in-too-deep When I first started out you had to prove to the banks you didn't need the money before they would loan you any.
The reality of farming is you have to farm 2-3000 acres to make it or be a sepciality farmer. There are a lot of small operations going belly up when it floods or doesn't rain for a few years. Not to mention, it costs big bucks just to plant corn. The average individual working for someone else doesn't have deep enough pockets. Just like the housing market pre 2008. Banks loaned money to people who couldn't pay it back. Farming is the same way, banks have gotten a little smarter.
Small time farming is just a hoppy. Wish you well. Instead of working 50 hours a week for someone else, you will be working 100 hours a week for yourself. Hope you have an understanding wife that brings in a pay check and can provide you health insurance. I worked with a woman who did just that for her husband who farmed 2000 acres. She couldn't retire for insurance reasons.
That said, if you have a farm worth over 5 million, when you die, 40% goes to uncle sam. The lawyers and probate will take a cut too. So goes the mega farmer when he dies unless you get a good estate planner.
This is just my take on farming. The family farm is on it's way out. Investors will buy up the land, like big insurance companies, ADM, seed corn companies, etc. A large company never dies, so no estate taxes. Stock holders will someday own land, not the individual.
Don't give up your dream and don't give up your day job either.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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