How much is enough? Setting a realistic and achievable financial goal and how to obtain it
How much do you need to achieve financial independence?
Do you have this written down?
Have you completed a capital allocation plan to map out what you need to make in order to reach your goals?
Do you pay yourself the recommended salary of $115k per annum? Is this being paid before you calculate your net profit?
Do you know your return on asset ratio? Do you know why this is important?
Is your farm operating consistently at a 30% net profit figure, after paying yourself the $115k wage? Are you aware it’s very hard to run a business if your farm is not generating these returns.
Do you have an investment plan to reach financial freedom? Do you know what return you need from these off-farm investments to reach your goals?
These are just some of the things we discuss in today’s podcast.
If you have a goal to reach financial freedom, then this podcast is for you.
Please share this with other farmers.
P.S Whenever you’re ready…here are 3 ways we can help you grow your farming business:
1. Invest two day to transform your business at our TOP producers event - https://www.farmownersacademy.com/event/
Our new Facebook community is where smart farm owners learn how to get more profit, control and freedom, and you can connect with like-minded farm owners – click here to join.
4. Subscribe to our ‘Profitable Farmer’ podcast
This free audio podcast delivers ideas to help you run a great business – leading to more profit, control and freedom – click here.