Farming Without the Bank Podcast

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/

Ep. 248 - Retirement Income 05/03/2024

Ep. 248 - Retirement Income 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 - /episode/index/show/farmingwithoutthebank/id/31073938

Ep. 247 - How Many Policy Loans Can I Take? 04/26/2024

Ep. 247 - How Many Policy Loans Can I Take? 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 - /episode/index/show/farmingwithoutthebank/id/30973523

Ep. 246 - 3 Types of Interest: Uninterrupted Compounding is King! 04/19/2024

Ep. 246 - 3 Types of Interest: Uninterrupted Compounding is King! 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 - /episode/index/show/farmingwithoutthebank/id/30891993

Ep. 245 - Busting 5 More Myths 04/12/2024

Ep. 245 - Busting 5 More Myths 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 - /episode/index/show/farmingwithoutthebank/id/30763023

Ep. 244 - What I See vs. What You See 04/05/2024

Ep. 244 - What I See vs. What You See 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 - /episode/index/show/farmingwithoutthebank/id/30683568

Ep. 243 - Premium Mindset 03/29/2024

Ep. 243 - Premium Mindset How much you pay is really set on how you are thinking. Rethink your thinking. Audio Production by Podsworth Media - /episode/index/show/farmingwithoutthebank/id/30582398

Ep. 242 - 5 Myths About the Infinite Banking Concept 03/22/2024

Ep. 242 - 5 Myths About the Infinite Banking Concept 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 - /episode/index/show/farmingwithoutthebank/id/30483533

Ep. 241 - 5 Things to Scrub from Your Language 03/15/2024

Ep. 241 - 5 Things to Scrub from Your Language 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 - /episode/index/show/farmingwithoutthebank/id/30361543

Ep. 240 - Remember, It's Liquid! 03/08/2024

Ep. 240 - Remember, It's Liquid! 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 - /episode/index/show/farmingwithoutthebank/id/30282528

Ep. 239 - Build It In 03/01/2024

Ep. 239 - Build It In 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 - /episode/index/show/farmingwithoutthebank/id/30132958

Ep. 238 - First Half or Second Half? 02/23/2024

Ep. 238 - First Half or Second Half? 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 - /episode/index/show/farmingwithoutthebank/id/30069628

Ep. 237 - Book or Beer? 02/16/2024

Ep. 237 - Book or Beer? Where would you rather put your money? So many are not thinking correctly. Rethink your thinking! Audio Production by Podsworth Media - /episode/index/show/farmingwithoutthebank/id/29955978

Ep. 236 - Two Thousand Farmers 02/09/2024

Ep. 236 - Two Thousand Farmers 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 - /episode/index/show/farmingwithoutthebank/id/29850468

Ep. 235 - It's So Hard, You Don't Understand 02/02/2024

Ep. 235 - It's So Hard, You Don't Understand 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 - /episode/index/show/farmingwithoutthebank/id/29704508

Ep. 234 - Blacksheep Summit Recap 01/26/2024

Ep. 234 - Blacksheep Summit Recap 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 - /episode/index/show/farmingwithoutthebank/id/29650588

Ep. 233 - 5 Principles of IBC 01/19/2024

Ep. 233 - 5 Principles of IBC 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 - /episode/index/show/farmingwithoutthebank/id/29562008

Ep. 232 - 7 Custom Farming Objections 01/12/2024

Ep. 232 - 7 Custom Farming Objections 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 - /episode/index/show/farmingwithoutthebank/id/29428568

Ep. 231 - Tax Returns Are Lies 01/05/2024

Ep. 231 - Tax Returns Are Lies 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 - /episode/index/show/farmingwithoutthebank/id/29342133

Ep. 230 - Shrimp Farming in the Midwest?! with Grant Jones 12/29/2023

Ep. 230 - Shrimp Farming in the Midwest?! with Grant Jones 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 - /episode/index/show/farmingwithoutthebank/id/29260158

Ep. 229 - Is it the Bankers' Fault? 12/22/2023

Ep. 229 - Is it the Bankers' Fault? 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 - /episode/index/show/farmingwithoutthebank/id/29202223

Ep. 228 - Farm Diversification, with the Nelsons 12/16/2023

Ep. 228 - Farm Diversification, with the Nelsons 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: Guests' Facebook: Audio Production by Podsworth Media - /episode/index/show/farmingwithoutthebank/id/29098963

Ep. 227 - Biggest Mistake: Human Error 12/08/2023

Ep. 227 - Biggest Mistake: Human Error 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 - /episode/index/show/farmingwithoutthebank/id/28981163

Ep. 226 - Family Money 12/01/2023

Ep. 226 - Family Money 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 - /episode/index/show/farmingwithoutthebank/id/28831648

Ep. 225 - How Loans Actually Work 11/24/2023

Ep. 225 - How Loans Actually Work 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 - /episode/index/show/farmingwithoutthebank/id/28747173

Ep. 224 - Tax Tiers and How They Work 11/17/2023

Ep. 224 - Tax Tiers and How They Work 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 - /episode/index/show/farmingwithoutthebank/id/28679323

Ep. 223 - How Policy Loan Interest Works 11/10/2023

Ep. 223 - How Policy Loan Interest Works 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 - /episode/index/show/farmingwithoutthebank/id/28569328

Ep. 222 - 3 Hidden 401k Facts 11/03/2023

Ep. 222 - 3 Hidden 401k Facts 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 - /episode/index/show/farmingwithoutthebank/id/28500947

Ep. 221 - What Character Are You? 10/27/2023

Ep. 221 - What Character Are You? 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 - /episode/index/show/farmingwithoutthebank/id/28434755

Ep. 220 - Do You Know What Your Spouse Knows? 10/20/2023

Ep. 220 - Do You Know What Your Spouse Knows? 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 - /episode/index/show/farmingwithoutthebank/id/28371200

Ep. 219 - 4 Missed Business Expenses 10/13/2023

Ep. 219 - 4 Missed Business Expenses 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 - /episode/index/show/farmingwithoutthebank/id/28304018

Farming Without the Bank Podcast

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