Conferences
Intergrating Farm and Family Finances: The first step to a successful transition plan
Bob Wells
Summary
A first step in developing a successful farm transition plan centers on the understanding of farm and family finances. To meet the educational needs of producers who are entering into dialogue about farm business transition, a multi-disciplinary team was formed to look at the intersection of farm and family finance curriculum.
Educational impacts and outcomes differ dramatically when financial education targets either the farm business or family finances. Farm business educators often include family finances inside the bigger picture of farm business finances, while Family Consumer Economics educators focus on family finances in settings outside agriculture. Educators must understand that family financial education applies the same rules for rural families and city dwellers. Both income streams abide by the same set of financial risk management principles and include the need for families to manage a broad range of wealth and debt.
This team accomplished: identifying the existing research base linking farm and family financial management, identified areas of programmatic collaboration, identified gaps in current knowledge and educational base, identified projects that could or do address the intersection of farm and family finance, identified needs for additional research and education in areas of logical intersection, and the implementation of Online Investor Education for Farm Families, the first adapted farm and family curriculum.
This session highlights, the team recommendations, the successful implementation of Online Investor Education for farm families and suggested areas for continued work on the intersection of farm and family finance risk management.
Details
| Conference | 2009 National Extension Risk Management Education Conference |
| Presentation Type | 30-Minute Concurrent |