Farming Without the Bank Podcast

We are taking a little diversion on this podcast to talk about how comparison is the thief of joy and how jealousy kills curiosity. These are not my normal topics, but I feel we need to discuss these issues as folks in the ag industry constantly tear each other apart. Audio Production by Podsworth Media.

I break down why interest rates themselves are not the most important thing and why dividends are not something you should be comparing companies on. There is far more to the Infinite Banking Concept than interest rates and dividends. Audio Production by Podsworth Media.

Many people are trying to get debt paid off as soon as they can, but is that the best way to utilize money? In this episode, I go over why we may not want to overpay debt, why a 30-year mortgage may be better than a 15-year mortgage, and when is a good time to overpay and get debt paid down before starting an IBC policy. Audio Production by Podsworth Media.

Today we are breaking down another chapter from "Becoming Your Own Banker" on the Infinite Banking Concept. It deals with how life insurance is priced, why we want the companies to be picky, and our need for death benefit vs. cash. Listen in and enjoy! Audio Production by Podsworth Media.

The Infinite Banking Concept teaches us to be honest bankers, and that not only goes for paying the policy loan back plus interest; it also applies to you using money from savings, capital investments, and getting discounts on land rent or tractor use. In this episode, I go over why it's so important to be honest and record these expenses correctly. Audio Production by Podsworth Media.

Today we have another awesome client interview for you! I am speaking with Ryan Murray. He and his wife Annie are organic dairy farmers in upstate New York. Ryan has studied economics for a long time and really understood IBC when he encountered it. He and his wife are putting it to full use on the farm. Listen in; you won't want to miss this! Audio Production by Podsworth Media.

Today I discuss another chapter from Becoming Your Own Banker. Nelson talks about the fact that this concept is a change in mindset and not about a rate of return. It's about putting value on your own money and taking control of your personal finances. Yet again, we have another great example of why this is not just life insurance and why the policy is the tool. If you don't get this part down, yo...

Harvesting and hauling right to the elevator leaves nothing but stress and guessing. What I have found is if you have the right help marketing your grain and the right people explaining how to do it, then you will earn a profit. So many do not market; they just sell based on today's prices and emotions. Do what the successful farmers are doing. Tim Bickett, who's a branch manager with the Ag Risk...

In this episode, we go over another chapter of Nelson Nash's book, "Becoming Your Own Banker". He talks about "the arrival syndrome" and how harmful it can be to think you know it all and have nothing to learn; it is the very thing that will keep you where you are and stop any growth. Even if you think I'm preaching to the choir about this, listen in for new angles on the importance of learning an...

In this episode, I tell you why we do not compare life insurance to investments. So many folks want to know rates of return, and when you study and implement the Infinite Banking Concept in its pure form, you understand why it is not comparable. Please listen in so you can understand liquidity, control, and guarantees. Audio Production by Podsworth Media.

Those with the gold make the rules. If you want to be the one making the rules and be in control, you need to be the banker. You must capitalize your account so you have something to borrow from. This episode breaks down yet another step of what is needed to become your own banker. Audio Production by Podsworth Media.

We have a choice to either see potential or not, to build each other up or to tear each other down. In this episode, I point out some different ways of challenging yourself to think and be an opportunist. Be ready for an opportunity and grab it. This does not mean you are a bad person, yet the fun suckers, negative Nellies, and keyboard warriors will come out of the woodwork to bring us all down....

Many do not understand how our tax system works in the U.S., so I share the very basics of what I know. Understanding this saves you money and puts things into perspective a little better for when you're thinking about buying things to avoid taxes. Audio Production by Podsworth Media.

Society has led you believe that you should be broke because you farm for a living, that you should have to explain yourself if you have nice things, and that you should not have extra money for non-essentials or vacations. Why? Why shouldn't you? You run a business, and no one deserves an explanation for why you have what you have. In this episode, I share with you how silly this thought process...

This is my two cents on estate planning as an off-the-farm kid. I am not an expert, but when I see both sides, I always see some things being done foolishly, and I am always going to call them out. Guilt has been a longtime driver in the farming world; we need to stop feeling bad about things we can't change and change for the better whatever we can. Audio Production by Podsworth Media.

Many people want to work with a local agent, and I understand why. If this is you, I will help answer some questions about why you want to have someone who knows IBC, why most mutual companies are good, and why you should make your money a priority over making someone else happy. It's a concept, not a sales tool. Audio Production by Podsworth Media.

I go over two more chapters in Becoming Your Own Banker. I discuss Parkinson's Law and Willie Sutton's Law. You'll hear how human nature keeps us in slavery to material things and luxury and how the IRS is the biggest thief we have to contend with. Audio Production by Podsworth Media.

I am not the expert on this, but I want to give you a few ideas of what to look for and how to think about starting your own operations. Many people are asking and saying they think it can't be done. It can, but just not overnight. There are plenty of ways to do it. Enjoy. Audio Production by Podsworth Media.

I break down another chapter from Nelson's book, "Becoming Your Own Banker", and we talk about why we use dividend paying whole life, security of the company, best use for dividends, and how great it is to have guarantees. Audio Cleanup by Podsworth Media.

Listen in on another client interview and hear how Nate is navigating his operation with his family and using his IBC policy to hedge some cattle. Audio Cleanup by Podsworth Media.

Today I go over this chapter from Becoming Your Own Banker and break down what Nelson was trying to say. Opening a new bank is not easy; it takes capital and time, just as a life insurance policy does. When you own the bank, you can also destroy that bank by not being honest with your money. In this episode, I explain why and what can happen as a result. Audio Cleanup by Podsworth Media.

So much good information in this episode! Should you have a policy? When is the best time to buy? How will it be used? Who will own it? How much can you buy? How will it perform? This is a must-listen episode, and it should be shared with the entire family! Audio Production by Podsworth Media.

We love to ask the professionals (like accountants, advisors, and attorneys) their opinions, because after all, they are the professionals. What I share in this episode is what you are asking them and what they are doing to educate themselves before having an opinion. Who is the expert on the matter? ...and how much effort are they putting into helping you? Audio Production by Podsworth Media.

Meghan shares her experience with vetting me and the infinite banking concept before doing anything. She also shares her heart wrenching story of how she and her husband had to leave their farm and are now starting over from nothing. It's a great interview that a lot of you will be able to relate to. Audio Production by Podsworth Media.

Nelson Nash would always talk about "the unseen", meaning, what can we do with our money that will produce an additional ROR above and beyond what the policy offers. I talk about this and why you should not get stuck on RORs. Audio Production by Podsworth Media.