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://podsworth.com

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.com

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 Production by Podsworth Media - https://podsworth.com

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

Bankers are normally nice, but when they aren't, they can harm you more than help you. Today's RANT is about how they can actually harm ya! Audio Production by Podsworth Media - https://podsworth.com

Don't let people kill your dreams, and by gosh, don't be scared to share them with me! Audio Production by Podsworth Media - https://podsworth.com

So many people talk about being debt-free but have policy loans. This is not debt-free; you have to be an honest banker. Audio Production by Podsworth Media - https://podsworth.com

The big IBC debate around IUL vs. whole life has come to a head with the document I received last week. It is full of lies and was given to clients. Chris is a leading expert in IUL and why those policies are not good, so I had him on as a guest to speak about the IUL debate. Audio Production by Podsworth Media - https://podsworth.com

Nelson Nash talks about windfalls within the world of Infinite Banking, but loans should not be taken with a windfall in mind to repay, unless it's a unique circumstance. Audio Production by Podsworth Media - https://podsworth.com

We hear a lot about the MEC when we talk about Infinite Banking, but rarely do we hear the ins and outs of it. Here are the ins and outs, why it matters, when it happens, and how to avoid or work around it. Audio Production by Podsworth Media - https://podsworth.com

In this episode, you will see evidence and real policies demonstrating why universal, variable universal, and indexed universal life policies are not a good options for the long term. IBC uses whole life and only whole life for a reason. Audio Production by Podsworth Media - https://podsworth.com

There are normally three types of people that take the step to meet with me, but they get there differently and over a different period of time. Who are you? Audio Production by Podsworth Media - https://podsworth.com

We talk a lot about cash value in IBC, but we rarely talk about the death benefit and why this is important, even if you are debt free and in your 80's or 90's. Today, we talk about why the death benefit is important. Audio Production by Podsworth Media - https://podsworth.com

Many of you have money in 401K or stock because your company matches or you don't know anything else. Well, let's talk about if non-liquid money is the best option and what those costs are to tie up that money. Audio Production by Podsworth Media - https://podsworth.com

I am frequently asked how IBC users can best apply extra interest. Start another policy? ...or wait? ...or what? Audio Production by Podsworth Media - https://podsworth.com

With operating notes going to 8-9%, I think we likely have a perfect storm for another 1980's-style farm crisis. Now is the time to be smart with our money! What are your thoughts? Audio Production by Podsworth Media - https://podsworth.com

Clay Conry from the Working Cows podcast had me on recently, and we talked about this topic. It was so good that I wanted to share it with you all. Audio Production by Podsworth Media - https://podsworth.com

With the recent bank failures in the headlines, this is a good time to talk about fractional reserve banking and why we do IBC. Audio Production by Podsworth Media - https://podsworth.com

Getting back to the basics of WHY Nelson created IBC and what we have done to forget that. Audio Production by Podsworth Media - https://podsworth.com

(Re-broadcast; originally aired November 19, 2019.) In this episode, I lay out when it may be wise to buy something to avoid taxes and when it may be wise to avoid buying things instead. There may be a self-check moment in here as well when I am talking about who's signing that final check for the purchase. Who is running your operation? You, the bank, or the accountant? It's a question you will be able to answer when you finish listening to this episode. Audio Production by Podsworth Media - https://podsworth.com

It's not easy sharing something new, but here are some tips for ya. I sure hope they help. Audio Production by Podsworth Media - https://podsworth.com

Let's break down some myths that I have been hearing about lately. Audio Production by Podsworth Media - https://podsworth.com

Here is how the policy loan rate changes are determined and, by contract, when they can change. Also a little bit on how loan rate interest is figured and applied. Audio Production by Podsworth Media - https://podsworth.com

Rarely, if ever, do we get to hear from someone internal to a life insurance company. Clay shares some great insights on why a company may not like a 10/90 policy and how that can affect the company. He also talks about Universal Life policies and how they are different from whole life. Audio Production by Podsworth Media - https://podsworth.com

Many people think they are too old to start Infinite Banking, which is not true. Also, that ties into when we should be buying a policy on mom or dad, or if we have business partners, when we should be buying key-man or buy-sell policies. Audio Production by Podsworth Media - https://podsworth.com

It was super fun talking to one of the IBC Practitioners I look up to, James Neathery. He knew Nelson very closely, so I wanted to visit with him about Nelson and then get into why we are so passionate about IBC. Audio Production by Podsworth Media - https://podsworth.com

Collateral assignments on whole life policies are not a great option if you want to maintain control. Also, the strategy of using a CD as collateral has become a talking point in the last couple weeks, and we need to understand why that is not always good either. Audio Production by Podsworth Media - https://podsworth.com

What does 1035 mean and how does it work? Also, I include my suggestions for why you should NOT 1035 a policy and why you SHOULD question your agent if they suggest it. Audio Production by Podsworth Media - https://podsworth.com

Inflation truly is the silent thief, and people don't understand how it affects how much money we need saved, what rates of return we need to earn to get there, what percent of income we need to save, and why cash flow is so important. This is the real reason IBC fits into everything you will need for the future. It will also show you why liquidity of money is the top priority as you are young. Audio Production by Podsworth Media.