Jill on Money with Jill Schlesinger Should I Buy Into the Family Farm?
Jan 20, 2025
Explore the emotional and financial intricacies of buying into a family farm. Discover how to navigate family dynamics and assess the farm's value before making a decision. Delve into the listener's savings stories and impressive investment strategies while weighing the pros and cons of family investments. Additionally, learn about recovery steps after natural disasters, including insurance claims and tax relief options. This lively conversation emphasizes careful planning and the benefits of diversifying investments.
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Disaster Advice
- Victims of natural disasters should document losses, contact insurance, and negotiate settlements.
- FEMA aid and IRS tax relief options exist, but beware of scams.
Against Farm Investment
- Arthur, an active-duty military member, considers buying into his family's farm using Roth savings.
- Jill Schlesinger advises against it, citing his already strong financial position and the illiquidity of the investment.
Current Farm Stake
- Arthur's existing stake in the farm offers sufficient exposure to potential land appreciation.
- Investing further would tie up a large portion of his liquid assets unnecessarily.