Farming Without the Bank Podcast

Where would you rather put your money? So many are not thinking correctly. Rethink your thinking! Audio Production by Podsworth Media - https://podsworth.com  

After talking to over two thousand farmers over the years, I may know a thing or two, and I definitely have an opinion on a thing or two. Audio Production by Podsworth Media - https://podsworth.com  

It is all simple when you quit making it so hard. Unfortunately, some people are stuck thinking small and have the mindset that everything is just too hard. Think bigger and ask for help solving the problems! Today I talk about fixing the mindset that is holding you back. Audio Production by Podsworth Media - https://podsworth.com  

Our client-only Blacksheep Summit was last week, and we had a fantastic time. Let me tell you about it! Audio Production by Podsworth Media -  https://podsworth.com  

There's so much talk online about numbers and tactics, but the Infinite Banking Concept is first of all a thought process. So let's get back to basics: here are the 5 principles that IBC is built on. If you are new to the podcast, you're in for a treat! If you're a long-time listener, you need the refresher! Audio Production by Podsworth Media - https://podsworth.com  

As I throw ideas out there for people, many come back with objections of why I am wrong. Let's challenge the thought process around this one; maybe I am wrong, or maybe we have a scarcity mindset instead. Audio Production by Podsworth Media - https://podsworth.com  

Many farmers look at their tax returns for their yearly numbers. These are lies; you try so hard to avoid taxes that you are not looking at the real numbers of your operations! P&Ls will give you the numbers we both want. Audio Production by Podsworth Media - https://podsworth.com  

My client Grant Jones joins me to discuss his shrimp farming operation, what all that entails, and how he has used IBC to finance it. Audio Production by Podsworth Media - https://podsworth.com    

People love to blame banks for their financial difficulties, but are they really the ones who bear most of the blame? Audio Production by Podsworth Media -  https://podsworth.com    

What does it look like buying a tree farm, raising cattle, and adding a pumpkin patch? When do you quit your other jobs to focus? Such a great interview with Melanie and Cody Nelson of Iverson Tree Farm; don't miss it! Guests' website: iversontreefarm.com Guests' Facebook: facebook.com/iversonchristmastrees Audio Production by Podsworth Media - podsworth.com      

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