In the nature of farming, every year is different and one trys to somewhat match expenses with income to keep the income taxes low.
Thus a farmer often becomes cash poor, but asset rich.
The 'one big' purchase is a normal part of farmer tax planning, and can carry through for 20 years of tax deductions. While grain prices have been up the past 3 years, many many needed machine sheds have gone up in the area. As well, one buys Fert & seed ahead if you had a good year, or you wait until the following year if you had a poor year.
When you retire & can't appreciate it any more, you have a lot of wealth. Which your heirs will fight over & use up on lawyers.
Anyhow, the simple answer is in farming, you try to make enough for living expenses, which often doesn't happen, and the rest in a good year you have to plow back into the farm because SS & income taxes will just butcher you if you don't.
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Today's Featured Article - Bad Vibes - by Curtis Von Fange. One of the strangest ways to communicate with our tractor is to ask it how it feels. "Ask it how it feels," you say? Yup, ask it how it feels. Now, as with the other articles in this series one has to be able to hear what 'ole blue' is trying to say in response. The nice thing about our old iron friends is that they are usually quite consistent in their response, rather unlike some people I know who might change what they say due to the weather or other mitigating circumstances. But since t
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