Farming Without the Bank Podcast

Ep. 47 - Picking an Agent & Company

June 19, 2020 10:00 - 31 minutes - 26.2 MB

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.

Ep. 46 - The Laws

June 12, 2020 12:42 - 29 minutes - 25.1 MB

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.

Ep. 45 - How to Start from Scratch

June 05, 2020 10:00 - 34 minutes - 29 MB

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.

Ep. 44 - Building Your Bank with Dividend Paying Whole Life

May 29, 2020 10:00 - 37 minutes - 31.2 MB

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.

Ep. 43 - Client Interview: Nate Bliler

May 22, 2020 10:00 - 36 minutes - 30.4 MB

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.

Ep. 42 - Creating a Bank Like the One You Know

May 15, 2020 10:00 - 26 minutes - 22.6 MB

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.

Ep. 41 - Policies on Minors

May 08, 2020 10:00 - 26 minutes - 22.5 MB

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.

Ep. 40 - Do Professional Opinions Matter?

May 01, 2020 10:00 - 15 minutes - 13.6 MB

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.

Ep. 39 - Client Interview: Meghan Foos

April 24, 2020 10:00 - 34 minutes - 28.8 MB

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.

Ep. 38 - The Seen & Unseen of ROR

April 17, 2020 10:00 - 13 minutes - 11.9 MB

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.

Ep. 37 - Rolling 401K Money & Lump Sum Premiums

April 10, 2020 10:00 - 18 minutes - 15.9 MB

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.

Ep. 36 - Is Debt Bad?

April 03, 2020 10:00 - 18 minutes - 15.9 MB

"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.

Ep. 35 - My Thoughts on the Market & Economy

March 27, 2020 10:00 - 20 minutes - 17.2 MB

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.

Ep. 34 - Client Interview: Randy Morris

March 20, 2020 10:00 - 42 minutes - 35 MB

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!

Ep. 33 - Buying and/or Selling Strategies

March 13, 2020 10:00 - 18 minutes - 16.2 MB

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.

Ep. 32 - Multiple Policies and No Plan is Perfect!

March 06, 2020 11:00 - 16 minutes - 14.2 MB

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.

Ep. 31 - Why We Need Higher Interest Rates

February 28, 2020 11:00 - 16 minutes - 14.5 MB

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.

Ep. 30 - Why Don't I Get Access to All My Money Year One?

February 21, 2020 11:00 - 14 minutes - 12.9 MB

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.

Ep. 29 - Premiums Equal Income

February 14, 2020 11:00 - 13 minutes - 12 MB

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

Ep. 28 - Client Interview: Austin Schultz

February 07, 2020 11:00 - 28 minutes - 23.8 MB

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

Ep. 27 - Bank Owned Life Insurance (BOLI) & Others Who've Started Well Known Businesses

January 31, 2020 11:00 - 17 minutes - 14.9 MB

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 J...

Ep. 26 - Client Interview: Geoff Pierce

January 24, 2020 11:00 - 24 minutes - 20.7 MB

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

Ep. 25 - 5 Principals of the Infinite Banking Concept

January 17, 2020 11:00 - 22 minutes - 19.1 MB

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.

Ep. 24 - Who's Running Your Operation

January 10, 2020 11:00 - 19 minutes - 16.5 MB

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 operatio...

Ep. 23 - Common Objections to IBC

January 03, 2020 11:00 - 26 minutes - 22.1 MB

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.

Ep. 22 - Money Flows from ONE Big Pool

December 27, 2019 11:00 - 21 minutes - 18.5 MB

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

Ep. 21 - Why Haven't I Heard of This?

December 20, 2019 11:00 - 19 minutes - 16.8 MB

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

Ep. 20 - You Don't Make Money Taking Loans

December 13, 2019 11:00 - 17 minutes - 15.2 MB

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

BONUS - Pay Taxes or Avoid Taxes?

November 29, 2019 11:00 - 20 minutes - 17.6 MB

In this episode, I lay out when it may be wise to buy something to avoid taxes and when it may be wise to avoid buying things instead. There may be a self-check moment in here as well when I am talking about who's signing that final check for the purchase. Who is running your operation? You, the bank, or the accountant? It's a question you will be able to answer when you finish listening to this episode. Audio Production by Podsworth Media - https://podsworth.com

Ep. 19 - The Federal Reserve, Fractional Reserve Banking, & the Birth of IRAs

November 28, 2019 11:00 - 20 minutes - 17.9 MB

Today's episode is a little lesson on why inflation is killing our dollar and how it's affecting you. You'll hear how the banks make money and why they love your business. News flash: "Federal" does not necessarily mean "gov't owned"; in the case of the Federal Reserve, it's just good marketing by those behind it. Tune in and hear more about what is truly happening that you may not have been taught in the gov't school. Audio Production by Podsworth Media - https://podsworth.com

Ep. 18 - Owning Insurance on Other People's Lives

November 22, 2019 11:00 - 24 minutes - 20.7 MB

In this episode, I tackle the importance of owning insurance on other people's lives and answer important questions like: How do you go about doing that? How does the person being insured qualify for this? How do you legally protect this type of policy? What other things should you look out for? If you are farming with someone else aside from your spouse, you will not want to miss this episode. Audio Production by Podsworth Media - https://podsworth.com

Ep. 17 - Size Doesn't Matter

November 15, 2019 11:00 - 18 minutes - 15.8 MB

Get your mind out of the gutter! If you have ever wondered if your operation is too small or too large, your answers are in this episode! I even address those who don't have their own operation yet and how it is still feasible to start the IBC process. You'll also find out what really does matter. Audio Production by Podsworth Media - https://podsworth.com

Ep. 16 - Family and Business, with Jolene Brown

November 08, 2019 11:00 - 43 minutes - 35.7 MB

This is a bit longer of an episode than normal, but you won't even notice! Jolene Brown and I visit about how to communicate with family, recognize their strengths, and run your operation like a business, not a family farm. If you have communication challenges, you will definitely want to tune in, as Jolene gives some great tips on how to resolve some of the most common challenges farming families run in to. Audio Production by Podsworth Media

Ep. 15 - Tax Advantages of Whole Life and IBC

November 01, 2019 10:00 - 19 minutes - 16.5 MB

Many think there is some sort of loophole inside of the Infinite Banking Concept and that we are holding out on an awesome secret. In this episode, I talk about the fact that our secret is NOT a loophole, and there are some genuine tax advantages to whole life simply because the tax code favors it, just as it favors farmers in certain areas. It's not a magic bullet that allows us to sneak around taxes, but when used correctly, there are certain advantages. You will learn how to use it correc...

Ep. 14 - Dave Ramsey and Whole Life Insurance

October 25, 2019 17:00 - 22 minutes - 19.2 MB

Why doesn't Dave like whole life insurance? This is a pretty common question, and in today's episode, I address my thoughts on Dave and why he doesn't like whole life insurance. You may find it interesting that I agree with Dave on why he doesn't like it. You will also hear why I like Dave, which may have something to do with him teaching some things I do not have the patience to teach. Audio Production by Podsworth Media - https://podsworth.com

Ep. 13 - You Don't Have to be Debt Free to Start IBC

October 18, 2019 10:00 - 21 minutes - 18.5 MB

This episode is all about getting started with IBC and getting over what you've been taught to think. There are times we want to do long-term loans so we have liquid cash and cash flow. That cash can then be utilized to benefit you and not the bank. This can put you in a position of greatness when times are tough and allow you to act when opportunities arise. We often think of returns on our money invested, but we don't think of returns on our money used for purchases or opportunities. The t...

Ep. 12 - Diversification, with Joshua Citrus

October 04, 2019 10:00 - 33 minutes - 28 MB

Many farmers talk about diversification within their own asset class. For example, planting different types of crops or growing different types of animals. What most farmers are not looking at is how to diversify outside that class and use the farm to add another stream of income of a completely different kind. In this episode, I talk to the folks at Joshua Citrus, and we learn what they did to survive when they were forced to either look beyond growing citrus or shut down their operation. T...

Ep. 11 - Life Insurance is NOT an Investment

September 20, 2019 10:00 - 23 minutes - 19.8 MB

I am often asked to compare what I do to investments. In this episode, I ask you a question that most financial advisors will never ask. In addition, you are going to learn why whole life insurance is an "AND" asset and how important it is to have liquidity, control, and guarantees. These are ALL things most people do not talk about and why this concept is so misunderstood. Rates of return do not matter when you can have an infinite return of opportunities. Listen in, and get ready to answer...

Ep. 10 - Your No. 1 Source and Creator of Value

September 06, 2019 10:00 - 25 minutes - 21.6 MB

This episode will challenge your thought processes, yet again, so please open your minds before you hit play. I am going to talk to you about your number one source and creator of value, urge you to get this source insured, and discuss what happens when you don't feed it what it needs. Listen all the way to the end! You won't want to miss a minute of this episode. Audio Production by Podsworth Media - https://podsworth.com

Ep. 9 - The Importance of Keeping Books w/ an Expert Ag Bookeeper

August 23, 2019 10:00 - 1 hour - 51.1 MB

I am always saying, God did not create you to be a bookkeeper, he created you to be a farmer. So, in this episode, I brought on Michelle Patten from Patten Bookkeeping to talk about that why it's so important to have a bookkeeper and to offer some tips and tricks to bookkeeping. Audio Production by Podsworth Media - https://podsworth.com

Ep. 8 - Starting from Scratch vs. Taking Over an Operation

August 09, 2019 16:30 - 22 minutes - 19.1 MB

Today we attack the age-old notion that it's easier to start farming when inheriting a family operation vs. starting from scratch. Mary Jo touches on the pros and cons of those taking over family operations and why it's not as easy as you may think. There are many reasons why those starting from scratch may actually have a leg up. Listen in if you want to have some of your ideas and thought processes challenged! Audio Production by Podsworth Media - https://podsworth.com

Ep. 7 - Where Do I Find Money to Start IBC

July 26, 2019 17:04 - 23 minutes - 19.7 MB

The biggest thing holding many folks back from starting IBC is the question of where to find the money to start the process. In this episode, I go over SIX different ways we can look for money to get started. It's all about how you think about money and how you utilize it. There is no reason to wait to get started. R. Nelson Nash, the founder of the Infinite Banking Concept, started the process at the worst financial time in his life. Getting started soon is key, and you'll see just how you ...

Ep. 6 - Farming with Millennials

July 12, 2019 10:00 - 15 minutes - 13 MB

Love them or hate them, the millennial generation is here to challenge us, and I am loving every minute of it. They are truly looking ahead to see what can be done differently, questioning processes, and requiring lots of information before they make final decisions. If there is a generation to make the bank Plan B, it will be them, and everyone should welcome their ideas to make things better. Audio Production by Podsworth Media

Ep. 5 - The Reasons For Whole Life Insurance

June 28, 2019 10:00 - 21 minutes - 18.2 MB

We're digging deep into life insurance today and talking about why we use dividend paying whole life with a mutual company for the Infinite Banking Concept. I also go into teaching mode to help you understand that not all life insurance is created equal, and terminology is not always correct. Listen to find out if you truly have the right product, or if you may end up dying without the life insurance you’ve paid for. It’s important to know what you have and why you have it. It’s your money, ...

Ep. 4 - What is the Infinite Banking Concept

June 14, 2019 10:00 - 21 minutes - 17.7 MB

Today we get down and dirty about what this Infinite Banking Concept actually is. You’ll find out who the founder is, why he started it, and what we need to understand about the concept versus the life insurance policy. This is a very important episode that will equip you to decide if IBC is right for you and who you are going to work with going forward. You can either do it right with the right people or take unnecessary risks. Don’t skip this one; it’ll be worth your time. Audio Product...

Ep. 3 - Cashflow is King, Cash is Queen

May 31, 2019 11:00 - 22 minutes - 18.5 MB

In this episode, I talk about the fact that Cashflow is King, and Cash is Queen. I tackle a lot of traditional mindsets here, and you may be challenged in your thought processes. I address: Why cashflow is more important than cash, How money is unnecessarily lost when using cash to make a purchase, Compound interest vs uninterrupted compound interest, Who’s running your operation? You, the banker, or the accountant? Plus, being honest and paying yourself back. Listen in. You’re either going ...

Ep. 2 - The 103 Year-Old Banking Problem

May 31, 2019 10:30 - 19 minutes - 16.3 MB

We have a 103 year-old banking problem in the farming industry, and most farmers have become complacent about it. I talk about this problem and how it’s affecting farmers by allowing the bank to have control of the farm and use farmers' livelihood as collateral. You may never get rid of the bank completely, but you can sure try. The bank should be plan B, not plan A, and you can make that happen. This takes time, but you have to get started. Listen to hear how this banking problem began and ...

Ep. 1 - Introduction

May 31, 2019 10:00 - 9 minutes - 8.08 MB

Welcome to the Farming Without the Bank podcast! This first episode will help you learn a little about what I’ll be sharing on this podcast and who I am! Happy to have you here, and I hope you enjoy the journey with me! Audio Production by Podsworth Media

Farming Without the Bank Podcast

Episodes