In this episode, Elaine sits down with Jenny Weg, a young farm mom from Iowa, for an honest conversation about money, family, and preparing the next generation well.
Jenny shares how she and her husband are thinking intentionally about finances while raising three young daughters on the farm. From paying kids for the work they contribute, to saving early and planning for future opportunities, this discussion highlights practical ways farm families can build financial strength over time.
Together, Elaine and Jenny talk about why money conversations matter, how expectations around the farm can create tension if they’re never discussed, and why thoughtful planning today can make life easier for the next generation tomorrow.
“We really tried to tackle all of our personal debt to get all of that out of the way. And now that farming has come into our lives, we realize there’s going to be debt that we have to carry with that. But just doing it in a very smart and strategic way so that we don’t overextend ourselves and so that we can be there to prepare not only ourselves, but the next generation, and set them up properly for when it’s time for them to take over.” – Jenny Weg
In this episode, they discuss:
- Why teaching kids about money early can build responsibility and confidence.
- Paying farm kids for their work and saving for their future.
- Long-term thinking when it comes to farm succession and family wealth.
- When it’s wise to bring in a financial planner.
- Setting timelines and goals for transition conversations.
- Balancing motherhood, farm work, and family priorities.
- Navigating expectations and avoiding entitlement conflicts in farm families.
- Simple ways to manage household finances and stay focused on long-term goals.
This episode is especially helpful for young farm families who want to be proactive about money, communication, and creating opportunities for the next generation.
Resources Mentioned During This Episode
- The Wealthy Barber by David Chilton
- Jenny Weg on Instagram – Faithful Farming Family
- Jenny Weg on Facebook
- Farm Credit Services
- Iowa State University Beginning Farmers Conference
About Our Guest
Jenny Weg is a fourth-generation farmer and farm finance mom behind The Faithful Farming Family. She helps families build generational wealth by teaching them how to legally and strategically pay their kids through the family business. Through faith, farming, and practical financial strategy, she’s on a mission to help parents secure their future — and their kids’.
Connect with Jenny:
Elaine Froese Resources:
- SPEAKING – book Elaine for your next event
- COACHING – explore Farm Transition Coaching
- MEMBERSHIP – become a Farm Family Transition Member
- FREE STUFF – downloadable tools for your farm transition
- CONTACT – take the next steps in your transition
Farm Family Coach Social Media Links
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Timestamps
[00:30] – Welcome and episode overview: addressing entitlement and financial planning in farm families
[02:52] – Jenny’s background and how faith influences her farm and family approach
[03:57] – The importance of conservative financial practices in farm succession planning
[04:45] – The benefits of paying children for farm help and building generational wealth
[06:15] – Using tax-advantaged accounts like Roth IRAs for farm kids
[07:08] – The significance of starting financial education early for the next generation
[08:35] – Addressing entitlement and fairness issues within farm families
[09:51] – Conversations with aging parents about farm transition and legacy planning
[12:27] – The importance of planning ahead and consulting a financial advisor early
[13:11] – The complexity of family relationships and managing expectations across relatives
[14:38] – Legitimacy of paying children legally and ethically for farm work
[16:21] – Practical household management: budgeting and living conservatively
[17:23] – Building readiness for opportunities like share purchases or farm buyouts
[18:38] – The importance of clear communication and family involvement in decisions
[21:15] – Using simple, strategic investments to grow farm family wealth over time
[24:08] – Balancing family roles and farm responsibilities—staying resilient and present
[27:15] – Common challenges farm women face: feelings of undervaluation and the importance of communication
[29:06] – The role of family relationships over business conflicts and setting shared priorities
[29:47] – Next steps: planning, patience, and building cash reserves for future opportunities
[30:50] – How to connect with Jenny on social media for more farm family finance tips
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