Michael Salloum

What sparked your passion for Infinite Banking?

In the book Becoming Your Own Banker, Nelson Nash says, “Oftentimes people give lip service to the concept of opportunity cost, but seldom do people understand it.”

During my studies at U-ESG and U-laval, I was fortunate to gain a comprehensive understanding of the fundamental economic models that shape our world. One of the aspects that was heavily emphasized was opportunity cost and the dilemma it presented.

To borrow the philosophical adage: "there's no free lunch", to every decision there is an adverse cost, and this reality is inescapable. A good economist or business operator would seek to minimize or offset these costs to optimize the viability of any endeavour, but this cost could never be fully eliminated. Enter the Infinite Banking Concept as presented by Nelson Nash. In his book "Becoming Your Own Banker" where we are presented with a concept that enables its practitioners to accomplish what is deemed to be exceedingly hard or nigh impossible using conventional wisdom. When "Becoming Your Own Banker" you have the new capability to use the same dollar twice.

• The first: is when your money is stored in the most secure “account” benefiting from the following: Uninterrupted Compound Interest, The power of Not Losing, The power of Guarantee, and Tax sheltering. These benefits allow you to “store” your money away from the control of the institutions, outside the prying eyes of the government, sheltered from onerous taxation and hedged against inflation and market volatility/institutional mismanagement.
• The second: The dollar mentioned above can be used without diminishing or withdrawing it from the account mentioned above, using the power of collateral capacity. All of this is being accomplished without reducing the total amount of principal or growth in the aforementioned account.

So in essence, my dollar resides in 2 domains at the same time.

1. The account mentioned above accruing from all the benefits
2. Being utilized for buying investments, necessities, luxuries, entertainment or whatever without restriction.

My mind was thoroughly blown when I realized that all these things were possible. So much so that I switch field from medical sciences to finance.

Can you share a transformative experience from your advising career?

I am constantly amazed by the incredible interaction with my client and contribution to their lives. I can say with confidence that regularly, I have the opportunity to witness the life-changing impact on people's lives. Seldom in the financial world can someone say that they are making a truly positive and lasting impact on the lives of clients. I consider myself fortunate to be able to witness this in the lives of dear clients and friends regularly.

What hobbies or passions enrich your life outside of work?

I enjoy a mix of activities that keep me energized and inspired outside of work. My day often starts at the gym, followed by the occasional golfing session or trip to the driving range. I also love scenic hikes and road trips, which allow me to explore new places.

Montreal's culinary scene is another favouritfavourite, where I try out various food establishments and immerse myself in the city's culture. Above all, I find peace and inspiration in church and among fellow Christians, which grounds me and adds meaning to my life.

These hobbies and passions help me maintain balance and stay refreshed outside of work.

Who has been the most influential in shaping your financial philosophy?

My financial philosophy has been shaped by several key influences and experiences over the years. It began with a foundation in mindset development, inspired by texts like the Bible, Napoleon Hill's works, and the teachings of Jim Rohn. These resources instilled a mindset of growth, determination, and the power of positive thinking.

My journey took a pivotal turn when I embraced the "Becoming Your Own Banker" approach, discovering the Infinite Banking Concept. This transition from medicine to finance was a significant shift, and I delved deep into the works of industry leaders like Van Mueller, gaining insights from giants in the financial field.

I immersed myself in classic business, self-help, and mindset literature, consuming as much as I could. Notable influences included "Atomic Habits," "Rich Dad Poor Dad," "The Richest Man in Babylon," "Profit First," "Warehouse of Wealth," and "The Case for IBC."

However, the most significant influence on my financial philosophy has been my father and mentor, Jose Salloum, known as The IBC Expert. Over more than a decade, he shared his extensive knowledge, experience, contacts, and lessons learned from his illustrious career and the guidance of his mentors. His guidance has been invaluable in shaping my understanding of finance, business, and personal growth.

What three career milestones have been most impactful for you?

One of the most impactful decisions in my career was choosing to leave my comfortable position at Freedom 55 in Canada life to join Cwcc Inc. during its early stages. This move represented a significant leap out of my comfort zone, but it was driven by a compelling opportunity to contribute to shaping the company's vision from the ground up. At Cwcc, I was not just part of a team; I was at the forefront of pioneering initiatives that aligned closely with my personal and professional values. This decision not only broadened my professional horizons but also instilled a deep sense of achievement as I witnessed and contributed to the company's growth and success. Looking back, this milestone was a pivotal turning point that has profoundly influenced the trajectory of my career.

How do you tailor your strategies to individual client needs?

I tailor my financial strategies to individual client needs by closely analyzing their unique circumstances and objectives. My approach involves a comprehensive assessment of their financial goals, risk tolerance, and industry-specific challenges. This allows me to create customized financial plans that align with their specific aspirations.

In working with professionals, I focus on understanding their career trajectories, income streams, and long-term aspirations to provide advice that fits their lifestyle. For business owners and entrepreneurs, I design sophisticated strategies that consider their business growth, cash flow, and exit plans.

This individualized approach ensures that each client receives a tailored financial strategy that adapts to their evolving needs and delivers measurable results.

What qualities do you appreciate in a client, and how do these enhance your work together?

As an advisor, I appreciate clients who are committed to growth. These are people who aim to improve themselves, their families, or their businesses. A client who is open-minded, proactive, and adaptable is easy to work with and more likely to succeed.

When clients embrace new opportunities, it creates a positive atmosphere for collaboration. This approach enables us to set and reach meaningful goals, making the work more rewarding and effective for both sides.