Farm Show Offers Financial Guidance - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Farm Show Offers Financial Guidance

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Farming can be a really big business in the Bakken. Producers who attend this weeks farm and ranch show range from millionaires to beginners who are finding it difficult to buy an acre of land in oil country.

Today was set up day at the 28th annual Farm and Ranch Show in Williston. Equipment.

This years farm and ranch show features traditional vendors that showcase equipment, seed and fertilizer. But, banks, credit unions, gold and silver traders and financial consultants are offering valuable advice for producers who are receiving huge oil and gas royalties.

"Some of the checks coming in are anywhere from 100,000 to over a million dollars. Part of the problem is there's a lot of people in the area now, with the oil boom, that have those types of checks," says Brion Norby the co-founder of True Wealth Financial.

True Wealth Financial helps fortunate farmers manage that money.
 
"When you hit a certain degree of wealth, its not as easy people think.
On the other end of the spectrum there are beginning farmers who are trying to purchase tillable average at inflated prices. It would be. It can be very stressful for a lot of families, and they want to know what to do and how to handle it well. They want to be very sensitive to what they do with their families going forward. They don't wreck their children's lives and grand children's lives," says Brent Lee the co-founder of True Wealth Financial.     

"It is very hard for a beginning farmer to get started without any help from parents or relatives to help them with down payments and that sort of thing," says Rick Gafkjen the ag loan manager for Western Credit Union.

Ten-years-ago, farm land in the Bakken ranged from $400 to $600 an acre. Today, those prices have doubled. This weeks farm and ranch show features plenty of vendors that can offer advice to farmers on both ends of the financial spectrum.

The Farm and Ranch Show runs Tuesday and Wednesday at the Raymond James Community Center. Doors open tomorrow at 9 a.m.

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