In this week's episode, Tracy speaks to Mary Jo Irmen, author of Farming Without the Bank, about "Financial Freedom for Farmers." As farmers, we are constantly borrowing money, paying huge amounts of interest, signing it all over to the bank, and then hoping and praying that we are not actually just one or two bad years away from losing it all. Have you ever thought to yourself, "There must be a better way to do this" regarding Farming and banking? Well, if so, you will want to catch this episode. Mary Jo opens the conversation by saying, "The system of farming and ranching has changed over the last 100 years, but its financing has not." This bold and out-of-the-box statement started a fantastic conversation between Tracy and Mary Jo, where they discussed the pitfalls of traditional financing and how farmers can create financial independence, dependable cash flow, and maintain control of their assets with the use of Mary Jo's "Farming Without the Bank" concept and Infinity Banking. Mary Jo explains it all in a 101 fashion that is easy to understand. What type of insurance policy is this? How do you build up and borrow from your policy, and why is no collateral needed? How does the death benefit work? Tracy and Mary Jo also discuss how this policy is instrumental in making transition planning work, how it helps in fair and equal situations with off-farm children, and even discuss old-age care for the farm founders. Tracy asks Mary Jo her thoughts on "fair and equal" and you won't want to miss her answer. Hint. She's a hot NO on that one. She asks why you work so hard to build your farm in good and bad years only to destroy it by parcelling it all out and rendering it no longer a viable farming operation? If you are intrigued and more than happy to entertain a new conversation about Farming and banking…. don't miss this episode.

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SHOW RESOURCES

Mary Jo Irene's Website: https://www.farmingwithoutthebank.com Buy Farming Without the Bank book: https://www.farmingwithoutthebank.com/shop/

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Thank You to our Show Sponsor Here at The Impact Farming Show, our goal is to bring our audience the people and ideas that will IMPACT their farming operation. We couldn't do it without the continued support of our sponsors that are committed to supporting our show and our shared vision of helping farmers succeed. Please take a moment to check out this week's show sponsor: BrettYoung

Canada's Largest Independent Seed Company - Learn More Here

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