Why Paying Yourself First Is a Farming Game-Changer

In this episode of 15 Minutes with a Farmer, Scott Kuegel, a third-generation farmer from Owensboro, Kentucky, discusses the interesting history of his farm, the significance of family dynamics, his state yield contest win, and the importance of financial management in farming. 

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Meet Scott Kuegel

Scott Kuegel’s grandfather, a sharecropper, founded the family farm, which grew significantly under the management of his father and uncles. After two decades, they divided the farm to allow each family to bring in future generations. His father named their operation Flat Lick Farms after a nearby creek. Later, when his brothers opted out of farming, Kuegel found himself running the operation on his own. Now, his son and son-in-law have joined him, continuing the family tradition. They grow corn, soybeans, and wheat, and raise cattle.

Winning the 2024 Kentucky Corn Yield Contest conducted by the National Corn Growers Association was a thrill for Kuegel. After years of trying to break the 300-bushel barrier, he succeeded with two different varieties, winning the conventional non-irrigated contest with a yield of 306.2459 bushels per acre, and coming in third in the ridge-till non-irrigated category with 306.9451 bpa. He said his success was the result of careful planning, consistent emergence, and intensive soil testing. While contest plots require extra effort and expense, he said they play a critical role in pushing the entire industry forward.

His top piece of advice for other farmers is to pay themselves regularly. He said budgeting for family living expenses is often overlooked but crucial, comparing it to weekly church tithing. This shift in mindset, encouraged by Kuegel’s accountant, has made a world of difference in his farm’s financial health for the past 15 years, a lesson he is now passing on to the next generation. 

Kuegel discussed the challenges of divorce and the unexpected joys of building a blended family. He and his wife, Katrina, have five children close in age through a mix of birth, adoption, and marriage. 

Episode Highlights

• After years of trying, Kuegel broke the 300-bpa corn barrier, winning the state yield contest.
• He says soil testing is crucial for understanding nutrient needs and better yields.
• Kuegel discusses the challenges of managing input costs and market prices.
• Understanding overhead costs is essential for financial success.
• Scott advocates for farmers to pay themselves regularly.
• He shares the importance of teaching financial management to the next generation.

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