Jul 28, 2026
In this episode, I sit down with Michael Baker, CPA, Certified Financial Planner, and co-author of Financial Blind Spots, for a conversation about building financial confidence and creating more options for your farm family.
Michael shares why so many farmers overlook important financial opportunities, the value of having the right advisory team, and how planning can help protect your family, your farm, and your future.
We discuss common financial blind spots, creating a long-term vision, protecting your greatest assets, and why asking better questions leads to better decisions.
If you're ready to take control of what you can and make proactive decisions for your family's future, this episode is for you.
"Control what you can control. The only way to create possibility is to move forward. Reach out and ask questions. Just ask, ask, and ask. Eventually, you'll know." - Michael Baker, CPA
Remember, successful financial planning is a journey — one step at a time. Share this episode with your farm family and community to build confidence and strengthen your financial future together.
Resources Mentioned During This Episode
- Financial Blind Spots: A Deep Dive
into Farm Finance
- A practical guide to building financial confidence.
- Values-Based Financial Planning by
Bill Backrack
- Align your financial decisions with what matters most.
- Reid Wilkie, Farm Attorney in Medicine Hat
- Trusted legal guidance for farm families and transitions.
About Our Guest
Michael Baker, CPA, CA, CFP, TEP, is the founder of Baker Wealth in Medicine Hat, Alberta. With over 30 years as a professional accountant, Mike has become a leader in transforming financial landscapes, and his goal is clear: to be a visionary in financial planning and tax strategy using life insurance. At the core of his work is a single value: helping others create a life they love.
He leads a balanced life and is located in Medicine Hat, AB. Mike has been happily married to Sabrina, the love of his life, for 23 years, and together they raise 16-year-old triplets — a son and two daughters.
An accomplished athlete, he played University football for the Golden Bears and has completed seven Ironman Triathlons, bringing that same discipline and devotion to everything he does.
- Contact Michael
- Visit The Baker Wealth Website
- Follow Michael on LinkedIn
- Follow Michael on Facebook
Elaine Froese Resources:
- Watch this episode on YouTube.
- Visit the podcast website
- SPEAKING - book Elaine for your next event
- COACHING - explore Farm Transition Coaching
- MEMBERSHIP - become a Farm Family Transition Member
- FREE STUFF - downloadable tools for your farm transition
- CONTACT - take the next steps in your transition
- BURNING QUESTION? Submit it here
Farm Family Coach Social Media Links
Timestamps
00:00 - Introduction to Mike Baker and the topic of
financial freedom for farmers
02:37 - Mike's journey from CPA to financial advisor and the book
Financial Blind Spots
04:56 - The gap in financial advisory engagement among farm
families
07:09 - Building a North Star: setting long-term goals amidst
life's uncertainties
10:25 - Key concepts of the "Financial Pyramid" model for farm
planning
13:12 - The crucial role of protection and insurance in farm
succession
15:22 - How land and asset valuation affect farm transition
strategies
18:02 - The longevity risks faced by farm families and the 100-year
legacy plan
23:31 - Values-based planning: aligning financial decisions with
family priorities
27:41 - Practical advice for an older farm family just starting to
plan
32:28 - The importance of health, prevention, and early diagnosis
in farm safety
35:01 - Different types of insurance: term, participating whole
life, critical illness, and disability
37:46 - The complexity of disability insurance and the importance
of definitions
40:30 - The use of key person insurance in farm business
continuity
44:23 - Innovative insurance strategies involving land and
leverage
48:26 - How to choose and vet a trustworthy financial advisor
50:27 - Next steps for farm families seeking financial clarity and
freedom
52:48 - Upcoming farm finance, legal resources, and networking
opportunities
54:17 - Closing thoughts: taking one step at a time toward better
financial health