Farming Without the Bank Podcast

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...

Ep. 134 - Business Marketing for Farmers and Ranchers with Additional Businesses

25 Feb 2022

Contributed by Lukas

So many farmers and ranchers have direct-to-consumer businesses or manufacturing businesses and want to know about marketing. I have brought on my exp...

Ep. 133 - 401K Trick and Saving to Retirement

18 Feb 2022

Contributed by Lukas

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 w...

Ep. 132 - Starting from Scratch: No, It's Not Easy

11 Feb 2022

Contributed by Lukas

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 ...

Ep. 131 - Life Insurance on the Grandkids

04 Feb 2022

Contributed by Lukas

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 olde...

Ep. 130 - 3 Hot Topics - Q&A

28 Jan 2022

Contributed by Lukas

Currently, three things I am being asked about are financial stability of companies with COVID deaths, comments about Bank Owned Life Insurance, and p...

Ep. 129 - Reminder to Use It or Lose It

21 Jan 2022

Contributed by Lukas

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...

Ep. 128 - I'm Not the Banker; You Are!

14 Jan 2022

Contributed by Lukas

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 guid...

Ep. 127 - Client Interview: Michael Jenson

07 Jan 2022

Contributed by Lukas

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...

Ep. 126 - Policy Loan vs. Bank Loan

31 Dec 2021

Contributed by Lukas

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. ...

Ep. 125 - Having Multiple Policies on Yourself

24 Dec 2021

Contributed by Lukas

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 p...

Ep. 124 - Loan Rates and Policy Interest Changes

17 Dec 2021

Contributed by Lukas

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...

Ep. 123 - You Don't Need to Be an Expert on Whole Life

10 Dec 2021

Contributed by Lukas

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 f...

Ep. 122 - What Are You Waiting For?

03 Dec 2021

Contributed by Lukas

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 ...

Ep. 121 - Land Owned by Non-Farmers

26 Nov 2021

Contributed by Lukas

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...

Ep. 120 - Client Interview: Jim Moffit

19 Nov 2021

Contributed by Lukas

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 t...

Ep. 119 - Buying Things to Avoid Taxes

12 Nov 2021

Contributed by Lukas

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 unnece...

Ep. 118 - Client Interview: Jay Clark (TX)

29 Oct 2021

Contributed by Lukas

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 ...

Ep. 117 - What If I Don't Farm Yet?

22 Oct 2021

Contributed by Lukas

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 ...

Ep. 116 - I Don't Hate Bankers

15 Oct 2021

Contributed by Lukas

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 l...

Ep. 115 - Fired up Friday: Don't be Blockheaded

08 Oct 2021

Contributed by Lukas

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...

Ep. 114 - Don't Be Part of the Problem

01 Oct 2021

Contributed by Lukas

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 probl...

Ep. 113 - We All Graduate; It's Just a Question of When

24 Sep 2021

Contributed by Lukas

Many feel that death benefit and estate planning are not important. Today I share why these were so important for two of my clients. Audio Production ...

Ep. 112 - Estate Planning, Again

17 Sep 2021

Contributed by Lukas

We are back at it talking about why farms are failing and how we can do better with a plan. Audio Production by Podsworth Media.

Ep. 111 - Curiosity to Know and Not Trust

10 Sep 2021

Contributed by Lukas

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 acco...

Ep. 110 - "Warehouse of Wealth" Book Review: Chapters 4 & 5: Tax Qualified Plans

03 Sep 2021

Contributed by Lukas

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 8...

Ep. 109 - It's the Only Thing I Know How to Do

27 Aug 2021

Contributed by Lukas

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 add...

Ep. 108 - Volume of Interest

20 Aug 2021

Contributed by Lukas

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 cre...

Ep. 107 - "Warehouse of Wealth" Book Review: Chapter 1

13 Aug 2021

Contributed by Lukas

Here I dig into Nelson's second book, Warehouse of Wealth, where we go deeper and remind ourselves of what Infinite Banking really is. Audio Productio...

Ep. 106 - Premium Financing with IUL and Guest Wade Borth

07 Aug 2021

Contributed by Lukas

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 no...

Ep. 105 - What Does it Mean to Pay Yourself Back?

30 Jul 2021

Contributed by Lukas

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, ...

Ep. 104 - Take Responsibility

23 Jul 2021

Contributed by Lukas

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 o...

Ep. 103 - Using Life Insurance as Collateral to a Bank Loan

16 Jul 2021

Contributed by Lukas

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. Audio...

Ep. 102 - Who Said It Should Be Easy?

09 Jul 2021

Contributed by Lukas

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 fo...

Ep. 101 - Flexability in Premium Payments

02 Jul 2021

Contributed by Lukas

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 pa...

Ep. 100 - Scary Economy and What to Do

25 Jun 2021

Contributed by Lukas

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 episo...

Ep. 99 - How to Compete with Large Farmers

18 Jun 2021

Contributed by Lukas

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 profitab...

Ep. 98 - Biden Tax Proposal to Rid the Step Up Basis

11 Jun 2021

Contributed by Lukas

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! Aud...

Ep. 97 - An Even Distribution of Age Classes

04 Jun 2021

Contributed by Lukas

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....

Ep. 96 - Using a Whole Life Policy During Retirement

28 May 2021

Contributed by Lukas

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 With...

Ep. 95 - Slimy Agents Destroying Farms and IBC

21 May 2021

Contributed by Lukas

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...

Ep. 94 - Life Insurance on Employees

14 May 2021

Contributed by Lukas

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. Audio Production...

Ep. 93 - What to Use Cash Value For

07 May 2021

Contributed by Lukas

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 ...

Ep. 92 - Short Pay Policies and Reduced Paid-Up

30 Apr 2021

Contributed by Lukas

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 in...

Ep. 91 - Types of Interest: Why Uninterrupted is Key

23 Apr 2021

Contributed by Lukas

There is a huge difference between simple, compounding, and uninterrupted compound interest, and in this episode, I go over those three. Believe it or...

Ep. 90 - When Is This Paid Up?

16 Apr 2021

Contributed by Lukas

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...

Ep. 89 - Premium Payments vs. Loan Repayments

09 Apr 2021

Contributed by Lukas

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...

Ep. 88 - Getting Your Employer to Give You the Match

02 Apr 2021

Contributed by Lukas

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 o...

Ep. 87 - But, I Can Get a Higher ROR

26 Mar 2021

Contributed by Lukas

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 n...

Ep. 86 - Scarcity vs. Abundance Mindset

19 Mar 2021

Contributed by Lukas

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...

Ep. 85 - What It Means to Be the Banker

12 Mar 2021

Contributed by Lukas

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 t...

Ep. 84 - How to Get A Generation to Listen

05 Mar 2021

Contributed by Lukas

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 ...

Ep. 83 - Paying Yourself Back for Cash Purchases

26 Feb 2021

Contributed by Lukas

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 ...

Ep. 82 - Taxes, 7702, and IBC Scam Accusations

19 Feb 2021

Contributed by Lukas

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 pol...

Ep. 81 - Control & the Cost of Acquisition

12 Feb 2021

Contributed by Lukas

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 A...

Ep. 80 - High Prices and Extra Cash

05 Feb 2021

Contributed by Lukas

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 ...

Ep. 79 - The Retirement Trap

29 Jan 2021

Contributed by Lukas

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, wh...

Ep. 78 - Loan Interest and Human Life Value

22 Jan 2021

Contributed by Lukas

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 polic...

Ep. 77 - Capitalization and Implementation

15 Jan 2021

Contributed by Lukas

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. ...

Ep. 76 - Equipment Financing, Pt. 2

08 Jan 2021

Contributed by Lukas

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 imagin...

Ep. 75 - Equipment Financing, Pt. 1

01 Jan 2021

Contributed by Lukas

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 t...

Ep. 74 - Loan Rates Don't Always Matter

25 Dec 2020

Contributed by Lukas

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 tr...

Ep. 73 - Security of Life Insurance if the U.S. Dollar Crashes

18 Dec 2020

Contributed by Lukas

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...

Ep. 72 - Where Does the Extra Loan Interest Go?

11 Dec 2020

Contributed by Lukas

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 ...

Ep. 71 - Only You Will Take Care of You

04 Dec 2020

Contributed by Lukas

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 ...

Ep. 70 - How Nelson Paid Off Debt

27 Nov 2020

Contributed by Lukas

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. Audio Production by Po...

Ep. 69 - Be The Light, with Tim Bickett

20 Nov 2020

Contributed by Lukas

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. T...

Ep. 68 - Clearing Up Taxes on Life Insurance

13 Nov 2020

Contributed by Lukas

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 unders...

Ep. 67 - Business Advice and Honoring Other's Strengths

06 Nov 2020

Contributed by Lukas

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 t...

Ep. 66 - Expanding the System to Accommodate All Income

30 Oct 2020

Contributed by Lukas

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 t...

Ep. 65 - Compared to What?

23 Oct 2020

Contributed by Lukas

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 ...

Ep. 64 - Back to the Basics

16 Oct 2020

Contributed by Lukas

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 Infin...

Ep. 63 - How to Start Building Your Own Banking System

09 Oct 2020

Contributed by Lukas

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 cha...

Ep. 62 - Comparison and Jealousy

02 Oct 2020

Contributed by Lukas

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 n...

Ep. 61 - Interest Rates and Dividends

25 Sep 2020

Contributed by Lukas

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. ...

Ep. 60 - Overpaying on Debt (15 vs. 30-Year Loan)

18 Sep 2020

Contributed by Lukas

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 ...

Ep. 59 - Creating an Entity

11 Sep 2020

Contributed by Lukas

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...

Ep. 58 - Being an Honest Banker

04 Sep 2020

Contributed by Lukas

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...

Ep. 57 - Client Interview with Ryan Murray

28 Aug 2020

Contributed by Lukas

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...

Ep. 56 - Use It or Lose It

21 Aug 2020

Contributed by Lukas

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 ra...

Ep. 55 - Marketing, with Tim Bickett from the ARC Group

14 Aug 2020

Contributed by Lukas

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 gr...

Ep. 54 - The Arrival Syndrome

07 Aug 2020

Contributed by Lukas

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 i...

Ep. 53 - Life Insurance vs 401Ks & IRAs

31 Jul 2020

Contributed by Lukas

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 im...

Ep. 52 - The Golden Rule

24 Jul 2020

Contributed by Lukas

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 ...