> An important item here, as well as in the future, is to deal on a CASH basis. You MUST NOT borrow to pay later. I don’t want to give all the reasons for everything I’m recommending — you will have to trust them. Pay as you go, EXCEPT for a SINGLE exception (later stated) is the best.

A farm is a business. Starting a business on a cash-only basis is possible and arguably safer than borrowing, but it's very slow going.

The way most farmers get started is they take out a great stonkin' loan from the bank ($10mil+) and buy land, stock, machinery etc. They then run their newly established farm and try to turn enough of a profit to pay the interest plus a bit of capital.

That's why farmers tend to be "asset rich and cash poor" for the first 20-30 years and then (if they're both diligent and lucky) are suddenly super wealthy once they've paid their loans off.

(Source: dairy-farming relatives)