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| Sat through a live presentation around 10years ago. All comes down to disciplined spending. Which you most likely have already if you can afford to farm without a bank loan.
Personally, I love my bank. They have never told me no and I have a $250k line of credit for operating without any land as collateral. When I started I had notes into the mid seven figures with the same bank. Everything I owned was put up for collateral and was still short by a ways. Had a plan and figures to back it up when I met with the loan officer. She didn’t even look at my figures, just had me write a number on a post it note for the total dollars I needed to swing it. Two weeks later it was in my account. Two years later I had the unsecured loans paid off, by the time 2019 rolled around I’d made some breathing room and didn’t need much for operating. Now I defer enough income into the next year to cover most expenses. Unless something major comes up, I rarely touch six figures of the operating note.
Just remember, interest on a bank note is deductible. There isn’t an interest expense on a life insurance policy. | |
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Farming Without the Bank
