Farming Without the Bank Podcast

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.

In this episode, we go over another chapter of Nelson Nash's book, "Becoming Your Own Banker". He talks about "the arrival syndrome" and how harmful it can be to think you know it all and have nothing to learn; it is the very thing that will keep you where you are and stop any growth. Even if you think I'm preaching to the choir about this, listen in for new angles on the importance of learning and how important it is to experiencing success with IBC and farming. Audio Production by Podsworth Media.

In this episode, I tell you why we do not compare life insurance to investments. So many folks want to know rates of return, and when you study and implement the Infinite Banking Concept in its pure form, you understand why it is not comparable. Please listen in so you can understand liquidity, control, and guarantees. Audio Production by Podsworth Media.

Those with the gold make the rules. If you want to be the one making the rules and be in control, you need to be the banker. You must capitalize your account so you have something to borrow from. This episode breaks down yet another step of what is needed to become your own banker. Audio Production by Podsworth Media.

We have a choice to either see potential or not, to build each other up or to tear each other down. In this episode, I point out some different ways of challenging yourself to think and be an opportunist. Be ready for an opportunity and grab it. This does not mean you are a bad person, yet the fun suckers, negative Nellies, and keyboard warriors will come out of the woodwork to bring us all down. They can't see because they have arrival syndrome. Today, we are breaking the barriers of broken thought processes! Audio Production by Podsworth Media.

Many do not understand how our tax system works in the U.S., so I share the very basics of what I know. Understanding this saves you money and puts things into perspective a little better for when you're thinking about buying things to avoid taxes. Audio Production by Podsworth Media.

Society has led you believe that you should be broke because you farm for a living, that you should have to explain yourself if you have nice things, and that you should not have extra money for non-essentials or vacations. Why? Why shouldn't you? You run a business, and no one deserves an explanation for why you have what you have. In this episode, I share with you how silly this thought process is and why it needs to stop. Audio Production by Podsworth Media.

This is my two cents on estate planning as an off-the-farm kid. I am not an expert, but when I see both sides, I always see some things being done foolishly, and I am always going to call them out. Guilt has been a longtime driver in the farming world; we need to stop feeling bad about things we can't change and change for the better whatever we can. Audio Production by Podsworth Media.

Many people want to work with a local agent, and I understand why. If this is you, I will help answer some questions about why you want to have someone who knows IBC, why most mutual companies are good, and why you should make your money a priority over making someone else happy. It's a concept, not a sales tool. Audio Production by Podsworth Media.

I go over two more chapters in Becoming Your Own Banker. I discuss Parkinson's Law and Willie Sutton's Law. You'll hear how human nature keeps us in slavery to material things and luxury and how the IRS is the biggest thief we have to contend with. Audio Production by Podsworth Media.

I am not the expert on this, but I want to give you a few ideas of what to look for and how to think about starting your own operations. Many people are asking and saying they think it can't be done. It can, but just not overnight. There are plenty of ways to do it. Enjoy. Audio Production by Podsworth Media.

I break down another chapter from Nelson's book, "Becoming Your Own Banker", and we talk about why we use dividend paying whole life, security of the company, best use for dividends, and how great it is to have guarantees. Audio Cleanup by Podsworth Media.

Listen in on another client interview and hear how Nate is navigating his operation with his family and using his IBC policy to hedge some cattle. Audio Cleanup by Podsworth Media.

Today I go over this chapter from Becoming Your Own Banker and break down what Nelson was trying to say. Opening a new bank is not easy; it takes capital and time, just as a life insurance policy does. When you own the bank, you can also destroy that bank by not being honest with your money. In this episode, I explain why and what can happen as a result. Audio Cleanup by Podsworth Media.

So much good information in this episode! Should you have a policy? When is the best time to buy? How will it be used? Who will own it? How much can you buy? How will it perform? This is a must-listen episode, and it should be shared with the entire family! Audio Production by Podsworth Media.

We love to ask the professionals (like accountants, advisors, and attorneys) their opinions, because after all, they are the professionals. What I share in this episode is what you are asking them and what they are doing to educate themselves before having an opinion. Who is the expert on the matter? ...and how much effort are they putting into helping you? Audio Production by Podsworth Media.

Meghan shares her experience with vetting me and the infinite banking concept before doing anything. She also shares her heart wrenching story of how she and her husband had to leave their farm and are now starting over from nothing. It's a great interview that a lot of you will be able to relate to. Audio Production by Podsworth Media.

Nelson Nash would always talk about "the unseen", meaning, what can we do with our money that will produce an additional ROR above and beyond what the policy offers. I talk about this and why you should not get stuck on RORs. Audio Production by Podsworth Media.

I received some good questions about if one can roll 401k money into a life insurance policy and if one can do a lump sum premium with that money. In this episode, I answer that question and more. Audio Production by Podsworth Media.

"Be debt-free. Owe no one any money." We hear this all the time, but is that truly the best? I talk about if all debt is either good or bad, that cash flow is king, and you better be making enough of that to pay for your debt. You'll also get a few talking points on if you should have cash value loans and if that debt is good or bad. Tune in and enjoy! Audio Production by Podsworth Media.

In this episode, I share my opinions on the market advice we get from others, "hang in there", the 10% "penalty", what is happening in the economy right now, and why it worries me. Audio Production by Podsworth Media.

I am so excited to have my client, Randy Morris, on for today's podcast interview. Randy lives in Kansas and not only has some great insight on the Infinite Banking Concept, but he also speaks about how he is helping the next generation get started. This is a bit longer episode, but you will find it very informative!

So many people think the only option to buy is by going to the bank and borrowing money. Many who want to sell don't sell because of capital gains and the lost income. In this episode, I go over other options of how to sell while reducing taxes, protecting the estate, and making it affordable for those taking over, along with other ideas of how to get started. Audio Production by Podsworth Media.

So many people want to get this right the first time. They only want one policy that can do it all for their whole life. I talk about the fact that there is not a perfect plan out ther, we don't outline a plan on day one, and it's a continued learning experience. R. Nelson Nash said it's a system of policies. You will need more than one. Get over perfection and just get started! Audio Production by Podsworth Media.

Before you go yelling at me, just take a minute to listen in and think about what is really happening in a low interest environment. Savers are being punished and spenders are out of control, and so are the banks. If Nelson could make it at 23%, why are we screaming when rates are 2-7%? Are we thinking long-term or short-term? I will discuss this all, and you'll get to hear my two cents, for what it's worth. Enjoy. Audio Production by Podsworth Media.

In this episode, I talk about the upfront cost of starting a whole life policy and why we have a broken thought process and need to think long term. R. Nelson Nash talks about it in his book, "Becoming Your Own Banker"; we must THINK like a banker. We also must think like a business owner. I will share my thoughts with you, and yup, I get a little ornery in this episode. Audio Production by Podsworth Media.

R. Nelson Nash suggests this in his book, and it's a topic that has gotten lots of attention lately. I address my feelings about this and the need for patience in implementing this strategy. Audio Production by Podsworth Media - https://podsworth.com

Mary Jo welcomes to the show her client, Austin Schultz, from Stewardson, Illinois, to discuss how he has used the Infinite Banking Concept to relieve stress within his hog farming operation and in his life in general. Audio Production by Podsworth Media - https://podsworth.com

In this episode, I'll share with you how much money banks have in cash value in insurance policies and why it's so important for them to have it on their books. You'll also find out which household names are using and have used cash value insurance to start their businesses. Banks may not like farmers, but they really hate startup businesses. This pushes people to dig deep to find money to follow their dreams. In this episode, I also suggest some extra reading material. Anything by Barry James Dyke is great. He has three books with a fourth on the way. Hope you enjoy this episode and it shines a little light on the fact that IBC is a secure way to utilize money. Audio Production by Podsworth Media - https://podsworth.com

In this episode, I interview my client, Geoff Pierce from Nebraska. Geoff has been a client since 2016, and you'll hear all about his thoughts in the beginning, how he's using the policy now, slowing moving his operating over to his policy, and setting himself up to pass it off without debt. Hope you all enjoy hearing from Geoff! He's a great student of the Infinite Banking Concept and is applying it so he can Farm Without the Bank. Audio Production by Podsworth Media - https://podsworth.com

To help you better understand where Nelson Nash was coming from when he created the Infinite Banking Concept, I break down his five main principals. As you will see, these all truly tie together when you start to try to figure out what IBC really is. These same principals will guide you through the process as you get into using your policy. They may seem simple, but simple things can sometimes keep people from making a change... but they shouldn't! Audio Production by Podsworth Media.

Warning: Today's podcast may offend you or just plan tick you off. As a farmer, rancher, or anyone in the ag industry, you want to be self-employed. You pride yourself on the fact that you have no one to answer to... but do you? Are you allowing the bank and the accountant to run your operation? ...or are you running your operation? I dive into this very subject in today's podcast and break the conditioned thinking that the bank should be looking out for you and helping you run your operation. I don't want you working for the bank any more than you want to work for the bank. Keep an open mind when listening. I think you will find this valuable. Audio Production by Podsworth Media.

Get the answers to the most common objections I hear from clients, things I read online, and people passing by at farm shows. I am sure you have heard these objections yourself if you've tried to share about IBC, or perhaps you've thought them yourself if you haven't read the book yet. There are objections to everything in life; we just have to think things through before brushing off what could be the most effective thing we ever do financially. Audio Production by Podsworth Media.

For no other reason, you may want to listen to this episode just to hear why Mary Jo is talking about people peeing in the pool. She will get into how money flows like water and blood, why you don't need to compartmentalize money like the gurus say, and how you need to think differently around money. Stop saying, "I can't," and start asking, "How can I?" It's a great episode and should make you think! Audio Production by Podsworth Media - https://podsworth.com

In this episode, I talk about why IBC may sound too good to be true, why you haven't heard about this, and why I felt the same way when I came across this concept. It's truly a simple explanation, but it's profound, due to the fact that it was once known and widely used, but is now lost, due to the noise out there saying that we must chase rates of return. Audio Production by Podsworth Media - https://podsworth.com

Don't get me wrong: taking loans is the best option in the policy, but I address why so many people think it's a money maker and why it's actually not. You will learn the difference between a loan repayment and a premium payment. In addition, you will understand being an honest banker and how that plays into creating wealth and keeping your company profitable. Audio Production by Podsworth Media - https://podsworth.com