Episode Summary

Welcome back to this week's episode of Pioneer Mindset where I sit down with insurance agent, Landon Shafer and we dive into different strategic options to protect your operation!

Navigating crop insurance decisions requires a strategic and informed approach to protect both revenue and yield. With tight margins and an ever-changing market landscape, farmers must move beyond making the same choices year after year and instead focus on making intentional, data-driven decisions. Understanding break-even projections, revenue guarantees, and available coverage options is crucial to mitigating financial risks.Additionally, broader insurance options for livestock and forage present opportunities for farmers to safeguard their entire operation.Check out this week's episode for more!

Key points from this week's crop insurance conversation with Landon Shafer:

• Break-even Analysis: Knowing break-even yields and costs is critical for making informed coverage decisions.
• Strategic Decision-Making: Crop insurance should be a business decision, not an emotional or habitual one.
• Hail and Wind Coverage: Rising costs require producers to reassess deductibles and coverage levels to balance affordability with protection.
• Livestock Insurance: High prices make revenue protection policies like LRP and LGM valuable tools for managing risk.
• Customizing Coverage: Farmers should assess their unique risk tolerance and adjust policies accordingly, rather than opting for a one-size-fits-all approach.
• Value vs. Premium Costs: The focus should be on maximizing coverage value rather than just minimizing premiums.
• Annual Reassessment: Because conditions change yearly, reviewing and adjusting coverage options is essential for optimizing risk management.

Resources & Links:

• To learn more about how I can help you achieve financial clarity and confidence through essential tools and systems, check out my free training here!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!

Episode Summary

Planning for the unexpected is crucial for farmers and ranchers, whether operating solo or within a family business. Without a clear plan, a sudden accident, disability, or death can turn a once-thriving operation into a burden for loved ones. To prevent chaos, it's essential to document daily processes, financial details, and contingency plans to ensure smooth continuity. Proactively addressing these concerns may be uncomfortable, but it is far better than leaving loved ones to navigate a crisis unprepared.Tune into this week's episode for actionable tips on how to set your business up to continue when the unexpected happens.

Key takeaways from this week's episode on how to prepare for the unexpected:

• Decentralized Operations – Even in a one-person business, someone else should be familiar with daily tasks.
• Record-Keeping – Maintain detailed records of assets, debts, contracts, and operational processes.
• Financial Planning – Assess life insurance coverage, disability insurance, and savings to ensure financial security.
• Income Stability – Evaluate how many months of expenses are covered by savings in case of injury or inability to work.
• Family Considerations – If the primary provider is lost, ensure plans are in place for the family's financial stability.
• Proactive Mindset – Thinking through worst-case scenarios now can prevent major hardships later.

Resources & Links:

• To learn more about how I can help you achieve financial clarity and confidence through essential tools and systems, check out my free training here!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!

Episode Summary

In this episode, I dive deep into the importance of learning the right skills necessary for success. Do you ever feel like you lack the right skills or that you're just not meant to succeed in a particular area? Whether in business or personal life, skills are something that can be taught and learned. I explore how identifying and developing the right skills can be the difference between failure and success.

In this week's episode I share some takeaways on skills for success:

• Skills vs. Talent: While talent and instinct can give some an advantage, success ultimately comes down to acquiring the right skills.
• Defining Success: Understanding what success means to you is crucial to setting meaningful goals.
• Evaluating Your Skills: Ask yourself if you have the right skills to succeed. If not, what steps are you taking to develop them?
• Breaking the Cycle: The definition of insanity is doing the same thing over and over while expecting different results. Learning new skills is key to breaking ineffective habits.
• Generational Learning: While past generations provide valuable lessons, adapting to modern challenges requires new skills and perspectives.
• Taking Action: Success comes from actively seeking and learning the skills that will drive you forward.

Rather than blaming external factors like the economy, weather or competitors, take control by acquiring the right skills. Challenges are inevitable, but with the right mindset and tools, they can be overcome. Learning the right skills will not only help in business but also in personal relationships, and overall life balance.

Resources & Links:

• To learn more about how developing the right skills can lead to success in your business, check out my free training here!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!

Episode Summary

This week I dive into the Five C's of Credit that help strengthen your borrowing power and maintain a good relationship with lenders. By managing these effectively, you can position yourself as a reliable borrower, reduce stress, and secure financing for your business goals.

These are the key takeaways from this week's episode on the 5 C's of Credit:

Capital:

• Maintain high capital reserves to protect your borrowing power and show banks you are managing their investment responsibly.
• Strong capital gives you leverage over lenders and enhances trust in your financial stability.

Collateral:

• Keep collateral evaluations current and accurate, especially as market values for assets (e.g., equipment or land) fluctuate.
• Understand loan-to-value (LTV) ratios (e.g., 70–80% for most assets) to anticipate how much you can borrow.
• Avoid overestimating asset values; banks prioritize conservative assessments.

Conditions:

• Communicate the purpose of the loan clearly (e.g., funding business growth versus personal expenses).
• Monitor economic conditions and industry trends to align financing requests with realistic expectations.
• Track financial performance (e.g., profitability and cash flow) to demonstrate your business's viability.

Resources & Links:

• Set your business up for success and make lending decisions with confidence!Check out my free training here to learn how you can take control in your business!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!

Episode Summary

Farm transition is a complex process that involves more than just passing down land; it requires careful planning of assets, management, and financial strategies. Many farmers rely on their land as a retirement asset, but without proper planning, this approach can create challenges for the next generation. Open communication and proactive planning are key to ensuring a smooth transition while balancing financial security and legacy goals.

In this week's episode I share some key points when thinking about farm transition:

• Start Planning Early: Don't wait—initiate discussions and create a flexible transition plan that can be adjusted over time.
• Diversify Retirement Income: Relying solely on farm land for retirement can burden the next generation; explore options like life insurance or lease-to-own agreements.
• Understand Perspectives: Both generations should consider each other's challenges—older farmers' sacrifices and younger farmers' uncertainties.
• Avoid "Maybe" Plans: Don't build your future on uncertain promises; ensure clear expectations and commitments are established.
• Communication is Essential: Regular, honest conversations help set expectations, prevent misunderstandings, and align goals for the future of the farm.

Resources & Links:

• To learn more about how I can help you achieve financial clarity and confidence through essential tools and systems, check out my free training here!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!

Episode Summary

In this week's episode, I talk about finding the balance between a strong work ethic and effective time management.My grandpa used to always say "I'd rather wear out than rust out" and I dive into how some of the lessons passed down through generations, shape our mindsets around the values of hard work.

A few key points from this week's episode:

• Work Ethic in Perspective: A strong work ethic can lead to productivity and success, but it can also result in burnout or neglect of family and personal priorities.
• Evaluating Time Investment: It's essential to assess the return on time for each task. Are you investing your hours into activities that align with your long-term goals?
• Working In vs. On Your Business: Use slower seasons to work on your business—strategizing, planning, and improving operations—rather than simply filling time with low-value tasks.
• Opportunity Cost Matters: Time is a finite resource. Consider whether the time spent on certain tasks could be better used elsewhere.

Resources & Links:

• To learn more about how I can help you achieve financial clarity and confidence through essential tools and systems, check out my free training here!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!

Episode Summary

This week I dive into the importance of how a cash flow helps manage the unpredictability of farming by providing a clear picture of income, expenses, and financing needs. From understanding the why behind financial planning to how to build an accurate cash flow plan, tune in this week for some actionable steps for better gaining financial clarity in your operation!

This week I hit on two main points:

• Why a cash flow plan is essential to your operation
• How to build an accurate cash flow that gives you a clear picture of your operation

Resources & Links:

• To learn more about how I can help you achieve financial clarity and confidence through essential tools and systems, check out my free training here!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!

Episode Summary

Join me this week as I look ahead to 2025!I dive into setting goals, problem solving and seeking accountability as we start the new year.

Short-Term vs. Long-Term Goals

• Short-Term Goals: Avoid being overly ambitious to prevent burnout. Focus on small, realistic wins to build momentum.
• Long-Term Goals: Be more ambitious. Success with short-term wins adds up over time, making ambitious long-term goals achievable.

Best Practices for Goal Setting

• Align all goals with a clear long-term vision.
• Be realistic to avoid discouragement.
• Frequently review and adjust goals to remain relevant and reflective of progress.

Accountability

• Seek accountability from friends, mentors, or groups.
• Regular check-ins can help ensure goals are met and challenges addressed.

Focus on Problem-Solving

• Growth isn't just about doing more; solving underlying problems leads to more efficient progress.
• Prioritize resolving business or personal challenges that could hinder overall success.

"Do the Hard Things First"

• Tackle difficult and important tasks early to avoid procrastination.
• Completing challenging tasks boosts confidence and makes smaller tasks easier.

Taking Action

• Action drives results, which in turn fuels motivation.
• Waiting for motivation to start is counterproductive; action is the first step.

Resources & Links:

• To learn more about how I can help you achieve financial clarity and confidence through essential tools and systems, check out my free training here!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!

Episode Summary

Welcome back to this week's episode of Pioneer Mindset, where I reflect back on 2024 and share some of my takeaways on navigating the ups and downs of the agricultural industry, the importance of financial discipline, and lessons from both good and challenging times.

My 2024 Takeaways:

Financial and Operational Lessons Learned

• Significance of decisions made during prosperous times and their impact on weathering future challenges.
• The value of understanding one's financial position through cash flow management and balance sheets.
• Learning from both successes and mistakes to make informed decisions.

Emotional and Practical Decision-Making

• Removing emotions from critical decisions while acknowledging and processing feelings.
• The importance of controlling what is within one's power, especially in an unpredictable industry like agriculture.

Mindset and Core Values

• Doing the best with what you have and learning from the past to shape a better future.
• The importance of gratitude and acknowledging accomplishments to foster a positive outlook.

Join me next week as I share some of thoughts looking ahead to 2025!

Resources & Links:

• To learn more about how I can help you achieve financial clarity and confidence through essential tools and systems, check out my free training here!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!

Episode Summary

This week I dive into the conversation of booking crop inputs for 2025.With 2024's crop behind us and the end of the year coming up quickly, booking inputs for the next year's crop is at the forefront of many conversations.So let's dive into some of the practical points around these end of the year conversations.

In this week's episode I share some key points around booking inputs for the 2025 crop:

1. Realistic Yield Projections:
   • Use conservative estimates to avoid overestimating profitability.
   • Calculate a breakeven point either per acre or per bushel.
2. Profit Considerations:
   • Define profit clearly—it could range from covering family living expenses to increasing equity through term debt repayment.
   • In tough years, breaking even while covering all essential expenses can still be considered progress.
3. Cost Management:
   • Identify and focus on essential inputs (e.g., seeds, fertilizers).
   • Evaluate the necessity of additional costs and seek alternatives to reduce them.
4. Revenue Improvement:
   • Enhance pricing through risk management and marketing advisors who can remove emotional biases and secure better prices, even with incremental gains.
   • Explore different markets or crops, such as organic, alfalfa, or small grains, to become a price maker rather than a price taker.
5. Decision-Making Responsibility:
   • Avoid defaulting to input decisions based on trends, sales pitches, or peer influence.
   • Be deliberate and responsible, as these decisions directly affect the sustainability of the business.
6. Tools and Assistance:
   • Utilize tools for breakeven analysis tailored to your operation's needs.
   • Seek advice or tools from experienced sources to make informed decisions.

Resources & Links:

• Do you find yourself overwhelmed and struggle keeping your finances organized to make big decisions throughout the year? Check out my free training here for some practical strategies to stay on top your finances throughout the year!

Connect with Garrett:

• Follow on Instagram - @garrettruskamp
• Follow on Facebook - Garrett Ruskamp
• Follow on TikTok - @garrettruskamp
• Learn more about Pioneer Farmer here!

Make sure to hit follow/subscribe so you never miss an episode!