Most major ag commodities and even farmland is some regions already are hitting historic levels. It's tough to find high-performing non-ag investment returns, particularly with the global uncertainties caused by skyrocketing U.S. federal deficit spending.
So if your plans for retirement or semiretirement are a bit hazy, you've got a lot of company. More importantly, you need to do something about it – no matter what your age.
That's why American Agriculturist is teaming up with N.Y. Farm Net and the J.W. Burns Company of Syracuse to host a special one-hour "Financial Essentials for Farmers" program on Friday, Feb. 25, at New York Farm Show. It starts at 1 p.m. in the Farm and Home Center's Bistro Room.
Thomas Humbert, director of development at J.W. Burns & Company, an investment advisory service based in East Syracuse, will tackle:
• Financial strategies for preparing for retirement or semi-retirement.
• Financial planning in these turbulent economic times.
• Easy ways to begin building nest eggs and investing.
• Tax-advantaged accounts such as Roth and traditional IRAs
Three take-home tips
Here are three points that Humbert will be elaborating on:
• Invest in yourself. Pay yourself first through education, learning and saving on a weekly basis. Always look to make calculated, profit-generating improvements in your operation – not just grow for growth's sake.
• Invest in great companies, with proven management, at cheap prices. Look to buy stock in companies with great products, consistent earnings increases and revenue power,, particularly with international exposure and demand.
Bonds may not be the strongest investment going forward for numerous reasons. U.S. currency issues directly relate to interest rate levels and inflation.