Verified FBN Member (OK)

General

Does anyone have experience with the strategy of Farming Without the Bank?

The Infinite Banking Concept and Farming Without The Bank are interesting concepts.

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Verified FBN Member

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Verified FBN Member (WA)

My dad's family was ready to sell out and move but dad really wanted a shot at reviving the failing business and convinced them to give him ...

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Verified FBN Member (IA)

The author, *************, provides free preliminary conversations to explain the strategy and applications. She utilizes properly structure...

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Verified FBN Member (NE)

What's the name of the book?

Verified FBN Member (OK)

Farming Without the Bank

Verified FBN Member (IA)

I am now expanding on the paid up additions which have expected returns on cash value and access. I can take a loan against it or have a loc...

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Verified FBN Member (IA)

What % interest do you pay insurance company when loan is taken against policy? I emailed her a bunch asking questions but she wouldn't answ...

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Verified FBN Member (IL)

I've heardfrom one of her podcasts that it varies but seems to be around 4-5%. My question is, does the interest you pay go into your accoun...

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Verified FBN Member (IA)

I was wondering on that too. Of course she didn't want to answer those types of questions without setting up meeting was hoping to get them ...

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Verified FBN Member (MN)

Nearly all whole life insurance products are both a terrible "investment" and a terrible way to "insure". The idea of using them to "bank" i...

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Verified FBN Member (NE)

It is in my opinion unrealistic to farm without a lender or banker. we started out in 1990 and developed strong open and honest relationship...

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Verified FBN Member (TX)

Agreed 100% this year with bad rates we got 6.75 at our bank and that’s still amazing compared to our nutriens 6%.....fine print an extra 4....

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Verified FBN Member (MN)

I think there can be ways to farm without a banker. From experience with paying high interest rates in the 1980s, it takes a lot of work ju...

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Verified FBN Member (PA)

Well said *****, it feels like we are working for the suppliers and breaking away from them can be difficult

Verified FBN Member (OR)

Have not used a bank for at least 20 years except to buy a piece of equipment once in a while. Spent several years filling out paper work f...

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Verified FBN Member (SD)

I would rather struggle with a bank than without. An opportunity will eventually lend itself and if you have no lender backing, it would be...

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Verified FBN Member (KS)

Read ***********’s book “becoming your own banker”. The concept can take awhile to grasp, but it’s a great one. It’s not something that is g...

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Verified FBN Member (MI)

Read the book and study concept. I am using it not only for my self, but future generations. Don’t just read her book, but others in reading...

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Verified FBN Member (MI)

We haven't had a lender in 20+ years. Been cash flowing it and only buy equipment upgrades when funds allow it. Farm 2500 acres, we may b...

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Verified FBN Member (SD)

5 year old equipment is pretty much like new, unless it wasn't maintained.

Verified FBN Member (WA)

(edited)

We also farm without a bank. We run about a $2 million a year operation. My father and I work more than a man should have to, and our equipm...

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Verified FBN Member (WA)

I should also mention there are lots of guys in our area that run million dollar plus operations without a bank.

Verified FBN Member (IL)

Well, this post got me doing the research. I listened to different podcasts about Infinite Banking, read her book, and watched some Youtube ...

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Verified FBN Member (UT)

Let us know how it goes

Verified FBN Member (IL)

Meeting is scheduled for early Sept. I'll let you know.

Verified FBN Member (SD)

How has it turned out ?

Verified FBN Member (WA)

What if you miss a payment? It sounds like a great idea, but just wait until you stop paying and you'll find out who's money it really is....

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Verified FBN Member (KS)

Yes I started 8 yrs ago started by buying cows then bought 130 ac of land for great price cows paid off land 7 yrs had another farmer farmin...

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Verified FBN Member (IL)

Read the book and listen to her podcast. Amazing strategies and finance tips.

Verified FBN Member (KS)

Really the only downside is that it takes 5-7 years for your cash value life insurance policy to be with what you have paid in.

The princip...

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Verified FBN Member (ND)

Until the light bulb idea of “becoming a licensed agent” to be able to keep the commission on the life insurance sale I was skeptical. This...

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Verified FBN Member (MN)

I'm on my 6th year of farming on my own renting 100% of land and buildings and I haven't found a bank or Farm Credit within 200 miles that w...

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Verified FBN Member (OR)

What about FSA?

Verified FBN Member (MN)

Read ****’s book…read ******’s book. It makes sense.

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Verified FBN Member (AB, CAN)

There seems to be a mix of concepts in this discussion. Literally farming without bank (ie. debt free farming), and the Infinite Banking Con...

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Verified FBN Member (WI)

Agree! Saying it makes sense without actually doing it is like saying I think a new tool works great and maekes sense without having ever us...

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Verified FBN Member (IL)

We are now a year into a policy. Here's how's it has gone for us so far:

As younger farmers we took out a policy on our dad. Hopefully we'l...

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