Wealth creation strategies for rural investors include preparing for natural disasters, caring for natural resources, and investing in technology.
There are many factors that must be weighed as a part of wealth creation strategies, and for rural investors, those factors are very specific.
The United States Department of Agriculture (USDA) this summer released a book titled Rural Wealth Creation, written by its Economic Research Service. The book details the specific events and issues rural investors must face when thinking about the future as their present is so tied to the seasons of the year.
The book points out that American rural communities suffer from a wealth standpoint whenever one of their community choses to leave the country to pursue a life in the city. Every trait that made them a value in the rural community is an asset the rural community loses with their departure.
As a result, a ruralwealth creation strategy includes determining a way to keep its population, including its youngest members, from leaving to explore possibilities in the big city.
An answer, according to the book’s authors, is to invest in physical infrastructure and modernize functions in order to keep the rural setting fresh, vibrant and stimulating.
The USDA’s own wealth creation strategies for Rural America include low-interest small business loans, managing rural conservation programs to keep its natural assets from leaving through erosion or other natural processes,
In 2011, the ERS and the Ford Foundation hosted the National Conference on Rural Wealth Creation and Livelihoods, and released its report in March of 2012. The report stated that rural areas need to identify that which can bring it wealth (the types of agriculture or agricultural processes that it can sustain and profit from) as well as those factors that are holding back its wealth accumulation (poor schools, wasteful practices, inadequate preparation for natural disasters).
The report also discusses the increasing interest in creating regional centers that can collect and disburse assets in a cost-effective way so that supplies and resources get where they are needed.
“No wealth creation strategy will work in all contexts, therefore rural regions and communities would benefit from having the capacity to identify strategies that are best suited to their own wealth endowments and local priorities,’’ the report said. “Approaches to strategy formulation and implementation include community strategic planning and research-based targeted industrial development.”
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.