Does anyone have experience with the strategy of Farming Without the Bank?
The Infinite Banking Concept and Farming Without The Bank are interesting concepts.
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...More
There seems to be a mix of concepts in this discussion. Literally farming without bank (ie. debt free farming), and the Infinite Banking Con...More
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...More
Read ****’s book…read ******’s book. It makes sense.
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...More
What about FSA?
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.
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...More
Read the book and listen to her podcast. Amazing strategies and finance tips.
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...More
Well, this post got me doing the research. I listened to different podcasts about Infinite Banking, read her book, and watched some Youtube ...More
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....More
How has it turned out ?
Meeting is scheduled for early Sept. I'll let you know.
Let us know how it goes
I should also mention there are lots of guys in our area that run million dollar plus operations without a bank.
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...More
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...More
5 year old equipment is pretty much like new, unless it wasn't maintained.
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...More
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...More
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...More
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...More
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...More
Well said *****, it feels like we are working for the suppliers and breaking away from them can be difficult
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...More
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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....More
The author, *************, provides free preliminary conversations to explain the strategy and applications. She utilizes properly structure...More
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...More
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 ...More
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...More
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...More
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...More
Farming Without the Bank
What's the name of the book?
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 ...More