Financial Planning Made Easy – Ag Matters

If financial talk makes you sleepy, when the experts bring out the financial calculators you probably become comatose. But there's hope, Bonnie Collins with
Cornell Cooperative Extension says financial planning isn't about accounting for every penny.

Bonnie says planning is "about reflecting on a few important things" and roughing out the numbers.

• what percent of your income is produced from what resource.
• what is the maximum capacity you can reach with the resources you own
• what percent of your effort is required for each product you produce

Talking with fellow farmers can give you some insight into common problems other operations are experiencing as well as some trends in the farming business.  When to comes to financial planning, Cornell has plenty of helpful guidelines and workbooks at their website.

SOURCE: Cornell Cooperative Extension - Bonnie Collins