No Rest Farm
Well-known member
I've had a few cows for 5-6 years and currently have about 30 pairs and a few steers I raise to sell beef by the quarter or half. Im glad I started slow because it's really been a learning process. I've wanted to expand and farm full time but just haven't found the pasture to rent. It's looking like I'm going to get several opportunities this year which could result in running my numbers up to around 100 pairs.
So my question revolves around how to pay for the additional cows. I really don't want to keep heifers because it would take me a number of years to go from 30 to 100 cows. Almost everything I own is paid for except my house (about 5 years left on it). I'm 37 and would like to be full time farming in less than 3 years. This would be a huge step in that direction.
I think my two options are to borrow the money or to pull it out of my retirement plan. I'm a young guy and plan to farm until I'm dead so the cattle would sorta be my retirement anyway. I'm leaning toward my 401k because I think if I didn't owe anything I would have a lot better quality of life. I think it would also allow me to retain my best heifers for future expansion if I'm able to find more land instead of having to sell to make a payment.
It seems like a good time to buy into the market. I'm interested in any advice you may have for someone who is looking to really expand over the next few years.
So my question revolves around how to pay for the additional cows. I really don't want to keep heifers because it would take me a number of years to go from 30 to 100 cows. Almost everything I own is paid for except my house (about 5 years left on it). I'm 37 and would like to be full time farming in less than 3 years. This would be a huge step in that direction.
I think my two options are to borrow the money or to pull it out of my retirement plan. I'm a young guy and plan to farm until I'm dead so the cattle would sorta be my retirement anyway. I'm leaning toward my 401k because I think if I didn't owe anything I would have a lot better quality of life. I think it would also allow me to retain my best heifers for future expansion if I'm able to find more land instead of having to sell to make a payment.
It seems like a good time to buy into the market. I'm interested in any advice you may have for someone who is looking to really expand over the next few years.