During my time of growing up on the farm, I got to see how my Grandpa was always a very private man. He especially kept his financial business to himself. He wanted very little to no attention on his family, and enjoyed his private life on the farm. Whenever, I’d get a speeding ticket it would irritate him to no end, because our local newspaper would publish it. Our entire small town community would see, and Grandpa would say, “You know the whole church will be talking about us on Sunday?”
In watching my Grandpa’s private life philosophies, I think about how I would react if I won the lottery. I wonder, “Would I take the winnings anonymously“? Would I let the sudden expansion of wealth affect my lifestyle? If I were to win the lottery tomorrow, here are my top 5 things I would do if I won.
- Immediately move to another state – particularly a state that is lottery friendly and will allow me to take my winning anonymously. Here are the six states that currently allow you to take your winnings privately:
- Delaware (DE)
- Kansas (KS)
- Maryland (MD)
- North Dakota (ND)
- Ohio (OH)
- South Carolina (SC)
- Payoff all my debts – I’d be sure to practice what I preach and pay off all my debts.
- Hire a chef to make me Texas Roadhouse Rolls and Cinnamon Butter everyday - I know this is a bit of an oddity, but if I have enough money I think I’m allowed to splurge for at least one treat. Gosh I love these things!
- Meet with an accountant/financial coach prior to taking my winnings – in dealing with any large influx of money it just makes sense to have a plan. A plan of both how you’ll spend your money and how you can protect your wealth long term. On top of that, it would equally benefit you (in terms of taxes) to decide how you are going to tithe or donate money towards a cause you are passionate about.
- Live within a budget – often times lottery winners will “live it up” and spend as though they are not bound by money. However, are you aware that 70% of lottery winners are bankrupt within five year? It makes sense to continue to live within a budget or you may find yourself like one of the 70%!
Honestly, I very rarely play the lottery, but when I do I often find my imagination getting the best of me. As I drive home I’ll often think about what I would buy first or how I’d quit my job (maybe) or what type of vacations I might go on with my family.
Even though the odds are completely against you or I ever winning the lottery it’s smart to have a similar plan on how you’ll spend an inheritance or any large sum of money. The odds are more likely that you’ll obtain an inheritance before ever winning the lottery.
I’d like to hear from our readers on what you’d do if you won the lottery or how you’d spend a large inheritance.
There’s so much press devoted to the idea of early retirement, but is it even really possible for the average person? The answer to that is almost certainly yes, but it’s all in the numbers. As in, you have to get the numbers right in order to have any hope of it working out.
Saving more than the usual amount
If you want to retire early, the most important effort on your part will be to save as much money as you can. This will go well beyond the usual recommendations of saving 10% or 15% your pay. You have to think in much bigger terms.
How much you’ll have to save will depend upon how far out into the future you want to retire. The more years than you have, the lower the percentage of your income that you need to save. Less years will mean that you’ll have to save a higher percentage.
For our purposes however, if you want to retire in a reasonable timeframe – let’s say 20 years – you will have to be saving something on the order of 25% of your gross.
There are at least two reasons for doing this… read more…
Up here in the frozen tundra, we are exiting one of the coldest and snowiest winters on record. We currently have over 50″ of snow on the ground (almost 30″ more than the average!). With all this snow and cold has come quite a bit of damage from ice/snow. We’ve even needed to file a weather-related insurance claim related to ice dams. Ugh!
We hope you never have to use your insurance – but when you do – you may be wondering, “when should you submit a claim?“ read more…
This week I need to pause and brag on a bunch of 3rd and 4th grade kids! For the last three years, I’ve been a part of a great basketball organization in the Omaha metro area called, Score4Sports. This past season I had the pleasure of coaching 9 awesome kids. We focused on learning the fundamentals of basketball, give weekly challenges on improving their character, have fun, and make some great friends along the way. Some weeks, I think I was having more fun than the kids! Throughout this last season, I was continually reminded of how important it is to invest in our children, and not just in terms of finances and money management. read more…
Stefanie over at The Broke and Beautiful Life was fortunate enough to be featured in this WSJ article, where the author talked about the dangers of wasting your money away on little things. Some of the commenters ridiculed Stefanie for insisting that grabbing a taco a few times a week could damage her budget, but after reviewing our 2012 spending – our first time ever tracking what we spent – we learned firsthand that those “little things” can indeed get you into a boatload of trouble.
It was December of 2012, and for the first “real” time in our lives, we’d made a decision to get our financial house in order and dump our tens of thousands of dollars of consumer debt. Since we didn’t get into that much consumer debt by going on vacations, buying new furniture or shopping at Macy’s, we figured it might be a good idea to go back through 2012 and see exactly what we had been spending our money on. read more…
- Student debt may be hurting housing recovery by hampering first-time home buyers
- Household debt rises at fastest pace since pre-Recession
- Ten things you should never pay for
- American’s spent $9,200,000,000 on vitamins in 2012
- Beware of drip-pricing
- How to handle one-time expenses on a tight budget
- Mr. Buffett offers a refresher on his value investing approach
- America’s aging farmers
- Statistics showing that human labor is growing obsolete
- Check our esurance’s Fuelcaster app to find out when gas prices will rise/fall in your area
- In the last 3 months of 2013, banks made $40.3 billion for an all-time record
- How to live below your means: tips to save on food
- Miss Thrifty: “8 of my all-time favorite money saving tips“
- 8 ways to save on groceries
- Some entertaining finance articles
On Friday, I went into work with out having eaten breakfast and I stopped by our local cafeteria at work to pick up a sausage and egg sandwich. After purchasing my sandwich and getting my change back I noticed something different about the back of the dollar bill I received. A previous owner of my dollar bill had scratched out “In God We Trust” from above the word ONE. I couldn’t believe it!
Personally, it made me kind of puzzled, and I mentioned it to my co-workers and they made no big deal of it. I said to them, “are you aware that it’s illegal to modify money?” After a brief conversation about the subject I thought to myself, “Is what I just said true?”
So this weekend I looked for some legal facts and here is what I found. read more…
If your house is like mine you have family visit and it looks like a barren, tornado-ravaged wasteland all rolled in to one. I love my family, I really do, but when they come to town it always feels like they eat us out of house and home. Instead of the normal and somewhat frugal lifestyle my wife and I usually practice, they drag us along to where they tend to live, which is on the other end of the spectrum. read more…
The following is an interview with LaMar Alexander who runs the website SimpleSolarHomesteading.com and is well-known for his 14×14′ home that he built for under $2k. He’s written several books on living off the grid and living a minimalist lifestyle. He also has a large collection of homesteading YouTube videos – some garnering over 1 million views.
Have you always lived so frugally/minimally? What was your life before living in a 14×14 cabin?
I had two very different lifestyles before building the cabin. My folks were born in the Great Depression 20s and raised 9 kids through 3 wars. I was the youngest. My folks never had much money but they learned to homestead from their folks and we gardened, raised animals, fished and hunted for most of our food. People probably thought we was poor but we never went without anything and our clothes and house was always clean. That is how I learned to build and do for myself because it was expected. Money was for saving for an emergency and you made do and kept things running until they couldn’t be fixed anymore. read more…
Over the last two years I’ve written twice about my great experience (initial review & review after first year) with using Ooma Telos home phone service. For most people that know me, I will frequently tell my friends and family about money savings deals, tools, or devices. The Ooma phone unit is one of those products that spurs the savings excitement in me. I publically admit that I get a little too excited about saving money and finding deals, but you can’t blame me! I guess that’s the true mark of a thrifty guy!
Through the usage of the Ooma phone service I’ve racked up $184′s of total savings after the first year and the savings after two years have netted me a total of $568 in savings! BOOM! The longer I own the device the more my savings stacks up over the life of the phone adapter, because it amoritizes the base price of the unit over the life of it’s usage. read more…