Posted 2/9/2019 09:21 (#7308506 - in reply to #7307570) Subject: RE: How is the young guys suppose to carry on?
If you are a young person and you don't take huge financial risks, if you don't buy machinery and land that you probably can't afford, you're not going to end up rich like your parents. You're not going to go down in a ball of flames, but you're not going to end up rich like your parents either.
You are not living in the world they lived in. You can't play the game they played. They maybe just really got rolling in the 80's when they could buy land for 1/3 of the price that it was a few years earlier and you could rent a land owners land if you would just pay the taxes for them and you could buy a darned good tractor or combine for 20% of what it was a year ago when it rolled off the line. Family cost of living could be covered by a few cows or sheep if you lived cheap enough. Heck that wouldn't even cover your insurance anymore.
They rode the wave. Yes, they started when it was harder than maybe it had ever been (or at least that was the perception when they started) but they rode the wave nonetheless. Heck, they even took out loans to buy that cheap ground and equipment because NO ONE had a dime to their name back then. But a rising tide lifts all boats. You don't have that rising tide so your path will be different. And it sure as heck is not going to happen if you are just taking a salary from the farm for your efforts.
I'm not saying go to John Deere and buy the shiniest stuff every year. That's just dumb if you're starting out. You need to make every single dollar you have and every single dollar you borrow work HARD for you. Buy equipment on auction and pull it into your yard and fix it. Forget about the people who say you can't fix this new fangled computer stuff. FIGURE IT OUT and get it done. Then drive it until the wheels fall off. Put them back on and drive it some more. Custom farm. Rent ground from people other than your family. But TAKE RISK. Do things that you are not sure are possible to do. If you don't put skin in the game, you won't have a game unless your parents are the type who will hand it to you and you're a lot less likely to be in that category than you think.
The riskier path I'm describing may not work. You may go down in a ball of flames. But if you don't take risk, don't expect to be wealthy and running your parents farm someday.