What about all of the government subsidy programs that they are all involved with and receiving free money from Uncle Sam whether it is a good year or a lean year? It�s like welfare, the more kids you have the more money you get. There are few farms that do not receive subsidies; these are the �old school� farmers that believe in the cash system not the debt system. There are also a lot of farms that rent/lease a lot of their acres that they run and do not have nearly enough assets to cover their debts. I see this with farms all around me.
It�s hard to accumulate any assets when they keep signing their name on the dotted line and take on another payment.
There is nothing wrong with taking on some debt and updating your business, but most of these people don�t realize that they need to pay off one thing before buying three more things.
The farm industries are not much different than the housing industries. Remember 2008 � 2009 and the housing market collapse? Most of these farms are not much further ahead of what happened to the housing industries. They take on more debt than they can afford and will never see day light.
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Today's Featured Article - Restoration Story: 1929 McCormick-Deering 10-20 - by Randal Simmon. On July 4th 1998 my dad and I was sitting on the front porch when he said that he was going to sell his two 10-20's to a junk man. He said that the junk man was going to give him $500 for both of them but he hadn't received the money for them yet. So I went into the house and wrote him a check for $500 and bought them myself and said now they are mine. He had bought them about five years before thinking that he was going to restore them himself. After five years sitting in the barn, he changed h
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