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NC Iowa | Farm inputs are easy to get covered with an operating note. Going into a bank and asking for food money would raise a lot of red flags, even if you have 10 or 50k prepaid for next year IMO. Always keep enough money for a warm house and food. Keeping the operating note dedicated to farming expenses will make life easier down the road (taxes, loan applications, etc).
Make sure you can get health insurance, I know a few people that have had minor health problems in the past, and now no health insurance company will even take them.
I'm sure you have ran the numbers for potential income, but have you figured the cost of providing your own health insurance with those numbers? Health insurance premiums at many jobs now exceed 20-30% of your take home pay.
Hopefully you are married and can be covered under her employer, and none of this matters. | |
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Farm transition question
