Man buys half-ton pickup with half-ton of spare change
Man kept his spare change, but didn't invest it.
We can hear the gears grinding in the minds of personal-finance bloggers everywhere as they process the following information: Paul Brant, 70, of Frankfort, Ind., used about $25,000 in spare quarters and dollar coins he had accumulated over 13 years to help pay for a $26,670 2008 Dodge Ram half-ton pickup.
Sheriff's deputies provided security as Brant drove the rolls of coins to the dealership. Brant, who works for Chrysler, decided to give his collection of spare pennies, nickels and dimes to his wife, Judy.
No, dear bloggers, Brant did not deposit his spare change periodically in a high-yield online savings account. He kept it in piggy banks and old cans and jugs. We don't know how he is paying the balance owed on the truck, but we know he could have paid the entire amount and had lots left over if he had deposited or invested the money and let compound interest work for him. (You may even be speculating that Brant could be living comfortably -- in retirement -- if he had different personal-finance habits.)
apparently isn't Brant's way. He bought himself a truck and his wife a
car 13 years ago, again with accumulated spare change. His unusual
savings plan was noted by readers of the Journal and Courier of
Lafayette, Ind. "If anything, the longer he held this change with 0
interest, he was potentially losing money," a reader names "Zoso"
Reader "lillyalex2003" said maybe Brant's method works best
for him. "I think the point should be that this gentlemen knew he
wanted a truck and saved for it, whatever the method, and was able to
pay for a good portion of it."
Published Dec. 24, 2007
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
Joe Cantrell says he faces charges after trying to take advantage of the retailer's policy.