Although I spent 35 years in banking, I’ve refrained from using this column to expound upon the world of high finance. That’s mostly because I don’t know much about it. It’s also because my interest in such matters has declined, an attitude shift slyly predicted in a tee shirt pun from long ago. We’ll get to the tee shirt later, but first here are a few thoughts on something I do know a little about – the not-so-high world of personal finance. 

One rule you can bank on is jewelry is rarely a good investment. I’m not anti-jewelry, unless it’s stuck through your face, nose, tongue, or such. I’m just saying if you pay retail then try to resale you won’t do well. A loan request made at Bank of Dooly several decades ago illustrates the point.

A chipper young man came in with a diamond ring he’d purchased at a chain jewelry store. He wanted to pledge it as collateral, leave it with me, and borrow half its worth. An appraisal from the seller showed a $6000 value. As I politely explained that we didn’t loan money on jewelry, he insisted there was no way the bank could lose.

Thinking it might be a teachable moment, I told him if he’d get a letter stating how much the jewelry store would pay the bank in the event of default I would reconsider. He returned after being told their company policy didn’t allow them to repurchase jewelry they had sold. The appraisal reflected what they might allow as a trade-in on an upgrade. 

There’s nothing wrong with buying jewelry if you can afford it. It is, however, generally a terrible investment. The folks who said, “Diamonds are a girl’s best friend,” were selling diamonds.  

Another reliable rule of personal finance is an old one – “A penny saved is a penny earned.” The Macon Telegraph recently reminded me of that axiom. 

I grew up reading The Telegraph and have subscribed to it for almost 50 years. We switched to the online version in 2023 to save money, but the monthly premium kept creeping up. When it reached $38.99 per month Jane and I discussed discontinuing it.

Our smart phones must have been listening to us. I began getting emails offering a one-year subscription for $79.99, which equates to $6.67 per month. I logged onto their website, but the best rate for an existing subscriber was $26.80 per month. I opted for the reduced rate, then complained to my wife their pricing seemed unfair. 

She agreed and called their toll-free number to ask about the $79.99 offer. The fellow said that rate was for new customers only. It wasn’t available to loyal subscribers who had paid full retail for five decades. He did, however, agree to a promotional rate of $19.99 per month. Her persistence led to a second offer of $15.99 per month. They finally settled on $12.99.

Thanks to my wife’s call we should save $312 over the next year. That’s enough to pay for the towable wagon I gave her for her birthday. The wagon is a fine addition to our yard equipment. It holds 15 cubic feet of pine straw and her mower easily pulls it.

It was frustrating that as a long-time Telegraph subscriber we had to jump through hoops to get a better rate. But a penny saved is a penny earned, and pennies add up to dollars.   

I’ll close with some sage financial advice of unknown origin – “Spend less than you make.” That’s not always easy and sometimes almost impossible. If you embrace that way of thinking, however, you can occasionally reward yourself with something special. 

Jane, for example, has another surprise coming. I’m building wooden side bodies from salvaged lumber for her small wagon. This will increase its carrying capacity by almost 50 percent. I may even add a secure compartment for storing her Timex and other fine jewelry.

That’s all I’ll cover for now about the world of personal finance. It’s possible I’ll share some additional thoughts later, as I hope to be around for a long time. Such longevity was noted in that tee shirt message I saw early in my career. I feel confident about it because the last half of the quip has already come true. “Old bankers never die. They just lose interest.”