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 - Restoration Story: 1964 JD 2010 Dsl - Part 2 - by Jim Nielsen. Despite having to disassemble the majority of my John Deere 2010's diesel engine, I was still hopeful I could leave the engine-complete with crankshaft and camshaft-in the tractor. This would make the whole engine rebuild job much easier-and much less expensive! I soon found however, that the #4 conrod bearing had disintegrated, taking with it chunks of the crankshaft journal. As a resul
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