Farming Without the Bank Podcast

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.

We so often in life like to pass the task to someone else and then get upset because of how things are handled. In this episode, I address the topic of not getting your books done but then not taking the responsibility of buying things we can't afford just because the bank said we could. Who wrote the check? Audio Production by Podsworth Media.

What happens if you use your life insurance as collateral to a bank loan? ...and is there ever a good time to do this? I say no and explain why. Audio Production by Podsworth Media.

I always hear comments like, "It's not easy getting started," or, "It's not easy farming." I'd like to know who said it should be easy! Was it easy for our ancestors who came over to America from abroad? We are asking the wrong questions and have stinkin' thinkin'! Audio Production by Podsworth Media.

So many are worried about how much to pay and committing to so much premium that they can't afford to pay it. That is not an issue, because premium payments are flexible, some more than others, and I discuss that in this podcast. Audio Production by Podsworth Media.

With the large amount of national debt and the non-stop printing of money, many people are scared of the value of the dollar plummeting. In this episode, I talk about what to do to compare and how to be rational about the whole thing. Things are worth what we are willing to pay for them. Life insurance needs to be held to the same standard as everything else, so why are we not doing that? There are many things to consider here, even on crypto currency. Listen in and enjoy. Audio Production by Podsworth Media.

This is a question I get a lot from smaller farmers who want to be large. My answers address the questions of: Should we be competing? Are we profitable? ...and what does large look like? It's not an easy answer, but I feel we need to get past what we look like and start looking at profits. Audio Production by Podsworth Media.

You may love or hate me by the end of this episode. Is the Biden plan a bad idea? ...and do we have the right to be upset? Listen in and find out! Audio Production by Podsworth Media.

Back to the Becoming Your Own Banker book review. You'll hear about why you should have a policy on the family and why family banking is so important. The Infinite Banking Concept is not just about you but thinking long term about generations after you. Audio Production by Podsworth Media.

There is not a cookie-cutter answer for this scenario, so I will give you some ideas of how to use it, and why the retirement scenario in Farming Without the Bank is different than the scenario in Life Without the Bank. Audio Production by Podsworth Media.

There is nothing worse than a slimy life insurance agent who wants to talk fast and line his pockets with no regard to those he is hurting. 100% of my German passion comes out here while I share with you some of the sliminess of what is going on in this industry with other agents. Be aware of how they act and what they say. Audio Production by Podsworth Media.

We talk about having life insurance on your employees, using it to lend to them or to use yourself, and then using it for retirement. Audio Production by Podsworth Media.

Remember, Nelson called it the INFINITE Banking Concept. You can use cash value for anything and however you'd like. In this episode, I touch more on that and give you some examples. Audio Production by Podsworth Media.

Here is the answer to your questions about why some policies don't have to be paid forever and when it is smart to use them. This also explains the inheritance example in my Life Without the Bank book. Audio Production by Podsworth Media.

There is a huge difference between simple, compounding, and uninterrupted compound interest, and in this episode, I go over those three. Believe it or not, simple interest is actually better than interrupted compound interest! The policy is very much like your farm ground. Tune in to learn why. Audio Production by Podsworth Media.

Many want to know when they can stop paying premium. When is this paid up? In this episode, I cover the fact that we want to pay for life and that the policy can be paid up at different times and what that means. Audio Production by Podsworth Media.

Premium payments and loan repayments are NOT the same thing. In this episode, I break them apart to help you understand more about what is truly going on in your policy. Audio Production by Podsworth Media.

How do you get your employer to give you the match so you can use it for Infinite Banking? I am not sure I have the answer, but I do have some input on the subject, so listen in! Audio Production by Podsworth Media.

Another chapter review out of Nelson's book, Becoming Your Own Banker. The Infinite Banking Concept does not talk about rates of return because it's not about a rate of return. It's about owning the bank and being the banker. Here I go over that chapter in his book. Audio Production by Podsworth Media.

What we think and how we think truly affects what happens to us. In this episode, I talk about thinking positively and remaining abundant and how that will help, versus staying negative all the time. We all know those people who are just Negative Nellies, and nothing ever seems to go right for them. Then there are those who make the most of every situation. In life, clearly the abundance mindset wins. Audio Production by Podsworth Media.

If you are paying interest to the life insurance company and the bank for loans, then why would you have a life insurance company? What does it mean to be the banker if you lose interest? This is a great question which we address in this episode. Audio Production by Podsworth Media.

We all have issues with another generation and them not listening to our advice or thoughts. Many think it's their parents, and some think it's their kids! In this episode, I talk about how to get them to listen and if it's even possible! Audio Production by Podsworth Media.

Here is the answer to your question of, "How am I supposed to pay myself back for cash purchases?" Many people do not get this because they feel they do not have the money. Here is your answer! Audio Production by Podsworth Media.

In this episode, I address what you can and can't write off on your taxes by using the policy, tax code 7702 changes, and how that will affect the policies going forward. I also address the video done by a certain talking head (you probably know who) regarding IBC being a scam. Enjoy! Audio Production by Podsworth Media.

In this episode, I talk about the real reason behind Infinite Banking and what people are forgetting, as well as tying in Nelson's chapter, "Cost of Acquisition", and how we forget our time is worth something. Audio Production by Podsworth Media.

With commodity prices high, it may be a perfect time to change the insanity of what you are doing and start your own bank or maybe even pay down some debt with that, but for the love of Pete, do NOT avoid taxes with unnecessary spending. Audio Production by Podsworth Media.

Back to Nelson Nash's book, Becoming Your Own Banker. On this episode, we talk about the idea of retirement. Most farmers do not consider retiring, which can be good, but this is something we should consider carefully. Audio Production by Podsworth Media.

Here we clear up what to do with that extra interest you pay to yourself when you are an honest banker. We also address the question of how many policies a person can have on himself or herself. Audio Production by Podsworth Media.

Another chapter review from Becoming Your Own Banker. Why you should capitalize, why it's a lifetime commitment, who to use, and when to get started. Audio Production by Podsworth Media.

Here is Part 2 of Equipment Financing from Becoming Your Own Banker. I explain some of the numbers in this chapter and why you need to use your imagination, reason, and logic. Audio Production by Podsworth Media.

We are back to Nelson Nash's book, Becoming Your Own Banker, and we are talking about the equipment financing chapter. I go over the four really big things in just the first two pages of this chapter. Tune in to hear them. Audio Production by Podsworth Media.

Many are hung up on interest rates when they should be hung up on liquidity and control of money. I personally experienced the pain, once again, of trying to get a loan from a bank. Having liquid money sure does make things easier. Is "easier" worth a little more interest rate? You'll hear my story of trying to get a loan and why I'd rather pay more interest to save myself the time of answering stupid questions. Audio Production by Podsworth Media.

What happens if we have hyper-inflation and the U.S. dollar is worthless? Does our policy survive? That is the hot-button question at the moment, just as it was 11 years ago when I started teaching Infinite Banking. I address this question in this episode. Like it or not, there is not a sure-fire answer to any of this. Audio Production by Podsworth Media.

Nelson Nash and I both talk about being an honest banker and paying yourself back PLUS interest, but where does that extra money go? Infinite Banking teaches us to be honest and pay ourselves more, so I address why this money may or may not fit in the policy and why Nelson had 49 policies. Audio Production by Podsworth Media.

In this episode, I address those family and friends who may be non-believers and are holding you back from taking the next step. It's a great episode to get you to think about whether they are going to take care of you financially or if that is up to you. Experience and opinion are two very different things. Audio Production by Podsworth Media.

In this episode, I go over how Nelson moved his debt from the banks to life insurance policies and why that led to 49 policies. Audio Production by Podsworth Media.