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August 23, 2011

Financial Planning

A young man asked an old rich man how he had made his money.

The old guy fingered his vest and recalled, “Well, son, it was 1932. The depth of the Great Depression. I was down to my last nickel.

“I invested that nickel in an apple. I spent the entire day polishing the apple and, at the end of the day, sold it for 10 cents.

"The next morning, I invested the 10 cents in two apples. I spent the entire day polishing them and sold them at 5 p.m. for 20 cents. The next day, I did the same. I continued this for a month, and then well into 1933, by which time I’d accumulated…”

The young man interrupted, “So that’s how you got so rich?”

“No, son. Then my wife's father died and left us $10 million.”

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