by *Carol ~Bronx Southern Belle D.
Member since:
January 16, 2007

How dumb can we be?

March 10, 2008 07:44 PM EDT
views: 144 | comments: 38
I saw a news article last night about an old man who bought a new Dodge Ram Pickup for $26,000 using change he saved up for 20 years.  Great right?  Stupid yes?  Had he put that money in the bank how much more he would have had.  If it's a buck, stick it in an interest bearing account, not in a piggy bank.  This man made the news.  How about he makes the stupidity news?
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Comments: 38

Rachel V. Mar 10, 2008, 6:56pm EDT
To him it's an accomplishment. To many of us, a stupid investment for not allowing it to grow interest.

To each his own.
cherish m. Mar 10, 2008, 7:01pm EDT
I agree with Sherry, a lot of people don't trust banks. I have a very close relative that hides money in her flower bed. Of course she is from another time but not everyone dumps all their money into a bank.

As for the guy... What seems stupid to some may not seem stupid to others. He just rewarded himself for years of penny pinching. I see your point none the less, but again who are we to say what someone does with money they saved for 20 years.
Sherry W. Mar 10, 2008, 7:46pm EDT
Who knows. A lot of people don't trust banks. And they don't consider lost interest.
Tiffany G. Mar 10, 2008, 7:46pm EDT
wow thats crazy!
Matine H. Mar 10, 2008, 7:50pm EDT
That's nuts! I totally agree with you. Great news for him though.
Mary M. Mar 10, 2008, 7:51pm EDT
Good point!
michelle K. Mar 10, 2008, 7:54pm EDT
I guess that would have made more sense in terms of making the money faster but I wouldn't call him dumb! Think of all the interest he isn't paying because he saved and was able to pay for it in full!
Lin G. Mar 10, 2008, 7:54pm EDT
Ya got a valid point, Carol.
Bridget ♥ Mar 10, 2008, 7:56pm EDT
I know a person who refuses to use banks. His money is his freezer! thousands of dollars!
Sophie S. Mar 10, 2008, 7:56pm EDT
he would have had to pay taxes on all of that every year too.
Fran S. Mar 10, 2008, 7:57pm EDT
live and learn, i wonder if he did
Marie L. Mar 10, 2008, 8:00pm EDT
My grandparents were not big on banks because they went through the depression, etc. They used banks but bought all their cars with cash. So maybe he just doesn't trust banks.
Amy S. Mar 10, 2008, 8:01pm EDT
i can't imagine keeping that much change around and for that long!
Monica H. Mar 10, 2008, 8:04pm EDT
I was sitting here wondering where in the world would you keep coins amounting to $26,000. You would have to have an entire separate room to keep them in, wouldn't you? Plus, the fact that he must have not had any greedy friends that knew about all his change!!
Vana R. Mar 10, 2008, 8:06pm EDT
Wow...was this ever a loaded question! I hope he didn't pay for it all in pennies!!!!!!

Here's some useless trivia...

It takes 2,600,000 pennies to make $26,000.

There's 154 pennies in a pound.

That would be about 16,883.11 pounds of copper.

The current US price for copper is $3.75 per pound.

If he sold his pennies at the scrape yard he would have made $63,311.68.

That would have been one expensive truck...lol!
Lyn Owen Mar 10, 2008, 8:12pm EDT
Well he does have a truck.
Steve V. Mar 10, 2008, 8:15pm EDT
Good point.
sheila ~the hapless housewife~ j. Mar 10, 2008, 8:21pm EDT
It may not seem smart to some people, but he was happy with it and now he's happy with his truck. I'd say that's pretty smart.
Jessie B. Mar 10, 2008, 8:29pm EDT
Well I wouldn't call saving the money stupid, but using it on a dodge that's where I shake my head and say are you kidding me. With all the cars out there you choose that one?
The money saving mistake aside, really, 26K for a USED Dodge? Especially an economy where car dealers are slashing prices on NEW trucks because nobody's buying the gas guzzlers? He may be stupid, but whoever sold him the truck was shrewd.
Vana R. Mar 10, 2008, 9:02pm EDT
As long as he's happy...that's all that matters.
*Carol ~Bronx Southern Belle D. Mar 10, 2008, 9:13pm EDT
I wish the IRS would get it's hands out of my piggy bank. He lost thousands doing that. Not trusting banks is admirable, but remember Jesus' parable about the man who buried the penny and did nothing with it?
Ang, wandering aimlessly, G. Mar 10, 2008, 9:18pm EDT
Vana, loved the first comment.

I think I would have put it in a bank.
Sandy (back in Ohio...blah!) Mar 10, 2008, 9:20pm EDT
Yea, some people don't belive in banks. Espically alot of of older people who made it through the depression or lost all their money to banks.

Or how about the people who can't have a bank account. Some kind of screw up on their part. BUt they got use to doing things with out a bank. In my opinion, I see nothing wrong out of it. He paid for a truck out of change. Change that he would of probably spent a long time ago.

I know I won't add a few cents in the bank. If i do once it makes it to dollars. It gets spent. Maybe he was the same way.

I save all my change all year long in a water cooler container. Than cash it in to pay for Christmas for my kids. Other wise my husband would spend it like water. Money burns a hole in his pocket. Some think it is dumb. But if I put it in the bank, it won't be there come Christmas time.
Rachel D. Mar 10, 2008, 9:34pm EDT
I like the comment saying how much the pennies would be worth at a scrap yard.
Barb (Gather Site Ferret) Carlson Mar 10, 2008, 9:52pm EDT
LOL! That was rather silly.
*Holly *. Mar 10, 2008, 11:42pm EDT
I must admit that I don't always put everything in the bank. People make mistakes. I would rather it be my mistake!
lol
Austin Cushing Mar 11, 2008, 1:43am EDT
Ah, America. Where we can call people morons for actually managing to save and spend $26,000.
Austin Cushing Mar 11, 2008, 1:43am EDT
This comment is to let you know that this content has reached ten comments, and as such has been removed from Comment Speedway! Congratulations!
Patty H. Mar 11, 2008, 2:11am EDT
I would love to be able to go out and buy a new car/truck for $26,000 without a payment. So it might have taken his 20 years, but hes now got a new truck without a payment. So in that fact he is smart. Car payments are not cheap. I was never so happy when I finally paid mine off.
Dusty Hubbard Mar 11, 2008, 9:11am EDT
Even in a simple Savings account the 1 - 2% would have accrued over time.
Diana B. Mar 11, 2008, 11:21am EDT
I happen to have a savings account that has an APY of 7.25% on the first $500 and 1.50% after that, so they do exist. I guess there is something to be said for someone who saves up their money, goes out and buys something s/he wants and it is theirs without having to worry about anything like monthly payments.

To each his own.
Rebecca D. Mar 11, 2008, 7:43pm EDT
It worked for him.
Sarah (I want points) Mar 13, 2008, 2:39pm EDT
That is sort of silly, but if it worked for him then great. It's better than me... I haven't been able to buy a car outright like that.
denise e Apr 9, 2008, 8:42am EDT
everyone's situation is different, who are we to judge how he saves his money?
necee t. Jun 28, 2008, 12:05am EDT
sheesh... wow
jeni e. Jun 29, 2008, 9:01pm EDT
I think it's pretty cool. To think anyone could save that much change and but a car with cash is totally awesome. But I would have bought something less gas costly.

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