More Millionaires, Higher Living Standards, More Customers

The wealthier one is, the more financial risk one is able to assume. Some of the newly wealthy squander their windfall; some save it, and some invest it. Some investors lose their investment; some break even, and some profit handsomely. It is that latter group—the successful investors and entrepreneurs—who end up making a fortune by serving their fellow man, whether by employing or enriching him. Therefore, if there exist more people with money to lose, an even greater number of people will be positively impacted. The bank can “create” millionaires—and bolster its own image in the process.

The past two years have made painfully obvious what has long been taken for granted: economic progress is the greatest enemy of death and despair. Since March of 2020, death and despair have been exacerbated by the willful destruction of most of the world’s economies, which are comprised of people, not just profits. Those who voluntarily exchange goods and/or services with others don’t have just a job; they have a livelihood, and regardless of one’s opinion of “the rich,” it is they who create livelihoods. Countless people have ideas that could very well catapult them from employee to employer, but only a small fraction of them have access to capital. Bill Gates has said, “banking is necessary; banks are not.” Without agreeing or disagreeing with that statement, no one can deny that Gates employs many, but if his statement is accurate, I can think of no better way than the following to both differentiate our bank from a sea of banks while simultaneously creating more employers.

In 2021, the bank’s advertising and marketing expense was equivalent to 3.00% of net income. I’m not belittling marketing; I understand its necessity. I’m merely highlighting the supremacy of tangible benefits—something that marketing promises but cannot guarantee. Which is more honest: selling the intangible or the tangible? Over $6M was spent on professing theoretical benefits, but $4M could be spent on transforming four of the bank’s most loyal, credit-worthy, but relatively poor customers into four millionaires—one in each state that the bank operates. Imagine the upbeat publicity—the goodwill—that the bank would generate by “producing” one millionaire each quarter. A “flywheel effect” would ensue, whereby many customers would donate to the bank’s fund—turning a bank-funded, marketing operation into a customer-funded, charitable operation. Imagine the allure of “help your fellow customer become a millionaire” or “bank with our bank for a chance to be a millionaire,” and imagine the headlines:

“With $1M from the bank, customer turns passion project into projected unicorn, employs thousands.” “With $1M from the bank, customer stumbles upon treatment for Alzheimer’s while studying REM sleep.” Headlines like that won’t materialize if headlines read: “Bank donates $1M to charity.” Once implemented, this program would redefine philanthropy, and the bank would forever be associated with it. Imagine the friendly competition that the bank would start with, say, Citizens Business Bank or Columbia Bank. Which companies will join the competition? Which company will create more millionaires? And which company will be able to claim having facilitated the next big thing?

Bank credit is generally hard to come by because banks lend to those who don’t need it. Credit is reputation, and boosting the credit of just one lucky customer per quarter will greatly enhance the bank’s reputation. While the bank survived with relative ease over the past two years, many small businesses were either murdered—shut down by government edicts—or committed suicide—voluntarily closed. Perhaps some of those business owners are the bank’s customers, and if so, why not add them to the bank’s pool? What transpired over the past two years will likely happen again, and with this proposal implemented, there will be a greater chance of great ideas materializing into great businesses—firms that will help us all better weather the next downturn. Instead of an expense, I’m proposing an investment, and I’m eager to discuss it with you at your earliest convenience.

This article originally appeared on UncleNap.com.

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Casey Carlisle

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