Unless born into it, wealth tends to change a person.
Have you ever known a miser? Think of Ebenezer Scrooge.
This is the kind of guy who hoards his money, spending as little as possible.
For those who struggle with money now and then, it’s hard to imagine having vast wealth and not wanting to go on a spending spree. But for the Scrooge’s out there, penny-pinching is almost a full-time job.
Faith Area shared this funny story about a rich man who invented a neat, money-saving trick.
Here’s what happened.
I was working as a teller at a bank in New York City last summer. It was just a summer job, and quite frankly it wasn’t really for me, but the money was okay and some of the regular customers were really great.
It was interesting to see some people from a different angle. What people do with their money is surprisingly, well, surprising.
One of the most memorable people I had come into the bank, though, wasn’t a regular.
I didn’t know who he was at all, but just as he walked through the doors my coworker grabbed me by the collar and whispered, “I recognize this guy. He owns a ton of property around the city.”
Mind you, we get multi-millionaires in every week in New York, so it wasn’t that big of a deal, but I did take note of the Rolls Royce he had in the parking lot. It looked brand new, and that’s my favorite car.
He went to the loan officer next to me and said he was going on a trip to Europe on business for two weeks. He needed to borrow $5000.
That’s funny, I thought, why would a multi millionaire need to borrow a measly five thousand?
The loan officer, my friend Teddy, said we couldn’t just do that on such short notice, and he would need to leave some kind of security for the loan, so the man hands over the keys to a new Rolls Royce in the parking lot, which costs a quarter of a million dollars.
“The car is parked on the street in front of the bank,” the man said, “and I have all the necessary papers.”
So, Teddy agreed to accept the car as collateral for the loan and I went back to work, scratching my head. We had a good laugh about a guy leaving his $250,000 Rolls Royce as collateral against a $5,000 loan.
One of the employees drove the car into the bank’s underground garage and parked it there. I didn’t think anything of it, and forgot all about the brief exchange.
Two weeks later, the man came in again. He re-payed the $5000 and the interest on his loan, which came to $15.41.
Teddy decided to ask what we were all wondering.
“Sir, I have to tell you, we’re all a little puzzled around here. Quite clearly you have enough that you don’t need to borrow $5,000 from us, and as your loan officer, I’m supposed to advise you against poor money management. It cost you $15.41 to borrow this amount from us, when you could have just used your own money and not have paid interest. Why would you bother to borrow $5,000?”
The man replied, “Where else in New York City can I park my car for two weeks for only $15.41?”
Now that’s money smarts.
So that must be how the rich stay rich! Although maybe a bit of a cheapskate, this man sure knows how to preserve his assets.
In a busy city like New York, only vicious creativity will get you that dream parking spot without spending a fortune.
Maybe he is on to something…
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