2 ms·

I'm not sure the definition of "family" farms, you can have a family name corporation that is still $100M+ in value. Even then I have no idea who all of them ar

by mlrtime 9mo ago

I'm not sure the definition of "family" farms, you can have a family name corporation that is still $100M+ in value. Even then I have no idea who all of them are. My family farm is small enough they alone cannot support a entire family upper-middle class lifestyle, but the land is still worth millions. But they all have notes, good years mean the crop pays the bank and maybe some supplies for next year.

kasey_junk 9mo ago
The USDA where I pulled that stat defines it as farms that have less than 1M in income (gross) per year. A farm that makes that much is going to only support at most 1 full time farmer. The further subdivide farms under 350k which clearly falls into some terrible definition of hobby. Which tracks with my experience. I don’t know any family farmers where farming is their only, or even primary, occupation.
throwaway2037 9mo ago
> My family farm is small enough they alone cannot support a entire family upper-middle class lifestyle, but the land is still worth millions. This makes no financial sense to me. I call this: "asset rich, but cash poor". It is like living in a house that you inherited worth "millions", but working a job that "alone cannot support a entire family upper-middle class lifestyle". Simple solution: Sell the house. Cash out and invest in the stock market or rental real estate. You should do the same. If what you say is really true, then call Dave Ramsey (or someone similar) and ask for their advice. They will say the same.
- pxc 9mo ago
  Small farmers are generally aware that this makes no financial sense. They're participating in a multigenerational family tradition. There are also typically relatives urging those still farming to sell the farm so they can get their share (which may not be that huge, when all is divvied up).

2 ms·

I'm not sure the definition of "family" farms, you can have a family name corporation that is still $100M+ in value. Even then I have no idea who all of them ar

by mlrtime 9mo ago

kasey_junk 9mo ago
The USDA where I pulled that stat defines it as farms that have less than 1M in income (gross) per year. A farm that makes that much is going to only support at most 1 full time farmer. The further subdivide farms under 350k which clearly falls into some terrible definition of hobby. Which tracks with my experience. I don’t know any family farmers where farming is their only, or even primary, occupation.
throwaway2037 9mo ago
> My family farm is small enough they alone cannot support a entire family upper-middle class lifestyle, but the land is still worth millions. This makes no financial sense to me. I call this: "asset rich, but cash poor". It is like living in a house that you inherited worth "millions", but working a job that "alone cannot support a entire family upper-middle class lifestyle". Simple solution: Sell the house. Cash out and invest in the stock market or rental real estate. You should do the same. If what you say is really true, then call Dave Ramsey (or someone similar) and ask for their advice. They will say the same.
- pxc 9mo ago
  Small farmers are generally aware that this makes no financial sense. They're participating in a multigenerational family tradition. There are also typically relatives urging those still farming to sell the farm so they can get their share (which may not be that huge, when all is divvied up).