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OfflineFraggin
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Bit-o-Inspiration
    #7858688 - 01/10/08 10:58 AM (16 years, 21 days ago)

When I was a young lad, I did odd jobs for my neighbor who was a retired school teacher. She paid me a dollar over minimum wage to do things like sodding grass, planting trees, trimming hedges, raking leaves, etc. And taking breaks on the back steps sipping big red and talking elementary philosophy.

I had a lot of appreciation for her and the country home she lived in as she was very thorough, methodical and took the time to do things correctly (unlike my parents). She tried to instill this into me. One thing she told me was that it is imperative to have good credit, but one should not buy anything on credit, ever. She claimed that if you could not afford to pay for it in full, then you did not deserve to have it.

She was a very thrifty lady, but owned a ranch in Indiana, and home in Michigan as well as her childhood home near my parents house in texas. It was where she grew up as a child and she inherited the house and worked very hard keeping things in shape even into her retirement age. She would spend about a few months out of the year at each of her homesteads and used the airlines to travel. And still remained a thrifty person.
I can recount several times when I rode with my parents to pick her up from the airport, and she would get off the plane with nothing on her person except a billfold and was usually wearing cutoff blue jean shorts, deck shoes and a mans button up long sleve shirt. Most of her clothes came from goodwill and she bought the outdated bread at grocery stores.

But back to the point. When I first started working for her, she told me that she would pay me one dollar over minimum wage if and only if I agreed to saving 60% of my earnings. Though I was a bit pissed about it at first, I agreed to it. When we would settle up on money at the end of the week, she would give me 100% of my earnings in cash, and I had to divide it up into 60% and 40%. The larger chunk went into a coffee can and the smaller portion into my pocket. After a year of working for her, I had around $20 in my pocket and about $700 in the coffee can.
It was this same day that she told me that it was enough money to put to work, so she put it in with her teachers fund that gained a certain % quarterly and would mail me handwritten statements each time profit was gained.
One day she showed me a news paper article about this company that was going to form called borders group. She claimed that the man behind the merge was one of her former students that she had stayed in touch with and that he asked her if she would be interested in being an investor. I read over the article and she asked me when finished if I would be interested in moving (at that time $900) into this stock of this new company.
I agreed, and was given the information relating to the investment and at the time (before the internet) I had to look up the stock info in the papers or call the investment group.
After some time, the stocks grew quickly for a spell, then split and got back to a good level.
I was elated when I realized one day that I had over $3000 dollars in investments and realized I had made the right choice. A couple of years went by and when I spoke to my lady friend, she told me that the stocks had reached a plateau, but she had info on another company from one of her former students that went on to major in chemistry. There was a company starting up devoted to nuclear research and testing and the stocks were only 25 cents a share. She moved some of her money and some of my money into stocks and within only another year, the stocks were valued at $1.25 a share and she then moved mine into diversified funds and gave me the news. I was a bit disapointed that she sold the shares I said, but she said it was the safe thing to do because the company was growing too fast or something along those lines.
That $700 that I earned and saved for what seemed to be the longest time, grew over the course of 11 years and is now invested all over the place. Though it's not a grand sum of money, it was a great life lesson learned. I realized that no matter how bad you want to spend the money you have, putting your money to work for you is much more rewarding.


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OfflineGnosticWarrior
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Re: Bit-o-Inspiration [Re: Fraggin]
    #7859301 - 01/10/08 12:51 PM (16 years, 21 days ago)

:thumbup:
That's a great story.  A lot of people think the process to acquire more money is bad.  No, it does not have to be, though some might choose to make it that way. 

Imagine becoming wealthy by doing character building excercises?  Doing hard, honest work, being efficient with your resources, and helping others finance their creative dreams.  Nothing evil about that.


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OfflineGnosticWarrior
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Re: Bit-o-Inspiration [Re: GnosticWarrior]
    #7859329 - 01/10/08 12:58 PM (16 years, 21 days ago)

oops, I want to clear up any confusion. Unless you bought a stock as and IPO, your funds did not finance the company. Majority of people's stock purchases occur on the secondary markets, where maybe the anticipation of your purchase could have help created a demand for someone to buy an IPO.

For those that want to bash socially irresponsible investing. I see nothing wrong betting on the winning horse. As long as I did not finance it or have in control in their business operations.


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InvisibleAsante
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Re: Bit-o-Inspiration [Re: Fraggin]
    #7860037 - 01/10/08 03:03 PM (16 years, 21 days ago)

Thanks for sharing your story. If only we all had such great guidance at an early age.


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