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E. Kansas | Just my opinions only, but I think you always need to be closely evaluating what is really a need and what is really a want, as applies to your own situation. You have to live within your means and keep a very close handle on debt and be thinking how you can reduce it. Sounds a bit silly to some, but you cannot really count on any current crop growing until you've got it harvested. A big hail storm, drought, etc. can teach you how that works. Like the old saying, don't count your chickens before they're hatched.
You have a job away from the farm. I think you need to keep it until you're much more financially set. By all means, don't underestimate the ridiculous amount of money you may be spending on health insurance anymore, if you become self-employed and your wife isn't working anywhere. I think that in itself will be very likely to financially sink a lot of farmers who are just trying to get started or that have been dealing with some financial problems.
You sound like you're on top of things. I think you'll do fine, but just remember that money will keep and you'll always have the opportunity to spend it later. There will always be bigger/newer machinery, new pickups, etc to buy whenever you want them.
Edited by billw 6/27/2017 23:15
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Farming in 2017. Young family. I'm surely not the only one stressed.
