Pioneer Mindset: Should You Tell Your Banker You're Shopping Around?

Are you treating your cost of money like every other input on your farm? Because that's the question I had to ask myself recently.

We're in the middle of a $2 million land deal and I had to decide whether or not to tell our banker we were shopping around with FSA and Farm Credit for a better rate. Sounds simple but it wasn't. All the usual stories ran through my head, what if he takes it personally, what if it damages the relationship, what if there's repercussions down the road?

In this episode, I walk through it.The resistance I felt, the conversation I actually had with my banker, and what happened when I just told him the truth. I also get into why most farmers never shop around for interest, even though we'll spend hours chasing a better deal on seed or fertilizer. The short answer: it's uncomfortable, and we feel powerless to the bank.

But here's the reframe: interest is deductible, just like every other input. And your banker is a salesman. The bank sells loans. If you don't treat your cost of money the way you treat every other expense on your operation, you're leaving real dollars on the table.

In this week's episode on interest rates:

• Interest is just another input, treat it like seed, fertilizer, or equipment
• Most farmers settle for "take what we can get" instead of asking what's actually possible
• Feeling powerless to the bank is common but it's not the full picture
• Being honest about shopping around didn't damage the relationship, it led to a better deal
• Good business owners keep their financial info organized so opportunities are easy to act on

  Click Here to Listen to This Episode








Welcome to Pioneer Mindset! A podcast for rural ag business owners who want to challenge their mindset and address the discomfort in their business and personal lives by finding clarity resulting in bold conviction. Your host, Garrett Ruskamp, is a 5th generation farmer, husband and father from rural Nebraska. In the last 10 years of farming, he has experienced many challenges that business owners face on a day to day basis that stem from disorganization and being financially unaware. He understands the weight of uncertainty that comes from operating in a state of mind triggered by these struggles. Join Garrett as he shares his journey of the struggles he's faced in agriculture as a farmer and family man. He will dive into honest conversations to tackle the mindsets surrounding these issues, that will ultimately help you gain control leading to a profitable and sustainable business.

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!

For more conviction through clarity, Connect with Garrett:

Follow on Facebook: Garrett Ruskamp
Follow on Instagram: @garrettruskamp
Follow on TikTok: @garrettruskamp