Why Farmers Stay Broke & How to Actually Keep More of Your Money (Ep. 369)

It's TROLL DAY on Farming Without the Bank Ep 371 with Mary Jo Irmen — and the trolls brought their best hate comments. Mary Jo reads them all and answers back: charging her own son 9% interest (vs 11% at the bank), helping a client farm 6,000 acres from scratch, why dividend-paying whole life insurance beats parking cash, and why the rich get richer when money is redistributed. If you've ever been told "never finance anything," "never charge your kids interest," or "no one buys a farm as an investment" — this episode breaks down the broke mindset vs. abundance mindset behind those comments, and how to use infinite banking  and farm finance  principles to keep control of your money. Buy the book: https://www.FarmingWithoutTheBank.com/book  Email Mary Jo: [email protected]  Chapters: 00:00 Why Comment At All 00:17 Welcome To Troll Day 01:34 Rocky And Ray On Debt 03:21 Policy Question And Scam Claims 04:25 Money Skills And Wealth Mindset 07:09 Farm Investment Trolls 09:35 Charging Kids Interest Explained 13:02 Victim Mentality Vs Abundance 16:49 Final Thoughts And Book Plug Audio Production by Podsworth Media - https://podsworth.com 

Lending money to your kids from ONE policy is a recipe for a family fight. In this episode, Mary Jo Irmen shares 2 creative strategies she used this week to solve real client problems around kids, money, and fairness. If you have 3 kids and help one start a business and another go to college — how do you make it fair to the third kid when you die? And what do you do when your 16-year-old has $30K from 4-H/cattle sales but can't own a policy or do extra premium in year one? Mary Jo breaks down exactly what to do. IN THIS EPISODE: Why 3 kids = 3 separate policies on MOM (same amount, same insured) is the fairest way to lend How Susie's loan gets repaid from HER death benefit — no tracking payments, no sibling fights Why you CAN'T just "put policies on the kids" — human life value & 30x income rule explained The minor money hack: Use your 15/16 year old's cash to buy a policy on YOU, make them beneficiary, then transfer ownership at 18 Why kids under 18 can have MORE insurance than at age 25 Why your agent needs to ask about family dynamics BEFORE selling you a policy Chapters: 00:00 Why Strategy Matters 00:47 Podcast Intro and Focus 01:17 Three Kids Unequal Help 02:44 Separate Policies Per Child 04:06 Limits Insuring Adult Kids 05:34 Minor Money Workaround 09:15 Ownership and Cash Value 10:32 Insurance Value Rules 12:03 Experience Drives Creativity 13:51 Wrap Up and Next Steps Buy the book: https://www.farmingwithoutthebank.com/book  Email Mary Jo: [email protected]  Audio Production by Podsworth Media - https://podsworth.com 

Mary Jo's back with three money topics every farmer and rancher needs to hear. The thread running through all of them: it's not how much money you make — it's how you USE it. In this episode: the private equity news making headlines in the life insurance world (and why Mary Jo's clients don't need to panic), the "no medical exam up to $4 million" hook being pitched to farmers on Instagram, and the scarcity mindset that's holding back the entire agriculture industry — including why letting your hired man run a few cows might be the smartest move you make. What you'll learn: Why private equity in life insurance isn't the crisis the headlines suggest The truth behind "express underwriting" and no-medical-exam policies Why lying on an application means your claim won't get paid "If you can't manage a dollar, you can't manage a million" The scarcity mindset — and why helping your employees succeed helps YOU ⏱️ Chapters: 0:00 Intro & What's On Today's Mind 1:12 Private Equity in Life Insurance (Mass Mutual in the News) 4:05 The "$4M No-Medical" Hook Targeting Farmers 11:19 It's Not What You Make, It's How You Use It 15:08 Let Your Hired Man Run Cows? The Scarcity Mindset 21:23 Wrap-Up & How to Reach Mary Jo 📧 Questions or a topic you want covered?  Email Mary Jo at [email protected]  📚 Grab the books: https://www.farmingwithoutthebank.com/book  #FarmingWithoutTheBank #InfiniteBanking #ScarcityMindset #Agriculture #AmericanFarming Audio Production by Podsworth Media - https://podsworth.com 

The biggest threat to your farm's legacy isn't the bank — it's an unplanned long-term care event. In this episode, Mary Jo Irmen sits down with long-term care expert Michelle Prather, author of Who's Wiping Your Assets?, to unpack why modern long-term care insurance is nothing like the outdated "flip phone" policies you may be picturing. Michelle breaks down the reality most families ignore until it's too late: there's a 91% chance you or your spouse will need care — and care today can run $8,000 to $15,000 a month, fast liquidating the very assets you spent a lifetime building. For the agriculture community — often "land rich, cash poor" and laser-focused on legacy — the stakes are even higher. You'll learn: - Why long-term care isn't just for the elderly — cancer, strokes, and farm accidents don't check your age first - The difference between old rigid policies and new flexible ones (including home care and caregiver respite) - How to fund coverage tax-efficiently using IRA distributions or cash-value life insurance — sometimes saving six figures versus paying premiums traditionally - Why lifetime coverage matters, especially for couples and women - The critical reason you must plan before a crisis — as Michelle puts it, "my house is already on fire" is no time to shop for coverage Long-term care isn't about nursing homes. It's about protecting your assets, your family, and your dignity — so the next generation inherits the farm, not the bills. Get the book: https://FarmingWithoutTheBank.com  Email: [email protected]  Schedule an appointment with Michelle: https://link.captivationhub.com/widget/bookings/without-the-bank-care-income-planning Chapters: 00:00 Introduction 00:46 Meet Michelle Prather — Long-Term Care Expert 01:15 Why Long-Term Care Planning Matters for Farmers 02:30 Premium Examples: What Coverage Actually Costs 05:00 Payment Options: Single-Pay vs. 10-Pay vs. 20-Pay 07:30 What Triggers a Long-Term Care Payout 14:56 Lifetime Coverage vs. Limited Benefit Periods 25:00 Old "Flip Phone" Policies vs. New Flexible Policies 29:45 Why Having a Good Agent Matters 34:59 Are Long-Term Care Premiums Tax-Deductible? 37:59 Funding Premiums with IRAs & Annuities 43:50 The Death Benefit in New Policies 48:50 Health Conditions & Eligibility: When It's Too Late 53:00 Elimination Periods & Paying Family for Care 1:04:45 Premium Waivers & Joint Policies 1:07:00 Long-Term Care for the Wealthy 1:15:52 Long-Term Care with Limited Assets & Medicaid 1:24:58 Paying Premiums with Cash-Value Life Insurance 1:41:27 Michelle on Working with the Farming Community 1:49:30 Final Thoughts & Contact Info

Buying a whole life insurance policy for infinite banking? Many agents have no idea what they're actually selling you — and it could cost you decades of compound growth. In this episode, Mary Jo breaks down the 5 things you MUST check before you sign anything, based on a real client who bought from a local agent instead of coming to her first (and what he got wrong): 1️⃣ Does it have cash value in Year 1? (If not, you bought traditional whole life — not a policy designed for infinite banking) 2️⃣ Is there a Paid-Up Additions (PUA) rider — and how flexible is it? 3️⃣ Is there term insurance riding on it, and does the death benefit drop off later? 4️⃣ Is it a dividend-paying policy, and where are those dividends going? 5️⃣ Is your agent talking about a "rate of return"? (If so, it's not whole life — run) Mary Jo also shares the real story of her husband's policy losing $500,000 in death benefit overnight when a level term rider dropped off — a mistake she now makes sure her clients never repeat. ⏱️ TIMESTAMPS 0:00 – Why Mary Jo won't give advice on a policy she didn't sell you 1:46 – The 5 things to check before buying a whole life policy 8:12 – How her husband's policy lost $500K in death benefit overnight 14:35 – Recap: the 5-point checklist 15:57 – Why "just tell me how to use it" doesn't work that way Want Mary Jo or John to review an illustration you've already been sold — or one someone's trying to sell you? Email the show. We'll tell you exactly what to watch for. 📚 Grab the books: Farming Without the Bank + Becoming Your Own Banker (bundle available) #InfiniteBanking #WholeLifeInsurance #infinitebankingsystem #infinitebankingconcept Audio Production by Podsworth Media - https://podsworth.com 

Mary Jo Irmen walks through a real whole life insurance policy illustration for a 27-year-old client paying just $6,000 a year — and the numbers might surprise you. In this episode, Mary Jo breaks down what the cash value growth actually looks like year by year, what happens when you add extra premium in year one, and why so many people have been waiting too long to get started when they didn't need to. What you'll learn in this episode: - Why $500/month ($6,000/year) is enough to build serious cash value over time - How compound interest and dividends work once your policy "crosses over" (around year 4) - The paid-up additions rider and why it accelerates your break-even point to year 7 - What happens if you put in an extra $11,000 in year one — and how that impacts your cash value at age 82 - Why paying in $211,000 over a lifetime can result in $843,000+ in accessible cash value - How health ratings affect death benefit (not cash value as much as you think) - Why you should stop waiting until you "have enough" — and just start Ready to get started? 📧 Email Mary Jo: [email protected]  📧 Email John: [email protected]  📚 Grab the book bundle (Farming Without the Bank + BYOB + Life): https://www.farmingwithoutthebank.com/book  Chapters: 00:00 Cash Value vs Death Benefit 00:44 Why Start Small Now 03:19 Case Study Setup 03:46 6000 Premium Walkthrough 06:10 When Cash Value Overtakes Premium 06:34 Avoiding MEC and Long Term Results 07:47 Using Cash Value Loans 08:51 Term Blend and Death Benefit 09:37 Adding Extra Year One 11:37 Break Even Faster 14:22 Age and Health Impact 16:51 Dividend Assumptions and Next Steps 17:53 Books and Contact Info 18:56 Closing Remarks Audio Production by Podsworth Media - https://podsworth.com 

Are you waiting until you have more money before starting infinite banking? Mary Jo Irmen explains why you may not need $100,000—or even a large amount of money—to begin. In this episode of Farming Without the Bank, Mary Jo discusses why people often delay after reading the book, how to identify a comfortable starter premium, and why starting with a smaller policy can be better than waiting indefinitely. She also explains how a system of multiple policies works, how to use future cash flow from paid-off loans or side work, and why planning ahead for family land and estate needs matters. The goal is not to force a premium that does not fit your situation. It is to make the appointment, look at the numbers, and determine what is realistic for you right now. As Mary Jo explains, the numbers in the book are examples—not requirements. Sometimes, you simply need to subtract a zero and start where you are comfortable. Chapters: 00:00 Stop Waiting To Start 00:57 Podcast Intro And Big Question 01:11 Why People Delay After Reading 02:51 Using Policies Not Saving 03:52 Finding A Starter Premium 06:13 System Of Multiple Policies 07:35 Family Land And Dad Policy 10:23 Create Cash Flow Ideas 13:24 Make The Appointment 14:53 Reread And Next Steps #FarmingWithoutTheBank #InfiniteBanking #WholeLifeInsurance

What does infinite banking look like in the real world? From bankers and veterans to city kids buying their first ranch — here's a glimpse into the conversations happening behind closed doors. In Episode 364 of the Farming Without the Bank podcast, Mary Jo Irmen shares a candid recap of recent client meetings that span the full spectrum of agriculture and financial planning — and proves that it doesn't matter where you start, it matters how you think. In this episode, you'll hear about: Two bankers whose own clients brought them the infinite banking book — and what they learned A real enforced illustration breakdown on a universal life insurance policy (the numbers are eye-opening) Why military veterans MUST get whole life insurance before any PTSD or TBI diagnosis A mobile vet couple running their ranch like a true business with smart LLC structure A veteran looking to buy land — and the insurable interest challenge that comes with PTSD A mobile home repair entrepreneur dominating a four-state niche Hired hands getting a leg up by running cattle through a feedlot A nurse with a dream to build a rural hospice center And the story of a city kid with zero farming background who bought land, found a mentor, and built a real cattle operation from scratch 💡 Key takeaways:  You CAN start farming from scratch.  You CAN build from nothing.  The people who make it aren't lucky — they just refuse to take no for an answer. 📧 Questions or comments?  Email Mary Jo: [email protected]  #FarmingWithoutTheBank #InfiniteBanking #WholeLifeInsurance #FarmFinance #StartFarming #AgriculturalFinance #beginnerfarmer  Chapters: 00:00 Ag Dreams Big Small 00:30 Podcast Updates Format 01:34 Staying In Your Lane 02:29 Bankers React To IBC 04:01 Dad Policy Cost Spiral 07:04 No Lapse Rider Warnings 09:09 More Meetings New Faces 09:37 Vet Clinic Ranch LLC 11:22 Veteran Land Insurance 14:07 Taxes Tennessee Homestead 15:11 Niche Success Mobile Homes 16:16 Hired Hands Build Equity 18:47 Hospice Land Vision 20:06 Starting From Scratch 24:01 Cowboy School Mentorship 25:34 Wrap Up And Feedback

An Iowa widow is suing her financial advisor and two life insurance companies after a premium-financed IUL strategy left her family farm buried in $38 million of debt. Mary Jo has been warning about this exact scheme for years — now there's a real lawsuit to prove it. In Episode 363 of Farming Without the Bank, Mary Jo Irmen breaks down the November 2024 lawsuit involving a debt-free Iowa farm family who was sold $23 million in IUL coverage — with $2.5 million in annual premiums financed through bank loans secured by their paid-off farmland. The strategy was sold as a way to protect the farm from estate taxes. Instead, it put the entire farm at risk. In this episode: The full story behind the Iowa widow's lawsuit (agent Davis, Emeritus, and PacLife) How premium financing works — and why it's especially dangerous for farm families How unethical agents exploit estate tax fears to target debt-free farmers The difference between "churning" and "twisting" — and why neither costs agents their license Why the original $5 million policy would have been enough all along Red flags to watch for if someone is pitching this strategy to you or your family The original $5 million policy would have covered everything. Instead, the debt hit $38 million. Don't let this happen to your farm. If you've been presented with a premium-financed IUL strategy — or know someone who has — reach out before signing anything. Mary Jo and John will review it at no charge. 📧 Mary Jo: [email protected]  📧 John: [email protected]  #FarmingWithoutTheBank #IULInsurance #PremiumFinancing #FarmEstatePlanning #FarmlandProtection Chapters: 00:00 Premium Finance Warning 00:29 Why This Must Be Shared 03:23 The Iowa Lawsuit Begins 03:36 Agent Background Questions 05:40 Churning and Twisting Explained 08:33 How The Farm Got Pitched 12:10 Premium Financing Mechanics 14:14 Why The Numbers Collapse 19:50 Who To Trust For Advice 22:56 Share and Get Help

One wrong auction company can cost you the true value of your land — and you'd never know it. 👉 Find more Farming Without the Bank here: https://www.youtube.com/channel/UCXYvzroUouEMsTGKFw5nJHQ  👉 Get the book: https://www.farmingwithoutthebank.com/book  Amber Haugland of Haugland's Action Auction joins the show to pull back the curtain on a  side of the land auction world most farmers never see coming. Whether you're selling the  family farm, bidding on land next door, or starting to think about your estate, this  episode could save you tens of thousands of dollars. IN THIS EPISODE: ✅ How to vet an auction company before you sign a single thing ✅ The "fake bid break" tactic — and exactly what to watch for in real time ✅ Why comparing commission rates alone will get you burned ✅ Sealed bid + live top-5 auction: why it consistently gets sellers the best price ✅ What buyers should NEVER tell an auction company ✅ Online auctions: the transparency problems and hidden buyer fees ✅ Owner financing through auction — how it works and why more people don't know about it ✅ Why naming your auction company in your estate plan prevents family war ✅ The ripple effect unethical auctioneers are having on farmland prices for everyone Chapters 00:00 Step Back First 00:35 Podcast Intro 01:54 Seller Due Diligence 04:24 Marketing That Works 05:22 Verify Mailers Sent 08:10 Commission And Hidden Fees 11:27 Pressure Tactics Warning 12:38 Auction Types Explained 12:55 Phony Bids And Breaks 16:48 Sealed Bid Strategy 20:11 Online Auctions Problems 25:00 Reserves And Starting Bids 29:43 Market Distortion Fallout 35:02 Don't Tip Your Hand 37:39 True Land Value Metrics 39:12 Survey Cost Surprise 40:56 Buyer Prep and Price Discipline 42:19 Auction Red Flags and Transparency 42:58 Funny Money and Asking Who 45:22 Tenant Offers vs Auction 49:00 Keep Your Cards Close 50:33 Owner Financing Options 52:36 Risks and Screening Buyers 56:31 Sibling Disputes and Estate Planning 01:03:02 Sell Sooner and Enjoy It 01:07:52 Wrap Up and Contact Info Connect with Amber Haugland: 🌐 https://hauglandsactionauction.com  🌐 https://hauglandinsuranceservices.com  📘 Get the Book: https://www.farmingwithoutthebank.com/book  📩 Questions? [email protected]  #LandAuction #Farmland #FarmingWithoutTheBank #estateplanning