Re: What was the 80's recession like?

Posted by KyHayman on November 23, 2001 at 10:00:04 from (162.114.24.119):

In Reply to: What was the 80's recession like? posted by Poppin' Johnny on November 20, 2001 at 15:20:18:

It depends on when you started. A lot of my friends who started in the late 70's got clobbered. Buy land at $3000/acre and see it worth $1000 in 82. Same thing for equipment. I started farming with my dad nad on rented ground in 82. The 80's were good to me. Input costs, esp fuel and nitrogen were really high and cows were cheap. Brucellosis eradication wiped me out twice. Just kept at it. Kept my costs low, bought the cheapest equipment I could find so as to pay cash for it, use it a year, fix it up in the winter, use it one more year and then sell it at a profit. Bought my first place in '87 at auction, one of my friends paid $3800/ acre (225 acres) for it in '78, cheap hogs and high debt wrecked his marriage and health, paid $1000/acre at auction for it. My dad gave me some good advice: if you buy it, pay for it; you have to spend money to make money; get all the education you can; look for opportunities, don't do what everone else is doing; and don't try to make a million $ one time, try to make $1 a million times.

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