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<blockquote data-quote="eric" data-source="post: 138686" data-attributes="member: 7"><p>Jeremy, let me see if I have this picture correct. You are 26 yrs old, both you and your wife work, and you want to borrow $12k to buy cattle? <strong>And you have a new baby on the way?</strong> If you cant afford to buy a few head outright for cash, then maybe this isnt the time for you to be in the cattle business. You've already stated that your living expenses take up most of your income, and that's before the cattle and the new baby! You are one missed paycheck or one dr visit or one good vet bill away from financial disaster. If you dont have $12k saved up by now, then good lord, get your families finances in order before you even think about buying cattle. Whether you know it or not, your wife is gonna be off work for a little while after baby is born. I can tell by your post about expenses that you have done very little research into this, since you have <em>$10,000 </em>for hay and new equipment and this and that and all kinds of other stuff that most of us would never buy new. So the only bright light to be seen from this is that at least no banker will loan you any money after reviewing your numbers. </p><p></p><p>And by the way, as for the $12k, do you think that bankers are just lined up to give away loans (and extra $$ just in case) to people with no experience with cattle? Unless you are willing to make it worth their while, such as putting up your current home and/or vehicles as collateral, then you can probably rule out the bank as a partner in this endeavor also. Seriously, get some money saved up for the baby and quit living paycheck to paycheck before you get into the cattle business. The last thing you need to do is to have to decide which one to feed, the cattle or the kid because you cant afford to feed both! And everyone who sells cows because they have to, makes alot less money then folks who decide to sell when they want to! </p><p>Not beating you down intentionally, because most of us were in your shoes at one time, champaign dreams and beer budgets, but those of us who waited awhile and got our family / finances a little more stabilized probably dont regret waiting a little longer. Living on a farm / raising cattle is a great way of life , but it sure aint a cheap one. Start slow, and stay out of debt. Good luck!</p></blockquote><p></p>
[QUOTE="eric, post: 138686, member: 7"] Jeremy, let me see if I have this picture correct. You are 26 yrs old, both you and your wife work, and you want to borrow $12k to buy cattle? [b]And you have a new baby on the way?[/b] If you cant afford to buy a few head outright for cash, then maybe this isnt the time for you to be in the cattle business. You've already stated that your living expenses take up most of your income, and that's before the cattle and the new baby! You are one missed paycheck or one dr visit or one good vet bill away from financial disaster. If you dont have $12k saved up by now, then good lord, get your families finances in order before you even think about buying cattle. Whether you know it or not, your wife is gonna be off work for a little while after baby is born. I can tell by your post about expenses that you have done very little research into this, since you have [i]$10,000 [/i]for hay and new equipment and this and that and all kinds of other stuff that most of us would never buy new. So the only bright light to be seen from this is that at least no banker will loan you any money after reviewing your numbers. And by the way, as for the $12k, do you think that bankers are just lined up to give away loans (and extra $$ just in case) to people with no experience with cattle? Unless you are willing to make it worth their while, such as putting up your current home and/or vehicles as collateral, then you can probably rule out the bank as a partner in this endeavor also. Seriously, get some money saved up for the baby and quit living paycheck to paycheck before you get into the cattle business. The last thing you need to do is to have to decide which one to feed, the cattle or the kid because you cant afford to feed both! And everyone who sells cows because they have to, makes alot less money then folks who decide to sell when they want to! Not beating you down intentionally, because most of us were in your shoes at one time, champaign dreams and beer budgets, but those of us who waited awhile and got our family / finances a little more stabilized probably dont regret waiting a little longer. Living on a farm / raising cattle is a great way of life , but it sure aint a cheap one. Start slow, and stay out of debt. Good luck! [/QUOTE]
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