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Question about borrowing money
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<blockquote data-quote="herofan" data-source="post: 1042390" data-attributes="member: 17843"><p>Sure, good point. I wasn't really trying to shove right or wrong down anyone's throat. I was just raised a saver and a "pay cash" person, and haven't really seen a downside to that. </p><p></p><p>To address your scenario of the under 25 person, I wouldn't even consider going into farming from scratch. There would be way too much money and gamble involved for me. I guess that brings up another thing I've noticed. I see people borrowing money and taking risks when there are less risky ways to make the same amount of money they hope to make. </p><p></p><p>For example, people in my area of KY have gone nuts about raising corn the last few years. People are taking out loans for several hundreds of thousands to buy huge equipment that looks out of place around here, and planting corn in every nook and cranny they can find. They probably won't make as much in the long run as the guy down the road with 40 cows and an old 255 Massey Ferguson. So, why bother? Don't get me wrong. I'm not saying people shouldn't raise corn, but I think the guys around here are getting a little too big for their britches. My brother often jokes that they would probably be better off with a steady job at Wal-Mart. </p><p></p><p> I had a guy tell me once that the only sure way he could ever truly "make" any money was to just get a job and let someone give him a paycheck every week. I know what he means. I guess that just shows, however, that I am a dull person. I'm not much of a risk taker or adventurer.</p></blockquote><p></p>
[QUOTE="herofan, post: 1042390, member: 17843"] Sure, good point. I wasn't really trying to shove right or wrong down anyone's throat. I was just raised a saver and a "pay cash" person, and haven't really seen a downside to that. To address your scenario of the under 25 person, I wouldn't even consider going into farming from scratch. There would be way too much money and gamble involved for me. I guess that brings up another thing I've noticed. I see people borrowing money and taking risks when there are less risky ways to make the same amount of money they hope to make. For example, people in my area of KY have gone nuts about raising corn the last few years. People are taking out loans for several hundreds of thousands to buy huge equipment that looks out of place around here, and planting corn in every nook and cranny they can find. They probably won't make as much in the long run as the guy down the road with 40 cows and an old 255 Massey Ferguson. So, why bother? Don't get me wrong. I'm not saying people shouldn't raise corn, but I think the guys around here are getting a little too big for their britches. My brother often jokes that they would probably be better off with a steady job at Wal-Mart. I had a guy tell me once that the only sure way he could ever truly "make" any money was to just get a job and let someone give him a paycheck every week. I know what he means. I guess that just shows, however, that I am a dull person. I'm not much of a risk taker or adventurer. [/QUOTE]
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