What happens when you commit to the Infinite Banking Concept (IBC) for five years? How does it shape your business, your family, and the way you think about money?
In this episode of Wealth On Main Street, Richard Canfield is joined by two brothers, Garrett and Miles Gastil. Meanwhile, Miles shares his five-year journey practicing Infinite Banking as a contractor, father, and entrepreneur.
How It All Began
Garrett introduced Miles to Infinite Banking through Nelson Nash’s book Becoming Your Own Banker. At first, Miles hesitated. However, within just a couple of weeks and several conversations, the idea clicked.
From that point forward, both brothers went all in. They explored ways to maximize their systems, sometimes aggressively at first. Over time, they realized the importance of pacing themselves and focusing on long-term goals.
Lessons from Five Years of Practice
Miles describes his first five years as “all gas and building.”
He has used policy loans for:
- Remodelling his home.
- Creating equity in other assets.
- Supporting business growth.
In other words, he views this stage as a form of capitalization. While not every loan was repaid quickly, his focus was on building a system that would support future opportunities.
As a result, Miles now sees Infinite Banking as a foundation for both his personal and business life.ss of capitalization, discipline, and long-term growth.
Shifts in Mindset
Over time, both Garrett and Miles began to see Infinite Banking differently.
- For Miles, the death benefit became a massive source of security once he started a family.
- For Garrett, joining the Ascendant Financial team deepened his understanding.
- Together, the brothers continue to discuss almost daily how Infinite Banking supports both their business and family.
Moreover, Miles noted that there is often more risk in not acting than in moving forward. Staying in the same place felt riskier than betting on himself with Infinite Banking.
Control: The Real Benefit of Infinite Banking
Nelson Nash often said that the most prominent problem families face is a lack of control. Therefore, Infinite Banking solves that problem by giving families:
- A place to store capital that compounds without interruption.
- Access to cash through policy loans while growth continues.
- A tax-free death benefit that protects loved ones.
On the other hand, traditional banking methods often restrict access and create dependence.
Equity in the Right Places
As a contractor, Miles knows the importance of equity in tangible assets. Infinite Banking helped him shift perspective.
- In real estate, the saying is location, location, location.
- In Infinite Banking, it's all about control, control, control.
For example, Miles chooses to build equity in his policies, his home, and his business. By doing so, he keeps control in his own hands rather than leaving it with banks. Power.
Key Takeaways from the Episode
- Five years in, Infinite Banking becomes more efficient as policies mature.
- Behaviour matters – Building habits is just as crucial as building capital.
- Family security – Death benefit protection becomes increasingly valuable as families grow.
- Control is everything– The location of your equity determines your freedom.
Conclusion
Infinite Banking is not about chasing quick wins. Instead, it is about discipline, consistency, and creating long-term financial control.
As Garrett and Miles shared, the real value is not just in uninterrupted compounding but in the security, control, and legacy it provides for families.
Ready to see if Infinite Banking is right for you? Book your call with Ascendant Financial today.
WEALTH ON MAIN STREET LINKS
- Learn more about the Infinite Banking Concept.
- Explore more episodes on the Wealth On Main Street Podcast.