people who have all new equipment.......

Posted by Jonfarmer on May 23, 2006 at 09:41:05 from (165.121.144.211):

In Reply to: OT: Watching over the fence! posted by Rauville on May 23, 2006 at 09:08:23:

Them folks are just working for the bank. Sure it's nice, they don't have the breakdowns that the guys with older equipment do, but are they making any money for retirment?, problably not. However, most of these guys own many farms and older equipment would be very difficult to keep going for the amount of work they got to do in the amount of time they got to do it. And since farmers of today bought farms that will never be paid off in a lifetime of farming anyways, I suppose some more debt wouln't be too much as long as they can keep making the payments. How they save for retirement is just what their farm is worth in the end when they get out of farming and sell, so if they paid off a million dollars on their property loans, then thats what their worth. They're making their banker richer than they are though. However, if say the bottom fell out of the real estate, then they would be worth practically nothing since they bought now with the prices so terribly high.

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