Invited by a former ag retailer and farmer to conduct an investing workshop, I was once again surprised by how few had heard of the “Rule of 72.” While working through this simple formula someone asked, “Why don’t they teach this in school?”
Tag Archives finances
The ‘Rule of 72’: Why don’t they teach this in school?
Investing for Fun & Profit: A couple of important but simple math exercises for those new to investing
To debt, or not to debt?
As we head further into 2025, will more debt be essential for a farm’s success?
Glacier FarmMedia — There are many pressures on the agriculture industry and its individual businesses. Our farms are expected to do more at every turn. Every sector is feeling the effects of those expectations. And you don’t need to go far to find a farmer who will tell you the cost underpinning all the programs, […] Read more
Practical strategies to stay financially organized on your farm
Seeds of Encouragement: Managing the farm’s day-to-day is one thing; keeping its books up to date is quite another
Elaine writes: It’s a new year and time for a fresh start in getting your important farm details in order. Alyssa Brown, CPA, from Olds, Alta., is part of our coaching team. She grew up on the farm and now advises farmers how to make life better. Here’s her encouragement to you at the start […] Read more
Farm Credit Canada funds alternative lending company
Farm Credit Canada (FCC) pledged up to $60 million to Glengarry Farm Finance Corporation to provide financial backing to farmers with credit issues, the firms announced yesterday.
Finding a ‘bridge’ over transition waters
A will or partnership agreement is important, but is not a farm succession plan
Maggie Van Camp understands the challenges as well as the tremendous value of farm succession planning. She’s been on that road a couple of times in her life as a seventh-generation Ontario farmer, as well as a communicator and agricultural consultant. The first time was after the sudden death of her husband in a farming […] Read more
Fraudsters bringing bigger phish to farms
An ATB rep suggests the time has come for you to stop writing physical cheques
Glacier FarmMedia — The time has come for you to step up your cybersecurity against rising levels of financial fraud that have cost some producers tens of thousands of dollars. “It’s unbelievable the amount of cases that have come through our organization in the last year and a half,” says Jonathan Neutens, head of agriculture […] Read more
Create more financial transparency with your farm team
Farm partners need to be able to be frank about their financial realities
Where is “You don’t talk about money!” written in the farm family rule book? Recently on a coaching call, a farm family admitted a huge “undiscussabull” within the family had caused great stress to their over-40-year-old son. This non-farming son did not have any clue about the profitability of the farm, what the parents needed […] Read more
Why power of attorney is important
For older farmers, it can provide financial protection and peace of mind as they age
Recently a friend was teary as she told me about a sudden change in her mom’s health. When I asked if she had power of attorney for her mother, her answer was a resounding “no way.” Her mom was procrastinating on seeing a lawyer to draw up necessary documents to protect her future. Are you […] Read more
Important to critically think about ‘stuff’
Before spending, ask yourself if some new tool or capital purchase is a need or a want
I bet that most of us have a lot of “stuff” on our ranches. The stuff I am referring to is anything that is not water, grass or cows. These could be considered the three parts of the ranching picture, and the stuff is what helps us manage those three parts. Stuff includes things such […] Read more
Froese: Really love the next generation with decent compensation
And remember — if you are going to use sweat equity you must predetermine the value
My farmer came in for lunch to warm up and was reluctant to head back outside feeling chilled. His labour is now being compensated by a buyout plan from our successor son. What’s keeping me on the hot side today is processing the coaching conversations where the next gen is working for “free,” that is, […] Read more
Cyber-Savvy Farmer
