How can I turn my $3M farm into income with no financial experience?

A

alcimedesmoon52

New Member
Hey guys. t's a bit embarrassing to post this. I'm asset rich but money poor.
I'm a 40-year-old single bloke. I was fortunate enough to inherit a property. It's a $3 million farm.
I'm struggling big time. I always have no money. It's embarrassing and keeps the pressure on me.
The only debt I have is a car loan of about $70k. I work and earn $85k.
I need advice and help. I want to get myself healthy again. I want to use my property to earn money through investments. Well, I hope I can.
Is there any registered professional in the Ballarat / Horsham area that can help me?
 
I'm honestly a bit unsure about sharing this, but I've noticed something that feels a little vulnerable to admit: a lot of farmers here in New Zealand are getting paid by energy companies to build wind turbines for a low maintenance income. It might be different where you are, but the energy companies pay to use your land and handle all the maintenance themselves that is, if you don't want to go the traditional ruote of working every day on your farm. I'm not saying it's the best option, just sharing what so many people around me are quietly doing.
 
Don't sell the farm.
Forty is the new twenty. You are still young. You don't need to give up. You need to learn a valuable skill.

I came to this country with nothing. I started from the folor.

Being $70k in debt is not the real problem. The real problem is that you don't make enough money.

Expenses are not always the problem. The problem is not having skills that create income.

Learn something valuable. Start a service business with little money. Build systems. Buy your time back. Then grow the business.

That is exactly what I did.
 
If you don’t want to sell the whole farm, see if you can subdivide and sell off a portion. Take that cash and put it into dividend paying stocks that are diversified across different sectors, and if you need to, use a financial advisor.
 
Many experts share their opinions here. Search for financial advisers in your area, then check their name on this register to see if they are legitimate. Many advisers offer online consultations, so you don’t necessarily need a local one. You may also need an accountant.

https://moneysmart.gov.au/financial advice/financial advisers register
 
Earns 85k and spent their annual salary on a car. That's a shocking and frustrating decision. After 20 years of decisions that have lead to this moment, I think you should sell the farm (accept the capital gains tax – you didn't work for that profit anyway), get something smaller, and start making smart decisions.
 
Hello. I’m based in Ballarat/Buninyong. Let me know if you just need a beer and a chat. I know a lot about business and very little about farms so I probably don’t know what you should do but I can offer a critical review of your plan once you think you know what you might try. Cheers.
 
Back
Top