Financial History Issue 121 (Spring 2017) - Page 40

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 .
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