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<blockquote data-quote="cpaer" data-source="post: 1314191" data-attributes="member: 24933"><p>Fellows:</p><p></p><p>I am reminded of the question on posed to a fellow that had won a million dollars as to what he would do with the money. He relied that " I guess I will ranch until it is all gone".</p><p></p><p>You boys should remember at the cows will pay the interest but only when you sell the land will you make any money. The cow business requires a lot of money and if you try to start and stay in the business on borrowed money, you will fail. I say this as a CPA of 50 years experience and a cow herd of 250 head. I started in the cow business at age 51 with NO debt of any nature and $150,000 in cash. In our country, Montana, a million will not take you very far if you are just starting out.</p><p></p><p>However, if you own cattle for "the use o f them"(hobby) then my observations do not apply.</p></blockquote><p></p>
[QUOTE="cpaer, post: 1314191, member: 24933"] Fellows: I am reminded of the question on posed to a fellow that had won a million dollars as to what he would do with the money. He relied that " I guess I will ranch until it is all gone". You boys should remember at the cows will pay the interest but only when you sell the land will you make any money. The cow business requires a lot of money and if you try to start and stay in the business on borrowed money, you will fail. I say this as a CPA of 50 years experience and a cow herd of 250 head. I started in the cow business at age 51 with NO debt of any nature and $150,000 in cash. In our country, Montana, a million will not take you very far if you are just starting out. However, if you own cattle for "the use o f them"(hobby) then my observations do not apply. [/QUOTE]
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