In 2020, Marcus expanded to 640 acres, his 160 owned plus 480 rented. He bought better equipment. He quit construction in March 2020. Finally, after six years of working two jobs, he was farming full-time. His income jumped. He netted $87,000 in 2020 and saved $72,000 after living expenses. In 2021 he netted $104,000 and saved $86,000. In 2022 he netted $118,000 and saved $96,000. In 2023 he netted $142,000, on strong grain prices, and saved $118,000. By January 2024, Marcus had $511,000 saved. His 160 acres, originally bought for around $384,000, were now worth $720,000. His equity was about $405,300 after paying the loan down. His total net worth was approximately $916,000. Marcus was thirty-eight years old. Ten years earlier, he had been rejected for a $20,000 loan. Now he had nearly a million in net worth.
More importantly, he remembered his promise. Ten years from now, I’m going to walk into that dealership and buy tractors with cash. It was April 2024. Exactly ten years. Marcus walked into Patterson John Deere on a Tuesday morning. He wore clean jeans, a flannel shirt, and work boots. He looked like any farmer. Steve Patterson was behind the counter, now sixty-two, still running the dealership. Steve did not recognize Marcus. Why would he? Marcus had been a nobody ten years ago, just another young guy with dreams and no money.
“Can I help you?” Steve asked.
“I want to buy eight tractors. New. Cash.”
Steve looked up and studied Marcus’s face. “Eight tractors?”
“Yes. I’m expanding my operation. Need modern equipment. I have a list.” Marcus pulled out a paper. “Two 8R 370 tractors. Biggest row-crop models. Three 7R 330 tractors. Two 6R 230 tractors. One 5R 125 utility tractor.”
Steve calculated mentally. Two 8R 370s at roughly $475,000 each, $950,000. Three 7R 330s at roughly $385,000 each, $1,155,000. Two 6R 230s at roughly $245,000 each, $490,000. One 5R 125 at roughly $180,000. Total, approximately $2.75 million. Steve looked at Marcus. “Sir, that’s nearly $3 million in equipment. Are you looking to finance through John Deere Financial?”
“No. Cash. I want to pay cash for all eight tractors.”