When you think of people who squirrel away money, do you ever think of professional athletes? Or more specifically, coaches? I got a kick out of this article from Yahoo! Sports, which tells a story about someone in the sports world who recently took a squirreler approach to things.
Boston Celtics head coach Doc Rivers, who guided his team to the NBA finals, is now an honorary squirreler. Apparently, earlier in the season, he took cash from his players and staff after playing the Los Angeles Lakers, at the Staples Center (Lakers’ home arena). The total amount was $2600, and he subsequently hid it in under a ceiling tile in the locker room.
Why did he do this? His hope was to motivate his team to find a way to make it back to the Staples Center. The only way to get back there was to ultimately play the Lakers in the NBA finals. Now that the team got back there, the $2600 was returned to the team (players and staff).
Now, at first blush this looks like a no-win financial deal for the team. They each put in $100, and got $100 back. They lost money, when you factor in inflation! Furthermore, they put in their money at a high level of risk; there was no guarantee of getting anything back.
However, not only did they get it back, but they made it to the NBA finals. The payoff for that accomplishment goes beyond that $100 that was recovered. It shows itself in the career benefits and bonuses/additional compensation that the team received for making it to the championship series.
Now, I’m sure that NBA players aren’t motivated just by this $100. That said, sometimes it’s the little, innovative techniques that can bring a team together and get them to win. So, even if helped 1% in the team’s motivation to get back to LA, Doc Rivers proved to be a wise squirreler as an investment manager and strategist, as the payoff was great.
This gets me thinking about my own experience stashing money. For me, I think back 20 years to when I pledged a fraternity in college. We had our “initiation” week, where were put through a lot of stuff, to put it nicely:) Anyway, during that week, we were not allowed to go anywhere but to class and the library, and were not allowed to use any money to buy food while on campus. I had planned for this week, and put $10 in a book in an obscure part of the library, just before we were “surprised” with this week. I then used this as my stash to get burgers and snacks during the week. It helped me get through a tough week! Looking back, I wonder why in the world I put myself through all that. I wouldn’t want my kids doing that. Funny how getting older gives you perspective!
How about you? Have you ever stashed money in some unusual location? Could be under a mattress, in your flower garden – or perhaps someplace offbeat. If so, was it for specific purpose?