Advice for beginners.

[Danno067]

In possibly a continuation of Kays post, I have a question for the "more experience farmers" on here.

In looking back on your past, what advice would you give to young or beginning farmers?

[BA Deere]

I started in the 1980`s, I saw bigshots going broke as I started.  I thought I was smart and learning a lesson at their expense, however I was too cautious and that cost me, it was a once in a lifetime oppotunity right under my nose and I couldn`t see it, stupid stupid stupid!  So, if I could give my "1980`s self" advice, it would be to buy buy buy...just get it bought and let it pay for itself, the trend was your friend.  Just find a "chair" by 2008 and coast because "September 2013 was the day that music died".

We`re in a new ball game now, I have no idea how this will play out.  Maybe we`ll get a worldwide drought to bail us out on prices...if we don`t it could be lean years ahead. Just discard all the economic factors, looking at technology alone.  We aren`t that far away from tractors driving themselves, that sort of prices the beginner out of the game. 

Maybe we`ll have perennial seed corn one day soon.  Corn will be seeded once evey 5-10 years and those affording that technology won`t have tillage expense for years or seed expense.  I know it sounds far fetched and science fiction, but our future has alot of wild cards.  I should probably be content that I`m not too far away from getting a AARP card in the mail and none of my kids have an interest in farming.   🙂

[kraft-t]

You need to court landowners. Be likeable and ambitious. When you rent a farm appreciate it and let the landowner know that, Plus look out for their interests as much as your own. They will reward you with a long time association. I rented from one family for 27 years and then they sold me the farm.

Forget that greedy landlord nonsense. They are no more greedy than you are for wanting another dime for your corn. Don't blame others for your short comings. Make your own way and learn from your mistakes and try not to repeat them. Work hard and work smart whch means look out for opportunities. Your time is valuable. keep an open mind as to how you can capitalize on it. What can you do to bring an extra buck into your possession.

You're not a nine to five guy looking forward to a collapse on the couch at quitting time. Think of another task that will make you or save you money.

Don't waste too much time on the internet. That's for us old coots that don't want to work any more.

[idalivered]

I've always tried to pay ahead on loans. It's fine and good to make scheduled loan payments, but even small prepayments can cut alot off the back end and total payments. If you've got an extra $1500, pay ahead. ,You're gonna spen it anyway. I've had many years where I did not contribute to my retirement account, because the a farmland loan had a higher interest rate than my SEP was paying and I felt that was a bigger benefit. Ultimately, only you can know what is profitable for your operation. You can ask us for advice, but you still can ignore it and good for you! we've forgotten more than you know anuyway. .

[idalivered]

I've been told you can marry more in a half hour than you can make in a lifetime.

[hardnox604008]

Walk when everybody else is running, be ready to run when they're walking.

[Kay/NC]

One thing you really should do, since time is a wonderful variable that you only get to redeem by starting young, is to start saving for your retirement now. Make it a priority, and do not raid it for short-term objectives. You can use Roth IRAs for starters, or max your company's match on a 401(k).

Having a nest egg in place gives you some peace of mind, which is priceless. You will not feel as pressured to catch up, as perhaps some of us do.

Always remember that of a deal looks too good to be true, it probably is....

When possible, work smarter, instead of harder. My knees would be better if I had done this sooner.

Put family first. You will not have anything truly important in the way of regrets, if you do.

Remember that "No" is sometimes the best answer someone can give you, for your sake, no matter how much you may wish otherwise.

If you ever hear a small voice in your head telling you something is wrong with a situation/offer/relationship, listen to it.

Never work when you are too tired to do so safely. 'Nother one learned the hard way....

[Danno067]

Thanks everyone. I appreciate your honesty. I'm always trying to be better and more efficient at what we do.

[farmerguy89]

Yup. Buy low, sell high. Isn't that what the investor ppl say?

For ex:Why start a cattle business Nownwhen your equity will be on Oblitterated when the cattle commodity makes a move lower. Everyone who's big started when your best prospect was breakeven or a little better. The thing is, when you get long term control of assets at low costs, they generally stay low cost when conditions improve

[Jim Meade / Iowa City]

Find a CPA and lender you trust and use them.  Learn how to market (it's a continual process).  Life and farming progress through phases and stages.  Try to be where you should be for your age, size and goals.  Involve your wife in the farm and also take time for the family.  Be progressive but don't walk point.