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lizton IN | I bought my first farm in 1986 and my second in 1988. I picked the best 2 years to buy a farm ;). There was someone that told me in bad times it is OK to expand as long as the numbers work. The thing he told me (that was the most important) was in the good times pay cash on things and pay down debt. Do not go in debt with a major expansion because the money may not be there to finish the expansion. This is what happened in the late 70's early 80's. Both of my farms were from farmers that owed more on the farm then it was worth. Things are different then in the 80's. The markets on grain make big moves in a year (or day). Some of the big farmers can put one person on that to watch and he can make a lot of money. Where if it is me I can look at the markets in the AM and PM the rest of the day I am out doing something in the field. I don't see the government throwing money at Ag like they did. 1) they don't have it and 2) one farmer getting a big payment is bad press. I am not sure what will happen Dairyman 78 is very wise in his words don't loose everything hopping for that one good year to put you back on top. I seen a lot of farmers in the 80's that were 30's-40's starting over without anything. If you have to start something new it is better to have a little something to start it with. | |
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Asking about tough farm economy times
