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Croswell, Michigan | I think Farm Credit gave a lot of advice in the 80’s, how did that work for those that followed it then? How many of those guys or their children are on the farm today?
Lots of people pay 7,8 or 9% interest on things with a negative return like fancy vehicles, boats or campers.
The advice may be true if you are sticking your neck out and be highly leveraged on a piece of land 20-30 miles away but how many chances do you get on land in your neighborhood? The only farm I think about the payments or cost of is the one I’m paying on now. It’s immaterial to me what I paid for the ones that are paid off now. They all cost more than I wanted to spend at the time and they are all worth way more than I paid for them now.
Edited by John e.c.MI 11/16/2023 06:30
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Kubs Den “ INSANITY OF PAYING 7% ON AN ASSET (FARMLAND) THAT ONLY EARNS 2%”
