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Contributor

Re: Debt free farming operations

Very well said!!!!!

You made me laugh with that one!

 

AND ...... Those people who were taught in school, but have not learned the real world answers yet, think they know everything. 

 

Test scores and college degrees only prove they CAN learn.  Now they need to apply that, and go learn something useful.  I hope my son skips college and goes to tech school to learn something useful. 

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Honored Advisor

Re: Debt free farming operations

For a farmer bank balances don`t mean too much. A few years ago my wife was balancing our checkbook at work and adding in grain and hog receipts, it was impressive for us anyway. A nosey co-worker was looking over her shoulder, saw the total and said "Wow, I`ve never had a balance like that!!". I told my wife a few weeks later she should show Miss Nosey the balance now after we had paid our bills Smiley Sad

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Senior Contributor

Re: society and credit Kay

Kay you said;

"if kids were taught good financial habits, their homework would probably really p---off their parents. 

Think about it:  If Little Johnny learns that credit cards make absolutely NO sense, then his parents might have to face the fact, too."

 

I think the best place to teach 'good financial habits' is in the home. Not sure how a school could handle it as so many have such different ideas on what is "good".

That said, some seem to learn to manage their finances well even without a good background at home, perhaps because they saw the problems first hand.

I do think so many problems are socially caused as 'everyone else is doing it'.

No one wants to wait until they have they money, they want to get it now. And that is what happens in Agriculture too. Neighbour gets a new tractor, then I need one too. Can't afford it, then I will lease it. Will look like I can afford it anyway.

Remember the 'poor' farmer up the road who bought land next door when it came up for sale. Some with new equipment and paint on barns could not understand how he could afford it but my understanding was he had the cash to make a sizable down payment so did not need to borrow much.

 

Maybe it is in the genes. You either want to save first or you say what the heck, I'm going to live now and let the future happen tomorrow. The last people are the ones who have their paycheques spent years ahead and no rainy day fund if things turn bad.  

 

Honored Advisor

Re: Debt free farming operations

I watched CBS "Sunday Morning" and saw a story about Jack Horner, who dropped out of college, and as a dyslexic, probably wasn't expected to amount to all that much academically.  Several years ago, i had enjoyed his book Dinosaur Heresies, in which he basically set the entire scientific communithy  on its ear, by revealing so much new information about these creatures.   

Somwhere else in the past few days or over the weekend, Mike and I enjoyed a video piece about another dyslexic man in the Midwest, who is a master knifesmith.  His blades sell for several hundred dollars per inch.  They are works of art...I'd never seen anything anywhere nearly like them. 

I guess the common message of the two pieces was not to let education get in the way of learning, and certainly not to let it dampen your passion.  I have spent most of 35 years ignoring the 4-year teaching degree I got in 1975. 

 I have just enrolled in a local community college, for a more practical career in nursing.   If things progress as expected, I will be an RN in 22 months.   So far, I am able to apply a lot of lessons learned in fifty years in the hog houses on our various farms. 

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Veteran Advisor

Re: Debt free farming operations

When I got my double doctorate in the collage of hard knocks was the best education ever--forget what the neighbor's might say .etc.  My Grandfather always said TO SOON OLDT AND TO LATE SMAURT - not a type o just his European accent-- He lost everything in the 30's but had 640 acre's paid for in 1965-borrowed very little $$$ - feed cattle and hogs- his feed lots looked like the rainbow as far as breed type's etc.--never bought a new pickup or tractor- even though he could have paid cash- even paid his way in the nursing home for several month's after the family couldn't keep him at home because of health reasons-my wife and my mother cared for him for two years for FREE--no welfare and he was a democrat-Imagine that

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Senior Contributor

Re: society and credit Kay

Credit is still a booming business. There is at least one paycheck cashier on every major corner, more in the poorer sections of the larger cities. You may be surprised what the car brands are in front of these storefronts.

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Veteran Contributor

Re: society and credit Kay

If you can't afford it you lease it? That means you can afford it! Leasing is a finance option. It has nothing to do with the ability to afford something. Some people would rather have capital tied up in assets that have a positive ROI.

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Senior Contributor

Re: Patriot & leasing

I know the economists arguments regarding leasing.

It is still true that at the end of a lease you have 0 if you do not have a bill for extra km's dents etc.

At the end of a purchase you still have the machine for trade in OR to continue to use.

I can tell you about the people who traded in their old vehical on a lease so they had lower payments and then at the end of the lease they really had nothing when at the start they had an asset to trade in.

I stand by my statement that many go to a lease because it allows them to have something they could not afford otherwise, even if the business accountants approve of leasing.

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Highlighted
Senior Contributor

Re: credit is a booming business

No doubt it is true.

Perhaps that is where Kay's suggestion of better schooling would help.

I think many who use cheque cashing services and credit cards do not understand the idea of 'interest' and %. When people think they should only make the minimum payment on a credit card charging high interest then their understanding of debt and interest is lacking.

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Contributor

Re: Patriot & leasing

Leasing can be abused like any financial option. 

 

example: why do you rent farmground instead of buying it all!?

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