People all over the world seek various means to accumulate wealth, some to an unhealthy magnitude. When they lose it all, they become despondent, even to the point of ending their lives. Here’s how my uncle Hank earned his wealth and left it all to his heir.
As a young lad, Hank learned the value of money. He mowed lawns, delivered newspapers, performed any odd job that came his way, and was never proud to say no to any job, plus he saved his earnings. Unlikely many people today, when he felt he had enough money to support a family for the long-term, he married and had three children.
Times were difficult during those days, but he worked 16 to 18 hours a day. Nowadays, people complain about a 30-hour workweek. Times have changed and not for the better.
As a society, many of us have lost our work ethic. We’d rather complain about low wages, inequality, and demand the government fend for our daily needs. Many of us have become lazy, slothful, prideful, and all to our disadvantage.
Allow me to share Hank’s secrets to wealth accumulation. You see, there was no Internet then, and things like Bitcoin obviously didn’t exist. But one thing that did exist was taking pride in one’s work.
He told be this once over a beer, “Never refuse a job, never complain about the work you have to do until you’re finished.”
After a foamy sip from my draft beer, I asked, “I’m missing the point, Hank.”
He replied, “Once you complete a task you’ll be less likely to complain and feel a pride that you did your best.
It made sense and I’ve followed his sage advice all these years later. I learned that complaining and worrying were like rocking in a chair: they get you nowhere.
Hank was wise and calculated his financial moves. At the same setting at the bar, they had what was called a tip jar. Inside were bits of paper that you tore open in the hopes of winning some money. Tip papers were 25 cents back then, relatively cheap.
Hank asked Rick the bartender on the cool, “Anybody get lucky yet and win the $500 prize?”
The bartender, none the wiser, replied frankly, “Not yet, Hank”
Uncle Hank peered at the gallon-sized jar for a couple of minutes and then said, “Watch this, son.” I obliged.
“Rick, give me everything in the jar.” I was shocked. There had to be $150 or more of tip papers inside.
Rick dumped everything on the bar and Hank said, “Let’s go and win us some money!”
We spent 25 or so minutes opening the tip papers. Hank won over $800! Easy money. He gave my $100 for helping him out.
Later that hour, I asked Hank why he never owned a home but instead rented for 20 plus years. After all, the American dream is still shoved down our throats.
He advised, “Never buy a house. Sure, you can make a nice investment when you sell it, if you’re fortunate, but when you figure in the cost of a lifetime of maintenance, you may or may not come out ahead.”
Then he added this: “I don’t have to pay for any repairs, broken appliances, water heaters that go bad, and the maintenance man mows the yard and keeps it tidy.”
Another piece of advice he gave me was to never pay cash for a new car, even when you have enough money in the bank. Instead, you should borrow the money. This left me confused.
“Son,” he said, “let the interest on the money you have pay for the loan.”
I learned a lot from Hank, and he was always a generous man. When he passed on, he gave his fortune to my young brother. Unfortunately, he squandered it all on fast living.
I suppose the lesson here is to not treat money unwisely, to be diligent at whatever you do, and take calculated risks. Most of all, never complain. It’s a lesson we can all learn from if we truly desire to acquire wealth for our retirement years.
