First off, thank you and welcome to the 60 new subscribers this week! I welcome your comments. If there are any topics you want covered, let me know!
NW Call to Action
Not Enough $, Get More Income
Growing up I was big into sports. One year my parents got me a 4′ plastic locker of my favorite football team. This was a prized possession and is still in my old room today.
I have also always been a numbers person. When my parents needed to order new farm checks, they gave me the discarded ones to play with. This is where I learned to fill out checks. I completed that book and begged for more checks to play with.
Getting older, I began having consumer desires. There was a particular pair of tennis shoes I needed, along with a few new video games, and music CD’s. My first budget was created.
Clearing out the base of the sports locker in my room, I pulled out scotch tape and created 4 squares to keep track of my budgeting progress.
I knew enough that some money should be held back in savings (for college, a car, or something ‘important’). The rest of my cash was divided up accordingly and I was certain this foolproof plan would work.
The result: NOTHING!
The $60 I already had wasn’t enough. Getting $30/year of birthday money (my lone income source) and splitting it up 4 ways would have taken years buy anything in those categories.
This is where your farm comes in. Breakeven cash flows for the 2024 crop year were tight in January when they were prepared, and commodity prices have decreased since then. If you were planning to make improvements to the operation, buyout a landlord, or add on to the house this fall, DO YOU have enough money to still go through with this?
If not, your plans need to change. Either delay the improvements or find ways to generate additional income. Haul grain for the neighbor (did I mention there is record grain in storage right now?), custom hire spray a few extra fields, do some side carpentry or electrical work. There are endless opportunities if you know where to look.
You don’t need to add more debt to make up the cash deficit. Be the adult I wasn’t at the time and find a way to get the cash to make it happen.
Have a great week!
Grant
All views expressed on this site are my own and do not represent the opinions of any entity whatsoever with which I have been, am now, or will be affiliated. Information provided is authentic to the best of my knowledge, and as such, is prone to errors and the absence of key details. The content of this blog is for entertainment and informative purposes and should not be seen as professional advice to finances or any other field.