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 last week. 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.)
That 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" commented. 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."
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.)
That 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" commented. 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."
