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Georgetown, Illinois | kinda like sitting at the table at Thanksgiving, first be glade to be there, now do I take the potatoes or go for the turkey...
If your land debt is locked in at low rates, I would first payoff the operating debt then the equipment debt. If there is cash left over, I would take some and put in mutual funds and have some off farm investment, not all. I would also build
up cash, for cash is king. I know most will not agree with me on this, but I would try to have enough off farm investment for two years of farm expense on the side lines. I know it sounds crazy, but that was the advice from my grandfather, and
he started farming in 1920. Very hard to wrap your head around this, my college professors thought it was a terrible idea., But when you go thru the 30's and 80's and have a back up plan, it just works. Best of luck too you and your farm. | |
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