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.
>> 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.