Ep 43. Mary Jo Irmen on Farming Without the Bank
In this episode, I talk about finances with Mary Jo Irmen who teaches the Infinite Banking Concept. This topic may be controversial, but I want to get diverse views on the show and learn about different strategies for farm financial management. Some of you may agree and others won’t, but Mary Jo brings a really interesting perspective to the table and I hope you’ll take a listen.
In This Episode:
>> Why Mary Jo actually works with a lot of younger farmers before they get into a pile of debt
>> How there are no tax implications or advantages to this method
>> Why Mary Jo goes whole life coverage in most situations
>> Why this is a good method for long-term planning and looking down the road 5-10 years to save for big farm purchases
>> Why treating yourself like a bank to pay yourself back is a good idea when using your own investments to pay for farm expenses
>> A discussion about retirement savings
>> Why beginning farmers can be ahead of the game since they don’t have a history of family management style to continue
>> Why her favorite farming tool is a bookkeeper!
About the Guest
Mary Jo Irmen is the author of the book Farming Without the Bank. She has a passion to show farmers how to take back control of the banking function in their operation.
Resources and mentions
Working Cows Podcast featuring Mary Jo
Mary Jo’s Podcast Farming Without the Bank
Click here to sign up for the Thriving Farmer Summit on December 6-7-8!
And if you want to keep the conversation going, join us in our Facebook Group to connect with us and other farmers looking to grow their business!
We also have six free eguides to help you be more effective on your farm (Winter Growing, Pastured Poultry, Washing Shed Efficiency, Profitable Farmers Toolkit, what to look for in a farm property, etc), which you can download here.