Stupid Choices Equal Bankruptcy (Usually)

In 1977, newly married and certain that my new spouse could do no wrong, I willingly followed him into an adventure of Tennessee farming.  I was a city girl, but my new husband said we were going to raise sheep, cattle, and horses, make tons of money, and live happily ever after.  Because of the politics of the day, the Farmers Home Administration had taken on several newly developed loan projects and low-income families like us were given a rosy scenario of cheap money for cheap land.  Inflation had not yet begun to raise its ugly head and the future seemed bright.  We bought 375 beautiful Tennessee acres, brand, spanking-new farming equipment (nothing runs like a Deere), 600 head of Texas ewes, and a number of registered Quarter Horses, and were donated a small herd of cows by my father-in-law.  The grand total of the FmHA loan, at a whopping 4% interest, was around $257,000, including $197,000 for the farm.  This unemployed cowboy wannabe and this...(Read Full Article)

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