Isaac from Missouri asks,
Bill, You've been a big mentor to me since I started watching and not just in the hunting realm! I really enjoyed your blog about building your dream farm and will use your wisdom in my own quest. As I get older (24), I'm realizing there's a lot more factors and sacrifices to be made in order to live the lifestyle of a bowhunter and landowner. I'm curious as to if you have any advice on this topic: was your partner always on board with what you were trying to accomplish? We're there times when you questioned if the sacrifices you were making were worth it? How did/do you go about balancing family life with your passion? Thank you and God bless
Bill responds,
Topic: Land Ownership and Family Life:
Isaac,
Thanks for the years of support. I appreciate it. I saw hunting land as a good investment, one that I could control and one that I knew a fair bit about. So, it was not risky in my mind. For me, it just came down to how much I could afford. That was the first balancing act.
You have to fit your land purchases into a good budget. In other words, don’t short change the things that your family needs. However, you can also look at land as a savings plan.
All the projects needed to make a piece of hunting land as good as it can possibly be will take a lot of time, but nothing says you have to do them all. Nor do you have to do them all the first year. You can fit the management part into your busy schedule by involving your family in the activities as much as possible.
I tried investing in the stock market for a while and got my clock cleaned so I stopped doing that and put all our savings into land. It is a conversation you need to have with your wife.
You may need to start slow at first, but the more you involve her in the process, the more she will see the investment quality and not just think you are trying to find a way to hunt more!
The downside of having the land be your primary savings is the need to sell part of it some day to pay for emergencies or even retirement.
So, ideally, you would have both a hunting land fund and a regular retirement account. Again, I never did that. I wanted to have as much cash as possible directed toward land so I could acquire it much faster.
I did sell the farm though and if I never buy more land, we are set up for retirement now. But, I do plan to buy more so I am not going to retire.
Maybe that was the biggest risk I took; having all our savings tied up in something that wasn’t very liquid (like land) versus more liquid (like mutual funds).
If I had to do it again, I would do it exactly the same way though, so you can see where my heart is in this. But I also knew I would sell it if I had to.
I like investing in stuff I can control rather than stuff I know almost nothing about. On good years, the stock market will destroy land investments from a yield return perspective, but land value will always be there while it is questionable about some stock market investments.
My land investments returned me about 8% per year over the long run. That is not bad, and I think it is realistic. Maybe not as sexy as the stock market, but a solid return.
Regarding your time, that is probably the biggest part that you need to balance. Nothing says you have to do all the projects you want to do immediately. Spread them out over time so they fit your family’s schedule.
Also, these can be family outings where you involve them to help or to at least be at the property with you when you are working. A really cheap cabin might make that easier, as well.
I never had to worry about that because the house we lived in was on the land, but if you expect them to want to join in your mission, you will need to make it fun and comfortable for everyone. Good luck on this venture. (3/16/21)
