Monday, October 16, 2006

Ohio Man Chooses Prison to Stay Financially Afloat

This is the most creative financial planning strategy I have ever seen....though I can't endorse it!

Imagine that you are two years away from collecting Social Security and you can't find a job to keep you afloat. What do you do? Well, my suggestion would be to keep looking, but that would be too much work (pun intended)......You're gonna love this story:

October 13, 2006 (PLANSPONSOR.com) - After holding odd jobs that paid no more than minimum wage, a sixty-two year old Ohio man decided to rob a bank so he could spend the few years before he could start collecting Social Security in prison.

According to the Associated Press, Timothy Bowers, who robbed the bank only to hand the money to a guard while he waited for the police, told a judge that a three-year sentence would suit him, as he turns 63 in a few weeks. The judge complied with his request.

Bowers told the judge that he held odd jobs at after the drug wholesaler he made deliveries to closed in 2003, and that he had been unable to find jobs that paid more than minimum wage, to which the judge said "It's unfortunate you feel this is the only way to deal with the situation."

"At my age, the jobs available to me are minimum-wage jobs. There is age discrimination out there," Bowers told the judge, the AP said.

Bowers handed a note to the bank teller demanding cash and she have him four $20 bills and then sounded the alarm. "It's a pretty sad story when someone feels that's their only alternative," said defense attorney Jeremy Dodgion, according to the AP.

Prosecutors had considered arguing against putting Bowers in prison at taxpayers' expense, but they worried he would do something more reckless to be put behind bars.

Adrien Martin
editors@plansponsor.com