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Round Baler Question?
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<blockquote data-quote="Bez!" data-source="post: 194769" data-attributes="member: 2830"><p>Alright. I am probably old enough to be your Dad. You can take this advice, or flush it - choice is yours.</p><p></p><p>If your baler is working and you have cash - repeat - cash - to pay for a new one. Do not buy your baler yet!!</p><p></p><p>Do not buy your wrapper yet.</p><p></p><p>Leave your cash in the farm account. </p><p></p><p>If you do not have the cash - then find out what your annual payment towards a new baler would be. Start making that payment to yourself - when you can pay cash - then consider buying. If you can pay yourself - good. Better to find out if you can make the payment this way than the hard way.</p><p></p><p>If you are able to find a used wrapper that you can pay cash for - then buy it - ONLY if you believe it will create a higher quality feed that will in turn bring you more money. If it will not bring you more money - then leave it be.</p><p></p><p>Remember that for you to be well protected your first priority should be to have at least three years of operating capital in the bank. I mean this stongly!!!!</p><p></p><p>If I were to completely cut off your cash flow - right this minute could you last for three years? I used to believe two years was enough - but we are in our third year of disaster here - and it is tough to hang on. Wife works off farm and I work off farm - we can only hope to hold on.</p><p></p><p>Now - when prices are high - you should be socking away the cash. NOW!! If you are as young as I suspect, you will not have the memories of folks losing their operations due to low commodity pricing.</p><p></p><p>Save your coin and operate cheap. CHEAP!!!!</p><p></p><p>While I hope it does not happen, when the hard times hit you will be thanking me. If you are one of the dreaded hobby guys - :lol: :lol: :lol: :lol: - what happens if your job goes south and you cannot find new employment?</p><p></p><p>Please forgive my lecture - I am living this now - prepare for the worst and plan for the best.</p><p></p><p>I wish you all the best.</p><p></p><p>Bez!</p></blockquote><p></p>
[QUOTE="Bez!, post: 194769, member: 2830"] Alright. I am probably old enough to be your Dad. You can take this advice, or flush it - choice is yours. If your baler is working and you have cash - repeat - cash - to pay for a new one. Do not buy your baler yet!! Do not buy your wrapper yet. Leave your cash in the farm account. If you do not have the cash - then find out what your annual payment towards a new baler would be. Start making that payment to yourself - when you can pay cash - then consider buying. If you can pay yourself - good. Better to find out if you can make the payment this way than the hard way. If you are able to find a used wrapper that you can pay cash for - then buy it - ONLY if you believe it will create a higher quality feed that will in turn bring you more money. If it will not bring you more money - then leave it be. Remember that for you to be well protected your first priority should be to have at least three years of operating capital in the bank. I mean this stongly!!!! If I were to completely cut off your cash flow - right this minute could you last for three years? I used to believe two years was enough - but we are in our third year of disaster here - and it is tough to hang on. Wife works off farm and I work off farm - we can only hope to hold on. Now - when prices are high - you should be socking away the cash. NOW!! If you are as young as I suspect, you will not have the memories of folks losing their operations due to low commodity pricing. Save your coin and operate cheap. CHEAP!!!! While I hope it does not happen, when the hard times hit you will be thanking me. If you are one of the dreaded hobby guys - :lol: :lol: :lol: :lol: - what happens if your job goes south and you cannot find new employment? Please forgive my lecture - I am living this now - prepare for the worst and plan for the best. I wish you all the best. Bez! [/QUOTE]
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