Once upon a time there was a tortoise named Buffett, who loved reading and thinking, and a hare called Trader Hare who liked to borrow money. One day they had an argument about who could make money grow fastest.
“Let’s have a race!” said Trader Hare to the tortoise. “OK. Why not,” replied Tortoise Buffett.
“I’ll try not to beat you by too much, Tortoise Buffett!” said the confident Hare. Tortoise Buffett simply smiled and said “May the best animal win…”
They agreed on a goal and started the race.
Quick as a ﬂash, Trader Hare shot off to the bank and borrowed some money, so he would have capital to invest
Tortoise Buffett also wanted to invest. But his investment capital came from the income he made by working hard. Really hard. He sold Coca-Cola & chewing- gum door-to-door, delivered newspapers, recycled golf balls, sold magazine subscriptions, and put pinball machines in Barber shops.
He knew the way to win was by saving 10% of his income, and then wisely investing his savings.
As Trader Hare thought he was well ahead of the tortoise, he had a great idea: “Why not stop for lunch?”
He found a wonderful shady tree with soft green grass underneath. The whispering wind told Trader Hare, “sleep, sleep!”
Tortoise Buffett, still saving 10% of his income and investing with a purpose, passed the tree with Trader Hare sleeping underneath it.
Trader Hare soon woke up with a start as he remembered he must repay the bank before he could ﬁnish the race!
But while he had been asleep, the value of his investments had gone down. Trader Hare did not have enough money to pay back his loan! The bank made Trader Hare bankrupt just as he made a dash for the ﬁnish line… Debt is a four letter word it means a four word sentence- Be Prepared for Trouble.
…only to ﬁnd the triumphant tortoise waiting for him. Tortoise Buffett the champion!
The moral of the story Work hard, save 10% of your income. Then invest your savings wisely! Tortoises hate “debt” and always keep enough cash in the bank for six month’s living expenses. …good habits are the basic tools that will determine whether you are a tortoise or a hare in life!