Apple
Junior Associate
Always travel with a sense of humor
Joined: Dec 17, 2010 15:51:04 GMT -5
Posts: 9,938
Mini-Profile Name Color: dc0e29
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Post by Apple on Sept 19, 2012 22:01:05 GMT -5
I'm fine with money. Don't leave me alone with sugar. And speaking of sugar, I just remembered my son left the last half piece of key lime cake for me!
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svwashout
Established Member
Joined: May 22, 2011 12:41:13 GMT -5
Posts: 377
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Post by svwashout on Sept 19, 2012 22:04:07 GMT -5
I think an unexpected windfall would have no effect on my spending because at my age the die is cast. I've reached the point where I find spending more doesn't improve my life so even though I'm below the median standard of living in this country, I feel no urge to go out and buy anything. Maybe I'm a rare case, but in my life I've never gone into debt or saved up for a large purchase, so I've never been in a situation where having more money on hand would have made any difference.
As for handling it as in getting a good return on it, then I don't know. I think I'd be content with just protecting the principal. I probably wouldn't seek professional help unless it was really large.
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cronewitch
Junior Associate
Joined: Dec 20, 2010 21:44:20 GMT -5
Posts: 5,974
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Post by cronewitch on Sept 20, 2012 0:38:58 GMT -5
I am the other way, I don't like to spend money very much. I like to see my accounts grow and I need a lot of time and justifications to spend more than a few dollars. I tried for years to spend an extra couple hundred a month but never could do it. When I look at a major purchase like a bigger boat I think of all the cost not just the price. A boat that holds 280 gallons of fuel makes me think of the cost of a fill up and boat insurance, oversize load permits, electronics and other things I would want. So I leave the money in the accounts and don't buy the bigger boat.
My ISO tells me he will save a down payment and start shopping for a bigger boat. He is 65 working full time and not a cent saved so wants to finance a boat. I asked if he planned to work to 80 and he tells me he will be dead at 68. I asked how he plans to pay for it and he said he will have life insurance. His idea of how to afford the bigger boat is next year he can work and get SS. Good thing they won't loan him that much money and I will not help him do this. I will stay silent when he goes to boat shows and finds out they won't sell him one, I know they cost at least 150K for what he wants and he won't settle for less.
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NastyWoman
Senior Associate
Joined: Dec 24, 2010 20:50:37 GMT -5
Posts: 14,362
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Post by NastyWoman on Sept 20, 2012 1:06:49 GMT -5
I'm fine with money. Don't leave me alone with sugar chocolate. fixed
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Phoenix84
Senior Associate
Joined: Feb 17, 2011 21:42:35 GMT -5
Posts: 10,056
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Post by Phoenix84 on Sept 20, 2012 1:12:51 GMT -5
Well, suddenly coming into a lot more wealth than you originally had can be daunting and confusing. I can't be sure how I'd handle it if I suddenly became a multi millionaire overnight. I don't think I'd rush out and spend it, but it does change your life. So it's hard to say if I can handle having lots of money (meaning lots more than I do now). I'll let you know if I ever hit it big .
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Post by Steady As She Goes on Sept 20, 2012 2:40:07 GMT -5
No stress No mess I view money as a necessary evil that I use as a tool to a means. I find it very easy to handle.
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Deleted
Joined: May 1, 2024 14:20:47 GMT -5
Posts: 0
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Post by Deleted on Sept 20, 2012 6:48:55 GMT -5
Having money is much more stressful than not having money. I never stressed it when I lived paycheck to paycheck. Living paycheck to paycheck would be huge source of stress for me. I was just reading an article on homeless people in our (generally) comfortable suburb, and they profiled a couple whose lives fell apart after he lost his job because he couldn't get to work (transmission died in his car) and she lost hers due to unreliablle child care. They were living in a Salvation Army shelter. That's what life is like with no EF- something that DH and I would grumble about and then fix is the first step on the road to homelesssness for them. I'd rather stew over the losses in my investments on bad days. It's a great problem to have.
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michelyn8
Familiar Member
Joined: Jul 25, 2012 6:48:24 GMT -5
Posts: 926
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Post by michelyn8 on Sept 20, 2012 7:06:37 GMT -5
When folks live paycheck to paycheck, once they get a windfall the first reaction is to get things they have been pushing back or been unable to purchase.
I'm feeling this right now. There are so many things I've had to put off getting that I want (and some things that are quickly becoming needs). I am constantly giving myself pep talks that at least such and such is paid and fighting off a depressed mood over the whole situation.
It wouldn't do for me to receive a windfall right unless it was enough to bring me even AND leave enough for me to spend on myself because I think I'd have to really fight not to spend it all on my wants.
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Deleted
Joined: May 1, 2024 14:20:47 GMT -5
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Post by Deleted on Sept 20, 2012 9:37:45 GMT -5
I always loved the T Shirt which stated
Please God, let me prove that winning the lottery won't spoil me!
;D
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Deleted
Joined: May 1, 2024 14:20:47 GMT -5
Posts: 0
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Post by Deleted on Sept 20, 2012 9:44:52 GMT -5
As far as daily finances, I'm one who can't do cash, it just disappears and I have no account of it. I do much better putting everything on a card.
As far as windfall, I think I've managed it pretty well... Not as well as I could have, but with the majority going the the 'grown up' investment/savings tools they should have... Never would have happened before I found these boards and the good financial role models therein.
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movingforward
Junior Associate
Joined: Sept 15, 2011 12:48:31 GMT -5
Posts: 8,358
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Post by movingforward on Sept 20, 2012 10:01:08 GMT -5
I have a really close friend who can't seem to handle money but not because he wants to buy things for himself... he seems to think he should be giving it all away to charity. I think it is good to give some money to charity but not when you are taking away from your own retirement contributions and EF, etc. He and I talk pretty openly about money and he told me he could easily max out his retirement account each year but he actually contributes very little because he thinks it is greedy to max our your retirement fund and have a bunch on money sitting in a savings account when there are so many people who have so little. I tried to explain that if he didn't take care of himself first then he could be the one needing charity at some point. He is one of the nicest people you could ever meet but I hope he doesn't end up in a bad situation some day.
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raeoflyte
Senior Associate
Joined: Feb 3, 2011 15:43:53 GMT -5
Posts: 14,736
Member is Online
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Post by raeoflyte on Sept 20, 2012 10:08:43 GMT -5
In our checking account we can burn through it overnight it seems. Which is why we have savings direct deposited separately from our check. Not that we've been great at keeping it in savings this year either, but at least there is a little more pain.
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