I agree with some of the stuff. But this notion you have to have side business is OK but every farm can't start a trucking business or repair shop there isn't enough business to sustain that The guys legacy farmers look to me there high debt load operations. The biggest problem his client has is interest rate on cross caltrizered debt goes from 3% to 8 and 9%. Because of commodity price down turn according to the bankers association said 65% of all lines of credit maxed out now
It's easy get out of debt and stay out of debt , learn how to fix things yourself, don't compare yourself with anyone especially someone who looks like they are doing better than you, more than likely they just have more debt, you might have to grind for a while decades for some, and when you finally have extra money spend it on infrastructure for the business buildings machinery I'm 38 and I could retire from dairy farming anytime probably end of this year , I've seen most of my friends who farm make the mistakes that he was talking about, they are all passing debt onto the next generation or I've seen the farms that I call flash farms they are here one minute and gone the next buying all of the fanciest stuff with debt and when something bad comes up like it always does they are done. I learned how to farm from old timers and lower class Amish, totally different mentality and it seems like they are the only ones who can keep ahold of their farms around here
Ok, I will get a seperate checking account for my cows, another for my crops, another for machinery purposes, but then I get perplexed because my manure spreader is expensed to my cows to spread their bio-mass but yet my corn crop loves the manure for growing a huge silage crop in which I could count as an expense against corn crop. Then I should document how much labor I spend for spreading the manure on the corn ground towards a bigger corn crop and then how much labor was used on feeding the cows corn silage everyday. So now when we have the manure spreader and cow feeding all broken down for the banker, he will know exactly what should be gone the following year to keep the loan afloat. But then again, I can argue I do everything free for myself so we can take the labor out of the equation. Boy, that was so easy as it only took 58 secs to explain.
I agree with some of the stuff. But this notion you have to have side business is OK but every farm can't start a trucking business or repair shop there isn't enough business to sustain that
The guys legacy farmers look to me there high debt load operations. The biggest problem his client has is interest rate on cross caltrizered debt goes from 3% to 8 and 9%. Because of commodity price down turn according to the bankers association said 65% of all lines of credit maxed out now
It's easy get out of debt and stay out of debt , learn how to fix things yourself, don't compare yourself with anyone especially someone who looks like they are doing better than you, more than likely they just have more debt, you might have to grind for a while decades for some, and when you finally have extra money spend it on infrastructure for the business buildings machinery I'm 38 and I could retire from dairy farming anytime probably end of this year , I've seen most of my friends who farm make the mistakes that he was talking about, they are all passing debt onto the next generation or I've seen the farms that I call flash farms they are here one minute and gone the next buying all of the fanciest stuff with debt and when something bad comes up like it always does they are done. I learned how to farm from old timers and lower class Amish, totally different mentality and it seems like they are the only ones who can keep ahold of their farms around here
Agree
I think this guy is right. Spend more pay him to tell you what you should already know. Grate idea.
This was an 11 min video of saying the same thing 100 times
Break it all down so you can chase the highs and sell the lows as it looks better on paper. lol
Ok, I will get a seperate checking account for my cows, another for my crops, another for machinery purposes, but then I get perplexed because my manure spreader is expensed to my cows to spread their bio-mass but yet my corn crop loves the manure for growing a huge silage crop in which I could count as an expense against corn crop. Then I should document how much labor I spend for spreading the manure on the corn ground towards a bigger corn crop and then how much labor was used on feeding the cows corn silage everyday. So now when we have the manure spreader and cow feeding all broken down for the banker, he will know exactly what should be gone the following year to keep the loan afloat. But then again, I can argue I do everything free for myself so we can take the labor out of the equation. Boy, that was so easy as it only took 58 secs to explain.
Labor is never free. My friend.
@@ShawnPeterson-ep3je Volunteer workers have never gotten a wage earning W-2 form that I know of...
If you need this guys services, you probably not going to make it anyway
I agree you shouldn’t be farming. You were just born right