New Farmer

[smstonypoint]

I do have the money to go to college without getting any debt, so that is what I plan to do.

I guess my advice of not buying equipment is falling on deaf ears. Between the JD hay equipment, a JD 6 or 7 series tractor, gooseneck trailer, skid steer, etc. That's enough money to equal at least two or three years of income on a farm that size. Maybe I'm crazy, but I thought the goal of any business was to make money, not buy toys.

So buying anything immediately should be put on the back burner. Get your plans setup first and then buy later.

The OP has deep pockets for a high school student. How he decides to empty those pockets is up to him, but somewhere along the line he will learn that farming has to be treated as a business if those pockets do have bottoms.

Steve

 

[smstonypoint]

I know it is a lot of money, but I don't plan to buy everything at one time. I will probably start off with the skid steer 18-20k, a JD 4010 5k and the gooseneck trailer 8,500-10k. I would use the gooseneck trailer to haul the tractor, skid steer and bales around. Verticaltrx I would take up your idea of buying bales for a few years and buy baling equipment overtime. I would use the skid steer to unload the bales from the guy that I bought them from and I would use the skid steer to clean the barn, and put bales into the cow enclosure in the winter. So I would spend around 35k to start out and wouldn't buy anything for a few years. Do you think this is a good idea?

Tell us about your business plan. If you don't have a plan, no one can tell you whether you have a good idea. Here's a resource that you could use in developing a plan: http://www.beginningfarmers.org/farm-business-planning/.

Steve

 

[Farming5]

I plan to get most of my money from the soybean/wheat harvest every year, and then some money from the cow milk and selling bull calves when grown enough. I might plow driveways in the winter or sell firewood to make a little extra cash.

 

[smstonypoint]

I plan to get most of my money from the soybean/wheat harvest every year, and then some money from the cow milk and selling bull calves when grown enough. I might plow driveways in the winter or sell firewood to make a little extra cash.

Those are potential enterprises. You need to tell us about the projected revenues and costs associated with the various enterprises.

Steve

 

[Egbert]

I'm reading an extremely optimistic plan. Well, God bless ya' Like others, I suggest taking small bites of this apple.

 

[wolftree]

Farming5,

Do you actually plan to be able to live off of your share of this venture? I do not see enough income at this point. You have only spoke of vague means to make an income.

 

[D7E]

I plan to get most of my money from the soybean/wheat harvest every year, and then some money from the cow milk and selling bull calves when grown enough. I might plow driveways in the winter or sell firewood to make a little extra cash.

Dont plan on wheat making any money i only grow it for rotation . Lower your sights on the machinery for a while . Use the uncles 4430 for the big work for now and buy a smaller older loader tractor for the hay .

 

[Farming5]

That is what I said I would buy a JD 4010 to handle the hay.

 

[7879fordman]

Question since you and your uncle is buying this said farm is your name going to be on the note or deed ???

Sent from my iPhone 5 using TractorByNet

 

[Farming5]

My mom and my uncle are buying it so I don't exactly know.