But see opportunity in crisis

son who uses money to generate an income. This is a new concept in Irish farming, but a real example is the Employment Incentive Investment Scheme (EIIS).

This government scheme allows individuals to invest cash for a period of four years into an approved farm business for a low annual rate of return, but in return they obtain full income tax relief on the sum invested up to a limit of €150,000 per person per annum.

This allows the farmer a low-cost loan for four years to fund a new venture until its up and running and the investor a good return on their money when tax relief is taken into account.

We need more of these schemes in Irish agriculture as it has the assets to back such schemes.

Kiyosaki defines success as making money or increasing net worth; true, money isn’t everything, but it is the life- blood of any growing business and essential for those with ambitions to grow a business. The thrust of Kiyosaki’s advice is if you want to be successful in business you should strive to be on the right side of the quadrant, those on the left side just make money for those on the right side.

This very strategy is playing out before our eyes in many sectors of our industry at present. The pig, poultry, vegetable, potato and cereal sectors are dominated by a small number of farmers who understand this concept. The dairy sector is currently juggling with the labour issue to make that leap from the left to the right-hand side of the quadrant, but it will get there, too.

As a farmer, challenge yourself as to which side of the quadrant you would like to be on. Perhaps you are happy to be an employee or a self-employed farmer on the left side, which is fine if you are happy and content. But next time you see your neighbour driving on his farm business instead of asking “what’s it all for”, think of the cashflow quadrant and question which side is he on.

In conclusion, there are only two types of farmers in the world today, happy farmers and unhappy farmers, which are you?

MONEY ISN’T EVERYTHING, BUT IT IS THE LIFEBLOOD OF ANY GROWING BUSINESS

Mike Brady is managing director at Brady Group agricultural consultants & land agents, email: mike@bradygroup.ie.