Not trying to convince myself about farming. Just sharing the thoughts of why so many young people don't carry on the farming tradition. There are a ton of different avenues out there that make a lot more money and take far less time. I agree though, I do love the farm and my son does too. Nothing like a long day at the office and coming home and sitting on the 4020 half the night just driving and thinking about nothing. It really relaxes me. We will never sell the farm, but I highly doubt that I will actually farm it myself when my dad isn't able to, unless I do it for a retirement hobby in 30 years.
My father in law had a retirement plan. In 1988 he purchased a 300 acre farm that needed a lot of work for $88,000 and he didn't have anywhere near enough funds to pay cash for it, but he did have good credit. He worked at it full time row cropping and raising cattle. His plans were to let the farm pay for itself and sell it in the future. He worked out trades with the neighbors for equipment use and such. Farming didn't provide any additional money to live on as the bank took almost all the money earned, so he turned to custom sawmilling with a portable mill on the side for extra money to put food on the table and clothes on their backs. In the end, the farm did pay its own way through the years and the sawmill provided for the family (they lived very simple). In 2003 he sold most of the farm for over $250,000. He paid all the remaining farm debt, kept 50 acres, and built a new house on it and is now debt free. Bad part of the story is he died about 1 year after moving into the new house and never got to enjoy the fruits of his labor.
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