Episode 95: Two Barriers Preventing You From Reaching Financial Independence | FIRE

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You may not ever reach financial independence, listen in to find out why and what you can do to change your trajectory.

In today’s fast-paced financial landscape, many business owners, entrepreneurs, and high net income earners delay taking steps toward financial independence because they feel uncertain or worry about making the wrong move. If you’ve ever found yourself waiting for the perfect investment opportunity or hesitating because you feel like you don’t know enough, you’re not alone. The truth is, striving for perfection often becomes a roadblock to progress.

Jon Orr and Kyle Pearce dive deep into this issue, sharing personal experiences and insights on overcoming perfectionism. They emphasize the value of taking action now, rather than waiting for everything to line up perfectly. Whether you’re considering real estate, infinite banking, or simply want to start building your wealth, this episode will show you why trusting the process and acting on available opportunities is key to financial independence.

You’ll learn how to set clear, actionable financial goals that drive progress. Discover the power of permanent whole life insurance as a tool for financial growth and flexibility. You’ll also get practical strategies for starting small, learning from your experiences, and overcoming hesitation in your wealth-building journey.

Hit play on this episode and learn how to take confident steps toward financial independence without waiting for the “perfect” moment.

Resources:

• Dig into our Ultimate Investment Book List
• Book a Discovery Call with Kyle to review your corporate (or personal) wealth strategy to help you overcome your current struggle and take the next step in your Canadian Wealth Building Journey!
• Follow/Connect with us on social media for daily posts and conversations about business, finance, and investment on LinkedIn, Instagram, Facebook [Kyle’s Profile, Our Business Page], TikTok and TwitterX.  
• Looking for a new mortgage, renewal, refinance, or HELOC? Reach out to Jon to share some options.

Calling All Canadian Incorporated Business Owners & Investors:

Consider reaching out to Kyle if you’ve been…

• …taking a salary with a goal of stuffing RRSPs;
• …investing inside your corporation without a passive income tax minimization strategy;
• …letting a large sum of liquid assets sit in low interest earning savings accounts;
• …investing corporate dollars into GICs, dividend stocks/funds, or other investments attracting cordporate passive income taxes at greater than 50%; or,
• …wondering whether your current corporate wealth management strategy is optimal for your specific situation.

Discover how to retire early and achieve financial freedom with strategies like RRSPs, pension plans, and Canadian investing, while minimizing income taxes through smart estate planning and tools like infinite banking and permanent life insurance. This episode explores the FIRE movement (Financial Independence, Retire Early), highlighting how participating whole life insurance and universal life insurance can be leveraged for financial growth and flexibility. With insights from Jon and Kyle, you’ll learn actionable steps for building wealth and retiring sooner.

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Detailed Episode Summary 

Quick recap

Jon and Kyle discussed the importance of taking action over perfection in achieving financial independence, with Kyle sharing his personal experience of investing in real estate. They emphasized the need for clear financial goals and considering opportunity costs when making decisions, and highlighted the potential benefits of using permanent whole life insurance as a tool for financial growth and independence. The conversation concluded with the understanding that understanding one’s financial goals and current trajectory is crucial for making informed decisions about investments and achieving financial freedom.

Overcoming Perfectionism and Taking Action for Financial Independence

Jon and Kyle discussed two barriers to achieving financial independence: striving for perfection and not taking action due to uncertainty. They emphasized the importance of taking action over perfection and learning through experience, even if it’s not perfect. They also highlighted the need for clear financial goals and considering opportunity costs when making decisions. Kyle shared his personal experience of investing in real estate, emphasizing the importance of trusting advisors and making informed decisions based on available information. The conversation concluded with the understanding that setting clear goals and taking action towards them is crucial for progress.

Investing Strategies and Financial Independence

Kyle emphasized the importance of taking action in investing, rather than waiting for the perfect opportunity. He shared his regret of waiting 10 years to fully understand and start investing in infinite banking. Kyle also highlighted the potential benefits of having a system of policies in place and the value of starting small and learning as one goes. Jon and Kyle discussed the benefits of using permanent whole life insurance as a tool for financial growth and independence, with Jon explaining its potential for leveraging cash value for investments without additional debt or credit risks. They concluded that understanding one’s financial goals and current trajectory is crucial for making informed decisions about investments and achieving financial freedom.

Transcript:

Kyle Pearce: All right. Canadian wealth secrets seekers. We are back with another episode today and we’re going to be unpacking two barriers, preventing you from reaching financial independence. And we’re going to unpack those here today and really kind of call out a few things that we have been guilty of, you know, falling prey to. And we’re going to provide some strategies that are going to help you to overcome them, to keep you moving towards that financial independence number, so to speak.

Some call it fire. They call it retiring early, whatever you want to call it. We like to look at it as that financial independence number that is going to put you in a position that whether you choose to continue working, whether you choose to slow down or start traveling or do whatever it is that you want to do, that you feel confident that you understand what sort of income you’ll have for yourself at what we’ll call a base case or a minimum amount over time.

And then anything else you choose to do is just a little bit of bonus or gravy. So, John, why are we digging into this concept here today on this episode for our Canadian wild secret seekers?

Jon Orr: Well, I think it’s it’s it’s it’s a common barrier. Like, I think I think people are thinking about, you know, building up their wealth and generating that foundational floor and bringing that up. We’ve talked about that on previous episodes. But I think if you’re listening to this, you’re thinking about like, I’m a business owner and I and I’m generating income.

But the reason we’re doing that and we’re trying to strive for, you know, growth in our own personal finances or our business finances is eventually to be like, I would I’m can’t wait for this moment where I have enough to be like, I don’t have to decide what I’m going to do. You know, I could I could retire.

I could not retire. I could do whatever I want. But we’re always striving for. I think that that place where where we’re feeling comfortable, you know, like and you might be there already, you might be feeling comfortable already. But I think when we talk about the two things that are preventing you from getting there, you know, are are the things that I think we overlook.

And I think there are two things that I think we take for granted and we don’t actually really consider. We start to go, that’s what I want. And then you start doing stuff and you start coming to like building towards this. But you, I think we’ll never get there. Like, I think you’re never going to get there without considering and thinking about and planning for these two barriers.

So let’s get into it. So like barrier number one, Kyle is and this is again, this is what we’ve seen from talking with, you know, business owners on an on a daily basis. We’re talking with other people who are on their financial wealth building journey. But really and I’m going to throw this at you because you this was one of the barriers years ago that I think you had to get over and so that you could get on your your pathway so that you’re achieving financial independence in that first barrier is like, I’m going to I’m going to name a bunch of names for this.

But I mean, basically, it’s like the your striving, like the way you as a fact finder are striving for perfection, you know, swinging for the homerun versus swinging for, you know, a single. Like I think that that right there is a barrier. So many people who are on their financial wealth building journey this this kind of like get to the end or get to the end quicker than everybody else will never actually get there unless they hone in on on their need for striving for perfection.

And B, and the reason there is, is you’re going to have that analysis paralysis, if that’s the case. So for example, and I know you all talk about this at length, but, you know, it took you three years before you were like took a step in in in the real estate world. You know, it was like your analysis, your analysis, your analysis and thinking it was like and it was a long, a long road to do that.

And for us, when, when we were looking at, you know, leaving our day jobs and, you know, we probably could have left our jobs years before we could have, but we were waiting for the perfect moment, you know, and it’s like, yes, we got over that perfect moment. And that’s what you have to do for this first year.You have to get over this need for having the perfect scenario. So if you’re if you’re thinking about, you know, do I put my money over here or what’s the best option? What’s the best, you know, rate of return? Yeah, rate of return was the what’s the best stock that I could be buying or what’s the best mix of my portfolio.

Like people are obsessed with the best. Instead of going, I need to get started, right? Like that’s the really important part here is is getting over your A-plus. Because we’ve got the saying here, you know here at at the Kennedy well secrets is that A-plus sometimes never sees the light of day like you never take action if you’re always striving for the A-plus because it will always there’ll always be something else to analyze.

There will always be something else to check or something else to compare to. But B-plus is pretty good, and B-plus sees the light of day, and that B-plus work gets shipped out the door, which means you get started on your journey, you get start on that first move. And that’s the first barrier. The first barrier is preventing you from actually getting to your goals because you’re always striving for the homerun.

Kyle Pearce: 100%. You know that the same B’s and C’s get degrees kind of, you know, popped into my mind when you said that. And because the reason that it is true is that, you know, we’re not encouraging that people intentionally put in less effort. That’s not what we’re saying here. But we’re saying that if we’re constantly striving for that perfection, if we’re constantly sitting there and trying to make sure it’s the absolute right, move this this idea of, you know, hyper focusing on getting it right versus getting closer right.

And if we really reframe that, like I would say, your B-plus idea is the idea of like you’re getting closer and you’re getting you’re making progress. Whereas if we hold off and try to get it right, right outside the gate, we’re actually putting ourselves at a disadvantage because we actually haven’t done anything right. We may have done some learning.

And me as the resident fact finder here at Canadian While Secrets. Right. I’m an elite fact finder on the Colby. The Colby a test. I love going down the rabbit hole and I love trying to find the answers to questions. And, you know, we’re not saying not to do that work. But as you learn taking actions and even if it means scaling down those actions, just to get you started can really go a long way.

And, you know, one of the examples you used already was in real estate. So imagine in a world where instead of me taking three years of and I’m talking like we’re not saying three years of like every now and again I was searching real estate and I was every single day after work in the evenings searching on MLS, calling realtors, emailing realtors, digging down research.

Oh, I found a research paper on this. Oh, what about that? What about that market? What about this market? I did all of that work and I don’t regret doing the work. But imagine if I knew what I knew today when I began that process. And instead of me trying to find the perfect sized investment right where I was like, Well, I have this much on my home equity line of credit and I want to invest this much money into one property to get me started.

And if I maybe just thought in my mind, Hey, let’s size down and let’s get started on, maybe it’s a lower property or a lower cost property, or maybe it was in a different area and my money at risk would be lower and therefore I wouldn’t need to feel like I was making the perfect investment. Because here’s the other thing, John.

I got to a point where at that three year mark still wasn’t at a place like I still didn’t find that. It wasn’t like that’s what’s happening. And I woke up one day and in my inbox there was like an email, you know, if you have Apple in your Apple computer, when you open up mail, anything from Apple has like a different color to it.

So you’re like, Oh, what’s that? It’s from Apple. It’s like, I didn’t have that, where all of a sudden it was like that email, that listing that sort of said, Kyle, here’s the A-plus listing you were looking for. It wasn’t like that at all. It was like, eventually, somehow I just settled and I think it was because I found someone.

We talk about how important it is to find people you trust. I trusted the realtor, Brett Croom, down in Fort Myers and I trusted and he said he said this is about as good as you’ll probably find. Right. And it wasn’t it wasn’t. This is the best property I’ve ever seen in my entire life. The best opportunity of your lifetime. It was. This is about as good as you’ll find. And he wasn’t suggesting he hadn’t seen one like that in a long time. He was saying it’s a good one and there’s all these other ones that are good ones too, but it’s like it’s time to make the move. So what ended up happening at the end of that three year journey?

For me, I think ultimately at the end of the day, I think it still was only a B-plus, right? So it’s like I just did it three years later. And sure, I had a lot of knowledge and I had maybe more confidence and more trust at that time. But the reality is, had I done it three years earlier, guess what I would have gotten would have got a property that would have been even cheaper because by 2012, the U.S. real estate market was already recovering. Right. It was already recovering quite nicely. So I actually probably left a ton of opportunity on the table when I eventually did what I did anyway, which was purchase that first property for sure.

Jon Orr: For sure. And I and I think, you know, when we think about. Do we overcome that barrier, like what are the things we can do to recognize, you know, we’re in analysis, paralysis or when we need to take take that step, which is which is taking that step because some of the things that I think we think about and I know I want you to chime in here, too, but but one of the things that that we continually think about is to go, am I am I, I am focused on getting it right or or or are we getting it closer? Like, let’s just get closer or to where we want to go and, and then then start focusing on getting it right. So we have to ask ourselves those questions. You have to take that step back every now on going like, am I getting closer or am I am I like, am I trying to get this right? You know, I got to get it right the first time instead of actually getting involved and learning along the way.

Because the reality is you’re going to learn like you did you you’re going to learn. And that’s actually going to, you know, speed up your process because you got involved, because you took action right off the bat. So like, yes, it is there is some analysis that has to be done before you take action, definitely. But you’re going to be better off by taking the step forward and doing the thing, you know, before, say, just continually holding back and going, waiting for that perfect, perfect swing.

Kyle Pearce: Well, you know what’s one thing that I received very quickly when I finally did pull the trigger with that first property that I didn’t get in the three years prior was experience buying a property. Right. And owning the property. Right, which is you got a learned learning that I could have done so. Now why I say that is that if we could rewind to pull the share and turn back time and I go back three years and I go, had I found something like that and maybe it was size down, right?

I mean, at that time the market was even down, right? So of course it was like if I took action then now rushing into anything. But I had analyzed a ton of great properties that I know would have turned out to be great properties. Probably still be pluses. Like, let’s be honest. Like, I’m not saying I overlooked a pluses left, right and center, but what I would have gotten is I would have gotten that experience very quickly.

And who knows, maybe I would have bought that second property in 2009 or 2010, and then I could have been on this journey a little bit sooner. Yeah. Now I want to share the second barrier that people are up against here, because I think it’s actually we were calling them to barriers, but I think the relationship is very intertwined.

Right. It got you. And the second barrier is this idea of actually not having a clear goal. All right. Now it’s easy for us to all say financial independence is the goal. But again, that is way, way, way to broad, because financial independence for one person versus another is very different. And the reality is, is that if we’re not clear on what that means for us or what that goal is for taking these actions, we’re always going to feel like we want to find that a plus.

And why I’m saying this is because imagine in a world where if I get clear and trust me, everyone who’s listening, we’re not trying to claim that ours is perfect. We’re constantly refining what it means for us for financial independence. We were constantly reviewing this and we’re trying to get better. I don’t think you’ll ever know it exactly.

But as you think about this, as you work towards this and as you clarify it for yourself, the deeper you think about this, the easier it becomes to determine whether this next move we’re talking about, whatever the move might be, whether it’s going to help us get closer to that goal or hold us back. Right. Like, are we taking a step back by doing this action or are we taking a step closer?

One thing I know is that by doing nothing, I’m probably just staying in the exact same spot, so I’m not getting closer to that financial freedom. But the problem is, if I don’t have clarity around the goal, then we’re constantly looking for the perfect A-plus opportunity. Which brings us back to our first struggle. If I’m clear on what I want and what I need to do to get there, I can then assess and say, If I take this next step, does it help me get closer or does it keep me in the same spot, or does it actually keep me moving in the opposite direction from the actual goal that I’m after?

And the beautiful part here is, is that you can look at this and go, you know what, if my goal is X and I’m over here, I’m at a way over here and I need to get all the way to X. It’s like what kind of what kind of investments or what kind of financial moves do I need to make over the certain number of years that I want to get to that financial independence goal?

If I’m clear on that, then you might look at that B plus scenario and you might go, Oh, I could just do this all the time, right? And get there or the timeline or and get there. Right. And you look at it and you go, oh, my gosh, like I should have started doing that years ago, but let’s not worry about that.

We can’t turn back time. So we’re going to just do the thing that’s going to help us get closer to that goal. Whereas if the goal is uncertain, if I don’t know whether I want passive income coming in for 100,000 for my household, $500,000 for my household, is it pretax? Is it after tax? Is that a tax free bucket as out of a taxable bucket?

Is it leverage? Like what is it that I want and how do I want to get there and when do I want to get there? By That’s right. I’m not going to be able to think clearly as to whether that opportunity there is an A-plus for my scenario, because remember that you’re like, think about this is like I could be looking at something that without clarity, looks like a B-plus opportunity, but it might be an A-plus opportunity for my goal. I think is clear is is the clarity that we’re looking.

Jon Orr: Right. And and I think I think one of the things that I think we forget to do is to think about comparing it to what happens if you do nothing. You know, like if you if you’re like, hey, I, I it’s I that’s an opportunity costs that you have to be aware of. Because if I spend the next year trying to figure out what are the best tools in place, take these steps and then waiting for those home runs.

Then that’s that year that I didn’t invest in. Like that’s that’s factored that has to be factored into saying I did nothing. If I do nothing now and then I then I hit my leg like, this is your projections that are really important because you have to you could work this into your projections. And when I say projections, it’s like I’m imagining my spreadsheet that says year one, year two, year three, year for your year 25 and then going, where am I assets?

How am I assets appreciating? And then if I take that move, how does that asset change from year to year and will it get me close to the number that I want to get in the timeline? I want to get to? And you know what happens if I delay that spreadsheet and move everything down a row in the spreadsheet and now I’m like, okay, I spent a year building skills, you know, now if I find the B-plus or the A-plus, does it get me there?

And now does that change what my A-plus or my B plus move actually is to get there, like now do I need more money because I waited a year. It’s sometimes that first step gets you in the door because of the learning, but also because you’re you’re going to you know, you’re going to be already a step closer as long as you have the goal, you know.

But I think I think a key move here that, you know, maybe people are wondering about is what I just kind of outlined is that I think what you when you talk to people, you know, you’re getting on meetings with multiple business owners every single day on helping them build these projections and building these plans so that they know what the goal is, but also what tools will get them there.

And I think most people just aren’t projecting and coming up with this is why it’s the two barriers. Most people aren’t going, this is where where I want to go. So this is my goal and this is the timeline on my goal barrier number. I think we set it as number two today, but then barrier number one is getting started, like just getting going.

So it’s like most people you’re talking with are are hung up on those two things that don’t have the goal and they’re not getting started or they’ve they’re I’m going to use the word dragging your feet here. Right? You’re dragging your feet a little bit, 100%. And and it’s preventing you from getting to where you want to go.

Kyle Pearce: Exactly. And I think this these are scenarios these are factors that actually are sort of the cause. And maybe, you know, it perpetuates the idea of FOMO, right? Where it’s like in a way you’re like, well, why am I FOMO ing, right? Like, you know, you’re you’re going in there and you, like, have this fear of missing out.

And why is that? Well, because you don’t know what it is that you’re after, right? So you’re like, well, I don’t want to miss out on financial freedom. So now people are starting to you know, I think in a lot of cases there’s a lot of analysis paralysis on maybe where they should be putting their capital right. So we get a lot of calls about our SP’s tax free savings accounts, unregistered.

Should I put it on my mortgage? Should I do that like all of these things? Should I put in an insurance policy? Right. They don’t know where to put the money. So what they end up doing is they do nothing because they want they want to make sure they’re nimble in case that perfect opportunity arrives, because it might come.

It might come, but here’s the thing is, we don’t know what it is that we’re looking for, which is why we’re feeling FOMO. We don’t know if we’re on the right path or not, and then what we become is actually almost investment obsessed, right? Where you’re kind of sitting there and you’re going like, I’m just going to sit back and wait because when it comes like when that opportunity arrives, I’m going to jump all over it and I’m going to be ready to go.

Or it’s that I want every single dollar going into every single safe real estate opportunity that that crosses my desk. And it’s hard not to think like that. But again, if we pause and then we zoom out a little bit and we go, wait a second, I know what it is that I’m after and am I on path?

Am I on track? And I want to say reasonable track to right? We shouldn’t need home runs in order to get you to your financial freedom number. If you need home runs like home runs are bonuses when they happen. We want singles. We want to get a path using singles to help us get to that place. And any double, triple or home run is a bonus that you’re going to openly accept.

Right? You’re going to be happy to have accepted. I look at this with people who want to invest, say, in the stock market, you know, they look and they go, well, I don’t want to put it in a mutual fund with the big bank, because I heard that ETFs are better and then what do they do? They go, well, I don’t know which ETFs to to put it in because guess what?

If you’re going ETFs, that means you’re going on your own. So what do you do? You hold back and you wait. Well, guess what? If you do that learning and it takes you three years like it did me for real estate, or maybe it takes you longer. Maybe it takes you ten, maybe you never do it. How much is that really costing you when that MSR that everybody’s worried about, this amount that the mutual fund managers taking off the top is maybe 2% instead of 1% in a in an ETF.

Right. Like, does it matter in the long run of course it does in the long run. But in the short run, what’s holding you back is doing nothing. That’s going to be the big one. And the last example I want to give. And again, guilty as charged. Back when I first came across this idea called Infinite Banking, I was intrigued.

I went down the rabbit hole as you would expect any fact finder to do. And instead of me going, You know what? And here’s the crazy part. I was like contemplating doing like, you know, something like $2,000 a month or $24,000 a year, which at the time this is over a decade ago felt like a lot of money.

I felt like, oh, my gosh, is a big, big financial commitment, right? What I did instead was I didn’t do anything and I kept learning and it took me ten full years before I felt like I had the depth of understanding to try to start identifying what I deemed as sort of a quote unquote A-plus move. And what I recognized was that that was a ten year opportunity that I had lost when instead maybe instead of me doing $24,000 a year at the beginning, maybe what I should have did was I should have just started with 20 $400 or 30 $600 or some number that didn’t actually matter in my day today, in order to give me the ability to move ones and learn and learn even though that would have been a small policy, would it would not have been the game changer. But guess what? Going a decade later and looking at the policy sizes that we now open, given our businesses, given our real estate, given our investments that we have, I now look at this and go, man, I would be in a much better spot had I gotten started with any policy ten plus years ago, instead of me trying to find the perfect A-plus opportunity in that case was What’s the A-plus structure for the policy?

What’s a plus size for the policy? What’s the A-plus death benefit that I should have for my family when I die, when I’m, you know, hopefully 110 years old? Like, these are all things that are worth thinking about. But guess what? Had I gotten started? I bet that I would have a much, much better as the infinite bankers would call it.

System of policies instead of having started ten years late. Because remember, after ten years, those policies really start to compound hard. And if I could pull a share on that one as well, that would be one thing I would have done starting small but got started and then I would have no real experience. I needed to really understand how that tool that’s it put me in a completely different financial situation.

Jon Orr: And that’s what you’re buying, right? You’re buying. You’re buying, you know, your education in a way to get started is you’re you’re saying, hey, I’m going to hit for B-plus, I’m going to know A-plus, may come may not come, but B-plus is going to get me entryway into the education that I get to get going. And like, if you think about policies and in general, like whole life policies that, you know, you’re talking about that you wanted to get started on, that you’re helping with, you know, people, you know, open on a regular basis, you know, on a daily basis to kind of build as a tool to build their wealth.

Like if you think about it, if you’re trying to make that decision, it would be like, should I open a policy with this amount of money or do I go with the stock market? Or what about this investment over here? Like the reality is the benefit of the policy is when you start that policy, make that first premium payment, it’s all of a sudden you’ve got cash value can now leverage against because because if you’re going hey I have to make a choice and this analysis which one is the best move actually like if you if you’re factoring in using you know permanent whole life in that there’s really no choice because you can do both like this is the nice part of getting started and then using your, you know, leveraged amount with you know, whatever that move you wanted to make, you can do both and then use it as the tool that you’re, you know, you, you could use it as. This is the tool, though, how we use it. We’re buying you know, we’re buying properties using that money. It’s like it’s, it’s first parking place for the money because, because you can get to two uses out of the same dollar.

Kyle Pearce: 100%, you know, and again, here’s, here’s another it’s like kind of like pick on Kyle Day. But it’s yeah, it is on myself but that’s okay another scenario if I go all the way back pre real estate days. Right and remember we used to be the aggressive pay down your mortgage guys, right? Like pay down your mortgage because I don’t want debt. What I should have done instead of paying all that extra money on the mortgage. Because no, what I did, I paid all that extra money on the mortgage. Sure. I saved a little bit on interest and that opened up home equity line of credit room, which I then use to leverage to put into my first real estate property.

And I did it multiple times, right for my first handful of properties. Right. I had a leverage against my home equity line of credit. Another option I could have had was to instead of paying down this mortgage, I could have been paying into a policy which is going to grow that same opportunity bucket, but different because now this is an opportunity bucket that when I leverage against it, it doesn’t show up on my credit report if I borrow directly from the insurer.

And that’s something that had I known what I know today, I would have started that instead of paying down my mortgage aggressively, I would have then been paying into a policy and I would have been leveraging that policy in order to make all of those real estate deals. Because guess what? With that comes more cash flow from the real estate.

When the real estate cash flow shows up, where does it go? It goes back on my policy loan and I’m refilling my opportunity bucket. The same thing that I was doing with my home equity line of credit. And that for me is a massive, massive move that we can make. So for you friends, the point of this episode when we talk about these two barriers really stems from the idea of getting clear.

It’s kind of like working backwards now. We’re talking about getting clarity about what it means for financial freedom for you. And then and only then can you start to analyze whether the move you’re about to make is the B plus that you need to get there. Now, remember, if it’s a B plus, meaning it’s not like a home run.

It’s it’s good. It’s fine. It does the job. It actually acts like an A-plus in your world. If I’m clear on what it is I need to do, I can take lower risk swings and get the result that I need to get me to that financial independence scenario. If I sit there and I’m just keep waiting for the next pitch, waiting for the next pitch, and I keep waiting to take that massive swing so that I can reach the fences and get the true, quote unquote, A-plus or home run opportunity.

I may actually be taking on more risk than I need to. And guess what? What if what if that home run pitch turns out to be a sinker and you think it’s a fastball, right? And you think you’re going to send that thing out of the park. And unfortunately, you swing and miss and maybe it’s strike three on that particular opportunity. This is why it’s so important for us. We’re not going to turn down great opportunities when they arrive. It’s always great to have a bucket of available capital for those home runs. For us, that would be our permanent whole life insurance policies. The cash value. We don’t have 100% of our cash value out there in investments all the time.

We want to keep powder dry, but still growing and compounding in a tax free way in a tax deferred way as well are not even deferred. It’s actually tax free. It grows tax free. We’re going to leverage it tax free. And the death benefits going to pay out tax free. So the big secret sauce for this episode that I want you to be thinking about as you move forward is think about how are you going to set up your plan moving forward for financial freedom.

Have you thought about it? What is it that you’re after? What’s the current journey that you’re on? The current trajectory, if you change nothing and just keep doing what you’re doing and then what is the true goal? And then and only then can you start to analyze whether the next move is a worthwhile B plus move or whether it’s actually going to get you further behind in this journey.

But all we know is that by staying the same, unless you’re already on the trajectory to get you to that goal, you need to be taking these next steps rather than sitting, waiting and looking for that best perfect opportunity.

Canadian Wealth Secrets is an informative podcast that digs into the intricacies of building a robust portfolio, maximizing dividend returns, the nuances of real estate investment, and the complexities of business finance, while offering expert advice on wealth management, navigating capital gains tax, and understanding the role of financial institutions in personal finance.

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