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Moingona Iowa | I rarely commit. I will be turning 80 in couple months. I have two kids I love
equally, they will not be farming the ground. They both love the farm they grew
up on, I will not try to control their destination after I am gone or now. I will not try
to control the farm for years after my death to provide for future family. I
have the farm divided as equal as possible. There is no joint ownership or undivided
interest in the farm, each will own their own parcels to use as they see fit.
First about me. I inherited zero from my parents, they were broke. That's another
story. I was asked if we wanted to rent a farm the landlord said it hasn't made any money
in three years. It was ran down barn roof caved in, the cattle shed roof caved in and east
side along with no concrete or fences. The house was tiny for a family of four.
I got a fha loan, The head loan officer sat in the tiny house on a saw horse figuring what
I needed, he said you will need 18,000 then he said I don't think it will work, but I will
loan it to you. I often thought about what he said.
Fast forward I have been so broke if it took a nickel to shi#t i'd had to vomit.
Wife would take calculator to groc store to add up groc so she wouldn't be embarrased at
check out. We had no help with machinery or to fall back on for finance help, sink or swim.
My goal was for my kids to do better than me and I succeeded as well as the
grandkids. I want my kids to have hands on of running the farm weather 50/50 or cash
rent. I have made it clear if they feel they can use the money in a better way that is
their choice.
I have told them both you can sell the farm and invest anyway you wish. You can get a text on your phone or hold paper in your hand where your money is invested. The farm will always bring in and income and have value. Also I told them you can walk out on the land and take a leak on
the farm it will still be there even if the power or the cloud goes out.
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Beating the dead horse. Farm wealth......money vs physical assets.
