Gary Hanman, a retired dairy farmer is considered as one of the most popular, richest people. He holds a degree major in Agricultural Economics and took a Master’s degree in Dairy Marketing from the University of Missouri–Columbia. The dairy industry was the major part of his life ever since, and was dedicated to develop the total producer side of the industry. Gary’s brilliant and productive career has touched and improved the lives of thousands of farmers in Missouri, U.S.A and across the nation.
As Gary grew up, he planned to manage his own farm in Northern Missouri. Now, he owns more than he could imagine. He lives in a very lovely home peacefully, right next to a pond for fishing. Throughout his life, he had utilized the most trusted agents at the bank and procured a certain percentage of his farm’s cash flow to capitalize in stocks of multinational companies. He reinvested the dividends, held onto these shares for several decades.
Many years ago, he owned several well-capitalized businesses, and came in with a considerable amount. This man actually loved the process of investing. Well, with those things, Gary taught us several lessons as follows:
- Select your investments wisely– As much as possible, avoid a bad deal and find a good deal.
- You must think independently– Train yourself to recognize when to follow a decision that drives against the mentors in your life so that you can avoid doing anything with which you aren’t comfortable.
- Follow your instinct– This can assist you to avoid buying into the hype of the latest investing trend.
- Be responsible– Eventually, you have to be accountable for your own losses and investing your money wisely is your major responsibility.
- Avoid having a lot of turnover– Minimize your frictional expenses such as bond spreads, broker commissions, and capital gains taxes. Instead, own good businesses for the long-term and avoid renting stocks.
- Use your money as a tool to offer security – Pay in cash whenever possible, avoid using credit card and other types of consumer’s debt.
Gary lives a simple life. It proves that farming really works for him. By doing it, he became a millionaire. Though, you may not have an aspiration to run a farm, but you can still acquire a valuable lesson here. You will have countless opportunities that will come in your life.
With undervalued land, Gary invested wisely. I have come to realize that if you have the proper attitude, success will follow you. Education and continually improvement is very important. Consistently, individuals like Gary show us what to do and we can take something special from his experience. We can use it to learn and cultivate as a human being. Most prominently, never stop doing that.