I had a total of 6 credit hours of economics in college. It never ceases to amaze me at how little the average American knows about economics. Whether we talk about a small business or a farm, they underestimate the amount of capital it takes to derive even a modest income. It angers me when people call farmers or small business owners rich just because they have over a million dollars in assets. I would like to know, starting from zero, how much investment in land, equipment, and inputs it would take to have $50,000 in income. I have known business owners who slept in their shops to keep costs down. America needs an education or we will ruin everything we have worked so hard to attain.
It's easier to marry a rich farmer...my wife did. Totally agree. When I was in my early 20's it was cheaper to buy McDonalds franchise than buy my farm. I'm happy I bought my farm. Now in the family over 100 years.
Thanks for the show.
I had a total of 6 credit hours of economics in college. It never ceases to amaze me at how little the average American knows about economics. Whether we talk about a small business or a farm, they underestimate the amount of capital it takes to derive even a modest income. It angers me when people call farmers or small business owners rich just because they have over a million dollars in assets. I would like to know, starting from zero, how much investment in land, equipment, and inputs it would take to have $50,000 in income. I have known business owners who slept in their shops to keep costs down. America needs an education or we will ruin everything we have worked so hard to attain.
I have done the math, and actually did it. 1 million is the answer. Understand some years you only make 40,000 and some 60,000.
It's easier to marry a rich farmer...my wife did. Totally agree. When I was in my early 20's it was cheaper to buy McDonalds franchise than buy my farm. I'm happy I bought my farm. Now in the family over 100 years.
@@tf7274 I've never met a rich farmer. Although, I hope to be one, when I grow up.