I recall the story of the guy going into the Ford dealership in some small Iowa town. Overhauls, mud, etc. - typical farmer that had been out working. The manager saw him come in while he was on the phone. He was still there as the manager got off the phone, but about to head back out the door.
The manager caught up to him - “Bob - hold on.” The manager then saw a couple of salesmen over at the coffee area. “Oh, I’m so sorry, excuse me for a second.”
He then went over and fired the two young salesmen for not greeting the customer. Turns out that every couple of years Bob would by a couple of new work trucks and his and her cars for him and his wife. Some of the Iowa farmers are rich!
Rich is a relative term.
One is farming 1000 acres, another 1500 and another 2500.
Some of that land is rented.
Land is going for 10k an acre. So they are dirt rich.
Every 3-5 years they have to replace equipment. A cheap tractor is $100k. A large tractor is over $200k. A combine is $300-$350K. A grain bin might be $50-$100k. Basically, every other year they need to replace a major machine.
Buy a Combine for $350k. 5 years later, sell it for under $100k and buy a new one.
Their personal vehicles and house and whatever else are no different than construction workers that I know.
Being a farmer is no different than any other business owner. Business is business and personal is personal.
A field pickup takes a lot of beating. It might only be 5 years old and have low miles. But those are very, VERY hard miles.
Buying a $200k tractor doesn't mean the farmer is rich. It's the cost of doing business.