I'm $500,000 In Debt After Taking Other People's Advice!

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[@northharriscollege]

which banker let a 22 year old borrow 500k? I'm just asking for a friend.

[@rnt45t1]

A bank that wants free land once this guy inevitably defaults.

[@airbourne2]

I guess they know they can take the land back

[@travismcdonald148]

The USDA guarantees most of these loans for farmland.

[@Ryan_DeWitt]

@@travismcdonald148 If that is true in this case, I can for sure see why they did. Heck what bank wouldn't loan any amount to anyone if they knew it had a guarantee to get paid.

[@dnah02]

One who's snorting coke and not the soda kind

[@HoneyDooDoo]

Jesus! Dude better start growing rice and beans!! 😂

[@jasonrodgers9063]

!!!

[@itsreallynotimportantt]

* weed and poppies

[@isabelbecerra9258]

😂😂😂

[@savanah1407]

Hate to hear this from a farmer. We need them.

[@SesameStreetRacingChannel]

they need basic intelligence...we need smart farmers that know what they are doing...this guy got SUCKERED.

[@johannesswillery7855]

Don't fret. The government takes very good care of them.

[@JesusisLordgh8j]

BILL GATES WILL BUY IT. HELL HE IS BUYING MOST OF THE FARM LAND IN AMERICA!

[@jeremiah4267]

​@@johannesswillery7855no they don't. They are under attack by the government. They want to end the profitability for small farms then let billionaires like Bill Gates buy up all the farm land. Control the food, control the people. Literally freemason/illuminati/thirteen families/Zionist scheming.

[@Deadshot4396]

@@johannesswillery7855that was meant to be sarcastic right?

[@rodrigofernandez9055]

Kid: "my Dad told me to get in debt half a million to buy a farm" Dave: "sell your farm and throw in your Dad as a freebie" 😂😂😂

[@Addressed2Me]

I think Rachels frustration with her Dad on this call was fair. As Rachel tried to advise Nathan try sell the land asap. Dave made some similar mistakes.

[@cooltkll]

Dave made some similar mistakes.........hopefully he will be a millionaire like dave within 5-10yrs like dave did

[@Hiker2110]

I'm starting to like Rachel more than Dave. She's a lot more empathetic and at least tries to help. Dave didn't offer Nathan any help, he just kept beating a dead horse.

[@amireallythatgrumpy6508]

That's how Dave knew the caller is an idiot. Because Dave was an idiot.

[@JesusisLordgh8j]

BILL GATES WILL BUY IT. HELL HE IS BUYING MOST OF THE FARM LAND IN AMERICA!

[@nysavvy9241]

Dave goes on and on. Rachel never was able to get a response about selling the land. Dave needs to come up for air and take a breath sometimes

[@pattiupton1499]

Bless him. I can't believe at 22 they would give such an massive loan.

[@Dan16673]

Banks mostly can't loose so they don't care

[@perotal]

If you are old enough to join the military, go to war and risk your life then you are old enough to get a loan

[@indianatime]

Productive farmground can be highly collateralized. Not surprised at all, especially as an active, multiple-genetional farmer.

[@marinemarine8305]

The land must be worth it. And he and his dad must be good farmers and there is a future in this and an inheritance coming.

[@johannesswillery7855]

It's farming. It is very common for young people to get enormous loans on farm ground.

[@FrancoiseReyes]

40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.

[@stevensmiddlemass2072]

Vey accurate from your POV, It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into investment advisors for a strategy that suits your goals.

[@KingDavid-jj7tk]

A million dollars in profit is a fantastic achievement; how can I contact this advisør of yours?

[@stevensmiddlemass2072]

Do your due diligence and opt for one that has tactics to help your portfolio continue consistent and steady growth. “Della Morley Prather” is accountable for the success of my portfolio, and I believe she has the qualifications and expertise to accomplish your objectives.

[@KingDavid-jj7tk]

thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon

[@thud9797]

​@@KingDavid-jj7tk Get lost scammer!!! 😡

[@Vexed711]

Alright Dave he gets it. It was a dumb decision. You’ve made that very clear. Can you help him now??

[@jimroscovius]

There isn't much help - he's gotta pay it off. Now he knows not to do it again. Or sell it. Maybe his "smart" dad will buy it.

[@Troonielicious]

It’s not good business to be this dumb lol 😂 Dave is right

[@tongl274]

Not much Dave can do for this guy lol

[@Vexed711]

@@jimroscovius look thru the comments there’s some extremely helpful replies. He could of atleast given him more than 5 seconds of “help” at the end. Almost like it was an after thought. He didn’t even ask him questions about the loan. What bank was it? Was it a credit union? What was the interest rate. Is there an houses on the property? Can you rent pieces of the land out? What Dave did was not help

[@jimroscovius]

​@Super Vexed None of that matters. He has to farm and pay it off, or sell it and be done. Those are his only choices.

[@kjvandal1401]

I did the same thing…borrowed 486000 at 23…paid it off at age 38….land value tripled. Don’t sell it. Figure out different ways to establish cash flow, that dude is going to be happy he did it.

[@High5748]

​​@@reformedchinesecommunist Things can change a lot in 10 yrs. Interest rates might not go down below to what it is now and as long as there are people around there will be a need for crops. Also land will always be a commodity that is wanted so I wouldn't be surprised if the value goes up in the future. Not to mention that we are at the dawn of AI, have you seen some of the new farming equipment? There are machines that will automatically weed crops now. So the human cost may actually be eliminated at some point which means he could have a larger price margin in the future. So I agree with OP this could be the best decision the caller ever made. Not to say there isn't risk but you need to be risky in order to become wealthy.

[@kjvandal1401]

AI for select weed control may work in certain parts of the country…in North Dakota they are using 7.5 inch to 10 inch row spacing and will be using chemical for selective herbicide and conventional sprayers for the foreseeable future, precision ag is improving but chemicals are here to stay especially in that part of the country. Other big piece is not being talked about is the fsa office…with the government being environmentally conscious, they are going to throw billions of ag subsidies for eqip, and other programs. In our operation in idaho…mid 90s under Clinton they had of course cpr but also the new cap program that pushed notill, and 2 pass farming systems and to fallow with chemicals only and it paid very well with improved yields and fsa payments.

[@johannesswillery7855]

@@reformedchinesecommunist We still have price support on agricultural products.

[@LoveLife-oo9cz]

Dont discount the interest, the 8th wonder of the world if you have money to loan. 500k loan I bet a year the bank could take 40k interest from him and that is AFTER TAX money.

[@megalodon1726]

It tripled in 15 years, but you paid $486K plus interest and property tax for it. When you consider all the expenses, it's not necessarily a good investment.

[@rcmadiax]

Imagine calling in for help and instead all they do is call you stupid for 8 minutes straight. The man called in for advice - get over the dumb decision he made and offer some advice on how to dig out of it. People have called in worse situations and you've offered better advice. SMH.

[@JoshuaaColin]

That 22 year old deserves that. He’s clearly stupid when it comes with money.

[@Sheryl777]

RC CARD RIPPERS Dave suggested that the man sell the land...don't know what else you think Dave should have told him.

[@gametrain5439]

My guy.... If you're so critical then what do you think he should do? It's not fair to come at Dave when it's hard to hear such a tragedy. Sometimes the hole can be very deep sir.

[@Sheryl777]

@@gametrain5439 👍

[@SamWesting]

To be fair, Dave enlarged his point to include all similar situations w/a flawed business model. So he was lecturing the audience, not just the caller.

[@freedomworks3976]

I’m not a farmer but have multiple family members that are and what I have found is the ones that stopped farming and used the land for different business purposes did well , very well. That doesn’t mean no farming it just means some of there land would be leased out to bigger farming companies. Capitalism works extremely well if people can open there minds to all possible ideas and concepts.

[@w8stral]

As someone who has leased land from others... Lease money BARELY covers the taxes. It is impossible to buy land and cash flow over anything less than a 30 year time period and the ONLY reason it "cash" flows is because of land appreciation values going up. The only "deals" are from people who essentially GIVE the land to someone as they want to see it used properly and they know they are not getting market prices. Or someone has irrigation and the plot next to it does not as they cannot put in the $$$ to get irrigation to it. I'd say with near 90% certainty your extended family aren't telling you the actual #'s then as NO, your extended family is NOT making money if they are leasing their land. All they are doing is paying the taxes in 90% of the cases. Or it is in say a rare area where irrigated water rights are very constrained and actually worth something to say grow vegetables or sweet corn or 'x'. Any dry land? Forget it, you have to be a multipmillionaire to buy the minimum ~1000 acres necessary just to start and another ~1000 to rent just to graze cattle which is less $$$ upfront than wheat, soy, alfalfa etc.

[@snowpz]

Actually capitalism is the root of all these issues, but go off lmao. In essence, you think a system for profit is remotely efficient? More fool you. Open your eyes to a system where everybody's basic needs are met and the workers keep what they produce. Capitalism works for capitalists, not the average person. So it really depends where your priorities lie, and if you have a healthy worldview you won't support it. Ironic name you have there by the way, considering workers have precisely 0 freedom.

[@Psuedo-Nim]

@@snowpz what a complete moron.

[@jamisojo]

​@@snowpzunfortunately your communist idea doesn't work anywhere.

[@snowpz]

@@jamisojo capitalism doesn't work. It works for the rich. The sooner you get that the sooner you'll stop being a drone and actually try for a better system lmao. You're uneducated.

[@RPisa2416]

I understand it is Dave’s show but really, the amount of interruptions he makes towards his guests is not only rude but really diminishes the effect of the message. C’mon enough is enough

[@Hiker2110]

Especially when Rachel was trying to help.

[@XennialGuy]

He has some form of ADD. I've noticed it's been getting worse, his own daughter had to tell him to let her finish a couple days ago. He doesn't even realize he's interrupting people constantly.

[@Gypsy2057]

As a person who grew up on a farm I can tell you that's how hard it is to start out. I'd like to know where and how many acres. Ramsey gave him good advice as farming is a business and you need to approach it as such. He needs to find other sources of income off that land. Grazing some cattle on untillable acreage or something. At $500K it's a small farm, maybe 100 acres. Now, add in machinery $$$ and seeds, and fertilizer and fuel and spray and, and +++.

[@lucybell1487]

As a farmers daughter growing up in the late 70s and early 80s, with seeing how my parents lived with farm debt, it required taking a second mortgage out on the family home which was a stressful lifestyle

[@martyi398]

I've worked with some farmers, although they worked full time jobs to make ends meet, several also had college degree's) and they have large families to help pitch in to get the work done, guys at work use to ask them why they farmed with all the challenge's and hard work required, response was because they truly love farming and it's a way of life rather than a regular 9 to 5 manufacturing job!

[@AlexPerazaTV]

Secular job? Farming is also secular. Lol unless you work at a church

[@martyi398]

@@AlexPerazaTV Google search on (secular) makes everyone smarter, i meant traditional manufacturing job or the like , lol

[@JesusisLordgh8j]

BILL GATES WILL BUY IT. HELL HE IS BUYING MOST OF THE FARM LAND IN AMERICA!

[@nwpa771]

Maybe the father who gave him the "Advice" in the first place has 500k in cash he can gift his son?

[@tylerloconte8974]

Ramsey was being a wanker. "Im scared are you scared?" "Yes im scared" "This doesnt scare you?" "Yes it does" "My chest is tight im scared for you." Fucks sake ramsey, listen.

[@mattcollins4550]

Dave doesn't listen very well

[@amireallythatgrumpy6508]

He's just treating an idiot like an idiot.

[@ButtmanAtHeart]

😂

[@qjc2300]

If banks stop giving credit you really see how much money people have.

[@angel-ij4xv]

banks want people to stay in credit card debt so they can keep paying interests

[@Troonielicious]

That’s how banks get ya

[@Tunechi65]

It's why Americans live better than other countries. Credit. Without that we'd be another 3rd world country.

[@flch95]

Well that’s one way to fix inflation lol.

[@JesusisLordgh8j]

BILL GATES WILL BUY IT. HELL HE IS BUYING MOST OF THE FARM LAND IN AMERICA!

[@jerrystauffer2351]

I just finished paying off a farm loan. Land prices are at an all time high. My grandfather could pay $50 an acre and this kid probably paid over $10,000. Dad's advice was rock solid in 1950 and even in 2000. Now I'm not so sure. A lot of people went broke in 1981 doing this sort of thing. The idea is the land value makes it worthwhile even if you never get to hold the money.

[@oldhag2881]

If you can't actually use the money, do you actually have it?

[@iseepandas1]

I could tell he was worried from how he entered the call with the stress in his voice, god bless this man..

[@dantheman909]

If the loan is for business income, then it's not so scary. You have to factor that in. Dave always makes all debt seem bad, but that's not fair. Consumption debt is terrible. But business debt is often ok, if you have a plan. I borrowed 300k to start a business 10 years ago, and now I make 300k/year, could sell the business for 750k, and have nearly paid back the entire loan (2 years left). Don't let the cookie cutter advice get in the way.

[@lafrugalistefutee6221]

25k profit per year on 500 000k loan is terrible. And that is a loan that requires active work. You can generate 35k - 50k per year with 500k passively.

[@jamisojo]

I agree Dan. This isn't quite as scary as Dave makes out. But, he may just be trying lecture the millions of viewers who might make mistakes.

[@jamisojo]

​@@lafrugalistefutee6221yes, it is not a great return but that figure was also admittedly referring to bad years. The original commenter was just pointing out that this is a business loan. He didn't buy a Lamborghini to put in his garage.

[@HacksawJimThuggin]

He should have made this call BEFORE he got 500k in debt.

[@lauren4078]

Farming is such a difficult industry, I have no idea how people do it. Thank God for our farmers, though. Without them, we would not have what we have -- and that doesn't just mean food. Most every farmer is in a constant state of debt. This young man needs to increase his revenue streams. If he can get into heavy equipment, or turn part of the land into a gravel pit/sand pit/quarry -- those would be other great sources of income. And I understand where Dave is coming from on this one, but he doesn't understand the commercial farming industry.

[@carter3294]

You cannot cut your way out of recession you've got to invest your way out of recession, the Conservative party are in the dark ages on policy they've got to think again. My primary concern is how to maximize my savings/retirement fund of about £170k which has been sitting duck since forever with zero to no gains.

[@MrGravity304]

@Phil Stones The truth is that people are finally waking up to the fact that our systems are breaking down in thousands of different ways all around us. Personally, the financial market seems like the only way to go with my long-term horizon (accumulated about £557,000 in earnings since May 2021), but if you don't have that time luck, it's a tough market out there down almost nowhere feels safe!

[@Aziz__0]

@@MrGravity304 I've known I've wanted to start investing for a few months but just haven't been brave enough to start due to the market so far since mid last year. I have 60k i want to transfer into an s&s isa but its hard to bite the bullet and do it. £557k is a huge milestone , Please whats your strategy ? i will love to have an insight.

[@MrGravity304]

@@Aziz__0 Yes, a Fidelity financial advisor named "NICOLE DESIREE SIMON" put an end to my fears about investing, and after making more investments, I was able to reach the high six-figure mark in less than 3 years. A licensing advisor satisfies the necessary security criteria; hence, reimbursement is guaranteed if I'm dissatisfied with the service, so I'm much better off hiring one.

[@Aziz__0]

@@MrGravity304 I just copied and pasted her full name on my browser, super impressed with what I've seen so far. thanks for sharing!

[@luminous6969]

Makes my $4500 of debt not seem so bad.

[@drew9312]

Dave needs to let Rachel follow up on her good questions without interrupting and needs to stop stealing her thunder by butting in and elaborating on her good points. It’s not a competition.

[@jamisojo]

Yeah, it feels like Dave is kind of playing "the guy who has the wisdom to give to farmers". But, it is his show and hugely successful business. Maybe there is something we don't understand.

[@drew9312]

@@jamisojoNot saying he’s not successful- he makes good points. Was saying he should be less rude to his daughter live on air.

[@sherryd3299]

He only butts in when she is saying stupid things. He can't let his nepo baby ruin the program.

[@cstuartdc]

Well well well…looks like student loans aren’t the only stupid choice.

[@NaNa-lt1po]

atleast he has something to show for .. not some stupid social justice degree.. he can work this land to pay it off.. but you will never be able to say that with stupid sociology degree! you can always sell land.. not the degree!

[@hiempsal5392]

@@NaNa-lt1po It doesn't change the fact that it's extremely dumb idea putting yourself in this situation. He was pressured by his daddy to do it, the same way college kids are pressured by their parents to take insane loans for useless degrees. I hate when people put farmers and military on a pedestal, MATH always applies I don't care if you feed me or not.

[@cstuartdc]

@@NaNa-lt1po I think you're both right. I do agree that student loans are the WORST kind of debt, undischargable in bankruptcy. At least he can declare bankruptcy and walk away. BUtr hiemps is also right. . .we seem to put blue collar people on pedestals anymore and vilify education in this country, at least Red States do. (formal education). I'm going to tell you. . .I have had managers who have been associate degreed who worked their way up and college level/master level leaders and the latter ARE better. The associate level degreed person just seems out of their league. I' know that's unpopular to say here, but they are more articulate, broader thinking and know what they don't know, a hallmark of professionalism. If you want a comic play on this, rent the movie Back to School with Rodney Dangerfield. Even though the fictional character was successful, he knew somethign was missing and went "back to school" and then "hilarity ensues." I admire that kind of humility.

[@cstuartdc]

@@hiempsal5392 I also think the farm life has a seductive quality about it. . .workign the land everyday. IT's a dream for many people instead of a hard scrabble business.

[@dm96177]

We need farmers. I am so sad many of them end up in this situation. They are feeding the country and have to face these hurdles. This issue is important and we need to be supportive of farmers!

[@consumerdebtchitchat]

Only time I haven't heard Dave say "eat beans and rice." That's the farmer makin' the beans 🙄🙄

[@willfishing5605]

BTW, if we didn't have people like this, taking financial risks like this, we'd all starve to death. Thank a farmer!

[@FatMenace]

Lol wut?

[@jackdaniels5134]

Put the pipe down.

[@user-fp8xc8lf3f]

we wouldn't starve corn would just be twice as expensive

[@justvincenturb]

What the cocaine mushroom are you on?

[@willfishing5605]

@FatMenace it's actually spelled *what

[@oldhag2881]

To have a chance of keeping the land, he has to find a way to make generate MUCH more cash flow. Not necessarily by farming it. Depending upon location, it may have value for some other use. Simple economics.

[@alisongoldsberry489]

There are a lot of things you can do with farmland. Create a playground out of it. Portion it off. Rent parts out. Save some for crops get ambitious! Thanks Bill Gates for ruining farmers opportunity making prices sky rocket

[@CN-ro1ph]

Not only Bill Gates. Foreign buyers through investment companies.

[@michaelhinkley2598]

Subdivide the land into individual lots and put a gravel road in. Sell every lot individually or to a residential developer.

[@peace3388]

@@michaelhinkley2598Great thinking

[@stevee8318]

@@michaelhinkley2598 Sisseton ND is a tiny farming town in the middle of nowhere. There is no demand for residential development. If it were that easy, why wouldn't the original owner have done it?

[@jamisojo]

You have to be joking that Bill Gates made the prices of farms go up. He owns less than 1% of US farmland, which is still A LOT, but does not move land prices. If people couldn't make a living on the land by farming, the value would stop increasing.

[@oldhag2881]

When Sam Walton died in 1993 he was still driving a 1978 pickup truck.

[@Labbernese77]

Drive truck, and work the land on weekends and make payments. In 12 years that land will be worth a lot more and then you can refinance it. With land you always have possibilities. Don't listen to Ramsey on this one.

[@jmhamilton87]

A tip for all farmers or want to be farmers these days. Land is no longer a thing you buy if you want to farm. Land has become an asset for the wealthy to maintain their wealth. Your goal as a farmer is to control/use the land…. Not own it. These vast swaths of land need management, and that’s where you come in as a farmer. Sign leases with these landowners and manage their land for them. If you run cattle and there is a property with no fence/water/etc. Find someone that is willing to do a 10 year lease, build the fence and put in the water and run cattle. You do a good job they renew the lease. This saves the landowner the headache of bush hogging/haying/etc and you lower his property tax burden by having it in agriculture. The reason your dad gave you bad advice was because he came from an era where farmers owned their land, that’s just not possible anymore unless you inherit it or come from wealth already.

[@lukefiskness1406]

It sounds like he is very much a conventional farmer. He could make significantly more than 25,000 a year off a parcel of land if he investigated some more small scale sustainable ag practices. I grew up the son of a conventional farmer and the way things were done 30 years ago are not the way to profitability today.

[@estyria777]

This is true. I'm seeing much higher profits potential in market gardening, and more people are interested in buying that type of produce too.

[@bluejedi723]

@@estyria777 my neighbor is a farmer. He owns about 3 acres of land, and he uses greenhouses to grow produce. Way more profitable than traditional gardening.

[@semosancus5506]

Yeah he needs to watch Cole the cornstar to figure out how to grow farming and at least break even.

[@melanieb2132]

You have to be close to an urban center to make a go like green houses and the like. Conventional farmer is the only way to go in the middle of nowhere are there aren't the logistics in place to do anything else.

[@kingofrivia1248]

In theory yes but in practice thats doesnt work. You need way too much labour for all of it

[@BrianW211]

Something's missing. How did Nathan get a $500K loan without proof that the income would pay the mortgage plus business expenses?

[@aaronswanson6719]

USDA loan and the fact he comes from a multi generational farm where he can trade his labor for equipment use from the older generations

[@KVW110]

I am speaking as someone who is first generation off the farm, and as someone who would LOVED to be a farmer. Another area Dave has little experience with. Yes, $500k on a piece of land that won't break even is dumb; that's basic math. But farming is not a big profit endeavor unless you are a huge operation. A lot of farmers barely scrape by, so the advice given to this young man by family really wasn't that far off base.

[@jacobawojtowicz]

A farmer's salary is above the median salary. A lot of americans* barely scrape by, so this advice sucks because normal sucks.

[@joekeith8289]

Dave is there to help not beat him down more.

[@sashavenka]

I only take advice from crypto/stock bots in yt comments so far I made 2 million dollars In debt 😭

[@FreeAgent797]

Shame on his pops for giving his own son bad advice like this. And the sad thing is, he probably won't even offer a helping hand or advice for him to get out of this.

[@aaronswanson6719]

He likely gets to farm the land with Dad’s equipment for free and Dad found him land to rent at reasonable rates where he also gets to use dad’s equipment for free as long as he gives dad free labor in return. That’s how this stuff works

[@jamisojo]

Well ... We didn't actually get that much information. We did not get the whole story.

[@braziliannigga]

Starting adult life 500k behind. Way to go!

[@rhondafischer8444]

Farming is super tough, and we need them... there has to be a way to better support them to start business. ❤

[@jamisojo]

Well... Many of them do very well. If your family didn't do it before you, it may not be wise for you to try doing it. One could also work at something else while they're young or work for someone while starting your own farm. There are a lot of people in the world who need more help than these guys will. They can always work a regular job like the rest of us.

[@Tashas_Travels]

22 year old with almost half a million 😢😮. I'm scared for him. I'm in my 20s and scared of debt and even planning on working, saving then paying cash for college coz I just don't want to be in debt or owe anyone anything. I really feel bad for him.

[@princessjen99]

He should run crop totals and grazing totals and decide where the most revenue comes from. Figure out what’s the least costly and highest revenue crop

[@lecodh1]

Look at your parents and how successful they are before making money/life decisions.

[@juliemortenson481]

Dave's incessant talking didn't help.

[@juliemortenson481]

It's Sisseton, SD!

[@pishu57]

I don’t agree. Land is not any other business , it’s partly a business and partly an investment, it’s not that the land will be worth 500k for next 30 years

[@RoadieWingZZ]

Not enough info here. How much land? Percent cultivatable? Buildings? What crops? ….. Farming isn’t cheap, but smart farming is doable and possible. Sounds like he’s just panicking due to lack of experience in farm management.

[@YanilleCastillo]

I wonder if he was kind of manipulated doing it or maybe not understanding; this is crazy

[@alangonzalez5198]

Dave just tore into this guy for 7 minutes lol thank you papa Dave

[@shoopSAUCE]

Thank you what? Dave offered no insight nor help for a first step. Just twisted the knife in this guys chest for 7 minutes. Give me a break.

[@alangonzalez5198]

@@shoopSAUCE yeah that’s what I’m pointing out

[@shoopSAUCE]

@@alangonzalez5198 Gotcha, just read differently. Dave was abysmal here and it's been a trend lately.

[@costco_pizza]

@@shoopSAUCE the kid needed to hear it. He needed to be made fun of for these 7 minutes to set him straight. I have a feeling he will get through this now after hearing from Dave.

[@shoopSAUCE]

@@costco_pizza lol

[@boneyards4369]

Does some of it butt up against a town where he could partition off or sell some of it for new housing development? Or just sell the whole thing?

[@jasonrodgers9063]

"Does some of it butt up against a town where he could sell some of it for a new housing development?" DUDE! It's SOUTH DAKOTA! How many big McMansion suburbs ARE there in SD?

[@esquire9445]

They hardly asked him any numbers. I do t think they know enough. Farm banks wouldn’t loan him the money if it wasn’t a good idea. I have a hard time with their hard criticisms on this one.

[@RusskiCommieBot]

Don't sell the Farm. The coming inflation is going to cause that land to soar in price. Give it two or three years. That land is going to be double the price it is today.

[@andrewhart5920]

The thing is land near your farm is not available always so when it comes up for sell it’s buy now or maybe never. You don’t know if that farm is going to be tie up for generations or not. We don’t know how much land it is or what he growing but a little Joel Salatin could help this man more than anything. He the Ramsey of farming.

[@wurstbrot1772]

Well, to be fair, he does not make no profit. In 30 years he will own land that's worth half a million.

[@2andrea]

Farm like joel salatin at polyface farm!!!

[@mikesawyer4707]

SELL THE LAND. Parcel it out if you must. But sell the land. God bless you.

[@xlerb2286]

Unfortunately that's what a lot of farmers are facing. My parents and grandparents farmed, I'd have loved to have continued the tradition. But profit margins have gotten thinner and so farms have to be bigger to be profitable. The land that made a good income for my parents wouldn't have been enough going forward. And land around here is both expensive and comes up for sale once a generation or less (some of the land we have hasn't been up for sale since the 1880's, the last land around here, other than little bits and pieces, came up for sale about 10 years ago). So if you're a farmer you have the hard choice to get into a bidding war for scarce land, or get out of the business. Every time dad and I ran the numbers it came out the same. I'd be working for the bank for 20 years and two bad years in a row would wipe me out. And you can't go back in history around here and find a 20 year period without 2 bad years in a row. So I got out. Went into engineering. Good decision financially, but I still miss those days growing up on the farm, and I'm about retirement age.

[@ButtmanAtHeart]

Everybody in the middle is getting squeezed out. It’s a war on the middle class. You can either go broke and live on government aid or leave the middle class by earning a higher income. All the jobs in the middle will be outsourced to other countries and everything will be imported. We will have the ruling class and the peasant class. No more middle. That is the plan from the democrats and with schools grooming the children to be democrat everything is shifting towards communism. All that are left is the ruling class and the poor.

[@harrykashouli9774]

At least this caller didn't blame the democrats, like the twit with the busted septic system xD

[@commonsense-og1gz]

for $500,000, he could have bought a small commercial business, that would likely cash flow much better than that.

[@JakeStewart1343]

True, but that doesn't fit under Daddy's expectations 🤷‍♂️

[@John-du2mq]

Grow ethanol grade corn and sell it to the ethanol plants. That's a pretty easy starting point in your area.

[@ThePatriots010304]

Sell to a billionaire or go deeper into debt to try and make it profitable.

[@TradingWithJesseW]

Dang why in this call where no questions asked? What is your business model? What % on your loan? What’s your monthly payment? Can you rent out the land to someone else while you work the rest of your land and keep up the payment comfortably while you figure this out? Can we find something else more lucrative to do with this land? I mean so many more questions

[@soonermagic24]

His dads advice really wasn’t horrible. They aren’t making anymore land. As a farmer, you can deduct losses. I know a guy who hasn’t paid taxes is 30 years because of his land. This call really is missing a lot of information. If you break even for 30 years, this young man will more than likely be able to sell that land for 1.2 million. Guess what, that’s a nice gain

[@TNKabouter]

For starting a farm it's nothing, cost millions to take over from parents/ others and do the new rules, Also in farming/banking the tax avantages are the forward reasoning, working for the bank, and when shtf the bank has it all but you have a nice new tractor to play with

[@FourkidsFarms]

If he wants to own land it will never make its own payment, you always need other land to pay for the new land

[@HighCountryRambler]

Most of the farmers around here either lease large chunks of land, or a generational family operation.

[@jamisojo]

I'm guessing that that is accurate. My father farmed, so I'm not an expert. But it would be very difficult to start from nothing.

[@CJ2023Incognito]

@7:04 Dave, “I don’t know what he’s doing” Yeah because you just ranted about the numbers and didn’t ask any questions besides, “Are you scared?”

[@flch95]

Why wasn’t he aware of this before making the commitment? Either way, farming is a long game, over generations. It doesn’t necessarily take that long to pay off in a lot of cases but it does take a long time to grow and long time to establish your operation from the sounds of it, but once it’s humming it can be profitable.

[@ifronnin]

When you go to Ag Business school they force you to make a Business plan with loans. They get angry if you tell them that you don't want to use loans. One of my professors was also a farmer. He's worth millions of dollars but still uses a quarter section of land as collateral for an operating loan. This is the standard for modern farming. It's pathetic. I've been there and done that with both crops and cattle. The cattle lost me money but growing corn was easy money, even at $2.85/bushel. And how the heck is he not breaking even? Crop prices are sky high. I work at a grain elevator so I know it quite well.

[@FourkidsFarms]

He is making a profit on the crop. Just not enough to cover the mortgage

[@zackhall6146]

How are you not making money on cattle have you seen the prices

[@ifronnin]

@@zackhall6146 Because I owned cattle 5-10 years ago.

[@zackhall6146]

@isaiahfronning5157 heck prices where high then too it all depends on how you're doing it and where your at

[@tylersanders2388]

As soon as I heard he was a farmer I knew where all the debt is. 500k is actually not the worst I’ve seen for a farmer. Some are well into 7 figures

[@melanieb2132]

Farmers do this all the time, BTW. The reason it works is that land prices have continually gone up. Farmers are assit rich but cash poor.

[@kayn2756]

Dang, suddenly I don't feel so bad for still owing 150k on my home.😢

[@Musicienne-DAB1995]

That's a very manageable debt. What this guy has done is disastrous.

[@cinemacola6398]

I owe about the same in my mortgage and I watch these videos and tell myself it could be way worse.

[@Sizukun1]

Its likely what his dad did: get a big loan to farm because thats all he knows. What his dad didn't realize is it isn't 1979 and that 10,000 acres isn't $30,000 anymore. But that lifestyle is normal for farmers; they have to buy that quarter million combine to make a $50k annual income.

[@themarinect]

What can you farm in North Dakota? That place is freezing most months of the year. Seems to be the worst place to start your farming career

[@Stephan2P]

Have to agree with Dave on this one. 30 years working for nothing? No thanks. But then again, isn't that the same as living paycheck-to-paycheck?

[@bayoustateoutdoors9650]

Wow, he didn’t call Dave before the purchase, he called after…..poor guy trusted his dad. If all else fails, hire the Democrats to be your real estate agent, China 🇨🇳 will buy it asap!

[@Joyful-213]

Should have bought some gold.

[@AutomotiveAnatomy]

Dave judges a 22 yr old before asking business mind questions.

[@matthewgardner2144]

He's ruled by emotion.

[@artharrison294]

dave seemed too quick to pass over the callers interest in the other plot of land, and the income to be generated by it. Too much we don’t know about this guy’s situation.

[@FreedomFighter485]

Sell it to Bill Gates, this is one of the last pieces of farmland he doesn't own yet.

[@ja1980lady]

As someone who owes farmland, I can confirm that this is the belief system of farmers and/or landowners. We paid for 11 years with zero profit on our land. ZERO. In fact, every year for 11 years, we put all of our rental income and $500/mo toward the land....just to break even. I get that it makes zero sense. I married into the situation (1 yr into the loan) without realizing the upside-down nature of the situation. Now, the land has doubled in value and the rental income is profit so it does eventually pay, but one needs a steady and stable income to fill those gaps! IMO, farmers should rent, reap the profits, and save up cash (or as much as possible) to then purchase land.

[@mohammedal-ahmadi8045]

The loan was set up for this poor guy.

[@e79422]

I thought the banks were supposed to be more responsible with their loans? What banks think this is a good investment?

[@JakeTheSnake500]

I didn't read all of the comments, so maybe someone already brought this up, but I hope that he owns both the surface rights AND the mineral rights. Farming is a tough business (God bless them), but collecting oil royalties is easy money until they run dry. Then, some companies will pay a little bit to refill the holes with the saltwater used in the horizontal drilling process. "Then one day he was shootin at some food, And up through the ground came a bubblin crude. Oil that is, black gold, North Dakota tea."

[@doranfarms3549]

Rice and beans buddy, hold out for 10 years you’ll be fine, work full time job or another business that you have skills in, be frugal, inflation will cross over after 10 years you’ll be glad you bought that land, I know it is chest tightening now, but if your interest rate ever falls refinance, you can do it!

[@tristanharris9714]

If you break even, buy it. But you have to have fail safes in place. If you break even every year it’s worth it. Because at the end of the loan term you have that piece paid for and it will only make you money. Think of it as a retirement plan. If it’s not costing you money out of pocket it’s worth it. That’s why a lot of farmers have outside jobs. The farming becomes more of a retirement plan.

[@mr.h4104]

Dave is an ARROGANT you know what. HELP people without berating them!!

[@Coryraisa]

That's the great thing...he doesn't berate people. He just tells people often what they _DON'T_ want to hear, but need to hear.

[@marinemarine8305]

It's not dumb, it's reality. He will need to custom hire for others and work a second job during the winter. Roll up your sleeves kid and thank God for the land and yo9ur life. Dave is wrong. This is the reality for farmers. Where have you been Dave????

[@newworldorder1425]

Im just thankful that im not in this kind of situation. Im 33 yrs old earning 450k annually and no debts. Maybe its one of my fears not having money is my driving force why i work so hard and to retire with peace of mind.

[@eugenegutierrez5106]

Best solution for this young farmer, I’d sell his land. I know it’s not the best idea , but certainly I can get a good night sleep every night. I purchased a $30k car loan and I’m not proud coz I know cars depreciate.

[@deannasterman5342]

No one realizes what farmers really go threw. It's a sacrifice in many ways. People don't realize most years farmers don't make money or barely make even. People have no clue.

[@davinasquirrel7672]

If he is cropping, rather than stock, he probably has enough free time to pick up other work. That could boost his income enough to service the debt. Would love to know how he fared nearly a year later.

[@JasperOFlanigan-jz6jt]

Trying to see the best case scenario. It’s a family business, so his dad already has land and is making profit. The intent is to continue to build generational wealth. In 30 years; this man’s kids will inherit the Dads (grandparents) farm and their current dads paid off farm.

[@danielakin7638]

I don’t know why people call this show and ask him farming questions he is a very smart guy but doesn’t understand how farming works I currently farm you buy farm ground for the future you pay it off and you have a higher net worth when you retire. Farmers have debt all the time that is the only way to farm OK nobody farms with only cash because it cost so much to do it when you get somebody calling into the show that says he Farms the show needs to hang up because they don’t understand it

[@annabenscoter6230]

The lack of empathy and kindness in your tone and words is breathtaking. The mistake was already made and your approach is pouring salt into the wound. Truth without love is hateful and unbiblical. This makes me so sad.

[@ReturnOfTheJ.D.]

I'd say it's a good investment because rich Chinese are buying up a lot of US Farmland - and they very rarely get it wrong with investments.

[@percivalgooglyeyes6178]

I don't know why Dave is so animatedly upset. How is this scenario much different that someone who has $500K in student loans and an Art History degree?

[@stephendownes6331]

Sell half the holding, he will get a premium per square metre on what he paid and sell it on lease back at 50% of current interest rate. They found you, you will find another fool.

[@c.m.8860]

Sorry- no you couldn’t buy a combine outright as a young farmer, but in order to make any money at all you’d have to have one. The math has to be adjusted for different problems