Risk Management on the Range continued from page 9
Risk Management on the Range continued from page 9
Brian Grinder uses these photos— of his grandfather branding cows and his father recovering in St. Joseph’ s hospital— to introduce his students to the concept of risk management.
Courtesy of Brian Grinder
In my personal finance course, I use my grandfather’ s story to introduce the concept of risk management and insurance. I show my students two photographs, one of my grandfather branding a calf and another of my father in the hospital in Deadwood, South Dakota. Then I tell them that the primary way my grandfather dealt with risk was through risk assumption. I also point out that there are other, more effective, ways to deal with risk today. His story motivates the ensuing discussions on risk avoidance, risk reduction, life insurance, health insurance, automobile insurance, and so on.
There are no surprises in a completed life. My grandfather has been gone now for almost 60 years, but the risk-filled events of his life continue to serve as examples of the important role that insurance and other risk management tools can play in everyone’ s financial future. However, his belief that he couldn’ t afford and didn’ t need risk-reducing financial services never prevented him from living a fulfilling life. I have a feeling that he wouldn’ t have wanted to live it any other way.
Brian Grinder is a professor at Eastern Washington University and a member of Financial History’ s editorial board. Dr. Dan Cooper is the president of Active Learning Technologies.
Sources
“ Bill Grinder, 58, Died Suddenly at Home Near Here.” The Pinedale Roundup, 5. February 11, 1960.
Buyer, Laurie W. Rough Breaks: A Wyoming High Country Memoir. University of Oklahoma Press: Norman, Oklahoma. 2013.“ Crash Hurts 2 Students.” Deadwood Pioneer-
Times, 1. November 3, 1953.
“ Edwin Grinder Hurt in South Dakota Car Accident.” The Pinedale Roundup, 1. November 5, 1953.
Myers, Judi.“ Bob & Miriam Carlson.” Rendezvous Pointe Newsletter. 2007.
Prevost, Ruffin.“ Dam Doomed Tiny Town of Marquette: Descendants Tell of Life in Cody Area in Early 20th Century.” Billings Gazette. November 15, 2008.
Notes 1. The name was later changed to the Buffalo
Bill Dam.
2. Journalist Ruffin Prevost reports that the federal government payed displaced ranchers $ 45 an acre for land used to grow alfalfa, $ 35 for grain acreage, $ 20 for unbroken land with water rights, $ 7.50 for river bottom grazing land and $ 3.50 for waterless grazing land. Buffalo Bill Cody received $ 3,900 for his 80-acre tract of land known as Buffalo Meadows, and the Trimmer family was paid about $ 12,000 for their ranch.
38 FINANCIAL HISTORY | Spring 2017 | www. MoAF. org