Tuesday, December 03, 2013

When Income Was Income And Principal Was Sacrosanct

Mary Ann Glendon, as quoted in Felix Salmon's column on philanthropy:
Bostonians still tell the story of the respectable society matron who was crossing the Common one day and ran into an old college chum she hadn't seen for years. The matron was dismayed to see that her friend was obviously engaged in the world's oldest profession. "My dear," she said, "whatever has happened to you?" "Well," said her friend, "it was either this or dip into capital."
Related post: The Secret of Perpetual Wealth

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