How Infinite Banking Helps Entrepreneurs Overcome Wealth-Building Pitfalls: Lessons from Mike Brown
Ever wonder why people assume that selling a business or finally hitting some “magic” financial number will let you kick back, drink margaritas, and chase dolphins off into the sunset? Spoiler alert: sometimes you sell the company, hop off the entrepreneurial hamster wheel…and find yourself sprinting on another one, but now the wheel’s on fire. (Because who doesn’t love a financial system that’s more tangled than a toddler’s shoelaces?)
I’m Richard Canfield—family man, best-selling author, podcast host, Authorized Infinite Banking Practitioner with the Nelson Nash Institute, and Certified Kolbe Consultant. Through years of working with Canadian families, business owners, and entrepreneurs, I’ve seen up close that real wealth isn’t just about dollar signs. It’s about mindset, systems, and making darn sure your family and future are protected.
Recently on the Innovate & Overcome podcast, I sat down with Mike Brown—fighter pilot turned 8-figure oil and gas entrepreneur turned wealth coach—and, folks, his journey has more lessons (and a few missteps!) than a Canadian winter has snowflakes. Today, we’re digging into the game-changing wisdom from Mike’s story—and showing you how Infinite Banking, especially in Canada, can help you build, protect, and truly enjoy your wealth.
Mike’s story is the perfect example of how chasing “enough” can sometimes leave you feeling even more empty. After building and selling a wildly successful company, he expected smooth sailing—only to find himself dealing with new stress, a sense of lost identity, and, at one point, losing over $100,000 a month in a new venture gone sideways. What stood out most from our conversation is how quickly things can spin out of control if you don’t have the right mindset and a robust strategy to steward your wealth—no matter how much you accumulate.
This is exactly why Infinite Banking helps entrepreneurs. Entrepreneurs face unique financial risks and opportunities; their income and wealth can be cyclical and unpredictable. Infinite Banking gives you a system to regain control, build certainty, and protect your growth. Like Mike discovered (the hard way!): achieving a windfall means nothing if you can’t keep it—or use it to simplify your life and support your real priorities. That’s where Infinite Banking steps in, especially here in Canada.
Chasing Success, Missing the Mindset — And Paying the Price
When Mike sold his thriving oil and gas firm for a life-changing windfall, he thought he’d “never be unhappy again.” (Sound familiar? Ever said, “Once I hit [$insert number], THEN I’ll finally relax?”) But after snapping up a distressed business post-sale, Mike quickly discovered that money alone doesn’t prepare you for wealth—or make you truly free. In his words:
“I had not done the work to become a person worthy of wealth…I made money, but I didn’t acquire the mindset and habits and skills to be a good steward of that wealth.”
Mike Brown sharing about how Infinite Banking helps Entrepreneurs
Whether you’re a business owner or a family facing rising interest rates, understanding the importance of a wealth operating system is crucial. Without it, sudden windfalls can quickly vanish, much like giving a teenager a sports car without proper guidance. Many have experienced sudden wealth, only to lose it just as fast due to a lack of financial skills and mindset, leading to generational poverty. This is the rags-to-rags in three generations impact my partner Jayson Lowe and I talk about in our book Don’t Spread The Wealth.
So many tragic stories start with good people who do all the “right” things—work hard, build businesses, raise families—only to see their wealth evaporate due to poor systems, emotional blind spots, or letting banks and governments dictate all the rules.
Infinite Banking Canada: The Wealth System You Needed Years Ago
Here’s where Infinite Banking comes in. When I first discovered the Infinite Banking Concept (IBC) created by the late R. Nelson Nash (you can read out my mentorship with him by clicking his name), I had just finished my career as and electrician in Alberta, Canada (which, for my readers, is basically what you get if you cross Texas with icicles). Like Mike, I realized the traditional path—work, save in a regular bank, hope for the best—just… didn’t cut it.
Infinite Banking flips the script by letting YOU become your own banker (I’m not talking about a brick and mortar bank here, but the process of banking). With this process you safely building wealth inside a dividend-paying participating whole life insurance policy from a mutual company. As a Canadian, you get some unique tax advantages, creditor protection, and a “Home Economy System” you can teach your kids (so they’re not learning money lessons from TikTok or those “get rich quick” spam bots).
A huge pitfall for entrepreneurs and families alike? Relying on volatile, boom-and-bust assets (like oil, tech, or even real estate). Mike’s experience in the ultra-cyclical oil and gas industry drove home this point:
“Oil and gas is a very boom and bust, cyclical industry. I started feeling the cycle was long in the tooth and there was a lot more downside than upside left.”
Sound familiar? Markets, businesses, even job security—they’re all unpredictable. But with Infinite Banking, you move part of your wealth into a stable, contractually guaranteed environment. Your money keeps working for you—compounding, accessible, and out of reach from the sticky fingers of banks, recessions, or politicians eyeing a quick revenue boost.
Looking for more strategies on legal protection for entrepreneurs? Check out Juliet Peters’ latest insights here.
Richard Canfield and Juliet Peters (Founder of Framework Legal)
Why Mindset—and Systems—Crush Shiny Objects Every Time
Humans love excitement. Entrepreneurs, especially, are addicted to “the next thing”—sometimes to our own detriment. I’m not just saying that… I’ve experiences it myself hundreds of times. Mike admitted that after his first big exit, he needed another project to fill the gap, only to realize he was “addicted to risk and chaos.” This reminds me of clients who call me for a second or third policy not because their strategy needs it, but because they love the rush of a new deal.
But real financial independence comes from strong systems and clarity of purpose—not a new fix, not another shiny object. That’s why, as an Infinite Banking Practitioner, I help clients design a strategy based on values (like family, legacy, or time-freedom) and rock-solid contracts, not the latest financial fad.
As Mike learned (the hard way):
“If we don’t upgrade our operating system consummate with making money, we will find a way to self-sabotage and lose money.”
Infinite Banking is a system where your policy’s cash value, functioning as equity rather than actual cash, grows tax-advantaged annually and must match the death benefit by age 100 in Canada and age 121 in the U.S. This equity can be accessed through policy loans for various opportunities or emergencies, providing a reliable wealth-building method independent of luck or market conditions. It is considered one of the simplest ways to save and strategically build wealth.
Building Real Wealth for Families—And Teaching It at Home
As a proud family man myself, I’m passionate about ensuring the next generation learns money skills. That means more than just opening an RESP and hoping tuition doesn’t triple. Mike and I both agree: true wealth is freedom—not just of money, but of health, relationships, time, and mind. He sums it up:
“True wealth has nothing to do with money. Money is just fuel. True wealth is freedom in four areas…That is available to any of us right now. We don’t need more money to step into more alignment with our values.”
If you want a family that “gets” money (and doesn’t become tabloid cautionary tales), start a Home Economy System. Pay your kids commissions for real work around the house. Teach them to save, give, spend, and invest—and let them “bank” with you, learning the power of interest and capital from day one. If you want a blueprint, check out the resources over at Wealth on Main Street—or reach out to me directly for proven strategies.
Conclusion: Don’t Wait for Wealth—Start Banking Like a Boss Today
Entrepreneurs and families building their own path in Canada—don’t settle for financial “success” without a plan, a system, and the right mindset. Infinite Banking gives you control, stability, and legacy. Learn from Mike Brown’s story, and don’t be afraid to ditch the old scripts about money, wealth, and retirement.
Ready to see how Infinite Banking Canada can help your family or business? Start by this epic webinar I did for business owners specifically. It’s chalked full of examples and actionable ideas you can implement plus I show you exactly how this can benefit the typical entrepreneur with some business owner case studies. Remember: true freedom comes when you take action, not just when you dream.
Want to ask me some questions and learn more about The Infinite Banking helps entrepreneurs? You can ask me anything you want by connecting with my awesome AI Clone. AI clone Richard Canfield is pretty cool, he’s not me, but he is close! You can have a 1:1 phone conversation with him.
Introducing AI Clone Richard Canfield
Disclaimer: The views expressed here are opinions based on my experience as an Infinite Banking Practitioner, Kolbe Consultant, and entrepreneur. Always consult qualified financial, tax, and legal professionals in your jurisdiction before making decisions.
