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Are traditional financial planning methods failing to provide the security and peace of mind you seek?

In this podcast host Greg Belanger of Top Dog Tips explores a groundbreaking approach with Dave Otto, President of DO FINANCIAL Canada.

Dave challenges conventional financial planning, specializing in sound money management and privatized banking.

Watch:

Podcast: Building Financial Security With Sound Money & Privatized Banking

 

Transcript:

Greg (00:00):
Hey, is traditional financial planning broken? Are you feeling stuck in the hamster wheel of debt and stagnant savings? Well, you know what? You’re not alone. Many financial plans leave people frustrated and unfulfilled. But what if there is a different approach? Today on Top Dog Tips, we’re joined by Dave Otto, President of DO FINANCIAL Canada. Dave’s a Certified Financial Planner who challenges the traditional model and specializes in concepts called Sound Money Management and privatized banking. Enjoy it. Hey, Dave, welcome to the show.
Dave (00:41):
Show. Thanks for the invitation,
Greg (00:43):
Dave, with 40 years under your belt of financial planning, insurance, and investments, you’ve seen it all. You know, finances can feel like a jungle for most people out there these days, and we’re thrilled to have you here to help us navigate through this world. So, Dave, what are some of the common roadblocks you see people facing when it comes to their finances and how do you help your accountants actually tackle them?
Dave (01:04):
Well, the first main roadblock I see are mindsets. Of course, mindsets may affect how you view things. Example might be you may have some money worries, wondering where your next paycheck’s coming from, how you’re going to pay rent, groceries, those kinds of things. Again, that kind of mindset may lead to thinking that there’s scarcity at, at play here, and that there’s only a limited amount of money available. It could also be you may have had some past hurts where someone has hurt you, an employer may have hurt you, some other circumstance may have hurt you. Again, that may lead to bitterness. So if, if that’s, you know, if either of those are you, let me encourage you to consider a mindset shift. Studies show that being grateful and having an abundant mindset can have positive effects both financially and emotionally.
Greg (01:56):
Yeah, you know what I, I think, I think that whole mindset shift, you know, it’s, it may sound a little, little corny, you know, think positive and such, but you know, it really does. You know, you, you, you, the concept is you become, you, you think about all day long, and if you’re dwelling on the negative, it just, it just brings you down. So, it’s a simple tip, but powerful.
Dave (02:17):
Tip. And I would, I would say another roadblock that gets in people’s way, of course, is procrastination. I’m sure it’s not nothing really new, but I think there’s some grounds to it. Of course, procrastination is just putting things off. And for one reason or another example, you, you may feel overwhelmed. Again, let’s go back to money as an example. You may tend to think that, well, you know, things are tight this month. I’m going to put that off to next month. And you tend to develop the mindset of, well, we’re going to wait for all the lights to be green before we, we implement. Well, there’s a cost to that. By waiting, you lose all that growth that if you had started, you would’ve attained. So my advice is to take action and just get started.
Greg (03:00):
Pull the Nike, right,
Dave (03:02):
<Laugh>, right, let’s do it. And I would say one last roadblock I would call the arrival syndrome. That’s, that’s something that where people start to believe there’s nothing more new to learn. An example with that was, if you go back to 1899, before my time, there was a recommendation to close the US Patent Office because there was nothing more in new to create, right? But everything was invented. Well, in 2022, apparently there were 353,000 US patents created or enrolled or whatever you call the, the, the name. But amazing, eh, so I guess my advice is to is to learn, continue to learn
Greg (03:44):
Crazy. That’s a crazy story. I can’t, I can’t believe it, but <laugh>, it surprises the heck out of me. So thank thanks for sharing that. So, hey, Dave, you know what financial planning services can be a jungle, you know, we’re navigating this. What, what are three of your main key things that listeners should prioritize when they’re looking for the services of a financial advisor?
Dave (04:04):
Well, I guess one comes to mind that you want to select a well-qualified financial advisor, someone who has their certified financial planner designation, or at least working on it. But even beyond that CFP commitment to learning even beyond, you also want to look for experience. Of course, experience equals wisdom. And so, in an advisor, what are you really looking for? You’re looking for experience and wisdom. So, you know, search that out. And I would say lastly that you, you, you’re looking for results, but not necessarily investment results. Sure, that’s important, but, you know, take a look at the testimonials of the advisors you’re interviewing. Even ask for a list of clients that you can call, and you can just ask them questions. Yeah. Another thought that comes to mind would be select a financial advisor who offers a sound money strategy in addition to traditional investing. The reason why I say that is, you know, people tell us they don’t want worry, but yet, traditional investing strategies are based upon worry. Where sound money removes that worry, because sound money does not decline in value. So, if you don’t want to worry, then stop putting your money in places that worry you. That’s really as simple as that. Our 30-year research shows our long-term sound money solution returns are similar to the average stock market returns after fees, taxes, risk, and many other attributes.
Greg (05:33):
Okay. Wow.
Dave (05:33):
And I would say, as a last one, select a financial advisor who is independent. Why, why would that be maybe important? Well, it would reduce any potential for, say, an employer sending sales targets for their employee. A recent CBC marketplace placed hidden cameras that apparently captured bank employees, misleading customers and, and pushing products. Now, I’m sure that that’s, that’s rare, but I guess it does happen. They have the evidence that it apparently does happen. So, if you select an independent financial advisor, that’s simply going to reduce that risk.
Greg (06:08):
You know what, yeah, you’re, you’re a, a better believer in human nature than I, I remain skeptical, and I don’t, I don’t think it’s rare at all. You know compensation drives behavior, so, you know, whether they know it or not, they’re, they’re, they’re doing it for the benefit of the employer, not the benefit of you and I. So, we’ll, we’ll just leave that at that. Okay. So, Dave, you know what, again, financial planning mistakes can be costly. You know, what are some surprises or maybe not so surprising missteps or mistakes that you see people make, and how can our, our viewers overcome them?
Dave (06:43):
Well, there are many, but, but let me share three main mistakes that, that I see. One would be not using compound interest. Albert Einstein said, compound interest is the eighth wonder of the world. Yet the industry promotes stock market way more than compound interest. Further stock market proponents do say that reinvesting dividends is a form of compound interest. Well, I would tend to disagree because compound interest assets never decline in value. Where you follow the stock market, you’ll find that on average, 46% of the time it’s declines in value. So how would you avoid this? I would suggest acquiring sound money assets that earn high compound interest, like our no worry sound money solution.
Greg (07:30):
Yeah. So, the concept of buy low sell high is just not that easy to implement <laugh>,
Dave (07:35):
Right? I would then go on to say that another mistake would be what I call cutting down the apple tree. So, what’s an apple tree? Well, an apple tree is something that produces apples. And every year that goes by, you’re going to get some more apples. But how many apples will you get if you cut it down? Well, obviously you won’t get any apples. Well, this is what happens when you redeem money from your from a savings account investment account, you lose all the future growth that money would’ve earned. So, you lose all those future apples. Well, we call that opportunity cost, and over a lifetime, that can be a lot of money. So, here’s a question I ask people. If you were offered $2 million today, or a penny that doubles every day for 30 days, which would you choose? Well, if you start doing some math, you’re going to find out that a penny doubling every day for 30 days earns more than $2 million.
Dave (08:35):
In fact, that number’s $5.3 million. An example, cutting on the apple tree would be say, well, after 27 days, I’m going to take that money and I’m going to buy something with it or do something with it. Well, day twenty-seven, that penny doubling is worth only 671,000. I say only, it’s still a lot of money, but it’s nowhere near the 5.3 million. So, you lost $4.6 million in three days by interrupting the compounding. So how do we avoid this? Well, the only way to access cash without cutting down the apple tree is with our privatized banking solution. If you want more wealth implemented, a private banking solution does it. It’s the only way you can do it. And now you, you can do it, I guess, with any licensed individual, but you want to look for a certified privatized banking advisor like me to do it. And I would then say, maybe a last one is, assuming cash is cheaper than financing. Now I understand the rationale. You pay cash. There’s no loan interest payable on paying cash. I get it. Where with, if you’re going to finance something, you’ve got a loan interest payment, but in reality, paying cash is the same or worse as financing. There we’re back again to what we call opportunity cost, because that cash had you left it where it was, would’ve earned a lot of interest over your lifetime. With our privatized banking solution, you can pay cash and not have the opportunity cost.
Greg (10:13):
Well, yeah, you know, we started off talking about how you challenge the traditional thinking that’s out there, and just the, the, the concept of, you know, you know, cash are, are, are, are not, is something that a lot of people need to wrap their heads around. So, you know, thanks for, thanks for opening people’s minds to that. Well, you know what, everybody’s financial journey is somewhat unique, you know, so how do you tailor your approach to help clients achieve their individual financial goals and dreams?
Dave (10:41):
One way, I guess, is that I would say we are different in terms of the way we talk. We talk concepts, other advisors do not. So we talk about things like sound money, compound interest, don’t cut down the apple tree. Cash is the same as financing, recover lost interest and, and risk adjusted returns. Like other advisors are simply not talking this important language where, where we do, I would say a second thing that makes us unique in tailoring things for our clients would be, DO Financial Canada offers more choice in other firms. We do offer traditional investing, but we also offer sound money investing. Other firms promote only traditional investing people say, however, they don’t want to worry, well, our sound money solution removes the worry. Traditional investing does not. So maybe I should just pause here and just clarify. Our sound money solution is technically not classified as an investment because it has no risk yet.
Dave (11:43):
Its results after fees, taxes, risk, and other attributes make it what we view as the perfect investment, if we could call it an investment. And lastly, I would say that we’re one of the few firms that only offer the ability for you to recover money. You’re surrendering to banks, you see other advisors are not talking about the 34-point half percent of their take home income that they pay to banks as loan interest. Other advisors simply have no solution for it. If you could add another 34.5% to your wealth, would you, well, of course you would. The only way to recover this wealth is with privatized banking. It’s, it’s just simply brilliant.
Greg (12:33):
Excellent. So again, the concepts you’re talking about sound money management, private banking. You know, maybe if you’ve, if you’ve got a, a story of, of how you helped one of your clients, maybe it helped shed some light on what, what the practical, real benefits of, of what you’re suggesting you have to offer.
Dave (12:52):
Right. Many people underestimate the importance of a financial safety net. Let me tell you about John and Mary, a delightful couple enjoying their well-deserved retirement. However, in 2022, a fire ripped through their home, leaving them devastated. Their initial hope for a quick rebuild was dashed. When the fire insurance company did not quickly approve their claim, the bank denied them alone because of their age and perceived risk. And many of their other assets simply were not liquid. They were understandably heartbroken and facing a seemingly insurmountable obstacle. Thankfully, they remembered their sound money privatized banking plan I set up for them years ago. This plan included sound money assets like high compound interest and high yield dividend paying life insurance policies to create a pool of accessible funds. In John and Mary’s case, they were able to access a portion of this savings they accumulated in the policies without disturbing its growth.
Dave (13:53):
It wasn’t a handout, but rather their own money growing within the plan readily available during this critical time. Accessing these funds quickly allowed them to focus on rebuilding their home and regaining a sense of normalcy without the extent of wait times and stress of traditional bank loans or insurance claims. This experience highlights the importance of having a financial safety net in place. Beyond these emergencies like fire or even natural disasters. Sound money and privatized banking plans can be incredibly versatile. These plans can help individuals cover unexpected medical bills, support children through college, repay she loans, which actually happened, create a source of capital for opportunities. And even Capital four, private lending. John and Mary’s story is just one example of how a well-designed financial plan can act as a lifeline during these financial times, or difficult times, I should say, it empowers individuals to weather unexpected storms and achieve their long-term financial goals.
Greg (15:00):
Wow, what, what a powerful story. What a powerful example. Great, great practical illustration of the benefits of, again, sound money, and privatized banking. So now I’m going to ask you, and I think I’ve got a sense of it, but where did, what, what’s why do you do what you do? What ignited your passion to get involved in sound money and, and privatized banking? What’s, what’s what, what, what’s your story, Dave?
Dave (15:25):
I guess it goes back to growing up, growing up wasn’t, wasn’t easy being raised by a loving single mother and grandparents, but, but money was always a worry. Seeing my mom struggle with confusing bank statements and stretch budgets left its mark, but I knew there had to be a better way future, where families wouldn’t have all that constant anxiety. Years later, that kitchen table scene replayed my head. My mom wasn’t the only one facing these complex financial systems. Then a conversation with a successful real estate investor in, in 2021 changed everything. He was looking for something called privatized banking. If someone seemingly secure needed an alternative, how many others were out there silently struggling? That’s when DO Financial Canada’s mission ignited. I wanted to simplify financial planning and power everyone with security and bring peace of mind. My research led me to two game changers.
Dave (16:29):
One, sound, money, a shield against losing value, and two, privatize banking as a way for families and businesses to keep their wealth circulating within themselves. Traditional banks profit by lending our money and even more money that they are allowed to print with no limit. But what if we could build a stronger foundation by financing our own dreams? DO Financial Canada is my story, my fight for financial freedom for everyone. We offer a clear path with sound money and privatized banking, a powerful combo. It’s about empowering families and businesses. One story at a time just like mine. This is our journey from kitchen tables to financial freedom.
Greg (17:12):
Again, a great story. Dave, you so listen, there are many financial service providers out there. So what makes DO Financial Canada stand out and what specific benefits can listeners expect by working with you?
Dave (17:27):
I would say DO FINANCIAL Canada stands out in, in two ways. In addition to traditional investing, DO Financial Canada offers no-worry investing other firms don’t. Our 30-year research shows the risks with traditional investing are simply too high to justify the returns. We provide a way to achieve the returns they need with no worry using our no worry sound money solution. I would also say that DO Financial Canada also offers the only way to turn debts into assets other firms don’t. Again, we offer the only way to keep loan interest in sight households and businesses instead of surrendering it to banks. Simply it’s, it’s just more efficient to retain wealth and create it. So again, let me say that again. It’s more efficient to retain wealth than have to create it or replace it. So why would you bother? Clients who work with us can finance the things they want from within their household or business using privatized banking. And as a bonus, privatized banking also reduces the inflation banks create with something called fractional reserve banking. And that, I would say lastly, DO Financial Canada brings it all together with whole picture planning, ensuring that all aspects of your financial life are considered.
Greg (18:49):
Thanks for that, Dave. You know, we’re getting to the end of our conversation here. So just to wrap things up, what is the, what is the main takeaway message you want our viewers to remember from this episode of Top Dog Tips?
Dave (19:01):
I would say the, the main takeaway is, is I want the audience to remember is that traditional financial planning is not serving the public well. It does not remove worry. It encourages people to surrender their money outside their households and businesses. It’s just simply time to stop doing the same thing and expect different results. As I mentioned earlier, if you don’t want worry, then stop putting your money in places that cause you to worry. Our sound Money solution to privatized banking revolutionized financial planning. By taking control and adopting smarter financial strategies like sound, money and privatized banking, our listeners can build more secure and prosperous future with no worry and, and less lost money. If, if anyone’s feeling overwhelmed. Remember, DO Financial Canada is here to help you and to set you up for success.
Greg (19:52):
Well, Dave, you know, that’s all the time we have for today’s show. Thank you for sharing your insights on sound money management and private banking.
Dave (20:00):
Thank you very much. Thank you for the opportunity to share with your listeners.
Greg (20:03):
So, audience, if you’re feeling overwhelmed with your finances, you’re not alone. Contact Dave Otto and the DO FINANCIAL Canada team and learn about the different ways to manage your money for your more information. Visit their website at www.dofinancial.ca or contact Dave direct by e email, phone, or text. All the contact information is going to be within the body of the text. So listen, don’t just settle for getting by. Learn how to build a secure financial future using sound money principles and privatized banking.

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