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Nw Iowa | Reality, I think it a much easier concept to us old guys who have weathered a few storms vs those that are younger. On other hand if kids always listened to their dads, not much would happen either. My theory is let the young guys take the chances, if it works out they will reap the rewards, if it doesn’t they are young enough for another run and dad will be able to help. Biggest thing I learned in the 80’s was father mortgaging themselves up to their neck to help the son or daughter. Things got tough, son or daughter left, dad hung with the debt. Fathers can help a lot without signing their name. If father is signing the note, make sure it is something you can handle if son or daughter leaves. Be especially careful of things that require a lot of work like confinement type livestock operations. Signing your name on a piece of land might (really depends) be a little different if you were going to buy it anyway. If it doesn’t work out with son or daughter you can probably afford the payments and labor isn't increased as farm could be rented out or probably farmed with no more equipment, if it does work out you did some good estate planning. Usually dealing with a little smaller piece.
It is kind of funny as my brother and I split because our kids were pretty aggressive. Brother and I both laugh when we compare notes as we both get labeled too conservative from younger generation. I have been told by younger generation how I ever made it being so conservative. If they only knew! | |
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$3 corn prediction
