First of two parts
First, I hate paying interest. This feeling began in the early 1960s when I had my eye on a neat-looking electric guitar and amplifier. I started saving my money. Later, the music store had a sale. Fortunately, by that time I had enough saved to purchase the guitar at the lower price, but not enough to buy the amplifier, too.
Tell You What I’m a Gonna Do
My parents suggested they could lend me the money to buy a smaller amplifier. I agreed. I had to have this boss guitar. I needed an amp, too, right? Think about it. What good is having an electric guitar if you don't have an amp to blast it?
Only the Beginning
Terms of the loan were that I would pay my parents $1.25 each week for the next 9 months. I got my guitar and an amp. Everything went fine the first month. If I was a little short on my payment, I would dip into my now meager life savings.
Mr. Washington, We Have a Problem
After the first month, my commitment became a real hassle. I earned my allowance, $1 a week, cleaning and sweeping Dad’s grinding shop each weekday afternoon.
(Note: Upon hearing this story, one of my daughters asked, “Gee, Dad, weren’t there any child labor laws back then?) How cute.
On weekends, I would help my brother mow neighbors’ lawns. Sometimes, we would walk to the beach, along the stretch of Jefferson Boulevard where Lopez Ranch once was. We would pick up glass bottles, cart them home, clean them up and turn them into the liquor stores for a penny each.
(Note II: My other daughter commented, “Dad, you probably were recycling before there was recycling.”) Not so cute anymore.
Always Broke
I am not saying my parents were predatory loan sharks. Remembering back, I thought I never would get the loan paid off. All my efforts – and money – were going into the payback. At times I chose to do without because I had to make that dreaded weekly payment.
My Sword of Damocles
Looking back, I can proudly say I never missed a one payment. But it seemed I was always broke for those last, long eight months. My hard-earned money only was going to pay off that monetary obligation constantly hanging over me.
Lesson Learned
Today I know my parents used that loan to teach me a valuable life lesson in handling money. Since that traumatic financial lesson, I only have borrowed money one time, when my wife Michael and I bought our house. We worked hard to pay it off in 10½ years.
(To be continued)
Mr. Laase may be contacted at GMLaase@aol.com
