Financials

The Beginning Farmer Resource Guide is a compilation of business, financial, regulatory, crops, and livestock information. County-specific information is given for Frederick, Montgomery, and Howard Counties. Author: Kelly Nichols; Title: Beginning Farmer Resource Guide for Frederick, Howard, & Montgomery Counties, Maryland (FS-2023-0691).

This paper examines how financial education significantly influences individuals' ability to make informed decisions, enhancing their economic stability and social mobility in today's economy. By reviewing literature, such as Anderson (2023) and Walstad et al. (2017), the paper highlights the benefits of early financial education for young people in managing adult financial responsibilities. Despite progress, the study notes persistent limitations in financial education accessibility across states, leaving many households vulnerable due to inadequate financial literacy. Key goals of financial education include understanding personal finance, recognizing good and bad debt, and acquiring practical budgeting skills. The paper emphasizes the need for educational leaders to implement robust financial programs and mandate financial literacy classes in high schools. By developing benchmarks for measuring financial education effectiveness, the study underscores the necessity of widespread financial education to foster a financially savvy population capable of tackling economic challenges. Author: Troy Anthony Anderson; Title: The Concept of Financial Education (FS-2024-0704).

Starting a farm or adding a new farm enterprise can be an enjoyable and attractive business decision. This factsheet lists contacts and resources to explore as you consider a new or expanding farm enterprise. Resources from government agencies and organizations provide production information vital for starting and operating a successful farm business. Author: Shannon Dill; Title: Starting a Farm Enterprise in Maryland (EBR-2022-0648)

Paying for health care can be a struggle, even if you have insurance. Many doctors and dentists now offer a special medical credit card to pay for services. However, medical credit card interest and fees can be very expensive. They add extra costs to medical care when money is already tight. Authors: Dorothy Nuckols and Priscilla Graves; Title: Medical Credit: Safety Net or Debt Trap?

The Center for Agricultural and Natural Resource Policy and UME's Beginning Farmer Success program have developed a fact sheet to help beginning farmers understand the various credit sources available in the state of Maryland and the requirements associated with each credit source, such as USDA's Farm Service Agency, a Farm Credit lender, or MARBIDCO. Authors: Paul Goeringer and Jim Hanson; Title: Review of Lender Requirements for Beginning Farmer Loan Programs (FS-975)

Offering a horse for lease can be a good option for an owner who is unable to ride or care for their horse due to physical, time, or financial constraints but still wishes to maintain ownership. A lease can be an alternative to selling the horse, a way to cut maintenance costs, or an avenue to ensure the horse remains in work. An equine lease can take many forms, depending on how the lease agreement is constructed. This publication includes information on the factors to consider when preparing or reviewing a written lease agreement, as well as case studies that describe the terms of the leases. Authors: Sara BhaduriHauck and Paul Goeringer; Title: Considerations for Equine Lease Agreements (FS-1062)