Are Farmers Really Wealthy? Unpacking the Financial Reality Ep 122 Q&A

Поделиться
HTML-код
  • Опубликовано: 9 сен 2024

Комментарии • 112

  • @ShermanT.Potter
    @ShermanT.Potter 4 месяца назад +19

    As a young farmer who's primarily a hog producer, but barely able to acquire any additional acres in grain, I'm glad grain farming is getting tough. Whole bunch of grain farmers will say they support the beginning farmer, but won't let them rent 40 acres of the 2,000 acres they farm, while driving around in brand new pickups, and spend WAY more on machinery than what is required. Hell, I had two uncles that grain farmed, one still does. One of them died, and the other proceeds to take over almost all the ground he farmed. He knew I wanted more ground (I tell everyone I'm interested in more ground), I talked politely to him about it, all he said was "I get it." Heard from his other brother, he told him "I guess I have all of it, now." A Neighbor of mine would rather rent his ground to his drunk friend who literally does none of the work, just hires everything done, probably making money on a cheap rent rate from ground his family owns. Just learned about this next thing a little while ago. Apparently, when the ground my parents sold when they divorced came up for rent, the guy who ended up renting it told the new owners "He's just starting out, don't rent it to him." or something close to that. I'm getting close to the point of if people want to be that cutthroat about it, keep the damn ground and let corporations take it over when you die. I'll just stick with hogs.

    • @nevinkuser9892
      @nevinkuser9892 4 месяца назад +1

      Sounds like too much trouble. Better to buy some new land. Owner financing.

    • @jvin248
      @jvin248 4 месяца назад +3

      What property do you have around the hog operation? When I was a kid my father put the family garden on the banks of the ditch by the road and grazed the animals around the house, equipment, and sheds primarily to quite mowing but this opened up real acres to plant cash crops. We'd cut back brush and fence rows and improve drainage to get more land. Park equipment tight. .. I see a few youtube truck farmers hitting $300k/yr sales off three acres, it's a lot more intense project than corn/beans but think about other niches, what can you grow to sell direct to consumers instead of to the commodity grain elevator for dirt cheap? Wander around the local farmers market and see what is popular and what is missing that could be popular. Test market several different crops this season, expand the best and add new ones next year. .. I've switched from 30in corn to 15in corn this year for increased yield, it's like getting 50% more acres for free (you need to expand seed to seed spacing). Do all that while you are looking for more land. More will be available cheaper as the recession and boomer demographics force it.

    • @ShermanT.Potter
      @ShermanT.Potter 4 месяца назад

      @@nevinkuser9892 Ground around here is going for 12k+. Would love to, but hard to justify buying any at that price.

    • @ShermanT.Potter
      @ShermanT.Potter 4 месяца назад +1

      @@jvin248 Just 5 acres. Alot of what isn't taken up by buildings, I use to pasture farrow hogs. I used to put sheep on the septic field, and the ram was fenced around the house part of the year, but I shouldn't attempt that with hogs. :D If I were to garden, I'd section off a couple/few acres of what I rent, one field has a hydrant right next to it. I used to do organic corn/beans, so I still have a moldboard plow, rotary hoe, and row cultivator. I sell to a "natural" pork company. You don't get rich, but unless you have high death loss post weaning, you won't lose money. I think I got 1.04/lb. carcass weight on one of my last loads. Thought about direct marketing, but what I've seen from someone that does it around here, it can be a real headache, and volatile. May try it at some point, though.

    • @nevinkuser9892
      @nevinkuser9892 4 месяца назад

      @@ShermanT.Potter Getting a few acres on credit puts a fire under your ass to get it done. I've done that over the last few years and have aquired a lot of land that way. 12k is not that much considering how much you could make doing intelligent farming methods.

  • @julius8500
    @julius8500 3 месяца назад +3

    I’m a 20 year old guy from Copenhagen, Denmark. Did not expect to go down the farming RUclips rabbit hole, but kudos to you guys - really interesting stuff!

  • @chrisandersonley4521
    @chrisandersonley4521 15 дней назад

    Im an electrician in the city of Philadelphia, Know nothing about farming but im addicted to your show. Go Eagles!!!

  • @joekeusch5995
    @joekeusch5995 Месяц назад +1

    The problem with the crop insurance deal is that ground that should never be row cropped is being grain farmed. When 60, 70 years ago that ground was swamp, pasture, hay ground.

  • @ThePbird1
    @ThePbird1 2 месяца назад +1

    Wealthy and large farms generally receive the most money from farm subsidies. Farm subsidy programs are designed to give the most money to farms with the most acres or crops produced, which are often large monoculture operations. For example, one study found that the largest 10% of farms receive about 60% of subsidies from three large programs, and another study found that the top 10% of farms receive nearly 80% of subsidies. These subsidies are primarily for commodity crops like corn and soy, and the profits often go to entities other than the farmers themselves.

    • @joekeusch5995
      @joekeusch5995 Месяц назад

      Correct! All of that information is a matter of public record so if you ever wonder how much is getting paid out.

  • @jasontcolson
    @jasontcolson 3 месяца назад +2

    1:18 - Want crispy edges on your pancakes? Put butter on the griddle so that it touches the sides.

  • @greggergen9104
    @greggergen9104 4 месяца назад +6

    It is interesting that you talk about how farmers get a bad rap for getting crop insurance and how people are hard on farmers. I know no other business than farming that is so universally loved by the public. I was the Corporate Research Director at Farm Journal magazine and when I told people what I did, almost universally people told me how much they love farmers. I can't say that for any other field I have been in.

    • @Beyonder8335
      @Beyonder8335 4 месяца назад

      One of those things where is a minority of very loud people getting bent out of shape rather than the broader population

  • @donwilliams7394
    @donwilliams7394 4 месяца назад +2

    I’m a Canadian farmer. Enjoy listening to your guests on how they got started and how they have expanded. Keep up the good work. Only thing I would do if I was you. Would break up your chats into shorter segments. And hone in on topics. As I rarely ever have enough time to listen full episodes at one sitting. Anyways just some constructive criticism. Don’t take wrong way.

  • @taklfarms2575
    @taklfarms2575 4 месяца назад +4

    Just hauling grain today, figured I would come hangout.

    • @skyhappy
      @skyhappy 4 месяца назад +1

      What are your biggest challenges as a farmer?

  • @ChristopherRyans
    @ChristopherRyans 2 месяца назад

    I've been hog farming 15 years god it's good to hear people who talk like us

  • @YourForkSave
    @YourForkSave 3 месяца назад

    Legend has it that a farmer once won a 15 million dollar lottery. When he was interviewed by the lottery officials, they asked the farmer what he planned to do with his winnings. The farmer looked at him and said nothing, I plan on continuing farming until it's gone.

  • @natejast1971
    @natejast1971 4 месяца назад +2

    Cast iron is so easy to clean HOT water and metal scratcher. Done season is just fat rubed on. A flat top is almost the same thing as a cast iron pan.

    • @nevinkuser9892
      @nevinkuser9892 3 месяца назад

      That's how I do it. I haven't used soap in years.

  • @YourForkSave
    @YourForkSave 3 месяца назад

    Sawyer your on the right track, and at the right age to beginning building your wealth. You've got 40+ years, but you've got to begin now by making good decisions.

  • @raulo19999
    @raulo19999 2 месяца назад

    Put some oil in the skillet. Even a seasoned one.

  • @zanewood7117
    @zanewood7117 4 месяца назад +3

    Love you guys but what about the beef rancher there's no crop insurance or loans available for him.

  • @YourForkSave
    @YourForkSave 3 месяца назад

    Enjoy your talks. Very informative and educational for real people by real people. Thank you

  • @WillyWooly
    @WillyWooly 4 месяца назад +2

    Not a farmer but great podcast for general good business sense and personal growth.

  • @sandsock
    @sandsock 4 месяца назад +2

    we have some locals that did huge solar deals. bringing in about a million a year play money. he is going around renting out acres for huge cash, running out eht neighboring competitors. tehn can come back to teh land owner and say. this doesnt work anymore. and offer 100 a acre since nobody is renting against him. he will set his own price for rent or they can sell out to him. that is FU money

  • @rogerdale6751
    @rogerdale6751 4 месяца назад +1

    I think you should add how Much government is involved in what you do. Like you cannot grow your own seed.

  • @YourForkSave
    @YourForkSave 3 месяца назад

    I remember when there were more independent stores with actual butcher departments. Processing was done by family businesses. There definitely was a difference in the quality and taste of local beef and pork. That's why I like farmer grade, because I know who's growing it. I'm all for family owned small businesses.

  • @scottshaffer7662
    @scottshaffer7662 4 месяца назад

    Just to be clear..the Insurance Co gets the subsidy..yes the farmer gets the " premium reduction " but the Insurance company gets the $$$

  • @HighCottonYT
    @HighCottonYT 4 месяца назад +1

    Love the show guys. Would love an opportunity to come on the show one day! You guys are very similar to me and my father

  • @sdp2308
    @sdp2308 3 месяца назад

    Would you rather be a Capitalist or a Free Marketer? I would argue there is a difference.

  • @AMiles8810
    @AMiles8810 4 месяца назад

    Thought y’all hit the nail on the head regarding crop insurance. The cost-sharing of producers premiums by all tax-paying citizens of our country is one of the greatest returns we get from our tax dollars.

  • @toddvisser7299
    @toddvisser7299 3 месяца назад

    Your loans from Farm Credit are also tax payer subsidized since Farm Credit is a tax exempt entity. I have no issue with this for small farmers, but large farms should not enjoy tax exempt financing.

  • @MrKking777
    @MrKking777 3 месяца назад

    Maybe Farmers Business Network can start working on a farmer driven Coop for livestock processing and marketing to compete? Like you mention, it's going to be near impossible to compete except in niche markets independently.

  • @user-ip3xw1cd6s
    @user-ip3xw1cd6s 2 месяца назад

    Started hog farming at 8 with the 2 sows my dad gave me. Over the years grew it myself to 10 sows. (Couldn’t get bigger due to building space). 17 years old trying to start a path into farming. But Had to sell everything last year because I couldn’t get a plant to give me more than 15 cents a pound because I couldn’t contract more than 500 head a year to them. Found it dumb small farmers don’t get a chance.

    • @elementalbioremediationinc21
      @elementalbioremediationinc21 Месяц назад

      You would have been better to find a small butcher shop and sell as a boutique farm. Things like “My hogs are well looked after and not exposed to toxic ammonia levels tainting the meats taste” All we’re saying is you just need to market to a different buyer.

  • @YourForkSave
    @YourForkSave 3 месяца назад

    We need a written recipe for Tork's old fashion.

  • @robertsager231
    @robertsager231 4 месяца назад

    The subsidize insurance keeps farmers for going broke does not make them rich, that being said there are those who abuse the system. You can live with out a cell phone you can not live with out agriculture buy local.
    Bacon cooked on cast iron, but you have to know what your doing and have a well seasoned pan.

  • @genzinvesting8405
    @genzinvesting8405 2 месяца назад

    M1 Finance is a good service

  • @Projects815
    @Projects815 4 месяца назад

    Just found you guys.. awesome show! Just subscribed!

  • @user-dg3ko8iv4i
    @user-dg3ko8iv4i 3 месяца назад

    I grow fruit and crop insurance is a bit of a scam some people farm the program

  • @timroelofsen4954
    @timroelofsen4954 4 месяца назад

    I’m in north central Iowa I was replacing injectors the one week we had to plant.. another 2 inches expected today I doubt I’ll have the hay in before June at this rate

  • @A_barrel
    @A_barrel 4 месяца назад

    I swear this episode is almost identical to an old one. Weird feeling, like hard deja vu going on

  • @JakeBergen-zk6ld
    @JakeBergen-zk6ld 4 месяца назад

    Watching from Alberta.

  • @billsmith4890
    @billsmith4890 3 месяца назад

    Yes compared to the average person

  • @littleshopintheshed
    @littleshopintheshed 4 месяца назад

    So all the little pigs sold to the secondary market, would make higher quality bacon than a 300 pounder?

  • @chuckmundhenk
    @chuckmundhenk 4 месяца назад

    Awesome show

  • @Mulerider4Life
    @Mulerider4Life 4 месяца назад

    Cooking bacon in the oven is the best!

  • @wintersteen
    @wintersteen 4 месяца назад

    The LWE system is super interesting to me. My wife and I are putting up a bedpack cattle barn this summer, we'll retain some outdoor lots with a catch pond for solid runoff and water. Do you think a system like that could work for an open air pit?

  • @justinbanks7694
    @justinbanks7694 4 месяца назад

    Have to ask as you mentioned farmer grade meat. I know that the cost is going to be higher buying local meat and having it processed vs buying commercial. I typically get 2 hogs and a 1/2 beef a year. However many people imo see the local price and say well why would I do that. Food for thought, you need to do a podcast or even video about the benefit of buying farmer vs commercial. That cooler and coats cost ya around 7 figures 😂. I'm about 8 miles from psi/12 from kats so very familiar with the things/ places you're speaking of

  • @yuy389
    @yuy389 3 месяца назад

    farming seems like digging yourself into a huge whole and slowly digging yourself out or going into huge debt

  • @SbrGrendel65
    @SbrGrendel65 4 месяца назад

    Cowboys has done 💩 since they installed a Salary Cap. The only reason they won Super Bowls was they spent more money. The best thing that happened out of that was Jerry Jones thought he could be a General Manager and is drafting players and deciding on who to keep 😂

  • @taklfarms2575
    @taklfarms2575 4 месяца назад

    If your gonna keep the ethereum you should just stake it and make some extra for just holding

  • @MrBeast-1
    @MrBeast-1 4 месяца назад +1

    Tyson doesn't hire them directly through a 3rd party which can be shut down and another one pops up. The same thing was happening in Iowa. It has been a problem for decades - Trump, Biden, Obama, Bush... All of them

  • @chrisandersonley4521
    @chrisandersonley4521 15 дней назад

    Why are you a cowboys fan? From Iowa?

  • @LetsTalkGoats
    @LetsTalkGoats 4 месяца назад +1

    TikTok is going nowhere

  • @reidboggs4629
    @reidboggs4629 3 месяца назад

    Farmers and ranchers get 90/10 loans

  • @davekohler5957
    @davekohler5957 4 месяца назад

    Are farmers wealthy? Hell yes they are

  • @user-lm7xc4qx2l
    @user-lm7xc4qx2l 4 месяца назад

    No farms no food no future

  • @brianwideman2342
    @brianwideman2342 2 месяца назад

    Land rich , equipment poor .

  • @ralphalf5897
    @ralphalf5897 4 месяца назад

    Two cups of sugar. Lol. Somewhere something changed for all you Germans who moved to the Midwest. From barely sweet in the old country to nothing but sugar and more sugar, here😂

  • @YourForkSave
    @YourForkSave 3 месяца назад

    I'm 64, and I'm so tired of having to "adapt" to every new change in this world.

  • @anthony4701
    @anthony4701 3 месяца назад

    Tractors cost $400,000, yes your wealthy. Your also trained to hide the money.

  • @anthony3603
    @anthony3603 4 месяца назад +4

    And that's bullshit! Why do i have to subsidize some rich guys insurance for his mansion on the beach..

    • @ralphalf5897
      @ralphalf5897 4 месяца назад

      Because the NFIP is broke. And they know it. Now even places in X500s are going to have to subsidize places in flood zones. Like most things in this country, it's a mess.

    • @joekeusch5995
      @joekeusch5995 Месяц назад

      That's a good question. If the government would get out of the crop insurance then some marginal ground would go back to pasture or swamp where it belongs.

  • @ram_diesel_power6039
    @ram_diesel_power6039 4 месяца назад +1

    Farmers feed America. They need to prevent famine and starvation. It’s happened to plenty of countries.

  • @MrBeast-1
    @MrBeast-1 4 месяца назад +1

    Extremely wealthy but cash poor. The land if owned by the farmer is usually worth millions.

    • @nevinkuser9892
      @nevinkuser9892 4 месяца назад

      Not always. It would have to be thousands of acres.

    • @MrBeast-1
      @MrBeast-1 4 месяца назад

      @@nevinkuser9892 Not at all haha

    • @davehughesfarm7983
      @davehughesfarm7983 4 месяца назад

      @@nevinkuser9892 sheet.....300 acres x 6000 per acre in Missouri Is 1.4 mil after cap gains tax.

    • @nevinkuser9892
      @nevinkuser9892 4 месяца назад

      @@davehughesfarm7983 Sure, that's overpriced though.

    • @RealMillennialPerspective
      @RealMillennialPerspective 4 месяца назад

      110 acres near me in Southern MN is going for $1.2 million with only 44 acres of it being tillable..

  • @kalebcrutcher4966
    @kalebcrutcher4966 3 месяца назад

    West Texas dry land cotton farmers are working for a loss. Not much diversity here. Keep on trucking guys!

  • @coyroberts8356
    @coyroberts8356 3 месяца назад

    😮

  • @willhorting5317
    @willhorting5317 3 месяца назад

    Grew up on a cattle farm.
    Every time I hear/see someone claim that "farmers are rich, because they drive a nice truck, or have nice equipment"...I just shake my head at their ignorance.

    • @KSN2019
      @KSN2019 3 месяца назад +1

      Tell that to the pig farmer from Missouri who has a multi million dollar vacation home in southwest Florida on water and a million dollar yacht docked out back…there’s tons of very very wealthy “farmers” and cash crop growers

  • @YourForkSave
    @YourForkSave 3 месяца назад

    RAI!DERS!!!!

  • @coyroberts8356
    @coyroberts8356 3 месяца назад

    Some spot and fruit y’all rich????$$$&

  • @justinbanks7694
    @justinbanks7694 4 месяца назад

    WEDEMBOYS will eventually get a team worth a crap again. But this year isnt looking like it'll be the year.

  • @user-mi5ws7sf3u
    @user-mi5ws7sf3u 4 месяца назад

    Trump sent $30 billion of welfare to (red state) farmers. Selective memories 😂

    • @Beyonder8335
      @Beyonder8335 4 месяца назад

      The question is how much of that actually made it to the farmers…

    • @user-mi5ws7sf3u
      @user-mi5ws7sf3u 4 месяца назад

      @@Beyonder8335 $30 billion.

    • @Beyonder8335
      @Beyonder8335 4 месяца назад

      @@user-mi5ws7sf3u doubful. This is the government we’re talking about here. Even if it did though, with the amount of farms in the US that comes out to only about $15k per farm on avg.

    • @Beyonder8335
      @Beyonder8335 4 месяца назад

      @@user-mi5ws7sf3u being this is the government we’re dealing with I have my doubts. Even if that were the case though, with the amount of farms in the US that comes out to like $15k a piece on average.

    • @user-mi5ws7sf3u
      @user-mi5ws7sf3u 4 месяца назад

      @@Beyonder8335 The money primarily went to red state farmers. Regardless, $15,000 or $15. If you can't make it without handouts then get out of farming.
      The successful farmers will gladly fill the void.

  • @wd31981
    @wd31981 4 месяца назад

    The federal government pays for between 60-65% on average of crop insurance premiums.

  • @user-dg3ko8iv4i
    @user-dg3ko8iv4i 3 месяца назад

    So the big guys who can buy imputscheap then they get the cheap mi dset and sell cheap willi g.