Farming Without the Bank Podcast

We are back at it talking about why farms are failing and how we can do better with a plan. Audio Production by Podsworth Media.

Curiosity is what keeps us improving and asking questions. Without this, we become complacent and we end up trusting those who give power to like accountants, attorneys, and bankers. However, if they too have lost their curiosity, they are not helping you to the best of their ability. Never stop asking questions. Audio Production by Podsworth Media.

We are being sold and buying into an idea that was created during an era where the average lifespan was 61 years! Today we live into our mid to late 80s and think we should retire at 65. We think we will have enough money to live based on market returns and putting 3% of our income away every year. There are so many things wrong with what the gov't has sold us and what we continue to believe and b...

I sometimes hear people say, "It's the only thing I know how to do." They then have the victim mentality that they can't do anything else. Today I address this. Be warned, I may tick you off! Audio Production by Podsworth Media.

Nelson talks about the volume of interest in his books and why it's important but so many don't consider it unless they look at a home mortgage or credit cards. I share in this episode why volume of interest is super important and why you should be making a volume of interest, not just paying it. Audio Production by Podsworth Media.

Here I dig into Nelson's second book, Warehouse of Wealth, where we go deeper and remind ourselves of what Infinite Banking really is. Audio Production by Podsworth Media.

Farmers are being targets with borrowing against land to fund policies or using a the bank directly through a trust. Wade and I discuss why this is not IBC or Farming Without the Bank. Audio Production by Podsworth Media.

Many people are confused about IBC when they hear they have to pay themselves back. They don't know how to treat the payback, where to put the money, how to create the terms. So in this episode, I try to clear that up for you in case you too struggle with this idea. Audio Production by Podsworth Media.

We so often in life like to pass the task to someone else and then get upset because of how things are handled. In this episode, I address the topic of not getting your books done but then not taking the responsibility of buying things we can't afford just because the bank said we could. Who wrote the check? Audio Production by Podsworth Media.

What happens if you use your life insurance as collateral to a bank loan? ...and is there ever a good time to do this? I say no and explain why. Audio Production by Podsworth Media.

I always hear comments like, "It's not easy getting started," or, "It's not easy farming." I'd like to know who said it should be easy! Was it easy for our ancestors who came over to America from abroad? We are asking the wrong questions and have stinkin' thinkin'! Audio Production by Podsworth Media.

So many are worried about how much to pay and committing to so much premium that they can't afford to pay it. That is not an issue, because premium payments are flexible, some more than others, and I discuss that in this podcast. Audio Production by Podsworth Media.

With the large amount of national debt and the non-stop printing of money, many people are scared of the value of the dollar plummeting. In this episode, I talk about what to do to compare and how to be rational about the whole thing. Things are worth what we are willing to pay for them. Life insurance needs to be held to the same standard as everything else, so why are we not doing that? There ar...

This is a question I get a lot from smaller farmers who want to be large. My answers address the questions of: Should we be competing? Are we profitable? ...and what does large look like? It's not an easy answer, but I feel we need to get past what we look like and start looking at profits. Audio Production by Podsworth Media.

You may love or hate me by the end of this episode. Is the Biden plan a bad idea? ...and do we have the right to be upset? Listen in and find out! Audio Production by Podsworth Media.

Back to the Becoming Your Own Banker book review. You'll hear about why you should have a policy on the family and why family banking is so important. The Infinite Banking Concept is not just about you but thinking long term about generations after you. Audio Production by Podsworth Media.

There is not a cookie-cutter answer for this scenario, so I will give you some ideas of how to use it, and why the retirement scenario in Farming Without the Bank is different than the scenario in Life Without the Bank. Audio Production by Podsworth Media.

There is nothing worse than a slimy life insurance agent who wants to talk fast and line his pockets with no regard to those he is hurting. 100% of my German passion comes out here while I share with you some of the sliminess of what is going on in this industry with other agents. Be aware of how they act and what they say. Audio Production by Podsworth Media.

We talk about having life insurance on your employees, using it to lend to them or to use yourself, and then using it for retirement. Audio Production by Podsworth Media.

Remember, Nelson called it the INFINITE Banking Concept. You can use cash value for anything and however you'd like. In this episode, I touch more on that and give you some examples. Audio Production by Podsworth Media.

Here is the answer to your questions about why some policies don't have to be paid forever and when it is smart to use them. This also explains the inheritance example in my Life Without the Bank book. Audio Production by Podsworth Media.

There is a huge difference between simple, compounding, and uninterrupted compound interest, and in this episode, I go over those three. Believe it or not, simple interest is actually better than interrupted compound interest! The policy is very much like your farm ground. Tune in to learn why. Audio Production by Podsworth Media.

Many want to know when they can stop paying premium. When is this paid up? In this episode, I cover the fact that we want to pay for life and that the policy can be paid up at different times and what that means. Audio Production by Podsworth Media.

Premium payments and loan repayments are NOT the same thing. In this episode, I break them apart to help you understand more about what is truly going on in your policy. Audio Production by Podsworth Media.

How do you get your employer to give you the match so you can use it for Infinite Banking? I am not sure I have the answer, but I do have some input on the subject, so listen in! Audio Production by Podsworth Media.