9 MONEY MAKING TIPS FOR PROFIFT – MINDED FARMERS
If you really want to make it as a farmer, you need to have some critical money sense. I am not an arm chair publisher, I move around a lot. I meet business people and great farmers and I have collected several money sense tips from them. Below are some of them for you:
1. It is dangerous to take a loan if you don’t have your main capital which should exceed the loan.
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2. A loan is worth taking only to increase your capital base or to make much more money than the original loan.
3. Discover the fact that money, lots of it, can be made in all occupations including farming.
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4. Remember the magic lesson for earning money. Put service and quality first and money takes care of itself.
5. Don’t spend more than you earn, and (if possible) set some cash aside for a special day.
6. A bad loan is never worth taking. That is when the money you are making from the loan is less than your expenses or when you are using the loaned money to buy liabilities or making frivolous trips instead of buying assets.
7. It is also a bad loan when you take a loan for consumption purposes. That is a sure way to bankruptcy, failure and shame.
8. Never begin a risky deal in your farming operations without doing thorough research and a complete study of all necessary information.
9. The greatest decision you can make in any business including farming is to reinvest your profits on a constant basis.
These are powerful tips that will help any profit minded farmer. Keep this article and go over it again and again until you begin to smile to the bank!