Posted by redforlife on March 22, 2022 at 13:03:54 from (174.210.137.85):
In Reply to: Re: Maybe someday posted by ss55 on March 22, 2022 at 11:55:34:
Well, interest and responsibility is two totally different things. A person might have an interest in someday being the CEO of the biggest corporation in the world. But that same person might not ever be responsible enough to make it happen.
Bottom line here, it's a situation that's being hit from all angles. Let's just say a man of 50, is a farmer, with NO college education, grown kids, one that wants to farm, and at best he Might of (doubtfully), just got all of his dept paid off. What is he suppose to do at age 50? Step aside, and go into town and flip burgers for a living until he's 62?? The other choice would be to double the size of his operation (land, equipment, and livestock) to make room for two, and be back deeply mortgaged again at age 50. Sure, the one kid could probably get a low interest loan to buy a quarter (160 acres). But, that's probably going to be about the end of his line of credit, until some of it gets paid off. And you can't really make a living on 160 acres. The rest (additional acres, equipment, what ever) is going to have to be mortgaged/co-signed by dad. I'm not just real sure that not having an INTEREST in going back heavily in debt or flipping burgers for a living at age 50, is being IRRESPONSIBLE. It doesn't really spell out that he DON'T have an interest in his kid becoming a farmer, or someday taking over the operation. Sometime you gotta do, what you gotta do, whether you like it or not. Might not be what you want to do. Sending a kid away to college and pursue some other career for awhile, might not be what you want to do. And if your still in sizeable debt at age 50, it might be what you HAVE to do. I didn't even factor that into my example.
On another note, we are talking about mid-size farmers after all. Not the big huge ones. They got room for a kid to come on board. They likely have hired hands. Bringing a kid on board, is as simple as firing one of the hired hands. Maybe not even that, if they happen to be looking for another employee. Mid sized farmers (my area) don't have hired hands. If they do, it's extremely seasonal. Definitely not full time.
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