A few years ago, I read a study conducted at the Mall of America in Minneapolis. The study had to do with the "value of money".
The research went something like this; researchers dropped pennies throughout the mall and then observed as teenagers came in and out of the mall. The idea was to gage how many people would bend over to pick up the pennies. After several hours, virtually no one expended the energy to pick up the pennies. Next they tried nickels. They found that a relatively low number of people would stop and pick up the nickels. When they went to dimes the number fell below that of the nickels. ( They theorized that it had to do with the size of the coin versus the value. ) Next they started dropping quarters and the number of people bending over to pick up the quarters increased to about 1 in 10. It wasn't until they started dropping dollar bills that they were able to get more than 90%. Even with the paper money, people seemed to be more concerned with "their image" than with the value of money. This led the researchers to theorize that there was little understanding of the true value of money, at least within the teen age demographic.
I shared this story with my son who was about to go off to college. I suggested to him that even a found penny had huge value as it was tax free, investment free, virtually labor free money. In other words; Pure Profit.
I further challenged Tim to keep his eyes peeled as he traversed the campus and pick up any loose change he spotted. I suggested that there was a virtual fortune in lost coin just laying around on the ground, and that based on the Mall of America study, the college campus would be an ideal hunting ground.
I don't remember the exact amount but after his first year of college I believe he found somewhere around $60 in change. (Not bad for just "wandering around income".
At the same time, I embarked on my own coin hunting adventure and had similar results. I was absolutely astounded at how much change could be found laying around on the ground.
Interestingly enough however, I have noticed that in the last 5 months or so, the "change well" has dried up. I haven't found even a penny in weeks.
Could it be that with the rising cost of food and gas, rising interest rates, rising taxes, and increased consumer debt, the American public is finally starting to understand the value of money?
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3 comments:
perhaps this is because you shared your wisdom with Tim, who is now obsessed with collecting coins... and has in turn cleaned up your house and north royalton of all the loose change.
I think people started taking keen notice of the college boy who suddenly began wearing shoes. Suddenly, our little Timmy could afford them. People noticed that his main source of income was coin collecting and decided to jump on the bandwagon.
Maybe people started taking keen notice to the college boy who was suddenly wearing shoes after years of treading the earth barefoot. Suddenly, our little Timmy could afford them. People noticed that his main source of income was coin collecting and decided to jump on the bandwagon.
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