With great regret, The tractor must be sold.

[Doofy]

Wife and I have been debating what to do with our estate. Our greedy children don't deserve anything. Our civil children don't want anything. We have just about decided to leave everything to charity. We are thinking either Salvation Army or Habitat for Humanity.

 

[4570Man]

Wife and I have been debating what to do with our estate. Our greedy children don't deserve anything. Our civil children don't want anything. We have just about decided to leave everything to charity. We are thinking either Salvation Army or Habitat for Humanity.

Well I sure hope you don’t leave it to the state.

 

[Diggin It]

We have just about decided to leave everything to charity. We are thinking either Salvation Army or Habitat for Humanity.

I plan on picking something more local and directed. Like maybe one of the food banks. Or a veterinary fund for emergencies for injured pets.

National charities have too much overhead.

 

[Doofy]

I plan on picking something more local and directed. Like maybe one of the food banks. Or a veterinary fund for emergencies for injured pets.

National charities have too much overhead.

National charities pay their Executives way to much! We don't have much but want it to do the most good.

The Salvation Army would send in a specialized team to handle everything. Nothing is wasted. Most everything would funnel through the thrift stores. The real property would be sold and the proceeds would go to the soup kitchens, etc that we designate. We can keep it all local.

 

[Ken]

The reason I got the 4320 was to feed round bales at first with plans of bush hogging, driveway repair etc.

I知 the last person to get hung up by some fly by night dude selling the next self help book or get rich quick, was prob the reason I never heard of Dave Ramsey before I came to TractorByNet. The ONLY reason I looked him up was because of the reference.

But his plan is sound. The plan is to get out of debt (besides the house), I can sell everything I don稚 need and it still won稚 get me out of debt, my only play is to sell the tractor and use the equity I built in it.

The "Dave Ramsey Plan" sounds good . Only remember that he got his Start by Bankruptcy in other words financed by his former friends.
How well I have learned . and regret.
ken

 

[BrokeFarmerJohn]

Wife and I have been debating what to do with our estate. Our greedy children don't deserve anything. Our civil children don't want anything. We have just about decided to leave everything to charity. We are thinking either Salvation Army or Habitat for Humanity.

The problem with wealth and what you leave people is no matter what, someone won’t be happy.

My grandpa has cancer, he only had 3-6 months left on this earth, his brother is older than he is and isn’t doing well with strokes and a broken hip in this past year. My Great uncle owns a 600 acre farm that he’s worked all his life, the original farmhouse was sold to my 3rd cousin and her husband, they will be the 4th generation living in that house.

My great great grandpa farmed 100 acres with horses, my dad tells stories of him being pissed at my Grandpa and his brother for using tractors and claimed they weren’t farming right lol. But the original farm house is still in the family and will be for another generation or two. You can walk threw the barns and see the tools my great grandpa used, the horse drawn equipment is still there further in than the modern tractors and machinery, a lot of history on that property.

I have seen what an inheritance will do to civil family, my 2nd cousins get mad at my great uncle because he spends money on things like a cabbed kubota UTV or restoring a 1964 Chrysler 300J he sold to my dad in the early 80s to have money for seed. My dad sold the car about 6 years ago and we were able to get it back and my uncle bought the car last year. Its in the shop now getting brought back up to road worthy condition. My great uncle bought the car new and told me about 4 years ago he regretted selling the car to my dad, so when I was offered to buy the car, I offered it to my great uncle instead since I didn’t have car restoration money. His kids have no interest in the car which is why they were upset he bought the car because they would inherit less lol. I thought that was absurd when I heard it.

I have tools in my barn and garage from my step grandpa still, he left me all his tools when he died 14 years ago, I was 10 or 12 years old at that time but I still remember him telling me that even know he has kids, he thought I would use and take care of his tools better than his own blood relatives. He was right, 14 or so years later I still use some of them and when I do, it brings back the memories of him. That taught me a lesson of inheritance. As my grandparents and parents age, I don’t care if they leave me cash but I would like a few things to remember them by.

One thing I hope to get from my grandpas estate will be his 1929 JD General Purpose, I have tried to restore it for him and he wouldn’t let me do it, I have tried to buy it from him and his price was too high. I have never brought it up after he was diagnosed with cancer because that would be kicking a man while he was down. If he doesn’t leave the tractor to me, I fully intend to pay my step grandma cash for it. That’s one item I will cherish and own for a very long time if I have the chance to buy it. That’s the only thing I really want to remember him by.

So if I was faced with leaving an estate, I would leave different things to people who would use them. My house would go to the most responsible kid, sibling, grand kid etc. even if they didn’t “need” the house I would ask they rent it out, let it generate an income, if they decide they don’t need the income, they could use it to fund grandchild’s education etc. the house later could be sold to a relative like my great grandpas farm house did, that money could be added to the estate those children might get later etc.

I believe there are many ways wealth can be passed on without spoiling people.

 

[MossRoad]

Not to be nosy, but have you done a net worth statement for yourself? It's a great tool to see exactly where everything is, how much you own, how much you owe, and how much you're worth if you sell everything you own and pay off everything you owe.

I know many people that think they are in debt up to their eyeballs, and never did a net worth statement. They do it and find out they are actually in the black by way more than they ever thought.

Debt free is great. We've been there for many, many years on average wages. Most define debt as owing money. We owe money. But it's not 1% of our net worth. So even though we technically owe some money on some things, we don't think of it as debt. We think of it as operating expenses. :laughing:

Congrats on being a responsible young person.

If it's any consolation, we bought a huge used tractor back in 1990, when I was 29. We used it for quit a while getting the big stuff done on our property. Then we bought a small machine to maintain that property, and sold the huge machine.

Your small machine is very capable. If you need a large job done, rent a machine. Weekend rentals are the best bang for the buck. Just plan your projects to maximize machine rental time.

Good luck! :thumbsup::thumbsup:

 

[JD15302155870]

I too have listened to Dave Ramsey and understand his plans and many people have been successful following his advice. However I believe what helps as well is good old fashioned discipline. I lost my job after 911 and did not get a good job until 2012. We went on a quest to not spend any money we didn’t have to. When I started back to work we had more money than we had before losing my job

 

[CobyRupert]

Not sure if he really said this ("If it's on the internet it must be true!"), but it is true

"Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it. " -Albert Einstein (so "they" say)

 

[kenmac]

Chris Hogan | Learn how to become an everyday millionaire.
You can't get there just by reading books and listening. It takes discipline to stay the course.
The problem is there is not much discipline today. I have to have it now mentality