Comment by bluGill
1 hour ago
What do you mean by farmers? Of the rich farmers, yes, most do have a second job, but the farming does pay most of their income. It's not just a hobby. The second job is something that they can do in between the farm work. The other thing about farming is it's very much investment heavy. And so for a young farmer just getting started out, you're going to be working at farming and all of your income is going right back to paying things off. And so you're going to need a second job to put the food on the table for a few years. After 10 years, because of inflation, you would hope that your income has gone up while the payment you're making on existing land is kept the same, and so you don't have some left over, and so you can start only being a farmer. After, say, 30 years, most of your land is now paid off, and now you can take all that money that was going into paying off millions of farmlands, and you're making enough income that you could pay off of millions of dollars a loan, and you have no loans, and you are very well off. Of course after 30 years you're also getting close to retirement age and you're probably thinking well I'm gonna sell that farm off and now you have a lot of money that you can put into regular retirement acounts and enjoy a really nice retirement. But that means you're not a farmer and so the farmers themselves really have to live like the poor but they're on track to be very wealthy.
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