Episode Summary
This week on Pioneer Mindset, I dive into financing options for purchasing inputs. Whether you're booking chemicals, crop protection products, or considering equipment financing through options like John Deere Financial or Rabobank, this episode goes into different options farmers should consider when it comes to financing options. I share some of my own personal experiences with different financing options and how they can affect things like managing cash flow, the impact on balance sheets, and avoiding disorganization.
In this week's episode I share some of my own key financing takeaways:
- Types of Financing: John Deere Financial, Rabobank, and others for securing inputs like chemicals and crop protection.
- Pros of Financing: Potential savings on interest (e.g., saving $5,800 for a $70,000 investment), freeing up operating funds, and being able to allocate cash flow elsewhere in the operation.
- Cons of Financing: Confusion and difficulty managing finances, the risk of creating bad spending habits, and the potential for disorganization to cost more than the savings.
- Managing Accounts: The challenges of tracking liabilities, interest rates, and cash flow when using various financing options, including credit cards.
- Staying Organized: The importance of organization in avoiding financial pitfalls and maintaining clear, confident decision-making in farm management.
Resources & Links:
- Check out my free training here to learn more about how I can help you create strategies for better financial management and decision-making on your farm.
Connect with Garrett:
Make sure to hit follow/subscribe so you never miss an episode!
