|
| Proceed by steps, don't buy anything on credit that's not directly providing a ROI to the farm, like a fat TV or a new car. Then try to repay your op loan first, which most likely has a higher interest rate than your land loan. Then start saving for the bad years, so you don't have to pay for crop insurance a dollar for every 10 cents you get in return. Then when you have enough money to retire in Florida, something bad usually happens. Damn, this plan sucks! ;)
Though sad as it is, you'll make more money making your money work for you rather than you working for it. Have a sound investment plan and get someone in the family to keep on top of it. You already have land, which is the best investment that could be, add a bit more diversity into assets you can quickly convert to cash if need be, get a good healthcare plan so you don't have to tap into these assets in case of accidents.
A farm also offers a huge potential both for saving on food (garden, chickens) and fuel (wood, biodiesel) and for extra revenue if you choose the right high demand high value products (those blasted chicken again, free roaming and what not). This means regular cash income every week, not just a once-a-year harvest. Some of these activities would be perfect for the off season.
I hope your user name is not a descriptive of your life! ;) | |
|
cash ?
