One man. Four days. $87K in loans. (1994)

plus predicting the future

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  March 28, 2022 • Issue #6 Money is turning 50! To celebrate, we've combed through decades of our print magazines to uncover hidden gems, fascinating stories and vintage personal finance tips that have (surprisingly) withstood the test of time. Throughout 2022, we'll be sharing our favorite finds in this special newsletter. Ready to dive into the archive? Money has changed a lot in the past five decades, but a commitment to helping readers smartly navigate their finances has always been part of our DNA. So it perhaps comes as a surprise that we once encouraged a Portland, Oregon, man to go on an all-out borrowing binge... …but that's exactly what we did in February 1994. OK, so the man in question was actually Money correspondent Jeff Wuorio, and the quest for cash was an experiment to see how simple it really was to take lenders up on the offers of "low rates," "no income check" and "easy terms" that were stuffed into mailboxes across the country at the time. Wuorio was able to secure pre-approvals that totaled $87,345 in about four days — or, as we put it in our headline, he "netted $1,200 an hour." In debt. His spree included a $31,000 home equity loan, borrowing against his life insurance policy; a $5,000 loan from his mother-in-law, Flora (at 2.6% interest – the same amount she'd be earning in her savings account); and $25 from a silver-plated serving platter sold to a pawn shop. "The possibilities seem endless," Wuorio wrote a few hours into his assignment. Read his day-by-day debt diary here. — Kaitlin Mulhere, higher education editor IN OTHER NEWS… 💰 Secondhand sticker shock: In May 2016, Money reported that the average price of used cars was $18,600 — a new high. Here's where the pre-owned pain really kicks in: A few months ago, we published a very similar story on a new new record price for used cars. The average auto cost $29,969, a 30% increase from 2020. 💰 Sweet dreams: 52% of respondents to a Money poll in March 1994 said they believed the American dream was still a reality. Who are we to disagree? 💰 Chalk it up to experience: Climber Jeff Long was featured in a 1986 special report on "Lessons Learned," in which readers shared their top money tips. He'd recently published his first nonfiction book after toiling through years of low, unpredictable wages. His advice? Hang in there. (Rock climbing pun likely intended.) He went on to publish eight novels including The Descent, Year Zero and The Reckoning. SHOW ME THE MONEY   No joke: Money is still dishing out advice you can trust. TEST YOUR MONEY MEMORY In one December issue, we warned readers to get a grip on their credit cards ahead of changing tax rules. At the time of writing, interest on revolving credit cards was fully tax deductible. But that tax break was scheduled to end in the coming years. When did it? 1985 1987 1988 1991 Thanks for reading! If you enjoyed this edition of Money Classic, please forward it to a friend or tell them to sign up at money.com/subscribe. We've got a full year of 50th anniversary surprises planned, so stay tuned — and in the meantime, check out Money.com for up-to-date news and advice. Recent stories include Medical Bills Won't Haunt Your Credit Report Anymore, 7 Big Tax Changes That Could Affect Your Return — and the Size of Your Refund and The Fed Is Hiking Interest Rates. Should That Change Your Investment Strategy?

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