Has the economy affected you and your tractors?

[LBrown59]

Not so much with the cost of operating the tractors but more to do with the cost of materials needed to do or complete products with.

Example:I need to install about 80 feet of culvert
But have to put that on hold due to needing the culvert.

 

[dave1949]

I've been affected by the economy, and the direction our governement is taking the country. I'm self employed and work on my own for homeowners who hire me to remodlen their homes. I stay busy and havne't had to advertise in years, but I never know when the last job will be, or if I'll be without work for an extended period of time. It's a fear of being self employed that goes with the rewards of being your own boss.

I want to buy an excavator. I want one real bad, and have spent hours and hours researching them, trying them out and working out the numbers. It's something that would give me months more work time on my land, and speed up what I can get done. All in all, it's something that I really need.

My fear is that with all the new tax increases that are on the way, people being out fo work, and that number rising, that extra money to spend on making something pretty that isn't broken will become lower on peoples list of priorities. I'm terrified of taking out a loan to buy an excavator and not having the money to make the payments. I'm totaly debt free right now and can ride most anything if I have to, but going into debt right now just doesn't seem like a very smart move on my part.

I sure hope I'm wrong,
Eddie

A big ticket item like an excavator isn't something I would go in debt to have for more or less hobby use. It would be hard to part with cash even. If it is used for a business, that would be different. At least it can be depreciated. How are your RV Park plans coming along?

I know what you mean though, I walk by stumps, rocks and ugly trail sections everyday that are just begging for an excavator. Now my pond bank needs a couple hours work again.
Dave.

 

[300UGUY]

I hired into my company in 1979. There were 100 people in my orientation group. Late 79 brought the Iran thing and the 2nd oil crunch. And a lot of layoffs. In 1980 I ran into our safety instructor, and he told me that I was one of 2 of those 100 employees left. I ended up spending the next 30 years being one of the youngest hourly employees in the plant. They basically stopped hiring, and used attrition to reduce their US workforce.

 

[_RaT_]

I fear my Roth IRA's will end up being taxed on the proceeds. Having just visited my tax man, he mentioned that to me and it was strange because I have been thinking that thought for some time now. Congress can and does make changes to things like this as situations change. I don't care that social security will not be there for me or it will be means tested, that's fine. If some company retirement benefits evaporate (like United Airlines, Bethlehem Steel etc. for example) when I get to that age, then things will be rough on many, many, many folks.

 

[FallbrookFarmer]

My local guy, who is a retired fireman, has an inventory of about 60-70 used tractors and various kinds of equipment, Told me the other day hasn't sold anything of note in months.
Anybody with a couple of quarters is waiting to see how this shakes out.

 

[300UGUY]

I fear my Roth IRA's will end up being taxed on the proceeds. Having just visited my tax man, he mentioned that to me and it was strange because I have been thinking that thought for some time now. Congress can and does make changes to things like this as situations change. I don't care that social security will not be there for me or it will be means tested, that's fine. If some company retirement benefits evaporate (like United Airlines, Bethlehem Steel etc. for example) when I get to that age, then things will be rough on many, many, many folks.

There are few people with private pensions anymore. Virtually all companies have gone to 401K type plans. BTW, the 401K was never intended to replace pensions. It was a way for high income people to avoid taxes. Generally the only jobs with pensions now are government jobs, - cops, firemen, teachers. The median family income in this country is only about 40K. How someone can put food on the table, pay a mortgage, and pay all the other bills life throws at us, on 40K is beyond me. Expecting those folks to contribute to a 401K is a fantasy.

 

[_RaT_]

There are few people with private pensions anymore. Virtually all companies have gone to 401K type plans. BTW, the 401K was never intended to replace pensions. It was a way for high income people to avoid taxes. Generally the only jobs with pensions now are government jobs, - cops, firemen, teachers. The median family income in this country is only about 40K. How someone can put food on the table, pay a mortgage, and pay all the other bills life throws at us, on 40K is beyond me. Expecting those folks to contribute to a 401K is a fantasy.

Interesting. I have never had a 401K but so many of my friends do (they are definitely not rich) that it was always one of those curiosity things for me. My understanding was that the employer would match your contribution up to a given amount.

PS can't blame rich people for wanting to avoid taxes. When you look at what the ratios for what the rich pay versus those of us not so rich, it is freaking amazing. My thoughts are, thank goodness for the rich. What is it, the top 5% pay over 50% of the taxes? WoW, that's amazing. I am not so sure its a good thing to be rich, I'd be mad!!! :laughing:... So happy to be mediocre.


Guess Who Really Pays the Taxes — The American, A Magazine of Ideas

 

[_RaT_]

My local guy, who is a retired fireman, has an inventory of about 60-70 used tractors and various kinds of equipment, Told me the other day hasn't sold anything of note in months.
Anybody with a couple of quarters is waiting to see how this shakes out.

Has he got any Kubota L39's or L45's in that stash?

 

[FallbrookFarmer]

Has he got any Kubota L39's or L45's in that stash?

Not sure but I can give you his phone# iffn you want it?

 

[_RaT_]

Not sure but I can give you his phone# iffn you want it?

If he is like my local tractor guys, he has a ton of old 8N's, old 2WD Massey's, just the kind of stuff so many grew here at TBN up with but I did not. As nice as the old iron is, I like the new stuff. My avatar has my old Kubota L4850 that did two sommersaults and horizontal side slide before the pine tree stopped it. I never knew that Gannon boxscrappers were so fragile and ROP's so easy to well, bend.