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Started By
Message
Time for a story
Posted on 3/18/20 at 2:01 pm
Posted on 3/18/20 at 2:01 pm
I've never told this one on the Internet or IRL. But it's true. When I was a young boy I had an elderly relative I shall call Uncle Raul. He was the only person in our extended family who was wealthy. When I asked him about his job he said 'I owned a jewelry store.'
I had no idea you could make that much in a jewelry store.
When I was a little older and he was deceased I learned the truth.
During the Great Depression he ran a pawn shop. In order to eat, people came to him with their valuables. IE, if they had an antique carved oak table handed down through generations that was worth $500 he would give them $20. They would take it.
He would then contact dealers in larger cities who knew the value was $500 and he sold it to them for $300. He made $280 off the deal.
By the time the Great Depression was over he was rich enough to retire.
The lesson: During very tough economic times, the intelligent do very very well. The stupid do not.
I had no idea you could make that much in a jewelry store.
When I was a little older and he was deceased I learned the truth.
During the Great Depression he ran a pawn shop. In order to eat, people came to him with their valuables. IE, if they had an antique carved oak table handed down through generations that was worth $500 he would give them $20. They would take it.
He would then contact dealers in larger cities who knew the value was $500 and he sold it to them for $300. He made $280 off the deal.
By the time the Great Depression was over he was rich enough to retire.
The lesson: During very tough economic times, the intelligent do very very well. The stupid do not.
This post was edited on 3/18/20 at 2:24 pm
Posted on 3/18/20 at 2:05 pm to Zach
What if you invested most of your money in stocks?
Look at this as a learning opportunity.
Look at this as a learning opportunity.
Posted on 3/18/20 at 2:08 pm to Zach
quote:
The lesson: During very tough economic times, the intelligent do very very well. The stupid do not.
$300 - $20 = $280, not $180.
This post was edited on 3/18/20 at 2:09 pm
Posted on 3/18/20 at 2:09 pm to Zach
quote:
worth $500 he would give them $20
quote:
the value was $500 and he sold it to them for $300. He made $180
quote:
the intelligent do very very well. The stupid do not.
Indeed
Posted on 3/18/20 at 2:11 pm to Zach
quote:Maybe story time involving math isn't a good look.
Zach
Posted on 3/18/20 at 2:14 pm to SavageOrangeJug
quote:
Maybe story time involving math isn't a good look. ?
Especially when the story is to dog people for their lack of intelligence
Posted on 3/18/20 at 2:14 pm to SavageOrangeJug
shipping by carriage was $100 back in the days.
Posted on 3/18/20 at 2:16 pm to jimmy the leg
Well... we see why uncle Raul was the only wealthy person in OP’s family
Posted on 3/18/20 at 2:16 pm to LeroooyJenkins
I'm thinking he planned it that way
Posted on 3/18/20 at 2:16 pm to Zach
(no message)
This post was edited on 1/10/21 at 3:12 pm
Posted on 3/18/20 at 2:19 pm to Zach
quote:
he would give them $20. They would take it.
He would then contact dealers in larger cities who knew the value was $500 and he sold it to them for $300. He made $180 off the deal.
Solid math.
Posted on 3/18/20 at 2:19 pm to Zach
If Bloomberg had only given every American an equal portion of what he spent on his campaign, we would all be millionaires.
Posted on 3/18/20 at 2:19 pm to Zach
quote:Using Mara Gay/Brian Williams math
he would give them $20. They would take it.
He would then contact dealers in larger cities who knew the value was $500 and he sold it to them for $300. He made $180 off the deal.
Posted on 3/18/20 at 2:24 pm to Zach
Read up on AG Gaston. He used to buy salary IOUs from teachers during the Great Depression for a fraction of the value and held onto them until it was time to cash in.
Having savings in tough times can be lucrative, but your uncle provided a service as well. Those folks needed the money asap, and he gave it to them. Nothing smart/dumb about it.
Having savings in tough times can be lucrative, but your uncle provided a service as well. Those folks needed the money asap, and he gave it to them. Nothing smart/dumb about it.
Posted on 3/18/20 at 2:25 pm to jimmy the leg
quote:
$300 - $20 = $280, not $180.
I'm sorry. The 1 is right next to the 2.
Posted on 3/18/20 at 2:32 pm to RollTide4Ever
quote:
Read up on AG Gaston. He used to buy salary IOUs from teachers during the Great Depression for a fraction of the value and held onto them until it was time to cash in.
I read some articles during the Soc Sec option debate (when Bush, Jr. wanted 4% diverted to stocks).
One econ prof showed that if you started investing money at age 30 just before the Great Depression in safe blue chips and then took the hit and waited until you retired 30 years later you would collect 20x more per month for life compared to the same amount of money SS takes from you and gives you back at retirement.
Long term stocks are not a gamble. Relying on the govt to take care of you is a gamble.
This post was edited on 3/18/20 at 2:33 pm
Posted on 3/18/20 at 2:50 pm to LuckyTiger
If you invested most of your money in stocks in 1929... if your company wasnt totally wiped out and bankrupt , you did eventually get even .... in ..... 1969
This post was edited on 3/18/20 at 2:56 pm
Posted on 3/18/20 at 3:21 pm to LuckyTiger
quote:Then I hope your family has lots of generational antique tables.
What if you invested most of your money in stocks?
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