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| What your father said sounds like good advice. I hope nobody believes I am condeming them because they use debt. I am not. I believe each person is entitled to make that choice for themselves. I do believe an open honest conversation helps me and others learn about the subject and make better choices. I have bought livestock, machinery and land on debt, but I always tried to keep it reasonable and low enough % of the operation that it wouldn't kill my operation. The 50K worth of sheep that we bought to expand 8 years ago and were culled in 2 years made me glad I didn't get carried away (but they did about break even in the end). I'm not sure how to justify a 450K combine, but a $150K might work here. I have also noticed that lots of money tied in machinery has a tendency to become a smaller value over time. So I try to tie up only enough in the tractors/combines,etc... to do the job well.
And yes I enjoy farming. Dad said we would never get rich farming, but we do get to make a lot of our own choices.
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Debt is a tool
