The Farmer And Mr Jones Summary Chapter 3

Let us suppose that there is a farmer and this farmer’s name is Mr. Jones and Mr. Jones grows corn on his small farm. This year’s harvest yields 290 bushels of corn and Mr. Jones is ecstatic. After he looks at his bountiful harvest, he smugly walks to the market and sells his entire harvest for $290.00, a dollar a bushel. He leaves the market with a grin and starts heading home. On his way he is stopped by the local taxman who came to collect his 10% income tax, so Mr. Jones forks over $29. Slightly less happy, Mr. Jones continues walking, but is stopped again by a banker. The banker asks for his mortgage payment of $200 and offers him a savings account. Mr. Jones pays the man, but declines the offer. He then spends the remaining $61 at the grocery store ($50 for groceries and $11 for a bottle of whiskey) for enough food to last until the next harvest. At last, he arrives home, turns the TV on, and watches the late night talk show, perfectly content. Then suddenly the TV made some unsettling beeping noises and announced that there was a tornado warning. Mr. Jones hastily headed to his basement. The house shook and wobbled, but Mr. Jones was unharmed, however, the farm was not. The entire corn field was eradicated. With no other source of income and no money saved, he became homeless, started
Substitute the farmer for a bank teller, change the bottle of whiskey to a new jacket, and change the tornado to an emergency medical situation. The $290.00 is 40 hours of work at $7.25, a minimum wage in some states. So this example encompasses many Americans and shows how important it is to save money. However, most schools do not teach students about money or finances. It should be the right of every student in America to be taught the nuances of financial literacy because it will not only save them from financial disasters, but it will also be a practical skill that will enhance their