The following 1985 article by the Pride of Moreland, Georgia in 2024 will possibly appear outdated in light of the alleged booming economy claimed by some Americans and its denial by those adversely affected by the present cost of goods and services.
In “Shoot Low Boys- They’re Riding Shetland Ponies” (Ballantine Books), Lewis Grizzard discusses spending and saving practice by two pre-teenage youngsters in his lifespan:
“Brad, age eight, and his sister Linda, age eleven, recently received gifts of fifty dollars each from their grandparents. Brad wanted to spend his money on candy; fifty smackers will buy a lot of Reese's Cups. Linda wanted to spend hers on rock tapes; fifty dollars worth should keep her gyrating till she's sixteen.
Brad and Linda's mother, however, didn't want her children blowing their first serious amounts of money on frivolity. "I wanted them to use their money to learn a lesson," Karen said. "I convinced them that the way to accomplish the American dream was to put their money in a savings account. I explained that the bank would pay them for using their money."
The kids agreed, and so the next morning they all headed down to the bank to open an account. At the bank, however, the kids were told they couldn't have their very own savings accounts because the minimum amount needed was one hundred dollars. Bank policy, it was explained to Karen.
She tried to talk them into pooling their money and opening a single account, but sibling rivalry won out and the kids wouldn't go for that.
A few days later, the grandparents heard of the ordeal, were impressed and decided to give each child another fifty dollars so they could have their own savings accounts. Back to the bank.
This time they were told that Brad and Linda couldn't open their own accounts because they didn't have social security numbers. "The government is afraid somebody will make some interest and they won't get any of it," explained a bank official. Frustrated for a second time, the kids burst into tears.
"I didn't know what to tell them after that," said Karen. I thought teaching the children to save now would make them more likely to do the same when they were older."
To try to make amends to the kids, Karen took them on a shopping spree for candy and rock tapes. It was the only thing left to do. Besides, the children will learn another valuable lesson about money: EASY COME, EASY GO.”
(The application of the last four words in 2024 is a matter of speculation?)
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Jerry Summers
(If you have additional information about one of Mr. Summers' articles or have suggestions or ideas about a future Chattanooga area historical piece, please contact Mr. Summers at jsummers@summersfirm.com)
Jerry Summers