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Amherst WI | If you’re not used to it the amount of money flow on a farm it can be daunting.
I have a hard time understanding someone not having $1500 to fix their car, but they have a hard time understanding me walking out of the machinery dealer with $1500 in belts and filters for combine maintenance that fits in a medium box, and that’s nearly a weekly occurrence.
You need better records. He should be able to tell you that farm X yielded 178 bushels an acre and cost $3.81 per bushel to grow. There is no excuse for that. This also gives you insight on where to spend your time. Do you want to keep farming the land you lose $100/ac on an annual basis or do you want to spend more time in the one you make $100 on and could bump it to $125 with better management.
You should also be separating each group of cattle you buy into their own enterprise in a spreadsheet.
There is too much money flow in farming to just shoot from the hip, especially starting out. Over spending by 5% can mean you lost $50k pretty easily.
I speak from experience here, young people want to farm no matter what. But if they want to make it their business they need to start running it like one.
If you have a tech college with an ag class they can run numbers for you using finpak data.
Edited by hinfarm 12/1/2024 10:44
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Farm wife talking. Please help me understand
