Farming Without the Bank Podcast

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.

Tim Bickett and I talk about Being the Light, letting those who have made a difference in your life know it and adding them to your estate planning. This is a great episode to share with family and take action on. Audio Production by Podsworth Media.

Many times terminology on how life insurance is taxed is incorrect. In this episode, I really go over and correct the language and clear up the understanding of how death benefit and cash value are taxed, if they are taxed. This is very important so please pay attention. Audio Production by Podsworth Media.

Many of you are selling direct to consumer and are needing to keep those clients after COVID is gone. I share a little bit of business advice on how to do that, what you need to keep your business strong, and why the strengths of everyone in any operation are key to recognize. I also get a bit passionate about handing over book work and not listening to the bookkeeper. These are all things in business you must have to build a strong foundation and be there for the long haul. Audio Production by Podsworth Media.

We are back to another chapter of "Becoming Your Own Banker". This may be the most misunderstood chapter of of the book. You will learn why you need to be cautious if you are wanting to put every dollar through an IBC whole life policy. It is most likely not possible or not a good idea. Audio Production by Podsworth Media.

We so often talk about comparing investments to life insurance or comparing ourselves to each other, but in this episode, I want to talk to you about comparing yourself to yourself. We all grow, so give yourself some grace to learn from where you were to where you are today. You are your worst critic. Audio Production by Podsworth Media.

Many are so caught up in looking for the right company, the right policy structure, and numbers that they are forgetting about the basics of the Infinite Banking Concept. So we are going back to the basics in this episode. Audio Production by Podsworth Media.

Another review of Becoming Your Own Banker and why the Infinite Banking Concept is the missing peace to the financial puzzle. You'll learn who the characters in the play are and which one you want to be. Audio Production by Podsworth Media.

We are taking a little diversion on this podcast to talk about how comparison is the thief of joy and how jealousy kills curiosity. These are not my normal topics, but I feel we need to discuss these issues as folks in the ag industry constantly tear each other apart. Audio Production by Podsworth Media.

I break down why interest rates themselves are not the most important thing and why dividends are not something you should be comparing companies on. There is far more to the Infinite Banking Concept than interest rates and dividends. Audio Production by Podsworth Media.

Many people are trying to get debt paid off as soon as they can, but is that the best way to utilize money? In this episode, I go over why we may not want to overpay debt, why a 30-year mortgage may be better than a 15-year mortgage, and when is a good time to overpay and get debt paid down before starting an IBC policy. Audio Production by Podsworth Media.

Today we are breaking down another chapter from "Becoming Your Own Banker" on the Infinite Banking Concept. It deals with how life insurance is priced, why we want the companies to be picky, and our need for death benefit vs. cash. Listen in and enjoy! Audio Production by Podsworth Media.

The Infinite Banking Concept teaches us to be honest bankers, and that not only goes for paying the policy loan back plus interest; it also applies to you using money from savings, capital investments, and getting discounts on land rent or tractor use. In this episode, I go over why it's so important to be honest and record these expenses correctly. Audio Production by Podsworth Media.

Today we have another awesome client interview for you! I am speaking with Ryan Murray. He and his wife Annie are organic dairy farmers in upstate New York. Ryan has studied economics for a long time and really understood IBC when he encountered it. He and his wife are putting it to full use on the farm. Listen in; you won't want to miss this! Audio Production by Podsworth Media.

Today I discuss another chapter from Becoming Your Own Banker. Nelson talks about the fact that this concept is a change in mindset and not about a rate of return. It's about putting value on your own money and taking control of your personal finances. Yet again, we have another great example of why this is not just life insurance and why the policy is the tool. If you don't get this part down, you will not understand why you have the policy. Audio Production by Podsworth Media.

Harvesting and hauling right to the elevator leaves nothing but stress and guessing. What I have found is if you have the right help marketing your grain and the right people explaining how to do it, then you will earn a profit. So many do not market; they just sell based on today's prices and emotions. Do what the successful farmers are doing. Tim Bickett, who's a branch manager with the Ag Risk Consulting Group, helps you understand the how, what, and why's of marketing. Audio Production by Podsworth Media.