Farm owners are some of the richest people in the world. Many are in the top 1% when it comes to wealth.
In the end, you only need so much money, and many farm owners now have more wealth than they will ever spend.
If you have a net worth of more than 3 million dollars, please know… you are rich.
What are you going to do about this?
Are you going to allow your wealth to keep growing (and risk being the richest person in the graveyard), or are you going to find ways to use this wealth for good use?
I believe that wealth and money bring responsibility.
Excess wealth can offer you a way to look for how you can use this to benefit your community or the world in some way.
So many farm owners have a lazy balance sheet. That is, they have more than enough equity that can be used for adding value. But they fear losing it OR get too focused on simply getting bigger (often driven by an ego).
If you are sitting on a massive asset and it’s not being used, then wouldn’t you also agree that this is a slight waste of resources?
Using your wealth could be as simple as investing your money.
Buying a house and renting it out is at least allowing someone else to live under a roof.
There are also other ways to use the wealth:
- Could you loan it out to someone that needs a leg up?
- Could you help someone start or buy a business to use these funds productively (maybe it also allows you an opportunity to add value outside of your farm)?
- Where can you donate some of your wealth to help people in need?
Ultimately, our lives are measured by how much we give, not by how much we get, and it’s easy to get tricked into chasing even more wealth (when we really don’t need it). Go after it for sure, but I think the trick is to link this extra growth with adding more value in whatever way you can to society.
The time to give and helps others is when you are alive.
Oh – if you have a large asset but lack the cash flow (asset rich but cash poor), then speak to us. This is what we do, and we are experts at helping you maximise your returns to make your asset as productive as possible. Reply to this email if you want further information about our Platinum Mastermind Program.
Is Farm Owners Academy a cult?
The 7 habits of highly effective farm business owners
How farm owners can overcome rising costs, inflation and softening commodity prices
How to Overcome the Dip and Make Better Business Decisions
Real wealth is not what you think
Stop making ‘average’ business decisions at tax time