Let’s set the stage: you’re a farmer with a can-do attitude, but unfortunately you’re on the brink of having to give up the farm. Your main operation just isn’t making what you need.
But there’s a wonderful reality working in your favor: there are people out there who aren’t like you. In fact, they will pay you to do certain work for them in more places than just the farm. This extra work just might help you keep the farm.
This episode is an interview with Matt Brechwald, co-host of the Off Farm Income Podcast, about what that extra work might look like for you. Today, we’re going to go over seven sources of off farm income.
At least on paper (though that may not translate to cash), farmers are wealthy. Many are understandably concerned about passing those assets down and not having the next generation ruin the business. Some don’t even let their kids make business decisions until they’re almost completely out of the picture, which might not be until they’re in their 80s.
There are two really good stories from The Richest Man in Babylon that deal with the concept of inheritance. I think they hold a lot of wisdom for farmers and landowners today.
One thing is clear in my conversations with farmers: the biggest challenge they face is making their debt payments.
Part three of our series on the financial principles of ancient Babylon pulls from The Richest Man in Babylon. Today’s lesson is about managing your debt and working with the holders of your debt to have a realistic plan in place.
One weekend, my son and I went to Minneapolis, and I had him listen to The Richest Man in Babylon. I wanted him to hear it, since it’s had such an impact on me.
Then I found that the one listen wasn’t enough for me. I listened to it again the next day after our trip, and I couldn’t help thinking about how much rich wisdom it held.
It’s especially helpful for where farming’s at right now, when things are tight and stress is high. I just had to share what I’ve learned with you.
The Richest Man in Babylon is one of my favorite books of all time. It’s so good, I read it twice in one weekend.
Babylon was one of the wealthiest cities of ancient times, because of the financial principles of its people. They recorded stories and fables with these lessons on clay tablets which were unearthed not too long ago. Those tablets are the foundation for the several stories that make up The Richest Man in Babylon.
One of my favorite principles from the book is the one we’ll be discussing today: seven cures for a lean purse.