I’m $500k in Debt After Buying a Farm

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 20 June 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel & Jade Warshaw. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.8	Joining me today is Ramsey personality, Rachel Cruz.
0:15.8	Nathan starts this hour off in South Dakota.
0:19.1	Hi, Nathan, welcome to the Ramsey Show.
0:21.6	Hi, Dave and Rachel.
0:22.7	Thank you for taking that call.
0:24.0	Sure.
0:24.5	What's up?
0:25.2	Yeah, so I'm a 22-year-old farmer, and I recently, in an attempt to grow my operation, bought a piece of land.
0:35.3	So between the land loan and an operating loan, I have about $500,000 debt. So the land loan
0:44.2	is $475,000. And it was just a couple months ago that I bought that. And it's just starting to
0:51.1	sit in now. I'm going to be paying this off for the next 30 years,
0:56.4	and I guess I just wanted to get your input on what the best way to tackle that would be.
1:02.5	That scares me to death.
1:05.2	Does it not scare you?
1:08.9	Yes, it is.
1:11.2	I mean, my chest is tight, and I don't owe the money.
1:15.1	Yeah.
1:15.8	Wow, man.
1:17.5	You're not freaked out at all?
1:19.8	Well, I am.
1:21.0	I mean, farmland is terribly expensive, and it's always, I mean, I've always been taught by my dad and other farmers
	...

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