Stay ConnectedWelcome 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.
Borrowing against life insurance policies does not make you debt-free! Think logically, be financially responsible, and understand that moving debt doesn't eliminate it.
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Be careful who you trust to set up a policy for you! Here are some tips on identifying authorized practitioners and ensuring you are getting accurate information.
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Life insurance offers guarantees, liquidity, control, and uninterrupted compound interest, which makes it fundamentally different from traditional investments with returns. Understand your policy so you can sift through the sea of noise created by financial advisors.
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Learn the significance of charging interest when lending money to family members. We're discussing how adopting the role of an honest banker will not only minimize lost opportunity costs, but actually benefit both the lender and the borrower in the end.
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Learn why loans on your policy do not generate income, but instead how paying extra interest as premium will maximize financial growth. We break down key principles from Nelson Nash's book, highlighting strategic borrowing, repayments, uninterrupted compound interest, and the honest banking practices needed to become your own banker.
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Meet John Hasche, a trained agent and expert in Infinite Banking and farming-related financial solutions. We are talking about the power of death benefit, the financial flexibility that IBC allows, and why John might be the right agent to schedule with, especially for those eager to start a policy this year.
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Let's talk about starting using IBC during challenging economic times, especially when commodity prices are low. It's all about being strategic, beating Parkinson's Law, and maintaining financial control.
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Today we're addressing common concerns about committing funds to life insurance policies and the importance of understanding the long-term benefits. Using life insurance as a financial tool is like building a business or farming; we need to be patient to see the long-term gains.
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The owner has ALL the control and owns that asset. No one can ever change that; not even if you die before the insured.
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Some miss the point of IBC being done through dividend paying whole life insurance policies, and they think a money market is the same. There are 5 big reasons why they are not even close to the same.
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Here are the four things I run into when I see farms in LLCs. There are good reasons to have an LLC, but unless you do your setup and maintenance right, you will actually be hurting further generations.
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We have far too many current farm owners who are in debt, and the next generation is trying desperately to save the farm by putting themselves at risk. This has to stop!
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Shane Anderson talked to us about how he made the decision to quit working off the farm and farm full-time. Tune in! We have solid advice about how to do it.
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So many people, ag industry included, want to be quick to make the judgment that, "people don't understand us." Let me encourage you to stay openminded, look at both sides of the story, and teach and communicate well with people instead of fighting and being short.
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With commodity prices the way they are now, so many folks are scrambling, yet we have had some decent years in the past. Are you preparing in the good times for the bad times. Are you really looking at your numbers to make sure you are making a profit?
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If the land next door became available, you'd find the money for the land payment... yet many wonder where the money will come from for their IBC policy. Let's talk about it.
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Join hosts Corey and Tanner as they welcome Mary Jo to the Farm4Profit podcast to dive into the world of financial independence for farmers. In this episode, Mary Jo explains the Infinite Banking Concept and how it can be a game-changer for farmers looking to gain financial control, reduce dependency on traditional banks, and build generational wealth. Learn how policies, cash value, and strategic borrowing can revolutionize your approach to farm financing. Whether you're a seasoned farmer or new to the field, this episode offers valuable insights into sustainable financial practices.
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As a consumer, you have to be able to weed through the noise and realize you may actually be smarter than the keyboard warriors online. Let's address some of the comments we can find online in forums that have zero merit.
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Nelson talks about using IBC to self-insure, and I can't say it's as easy as some folks make it out to be. With today's costs, it's very hard on the home and auto side, then you add in crop insurance, and it's nearly impossible, based on the research I have done.
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Is your farm setup well enough to take a month off? My business is not. This is definitely something to think about.
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In this episode, we are diving into the concept of Infinite Banking. Highlighting key points from Nelson Nash's book, 'Becoming Your Own Banker,' the discussion covers the foundational mindset shifts required for Infinite Banking. The episode addresses common misunderstandings, critiques current financial systems, and stresses the importance of proper financial management and overcoming human nature barriers like Parkinson's Law. The core takeaway is that Infinite Banking is not solely about life insurance policies but a broader mindset and financial strategy.
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Let's bust more myths: companies don't pay claims; premiums increase; companies collapse; whole life is expensive; and any agent can help with IBC.
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I had the privilege of being on the Barn Talk podcast a year ago and want to share that with you guys today. Enjoy!
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It's called "infinite" for a reason, and that can be very hard to see when you are only looking down your lane. What are you using money for that you could actually be using the infinite banking concept for? Is it college, farming, rentals, braces for the kids, or something else? I challenge you to not only take the blinders off but get the book "Becoming Your Own Banker" and dive in.
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Today we talk about: Are kids' policies better than adults' policies? Am I just selling you something? Should tobacco users forget about having a whole life insurance policy? Should your premium be a certain percent of your gross income? Can you retire on your cash value?
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Regardless of what you think, the bank has control, and you are the employee of the bank. If they call a note and you don't have the cash to pay that, they are in control. You need to know your numbers or they will take an opportunity to manipulate you.
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This is a common question that I hear, because people think the insurance companies are stealing money. Why? I have no idea... but let's address what they *actually* do with your money to ensure the death benefits get paid out.
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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?
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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.
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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.
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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.
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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.
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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.
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How much you pay is really set on how you are thinking. Rethink your thinking.
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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.
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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.
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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.
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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.
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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!
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Where would you rather put your money? So many are not thinking correctly. Rethink your thinking!
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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.
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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.
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Our client-only Blacksheep Summit was last week, and we had a fantastic time. Let me tell you about it!
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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!
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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.
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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.
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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.
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People love to blame banks for their financial difficulties, but are they really the ones who bear most of the blame?
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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
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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.
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Most people associate family money with bad emotions and greed, yet family money can surely get you to the next level.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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You have flexibility, but it should only be used when you NEED to, not all the time. Paying premium makes you money.
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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.
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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.
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Keep in mind, if you are looking for advice from others, your approach will determine your success.
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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.
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Who is right in this fight? Who is the door mat, and how long do we sit around waiting?
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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.
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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.
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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
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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.
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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!
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Don't let people kill your dreams, and by gosh, don't be scared to share them with me!
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So many people talk about being debt-free but have policy loans. This is not debt-free; you have to be an honest banker.
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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.
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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.
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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.
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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.
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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?
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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.
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Many of you have money in 401K or stock because your company matches or you don't know anything else. Well, let's talk about if non-liquid money is the best option and what those costs are to tie up that money.
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I am frequently asked how IBC users can best apply extra interest. Start another policy? ...or wait? ...or what?
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With operating notes going to 8-9%, I think we likely have a perfect storm for another 1980's-style farm crisis. Now is the time to be smart with our money! What are your thoughts?
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Clay Conry from the Working Cows podcast had me on recently, and we talked about this topic. It was so good that I wanted to share it with you all.
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With the recent bank failures in the headlines, this is a good time to talk about fractional reserve banking and why we do IBC.
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Getting back to the basics of WHY Nelson created IBC and what we have done to forget that.
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(Re-broadcast; originally aired November 19, 2019.)
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.
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It's not easy sharing something new, but here are some tips for ya. I sure hope they help.
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Let's break down some myths that I have been hearing about lately.
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Here is how the policy loan rate changes are determined and, by contract, when they can change. Also a little bit on how loan rate interest is figured and applied.
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Rarely, if ever, do we get to hear from someone internal to a life insurance company. Clay shares some great insights on why a company may not like a 10/90 policy and how that can affect the company. He also talks about Universal Life policies and how they are different from whole life.
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Many people think they are too old to start Infinite Banking, which is not true. Also, that ties into when we should be buying a policy on mom or dad, or if we have business partners, when we should be buying key-man or buy-sell policies.
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It was super fun talking to one of the IBC Practitioners I look up to, James Neathery. He knew Nelson very closely, so I wanted to visit with him about Nelson and then get into why we are so passionate about IBC.
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Collateral assignments on whole life policies are not a great option if you want to maintain control. Also, the strategy of using a CD as collateral has become a talking point in the last couple weeks, and we need to understand why that is not always good either.
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What does 1035 mean and how does it work? Also, I include my suggestions for why you should NOT 1035 a policy and why you SHOULD question your agent if they suggest it.
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Inflation truly is the silent thief, and people don't understand how it affects how much money we need saved, what rates of return we need to earn to get there, what percent of income we need to save, and why cash flow is so important. This is the real reason IBC fits into everything you will need for the future. It will also show you why liquidity of money is the top priority as you are young.
Since we talk about death a lot on this podcast, let's address why you should be funeral planning for locked-in costs and peace of mind for your loved ones.
So many folks are being told what they should or shouldn't do with their land. Some even want gov't regulation. Do we really want gov't involved? ...and who gets to decide what you do with your land, how much you sell it for, and to whom?
People ask about fees, and that is an immediate sign they are not aware of what whole life insurance really is. Let's talk "fees" and what that means.
Abundance can not live where there is scarcity and negativity. I am seeing on social media that negativity is running rampant in the ag industry, and that needs to stop if we want to grow and move forward.
I wrote my book with you in mind, and that is to keep this concept very simple, explain what words mean, and what columns on illustrations mean. It is not hard, yet so many people make it hard. Tune in and hear about what's in the book and why I teach the way I do. Fun little tid bits about me included.
This is a super fun interview with two people that are leveraging their farm and truly running it like a business. Learn from their direct-to-consumer business, sell/buy marketing, and custom harvesting business, some done with family and some on their own. After listening, you’ll see why continued education matters! Walker Farms is their business, and they welcome you to visit their social media channels and call them.
Here are some of the most frequently asked questions and concerns that I have received or come across recently.
Tune in and learn LOTS from Heidi about hanging in there through the tough times with family, running her farm like a business, rotational grazing 100%, and being creative with her IBC policy.
Here is the in-depth look at what we go over in our hour-and-a-half meeting, as well as what you need to have ready before it.
In this episode, I talk about whether or not an IBC life insurance policy is a hedge against inflation and whether or not life insurance companies are secure during this time, due to pure craziness. I also, at the end, tell you what can stop inflation. (It's really quite simple.)
How to use your cash value for operating and how to track loans.
We often wonder why we are so frustrated with what we are doing or who we are working with. This is a GREAT answer to how to find out where people will excel and how we can understand them.
Is the family farm different than a family business? In this episode, I explore this question, and it just so happens that the two are very similar.
In this flashback episode from November 29, 2019, 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.
If you are using the bank, you are part of the problem. The Infinite Banking Concept has nothing to do with rates of return or banks. Listen in!
So many people ask me, "How can I use IBC in my life, and what all can I use it for?" This episode will go over some examples for everyone!
There is so much confusion out there around loan interest and where it goes. I try to clear that up in this episode and explain what the company gets, what you get, and where to put it. Keep in mind, life insurance companies are just that, life insurance. They are not providing banking information for IBC.
People who learn will always beat people who are learned. Are you the person always wanting to learn or the person who thinks you are done learning because you are done with school? If that's not you, I am sure you know those people. Join me as we discuss why lifelong learning and humility are crucial.
With so many of my clients into regenerative ag, I thought it would be a great idea to have Gabe Brown on the show. He gave me as much time as I liked, and I took it. So we have 3 sessions with Gabe! Buckle up; we get into meat and potatoes! There is no fluff about him here! You can hear that in other places!
With so many of my clients into regenerative ag, I thought it would be a great idea to have Gabe Brown on the show. He gave me as much time as I liked, and I took it. So we have 3 sessions with Gabe! Buckle up; we get into meat and potatoes! There is no fluff about him here! You can hear that in other places!
With so many of my clients into regenerative ag, I thought it would be a great idea to have Gabe Brown on the show. He gave me as much time as I liked, and I took it. So we have 3 sessions with Gabe! Buckle up; we get into meat and potatoes! There is no fluff about him here! You can hear that in other places!
As we create generational wealth, we forget that we still have the cash value to use and money sitting in the bank, should we pass. This is powerful when we talk about creating wealth.
Many folks tell the younger generation to not farm and then those same people get mad that Bill Gates and China are buying up lots of land. What do we want? Farmer or not?
Why it makes a difference to have good agents and companies to work with when using IBC.
If we are going to save family farms, we must plan correctly, and doing that with a trust will avoid any extra costs and allow you to make sure it stays in the right hands. Heidi Olson is a succession planner and trust officer who shares with us some good starting information on what needs to be done.
There are many ways to structure a policy, and I break it down to three basic ways here and explain why long-term may be better than short-term access.
How can you grow your business with all the right people and have them as an asset and not a liability?
Those who live closest to mom and dad are the ones who end up caring for them, and those who live far away don't understand the mental, physical, emotional, and economic toll this takes on the caregivers.
Nelson addresses this in the book, talking about being the bank owner, lender, and borrow, and why that is important... but I challenge you to look at this with every aspect of your life and why it's important.
Bankers will ask why you have so much life insurance or comment that your premium is too high, and many folks are asking me how we should respond. Let's address that, because there is not a simple answer.
Clients are asking, and I am prepared... as best I can be for you all to be taken care of.
Many are making decent money, but when I meet with them, I find out they have nothing saved. So the questions comes up, where is your money going? Nelson, talks about Parkinson's Law in his book, and we must seriously examine Parkinson's Law and beat it if we want to get ahead in life. Using money correctly and paying attention to it is what wealthy people do.
Fun interview with Lincoln going over his direct to consumer start, what he's using the policy for, and why he moved his policy to an agent who understands farming and IBC.
We've talked about it before, but let's look again at what estate planners/agents are trying to do to save farms by borrowing against the land to pay premiums. This is so risky, and I have some actual numbers to share as to why this is not going to work.
A breakdown of what the difference is between whole life and universal type policies.
This episode breaks down a few misunderstandings about IBC, who knows it, and why it's important to educate yourself.
Negative thinking will not provide a solution or get you to the top. This podcast will help you understand why your thinking is helping or hurting where you are going.
Ken is a demographer who has some great insight on what is happening in the world and what we should be prepared for. Listen in to see where you can find opportunity.
What is going to happen to with the economy going forward? I am not sure anyone knows, not even me. Listen in for my version of the what ifs.
This may be long, but it is so worth every minute! Ty shares with us about his business, investments, how he's using his IBC policy, and how he has remained positive through struggles and the loss of loved ones in his life. He is an amazing young man! Tune in and be inspired!
Nelson's son-in-law shared the tale of his two fathers (Nelson being one of them), including how they treated retirement and what that looked like to them. One is not right or wrong. If you are going to utilize and understand IBC, you will want to know what Nelson's intentions were, and here I lay them out for you.
Nelson said, if you put peanuts in, you get peanuts out. So many want more out of the policy, but they are scared to fund the policy to meet those needs. You have to fix your thinking around it in order to accomplish this.
If you are not doing anything with what you have learned here or read in the book, then this information is worthless. The best information in the world can be worthless unless we take action. Let's talk about it.
So many farmers and ranchers have direct-to-consumer businesses or manufacturing businesses and want to know about marketing. I have brought on my experts to help answer some of those questions for you. There are times you will not need to pay but just be consistent in your posting on social media. Listen in; this is good stuff.
There may be a trick to getting your match and getting the money out without penalty. Also, if you are 30 years old and being told you can save your way into retirement, that is a lie. Because of inflation, you'll need close to $10 million to live like you are today on $100K per year. Numbers don't lie, listen in.
Let's debunk this myth that you can't start from scratch and that it's supposed to be easy. Then let's add to it that you should not have to work off the farm and your spouse needs a job in town so you can keep farming. I may have gotten a bit preachy in this episode; be warned. Enjoy.
Many want to create wealth in children's policies, and that is not always the best way. If we want generational wealth, we need to start with the older generation first. Listen in to see when it makes sense and when it doesn't.
Currently, three things I am being asked about are financial stability of companies with COVID deaths, comments about Bank Owned Life Insurance, and paying your full premium vs. your minimum premium. I address these three and explain more.
Many who have policies forget why then even have them. They buy a policy and then never use it to create cash flow or don't pay the full premium. They stop educating themselves and talking to me about how to think differently. Keeping yourself educated on this subject is the difference between being successful or having a savings account.
This process is not about handing all the reins over to me and having me make your decisions. This is about you becoming the one in charge and me guiding you through this process to learn.
In this episode, I visit with my client Michael Jenson, a dairy farmer from Wisconsin, and he shares with you what he is doing, why he made changes in his operation, and how IBC is going for him. Michael is great! Tune in!
Many folks question taking a policy loan based on rates only. It's not about the rate only, it's about opportunity and liquidity of money. Listen in.
In this episode, I talk about having more than one policy on yourself and how insurance companies figure that. I also talk about when to start a new policy when you already have one or more.
Is the policy rate really higher than the bank? When you figure in processing fees from the bank, it may not be. Also, what changes in the policy have been going on with the 7702 tax changes? We discuss all of that in this episode.
The Infinite Banking Concept is not really about whole life insurance or being a life insurance expert. It's about how to use money to give yourself freedom. In this episode, I answer some insurance questions and share with you why and how I am here to help you.
Where do you want to be in three years? If you don't take the action to change things, things won't change. Let's talk about that in this episode and look back at where you were three years ago.
Many see land being bought by non-farmers, and then that land sits idle as the owner takes tax breaks on it. Is this good or bad? Let me break it down on both sides.
Jim does not farm but works in the farming industry. Good stuff to learn here about business and how this can apply to your business, what it's like to work with me, and why you can start even after you're 60 years old.
It's that time of year again where your accountant is telling you to buy things to avoid taxes. Are you saving money or giving up liquid assets unnecessarily? That is what we discuss in this podcast.
In this episode, I visit with a newer client and he shares with you what he is doing, why he made the changes, what he thought of IBC right away, and how he's used his policy in the last year. Jay is awesome! Tune in!
Many folks ask if IBC can work for them if they don't farm yet. The answer is YES. Now is truly the best time to get started with Infinite Banking so you have a pool of money to use for getting your farm started later.
Many are judging a book by it's cover and think I hate bankers. That is not the title of the book, nor is it anywhere in the book. I actually really like bankers, but there is a difference between the banking system and the individual bankers.
You are told to diversify and look for better ways, yet when you do, the critics and ignoramuses who have arrival syndrome crawl out of the cracks. It's truly amazing to me, and you'll hear in this podcast how much I love these people.
Nelson always said if we use the banks we are part of the inflation problem. I believe not paying attention to what is going on and how to solve problems means we are also part of the economy problem. We should be asking how can we be part of a solution and take care of ourselves.
Many feel that death benefit and estate planning are not important. Today I share why these were so important for two of my clients.
We are back at it talking about why farms are failing and how we can do better with a plan.
Curiosity is what keeps us improving and asking questions. Without this, we become complacent and we end up trusting those who give power to like accountants, attorneys, and bankers. However, if they too have lost their curiosity, they are not helping you to the best of their ability. Never stop asking questions.
We are being sold and buying into an idea that was created during an era where the average lifespan was 61 years! Today we live into our mid to late 80s and think we should retire at 65. We think we will have enough money to live based on market returns and putting 3% of our income away every year. There are so many things wrong with what the gov't has sold us and what we continue to believe and buy into. This is a longer episode but is well worth the listen.
I sometimes hear people say, "It's the only thing I know how to do." They then have the victim mentality that they can't do anything else. Today I address this. Be warned, I may tick you off!
Nelson talks about the volume of interest in his books and why it's important but so many don't consider it unless they look at a home mortgage or credit cards. I share in this episode why volume of interest is super important and why you should be making a volume of interest, not just paying it.
Here I dig into Nelson's second book, Warehouse of Wealth, where we go deeper and remind ourselves of what Infinite Banking really is.
Farmers are being targets with borrowing against land to fund policies or using a the bank directly through a trust. Wade and I discuss why this is not IBC or Farming Without the Bank.
Many people are confused about IBC when they hear they have to pay themselves back. They don't know how to treat the payback, where to put the money, how to create the terms. So in this episode, I try to clear that up for you in case you too struggle with this idea.
We so often in life like to pass the task to someone else and then get upset because of how things are handled. In this episode, I address the topic of not getting your books done but then not taking the responsibility of buying things we can't afford just because the bank said we could. Who wrote the check?
What happens if you use your life insurance as collateral to a bank loan? ...and is there ever a good time to do this? I say no and explain why.
I always hear comments like, "It's not easy getting started," or, "It's not easy farming." I'd like to know who said it should be easy! Was it easy for our ancestors who came over to America from abroad? We are asking the wrong questions and have stinkin' thinkin'!
So many are worried about how much to pay and committing to so much premium that they can't afford to pay it. That is not an issue, because premium payments are flexible, some more than others, and I discuss that in this podcast.
With the large amount of national debt and the non-stop printing of money, many people are scared of the value of the dollar plummeting. In this episode, I talk about what to do to compare and how to be rational about the whole thing. Things are worth what we are willing to pay for them. Life insurance needs to be held to the same standard as everything else, so why are we not doing that? There are many things to consider here, even on crypto currency. Listen in and enjoy.
This is a question I get a lot from smaller farmers who want to be large. My answers address the questions of: Should we be competing? Are we profitable? ...and what does large look like? It's not an easy answer, but I feel we need to get past what we look like and start looking at profits.
You may love or hate me by the end of this episode. Is the Biden plan a bad idea? ...and do we have the right to be upset? Listen in and find out!
Back 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.
There 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.
There 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.
We talk about having life insurance on your employees, using it to lend to them or to use yourself, and then using it for retirement.
Remember, 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.
Here 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.
There 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.
Many 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.
Premium 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.
How 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!
Another 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.
What 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.
If 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.
We 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!
Here 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!
In 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!
In 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.
With 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.
Back 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.
Here 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.
Another 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.
Here 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.
We 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.
Many 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.
What 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.
Nelson 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.
In 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.
In this episode, I go over how Nelson moved his debt from the banks to life insurance policies and why that led to 49 policies.
Tim 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.
Many 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.
Many 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.
We 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.
We 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.
Many 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.
Another 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.
We 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.
I 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.
Many 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.
Today 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!
The 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.
Today 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!
Today 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.
Harvesting 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.
In 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.
In 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.
Those 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.
We 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 thought processes!
Many 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.
Society 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.
This 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.
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.
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.
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.
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.
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.
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.
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!
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?
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.
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.
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.
"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!
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.
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!
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.
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!
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.
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.
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.
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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.
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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 James Dyke is great. He has three books with a fourth on the way.
Hope you enjoy this episode and it shines a little light on the fact that IBC is a secure way to utilize money.
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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.
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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.
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 operation. I don't want you working for the bank any more than you want to work for the bank. Keep an open mind when listening. I think you will find this valuable. Audio Production by Podsworth Media.
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.
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
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
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
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
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
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
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
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
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 correctly and why it needs to be setup correctly for this purpose. Audio Production by Podsworth Media - https://podsworth.com
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
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 time to get started is now, regardless of whether you feel it's perfect or not. Without action, nothing changes. Audio Production by Podsworth Media - https://podsworth.com
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. This is what I call diversification: Where can the farm create income that is not derived from the sale of commodities to an elevator or sale barn? Audio Production by Podsworth Media - https://podsworth.com
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 the questions I have for you. Audio Production by Podsworth Media - https://podsworth.com
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
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
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 can do that. Audio Production by Podsworth Media - https://podsworth.com
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
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, and the goal is to create wealth and leave a legacy. Audio Production by Podsworth Media
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 Production by Podsworth Media
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 to love it or hate it, but you definitely need to hear it. Audio Production by Podsworth Media
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 what the solution is. Audio Production by Podsworth Media
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
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