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S.C. Wisconsin | I like Dave Ramsey's advice for you personal spending but he mainly talks about service businesses which require very little capital unlike production ag. I don't know about other ag sectors but in the dairy sector I know a lot of dairy farms that quit because they didn't want any debt and didn't modernize and soon they were so far behind they couldn't meet living expenses. You can also run your farm like a mine and take everything out and not put anything back into the farm, which is ok but not if you want your younger generation to take over the reins as there will won't be enough there for the younger generation to make a living and pay for the farm. Of course if the younger generation got the farm given to them that might be somewhat different.I paid for my farm I bought from my father and I expect my son to pay for the farm from me. By the way I started farming in the 80's and had debt and we made it through. | |
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cash ?
