Quite frankly, very little. A lottery winner from Nebraska hit the largest lottery jackpot in the United States up to that point. A common question posed to the lottery winners (and this was no exception) is “what do you plan to do with your winnings”? When asked this question, this winner replied “I’ve been retired for about four days now”. That’s not an unusual answer and, sadly, there are a lot of people hoping to “win big” in the lottery to fund their retirement (or some other big goal that they may have). (more…)
Archive for November, 2009
What do Retirement, Debt and Winning the Lottery have in Common?
Monday, November 23rd, 2009
New Stock Market Terms
Tuesday, November 10th, 2009CEO — Chief Embezzlement Officer.
CFO — Corporate Fraud Officer.
BULL MARKET — A random market movement causing an investor to mistake himself for a financial genius.
BEAR MARKET — A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex. (more…)
Unrequited Love
Sunday, November 8th, 2009Are you in love with your money? Are you in love with debt? Your money and your debtors won’t love you back. You can’t cuddle up to it on a cold night, so be careful how much affection you give it.
We usually love money for two reasons. First, the love of wealth for wealth’s sake, most often egged on by the greedy desire to be richer than the next guy or perhaps in keeping up with the Jones. And second, the love of things money or debt can buy that confer status and the appearance of success.
Does anyone you know resemble that definition? Heaven forbid it should be the person in the mirror! (more…)
How to Establish a Spending Plan – Part 1
Wednesday, November 4th, 2009Your spending plan measures how your actual expenses match your desired expenses, and is also a guide to future spending, promptly paying your bills, and maintaining your good credit.
A Family Spending Plan is Critical
- 80% of all divorces in the U.S. are related to financial disagreements or difficulties.
- Americans have accumulated $400 billion in consumer debt. The average household has in excess of $20,000 of non-mortgage debt. (25% of all consumer purchases are by impulse)
- Only 3% of Americans have a plan for retirement. (more…)
