Where’s Your Wealth Stored and How Safe Is It? Banks and grain elevators are the pillars of many rural communities. It can seem like they’ve always been there and will always be there. Some grain farmers might have more money in grain at the elevator than they do in the bank. Regardless, the failure of […]
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Before buying or selling a farm, ask “Why?”
Note: This is part one of a two-part blog series on buying or selling a farm. For part two, “Selling a farm: capital idea or capital gains tax?” see here. You want to buy or sell a farm. Before you push a “For Sale” sign into the ground or negotiate with the owner, make sure […]
Don’t confuse money in the bank with profitability
You look at the December bank statement. It shows a checking account larger than a year ago. You’ve had a profitable year, right? Not necessarily. Just because you have money in the bank does not mean you made money. It may seem strange, but profitability and money in the bank are two different things, even […]