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Southern MN | Very well said tmrand. I think about it often how my grandfather, who probably was not a great money manager and definitely had some very bad luck, (poor health, and weather actually the worst) decided to hold on to his 80 when offered a fair price when things were at there worst. If he sold at that time am guessing I am not on this forum today. From that my Dad came who had no fear and worked 70+ hour weeks most of his life. Never got down or let up even when his net worth was probably below 0 when he was in his 40’s during the 1980’s. My brother and I came of age during the worst of the farm crisis and continued to plod ahead putting the farm ahead of everything else. Money continually put into farm payments, tile, needed infrastructure, and the next land down payment. Very few boats, cabins or vacations in general during that period. I continue to try to instill in my kids the sacrifices that were made by everyone in my family to get to the place we are now. The biggest threat of course is the inheritance phase that will come next for them. Those with large families a breakup up the farm is almost guaranteed unless non farming heirs are not treated equally. Am personally trying to get more onto their hands while my wife and I are still alive without putting our well being or the ability to live out our “golden” years(what a stupid phrase that is) the way we wish. | |
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Beating the dead horse. Farm wealth......money vs physical assets.
