Because farming and ranching can often be viewed as a “lifestyle” and not a business, many operations don’t know what their true cost of production is when family living expenses are incorporated, according to the University of Nebraska-Lincoln (UNL).
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Budgeting family living into the cost of production
Determining how the family cost of living works with current farm or ranch revenues can show the real cost of production for the operation and allow for better financial planning, according to experts.
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