Your Laugh for the Day
I just have to share this with you all. Friend Steven Smith '50 responded to my recent blog entry regarding Don Bell's upcoming Lunch & Learn program concerning teaching young people about money management. Here it is.
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Adrienne,
I thought this story, forwarded by my niece, was so pertinent to the theme of
the April 11 Lunch and Learn that I should pass it on. Hope it gives you a
chuckle.
Bravo
to Don Bell and all who teach young people financial savvy. Such an important
subject!
Steven
His name was Ole. He was from South Dakota. And he needed a loan.
So, he walked into a bank in New York City and asked for a loan officer. He
told the loan officer that he was going to Oslo for
the All-Scandinavian Summer Festival for two weeks and needed to borrow $5,000
and that he was not a depositor of the bank. The bank officer told him that the
bank would need some form of security for the loan, so Ole handed over the keys
to his new Ferrari. The car was parked on the street in front of the bank. Ole
produced the title and everything checked out.
The loan officer agreed to hold the car as collateral for the loan
and apologized for having to charge 12% interest. The loan papers were signed
and an employee of the bank then drove the Ferrari into the bank's private
underground garage and parked it. Later, the bank's president and its officers
all enjoyed a good laugh at Ole from South Dakota for using a $250,000 Ferrari
as collateral for a $5,000 loan.
Two weeks later, Ole returned, repaid the $5,000 and the interest
of $23.07. The loan officer said, "Sir, we are very happy to have had your
business, and this transaction has worked out very nicely, but we are a little
puzzled. While you were away, we checked you out on Dunn & Bradstreet and
found that you are a Distinguished Alumni from South Dakota State University, a
highly sophisticated investor and multimillionaire with real estate and
financial interests all over the world. Your investments include a large number
of oil wells around Williston, ND. What puzzles us is, why would you bother to
borrow $5,000?"
Ole replied, "Vare else in New York City can I park my car for
two veeks for only $23.07 and expect it to be dare vhen I return?"
His name was Ole. Keep an eye on these South Dakota boys! Just
because we talk funny does not mean we just got off the lutefisk boat.
Brilliant, ja?
Adrienne Birchler
Coordinator
Friends of the Folsom Library
According to Don, the present generation of teens and young adults are struggling to stay afloat financially and could greatly benefit from money lifesavers like his book to help them make smart money decisions and avoid common financial pitfalls. The content is based on National Standards in K-12 Personal Finance Education (developed by the Jump$tart Coalition for Personal Financial Literacy) and Money As You Grow--20 Things Kids Need to Know to Live Financially Smart Lives (published by the President's Council on Financial Capability). Don's book makes learning about money fun by using quiz questions (over 400!) and incorporating over 100 cartoons. (The ideas for the cartoons were envisioned by Don and the images were created by Randy Rumpf, who was a designer and illustrator for RPI for 15 years.) There are also plenty of noteworthy quotations, money trivia, and definitions of financial terms. But most importantly, the book is loaded with essential money management advice that anyone can benefit from. 
