Your Non-Liquid Assets – Is it Time to Sell the Family Farm? (Part 3)
It’s important to understand the difference between income and wealth. Income is the flow of money you receive through business and wealth is what you have saved and invested. For farmers, their wealth and income are intermingled. In many (if not most) cases, the money you receive through your business is invested right back into your property and non-liquid assets.
What are your non-liquid assets?
Non-liquid assets are possessions you own that cannot be converted into cash quickly. For farmers, those examples would include the following: