Farming Without the Bank Podcast artwork

Farming Without the Bank Podcast

244 episodes - English - Latest episode: about 8 hours ago - ★★★★★ - 219 ratings

Welcome to the Farming Without the Bank podcast, the show with a no-B.S. approach to money, hosted by a farm strategy expert and authorized IBC practitioner.

Join us as we get real and expose the flaws of traditional financial institutions in order to help farmers take control of their finances, create peace of mind, grow their wealth, and leave a legacy.

https://www.farmingwithoutthebank.com/

Investing Business Management finance advice bank cash farming flow investment money plan retirement
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Episodes

Ep. 243 - Premium Mindset

March 29, 2024 00:00 - 16 minutes - 15 MB

How much you pay is really set on how you are thinking. Rethink your thinking. Audio Production by Podsworth Media - https://podsworth.com 

Ep. 242 - 5 Myths About the Infinite Banking Concept

March 22, 2024 00:00 - 17 minutes - 15.5 MB

Let's bust some myths and let the record be set straight. The five myths we talk about in this episode are: 1. You borrow your money, 2. Premium is post-tax, 3. You collect the interest on loans, 4. You can use Universal Life products for IBC, and 5. You don't have to repay loans. Audio Production by Podsworth Media - https://podsworth.com 

Ep. 241 - 5 Things to Scrub from Your Language

March 15, 2024 00:00 - 17 minutes - 15.7 MB

People often use incorrect terminology when they talk about their life insurance policies and IBC. So let's go over the real meaning of the terms: Pull money, Take money, Tax-Free, Tax-Free Retirement, and IBC policy. Audio Production by Podsworth Media - https://podsworth.com 

Ep. 240 - Remember, It's Liquid!

March 08, 2024 01:00 - 13 minutes - 12.4 MB

It's hard to remember that our cash value is liquid and we get to use it. We have been programmed to think we will never see that money again. Remember, when you pay premium, a portion of that premium is available to you right away. You are not giving up access to every dollar you put in. Audio Production by Podsworth Media - https://podsworth.com 

Ep. 239 - Build It In

March 01, 2024 01:00 - 14 minutes - 13.6 MB

If you are questioning how you are going to pay for the new piece of equipment, more cattle, or even a life insurance premium, then build it into your accounting. Successful operations have the costs built in; they don't just hope and pray they will have enough. Many ask how they can get away from the bank. If you want to do that, then build your life insurance premium into your expenses. It's a cost of doing business. Audio Production by Podsworth Media - https://podsworth.com 

Ep. 238 - First Half or Second Half?

February 23, 2024 01:00 - 13 minutes - 12.8 MB

The entire book is important; are you reading it all, or just one part of it? IBC is the first half, and life insurance is the second half, so be sure to read and re-read the entire book! Audio Production by Podsworth Media - https://podsworth.com 

Ep. 237 - Book or Beer?

February 16, 2024 01:00 - 13 minutes - 12.5 MB

Where would you rather put your money? So many are not thinking correctly. Rethink your thinking! Audio Production by Podsworth Media - https://podsworth.com 

Ep. 236 - Two Thousand Farmers

February 09, 2024 01:00 - 17 minutes - 15.8 MB

After talking to over two thousand farmers over the years, I may know a thing or two, and I definitely have an opinion on a thing or two. Audio Production by Podsworth Media - https://podsworth.com 

Ep. 235 - It's So Hard, You Don't Understand

February 02, 2024 01:00 - 15 minutes - 13.9 MB

It is all simple when you quit making it so hard. Unfortunately, some people are stuck thinking small and have the mindset that everything is just too hard. Think bigger and ask for help solving the problems! Today I talk about fixing the mindset that is holding you back. Audio Production by Podsworth Media - https://podsworth.com 

Ep. 234 - Blacksheep Summit Recap

January 26, 2024 01:00 - 15 minutes - 14.5 MB

Our client-only Blacksheep Summit was last week, and we had a fantastic time. Let me tell you about it! Audio Production by Podsworth Media - https://podsworth.com 

Ep. 233 - 5 Principles of IBC

January 19, 2024 15:00 - 19 minutes - 17.4 MB

There's so much talk online about numbers and tactics, but the Infinite Banking Concept is first of all a thought process. So let's get back to basics: here are the 5 principles that IBC is built on. If you are new to the podcast, you're in for a treat! If you're a long-time listener, you need the refresher! Audio Production by Podsworth Media - https://podsworth.com 

Ep. 232 - 7 Custom Farming Objections

January 12, 2024 01:00 - 22 minutes - 19.5 MB

As I throw ideas out there for people, many come back with objections of why I am wrong. Let's challenge the thought process around this one; maybe I am wrong, or maybe we have a scarcity mindset instead. Audio Production by Podsworth Media - https://podsworth.com 

Ep. 231 - Tax Returns Are Lies

January 05, 2024 01:00 - 16 minutes - 14.7 MB

Many farmers look at their tax returns for their yearly numbers. These are lies; you try so hard to avoid taxes that you are not looking at the real numbers of your operations! P&Ls will give you the numbers we both want. Audio Production by Podsworth Media - https://podsworth.com 

Ep. 230 - Shrimp Farming in the Midwest?! with Grant Jones

December 29, 2023 00:00 - 53 minutes - 44.9 MB

My client Grant Jones joins me to discuss his shrimp farming operation, what all that entails, and how he has used IBC to finance it. Audio Production by Podsworth Media - https://podsworth.com   

Ep. 229 - Is it the Bankers' Fault?

December 22, 2023 17:00 - 20 minutes - 18.4 MB

People love to blame banks for their financial difficulties, but are they really the ones who bear most of the blame? Audio Production by Podsworth Media - https://podsworth.com   

Ep. 228 - Farm Diversification, with the Nelsons

December 16, 2023 00:00 - 1 hour - 55.4 MB

What does it look like buying a tree farm, raising cattle, and adding a pumpkin patch? When do you quit your other jobs to focus? Such a great interview with Melanie and Cody Nelson of Iverson Tree Farm; don't miss it! Guests' website: iversontreefarm.com Guests' Facebook: facebook.com/iversonchristmastrees Audio Production by Podsworth Media - podsworth.com     

Ep. 227 - Biggest Mistake: Human Error

December 08, 2023 01:00 - 21 minutes - 19.2 MB

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   

Ep. 226 - Family Money

December 01, 2023 01:00 - 21 minutes - 19.2 MB

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   

Ep. 225 - How Loans Actually Work

November 24, 2023 01:00 - 12 minutes - 11.6 MB

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   

Ep. 224 - Tax Tiers and How They Work

November 17, 2023 01:00 - 16 minutes - 15.4 MB

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 

Ep. 223 - How Policy Loan Interest Works

November 10, 2023 11:00 - 21 minutes - 19.2 MB

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 

Ep. 222 - 3 Hidden 401k Facts

November 03, 2023 10:00 - 12 minutes - 12.2 MB

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 

Ep. 221 - What Character Are You?

October 27, 2023 10:00 - 13 minutes - 12.9 MB

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 

Ep. 220 - Do You Know What Your Spouse Knows?

October 20, 2023 10:00 - 22 minutes - 20.4 MB

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 

Ep. 219 - 4 Missed Business Expenses

October 13, 2023 10:00 - 12 minutes - 12.1 MB

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 

Ep. 218 - Rebecca Undem: Growing Small Towns

October 06, 2023 10:00 - 1 hour - 57.9 MB

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 

Ep. 217 - Why I Warn You

September 29, 2023 10:00 - 27 minutes - 24.2 MB

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 

Ep. 216 - Paying Back a Policy Loan for a Non-Cash-Flowing Asset

September 22, 2023 10:00 - 14 minutes - 13.5 MB

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 

Ep. 215 - Misclassification & The Arrival Syndrome

September 15, 2023 10:00 - 21 minutes - 19.3 MB

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 

Ep. 214 - Second to Die/Last to Die Policies

September 08, 2023 10:00 - 14 minutes - 12.3 MB

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 

Ep. 213 - I Don't Hate Term Life Insurance

September 01, 2023 10:00 - 14 minutes - 12.4 MB

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 

Ep. 212 - Premium Flexibility Can Be Bad

August 25, 2023 10:00 - 11 minutes - 10.3 MB

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 

Ep. 211 - Beware: Not Everyone Understands Ag

August 18, 2023 10:00 - 17 minutes - 15.1 MB

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 

Ep. 210 - Haven't Drank the Kool-Aid

August 11, 2023 10:00 - 21 minutes - 18.2 MB

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 

Ep. 209 - Approach is Everything

August 04, 2023 10:00 - 15 minutes - 13.2 MB

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 

Ep. 208 - Build It Together

July 28, 2023 10:00 - 14 minutes - 12.6 MB

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 

Ep. 207 - Generation vs. Generation

July 21, 2023 10:00 - 18 minutes - 16.2 MB

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 

Ep. 206 - Extra Income Ideas

July 14, 2023 10:00 - 24 minutes - 21.1 MB

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 

Ep. 205 - Bonus Money Doesn't Make You Debt Free

July 07, 2023 10:00 - 17 minutes - 15.1 MB

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 

Ep. 204 - Infinite Wealth Podcast Interview

June 30, 2023 14:30 - 33 minutes - 27.6 MB

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 

Ep. 203 - FAQs

June 23, 2023 10:00 - 19 minutes - 16.8 MB

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 

Ep. 202 - Bankers

June 16, 2023 10:00 - 20 minutes - 17.9 MB

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 

Ep. 201 - Dream Big

June 09, 2023 10:00 - 15 minutes - 13.2 MB

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 

Ep. 200 - Are You Really Debt-Free?

June 02, 2023 10:00 - 11 minutes - 10.5 MB

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 

Ep. 199 - Lies, Lies, Lies, with Chris Kirkpatrick

May 26, 2023 10:00 - 59 minutes - 48.7 MB

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 

Ep. 198 - Windfalls

May 19, 2023 10:00 - 13 minutes - 12.3 MB

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 

Ep. 197 - Modified Endowment Contract (MEC)

May 12, 2023 10:00 - 20 minutes - 17.7 MB

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 

Ep. 196 - Real Examples of Why Universal Life is Not Good

May 05, 2023 10:00 - 23 minutes - 18.5 MB

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 

Ep. 195 - 3 Types of IBC-ers

April 28, 2023 10:00 - 15 minutes - 13.8 MB

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 

Ep. 194 - It's More Than Cash Value

April 21, 2023 10:00 - 15 minutes - 14.3 MB

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