Quote of the Month: A Penny Saved is Better Than a Penny Earned.

Benjamin Franklin said, “A penny saved is a penny earned.” His point was

that money is money regardless of whether is was earned or saved. You can spent it, hide it, invest it or give it away. However, today, a more accurate statement would be, “a penny saved is better than a penny earned.” The reason is that we usually pay little or no tax on money saved, but we do pay taxes on money earned. This concept isn’t limited to forage-livestock producers, but certainly applies to most of them. Minimizing expenses is a key to having an economically sustainable operation. To purchase a Livestock Quotes and Concepts Book, contact us at ukforageextension@uky.edu.