Farming Without the Bank Podcast
Episodes
Ep. 234 - Blacksheep Summit Recap
26 Jan 2024
Contributed by Lukas
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 - https:/...
Ep. 233 - 5 Principles of IBC
19 Jan 2024
Contributed by Lukas
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...
Ep. 232 - 7 Custom Farming Objections
12 Jan 2024
Contributed by Lukas
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 ...
Ep. 231 - Tax Returns Are Lies
05 Jan 2024
Contributed by Lukas
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 n...
Ep. 230 - Shrimp Farming in the Midwest?! with Grant Jones
29 Dec 2023
Contributed by Lukas
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...
Ep. 229 - Is it the Bankers' Fault?
22 Dec 2023
Contributed by Lukas
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 Me...
Ep. 228 - Farm Diversification, with the Nelsons
16 Dec 2023
Contributed by Lukas
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 intervi...
Ep. 227 - Biggest Mistake: Human Error
08 Dec 2023
Contributed by Lukas
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 c...
Ep. 226 - Family Money
01 Dec 2023
Contributed by Lukas
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 M...
Ep. 225 - How Loans Actually Work
24 Nov 2023
Contributed by Lukas
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...
Ep. 224 - Tax Tiers and How They Work
17 Nov 2023
Contributed by Lukas
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 sav...
Ep. 223 - How Policy Loan Interest Works
10 Nov 2023
Contributed by Lukas
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 ...
Ep. 222 - 3 Hidden 401k Facts
03 Nov 2023
Contributed by Lukas
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...
Ep. 221 - What Character Are You?
27 Oct 2023
Contributed by Lukas
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 y...
Ep. 220 - Do You Know What Your Spouse Knows?
20 Oct 2023
Contributed by Lukas
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, bo...
Ep. 219 - 4 Missed Business Expenses
13 Oct 2023
Contributed by Lukas
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 mis...
Ep. 218 - Rebecca Undem: Growing Small Towns
06 Oct 2023
Contributed by Lukas
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 wit...
Ep. 217 - Why I Warn You
29 Sep 2023
Contributed by Lukas
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 do...
Ep. 216 - Paying Back a Policy Loan for a Non-Cash-Flowing Asset
22 Sep 2023
Contributed by Lukas
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 ...
Ep. 215 - Misclassification & The Arrival Syndrome
15 Sep 2023
Contributed by Lukas
Many people have "arrived" in their thinking and believe something to be true that is not because of misclassification. Don't be that person! Understa...
Ep. 214 - Second to Die/Last to Die Policies
08 Sep 2023
Contributed by Lukas
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 b...
Ep. 213 - I Don't Hate Term Life Insurance
01 Sep 2023
Contributed by Lukas
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. Audio P...
Ep. 212 - Premium Flexibility Can Be Bad
25 Aug 2023
Contributed by Lukas
You have flexibility, but it should only be used when you NEED to, not all the time. Paying premium makes you money. Audio Production by Podsworth Med...
Ep. 211 - Beware: Not Everyone Understands Ag
18 Aug 2023
Contributed by Lukas
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 tak...
Ep. 210 - Haven't Drank the Kool-Aid
11 Aug 2023
Contributed by Lukas
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 t...
Ep. 209 - Approach is Everything
04 Aug 2023
Contributed by Lukas
Keep in mind, if you are looking for advice from others, your approach will determine your success. Audio Production by Podsworth Media - https://pods...
Ep. 208 - Build It Together
28 Jul 2023
Contributed by Lukas
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 ...
Ep. 207 - Generation vs. Generation
21 Jul 2023
Contributed by Lukas
Who is right in this fight? Who is the door mat, and how long do we sit around waiting? Audio Production by Podsworth Media - https://podsworth.com
Ep. 206 - Extra Income Ideas
14 Jul 2023
Contributed by Lukas
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. Audio Product...
Ep. 205 - Bonus Money Doesn't Make You Debt Free
07 Jul 2023
Contributed by Lukas
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 ...
Ep. 204 - Infinite Wealth Podcast Interview
30 Jun 2023
Contributed by Lukas
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 ou...
Ep. 203 - FAQs
23 Jun 2023
Contributed by Lukas
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...
Ep. 202 - Bankers
16 Jun 2023
Contributed by Lukas
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! Audio Prod...
Ep. 201 - Dream Big
09 Jun 2023
Contributed by Lukas
Don't let people kill your dreams, and by gosh, don't be scared to share them with me! Audio Production by Podsworth Media - https://podsworth.com
Ep. 200 - Are You Really Debt-Free?
02 Jun 2023
Contributed by Lukas
So many people talk about being debt-free but have policy loans. This is not debt-free; you have to be an honest banker. Audio Production by Podsworth...
Ep. 199 - Lies, Lies, Lies, with Chris Kirkpatrick
26 May 2023
Contributed by Lukas
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. C...
Ep. 198 - Windfalls
19 May 2023
Contributed by Lukas
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 ...
Ep. 197 - Modified Endowment Contract (MEC)
12 May 2023
Contributed by Lukas
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 matte...
Ep. 196 - Real Examples of Why Universal Life is Not Good
05 May 2023
Contributed by Lukas
In this episode, you will see evidence and real policies demonstrating why universal, variable universal, and indexed universal life policies are not ...
Ep. 195 - 3 Types of IBC-ers
28 Apr 2023
Contributed by Lukas
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 a...
Ep. 194 - It's More Than Cash Value
21 Apr 2023
Contributed by Lukas
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'...
Ep. 193 - Do Investments Make Sense for You?
14 Apr 2023
Contributed by Lukas
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 th...
Ep. 192 - What to Do with Extra Loan Interest
07 Apr 2023
Contributed by Lukas
I am frequently asked how IBC users can best apply extra interest. Start another policy? ...or wait? ...or what? Audio Production by Podsworth Media -...
Ep. 191 - Another 80's Farm Crisis?
31 Mar 2023
Contributed by Lukas
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 ...
Ep. 190 - Who Should Be on Your Financial Team?
24 Mar 2023
Contributed by Lukas
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. Au...
Ep. 189 - How Does Banking Work & Affect IBC
17 Mar 2023
Contributed by Lukas
With the recent bank failures in the headlines, this is a good time to talk about fractional reserve banking and why we do IBC. Audio Production by Po...
Ep. 188 - 5 Principals of IBC
10 Mar 2023
Contributed by Lukas
Getting back to the basics of WHY Nelson created IBC and what we have done to forget that. Audio Production by Podsworth Media - https://podsworth.com...
Ep. 187 - Pay Taxes or Avoid Taxes? (Re-Broadcast)
03 Mar 2023
Contributed by Lukas
(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 ...
Ep. 186 - How to Introduce IBC to Friends and Family
24 Feb 2023
Contributed by Lukas
It's not easy sharing something new, but here are some tips for ya. I sure hope they help. Audio Production by Podsworth Media - https://podsworth.com...
Ep. 185 - Whole Life Myths vs. Reality
17 Feb 2023
Contributed by Lukas
Let's break down some myths that I have been hearing about lately. Audio Production by Podsworth Media - https://podsworth.com
Ep. 184 - Policy Loan Rate Changes
10 Feb 2023
Contributed by Lukas
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...
Ep. 183 - From the Horse's Mouth: Clay Summers Interview
03 Feb 2023
Contributed by Lukas
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 ...
Ep. 182 - Are You Too Old, Key-Man Policies, & Buy-Sell Policies
27 Jan 2023
Contributed by Lukas
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,...
Ep. 181 - James Neathery Interview: Two Passionate IBC Practitioners
20 Jan 2023
Contributed by Lukas
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 abou...
Ep. 180 - Life Insurance & CDs as Collateral for Bank Loans
13 Jan 2023
Contributed by Lukas
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 h...
Ep. 179 - 1035ing Cash Value
06 Jan 2023
Contributed by Lukas
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 i...
Ep. 178 - Inflation & Your Future Income
30 Dec 2022
Contributed by Lukas
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 ...
Ep. 177 - Why Funeral Planning is Important
23 Dec 2022
Contributed by Lukas
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...
Ep. 176 - Who Makes Your Decisions?
16 Dec 2022
Contributed by Lukas
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? ...a...
Ep. 175 - Fees
09 Dec 2022
Contributed by Lukas
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....
Ep. 174 - Toxic Social Media
02 Dec 2022
Contributed by Lukas
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 ...
Ep. 173 - Keeping It Simple
25 Nov 2022
Contributed by Lukas
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...
Ep. 172 - Client Interview: George and Annaliese Walker
18 Nov 2022
Contributed by Lukas
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...
Ep. 171 - FAQ's
11 Nov 2022
Contributed by Lukas
Here are some of the most frequently asked questions and concerns that I have received or come across recently. Audio Production by Podsworth Media.
Ep. 170 - Client Interview: Heidi Terrell
04 Nov 2022
Contributed by Lukas
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...
Ep. 169 - What Your Meeting With Me Looks Like
28 Oct 2022
Contributed by Lukas
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. Audio Production by Pod...
Ep. 168 - Inflation and Security of Life Insurance Companies
21 Oct 2022
Contributed by Lukas
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...
Ep. 167 - Practical Implementation of IBC
14 Oct 2022
Contributed by Lukas
How to use your cash value for operating and how to track loans. Audio Production by Podsworth Media.
Ep. 166 - Working Genius for Your Business/Farm
07 Oct 2022
Contributed by Lukas
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 wil...
Ep. 165 - Family Farms vs. Family Businesses
30 Sep 2022
Contributed by Lukas
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. A...
Flashback Friday - Pay Taxes or Avoid Taxes?
23 Sep 2022
Contributed by Lukas
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 buyin...
Ep. 163 - Staying True to IBC
16 Sep 2022
Contributed by Lukas
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! Audio...
Ep. 162 - Imagination Makes it Make Sense
09 Sep 2022
Contributed by Lukas
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! Audio Prod...
Ep. 161 - Where Does Loan Interest Go?
02 Sep 2022
Contributed by Lukas
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,...
Ep. 160 - Learned vs. Learning
26 Aug 2022
Contributed by Lukas
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 be...
Ep. 159 - Gabe Brown Interview, Pt. 3
19 Aug 2022
Contributed by Lukas
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...
Ep. 158 - Gabe Brown Interview, Pt. 2
12 Aug 2022
Contributed by Lukas
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...
Ep. 157 - Gabe Brown Interview, Pt. 1
05 Aug 2022
Contributed by Lukas
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...
Ep. 156 - The Unseen of Generational Wealth
29 Jul 2022
Contributed by Lukas
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 w...
Ep. 155 - What Does the Ag Industry Want?
22 Jul 2022
Contributed by Lukas
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...
Ep. 154 - Good Agents Matter
15 Jul 2022
Contributed by Lukas
Why it makes a difference to have good agents and companies to work with when using IBC. Audio Production by Podsworth Media.
Ep. 153 - Wills, Trusts, and Controlling from the Grave
08 Jul 2022
Contributed by Lukas
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 sta...
Ep. 152 - Policy Structure to Create a Warehouse of Wealth
01 Jul 2022
Contributed by Lukas
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...
Ep. 151 - Who, Not How
24 Jun 2022
Contributed by Lukas
How can you grow your business with all the right people and have them as an asset and not a liability? Audio Production by Podsworth Media.
Ep. 150 - Caring for Parents Isn't Easy
17 Jun 2022
Contributed by Lukas
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, emot...
Ep. 149 - Characters in the Play
10 Jun 2022
Contributed by Lukas
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...
Ep. 148 - What to Tell the Banks
03 Jun 2022
Contributed by Lukas
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...
Ep. 147 - What Happens If I Die?
27 May 2022
Contributed by Lukas
Clients are asking, and I am prepared... as best I can be for you all to be taken care of. Audio Production by Podsworth Media.
Ep. 146 - Where is Your Money Going?
20 May 2022
Contributed by Lukas
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? Nel...
Ep. 145 - Client Interview: Lincoln Pochop
13 May 2022
Contributed by Lukas
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 unders...
Ep. 144 - Premium Finance and Market Falls Hurting Life Insurance
06 May 2022
Contributed by Lukas
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 ...
Ep. 143 - Universal, Variable, and Indexed Life Insurance
29 Apr 2022
Contributed by Lukas
A breakdown of what the difference is between whole life and universal type policies. Audio Production by Podsworth Media.
Ep. 142 - Misunderstandings
22 Apr 2022
Contributed by Lukas
This episode breaks down a few misunderstandings about IBC, who knows it, and why it's important to educate yourself. Audio Production by Podsworth Me...
Ep. 141 - Your Thinking Creates Your Beliefs
15 Apr 2022
Contributed by Lukas
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 whe...
Ep. 140 - Learn About Demographics, with Ken Gronbach
08 Apr 2022
Contributed by Lukas
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 f...
Ep. 139 - Interest Rate Hikes, Land Prices, and Inflation
01 Apr 2022
Contributed by Lukas
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. Audio Pr...
Ep. 138 - Client Interview: Ty Eschenbaum
25 Mar 2022
Contributed by Lukas
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 re...
Ep. 137 - The Tale of 2 Dads
18 Mar 2022
Contributed by Lukas
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 ...
Ep. 136 - Premium is the Solution, Not the Problem
11 Mar 2022
Contributed by Lukas
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 nee...
Ep. 135 - This Information is Worthless
04 Mar 2022
Contributed by Lukas
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 wor...