TIL my neighbor's idea of a 'diversified portfolio' is a jar of quarters

I was helping him move a couch in Omaha last fall and he pointed to a huge glass jar on his counter. He said, 'That's my emergency fund and my retirement, all in one place.' I asked if he meant a money market account, but he was serious about the literal jar. He said he adds about $20 in change every month and it's 'safer than the stock market.' Has anyone else heard a take on personal finance that just made you stop and stare?

3 comments

3 Comments

lilya7611d ago

My uncle had the same "safer than the stock market" view with his coffee can full of cash. I just showed him a basic savings account statement online. The tiny bit of interest blew his mind. He moved the money the next week. Sometimes they just need to see the numbers.

uma_williams11d ago

A picture of the compound interest graph did it for my dad.

rose_reed11d ago

Took my grandpa to the bank once because he kept his social security checks in a drawer. The teller showed him his balance on the screen and then calculated what he could have earned in a simple CD over just one year. His eyes got real wide, like @lilya76 said about her uncle. We opened that CD right there. He just needed to see his own money growing, even a little, to get past the fear.