Just remember the goal is to make money on the venture and it at least sounds like you are profitable as you already do own some assets (tractors and equipment) and you are paying taxes on that profit. That right there is impressive to me for a high school age kid. You already have way more figured out than they do - frankly they operating off of daddy's coat tails.
Heck when I was your age (in high school), I struggled to buy my own clunker car and that was the only asset that I could muster to purchase on my own and it was a $400 clunker. While I did have free use of dad's farming equipment back then (sorta free as I was also free labor on his acreage too so really the use was more of a trade). I did otherwise have to pay for all my own farming inputs myself: land rent, fuel, seed, fertilizer, spray, etc. Those were tough times back in the 1980's and it was difficult to make money. There were years that I was simply glad to break even so I could try again the following year. Most years I usually lost a little bit of money. Once it got to be a continual loser, I eventually got out. Dad continued on as he loved it and there were some tax benefits for him at least on some years for his real job so even when he lost money he often at least broke even with the tax benefits.
That said, If either of us would have had to count on farming to eat, house, and clothe us.... well we would have starved.
In closing, I think you are doing much better than you realize. So the question you need to ask yourself is: Do you want to continue to be profitable and continually sustainable with farming? Or do you care more about what those other simpletons think? Trying to impress them will only cost you money and gain you what...their blessing?
This post was edited by rankrank1 at 07:51:20 07/05/13.
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