":"Richard Canfield","startTime":2353.994,"endTime":2356.064,"body":"listeners on that, by the way."},{"speaker":"Richard Canfield","startTime":2356.424,"endTime":2358.914,"body":"And our first book Canadians"},{"speaker":"Richard Canfield","startTime":2356.424,"endTime":2358.914,"body":"Guide to Building Without Risk."},{"speaker":"Richard Canfield","startTime":2359.244,"endTime":2361.554,"body":"And we just launched Keep"},{"speaker":"Richard Canfield","startTime":2359.244,"endTime":2361.554,"body":"Taxes Away From Your Wealth."},{"speaker":"Richard Canfield","startTime":2361.944,"endTime":2365.934,"body":"So I had the books there and I said, now"},{"speaker":"Richard Canfield","startTime":2361.944,"endTime":2365.934,"body":"kids, every single time one of these books"},{"speaker":"Richard Canfield","startTime":2365.934,"endTime":2369.804,"body":"gets purchased and someone buys them,"},{"speaker":"Richard Canfield","startTime":2365.934,"endTime":2369.804,"body":"that creates what's called a royalty."},{"speaker":"Richard Canfield","startTime":2370.044,"endTime":2371.454,"body":"Now, that's a passive income."},{"speaker":"Richard Canfield","startTime":2371.784,"endTime":2374.274,"body":"Daddy did all the work to"},{"speaker":"Richard Canfield","startTime":2371.784,"endTime":2374.274,"body":"write the book one time."},{"speaker":"Richard Canfield","startTime":2374.699,"endTime":2378.179,"body":"Every time for the rest of time"},{"speaker":"Richard Canfield","startTime":2374.699,"endTime":2378.179,"body":"that this book gets sold, that"},{"speaker":"Richard Canfield","startTime":2378.179,"endTime":2379.679,"body":"produces a little bit of money."},{"speaker":"Richard Canfield","startTime":2380.009,"endTime":2383.159,"body":"And that's called passive income"},{"speaker":"Richard Canfield","startTime":2380.009,"endTime":2383.159,"body":"cuz we did the work once and now"},{"speaker":"Richard Canfield","startTime":2383.159,"endTime":2384.479,"body":"we don't have to do the work again."},{"speaker":"Richard Canfield","startTime":2384.869,"endTime":2388.288,"body":"So I use that meeting as an opportunity"},{"speaker":"Richard Canfield","startTime":2384.869,"endTime":2388.288,"body":"to educate the kids about something"},{"speaker":"Richard Canfield","startTime":2388.288,"endTime":2391.529,"body":"new and we're just gonna keep"},{"speaker":"Richard Canfield","startTime":2388.288,"endTime":2391.529,"body":"expanding on those concepts and then"},{"speaker":"Richard Canfield","startTime":2391.529,"endTime":2395.999,"body":"relating them back to the simplicity"},{"speaker":"Richard Canfield","startTime":2391.529,"endTime":2395.999,"body":"of keeping the money in the family."},{"speaker":"Richard Canfield","startTime":2396.758,"endTime":2398.198,"body":"I'm gonna go one step further on this."},{"speaker":"Richard Canfield","startTime":2398.198,"endTime":2402.038,"body":"Cause that when my kids are"},{"speaker":"Richard Canfield","startTime":2398.198,"endTime":2402.038,"body":"older, they're gonna need cars."},{"speaker":"Richard Canfield","startTime":2403.028,"endTime":2405.728,"body":"They're gonna need, if they want"},{"speaker":"Richard Canfield","startTime":2403.028,"endTime":2405.728,"body":"an education, they can get it."},{"speaker":"Richard Canfield","startTime":2406.058,"endTime":2407.558,"body":"But they're paying for the education."},{"speaker":"Richard Canfield","startTime":2408.158,"endTime":2412.478,"body":"We're financing it, but they're gonna"},{"speaker":"Richard Canfield","startTime":2408.158,"endTime":2412.478,"body":"pay the family system back because"},{"speaker":"Richard Canfield","startTime":2412.483,"endTime":2415.838,"body":"every dollar they pay in, they're"},{"speaker":"Richard Canfield","startTime":2412.483,"endTime":2415.838,"body":"gonna get to use for their retirement."},{"speaker":"Richard Canfield","startTime":2416.138,"endTime":2417.848,"body":"So they're incentivized to put it back in."},{"speaker":"Richard Canfield","startTime":2417.853,"endTime":2418.658,"body":"Does that make sense?"},{"speaker":"Richard Canfield","startTime":2419.438,"endTime":2422.648,"body":"And they're less likely to"},{"speaker":"Richard Canfield","startTime":2419.438,"endTime":2422.648,"body":"drop outta school if they"},{"speaker":"Richard Canfield","startTime":2422.648,"endTime":2423.668,"body":"know they have to pay it back."},{"speaker":"Richard Canfield","startTime":2424.178,"endTime":2424.598,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2424.628,"endTime":2425.108,"body":"It's true."},{"speaker":"Average Joe Finances","startTime":2425.138,"endTime":2425.498,"body":"It's true."},{"speaker":"Richard Canfield","startTime":2425.598,"endTime":2426.769,"body":"I want"},{"speaker":"Richard Canfield","startTime":2425.598,"endTime":2426.769,"body":"to create an incentive."},{"speaker":"Richard Canfield","startTime":2427.594,"endTime":2432.094,"body":"I plan on maintaining ownership until"},{"speaker":"Richard Canfield","startTime":2427.594,"endTime":2432.094,"body":"I'm gone, and then my kids are gonna"},{"speaker":"Richard Canfield","startTime":2432.094,"endTime":2435.544,"body":"receive a death benefit from dad"},{"speaker":"Richard Canfield","startTime":2432.094,"endTime":2435.544,"body":"and there's gonna be an outstanding"},{"speaker":"Richard Canfield","startTime":2435.544,"endTime":2437.224,"body":"policy loan on their policies."},{"speaker":"Richard Canfield","startTime":2437.704,"endTime":2441.304,"body":"They're gonna have instructions to"},{"speaker":"Richard Canfield","startTime":2437.704,"endTime":2441.304,"body":"pay those off first and refill the"},{"speaker":"Richard Canfield","startTime":2441.304,"endTime":2445.054,"body":"tank so they can reuse all that"},{"speaker":"Richard Canfield","startTime":2441.304,"endTime":2445.054,"body":"for the rest of their own life."},{"speaker":"Richard Canfield","startTime":2445.744,"endTime":2447.574,"body":"Then take the remaining amount of money."},{"speaker":"Richard Canfield","startTime":2448.099,"endTime":2451.999,"body":"Buy new contracts on every body"},{"speaker":"Richard Canfield","startTime":2448.099,"endTime":2451.999,"body":"that they can possibly insure."},{"speaker":"Richard Canfield","startTime":2452.629,"endTime":2452.899,"body":"Okay."},{"speaker":"Richard Canfield","startTime":2452.899,"endTime":2454.549,"body":"So they can keep that system going."},{"speaker":"Richard Canfield","startTime":2455.119,"endTime":2458.459,"body":"So when they need a mortgage, when"},{"speaker":"Richard Canfield","startTime":2455.119,"endTime":2458.459,"body":"they wanna go buy property and they"},{"speaker":"Richard Canfield","startTime":2458.459,"endTime":2461.159,"body":"wanna go buy their first place, we're"},{"speaker":"Richard Canfield","startTime":2458.459,"endTime":2461.159,"body":"taking a policy loan to do that."},{"speaker":"Richard Canfield","startTime":2461.459,"endTime":2464.429,"body":"A mortgage will be created with the"},{"speaker":"Richard Canfield","startTime":2461.459,"endTime":2464.429,"body":"family, it could be registered on"},{"speaker":"Richard Canfield","startTime":2464.429,"endTime":2466.859,"body":"title, and they can make payments."},{"speaker":"Richard Canfield","startTime":2466.949,"endTime":2470.339,"body":"So if they want to go sell it, then"},{"speaker":"Richard Canfield","startTime":2466.949,"endTime":2470.339,"body":"they have to pay the family banking"},{"speaker":"Richard Canfield","startTime":2470.339,"endTime":2472.589,"body":"system back with the proceeds,"},{"speaker":"Richard Canfield","startTime":2470.339,"endTime":2472.589,"body":"just like a regular bank would."},{"speaker":"Richard Canfield","startTime":2473.383,"endTime":2476.323,"body":"That's the way that we're gonna"},{"speaker":"Richard Canfield","startTime":2473.383,"endTime":2476.323,"body":"operate as a family bank and all"},{"speaker":"Richard Canfield","startTime":2476.323,"endTime":2480.073,"body":"the money will come back to home"},{"speaker":"Richard Canfield","startTime":2476.323,"endTime":2480.073,"body":"base so that it can be repurposed"},{"speaker":"Richard Canfield","startTime":2480.254,"endTime":2481.933,"body":"for another member of the family."},{"speaker":"Richard Canfield","startTime":2482.234,"endTime":2484.513,"body":"As long as they can keep that cycle going."},{"speaker":"Average Joe Finances","startTime":2485.024,"endTime":2485.834,"body":"That's amazing."},{"speaker":"Average Joe Finances","startTime":2485.924,"endTime":2486.794,"body":"That's really awesome."},{"speaker":"Average Joe Finances","startTime":2487.133,"endTime":2488.183,"body":"Not only did we talk about."},{"speaker":"Average Joe Finances","startTime":2489.368,"endTime":2493.029,"body":"Real estate, infinite banking, but"},{"speaker":"Average Joe Finances","startTime":2489.368,"endTime":2493.029,"body":"also this financial literacy for your"},{"speaker":"Average Joe Finances","startTime":2493.029,"endTime":2495.409,"body":"children which I think is so huge."},{"speaker":"Average Joe Finances","startTime":2495.409,"endTime":2496.454,"body":"I'm all about that."},{"speaker":"Average Joe Finances","startTime":2496.454,"endTime":2499.064,"body":"I even play the cashflow"},{"speaker":"Average Joe Finances","startTime":2496.454,"endTime":2499.064,"body":"for kids game with my kids."},{"speaker":"Average Joe Finances","startTime":2499.064,"endTime":2500.024,"body":"They absolutely love it."},{"speaker":"Average Joe Finances","startTime":2500.423,"endTime":2501.354,"body":"No, I appreciate that."},{"speaker":"Average Joe Finances","startTime":2501.354,"endTime":2505.364,"body":"So Richard I would like to go ahead and"},{"speaker":"Average Joe Finances","startTime":2501.354,"endTime":2505.364,"body":"transition this into the final round."},{"speaker":"Average Joe Finances","startTime":2505.364,"endTime":2507.884,"body":"It's where I'm gonna ask you four"},{"speaker":"Average Joe Finances","startTime":2505.364,"endTime":2507.884,"body":"questions that I ask everybody"},{"speaker":"Average Joe Finances","startTime":2507.884,"endTime":2511.634,"body":"that comes on the show and gives"},{"speaker":"Average Joe Finances","startTime":2507.884,"endTime":2511.634,"body":"us an idea of how you are under"},{"speaker":"Average Joe Finances","startTime":2511.639,"endTime":2513.044,"body":"pressure, which I'm pretty sure."},{"speaker":"Average Joe Finances","startTime":2513.404,"endTime":2516.464,"body":"I know how you're gonna be, so if you're"},{"speaker":"Average Joe Finances","startTime":2513.404,"endTime":2516.464,"body":"ready to go, we'll get that party started."},{"speaker":"Richard Canfield","startTime":2516.854,"endTime":2517.424,"body":"Lock and load."},{"speaker":"Average Joe Finances","startTime":2517.844,"endTime":2518.564,"body":"All right, let's do it."},{"speaker":"Average Joe Finances","startTime":2518.594,"endTime":2518.894,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2519.134,"endTime":2522.794,"body":"So Richard, the first question"},{"speaker":"Average Joe Finances","startTime":2519.134,"endTime":2522.794,"body":"is, what's the biggest mistake"},{"speaker":"Average Joe Finances","startTime":2522.794,"endTime":2527.174,"body":"you've ever made in your finances"},{"speaker":"Average Joe Finances","startTime":2522.794,"endTime":2527.174,"body":"investing real estate or business?"},{"speaker":"Richard Canfield","startTime":2528.794,"endTime":2532.364,"body":"Biggest mistake"},{"speaker":"Richard Canfield","startTime":2528.794,"endTime":2532.364,"body":"I ever made was being too trusting"},{"speaker":"Richard Canfield","startTime":2532.634,"endTime":2536.694,"body":"and not taking the extra time"},{"speaker":"Richard Canfield","startTime":2532.634,"endTime":2536.694,"body":"to do a bit more due diligence."},{"speaker":"Richard Canfield","startTime":2537.479,"endTime":2540.569,"body":"I lost a few dollars on a few different"},{"speaker":"Richard Canfield","startTime":2537.479,"endTime":2540.569,"body":"projects that could have been avoided"},{"speaker":"Richard Canfield","startTime":2540.719,"endTime":2543.389,"body":"with a little bit of extra patience."},{"speaker":"Average Joe Finances","startTime":2544.499,"endTime":2544.949,"body":"Sure, yeah."},{"speaker":"Average Joe Finances","startTime":2544.949,"endTime":2548.339,"body":"That is definitely a common"},{"speaker":"Average Joe Finances","startTime":2544.949,"endTime":2548.339,"body":"response to that question."},{"speaker":"Average Joe Finances","startTime":2548.339,"endTime":2548.384,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2548.388,"endTime":2550.764,"body":"So I've definitely heard that before,"},{"speaker":"Average Joe Finances","startTime":2548.388,"endTime":2550.764,"body":"so I appreciate the transparency there."},{"speaker":"Average Joe Finances","startTime":2550.764,"endTime":2556.163,"body":"Sometimes, those mistakes like that"},{"speaker":"Average Joe Finances","startTime":2550.764,"endTime":2556.163,"body":"become a great piece of education for us."},{"speaker":"Richard Canfield","startTime":2556.214,"endTime":2558.223,"body":"I just chalk"},{"speaker":"Richard Canfield","startTime":2556.214,"endTime":2558.223,"body":"it up to an expensive seminar."},{"speaker":"Richard Canfield","startTime":2558.374,"endTime":2560.834,"body":"I would've paid, I would've paid"},{"speaker":"Richard Canfield","startTime":2558.374,"endTime":2560.834,"body":"someone for the education anyway."},{"speaker":"Average Joe Finances","startTime":2561.614,"endTime":2561.944,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2562.004,"endTime":2562.214,"body":"Yeah."},{"speaker":"Average Joe Finances","startTime":2562.219,"endTime":2562.694,"body":"Perfect."},{"speaker":"Average Joe Finances","startTime":2562.814,"endTime":2563.294,"body":"There you go."},{"speaker":"Average Joe Finances","startTime":2563.744,"endTime":2568.244,"body":"Okay, so the next question, Richard, is"},{"speaker":"Average Joe Finances","startTime":2563.744,"endTime":2568.244,"body":"what is something that you've learned that"},{"speaker":"Average Joe Finances","startTime":2568.244,"endTime":2570.614,"body":"you wish you knew when you first started?"},{"speaker":"Richard Canfield","startTime":2572.034,"endTime":2572.814,"body":"That's dead simple."},{"speaker":"Richard Canfield","startTime":2572.814,"endTime":2573.894,"body":"I wish I would've read Nelson."},{"speaker":"Richard Canfield","startTime":2573.894,"endTime":2577.283,"body":"I wish someone would've given me Nelson's"},{"speaker":"Richard Canfield","startTime":2573.894,"endTime":2577.283,"body":"book when I was in my early teens,"},{"speaker":"Richard Canfield","startTime":2577.283,"endTime":2578.843,"body":"or at least when I was 18 years old."},{"speaker":"Richard Canfield","startTime":2578.874,"endTime":2582.448,"body":"If I would've read that book"},{"speaker":"Richard Canfield","startTime":2578.874,"endTime":2582.448,"body":"first I can only begin to imagine"},{"speaker":"Richard Canfield","startTime":2582.448,"endTime":2583.678,"body":"what my life would be like today."},{"speaker":"Richard Canfield","startTime":2583.738,"endTime":2584.848,"body":"It would've changed everything."},{"speaker":"Average Joe Finances","startTime":2585.973,"endTime":2587.233,"body":"Absolutely, appreciate that."},{"speaker":"Average Joe Finances","startTime":2587.473,"endTime":2589.033,"body":"Okay, Richard, next question."},{"speaker":"Average Joe Finances","startTime":2589.033,"endTime":2593.093,"body":"You see these all kind of tie into each"},{"speaker":"Average Joe Finances","startTime":2589.033,"endTime":2593.093,"body":"other but do you have any tips or tricks"},{"speaker":"Average Joe Finances","startTime":2593.093,"endTime":2596.783,"body":"that you would recommend to someone"},{"speaker":"Average Joe Finances","startTime":2593.093,"endTime":2596.783,"body":"that is just getting started out today?"},{"speaker":"Richard Canfield","startTime":2598.163,"endTime":2598.433,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":2598.433,"endTime":2603.023,"body":"I think that, the concept of being an"},{"speaker":"Richard Canfield","startTime":2598.433,"endTime":2603.023,"body":"honest banker is something that Nelson"},{"speaker":"Richard Canfield","startTime":2603.023,"endTime":2606.438,"body":"talks about in his book, and what that"},{"speaker":"Richard Canfield","startTime":2603.023,"endTime":2606.438,"body":"really means is it helps you understand"},{"speaker":"Richard Canfield","startTime":2606.438,"endTime":2610.818,"body":"what's called Parkinson's law expenses"},{"speaker":"Richard Canfield","startTime":2606.438,"endTime":2610.818,"body":"rise to equal income or a luxury once"},{"speaker":"Richard Canfield","startTime":2610.823,"endTime":2612.688,"body":"in ge enjoyed becomes a necessity."},{"speaker":"Richard Canfield","startTime":2612.798,"endTime":2616.338,"body":"Nobody wants to have hand crank windows"},{"speaker":"Richard Canfield","startTime":2612.798,"endTime":2616.338,"body":"anymore on their car or all electronic."},{"speaker":"Richard Canfield","startTime":2616.528,"endTime":2619.588,"body":"You got air conditioning in your"},{"speaker":"Richard Canfield","startTime":2616.528,"endTime":2619.588,"body":"seats and you got heated seats."},{"speaker":"Richard Canfield","startTime":2619.588,"endTime":2621.448,"body":"Once you've had that, it's"},{"speaker":"Richard Canfield","startTime":2619.588,"endTime":2621.448,"body":"pretty hard to go backwards."},{"speaker":"Richard Canfield","startTime":2621.808,"endTime":2627.568,"body":"So recognize how that creeps into your"},{"speaker":"Richard Canfield","startTime":2621.808,"endTime":2627.568,"body":"life and being an honest banker is if you"},{"speaker":"Richard Canfield","startTime":2627.568,"endTime":2631.588,"body":"were willing to give someone else your"},{"speaker":"Richard Canfield","startTime":2627.568,"endTime":2631.588,"body":"money for an extended period of time,"},{"speaker":"Richard Canfield","startTime":2631.593,"endTime":2636.058,"body":"let's say a car payment or whatever, a"},{"speaker":"Richard Canfield","startTime":2631.593,"endTime":2636.058,"body":"soon as you've made that payment or paid"},{"speaker":"Richard Canfield","startTime":2636.058,"endTime":2637.948,"body":"it off, don't stop making the payment."},{"speaker":"Richard Canfield","startTime":2637.948,"endTime":2639.118,"body":"Just change who gets the money."},{"speaker":"Richard Canfield","startTime":2639.888,"endTime":2642.749,"body":"Keep the money in the"},{"speaker":"Richard Canfield","startTime":2639.888,"endTime":2642.749,"body":"family and commit to that."},{"speaker":"Richard Canfield","startTime":2642.779,"endTime":2647.819,"body":"And if you commit to that, what'll"},{"speaker":"Richard Canfield","startTime":2642.779,"endTime":2647.819,"body":"happen is your finances will balance"},{"speaker":"Richard Canfield","startTime":2648.119,"endTime":2652.379,"body":"to that and it'll create more"},{"speaker":"Richard Canfield","startTime":2648.119,"endTime":2652.379,"body":"capacity, more capitalization, and"},{"speaker":"Richard Canfield","startTime":2652.379,"endTime":2656.489,"body":"all of a sudden that buildup will turn"},{"speaker":"Richard Canfield","startTime":2652.379,"endTime":2656.489,"body":"into an opportunity fund that will"},{"speaker":"Richard Canfield","startTime":2656.489,"endTime":2658.529,"body":"cascade for you on an ongoing basis."},{"speaker":"Average Joe Finances","startTime":2659.638,"endTime":2660.718,"body":"Yeah, that, that's awesome."},{"speaker":"Average Joe Finances","startTime":2660.928,"endTime":2661.649,"body":"That's really awesome."},{"speaker":"Average Joe Finances","startTime":2661.649,"endTime":2662.459,"body":"I appreciate that."},{"speaker":"Average Joe Finances","startTime":2662.918,"endTime":2663.368,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2663.698,"endTime":2668.618,"body":"And the final question, Richard, of the"},{"speaker":"Average Joe Finances","startTime":2663.698,"endTime":2668.618,"body":"final round is, and I'll preface this"},{"speaker":"Average Joe Finances","startTime":2668.618,"endTime":2673.208,"body":"with besides your own, but do you have"},{"speaker":"Average Joe Finances","startTime":2668.618,"endTime":2673.208,"body":"a favorite business investing or real"},{"speaker":"Average Joe Finances","startTime":2673.208,"endTime":2676.238,"body":"estate related book or podcast or both?"},{"speaker":"Richard Canfield","startTime":2677.618,"endTime":2678.218,"body":"Yep."},{"speaker":"Richard Canfield","startTime":2678.308,"endTime":2681.459,"body":"I would say Who not How by Dan Sullivan."},{"speaker":"Richard Canfield","startTime":2681.609,"endTime":2683.198,"body":"Dan Sullivan of Strategic Coach."},{"speaker":"Richard Canfield","startTime":2683.198,"endTime":2684.548,"body":"I'm a member of Strategic Coach."},{"speaker":"Richard Canfield","startTime":2684.598,"endTime":2686.128,"body":"Dan Sullivan is another individual."},{"speaker":"Richard Canfield","startTime":2686.128,"endTime":2688.928,"body":"He's tremendously changed"},{"speaker":"Richard Canfield","startTime":2686.128,"endTime":2688.928,"body":"my life in my trajectory."},{"speaker":"Richard Canfield","startTime":2689.538,"endTime":2690.703,"body":"He has a number of podcasts."},{"speaker":"Richard Canfield","startTime":2690.703,"endTime":2694.363,"body":"One of my favorite podcasts"},{"speaker":"Richard Canfield","startTime":2690.703,"endTime":2694.363,"body":"is him with Peter Diamandes."},{"speaker":"Richard Canfield","startTime":2694.938,"endTime":2695.958,"body":"Who's a very smart guy."},{"speaker":"Richard Canfield","startTime":2695.958,"endTime":2696.768,"body":"He's a futurist."},{"speaker":"Richard Canfield","startTime":2697.188,"endTime":2702.408,"body":"The podcast is called Exponential Wisdom,"},{"speaker":"Richard Canfield","startTime":2697.188,"endTime":2702.408,"body":"and they only record maybe about once a"},{"speaker":"Richard Canfield","startTime":2702.408,"endTime":2703.848,"body":"month or a little bit more sporadically."},{"speaker":"Richard Canfield","startTime":2703.998,"endTime":2708.378,"body":"But you can learn about like future"},{"speaker":"Richard Canfield","startTime":2703.998,"endTime":2708.378,"body":"tech, ai, the implementation of"},{"speaker":"Richard Canfield","startTime":2708.798,"endTime":2712.008,"body":"different types of health, longevity,"},{"speaker":"Richard Canfield","startTime":2708.798,"endTime":2712.008,"body":"techno talk a lot about longevity."},{"speaker":"Richard Canfield","startTime":2712.008,"endTime":2714.478,"body":"Peter Demanis plans to"},{"speaker":"Richard Canfield","startTime":2712.008,"endTime":2714.478,"body":"live to 700 years of age."},{"speaker":"Richard Canfield","startTime":2714.948,"endTime":2716.968,"body":"Dan Sullivan's gunning for 147."},{"speaker":"Richard Canfield","startTime":2716.989,"endTime":2721.068,"body":"My personal goal is 165 because I"},{"speaker":"Richard Canfield","startTime":2716.989,"endTime":2721.068,"body":"wanted to be higher than Dan Sullivan's."},{"speaker":"Richard Canfield","startTime":2721.548,"endTime":2725.898,"body":"And so as far as I'm concerned, I'm only"},{"speaker":"Richard Canfield","startTime":2721.548,"endTime":2725.898,"body":"25% through my lifespan and the type"},{"speaker":"Richard Canfield","startTime":2725.898,"endTime":2729.318,"body":"of technology that's coming out today"},{"speaker":"Richard Canfield","startTime":2725.898,"endTime":2729.318,"body":"and the way that we can think about it."},{"speaker":"Richard Canfield","startTime":2729.758,"endTime":2732.338,"body":"From a perspective of what it"},{"speaker":"Richard Canfield","startTime":2729.758,"endTime":2732.338,"body":"means to you if you're alive"},{"speaker":"Richard Canfield","startTime":2732.338,"endTime":2735.338,"body":"today, and how that technology is"},{"speaker":"Richard Canfield","startTime":2732.338,"endTime":2735.338,"body":"improving in your own longevity."},{"speaker":"Richard Canfield","startTime":2735.818,"endTime":2740.228,"body":"Once you can expand your horizons"},{"speaker":"Richard Canfield","startTime":2735.818,"endTime":2740.228,"body":"on what's possible, the types of"},{"speaker":"Richard Canfield","startTime":2740.228,"endTime":2743.948,"body":"things and actions you take today"},{"speaker":"Richard Canfield","startTime":2740.228,"endTime":2743.948,"body":"to lead you to that outcome change."},{"speaker":"Richard Canfield","startTime":2744.458,"endTime":2748.208,"body":"And that's the type of stretched"},{"speaker":"Richard Canfield","startTime":2744.458,"endTime":2748.208,"body":"thinking that I've been able to receive"},{"speaker":"Richard Canfield","startTime":2748.208,"endTime":2749.318,"body":"from listening to their program."},{"speaker":"Average Joe Finances","startTime":2751.058,"endTime":2751.688,"body":"That's awesome."},{"speaker":"Average Joe Finances","startTime":2751.828,"endTime":2754.348,"body":"I really appreciate that tha Thank"},{"speaker":"Average Joe Finances","startTime":2751.828,"endTime":2754.348,"body":"you for sharing that with us."},{"speaker":"Average Joe Finances","startTime":2754.888,"endTime":2755.308,"body":"Okay."},{"speaker":"Average Joe Finances","startTime":2755.488,"endTime":2756.718,"body":"That is it for the final round."},{"speaker":"Average Joe Finances","startTime":2756.718,"endTime":2757.378,"body":"You survived."},{"speaker":"Average Joe Finances","startTime":2757.378,"endTime":2758.548,"body":"Pat yourself on the back."},{"speaker":"Average Joe Finances","startTime":2758.878,"endTime":2762.198,"body":"But hey, so I do have another"},{"speaker":"Average Joe Finances","startTime":2758.878,"endTime":2762.198,"body":"question I want to ask you."},{"speaker":"Average Joe Finances","startTime":2762.258,"endTime":2766.248,"body":"And this is separate from all that, but"},{"speaker":"Average Joe Finances","startTime":2762.258,"endTime":2766.248,"body":"this one's really important because I feel"},{"speaker":"Average Joe Finances","startTime":2766.253,"endTime":2767.838,"body":"like we had a really great conversation."},{"speaker":"Average Joe Finances","startTime":2767.948,"endTime":2768.818,"body":"I learned a lot."},{"speaker":"Average Joe Finances","startTime":2769.188,"endTime":2771.313,"body":"Got a nice little page of notes down here."},{"speaker":"Average Joe Finances","startTime":2771.793,"endTime":2775.813,"body":"And I'd like to know because my listeners"},{"speaker":"Average Joe Finances","startTime":2771.793,"endTime":2775.813,"body":"are probably also wondering this."},{"speaker":"Average Joe Finances","startTime":2775.813,"endTime":2778.393,"body":"Where can people find more"},{"speaker":"Average Joe Finances","startTime":2775.813,"endTime":2778.393,"body":"information about you?"},{"speaker":"Average Joe Finances","startTime":2778.813,"endTime":2780.583,"body":"Can you share your website"},{"speaker":"Average Joe Finances","startTime":2778.813,"endTime":2780.583,"body":"with us Social media?"},{"speaker":"Average Joe Finances","startTime":2780.583,"endTime":2782.293,"body":"Where can we listen to your podcast?"},{"speaker":"Average Joe Finances","startTime":2782.503,"endTime":2783.823,"body":"Where can we find your book?"},{"speaker":"Average Joe Finances","startTime":2783.828,"endTime":2785.223,"body":"That would be all awesome."},{"speaker":"Richard Canfield","startTime":2785.863,"endTime":2786.243,"body":"Yeah."},{"speaker":"Richard Canfield","startTime":2786.243,"endTime":2788.713,"body":"So first off is that, I'll happily"},{"speaker":"Richard Canfield","startTime":2786.243,"endTime":2788.713,"body":"give your listeners a, they can"},{"speaker":"Richard Canfield","startTime":2788.713,"endTime":2792.943,"body":"get a free copy of Cash Follow As a"},{"speaker":"Richard Canfield","startTime":2788.713,"endTime":2792.943,"body":"Leader by going to Cash follows.com."},{"speaker":"Richard Canfield","startTime":2793.033,"endTime":2794.383,"body":"That's cash follows.com."},{"speaker":"Richard Canfield","startTime":2794.388,"endTime":2795.283,"body":"You can download it right there."},{"speaker":"Richard Canfield","startTime":2795.283,"endTime":2796.063,"body":"There's an ebook there."},{"speaker":"Richard Canfield","startTime":2796.483,"endTime":2798.253,"body":"You're welcome to go"},{"speaker":"Richard Canfield","startTime":2796.483,"endTime":2798.253,"body":"purchase it on Amazon."},{"speaker":"Richard Canfield","startTime":2798.583,"endTime":2800.113,"body":"And nice, simple place to go."},{"speaker":"Richard Canfield","startTime":2800.453,"endTime":2803.633,"body":"Our recent book is a little bit"},{"speaker":"Richard Canfield","startTime":2800.453,"endTime":2803.633,"body":"more Canadian oriented, but I"},{"speaker":"Richard Canfield","startTime":2803.633,"endTime":2805.673,"body":"still, I do think there's gonna"},{"speaker":"Richard Canfield","startTime":2803.633,"endTime":2805.673,"body":"be a lot of value for Americans."},{"speaker":"Richard Canfield","startTime":2805.673,"endTime":2807.713,"body":"It's called Keep Taxes"},{"speaker":"Richard Canfield","startTime":2805.673,"endTime":2807.713,"body":"Away From Your Wealth."},{"speaker":"Richard Canfield","startTime":2808.018,"endTime":2811.378,"body":"And it talks about the difference between"},{"speaker":"Richard Canfield","startTime":2808.018,"endTime":2811.378,"body":"being, moving from like a self-employed"},{"speaker":"Richard Canfield","startTime":2811.378,"endTime":2814.228,"body":"to an incorporated category and how"},{"speaker":"Richard Canfield","startTime":2811.378,"endTime":2814.228,"body":"that can impact you a little bit."},{"speaker":"Richard Canfield","startTime":2814.798,"endTime":2818.668,"body":"And as far as our podcast is concerned,"},{"speaker":"Richard Canfield","startTime":2814.798,"endTime":2818.668,"body":"it, it's pretty easy to find."},{"speaker":"Richard Canfield","startTime":2818.668,"endTime":2820.528,"body":"We're Wealth Without Bay Street."},{"speaker":"Richard Canfield","startTime":2821.018,"endTime":2823.418,"body":"Bay Street is the Canadian"},{"speaker":"Richard Canfield","startTime":2821.018,"endTime":2823.418,"body":"equivalent of Wall Street."},{"speaker":"Richard Canfield","startTime":2823.538,"endTime":2824.858,"body":"And so we just thought that was fun."},{"speaker":"Richard Canfield","startTime":2824.858,"endTime":2825.998,"body":"Tongue in cheek there."},{"speaker":"Richard Canfield","startTime":2825.998,"endTime":2826.228,"body":"You go."},{"speaker":"Richard Canfield","startTime":2826.228,"endTime":2828.408,"body":"And our podcast isn't really Canadian."},{"speaker":"Richard Canfield","startTime":2828.413,"endTime":2829.698,"body":"It's really North American."},{"speaker":"Richard Canfield","startTime":2829.948,"endTime":2831.858,"body":"We do help people in the States."},{"speaker":"Richard Canfield","startTime":2831.863,"endTime":2833.538,"body":"We have an American"},{"speaker":"Richard Canfield","startTime":2831.863,"endTime":2833.538,"body":"company called Life, Eva."},{"speaker":"Richard Canfield","startTime":2834.148,"endTime":2836.728,"body":"We're able to help people out,"},{"speaker":"Richard Canfield","startTime":2834.148,"endTime":2836.728,"body":"and so we are able to do that and"},{"speaker":"Richard Canfield","startTime":2836.728,"endTime":2838.048,"body":"facilitate those conversations."},{"speaker":"Richard Canfield","startTime":2838.048,"endTime":2841.468,"body":"So simply reach out and if it's"},{"speaker":"Richard Canfield","startTime":2838.048,"endTime":2841.468,"body":"something, once you get a copy of"},{"speaker":"Richard Canfield","startTime":2841.468,"endTime":2842.728,"body":"Nelson's book you have a chance to go."},{"speaker":"Richard Canfield","startTime":2842.728,"endTime":2844.228,"body":"Some of those resources"},{"speaker":"Richard Canfield","startTime":2842.728,"endTime":2844.228,"body":"would be really helpful."},{"speaker":"Richard Canfield","startTime":2844.708,"endTime":2848.368,"body":"One last resource I would really"},{"speaker":"Richard Canfield","startTime":2844.708,"endTime":2848.368,"body":"recommend people check out is a"},{"speaker":"Richard Canfield","startTime":2848.373,"endTime":2851.608,"body":"few years ago we commissioned a"},{"speaker":"Richard Canfield","startTime":2848.373,"endTime":2851.608,"body":"documentary film on Nelson Nash."},{"speaker":"Richard Canfield","startTime":2851.868,"endTime":2853.188,"body":"It's only 60 minutes long."},{"speaker":"Richard Canfield","startTime":2853.638,"endTime":2856.008,"body":"You can go to Nelson Nash film."},{"speaker":"Richard Canfield","startTime":2856.068,"endTime":2860.448,"body":"That's nelson nash film.com,"},{"speaker":"Richard Canfield","startTime":2856.068,"endTime":2860.448,"body":"and cast it up on the smart tv."},{"speaker":"Richard Canfield","startTime":2860.448,"endTime":2862.398,"body":"Grab some popcorn, get"},{"speaker":"Richard Canfield","startTime":2860.448,"endTime":2862.398,"body":"your favorite beverage."},{"speaker":"Richard Canfield","startTime":2862.398,"endTime":2865.758,"body":"Sit down with your spouse, especially with"},{"speaker":"Richard Canfield","startTime":2862.398,"endTime":2865.758,"body":"your spouse, sometimes in most households."},{"speaker":"Richard Canfield","startTime":2866.548,"endTime":2870.088,"body":"There's one main primary person who does"},{"speaker":"Richard Canfield","startTime":2866.548,"endTime":2870.088,"body":"most of the financial stuff, and the"},{"speaker":"Richard Canfield","startTime":2870.088,"endTime":2872.428,"body":"other person's along for the ride, and"},{"speaker":"Richard Canfield","startTime":2870.088,"endTime":2872.428,"body":"they said, oh, you've got it, honey."},{"speaker":"Richard Canfield","startTime":2872.428,"endTime":2873.328,"body":"You just take care of it."},{"speaker":"Richard Canfield","startTime":2873.538,"endTime":2878.248,"body":"That's very common, and what I find"},{"speaker":"Richard Canfield","startTime":2873.538,"endTime":2878.248,"body":"is that Nelson is like the spouse"},{"speaker":"Richard Canfield","startTime":2878.248,"endTime":2881.968,"body":"equalizer, so if you just get your"},{"speaker":"Richard Canfield","startTime":2878.248,"endTime":2881.968,"body":"spouse and sit down in front of Nelson"},{"speaker":"Richard Canfield","startTime":2881.968,"endTime":2885.478,"body":"and you'll hear Nelson story, it goes"},{"speaker":"Richard Canfield","startTime":2881.968,"endTime":2885.478,"body":"a long way to help people understand"},{"speaker":"Richard Canfield","startTime":2885.478,"endTime":2887.328,"body":"how this type of a concept, this idea."},{"speaker":"Richard Canfield","startTime":2887.778,"endTime":2892.198,"body":"Can be a positive influence in your life,"},{"speaker":"Richard Canfield","startTime":2887.778,"endTime":2892.198,"body":"and you can learn through his experience."},{"speaker":"Richard Canfield","startTime":2892.198,"endTime":2892.768,"body":"To some degree."},{"speaker":"Richard Canfield","startTime":2892.768,"endTime":2894.658,"body":"It doesn't teach you the ins"},{"speaker":"Richard Canfield","startTime":2892.768,"endTime":2894.658,"body":"and outs of Infinite Bank."},{"speaker":"Richard Canfield","startTime":2894.658,"endTime":2895.558,"body":"That's not a purpose."},{"speaker":"Richard Canfield","startTime":2895.858,"endTime":2900.058,"body":"The purpose is to recognize and understand"},{"speaker":"Richard Canfield","startTime":2895.858,"endTime":2900.058,"body":"the impact that this made for Nelson"},{"speaker":"Richard Canfield","startTime":2900.063,"endTime":2903.838,"body":"personally, and then how it showed"},{"speaker":"Richard Canfield","startTime":2900.063,"endTime":2903.838,"body":"up in his life and his family's life."},{"speaker":"Richard Canfield","startTime":2903.838,"endTime":2906.753,"body":"It's a very heartwarming and"},{"speaker":"Richard Canfield","startTime":2903.838,"endTime":2906.753,"body":"touching I think thing to go through."},{"speaker":"Richard Canfield","startTime":2907.113,"endTime":2910.924,"body":"One of the things you discover in there is"},{"speaker":"Richard Canfield","startTime":2907.113,"endTime":2910.924,"body":"how Nelson won the Blinking Lights Award."},{"speaker":"Richard Canfield","startTime":2911.414,"endTime":2914.294,"body":"There's an organization called the"},{"speaker":"Richard Canfield","startTime":2911.414,"endTime":2914.294,"body":"Foundation for Economic Education."},{"speaker":"Richard Canfield","startTime":2914.299,"endTime":2915.974,"body":"That's f e e.org."},{"speaker":"Richard Canfield","startTime":2916.274,"endTime":2917.114,"body":"fee.org."},{"speaker":"Richard Canfield","startTime":2917.414,"endTime":2920.474,"body":"Amazing organization based around"},{"speaker":"Richard Canfield","startTime":2917.414,"endTime":2920.474,"body":"the principles of Austrian economics"},{"speaker":"Richard Canfield","startTime":2920.894,"endTime":2922.514,"body":"and the President Emeritus."},{"speaker":"Richard Canfield","startTime":2922.584,"endTime":2924.194,"body":"There Present currently Larry Reed."},{"speaker":"Richard Canfield","startTime":2924.194,"endTime":2924.854,"body":"Amazing guy."},{"speaker":"Richard Canfield","startTime":2924.884,"endTime":2925.694,"body":"We've had him on his podcast."},{"speaker":"Richard Canfield","startTime":2925.694,"endTime":2926.984,"body":"He'd be a great guy for"},{"speaker":"Richard Canfield","startTime":2925.694,"endTime":2926.984,"body":"your podcast, by the way."},{"speaker":"Richard Canfield","startTime":2927.524,"endTime":2931.384,"body":"And he was the one who delivered"},{"speaker":"Richard Canfield","startTime":2927.524,"endTime":2931.384,"body":"Nelson the Blinking Lights Award."},{"speaker":"Richard Canfield","startTime":2931.894,"endTime":2933.304,"body":"It's meant to signify."},{"speaker":"Richard Canfield","startTime":2933.764,"endTime":2937.674,"body":"During the Cold War in Poland, in"},{"speaker":"Richard Canfield","startTime":2933.764,"endTime":2937.674,"body":"Warsaw, there was an underground"},{"speaker":"Richard Canfield","startTime":2937.674,"endTime":2941.604,"body":"radio where they were broadcasting"},{"speaker":"Richard Canfield","startTime":2937.674,"endTime":2941.604,"body":"the principles of liberty and freedom"},{"speaker":"Richard Canfield","startTime":2942.264,"endTime":2946.704,"body":"to the oppressed people in Poland"},{"speaker":"Richard Canfield","startTime":2942.264,"endTime":2946.704,"body":"under that regime during the Cold War."},{"speaker":"Richard Canfield","startTime":2947.334,"endTime":2949.944,"body":"And at one point in time, they"},{"speaker":"Richard Canfield","startTime":2947.334,"endTime":2949.944,"body":"would have to pack up and move"},{"speaker":"Richard Canfield","startTime":2949.944,"endTime":2952.674,"body":"every night to a different location"},{"speaker":"Richard Canfield","startTime":2949.944,"endTime":2952.674,"body":"because they were always after them."},{"speaker":"Richard Canfield","startTime":2953.574,"endTime":2957.834,"body":"And one time they asked, they said, if you"},{"speaker":"Richard Canfield","startTime":2953.574,"endTime":2957.834,"body":"can hear us broadcasting the spirits of"},{"speaker":"Richard Canfield","startTime":2957.954,"endTime":2963.849,"body":"the Spirit of liberty, Link your lights"},{"speaker":"Richard Canfield","startTime":2957.954,"endTime":2963.849,"body":"and the entire sky of Warsaw lit up."},{"speaker":"Richard Canfield","startTime":2965.379,"endTime":2969.579,"body":"That's how much people crave"},{"speaker":"Richard Canfield","startTime":2965.379,"endTime":2969.579,"body":"liberty and what can be provided."},{"speaker":"Richard Canfield","startTime":2970.059,"endTime":2974.559,"body":"And so they created an award to"},{"speaker":"Richard Canfield","startTime":2970.059,"endTime":2974.559,"body":"honor people who distinguishly"},{"speaker":"Richard Canfield","startTime":2974.564,"endTime":2976.629,"body":"represent those ideals."},{"speaker":"Richard Canfield","startTime":2976.959,"endTime":2980.299,"body":"And thankfully Nelson was blessed to"},{"speaker":"Richard Canfield","startTime":2976.959,"endTime":2980.299,"body":"receive that award before he passed away."},{"speaker":"Average Joe Finances","startTime":2981.254,"endTime":2981.794,"body":"That's awesome."},{"speaker":"Average Joe Finances","startTime":2981.794,"endTime":2984.544,"body":"Thank you so much for sharing"},{"speaker":"Average Joe Finances","startTime":2981.794,"endTime":2984.544,"body":"that and that extra tidbit there."},{"speaker":"Average Joe Finances","startTime":2984.544,"endTime":2985.294,"body":"That's fantastic."},{"speaker":"Average Joe Finances","startTime":2985.294,"endTime":2989.714,"body":"So for my listeners, definitely go"},{"speaker":"Average Joe Finances","startTime":2985.294,"endTime":2989.714,"body":"check out the nelson nash film.com"},{"speaker":"Average Joe Finances","startTime":2989.714,"endTime":2991.644,"body":"and I'm definitely gonna watch that."},{"speaker":"Average Joe Finances","startTime":2991.644,"endTime":2994.464,"body":"It sounds like it's gonna be a"},{"speaker":"Average Joe Finances","startTime":2991.644,"endTime":2994.464,"body":"very interesting documentary and."},{"speaker":"Average Joe Finances","startTime":2994.899,"endTime":2997.209,"body":"And learn a lot more about"},{"speaker":"Average Joe Finances","startTime":2994.899,"endTime":2997.209,"body":"what we discussed today."},{"speaker":"Average Joe Finances","startTime":2997.578,"endTime":3001.084,"body":"So Richard, I just, again, I wanna"},{"speaker":"Average Joe Finances","startTime":2997.578,"endTime":3001.084,"body":"say thank you so much for taking the"},{"speaker":"Average Joe Finances","startTime":3001.084,"endTime":3002.823,"body":"time outta your day to join me today."},{"speaker":"Average Joe Finances","startTime":3003.124,"endTime":3005.254,"body":"I know yesterday wa was crazy."},{"speaker":"Average Joe Finances","startTime":3005.254,"endTime":3006.724,"body":"I had a plumbing issue at the house."},{"speaker":"Average Joe Finances","startTime":3006.724,"endTime":3009.664,"body":"Literally, as we were supposed to"},{"speaker":"Average Joe Finances","startTime":3006.724,"endTime":3009.664,"body":"start the podcast, I hopped on to"},{"speaker":"Average Joe Finances","startTime":3009.664,"endTime":3011.104,"body":"tell you, Hey, we can't do this."},{"speaker":"Average Joe Finances","startTime":3011.104,"endTime":3011.674,"body":"I'm sorry."},{"speaker":"Average Joe Finances","startTime":3011.944,"endTime":3015.308,"body":"So I appreciate your flexibility"},{"speaker":"Average Joe Finances","startTime":3011.944,"endTime":3015.308,"body":"for rescheduling with me to do it"},{"speaker":"Average Joe Finances","startTime":3015.308,"endTime":3017.388,"body":"today, and I genuinely appreciate it."},{"speaker":"Average Joe Finances","startTime":3017.388,"endTime":3018.858,"body":"This was fantastic."},{"speaker":"Average Joe Finances","startTime":3018.863,"endTime":3019.968,"body":"Thank you so much again."},{"speaker":"Richard Canfield","startTime":3020.553,"endTime":3021.303,"body":"You're very welcome."},{"speaker":"Richard Canfield","startTime":3021.303,"endTime":3023.553,"body":"Glad to be a part of it and"},{"speaker":"Richard Canfield","startTime":3021.303,"endTime":3023.553,"body":"hopefully that's a ton of value"},{"speaker":"Richard Canfield","startTime":3023.553,"endTime":3024.543,"body":"to everyone listening in today."},{"speaker":"Average Joe Finances","startTime":3025.144,"endTime":3025.743,"body":"Absolutely."},{"speaker":"Average Joe Finances","startTime":3025.743,"endTime":3028.894,"body":"And hey, I also wanna thank my"},{"speaker":"Average Joe Finances","startTime":3025.743,"endTime":3028.894,"body":"listeners for joining me and our"},{"speaker":"Average Joe Finances","startTime":3028.894,"endTime":3032.583,"body":"special guest, Richard Canfield, on"},{"speaker":"Average Joe Finances","startTime":3028.894,"endTime":3032.583,"body":"the average Joe Finances Podcast."},{"speaker":"Average Joe Finances","startTime":3033.033,"endTime":3035.343,"body":"Go leave us a five star review"},{"speaker":"Average Joe Finances","startTime":3033.033,"endTime":3035.343,"body":"and tell us what you liked about"},{"speaker":"Average Joe Finances","startTime":3035.343,"endTime":3037.293,"body":"today's episode with Richard."},{"speaker":"Average Joe Finances","startTime":3037.713,"endTime":3040.144,"body":"Aloha from Hawaii and have"},{"speaker":"Average Joe Finances","startTime":3037.713,"endTime":3040.144,"body":"a great rest of your day."}]}