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If You Want to Become Rich, Become a Farmer

If You Want to Get Rich, Become a Farmer

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This surprising bit of advice comes from Wall Street investment whiz Jim Rogers. It seems that while the rest of the economy continues to limp along, the farm sector is in something of a boom. According to an article in the July 11, 2011 issue of Time Magazine, while overall economic growth in the country is a disappointing 1.9 percent, net farm income was up 27 percent last year and is expected to increase another 20 percent this year. Source: http://tiny.cc/ddsej

This is a topic that I do not read about too often and that is the idea of farming and getting rich mentioned in the same sentence. Amongst the goals of Yummy Tummy Farms, becoming rich is definitely NOT one of them; however, I may have to recalibrate my goals. The National Gardeners Association Article is mostly about larger-scale farms, but farming on a micro-scale, like I am, makes me wonder if the same economics could apply?

One of the hopes for Yummy Tummy Farms is to convince my neighborhood that eating fresh, locally grown, bio-dynamically grown produce is the best decision for their long-term health. My produce may cost a bit more than Whole Foods and Safeway, but the extra incremental investment in great healthy food now can help keep health problems like obesity, diabetes, and high blood pressure away. If I get rich in the process of advocating for local fresh produce then that is just fine with me.

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3 responses »

  1. Weird, from what I understand, farming is something that takes several years to establish and can be very hit or miss. Between diseases, pests and weather, any year can be a bad year and even more so for organic farmers. I know (from an interview with a local farmer) this is especially true of blueberry farming in Oregon.

    Reply
    • Forgive me while I go business and economics nerd. I agree with your overall point in that farming is hit or miss by season. I think the larger point of the article was that while other industry segments (car sales, retail sales, & home prices) have been on a general decline or have been volatile, there has been a general steady rise in food and agriculture prices making it an inflationary environment. Rising food prices are due to a whole host problems arising all at the the same time: record heat in the midwest, grain failures in Russia, China buying/importing huge amounts of grain and food stuffs, and using corn to produce ethanol. This inflationary environment, I believe, is not good for consumers that are not paying attention; however, it can be very good for business saavy farmers that are doing competitive price comparisons to stay competitive and hopefully; therefore, profitable. Thanks for your comment!

      Reply
      • Good for farmers that already have farms, because the market will change again. And it isn’t the little farmer that’s making a profit it’s the big companies that buy the little farmers.

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