Farming Without the Bank Podcast

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...

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 natu...

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 Produc...

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  

Let's dig into how loans are treated. The best part of IBC is being in control, the worst part of IBC is being in control of your loans. The company treats it as one loan; they don't question, and they don't care. You are the one who has to figure out how you want to make it back. Audio Production by Podsworth Media - https://podsworth.com  

Here is an example of why Uninterrupted Compound Interest is what you want when looking at interest on anything you're saving. Many talk about compound interest, but they don't talk about what happens when it's interrupted. Audio Production by Podsworth Media - https://podsworth.com  

You all liked my myth busting before, so here's more! I'll keep the tally rolling. Today we smash myths 6-10! 6. Whole Life insurance is bad because you don't get cash value and death benefit. 7. It's not an IBC policy. 8. It's about a Return on Investment. 9. Dividends are from overpaying on insurance. 10. Fees in Whole life. Audio Production by Podsworth Media - https://podsworth.com  

So many people hear a 30-second clip of me talking about successful farmers and think I am an idiot. Yet, that is what I see. I see success because those looking find me and want to learn. Those who spend their time just scrolling are crying in their coffee rather than looking for solutions. Audio Production by Podsworth Media - https://podsworth.com  

How much you pay is really set on how you are thinking. Rethink your thinking. Audio Production by Podsworth Media - https://podsworth.com  

Let's bust some myths and let the record be set straight. The five myths we talk about in this episode are: 1. You borrow your money, 2. Premium is post-tax, 3. You collect the interest on loans, 4. You can use Universal Life products for IBC, and 5. You don't have to repay loans. Audio Production by Podsworth Media - https://podsworth.com  

People often use incorrect terminology when they talk about their life insurance policies and IBC. So let's go over the real meaning of the terms: Pull money, Take money, Tax-Free, Tax-Free Retirement, and IBC policy. Audio Production by Podsworth Media - https://podsworth.com  

It's hard to remember that our cash value is liquid and we get to use it. We have been programmed to think we will never see that money again. Remember, when you pay premium, a portion of that premium is available to you right away. You are not giving up access to every dollar you put in. Audio Production by Podsworth Media - https://podsworth.com  

If you are questioning how you are going to pay for the new piece of equipment, more cattle, or even a life insurance premium, then build it into your accounting. Successful operations have the costs built in; they don't just hope and pray they will have enough. Many ask how they can get away from the bank. If you want to do that, then build your life insurance premium into your expenses. It's a c...

The entire book is important; are you reading it all, or just one part of it? IBC is the first half, and life insurance is the second half, so be sure to read and re-read the entire book! Audio Production by Podsworth Media - https://podsworth.com