Claim OwnershipFarming Without the Bank Podcast
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Description
Welcome to the Farming Without the Bank podcast, the show with a no-B.S. approach to money, hosted by a farm strategy expert and authorized IBC practitioner.
Join us as we get real and expose the flaws of traditional financial institutions in order to help farmers take control of their finances, create peace of mind, grow their wealth, and leave a legacy.
https://www.farmingwithoutthebank.com/
Join us as we get real and expose the flaws of traditional financial institutions in order to help farmers take control of their finances, create peace of mind, grow their wealth, and leave a legacy.
https://www.farmingwithoutthebank.com/
267 Episodes
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Some miss the point of IBC being done through dividend paying whole life insurance policies, and they think a money market is the same. There are 5 big reasons why they are not even close to the same. Audio Production by Podsworth Media - https://podsworth.com
Here are the four things I run into when I see farms in LLCs. There are good reasons to have an LLC, but unless you do your setup and maintenance right, you will actually be hurting further generations. Audio Production by Podsworth Media - https://podsworth.com
We have far too many current farm owners who are in debt, and the next generation is trying desperately to save the farm by putting themselves at risk. This has to stop! Audio Production by Podsworth Media - https://podsworth.com
Shane Anderson talked to us about how he made the decision to quit working off the farm and farm full-time. Tune in! We have solid advice about how to do it. Audio Production by Podsworth Media - https://podsworth.com
So many people, ag industry included, want to be quick to make the judgment that, "people don't understand us." Let me encourage you to stay openminded, look at both sides of the story, and teach and communicate well with people instead of fighting and being short. Audio Production by Podsworth Media - https://podsworth.com
With commodity prices the way they are now, so many folks are scrambling, yet we have had some decent years in the past. Are you preparing in the good times for the bad times. Are you really looking at your numbers to make sure you are making a profit? Audio Production by Podsworth Media - https://podsworth.com
If the land next door became available, you'd find the money for the land payment... yet many wonder where the money will come from for their IBC policy. Let's talk about it. Audio Production by Podsworth Media - https://podsworth.com
Join hosts Corey and Tanner as they welcome Mary Jo to the Farm4Profit podcast to dive into the world of financial independence for farmers. In this episode, Mary Jo explains the Infinite Banking Concept and how it can be a game-changer for farmers looking to gain financial control, reduce dependency on traditional banks, and build generational wealth. Learn how policies, cash value, and strategic borrowing can revolutionize your approach to farm financing. Whether you're a seasoned farmer or new to the field, this episode offers valuable insights into sustainable financial practices. Audio Production by Podsworth Media - https://podsworth.com
As a consumer, you have to be able to weed through the noise and realize you may actually be smarter than the keyboard warriors online. Let's address some of the comments we can find online in forums that have zero merit. Audio Production by Podsworth Media - https://podsworth.com
Nelson talks about using IBC to self-insure, and I can't say it's as easy as some folks make it out to be. With today's costs, it's very hard on the home and auto side, then you add in crop insurance, and it's nearly impossible, based on the research I have done. Audio Production by Podsworth Media - https://podsworth.com
Is your farm setup well enough to take a month off? My business is not. This is definitely something to think about. Audio Production by Podsworth Media - https://podsworth.com
In this episode, we are diving into the concept of Infinite Banking. Highlighting key points from Nelson Nash's book, 'Becoming Your Own Banker,' the discussion covers the foundational mindset shifts required for Infinite Banking. The episode addresses common misunderstandings, critiques current financial systems, and stresses the importance of proper financial management and overcoming human nature barriers like Parkinson's Law. The core takeaway is that Infinite Banking is not solely about life insurance policies but a broader mindset and financial strategy. Audio Production by Podsworth Media - https://podsworth.com
Let's bust more myths: companies don't pay claims; premiums increase; companies collapse; whole life is expensive; and any agent can help with IBC. Audio Production by Podsworth Media - https://podsworth.com
I had the privilege of being on the Barn Talk podcast a year ago and want to share that with you guys today. Enjoy! Audio Production by Podsworth Media - https://podsworth.com
It's called "infinite" for a reason, and that can be very hard to see when you are only looking down your lane. What are you using money for that you could actually be using the infinite banking concept for? Is it college, farming, rentals, braces for the kids, or something else? I challenge you to not only take the blinders off but get the book "Becoming Your Own Banker" and dive in. Audio Production by Podsworth Media - https://podsworth.com
Today we talk about: Are kids' policies better than adults' policies? Am I just selling you something? Should tobacco users forget about having a whole life insurance policy? Should your premium be a certain percent of your gross income? Can you retire on your cash value? Audio Production by Podsworth Media - https://podsworth.com
Regardless of what you think, the bank has control, and you are the employee of the bank. If they call a note and you don't have the cash to pay that, they are in control. You need to know your numbers or they will take an opportunity to manipulate you. Audio Production by Podsworth Media - https://podsworth.com
This is a common question that I hear, because people think the insurance companies are stealing money. Why? I have no idea... but let's address what they *actually* do with your money to ensure the death benefits get paid out. Audio Production by Podsworth Media - https://podsworth.com
Today we talk about loan interest as a tax deduction; being debt-free but having policy loans; 1035ing cash value; loans for cash flowing assets; and the idea that life insurance companies are banks. Why are these ideas misunderstood or inaccurate? Audio Production by Podsworth Media - https://podsworth.com
Do you have the cashflow to retire, or are you going to live on a prayer? It's a proven fact that people with money live longer. Start looking at your numbers and count inflation. Audio Production by Podsworth Media - https://podsworth.com
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This episode on the Infinite Banking Concept sounds like a deep dive into a great financial strategy. It's important to grasp that it's more than just life insurance—it's about changing how you think about managing money. For people interested in traditional banking options as well, checking out what Washington Trust Bank https://www.pissedconsumer.com/company/washington-trust-bank/customer-service.html offers could be a good complement to these ideas. I'm excited to listen and learn more about how this approach can fit into a broader financial plan.
Thanks for sharing this Barn Talk interview! It's always interesting to hear different perspectives on these podcasts. For those of us managing finances or farming operations, having a reliable bank like Palmetto State Bank https://www.pissedconsumer.com/company/palmetto-state-bank/customer-service.html can be really helpful. Looking forward to listening to the full episode and hearing what you had to say. Keep up the great work!