Podcast Appearances
So my husband and I started our own hay business three years ago because it's always been his dream. And then we've just been building it up slowly as a side business alongside our regular jobs. Last year, we bought a $12,000 tractor that we still owe on, but that is 0% interest because it's just through a farmer, not a bank.
So my husband and I started our own hay business three years ago because it's always been his dream. And then we've just been building it up slowly as a side business alongside our regular jobs. Last year, we bought a $12,000 tractor that we still owe on, but that is 0% interest because it's just through a farmer, not a bank.
So my husband and I started our own hay business three years ago because it's always been his dream. And then we've just been building it up slowly as a side business alongside our regular jobs. Last year, we bought a $12,000 tractor that we still owe on, but that is 0% interest because it's just through a farmer, not a bank.
And then this year we bought a $20,000 tractor, so we would have two tractors and then just start upgrading our equipment slowly. And that tractor has a 8.4% interest rate through a bank.
And then this year we bought a $20,000 tractor, so we would have two tractors and then just start upgrading our equipment slowly. And that tractor has a 8.4% interest rate through a bank.
And then this year we bought a $20,000 tractor, so we would have two tractors and then just start upgrading our equipment slowly. And that tractor has a 8.4% interest rate through a bank.
My husband's point of view was that the tractor's profit that it would bring in would pay itself off in two years versus if we didn't get it right now, then we would probably be saving for about five years before we could afford it.
My husband's point of view was that the tractor's profit that it would bring in would pay itself off in two years versus if we didn't get it right now, then we would probably be saving for about five years before we could afford it.
My husband's point of view was that the tractor's profit that it would bring in would pay itself off in two years versus if we didn't get it right now, then we would probably be saving for about five years before we could afford it.
So we want to know if you think that it was a bad idea to invest in this equipment and if you think that we should just be cash flowing all of these big purchases since we're new to farming.
So we want to know if you think that it was a bad idea to invest in this equipment and if you think that we should just be cash flowing all of these big purchases since we're new to farming.
So we want to know if you think that it was a bad idea to invest in this equipment and if you think that we should just be cash flowing all of these big purchases since we're new to farming.
Yes.
Yes.
Yes.
Yeah.
Yeah.
Yeah.
Yeah, true.
Yeah, true.