Jan

27

Money, Money, Money
I Wants It.

I Wants It.

Who doesn’t want it? Really? Liar.

I spent years not giving a damn about money. It’s true, I did. I couldn’t care less, as long as I was “getting by”, and it never took much for me to “get by”. Still doesn’t.

The difference now, is that I look at “getting by” a little differently. I was in and out of debt, for years. I’d finally get out, and I’d be right back in up to my ears again. I was one step ahead of bankruptcy, and I called that “getting by”.

For the past year, I’ve been out of debt (well, I now have a small amount of debt again, but it’s been to move toward a dream, so I’m going to forgive myself. Ahem…*) and in control of my bills, but I’ve also been concentrating on things other than accumulating money. I’ve still not really cared about money, per se, as long as I could “get by”.

I’m changing the way I think about that, now. I want money. So that I can leverage it, and get those dreams into the here and now instead of the future.

Sounds real bright coming from The Great Unemployed One, doesn’t it? LOL! Yeah.

I had a different kind of dream last night, the kind that embeds itself in your psyche while you sleep (thank you, Patch-on-My-Arm). I dreamed I had won the lottery. Millions.

And I couldn’t decide whether to take the “pay-by-the-month” option, or take a lesser amount all in one lump sum. It was a huge problem deciding, in the middle of my dream, but when I woke up, all I could think of was, “That’s the kind of problem I’d like to have, right now.”

It got me thinking about how I’d deal with it if I did win millions, so I decided to google some answers.

I figured, since I’ve heard of bzillion-dollar lottery winners burning through their money because they don’t know what they’re doing, and it feels like they have a never-ending supply, suddenly, that it would be wise to take the “pay-me-by-the-month” option.

Turns out, the smart money is on the lump sum payout, since there’s no guarantee I’d live long enough to pull in all my installment payments. Studies tend to show, too, that the average lottery winner is more likely to blow through that money faster, rather than do the smart thing and invest or save the bulk of it. Good intentions tend to fall by the wayside without a plan.

Yeah, but what if you already won the lottery and took the monthly payout instead of the lump-sum option? Are you regretting that one? No problem! I found out that there are companies that will buy your future payments from you.

You can do the same with settlement payments if you sued and won for an injury, too. Me, I don’t intend to want money enough to stoop that low, but, then again….

The bottom line (ha ha) is, though, that I don’t know enough yet, about how to handle a large amount of money once I do have it. Yeah, yeah, I haven’t won the lottery (yet), and the chances are slim that I ever will… maybe, I’d be better off getting into real estate, and learning about mortgage notes? Hmmmmm.

I think I’ll keep dreaming for awhile, before I make any decisions. I’ve still got seven weeks worth of patches left to dream on, after all.

Yes, folks, I am in my second week of Smoke-free Success. I have traded my tar-filled lungs for wicked weird, Patch-induced sleepy-time entertainment.

So far, the dreams are the biggest pay-off, but I think the money I’m saving may hit me soon. I’ll let you know.

Not-So-Random Song for the Day: “Money” – Pink Floyd

Posted in Finances | 8 Comments

8 Responses to Money, Money, Money

  1. Mushy says:

    Yes, I would opt for the lump sum. If I gave any of it to family, I’d give them a “trust” that made monthly payments to them, but just enough so they would have to continue working…if they worked. If they were retired, probably the same thing to supplement their monthly income so they could afford to travel with me!

    If you give them too much, and at once, I think you are right, they will blow through it and end up hating you for not helping again.

    BTW, I sincerely hope you do not get caught up in this blogging for money and forget why your “blogroll” drops by to visit. We need to be feed, but we don’t need too much preaching or advertising.

    I love you and would miss you!

    Les Says: No worries, Mushy… my dad wants the spotlight again (he’s jealous of Ruby), and tomorrow I’m going to let him tell you about being hired to haul hay across a frozen lake during “The Dirty Thirties”, as Ruby calls them. How’s THAT for a rough living?

  2. Bloggers Showroom Services says:

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    Les Says: Thank you! I look forward to seeing you again.

  3. Denise says:

    I would take the lump sum- setting up trusts for my children and my father. I would invest with someone much smarter than I am for my own future.
    I so wish I would quit smoking. My youngest recently reminded me how much it costs to continue to smoke. And I am not working either.

    Les Says: I really never believed I’d be a “patch-pusher”… but I’m stunned at how well it works. I finally agreed to try the patch rather than let my brother be my mother’s favourite child, and I couldn’t argue with the fact that the patches cost less than cigarettes do (here, anyway). I would really suggest it.

  4. cardiogirl says:

    Oh yeah, sign me up for the lump sum and then I will ferret it away like Mr. Krabs (from SpongeBob) in bonds and mutual funds.

    Then I will live this dreary existence that I live right now, sans money, and people will talk behind my back and *assume* I lost all the lottery winnings. Then, when I am 72 and taking tons of prescription medication I will laugh knowingly in the drive thru of Walgreen’s (as I pick up my meds) because I know I can *afford* my meds.

    Because I socked that lottery money away.

    Yeah, I dream big. Huge. But you already knew that.

    Les Says: Okay, Shetbag?! You and me are gonna have a little talk about “how dreams work”. You wunderstand….?

  5. Ellen says:

    Lump sum! Lump sum! I will pay off credit cards, house and car, maybe trade up on house and car just a tiny bit (always jonesed for my own “studio” beyond the corner of the dining room where the computer resides…) give some away and then squirrel the rest of it away for Harvard for the guitar god and retirement. Pick me! Pick me! It’s all too funny, because I can’t even bring myself to buy a ticket. And I used to write the ads for the LA Lottery, and they made us sign a thing prohibiting us from purchasing or winning. All because I crafted those radio ads that enticed those other poor fools spend their dime.

    YAY for starting week two smoke-free, gotta love those nicoderm dreams.

    Les Says: I always felt guilty at the mere thought of buying a lottery ticket, but now I’m thinking I’m saving nearly $70 a week on smokes, so what’s $5 on a lottery ticket, right? Are lottery tickets as addictive as nicotine?! Is Scratch-n-Win like a “gateway” gamble?! Is there a patch for that?!

  6. Aimee says:

    Yes, lump sum payout is the best option. My sister is a financial adviser and that’s what she thinks. (Take it at once invest it and live off the interest rather than taking the principal each month.) A big sum of money makes it’s own money. Monthly payout is letting the government take the interest rather than you. And they already get a chunk in taxes.

    Congrats on week two of being smoke free!!!!!!! Fingers crossed that I can do the same thing this year!

    Les Says: Now I just need that big lump sum payout…. 😉 I hope you do quit smoking, Aimee… I’d hate to think I’m all alone in this, you know.

  7. Bloggers Showroom Services says:

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    Les Says: Thanks so much, mx5! Welcome to Where the Walls are Soft!

  8. Dink says:

    Yes, money is nice, but when I got my estate settlement a few years ago, I thought it would change EVERYTHING. It really didn’t. No happier, no sadder. Just less worries about paying bills, but then you worry about other stuff instead.

    Now, the unemployment thing would worry the hell out of me (a lot of help I’m being here), but mostly because of having a child with no insurance. I guess that’s better up there? Down here, you just cross your fingers and hope no one gets sick.

    Les Says: We have health insurance, but it doesn’t cover the dentist or eye doctor – which, of course, are the things I DO need for us all… we seldom get sick, but I worry that the teeth will rot out of Ky’s head… and she does need glasses… Sigh…* It will all work out. I remind myself that even when I was employed, I never had a job with benefits, anyway…

    I’m living smarter now, moneywise, so I don’t worry. I spent too many years worrying about EVERYTHING. And then EVERYTHING went to hell. I refuse to worry anymore – it’s not worth it.

    Welcome back to the Blogosphere, Dink! I missed you.

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