Farming Without the Bank Podcast

Why are some IBC-users successful while others say IBC didn't work for them? Why are some business owners successful while the same type of business can be failing miserably for others? Human error. Audio Production by Podsworth Media - https://podsworth.com    

Most people associate family money with bad emotions and greed, yet family money can surely get you to the next level. Audio Production by Podsworth Media - https://podsworth.com    

Many feel like loans for things outside of farming are different than for farming, when in fact, they are the same. So I explain more in detail. Audio Production by Podsworth Media - https://podsworth.com    

I am not an accountant, but it is that time of year for a friendly reminder of how taxes are tiered. This is a huge part of why you are not always saving as much as you think, and a lot of times, you're just redirecting your dollars from the IRS to the bank. Audio Production by Podsworth Media - https://podsworth.com  

When taking a cash value policy loan from a whole life insurance policy, it works a bit differently than a bank. It's important to understand all the moving parts here so you can deduct the correct amount of interest on taxes if using that money for a business expense. It can be simple, amortized, and compounding; it just depends how you pay it back. Audio Production by Podsworth Media - https://p...

So many people put money into their 401K but don't know the rules. These are not officially hidden, but it seems as if employees don't know on purpose. Audio Production by Podsworth Media - https://podsworth.com  

We talk about being the banker with Infinite Banking, but a lot of people do not understand what that means. There are three characters in play, and you want to be all three, not just the borrower. With that comes responsibility that will either make this work or kill it. You get to decide how good of a banker and bank owner you want to be. Audio Production by Podsworth Media - https://podsworth.c...

It is so important for spouses to communicate well, especially on matters of finances. While it is ok for one spouse to take the lead on budgeting, bookkeeping, and/or financial planning, it is vital that both spouses have a working understanding of what is going on with their money. If you are going to become your own banker, your spouse needs to understand how this works and be on board. Audio P...

There are many things we figure as a cost of doing business, but these four are missed nearly every time. Any and all of them can be a very costly mistake. Audio Production by Podsworth Media - https://podsworth.com  

On this episode, I interviewed Rebecca Undem from Oakes, ND. We talk about how she is growing her small towns, helping others, her husband farming with her dad, and the challenges of it all. Rebecca is amazing, and you'll love this interview. Audio Production by Podsworth Media - https://podsworth.com  

As I have predicted, there may be another farm crisis. Many think I am chicken little and have lost my mind, making blanket statements. Let's break down why I make those statements and put things into perspective. Audio Production by Podsworth Media -  https://podsworth.com  

This is a common question: How do I pay back a policy loan for something like a car that does not produce extra income to make the payment? There are a couple facets of this, so let's dive into changing some thoughts on how money flows. Audio Production by Podsworth Media - https://podsworth.com  

Many people have "arrived" in their thinking and believe something to be true that is not because of misclassification. Don't be that person! Understand why you need to be educated and support your kids. Audio Production by Podsworth Media - https://podsworth.com  

Many use these policies in their estate plans or as buy/sell or even key-man policies. The purpose of them is very misunderstood, and there are many better ways to do this without overpaying for life insurance. Audio Production by Podsworth Media - https://podsworth.com  

Many people feel embarrassed when we meet that they have term life insurance. I do not hate term; it has it's use, just not for the long-term. Audio Production by Podsworth Media - https://podsworth.com  

You have flexibility, but it should only be used when you NEED to, not all the time. Paying premium makes you money. Audio Production by Podsworth Media - https://podsworth.com  

We need to do a better job of asking questions, and those who do not ask and think they know are scary. Not everyone understands ag but is ok with taking money from a policy sale. That is not helping this industry. Audio Production by Podsworth Media - https://podsworth.com  

3 things I do not buy into 100% are gold/silver, cryptocurrencies, and velocity banking. Are they useful? Perhaps... yet I don't understand a lot of the hype or why these are the end-all, be-all for some folks. Audio Production by Podsworth Media - https://podsworth.com  

Keep in mind, if you are looking for advice from others, your approach will determine your success. Audio Production by Podsworth Media - https://podsworth.com  

Farmers and ranchers are so independent that they think it can only be done alone. But what if we did it together? Buy some land together, and create a partnership. You can go further together than you can alone. Audio Production by Podsworth Media - https://podsworth.com  

Who is right in this fight? Who is the door mat, and how long do we sit around waiting? Audio Production by Podsworth Media - https://podsworth.com  

When I visit with people, I tend to throw around lots of ideas to make more money, so I decided to share a few of the hot ones with you. Audio Production by Podsworth Media - https://podsworth.com  

You don't get to count your debt as paid-off if you come into money. Be honest and keep paying yourself; those are the basics of the Infinite Banking Concept. Audio Production by Podsworth Media - https://podsworth.com  

This is my appearance on the Infinite Wealth Podcast from a couple years ago. Thanks to Cameron and Matt for letting me re-broadcast this! Go check out their YouTube channel here: https://www.youtube.com/@InfiniteWealthConsultants Audio Production by Podsworth Media - https://podsworth.com  

Today's topics: How to get money in for a faster start, when to start new policies, how much death benefit do I need, and don't feel guilty using cash. Audio Production by Podsworth Media - https://podsworth.com