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Re: Cattle loan

Posted: Sun May 12, 2019 9:32 am
by Bfields30
talltimber wrote:
Sun May 12, 2019 6:17 am
Your vet must moonlight here in this area. Idk that it's always a vet doing it, but I've bought some that was way off the others in the group of "third" stage. Like three months off. Could have been the sorters too
I had a vet tell me a cow was open in January calved Month ago had nice baldie bull calf.

Re: Cattle loan

Posted: Sun May 12, 2019 6:42 pm
by DCA farm
Bfields30 wrote:
Sun May 12, 2019 9:31 am
T & B farms wrote:
Sat May 11, 2019 9:27 pm
I’m not sure about everyone else, but I haven’t had the best luck with heavy breds calving when they are supposed to. Apparently some of the vets around here are not very good at palpation.
If you can find some nice young to mid aged pairs for 1200$ that’s what I would do.
Yeah I’m just going to go with the pairs
Faster return on investment

Re: Cattle loan

Posted: Sun May 12, 2019 6:53 pm
by DCA farm
Bfields30 wrote:
Sun May 12, 2019 9:32 am
talltimber wrote:
Sun May 12, 2019 6:17 am
Your vet must moonlight here in this area. Idk that it's always a vet doing it, but I've bought some that was way off the others in the group of "third" stage. Like three months off. Could have been the sorters too
I had a vet tell me a cow was open in January calved Month ago had nice baldie bull calf.

Bought a bred cow in September supposed To calve in March turned young bull out on some open cows in November she was first cow he bred (No March calf)

Re: Cattle loan

Posted: Tue Jun 18, 2019 7:48 am
by Bfields30
Image
Few days old bull calf

Re: Cattle loan

Posted: Tue Jun 18, 2019 9:43 am
by Brute 23
DCA farm wrote:
Sat May 11, 2019 10:45 am
As far as the loan goes if i borrow I borrow from my self (401k) that way cows are paid for I only pay myself back and they hold it out of my paycheck so I ain’t gotta worry about nothing. If I loose my job the loan pays its self off so I don’t loose the job and the cows
If you lose your job or change employers, your entire 401(k) loan balance is due within 60 days. If you can't repay it, the IRS and your state treat the funds as a withdrawal. You will owe all federal and state income taxes on it, plus an additional 10 percent penalty tax if you are under the age of 59.5 years old.

Copied that word for word. 401K loans are extremely risky. Much better off at your bank.

Re: Cattle loan

Posted: Tue Jun 18, 2019 4:24 pm
by Workinonit Farm
Brute 23 wrote:
Tue Jun 18, 2019 9:43 am
DCA farm wrote:
Sat May 11, 2019 10:45 am
As far as the loan goes if i borrow I borrow from my self (401k) that way cows are paid for I only pay myself back and they hold it out of my paycheck so I ain’t gotta worry about nothing. If I loose my job the loan pays its self off so I don’t loose the job and the cows
If you lose your job or change employers, your entire 401(k) loan balance is due within 60 days. If you can't repay it, the IRS and your state treat the funds as a withdrawal. You will owe all federal and state income taxes on it, plus an additional 10 percent penalty tax if you are under the age of 59.5 years old.

Copied that word for word. 401K loans are extremely risky. Much better off at your bank.
What Brute has posted, is correct. Borrowing against one's 401K can be more costly than a standard bank loan.

Re: Cattle loan

Posted: Tue Jun 18, 2019 4:50 pm
by callmefence
Right now in central Texas the best deals I'm seeing come through the sales are young. Moderate framed heavy breds.
For 11/2 of those old skinny cows you can get a 2-3 year old with a 7-8 on her hip. It's a good time to buy some cattle that could hang around for awhile, or be sold for a pretty quick check.

Re: Cattle loan

Posted: Wed Jun 19, 2019 6:56 am
by Coosh71
callmefence wrote:
Tue Jun 18, 2019 4:50 pm
Right now in central Texas the best deals I'm seeing come through the sales are young. Moderate framed heavy breds.
For 11/2 of those old skinny cows you can get a 2-3 year old with a 7-8 on her hip. It's a good time to buy some cattle that could hang around for awhile, or be sold for a pretty quick check.
Fence is right! I was at the sale yesterday and some middle aged bred cows and pairs sold for $1000. If a guy had sone extra pastures and some cash, he'd be in a good good place. It is definitely a great time to buy cows and pairs.

Re: Cattle loan

Posted: Wed Jun 19, 2019 9:41 pm
by DCA farm
Brute 23 wrote:
Tue Jun 18, 2019 9:43 am
DCA farm wrote:
Sat May 11, 2019 10:45 am
As far as the loan goes if i borrow I borrow from my self (401k) that way cows are paid for I only pay myself back and they hold it out of my paycheck so I ain’t gotta worry about nothing. If I loose my job the loan pays its self off so I don’t loose the job and the cows

I try not to borrow money for cows but I have the loan o have left on some is only a balance of $600 could pay it off if I wanted to but it will be paid in 5 months I wouldn’t take a large amount Couple grand every 2 years it’s easy to cover if I had to

If you lose your job or change employers, your entire 401(k) loan balance is due within 60 days. If you can't repay it, the IRS and your state treat the funds as a withdrawal. You will owe all federal and state income taxes on it, plus an additional 10 percent penalty tax if you are under the age of 59.5 years old.

Copied that word for word. 401K loans are extremely risky. Much better off at your bank.

Re: Cattle loan

Posted: Thu Jun 20, 2019 9:28 pm
by Bfields30
Had cow from loan have another calf last night bad storm came through east Tx as well

Re: Cattle loan

Posted: Mon Jun 24, 2019 1:37 pm
by backhoeboogie
Son of Butch wrote:
Sat May 11, 2019 3:02 pm
1875 is too much for the 3 n 1s
1200 for pairs is doable depending on age, BCS, good mouths, ect.
Remind me... you already have a proper working brangus bull, correct?

I know nothing of Texas. What are your ideal months for calving in your area?
I would advise to only consider buying animals that fit your ideal timing.
It's your money, be choosy spending it.
I mean, why buy trouble or a pain in the butt with spread out calving dates?
We can calve year round here in Texas. I prefer not to calve in July or August. There is advantage to buying good cows that calve in off times for folks who prefer a calving season because we can get them cheap. Buying a group that calve in October for way under the market price suits me just fine. I'll just deal with a spread out season.

Re: Cattle loan

Posted: Mon Jun 24, 2019 1:52 pm
by TexasBred
Workinonit Farm wrote:
Tue Jun 18, 2019 4:24 pm
Brute 23 wrote:
Tue Jun 18, 2019 9:43 am
DCA farm wrote:
Sat May 11, 2019 10:45 am
As far as the loan goes if i borrow I borrow from my self (401k) that way cows are paid for I only pay myself back and they hold it out of my paycheck so I ain’t gotta worry about nothing. If I loose my job the loan pays its self off so I don’t loose the job and the cows
If you lose your job or change employers, your entire 401(k) loan balance is due within 60 days. If you can't repay it, the IRS and your state treat the funds as a withdrawal. You will owe all federal and state income taxes on it, plus an additional 10 percent penalty tax if you are under the age of 59.5 years old.

Copied that word for word. 401K loans are extremely risky. Much better off at your bank.
What Brute has posted, is correct. Borrowing against one's 401K can be more costly than a standard bank loan.
This "May" be the case. Many companies will allow you to keep your 401-k in their program after you separate as well as maintain your loan as long as payments are made. There is no additional risk for the lender.