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Financing your herd.
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<blockquote data-quote="eric" data-source="post: 137920" data-attributes="member: 7"><p>I guess I am in the minority here. While I do pay cash for my cattle and farm expenses, it is not a full time business for me. In my business, I always prefer to use the banks money for large purchases. I like to see my money in the bank, so it will be there when I get older or if I have an emergency nowadays. While the bank surely would require you to put up your house/land as collateral for loan, that's just more of an incentive for you to make a profit . Use your savings to make payments in the lean months when you dont have enough profit to cover the payment, but hopefully those will be few and far between. But at least you'll have the savings available if you need it. </p><p></p><p>Again, the best solution would be to start out with fewer cattle, say 10 bred / prs @$1200 ea., and pay cash up front for them, just dont drain the savings yet! You'd be amazed at how fast the herd wil grow for ya. 10 bred prs = 20 calves next spring / rebreed cows and 10 calves next spring/fall= 20 more in 2 yrs. It will add up quickly.</p></blockquote><p></p>
[QUOTE="eric, post: 137920, member: 7"] I guess I am in the minority here. While I do pay cash for my cattle and farm expenses, it is not a full time business for me. In my business, I always prefer to use the banks money for large purchases. I like to see my money in the bank, so it will be there when I get older or if I have an emergency nowadays. While the bank surely would require you to put up your house/land as collateral for loan, that's just more of an incentive for you to make a profit . Use your savings to make payments in the lean months when you dont have enough profit to cover the payment, but hopefully those will be few and far between. But at least you'll have the savings available if you need it. Again, the best solution would be to start out with fewer cattle, say 10 bred / prs @$1200 ea., and pay cash up front for them, just dont drain the savings yet! You'd be amazed at how fast the herd wil grow for ya. 10 bred prs = 20 calves next spring / rebreed cows and 10 calves next spring/fall= 20 more in 2 yrs. It will add up quickly. [/QUOTE]
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