Bankers were shocked to discover that a multi-millionaire man borrowed $5k and used his Ferrari worth of $250k as a collateral..but they were not expecting the clever reason behind it. Many people believe that in order to achieve success in your life, you need to work hard. What they don't tell you is because of the different circumstances you encounter along the way, working hard rarely gets you to your goals. You need more than just hardwork if you want to succeed. Nowadays, it is more important to work smart. Our culture's reverence for working too hard is what sets the boundary between people who are successful and people who are still on the process of achieving their goals. In order to make use of everything around you as your path for success, you should always find a clever way around things which will not only make your work easier, but will also give you advantages. Does this all seem a little too much to handle? Allow this funny story to demonstrate perfectly how working smart beats working hard. A man from Texas walked in a bank and asked for a five thousand dollars loan. But of course, the bank just can't give away money without any form of security that it will be returned so the officer asked for the collateral. To his surprise, the man handed him the keys to a brand new Ferrari. But there's an unexpected catch..and it will leave you laughing and admiring the man's clever mind! "His name was Bubba, he was from Texas and he needed a loan, so he walked into a bank in New York City and asked for the loan officer. He told the loan officer that he was going to Paris for an International Redneck Festival for two weeks and needed to borrow $5,000, and that he was not a depositor of the bank. The bank officer told him that the bank would need some form of security for the loan, so the Redneck handed over the keys to a new Ferrari. The car was parked on the street in front of the bank. The Redneck produced the title and everything checked out. The loan officer agreed to hold the car as collateral for the loan and apologized for having to charge 12% interest. Later, the bank's president and its officers all enjoyed a good laugh at the Redneck from the Texas for using a $250,000 Ferrari as collateral for a $5,000 loan. An employee of the bank then drove the Ferrari into the bank's private underground garage and parked it. Two weeks later, the Redneck returned, repaid the $5,000 and the interest of 23.07. The loan officer said, "Sir, we are very happy to have had your business, and this transaction has worked out very nicely, but we are a little puzzled. While you were away, we checked you out on Dunn & Bradstreet and found that you are a distinguished alumni from Texas A & M, a highly sophisticated investor and multi-millionaire with real estate and financial interests all over the world. Your investments include a large number of wind turbines around Sweetwater, Texas. What puzzles us is, why would you bother to borrow $5,000?" The good 'ole boy replied, "Where else in New York City can I park my car for two weeks for only $23.07 and expect it to be there when I return?" His name was BUBBA....keep an eye on those Texas boys! Just because we talk funny does not mean we are stupid!"
Man gives bank his $250k Ferrari as a collateral for a $5k loan The reason behind will shock you!
Views:
Category:
video
