risk shares and municipal bonds on your behalf. It was when I was going into private practice; I borrowed $25,000 of your money and paid your account back over five years at ten percent interest. I have all the documents here. I couldn’t get into contact with you, I needed the money to start, and I’ve paid you every penny I owed you, plus interest.”
“And I haven’t paid you a cent for investing the money for me?” VIN asked.
“No, that was the deal from the very beginning, made by my wife. Remember the good-looking police officer? She made sure I paid back every penny I owed you. I believe that you loaning me the money was sufficient reason for me to keep my promise and make your money work for you. Anyway we are square, and the total money in your account is $323,000.”
“How much?” asked VIN, not believing what he just heard.
“It could have been more, but the last couple of years with this recession which never seems to end, it became harder and harder to make decent returns after 2008. Most of that investment interest was made between 2006 and 2007. Last year it only grew by $7,000.”
“Well that’s more than I ever thought I’d have. I thought that fourteen hundred bucks a month, ten grand in my military savings account and the $30,000 was all I would have to start something new. I’m sure I need to pay you something for all your work, Joe.”
“Not really. It was a good education for an attorney, plus you helped me get started. Here is a new checkbook, a debit card and you can apply to the bank for a credit card. I checked, your credit hasn’t been used, and is in excellent condition.”
VIN took the checkbook, grabbed a pen and made his first check out to Joe for $13,000. “Joe, thank you. Take this and take that good-looking police officer out for an expensive dinner somewhere. You guys have really helped me from the get-go and I’m sure I owe you more than this. If you ever need a loan, let me know. But first I need some wheels. I want to buy a car, a nice car.”
“What sort of car?” Joe asked, still shocked at VIN’s generosity.
“Hell, I don’t know, all the nice cars I’ve seen have been in car magazines I read back at base. I suppose a Porsche or BMW or…I know, that young singer kid I read about in hospital, he has an Audi R8. Now, that Audi looks like a quality ride!”
“But that’s an expensive motor vehicle, VIN!” admonished Joe; his ride was a ten-year old Jeep Cherokee. “You need to keep a nest egg, something that can still make money for you. Fourteen hundred bucks a month won’t get you far when your lump sum is spent.”
“I agree, but a fancy car is everything I have wanted up to now. I don’t need a house; I’m not into fishing, or like that older Air Force guy, flying. All I want is some wheels, some money in my pocket and to head out to find a life. How about I leave about $160,000, half of my total cash after your check, plus my military savings in my account? You invest it for me in those long-term bond things, or stocks, so I can’t get hold of the money for a while, say ten years, in case I run out. Whatever you make for me, you take ten percent to keep my accounts in order. I buy a car and find a life and go forward like that until something changes. What do you think Joe?”
Joe shrugged his shoulders; half was better than nothing for the young guy, and shopping for a fancy car would be fun.
It took a week searching for an Audi R8 VIN could afford, He didn’t want to spend more than half his balance on the car and all the nearly new vehicles were over $125,000. Several days later, an Audi appeared in the Raleigh newspaper. A rather desperate sounding seller had a three-year old model for sale for $99,000. The older R8 had higher mileage than all the others, nearly 30,000 miles, and was silver, exactly the color VIN wanted.
Representing his client, Joe called the man. The older man sounded a little desperate, stating that the value of
“And I haven’t paid you a cent for investing the money for me?” VIN asked.
“No, that was the deal from the very beginning, made by my wife. Remember the good-looking police officer? She made sure I paid back every penny I owed you. I believe that you loaning me the money was sufficient reason for me to keep my promise and make your money work for you. Anyway we are square, and the total money in your account is $323,000.”
“How much?” asked VIN, not believing what he just heard.
“It could have been more, but the last couple of years with this recession which never seems to end, it became harder and harder to make decent returns after 2008. Most of that investment interest was made between 2006 and 2007. Last year it only grew by $7,000.”
“Well that’s more than I ever thought I’d have. I thought that fourteen hundred bucks a month, ten grand in my military savings account and the $30,000 was all I would have to start something new. I’m sure I need to pay you something for all your work, Joe.”
“Not really. It was a good education for an attorney, plus you helped me get started. Here is a new checkbook, a debit card and you can apply to the bank for a credit card. I checked, your credit hasn’t been used, and is in excellent condition.”
VIN took the checkbook, grabbed a pen and made his first check out to Joe for $13,000. “Joe, thank you. Take this and take that good-looking police officer out for an expensive dinner somewhere. You guys have really helped me from the get-go and I’m sure I owe you more than this. If you ever need a loan, let me know. But first I need some wheels. I want to buy a car, a nice car.”
“What sort of car?” Joe asked, still shocked at VIN’s generosity.
“Hell, I don’t know, all the nice cars I’ve seen have been in car magazines I read back at base. I suppose a Porsche or BMW or…I know, that young singer kid I read about in hospital, he has an Audi R8. Now, that Audi looks like a quality ride!”
“But that’s an expensive motor vehicle, VIN!” admonished Joe; his ride was a ten-year old Jeep Cherokee. “You need to keep a nest egg, something that can still make money for you. Fourteen hundred bucks a month won’t get you far when your lump sum is spent.”
“I agree, but a fancy car is everything I have wanted up to now. I don’t need a house; I’m not into fishing, or like that older Air Force guy, flying. All I want is some wheels, some money in my pocket and to head out to find a life. How about I leave about $160,000, half of my total cash after your check, plus my military savings in my account? You invest it for me in those long-term bond things, or stocks, so I can’t get hold of the money for a while, say ten years, in case I run out. Whatever you make for me, you take ten percent to keep my accounts in order. I buy a car and find a life and go forward like that until something changes. What do you think Joe?”
Joe shrugged his shoulders; half was better than nothing for the young guy, and shopping for a fancy car would be fun.
It took a week searching for an Audi R8 VIN could afford, He didn’t want to spend more than half his balance on the car and all the nearly new vehicles were over $125,000. Several days later, an Audi appeared in the Raleigh newspaper. A rather desperate sounding seller had a three-year old model for sale for $99,000. The older R8 had higher mileage than all the others, nearly 30,000 miles, and was silver, exactly the color VIN wanted.
Representing his client, Joe called the man. The older man sounded a little desperate, stating that the value of
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