| steelguitar - 4/27/2015 19:57
I understand your frustrations. I am a young guy who would like to make a go full time sooner, rather than later.
But, financially your operation should be better off if you work off the farm. You need outside capital to help grow your operation's pie by investing in land, hog buildings, cattle herd, sprayer, custom equipment, etc. If you work on farm you are just taking a slice of the pie, rather than growing it. At this stage in your life you need to live in your wife's income and save your income. Take 50k of your income for 5 years and being that 250k into the operation to invest in it to make it better, rather come into the operation with your hand out.
This model sucks for a while, I am there, but in the long term it is what makes the best operations go. Far too many "hired hand" kids around here just working for wages waiting for mom and dad to die. Go out and make money to make it happen for yourself, you will be far better off.
I agree with this. The way I see it though is my business + the little I farm + the small amount of money I work for along with my wifes income pays our bills. We have a little left over, but very little. Let's say our hired guy get's paid 32k a year... Let's say I make 8k working on the farm.
32000-8000 = a net gain of 24,000 for my wife and I. An extra 24,000 a year x 5 years = 125,000... we are able to save a bit the way it is so let's say after 5 years we are a little closer to your 250k figure. That is a good chunk of change whether it be for a small farm,a farms downpayment, a new shed + some equipment, or just money in the bank for a bad year.
The issue I have with a "off farm job" is that I have nearly 100k worth of equipment that is nearly paid for with the plans of operating this business along with farming. If I were to take a 50k yr town job I would not be able to generate near the income from my side business which could and would always be a side business even if I were to be able to farm the entire country side.... What would allow me to save more money and be able to invest into the operation (at least in my eyes) is make an additional 24,000 a year to do the same work I am doing just a little bit more often in the off season. It would not jeopardize my other business, and if it did it would not be but a couple thousand dollars in lost profit. |
Son and Hired Man.....
