Farming Without the Bank Podcast
248 episodes - English - Latest episode: 4 days ago - ★★★★★ - 219 ratingsWelcome 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/
Homepage Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Episodes
Ep. 97 - An Even Distribution of Age Classes
June 04, 2021 10:00 - 24 minutes - 19.8 MBBack 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.
Ep. 96 - Using a Whole Life Policy During Retirement
May 28, 2021 10:00 - 29 minutes - 24.2 MBThere 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.
Ep. 95 - Slimy Agents Destroying Farms and IBC
May 21, 2021 10:00 - 18 minutes - 15.8 MBThere 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.
Ep. 94 - Life Insurance on Employees
May 14, 2021 22:57 - 12 minutes - 11.1 MBWe 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.
Ep. 93 - What to Use Cash Value For
May 07, 2021 10:00 - 15 minutes - 13.8 MBRemember, 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.
Ep. 92 - Short Pay Policies and Reduced Paid-Up
April 30, 2021 10:00 - 23 minutes - 19.9 MBHere 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.
Ep. 91 - Types of Interest: Why Uninterrupted is Key
April 23, 2021 10:00 - 17 minutes - 15 MBThere 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.
Ep. 90 - When Is This Paid Up?
April 16, 2021 10:00 - 17 minutes - 15 MBMany 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.
Ep. 89 - Premium Payments vs. Loan Repayments
April 09, 2021 10:00 - 12 minutes - 11.4 MBPremium 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.
Ep. 88 - Getting Your Employer to Give You the Match
April 02, 2021 10:00 - 18 minutes - 16.1 MBHow 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.
Ep. 87 - But, I Can Get a Higher ROR
March 26, 2021 10:00 - 14 minutes - 12.5 MBAnother 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.
Ep. 86 - Scarcity vs. Abundance Mindset
March 19, 2021 10:00 - 22 minutes - 19.3 MBWhat 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.
Ep. 85 - What It Means to Be the Banker
March 12, 2021 12:35 - 16 minutes - 14 MBIf 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.
Ep. 84 - How to Get A Generation to Listen
March 05, 2021 11:00 - 25 minutes - 21.5 MBWe 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.
Ep. 83 - Paying Yourself Back for Cash Purchases
February 26, 2021 13:18 - 19 minutes - 16.7 MBHere 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.
Ep. 82 - Taxes, 7702, and IBC Scam Accusations
February 19, 2021 14:05 - 18 minutes - 16.2 MBIn 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.
Ep. 81 - Control & the Cost of Acquisition
February 12, 2021 11:00 - 18 minutes - 16.1 MBIn 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.
Ep. 80 - High Prices and Extra Cash
February 05, 2021 11:00 - 24 minutes - 20.7 MBWith 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.
Ep. 79 - The Retirement Trap
January 29, 2021 11:00 - 28 minutes - 23.3 MBBack 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.
Ep. 78 - Loan Interest and Human Life Value
January 22, 2021 11:00 - 19 minutes - 15.7 MBHere 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.
Ep. 77 - Capitalization and Implementation
January 15, 2021 11:00 - 19 minutes - 16.4 MBAnother 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.
Ep. 76 - Equipment Financing, Pt. 2
January 08, 2021 11:00 - 25 minutes - 20.4 MBHere 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.
Ep. 75 - Equipment Financing, Pt. 1
January 01, 2021 11:00 - 30 minutes - 24.6 MBWe 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.
Ep. 74 - Loan Rates Don't Always Matter
December 25, 2020 11:00 - 19 minutes - 16.3 MBMany 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.
Ep. 73 - Security of Life Insurance if the U.S. Dollar Crashes
December 18, 2020 11:00 - 19 minutes - 15.8 MBWhat 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.
Ep. 72 - Where Does the Extra Loan Interest Go?
December 11, 2020 11:00 - 19 minutes - 16 MBNelson 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.
Ep. 71 - Only You Will Take Care of You
December 04, 2020 11:00 - 23 minutes - 20.2 MBIn 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.
Ep. 70 - How Nelson Paid Off Debt
November 27, 2020 11:00 - 20 minutes - 17.3 MBIn 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.
Ep. 69 - Be The Light, with Tim Bickett
November 20, 2020 11:00 - 47 minutes - 39.1 MBTim 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.
Ep. 68 - Clearing Up Taxes on Life Insurance
November 13, 2020 11:00 - 21 minutes - 17.9 MBMany 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.
Ep. 67 - Business Advice and Honoring Other’s Strengths
November 06, 2020 11:00 - 33 minutes - 27.6 MBMany 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 Producti...
Ep. 66 - Expanding the System to Accommodate All Income
October 30, 2020 10:00 - 25 minutes - 21.3 MBWe 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.
Ep. 65 - Compared to What?
October 23, 2020 10:00 - 19 minutes - 16.9 MBWe 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.
Ep. 64 - Back to the Basics
October 16, 2020 10:00 - 19 minutes - 16.9 MBMany 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.
Ep. 63 - How to Start Building Your Own Banking System
October 09, 2020 10:00 - 31 minutes - 26.5 MBAnother 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.
Ep. 62 - Comparison and Jealousy
October 02, 2020 10:00 - 26 minutes - 22 MBWe 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.
Ep. 61 - Interest Rates and Dividends
September 25, 2020 10:00 - 21 minutes - 17.9 MBI 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.
Ep. 60 - Overpaying on Debt (15 vs. 30-Year Loan)
September 18, 2020 10:00 - 25 minutes - 21.2 MBMany 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.
Ep. 59 - Creating an Entity
September 11, 2020 10:00 - 27 minutes - 23 MBToday 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.
Ep. 58 - Being an Honest Banker
September 04, 2020 10:00 - 22 minutes - 19.1 MBThe 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.
Ep. 57 - Client Interview with Ryan Murray
August 28, 2020 15:00 - 36 minutes - 30.7 MBToday 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.
Ep. 56 - Use It or Lose It
August 21, 2020 10:00 - 26 minutes - 22.5 MBToday 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.
Ep. 55 - Marketing, with Tim Bickett from the ARC Group
August 14, 2020 10:00 - 42 minutes - 35 MBHarvesting 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...
Ep. 54 - The Arrival Syndrome
August 07, 2020 10:00 - 27 minutes - 22.7 MBIn 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 Podswo...
Ep. 53 - Life Insurance vs 401Ks & IRAs
July 31, 2020 10:00 - 24 minutes - 20.8 MBIn 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.
Ep. 52 - The Golden Rule
July 24, 2020 10:00 - 24 minutes - 20.4 MBThose 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.
Ep. 51 - Fun Suckers, Negative Nellies, & Keyboard Warriors
July 17, 2020 10:00 - 22 minutes - 19.3 MBWe 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...
Ep. 50 - Tiered Tax Structure
July 10, 2020 10:00 - 22 minutes - 18.9 MBMany 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.
Ep. 49 - Why Shouldn't Farmers Be Rich?
July 03, 2020 10:00 - 18 minutes - 16 MBSociety 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.
Ep. 48 - My 2 Cents on Estate Planning
June 26, 2020 10:00 - 29 minutes - 25.1 MBThis 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.