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| Josh,
When I'm up your way next time I'm gonna contact you, maybe we can meet up. Our home farm is in Orrville but I live in Nashville TN.
Regarding this post...well, why am I in Nashville TN (besides the fact that I do like and enjoy it down here)? To earn money in a pretty stellar economy and pour it back into the farm - think about it...Nashville is all about country music, healthcare, and craft beer (oh, and Jack Daniels is right down the road, so liqueur too)...I mean...if the economy takes a downturn and people get sad, this city takes an upturn and all I have to do is buy up assets on the cheap! :)
Now, I'm not married and (gulp) 34 years young so I don't have to seek "approval" from my wife like I imagine many of the posters here do regarding financial decisions. What is it they say, "buy your toys before you get married"?, well...my "toys" just so happen to be farm items a lot of the time and it works out okay, or at least it has so far. I think dad enjoys running a little nicer/newer/bigger equipment at 68 years young and best of all - it pays for itself over time! I'm not going to lie to myself and say my way of doing things is the tops in ROI or ROA but it keeps it enjoyable for us and if I don't enjoy it more days than not, I don't think I'd want to be involved in it. Another factor is dad's a retired teacher who does construction work now. This has enabled us (as many mention) to plow everything back into improving the itty-bitty speck of earth the Good Lord has entrusted to us (gonna try to install 20-30 acres of tile this fall/spring).
Now, would I love to grow? You bet, but I also realize there are young guys around me who rely on the ground to feed their growing families...I don't, and they are my friends which means while I'd like to rent/buy some more ground I'm gonna be just fine if I never pick up another acre because in my case, If I can't find happiness on 100 acres, I'm not gonna find it on 1,000 and if burning every bridge and losing real friends is what it takes to get to 1,000 acres - count me out.
(Lessons learned: "Be Content" & "Comparison is the thief of joy")
I guess what I'm trying to say is what others are recommending as a good solution/alternative (i.e. working off the farm) and saving/investing your money in other ways until the right opportunity for you arises but realize it may take a while, years/decades. Read "The Snowball" if you haven't already as it will be an education regarding the Time Value of Money by one of the living legends and also a wealth of knowledge regarding short-term vs. long-term decision making and it's available in audio format if you don't enjoy reading.
I say all the above because I realize - as a few have pointed out already - and most likely everyone is aware of, that to be economically feasible as a farmer today more often than not (not an absolute statement) means having substantially more acres/cows/sheep/goats/chicken/etc. than our counterparts did 20/40/60/100 years ago and as such, the capital investment upon startup is/would be substantial. Josh and maybe a few other mentioned specialty crops earlier, this is one way to get started small - and I think it's a great one. Cannabis for example has a substantial payoff if you're a good grower...however, as with all investments...there is a correlation regarding risk and reward. DON'T GROW CANNABIS - THAT WAS A JOKE! :) I don't want any of you AgTalkers showing up with this post when I run for Congress in 10 years.
So, in summary:
One size doesn't fit all
Pursue off-farm income
Read
Invest
Profit
Don't grow drugs
Last but certainly not least, give thanks
Oh, and there is a lot of talk about "paying it forward" today...well, "paying it forward" can be something big or something as simple as giving some gas to a stranger who ran out (which would be big in their eyes). Take advantage of those "little" opportunities because you know as farmers, we do tend to reap what we sow.
You all have a good evening.
-Stephen
http://www.amazon.com/Snowball-Warren-Buffett-Business-Life/dp/0553...
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Beginng Farmer
