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Galena IL | I have never been a fan of putting money in the bank for savings. When my oldest son was born his grandpa gave him a calf, we raised it and sold it for $800 I believe. My wife said we should put that $800 in a savings account for him which was not a bad idea but I told her we have a farm payment of $21,000 of witch $20,200 is interest and $800 is principal. If we add his $800 to our payment in 20 years we could give him $21,000. This was 1983 when interest rates were considerably higher. One thing to remember is the rule of 72, that is whatever the interest rate is divided into 72 and that’s how Years it will take that amount to double. My son and his wife now own a farm and are looking at another. She has a college education he does not.... Dennis
Edited by Angus8335 1/5/2025 01:39
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New Dad: Tax Savings and College Investing Ideas
