Ep. 32 - Multiple Policies and No Plan is Perfect!
Farming Without the Bank Podcast
Release Date: 03/06/2020
Farming Without the Bank Podcast
Today we talk about loan interest as a tax deduction; being debt-free but having policy loans; 1035ing cash value; loans for cash flowing assets; and the idea that life insurance companies are banks. Why are these ideas misunderstood or inaccurate? Audio Production by Podsworth Media -
info_outline Ep. 248 - Retirement IncomeFarming Without the Bank Podcast
Do you have the cashflow to retire, or are you going to live on a prayer? It's a proven fact that people with money live longer. Start looking at your numbers and count inflation. Audio Production by Podsworth Media -
info_outline Ep. 247 - How Many Policy Loans Can I Take?Farming Without the Bank Podcast
Let's dig into how loans are treated. The best part of IBC is being in control, the worst part of IBC is being in control of your loans. The company treats it as one loan; they don't question, and they don't care. You are the one who has to figure out how you want to make it back. Audio Production by Podsworth Media -
info_outline Ep. 246 - 3 Types of Interest: Uninterrupted Compounding is King!Farming Without the Bank Podcast
Here is an example of why Uninterrupted Compound Interest is what you want when looking at interest on anything you're saving. Many talk about compound interest, but they don't talk about what happens when it's interrupted. Audio Production by Podsworth Media -
info_outline Ep. 245 - Busting 5 More MythsFarming Without the Bank Podcast
You all liked my myth busting before, so here's more! I'll keep the tally rolling. Today we smash myths 6-10! 6. Whole Life insurance is bad because you don't get cash value and death benefit. 7. It's not an IBC policy. 8. It's about a Return on Investment. 9. Dividends are from overpaying on insurance. 10. Fees in Whole life. Audio Production by Podsworth Media -
info_outline Ep. 244 - What I See vs. What You SeeFarming Without the Bank Podcast
So many people hear a 30-second clip of me talking about successful farmers and think I am an idiot. Yet, that is what I see. I see success because those looking find me and want to learn. Those who spend their time just scrolling are crying in their coffee rather than looking for solutions. Audio Production by Podsworth Media -
info_outline Ep. 243 - Premium MindsetFarming Without the Bank Podcast
How much you pay is really set on how you are thinking. Rethink your thinking. Audio Production by Podsworth Media -
info_outline Ep. 242 - 5 Myths About the Infinite Banking ConceptFarming Without the Bank Podcast
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 -
info_outline Ep. 241 - 5 Things to Scrub from Your LanguageFarming Without the Bank Podcast
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 -
info_outline Ep. 240 - Remember, It's Liquid!Farming Without the Bank Podcast
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 -
info_outlineSo 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!