The life of a farmer is often romanticised as a peaceful, idyllic existence, close to nature and far from the hustle and bustle of the city.
But the reality can be starkly different.
Here’s a statistic that might make you sit up a little straighter: On average, one farmer dies by suicide every ten days.
Yes, you read that right. Every ten days.
This grim reality is born out of a combination of factors that contribute to constant stress and burnout among farmers.
In this article, we’ll focus on one crucial factor: the lack of off-farm wealth.
The Harsh Realities of Farming Life
Farm life is plagued by constant stressors and challenges that can feel insurmountable.
- Weather unpredictability can turn a promising yield into a disastrous one overnight.
- Market fluctuations can mean the difference between a profitable season and a devastating loss.
- Long work hours leave little room for rest or recreation, leading to exhaustion and burnout.
- Financial overwhelm and mounting debts can create a sense of hopelessness.
- And amidst it all, the isolation can be deafening, leaving farmers feeling unsupported and misunderstood.
With all these factors at play, it’s not hard to see why farmers are susceptible to burnout.
The Importance of Creating Off-Farm Wealth
Amidst all this chaos and uncertainty, one powerful solution that can alleviate the stress and strain on farmers is off-farm wealth creation.
Off-farm wealth refers to assets or investments outside of the farm that generate income.
This can include rental properties, stocks and bonds, retirement accounts, or small businesses.
Having a source of income outside of farming helps reduce financial stress and provides a safety net in times of crisis. It also offers farmers the freedom to take a break and recharge, which is crucial for mental and physical well-being.
The Power of Off-Farm Wealth: Personal Stories
The impact of off-farm wealth on farmers’ lives cannot be understated.
Take the case of Alastair Shannon, a farmer from Banana in Queensland, Australia. After years of running his cattle farm, he thought about expanding his business, but found it difficult to keep purchasing more land – it would have meant taking on more debt and increasing his already heavy workload.
So instead, he decided to diversify his income stream.
After listening to an episode of The Profitable Farmer Podcast in which I shared insights on off-farm wealth creation, Alastair was inspired to look into investing in the stock market.
He now feels much more in control of his financial situation and has the freedom to take a step back from farm work when needed.
And he’s not the only one. Countless farmers have found success and relief by creating off-farm wealth – it’s a common thread among those who manage to thrive in this tough industry.
If you’d like to see more examples, check out this page and see how other farmers have diversified their income streams.
How to Get Started
Creating off-farm wealth may seem daunting, but it doesn’t have to be.
The first step is to educate yourself on different investment options and find what works best for you and your financial goals.
Resources like our FREE off-farm wealth building bundle can help you get started. It consists of:
- A 1-on-1 Wealth Strategy Session with me, where together, we’ll craft a 90-day action plan specifically for you to get you started towards achieving financial freedom.
- My 20-minute ‘Stock Investing for Farmers’ Training, which will show you how you can effectively invest in stocks, even with a busy schedule.
- Our Financial Freedom Number Calculator that will help you get a clear estimate on how soon you can reach financial freedom.
- Our Quiz to Find Out Your Stock Investing Style, so you can uncover the stock investing approach that best suits your unique personality and lifestyle as a farm owner.
- My Stock Checklist to Screen Out The Top Performing Stocks in under 5 minutes – this will help you say goodbye to guesswork and save hours of research time.
With some guidance and a little bit of courage, you too can create an off-farm income stream that provides stability and peace of mind. So if this is something of interest to you, click here to download the bundle.
Don’t Wait, Start Now
Farming life is tough, and burnout is a real threat. But with the right tools and mindset, it is possible to overcome constant stress and find success as a farmer.
Creating off-farm wealth may not be the only solution, but it’s certainly an important one that should not be overlooked.
So take the first step today – educate yourself and start building your off-farm income stream. Your future self will thank you. And who knows, you may just inspire others in the farming community to do the same. So why wait? Let’s make farming life a little less stressful and a lot more fulfilling together!
Terry
