Of all the guidance we can receive from observation alone, some of the most valuable lessons about budgeting and finance we learn from our parents and role models. As adults, the world becomes our campus, even the woeful street corners. Here are five universally recognizable street solicitors that have a thing or two to teach us about money.
The lady that asks for pennies
This lady is not going to give you a long-winded cautionary tale in a bid for your sympathies. In her wisdom, she simply asks, “Got a penny?”. Her minimalistic style speaks to small-time investment and taking the low-risk stock choices on your 401-k. Do you have a single cent you can spare? Statistics would argue in her favor, just like the quantitative data arguing against lofty stock picks.
The unabashedly honest wino
This guy is looking for donations to the Get-Me-A-Bottle Fund, and he’s not above telling you so. He’s a high-rolling gambler, placing bets on the notion that transparency will both shock and appeal to logic. Keep your pennies – this guy takes nonchalant leaps of faith at every metropolitan intersection and has little use for anyone who wants him to change. Just like some of the more peculiar trading behavior on Wall Street, being purpose-driven but flippant is less likely to make you a millionaire on a whim. Just more likely to decimate your portfolio.
The ex-CEO still carrying a briefcase
This guy is easy to spot – he’s the one in the lounge-lizard’s collared shirt with a politician’s hand gestures. His entreaties for spare change are more polished than most used car sales pitches and will leave you walking away wondering what just happened. He could probably tell you more about avoiding capital gains and skewing the facts on your income tax return than anyone ought, plus, more than likely, a few scary stories reaffirming that the IRS are not to be trifled with. Don’t make deductions capriciously or without investigating the legitimacy of those breaks.
The man speaking to no discernible individual
On several downtown strolls, you might hear someone within earshot advising a mysterious party to exercise care when using “that chainsaw”, except laden with enough slang to make a pirate blush. What he’s really saying, in so many flowery words, is that aimless networking is a practice in futility. Who are you trying to reach, and what are your financial goals? Don’t waste your financial ambition by sending it out into the wind. That’s about as strategic as putting a message in a bottle.
The lady that monologues her life story
She wants a bus ticket, but during the course of transmitting her request, relating her rich and storied childhood became a prerequisite to your charity. You may learn her father’s favorite sports team or her sister’s college GPA; how is one to know of its accuracy? This is basic resume-exaggeration and predictably, employing her tactics in the quest for employment can land you in hot water down the road, bus ticket or not. Relying on your true merits and genuine talents will only make your sense of accomplishment more vivid when the time comes.
(Guest contributor Rae Alton is a content specialist and tax dork from Greensboro, North Carolina; her personal hero is Alex P. Keaton.)
I pretty much love this post. I’m likely to give spare change/cash to anyone who asks for it, so I know what that says about my saving habits!
Actually, I’m pretty proud of myself – this is the first year I’ve made the effort to open an IRA and start saving for the future. Maybe someday I’ll be brave enough to learn about investing and venture beyond the supposed safety zone of target date funds!
Andrea @MoneyMastered recently posted..Netflix Price Increase: What to Expect
Andrea, it’s OK to stay in that safety net! That’s what I do and recommend those types of funds to everyone I know regardless of their income levels. There are too many funds and are hard for most busy people to manage. Take me for example, I barely remember to get in all my meals in a day! Keep at it Andrea, I’m proud of you for finally taking the plunge with the IRA
Using street beggars to teach financial lessons, this is one of more creative posts I’ve seen on any blog in while. Ive heard stories of one homeless man that used the law system in a manner to get settlements from a library when they removed him due to offensive odors. Perhaps its a lesson to public institutions.
Haha, glad you liked it! That’s so interesting about the homeless man and suing them, that’s impressive!