Farming Without the Bank Podcast
Episodes
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 ...
Ep. 51 - Fun Suckers, Negative Nellies, & Keyboard Warriors
17 Jul 2020
Contributed by Lukas
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 o...
Ep. 50 - Tiered Tax Structure
10 Jul 2020
Contributed by Lukas
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 th...
Ep. 49 - Why Shouldn't Farmers Be Rich?
03 Jul 2020
Contributed by Lukas
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, ...
Ep. 48 - My 2 Cents on Estate Planning
26 Jun 2020
Contributed by Lukas
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 foo...
Ep. 47 - Picking an Agent & Company
19 Jun 2020
Contributed by Lukas
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 someon...
Ep. 46 - The Laws
12 Jun 2020
Contributed by Lukas
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 s...
Ep. 45 - How to Start from Scratch
05 Jun 2020
Contributed by Lukas
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 a...
Ep. 44 - Building Your Bank with Dividend Paying Whole Life
29 May 2020
Contributed by Lukas
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 ...
Ep. 43 - Client Interview: Nate Bliler
22 May 2020
Contributed by Lukas
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. Aud...
Ep. 42 - Creating a Bank Like the One You Know
15 May 2020
Contributed by Lukas
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 capi...
Ep. 41 - Policies on Minors
08 May 2020
Contributed by Lukas
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 y...
Ep. 40 - Do Professional Opinions Matter?
01 May 2020
Contributed by Lukas
We love to ask the professionals (like accountants, advisors, and attorneys) their opinions, because after all, they are the professionals. What I sha...
Ep. 39 - Client Interview: Meghan Foos
24 Apr 2020
Contributed by Lukas
Meghan shares her experience with vetting me and the infinite banking concept before doing anything. She also shares her heart wrenching story of how ...
Ep. 38 - The Seen & Unseen of ROR
17 Apr 2020
Contributed by Lukas
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...
Ep. 37 - Rolling 401K Money & Lump Sum Premiums
10 Apr 2020
Contributed by Lukas
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 ...
Ep. 36 - Is Debt Bad?
03 Apr 2020
Contributed by Lukas
"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...
Ep. 35 - My Thoughts on the Market & Economy
27 Mar 2020
Contributed by Lukas
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 rig...