Farming Without the Bank Podcast

Why it makes a difference to have good agents and companies to work with when using IBC. Audio Production by Podsworth Media.

If we are going to save family farms, we must plan correctly, and doing that with a trust will avoid any extra costs and allow you to make sure it stays in the right hands. Heidi Olson is a succession planner and trust officer who shares with us some good starting information on what needs to be done.

There are many ways to structure a policy, and I break it down to three basic ways here and explain why long-term may be better than short-term access. Audio Production by Podsworth Media.

How can you grow your business with all the right people and have them as an asset and not a liability? Audio Production by Podsworth Media.

Those who live closest to mom and dad are the ones who end up caring for them, and those who live far away don't understand the mental, physical, emotional, and economic toll this takes on the caregivers. Audio Production by Podsworth Media.

Nelson addresses this in the book, talking about being the bank owner, lender, and borrow, and why that is important... but I challenge you to look at this with every aspect of your life and why it's important. Audio Production by Podsworth Media.

Bankers will ask why you have so much life insurance or comment that your premium is too high, and many folks are asking me how we should respond. Let's address that, because there is not a simple answer. Audio Production by Podsworth Media.

Clients are asking, and I am prepared... as best I can be for you all to be taken care of. Audio Production by Podsworth Media.

Many are making decent money, but when I meet with them, I find out they have nothing saved. So the questions comes up, where is your money going? Nelson, talks about Parkinson's Law in his book, and we must seriously examine Parkinson's Law and beat it if we want to get ahead in life. Using money correctly and paying attention to it is what wealthy people do. Audio Production by Podsworth Media.

Fun interview with Lincoln going over his direct to consumer start, what he's using the policy for, and why he moved his policy to an agent who understands farming and IBC. Audio Production by Podsworth Media.

We've talked about it before, but let's look again at what estate planners/agents are trying to do to save farms by borrowing against the land to pay premiums. This is so risky, and I have some actual numbers to share as to why this is not going to work. Audio Production by Podsworth Media.

A breakdown of what the difference is between whole life and universal type policies. Audio Production by Podsworth Media.

This episode breaks down a few misunderstandings about IBC, who knows it, and why it's important to educate yourself. Audio Production by Podsworth Media.z

Negative thinking will not provide a solution or get you to the top. This podcast will help you understand why your thinking is helping or hurting where you are going. Audio Production by Podsworth Media.

Ken is a demographer who has some great insight on what is happening in the world and what we should be prepared for. Listen in to see where you can find opportunity. Audio Production by Podsworth Media.

What is going to happen to with the economy going forward? I am not sure anyone knows, not even me. Listen in for my version of the what ifs. Audio Production by Podsworth Media.

This may be long, but it is so worth every minute! Ty shares with us about his business, investments, how he's using his IBC policy, and how he has remained positive through struggles and the loss of loved ones in his life. He is an amazing young man! Tune in and be inspired! Audio Production by Podsworth Media.

Nelson's son-in-law shared the tale of his two fathers (Nelson being one of them), including how they treated retirement and what that looked like to them. One is not right or wrong. If you are going to utilize and understand IBC, you will want to know what Nelson's intentions were, and here I lay them out for you. Audio Production by Podsworth Media.

Nelson said, if you put peanuts in, you get peanuts out. So many want more out of the policy, but they are scared to fund the policy to meet those needs. You have to fix your thinking around it in order to accomplish this. Audio Production by Podsworth Media.

If you are not doing anything with what you have learned here or read in the book, then this information is worthless. The best information in the world can be worthless unless we take action. Let's talk about it. Audio Production by Podsworth Media.

So many farmers and ranchers have direct-to-consumer businesses or manufacturing businesses and want to know about marketing. I have brought on my experts to help answer some of those questions for you. There are times you will not need to pay but just be consistent in your posting on social media. Listen in; this is good stuff. Audio Production by Podsworth Media.

There may be a trick to getting your match and getting the money out without penalty. Also, if you are 30 years old and being told you can save your way into retirement, that is a lie. Because of inflation, you'll need close to $10 million to live like you are today on $100K per year. Numbers don't lie, listen in. Audio Production by Podsworth Media.

Let's debunk this myth that you can't start from scratch and that it's supposed to be easy. Then let's add to it that you should not have to work off the farm and your spouse needs a job in town so you can keep farming. I may have gotten a bit preachy in this episode; be warned. Enjoy. Audio Production by Podsworth Media.

Many want to create wealth in children's policies, and that is not always the best way. If we want generational wealth, we need to start with the older generation first. Listen in to see when it makes sense and when it doesn't. Audio Production by Podsworth Media.

Currently, three things I am being asked about are financial stability of companies with COVID deaths, comments about Bank Owned Life Insurance, and paying your full premium vs. your minimum premium. I address these three and explain more. Audio Production by Podsworth Media.

Many who have policies forget why then even have them. They buy a policy and then never use it to create cash flow or don't pay the full premium. They stop educating themselves and talking to me about how to think differently. Keeping yourself educated on this subject is the difference between being successful or having a savings account. Audio Production by Podsworth Media.

This process is not about handing all the reins over to me and having me make your decisions. This is about you becoming the one in charge and me guiding you through this process to learn. Audio Production by Podsworth Media.

In this episode, I visit with my client Michael Jenson, a dairy farmer from Wisconsin, and he shares with you what he is doing, why he made changes in his operation, and how IBC is going for him. Michael is great! Tune in! Audio Production by Podsworth Media.

Many folks question taking a policy loan based on rates only. It's not about the rate only, it's about opportunity and liquidity of money. Listen in. Audio Production by Podsworth Media.

In this episode, I talk about having more than one policy on yourself and how insurance companies figure that. I also talk about when to start a new policy when you already have one or more. Audio Production by Podsworth Media.

Is the policy rate really higher than the bank? When you figure in processing fees from the bank, it may not be. Also, what changes in the policy have been going on with the 7702 tax changes? We discuss all of that in this episode. Audio Production by Podsworth Media.

The Infinite Banking Concept is not really about whole life insurance or being a life insurance expert. It's about how to use money to give yourself freedom. In this episode, I answer some insurance questions and share with you why and how I am here to help you. Audio Production by Podsworth Media.

Where do you want to be in three years? If you don't take the action to change things, things won't change. Let's talk about that in this episode and look back at where you were three years ago. Audio Production by Podsworth Media.

Many see land being bought by non-farmers, and then that land sits idle as the owner takes tax breaks on it. Is this good or bad? Let me break it down on both sides. Audio Production by Podsworth Media.

Jim does not farm but works in the farming industry. Good stuff to learn here about business and how this can apply to your business, what it's like to work with me, and why you can start even after you're 60 years old. Audio Production by Podsworth Media.

It's that time of year again where your accountant is telling you to buy things to avoid taxes. Are you saving money or giving up liquid assets unnecessarily? That is what we discuss in this podcast. Audio Production by Podsworth Media.

In this episode, I visit with a newer client and he shares with you what he is doing, why he made the changes, what he thought of IBC right away, and how he's used his policy in the last year. Jay is awesome! Tune in! Audio Production by Podsworth Media.

Many folks ask if IBC can work for them if they don't farm yet. The answer is YES. Now is truly the best time to get started with Infinite Banking so you have a pool of money to use for getting your farm started later. Audio Production by Podsworth Media.

Many are judging a book by it's cover and think I hate bankers. That is not the title of the book, nor is it anywhere in the book. I actually really like bankers, but there is a difference between the banking system and the individual bankers. Audio Production by Podsworth Media.

You are told to diversify and look for better ways, yet when you do, the critics and ignoramuses who have arrival syndrome crawl out of the cracks. It's truly amazing to me, and you'll hear in this podcast how much I love these people. Audio Production by Podsworth Media.

Nelson always said if we use the banks we are part of the inflation problem. I believe not paying attention to what is going on and how to solve problems means we are also part of the economy problem. We should be asking how can we be part of a solution and take care of ourselves. Audio Production by Podsworth Media.

Many feel that death benefit and estate planning are not important. Today I share why these were so important for two of my clients. Audio Production by Podsworth Media.

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 buy into. This is a longer episode but is well worth the listen. Audio Production by Podsworth Media.

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.