Farming has changed in the last century – so why hasn’t farm financing?
That’s the question posed by a Bismarck author looking to help farmers think differently about their money.
Mary Jo Irmen, the author of “Farming Without the Bank”, gave a seminar on that subject this week at the Heartland Ag Showcase in Minot.
She argues that there’s a better way to grow an operation than by borrowing money from a bank each year.
(Mary Jo Irmen, Author, “Farming Without the Bank”) “There’s a whole nother avenue of using whole life insurance, where we’re setting it up correctly for cash value, and we’re borrowing against that and paying that back. There’s a bunch of benefits that come with that. So when we start thinking a little differently about our money, we can get away from that conditioned thinking that, oh, the banks have to be the only place we go for money.”
Irmen says that her methods help keep family farms alive and growing.
(Irmen) “The kids that do maybe want to do it are looking and saying, “I don’t want the debt mom and dad have. I absolutely don’t want a million dollars in debt every single year and want to be controlled by somebody else. I want to be able to retire.” It’s important to me to see that. How else are we going to get fed if we don’t have farmers?”
Click here to learn more about Irmen’s book.