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Msg  354266 of 371381  at  9/27/2021 12:51:37 AM  by

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Re: OT OT My experience of buying a nice car yesterday - reminds me of a client - find myself falling into the same mindset.

Back in the mid-1990s, I had an old farmer, about 75 years of age at the time ( he grew up during the 1930s ), who was one of my larger clients. He had approximately 1.5 million invested with me, another 1.5 million with a stockbroker. Also a large farm that had several oil wells to which he retained the oil rights/royalties. This was a man who's portfolio could go up or down $200,000 and not blink an eye. Ralph was his name. One day Ralph came into the office and said, "I need some advice. I have found a car that I would really like to buy ( it was a Lincoln town car, you know the one, the one that just floated down the highway ). Problem is it costs $35,000! I have never spent even half that on a vehicle before. What do you think I should do?" I said, "Ralph buy the car, enjoy it while you can. If you don't spend some of this money your children will!" About a month later he was back in the office. "Did you buy the car?" He responded, "I just can't bring myself to spend that much money on a car." If it had been a combine for $100,000 he would've wrote the check without hesitation. But this was a car, some thing that didn't make him money, whose only return would be his satisfaction. It took a little prodding but he eventually bought that car and was quite pleased that he did. About 10 years later he passed away and all of these assets were turned over to his five children. Two of them went through their money like beer through the town drunk in less than ten years. The moral of the story is ..................


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354310 Re: OT OT My experience of buying a nice car yesterday - reminds me of a client - find myself falling into the same mindset. marpincan 1 9/27/2021 8:15:02 AM


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