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POSITIONING FOR SUCCESS
Macro Clinic Video Blog: http://agstar.com/edge/
Road Warrior of Agriculture: www.cornandsoybeandigest.com
Ag Globe Trotter: www.northwestfcs.com
Dave’s GPS & Dashboard Indicators: www.farmermac.com
Dr. David M. KohlProfessor Emeritus, Agricultural and Applied Economics
Virginia Tech, Blacksburg, VA
(540) 961-2094 (Alicia Morris) | (540) 719-0752 (Angela Meadows) | [email protected]
February 9, 2017
Four Cornerstones of Success
2
Planning Strategizing
Execution Monitoring
Business
&
Lifestyle
Success
Crossroads for a Better
Borrower/Business
Better Borrower/Business Questions: Yes No
1. Do you have a one page recovery plan?
2. Do you have business goals for one and five years?
3. Do you have a projected cash flow?
4. Do you check credit score and get report?
5. Do you practice modest family living?
6. Do you invest in productive assets?
7. Do you work with a team of advisors?
8. Are you open to education and seek education opportunities?
9. Do you plan, strategize, execute, and monitor?
10. Do you have an accurate balance sheet and income statement?
3
Goal Setting
establish or update
family, business, personal
six degrees of goal setting
80-16-4 Rule
S.M.A.R.T. goals
4
Family Living Budget
$65,000 to $90,000 average
high & low - $60,000 competitive edge
non-farm capital expenditures
Family Living Rule
Corvette Rule
5
Time Management Rules
part-time: small business owner- 500/1000
hour rule
full-time: 3,000/500 hour rule
high tech: 2,500 hour rule
younger & older generation views
business and lifestyle
Financial Tips for Women
Are you investing 5%-10% of net farm income outside of
the farm business?
Do you teach the 50-25-25 rule of finance to your
children/youth?
Do you plan to have your kids pay for some of their
college expenses?
Do you know what you are financially obligated for?
In your family transition plan, do you follow the 3-1-1
rule?
Do you meet with lender and financial advisor in person
annually?
8
