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How can we make a better cattle future in Ky
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<blockquote data-quote="CattleMan1920" data-source="post: 1555177" data-attributes="member: 37967"><p>I've heard this tired old tale in my area so many times that I have the story memorized. Here goes, "Farmer drives a truck with corn growing in the seat, and the road going by below him, is worth $50 million, that he keeps all in a checking account at the local bank earning no interest, he made it all by saving, raising corn and tending to the scrubbiest cattle he could raise, his wits were all that guided him" oh and everyone at the feed mill and stockyards knows every last detail of his finances because they have seen his bank accounts, deeds, and irrevocable trusts or credit shelter trusts he established with his local CPA and estate planning attorney, right?</p><p></p><p>Please put me in touch with them, because those farmers of folklore don't really exist when I look around here in Kentucky.</p><p></p><p>Checking and savings accounts at banks are the absolute worst way to build wealth, and anyone with financial acumen will tell you that. I would have been more interested in hearing that he owned 6000 acres, with 1500 head of cattle, index funds, and a large multifamily rental portfolio. Then you might have convinced me.</p><p></p><p>Also 7 kids by today's standards will drain every dime you have to your name, unless you use them as labor, and most kids aren't interested in that plan. </p><p></p><p>What I take away from your story is this, "buy the worst bull you can find, hope for the best, and stay away from quality at all costs, because it may mean your "not keeping it real"</p><p></p><p>The guy I spoke with was very nice, and we had a good conversation, he just did not see the benefit in improving his herd. There were no hard feelings, we ended the conversation with an INVITATION to come see the herd. I would have liked to have sold him a good bull, but there was no pressure on my part. </p><p></p><p>If you want a bit of advice that is very simple "you usually get what you pay for". A $1000 bull or a $500 cow is probably not going to serve you too well in the long run. I knew a guy once that owned about 8-10 vehicles at one time, all licensed and titled. He would drive one a few months until it would quit, then it would be put in the field, then on to the next one. I think he rather liked to do that, anyway, I can't imagine that it would have been far better to buy one or two good to very good vehicles, that were reliable and stick to them instead. All he did was make life harder on himself.</p></blockquote><p></p>
[QUOTE="CattleMan1920, post: 1555177, member: 37967"] I've heard this tired old tale in my area so many times that I have the story memorized. Here goes, "Farmer drives a truck with corn growing in the seat, and the road going by below him, is worth $50 million, that he keeps all in a checking account at the local bank earning no interest, he made it all by saving, raising corn and tending to the scrubbiest cattle he could raise, his wits were all that guided him" oh and everyone at the feed mill and stockyards knows every last detail of his finances because they have seen his bank accounts, deeds, and irrevocable trusts or credit shelter trusts he established with his local CPA and estate planning attorney, right? Please put me in touch with them, because those farmers of folklore don't really exist when I look around here in Kentucky. Checking and savings accounts at banks are the absolute worst way to build wealth, and anyone with financial acumen will tell you that. I would have been more interested in hearing that he owned 6000 acres, with 1500 head of cattle, index funds, and a large multifamily rental portfolio. Then you might have convinced me. Also 7 kids by today's standards will drain every dime you have to your name, unless you use them as labor, and most kids aren't interested in that plan. What I take away from your story is this, "buy the worst bull you can find, hope for the best, and stay away from quality at all costs, because it may mean your "not keeping it real" The guy I spoke with was very nice, and we had a good conversation, he just did not see the benefit in improving his herd. There were no hard feelings, we ended the conversation with an INVITATION to come see the herd. I would have liked to have sold him a good bull, but there was no pressure on my part. If you want a bit of advice that is very simple "you usually get what you pay for". A $1000 bull or a $500 cow is probably not going to serve you too well in the long run. I knew a guy once that owned about 8-10 vehicles at one time, all licensed and titled. He would drive one a few months until it would quit, then it would be put in the field, then on to the next one. I think he rather liked to do that, anyway, I can't imagine that it would have been far better to buy one or two good to very good vehicles, that were reliable and stick to them instead. All he did was make life harder on himself. [/QUOTE]
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