in-too-deep When I first started out you had to prove to the banks you didn't need the money before they would loan you any.
The reality of farming is you have to farm 2-3000 acres to make it or be a sepciality farmer. There are a lot of small operations going belly up when it floods or doesn't rain for a few years. Not to mention, it costs big bucks just to plant corn. The average individual working for someone else doesn't have deep enough pockets. Just like the housing market pre 2008. Banks loaned money to people who couldn't pay it back. Farming is the same way, banks have gotten a little smarter.
Small time farming is just a hoppy. Wish you well. Instead of working 50 hours a week for someone else, you will be working 100 hours a week for yourself. Hope you have an understanding wife that brings in a pay check and can provide you health insurance. I worked with a woman who did just that for her husband who farmed 2000 acres. She couldn't retire for insurance reasons.
That said, if you have a farm worth over 5 million, when you die, 40% goes to uncle sam. The lawyers and probate will take a cut too. So goes the mega farmer when he dies unless you get a good estate planner.
This is just my take on farming. The family farm is on it's way out. Investors will buy up the land, like big insurance companies, ADM, seed corn companies, etc. A large company never dies, so no estate taxes. Stock holders will someday own land, not the individual.
Don't give up your dream and don't give up your day job either.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Updatin The Charging System of Your Older Tractor - by Tyler Woods. Older tractors have externally regulated generators or externally regulated alternators, in some instances. That means there is one device that turns energy from the fan belt into electrical energy,
... [Read Article]
Latest Ad:
Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.