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Southern MN | Started in the 80’s. My Dads mantra was borrow as much money for as long as you can for as cheap as you can. Never had a variable rate loan in my life. Am just saying for about 40 years having variable rate loans has worked. Have a friend that would buy a farm with a 5 year variable loan. Basically poured everything he could yearly into principal and paid very little interest. Wash, rinse, repeat. Worked very well for him. We basically have 2 generations that have been better off by going the variable loan route. The young tigers that all went broke in the 80’s would be the biggest farmers in the country if they had started in 1990 vs 1970. Am just saying a good share of success is due to timing more than anything else. Am guessing going forward those with the skills, mindset you and I grew up with will do better in the coming years. Maybe. | |
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What does this mean going forward - reformed banker or others?