Financial Freedom For Farmers | Featuring Mary Jo Irmen of Farming Without The Bank | Episode 253
Wednesday, December 4, 2024
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Financial Freedom For Farmers | Featuring Mary Jo Irmen of Farming Without The Bank | Episode 253
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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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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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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Show Guest
Mary Jo Irmen
Author | Speaker | Farm & Wealth Strategist
Growing up on a farm and ranch operation, I understand firsthand what you go through.
You know the saying: “You can take the girl off the farm, but you can’t take the farm out of the girl.” Farming and the love of this lifestyle are in your blood. It doesn’t fade away just because you move into town, no matter where that town is.
What farmers and ranchers do is not easy, and income is far from stable—I understand this! My parents were purebred cattle breeders for nearly 30 years, and then one day, it was all gone. I sat in the sale barn and watched the dispersion sale. It’s not easy to sit and watch your identity disappear before your eyes. It didn’t stop there. I also remember the day my dad had to buy back equipment from my grandparents’ auction after they passed away.
When the Infinite Banking Concept was introduced to me, I KNEW farmers needed this. It was their saving grace—the one way to take back control of what has been lost to the banks for over 100 years. For years, many told me it wouldn’t work. But I wasn’t buying it. I refuse to give up on this industry, and there’s one thing I know—you, farmers, read. You may be stubborn and independent, but you read! Many may be scared to start. But heck, I’m stubborn and independent too, and I wasn’t giving up. Neither should you. I put pen to paper and set out to prove that it can and will work. That’s how ‘Farming Without the Bank’ was born.
It’s not easy being in any business, and it’s even harder when your livelihood is collateral for your loan and the banks’ names are on your “paycheck.” Not many understand this. Heck, not many understand why you do what you do every day, even when it means making no money. But I do. I understand that love, and I want to see farms living on for generations to come.
You can’t continue doing what you’ve been doing for the last 100 years. I’ve made it my mission to change the way farming is financed. There is hope, and I love sharing that hope with farmers and ranchers of all shapes and sizes. Make the banks Plan B, not Plan A. You may need the bank along the way, but it’s time to stop working for them and start working to leave a legacy for your kids, grandkids, and great-grandkids.
Connect with Mary Jo Irmen - Website / YouTube / Facebook / Instagram / LinkedIn / TikTok
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The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
CEO of Farm Marketer
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Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.
Connect with Tracy Brunet - Twitter / Facebook / Instagram / Linked in
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