services to me for over a decade with no troubles, could easily authorize a ten-day extension. But, no. I’d have to fill out all the forms and send them to another state.
But wait—I left out the best part.
The bank manager told me it could take 60 to 90 days to find out if I’d be granted the ten-day extension.
I never filled out the forms and simply made the payment eight days late and paid an annoying penalty fee. Today, banks depend on fees for a substantial part of their income and are extremely reluctant to cancel a fee.
According to the Wall Street Journal, “years of low rates on mortgages and other loans have eaten into the income banks collect from interest charges, an important driver of bank earnings. ‘Banks have a revenue gap that needs to be recouped,’ said Greg McBride, chief financial analyst at Bankrate.com, which tracks overdraft fees and other charges.” Fuck ‘em.
Oh yeah, our health is deteriorating, too—just as the cost of medical care is increasing.
If I was sadistic I’d smile at the revelation that even doctors are having financial trouble. According to CNN, “Doctors in America are harboring an embarrassing secret: Many of them are going broke.”
Here in Connecticut, traditionally a very wealthy state, we’ve seen many businesses close (including some of my favorite restaurants, and two restaurants opened and closed before I had a chance to try them). Some neighbors’ houses have been foreclosed. I know people who say they will work until they die.
One couple we know used to spend a lot of money on designer clothes and other artifacts of affluence. The husband was a highly paid Wall Street executive and the wife was a busy stay-at-home mom with four high-maintenance kids. They had a big house in the country which they started enlarging—but one door goes nowhere.
The family’s finances deteriorated to the point where she delivered newspapers early in the morning and he worked part-time as a Kmart security guard.
Their house was foreclosed, they went bankrupt, sold most of their personal possessions and fled to Southeast Asia where they can afford to live on what Social Security pays them. They seldom get to see their children in the USA.
I used to think that their situation was both pathetic and avoidable. I’m not critical anymore and I wonder if they can find us a cabin and good doctors in Cambodia.
•In retrospect I probably should not have used personal money and credit lines to finance my telecommunications business—but most owners of small businesses do just that.
•In retrospect I probably should not have paid about $2,000 for merchandise displays that were hardly ever seen because most of our customers bought online.
•In retrospect I probably should not have paid about $5,000 for signs because most of our customers bought online.
•In retrospect, I probably should not have spent $1,500 on artwork and $2,000 on carpeting to make the office a nicer place to work than it would have been with bare walls and concrete floors—but we could afford it at the time.
•In retrospect I probably should have used ceiling fans in the warehouse and office instead of spending $8,000 on air conditioning (which the landlord inherited when we moved out)—but we could afford it at the time.
•In retrospect I probably should have spent $80, not $800, on an office refrigerator—but we could afford it at the time.
•In retrospect I probably should have spent $500, not $2,000 for a backup battery system for our phones and computer network—but we could afford it at the time.
•In retrospect I probably should not have paid $4,000 to business consultants—but we could afford them at the time.
•In retrospect I should not have paid $8,000 per month on Google advertising—but we could afford it at the time.
•In retrospect I probably should have fired an employee the first time I caught him stealing instead of giving him a second chance. (He stole again.)
•In retrospect I should have replaced an accountant the first time he made a mistake that cost me thousands of dollars in IRS penalties.
•In retrospect I probably should not have sent out beautiful color postcards to government purchasing agents—but it seemed like a good idea at the time.
•In retrospect I probably should not have sent out beautiful color postcards to pizzerias—but selling “pizzaphones” seemed like a good idea at the time.
•In retrospect I probably should not have let a bookkeeper decide that it was OK to pay bonuses to employees.
•In retrospect I should not have bought 1,000 souvenir pocket knives to commemorate our 30th anniversary—but it seemed like a good idea at the time.
•In retrospect I should not have set up a wholesale division—but it seemed like a good idea at the time.
•In retrospect I should have checked the computer skills of a guy who bragged about his skills—but could not use simple software.
•In retrospect I should not have hired a salesman who was terrified to speak on the phone.
•In retrospect I should not have waited so long to fire the employee who called in sick on at least one Friday or Monday each month.
•In retrospect I should have fired a nasty, disrespectful employee who made me hate going to work in my own company.
•In retrospect I should have gone to work earlier in the morning so I could have caught an employee who was running his own business with my inventory.
•In retrospect I should have spent less money on my commuter car.
•In retrospect I should not have tried to manage 40 websites for various facets of my business.
•In retrospect, I probably should have stopped renting a warehouse and office, fired some employees and squeezed the business into my house sooner than I did—but I kept hearing that the economy was improving. I believed the experts.
Some people say I should have just shut down the business—but it’s hard to abandon a business that provided a nice life for over 30 years, and still had inventory, customers, employees, websites and a good reputation.
It’s very difficult to say “I messed up” and just walk away.
Lesson: If someone offers you millions of dollars for your business, take the money and run.
From the U.S. Dep’t of Justice
Money
Money
