Why Dave Ramsey's Advice Doesn't Work for Farmers and Ranchers

Is Debt Really the Enemy?

Dave Ramsey’s philosophy is clear: debt is bad, and his advice on paying it off works well for W-2 employees. But is this approach suitable for everyone, especially farmers and ranchers? I've had several customers compare me to Dave Ramsey, but I approach financial advice very differently, especially when it comes to the ag industry.

Why Ramsey’s Advice Isn’t for Farmers

Ramsey’s strategies are tailored for those with a steady paycheck and a clear income ceiling. But as a farmer or rancher, your income is tied directly to your operation's growth and success. Debt, when managed correctly, can be a powerful tool for growth. In fact, in our industry, it's nearly impossible to expand without taking on some level of debt.

At Legacy Farmer, we don’t just focus on avoiding debt—we teach how to manage it strategically. Knowing your numbers and having a sound business strategy is crucial. Carelessly accumulating debt can be disastrous, but using it wisely can take your business to the next level.

The Reality of Big Business

Another point to consider is the business side of Ramsey’s own life. Ramsey runs a massive operation with a significant marketing budget and a large team. His personal financial strategy likely differs from what he advises for others. For business owners, reinvesting in their own operations often yields a much higher return than external investments like mutual funds. This is particularly true in the farming and ranching industries, where the returns on your business can far exceed those from traditional investments.

Farmers and Ranchers: Take Control of Your Finances

The vast majority of farmers and ranchers are in debt, and managing that debt effectively is critical for long-term success. It’s your responsibility as a business owner to understand where your money is going, identify gaps, and close them. Many operations lose significant money each year simply because they lack the proper systems to track their finances.

At Legacy Farmer, we help farmers and ranchers transition from financial chaos to clarity and confidence. We show you how to stop bleeding money and set up a sustainable plan to achieve your long-term goals.

If you're ready to take control of your operation's finances, I invite you to schedule a free call with our team. We'll get to know you, and assess if we’re a good fit to work together, and if we are, we’ll help you build a path to financial success. Click the link below to get started.