I have followed your farming journey here on newagtalk and remember you posting about most of what you wrote.   I am ten years your senior, and this is my constructive advice to you and other younger farmers reading.

Current asset ratio is so important.  Its easy find things to spend capitol on while farming, but you need liquid assets that can be turned into payments during lean times.  I had two older neighbors who told me that their grandpa or dad had relocated the family after losing a farm because they couldn't come up with the money to pay the property tax.

For me, 2008 during the housing crisis Is when my operation shifted dramatically.  I decided I needed to save a minimum of three years of property taxes so i wouldn't lose the farm in a depression.  Because the Government started quantitative easing that year with the 900 billion dollar TARP program, I decided to stack gold and silver.  interest rates were ok and crop prices were very good, but instead of paying everything off on the intermediate term and long term liabilities or buying a shop, I first accumulated my safety net.

That changed the current ratio on the balance sheet dramatically.  I was able to switch to a lower interest lender that had previously turned me down.  For the first time, it was easy to renew an operation note and since 2019 (age 44) they just send a letter saying they renewed it for a few more years without me asking or sending paperwork.  The medium and long term notes got paid off with time, but I was more careful with my spending because they were still there. after that things got bought with cash.  The "stack" of savings was there as assurance to me and the bank bolstering the current ratio telling us both I can weather any storm.  I still don't have a heated shop, but I do have a dry building to work in. and the "stack" as it turns out, has dramatically increased the current ratio of the balance sheet even without adding more ounces.

The biggest shift I remember after having the reserve fund is how much less I stressed and worried.  To me that was priceless.

P.S.  IRAs don't count because you cant access it without penalty and the bank cant use it for security.