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NW Missouri | Hi All,
I posted this in the cafe, but didn't get much response. Given this is cattle-related, I thought I'd try here.
I'm approaching 48 yo and currently working in a professional, "white collar" job. Over the last 8 years I have accumulated 550 acres of NW Missouri ground, mostly pasture, but approximately 200 acres would be good tillable ground. Right now everthing is in pasture / hay. I farm "part time" and currently run 120 momma cows, have two late model 100 HP tractors, a bobcat S250, and recent vintage full-compliment of hay equipment.
My kids are about done with college and my long-term goal was to "retire" and farm full-time when I reached 50. Here's the question: Farming is a very capital intensive business and I'd rather not aquire more land just so I can can farm full-time. (IOW, buy another 400 acres of good crop land). My children will mostly likely not farm and so I don't really want to tie up my capital in land. I also don't want to do the rental game in crops. I do have some capital as everything is paid for with the exception of the land (about 50% equity).
So, what would be a good way of increasing revenue / profit potential with the land that I have? I was thinking about building some cattle feeding barns and feeding out maybe 200-300 head in addition to my cow/calf operation. The idea is that I'll have lots more "time" to do work that is more intensive after my "retirement" that I don't have today. IOW, I'm looking for something that will provide a good return on my time as I'll have lots more of it, etc.
Any other ideas?
Thanks,
Tom
Edited by twabscs 11/28/2010 23:12
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Help with Retirement Plan
