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June 10, 2025

Episode 221 – Darren Mitchell – Control and Compound; Infinite Banking for Infinite Options

“For me it’s that opportunity / emergency fund because I tell people every single day: I promise you there’s going to be opportunities come your way and I promise you there’s going to be emergencies come your way, financial emergencies, and how you’re prepared to deal with them will change your financial life and the life of your family.” – Darren Mitchell


 
  • After 20 successful years in the pension and individual financial planning industry Darren Mitchell started to realize the typical financial planning strategies most people were following were not working. The result of these findings was a 3-year education crusade. Darren realized all the financial education he received as an advisor came from Wall Street/Bay Street, banks, and insurance companies and it was all biased in their favour – not his clients. He started paying (a lot) for his non-biased education and traveled almost monthly throughout North America to learn from the top financial minds in the world.
  • These top financial minds taught Darren how to find the truth about the financial industry. They taught him there are much safer strategies than what most people are following. They taught him how to increase rate of return, increase client’s control of their money and increase retirement income while decreasing risk and taxes. Most importantly they taught Darren that the wealthy are not using the same financial strategies as the middle class and if you want to be rich, you need to do what the wealthy are doing.
  • Darren Mitchell’s mission is this: to create more value than you receive and to inspire the entrepreneurial spirit in each and every individual. In this episode Darren talks about how he is achieving that along with his team at Control and Compound. Their sole focus is infinite banking and helping clients have more control of their finances through risk mitigation, wealth conservation and growth. Darren walks us through a scenario of how it works and answers Patrick’s questions to illustrate this foundational strategy he refers to as a compounding opportunity / emergency fund. Darren recounts how he went from a nice comfortable corporate job to starting his own business. Working with top coaches and mentors plus surrounding himself with a community of like-minded people was game changing. Both Darren and Patrick emphasize the importance of investing in yourself and agree it doesn’t always mean handing over money. Along with the two books Darren has written: “Be the Bank!” and “Infinite Banking for Real Estate Investors,” he also hosts a podcast “Control and Compound” which serves to share knowledge and ideas and give back to fellow entrepreneurs.
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  • Show Notes
  • [00:42] Patrick introduces his next TEDM guest Darren Mitchell.
  • [02:11] Darren and Patrick get their conversation underway. Darren starts by explaining what he and his team are up to at Control and Compound Financial and the one thing they are experts in and solely focus on.
  • [03:23] Darren provides his perspective on the three things individuals need to invest in to be financially successful; but that is step two. Step one is to save money on a systematic basis or store the wealth you have already, and Darren offers the way in which they can help, with the compounding cash value life insurance they offer.
  • [7:00] Ok how does that work? Darren walks Patrick through a scenario where a real estate investor has cash they’re sitting on and need to do something with it that won’t be a high-risk investment, and that they can access for future deals or needs.
  • [12:06] The reason why banks don’t consider it a loan to borrow the funds against your policy as a downpayment for a mortgage and why Darren categorizes this strategy as a foundational asset.
  • [15:19] Darren shares his turning point moment in 2008 that led him to this new journey and changed his business model to bring his clients and himself more control of their finances.
  • [18:40] Risk mitigation and wealth conservation. This strategy serves as the foundation of a solid financial plan that exists as a compounding opportunity / emergency fund.
  • [21:23] Darren shares the current rate of interest to take out a loan against your policy and explains how those funds can also be used as we get older, tax free, with no repayment in our lifetime.
  • [23:27] What questions should I be asking? Darren outlines who this strategy is NOT for and who it IS for with tax efficiency and wealth growth. Take back control and be your own bank. Infinite options.
  • [32:07] Darren walks through how the policy can help fund itself if in year 3 or 4, as an example, business did not go well, you can’t make your annual deposit to the policy and you need to take a loan.
  • [34:31] The entrepreneurial journey started at the age of 13 for Darren when he would read classified ads in the newspaper for rental properties, check the rates in his mom’s mortgage book, and determine why that property would be a good buy. He moved on to his own painting company when he was 19 which taught him more than his MBA, then after graduating, he went on a “practice interview” at an insurance company and hasn’t looked back. Coaches, mentors, and mindset have been instrumental in his business, and he loves to give back in the same way to fellow entrepreneurs.
  • [38:16] Darren recounts how he went from a nice comfortable corporate job to starting his own business and some of the learnings he’s had along the way.
  • [40:16] Invest in yourself. It doesn’t always mean handing over money. Darren provides a few gold nuggets and a couple of real examples for people who are considering the entrepreneurial path, and perhaps the real estate investing path. A couple of sneak peaks: 1) plan in advance what you want to do 2) fire, ready, aim.
  • [45:07] Guest shout-out! Darren shares the titles of his two books and his podcast (links above) plus a bit about what the topics they discuss on the podcast.
  • [46:31] Mistakes or results? Patrick shares the story of a very wealthy friend who told Patrick he doesn’t make mistakes; he just gets results. He either likes the result or he doesn’t. If he doesn’t, he puts in a correction.
  • [47:32] Building the parachute after you jump out of the plane. Everybody is wired a little differently, but taking the chance to try things and fail [or succeed] is always going to supply learnings to take away as well as prepare us with more knowledge for the next venture.
  • [50:15] Patrick and Darren use mountain analogies to discuss their business. Patrick’s business life has followed the thought: if the mountain is worthy of the climb, the path you take to get up the mountain, you can figure out as you go. Darren offers: if you were going to hire a sherpa would you want to hire someone that can get you to the top of the mountain, or someone that can get you to the top of the mountain and safely down the other end.
  • [53:08] Darren gives his perspective as an entrepreneur, around the immense benefit of working with top quality coaches and a community of like-minded individuals who do the same.
  • [55:55] You don’t have to go it alone! Darren shares his experience of working with coaches and busting through the mindset that as entrepreneurs we need to have all the answers. You are the greatest asset you have in your life. Anything you can do to make you better, is going to be the most impactful on your financial future.
  • [58:45] Rolling down the Rapid-Fire highway with a couple of detours to Tangent Town: Apple or Android; favourite album; favourite movie; message at the pearly gates.
  • [62:28] Darren’s gratitude.
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