I find this topic very interesting as I have thought about it a lot over the years. My father raised 5 kids on 200 acres milking cows, raising hogs and selling soybeans. He worked HARD all his life, and wore out his body. He never had much money and always used old equipment . The 70s were good times, high yields and decent prices, the farm was paid for by 1976 . He took the plunge in 77 and bought new equipment, an 886 IH, plow, disc , cultivator, new hog barns , etc. House was remodeled , barn reroofed and expanded, new car and pickup. Then came the 80s. He managed to hang on but it was tough going. He decided to sell the herd and concentrate on hogs, then the price fell out of hogs, to almost nothing. It was costing him to sell a hog, not profiting. He held on till the early 90s and then sold off the land and equipment. He got $800 an acre....10 years later that same land was going for $8000. He followed the conventional wisdom of the times and was a victim of poor timing. He spent the last 10 years of his working life as an employee at various jobs, and I think he actually preferred that .
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