Inspiration

I came across this video today while catching up on some of the personal finance blogs I read. If you want to be inspired to make the most of what you’ve got, watch the story of Mr. Earl.

Here’s a man who’s been a parking lot attendant for 40 years, never making more than $20,000 per year. He and his wife put three children through Catholic school. Now he’s got no debt, a paid-for house, and a stock portfolio worth…drum roll, please!...$500,000.

I have a feeling somewhere along the line he learned how to live on less than he made. What do you think?

Posted by Katy on 09/10/07 at 12:27 PM

Fallible Comments...

My linking skills aren't what they should be, evidently. I'll ask Doug to fix it SOON. Please check back!
Posted by Katy on 09/10/07 at 12:33 PM
I don't want to disappoint you, but I'm pretty sure it's an urban legend. A similar story surfaces periodically. This guy would have had to have extremely good luck on the stock market, an inheritance, a lottery win, a wealthy wife or some additional source of income. I think if you actually get in there and work the numbers you'll find that it's impossible. On the other hand, if he was making $20,000 40 years ago, that's a ton of money. When I was in college (in the 70s) my dad was making $5000 a year.
Posted by alison on 09/10/07 at 05:09 PM
Actually, my response sounds a little rude. I'm sorry. My dad never did save any money until he retired. Then from the time he retired until he died, almost 18-20 years, he saved $75,000. He didn't have a retired plan, but of course, pastors get to cash in their retirement plan in heaven.
Posted by alison on 09/10/07 at 08:00 PM
Alison--Kiplinger's published the video, I think. It looks pretty legit to me. The story said the MOST he made in any year was $20,000. He's been a parking lot attendant basically his whole life.

He claimed to have $25,000 invested by the end of the 70s. That was the beginning the of big stock market boom. If that 25 grand doubled every six years between then and now, it would have increased to $400,000. That assumes a 12% rate of increase on the original 25 grand, and no further contributions. Am I misunderstanding the math?

How did your dad manage to save all that money AFTER retiring? That sounds pretty amazing to me!
Posted by Katy on 09/10/07 at 11:01 PM

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Personal blog of christian writer & fallible mom Katy McKenna Raymond in Kansas City, Missouri Katy is represented by Greg Johnson at WordServe Literary Read more Katy at LateBoomer.net Follow Katy on Twitter Follow Katy on Facebook 123 Recent Posts Try Becoming Brenda Starr Off Beat Scattered That’s It So I’ve Finally Signed With An Agent. Now What? The Spoon Sciatica Sweetheart A Woman’s Train of Thought Has No Caboose However much we own, we are all still living on borrowed time After all, when restaurants shrink portions, they don’t shrink prices. As with everything in life, balance is key. Slow down, you move too fast… Yeah, I know. I have issues. Search Advanced Search Syndicate Login E me at katy @ ngenius.com	Inspiration I came across this video today while catching up on some of the personal finance blogs I read. If you want to be inspired to make the most of what you’ve got, watch the story of Mr. Earl. Here’s a man who’s been a parking lot attendant for 40 years, never making more than $20,000 per year. He and his wife put three children through Catholic school. Now he’s got no debt, a paid-for house, and a stock portfolio worth…drum roll, please!...$500,000. I have a feeling somewhere along the line he learned how to live on less than he made. What do you think? Posted by Katy on 09/10/07 at 12:27 PM Fallible Comments... My linking skills aren't what they should be, evidently. I'll ask Doug to fix it SOON. Please check back! Posted by Katy on 09/10/07 at 12:33 PM I don't want to disappoint you, but I'm pretty sure it's an urban legend. A similar story surfaces periodically. This guy would have had to have extremely good luck on the stock market, an inheritance, a lottery win, a wealthy wife or some additional source of income. I think if you actually get in there and work the numbers you'll find that it's impossible. On the other hand, if he was making $20,000 40 years ago, that's a ton of money. When I was in college (in the 70s) my dad was making $5000 a year. Posted by alison on 09/10/07 at 05:09 PM Actually, my response sounds a little rude. I'm sorry. My dad never did save any money until he retired. Then from the time he retired until he died, almost 18-20 years, he saved $75,000. He didn't have a retired plan, but of course, pastors get to cash in their retirement plan in heaven. Posted by alison on 09/10/07 at 08:00 PM Alison--Kiplinger's published the video, I think. It looks pretty legit to me. The story said the MOST he made in any year was $20,000. He's been a parking lot attendant basically his whole life. He claimed to have $25,000 invested by the end of the 70s. That was the beginning the of big stock market boom. If that 25 grand doubled every six years between then and now, it would have increased to $400,000. That assumes a 12% rate of increase on the original 25 grand, and no further contributions. Am I misunderstanding the math? How did your dad manage to save all that money AFTER retiring? That sounds pretty amazing to me! Posted by Katy on 09/10/07 at 11:01 PM Page 1 of 1 pages Commenting is not available in this weblog entry. Next entry: Excuses, Excuses Previous entry: My Hero << Back to main


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Personal blog of christian
writer & fallible mom
Katy McKenna Raymond
in Kansas City, Missouri