Money

[CrealCritter]

Truth be know I hate money but it's how the world works... What do you do with extra money you have?

Let's say you have $10,000.00 that you have already paid taxes on and your all caught up on bills and such. Besides for a savings account thats barely worth using or burying it in a mason jar in the back yard. What are other options to keep this $10,000.00 and avoid paying taxes again to the tax vampires?

 

[milkmansdaughter]

CC, if I was caught up with bills, and had that kind of money, I'd be giving it away. I've always dreamed of being able to anonymously give cash away. I wouldn't give it to big charities and I'd do it in a way that no one would know who it came from. I'd find a young mother trying to support her kids, and would sneak a $50 grocery or gas card into her mail box with a note just telling her I noticed how hard she was working. I'd pay an elderly neighbor's power bill. I'd find someone helping others and would find a way to pay for some of their supplies. I'd watch for a young father or coach at the Y helping others and find a way to get them more equipment or uniforms or snacks for the kids. I'd find a really good teacher (the kind always pulling from her own pocket) and anonymously donate school supplies that would mean she didn't have to provide them out of pocket. I'd deliver lunch to the police or fire department, complete with dessert. I'd have flowers delivered to a shut in and balloons and bubbles to a child in the hospital. I'd pay for a young college kid (who is working his way through) to get new tires on his car. I'd find that mom taking care of her husband or diabled child, and find a way to let her know people care. Pay for someone to get badly needed new glasses or a tuneup on their car or a new mailbox or to have their driveway plowed. I'd put money on the credit of the band kid who never has enough to go on the trips. I'd donate to fundraisers and help pay medical bills. I'd slip money into a card to pay for lunches or gas for that family running back and forth to the hospital. Not enough for any person to get out of debt or the consequences of their own choices but I'd use it to uplift and encourage and help someone who's otherwise trying very hard. I'd have a great time with $10,000!

 

[milkmansdaughter]

Now you know why I'll never have $10,000

 

[HomesteaderWife]

If we were caught up with bills and such- there'd be important investments. We really sit down and determine necessary items, and how they'd be worth the investment. Could it pay for itself? Could it last a long time? Could it possibly earn income back? We consider hand tools, chainsaws, canning supplies, processing equipment, seed, etc in there. We need another vehicle, so count that in. More importantly, we'd repay those who helped us when we lost our cabin (and to the churches that helped, give them back double). I'd like to donate to the VFD that came out too, and bake a bunch of things for them.

 

[CrealCritter]

CC, if I was caught up with bills, and had that kind of money, I'd be giving it away. I've always dreamed of being able to anonymously give cash away. I wouldn't give it to big charities and I'd do it in a way that no one would know who it came from. I'd find a young mother trying to support her kids, and would sneak a $50 grocery or gas card into her mail box with a note just telling her I noticed how hard she was working. I'd pay an elderly neighbor's power bill. I'd find someone helping others and would find a way to pay for some of their supplies. I'd watch for a young father or coach at the Y helping others and find a way to get them more equipment or uniforms or snacks for the kids. I'd find a really good teacher (the kind always pulling from her own pocket) and anonymously donate school supplies that would mean she didn't have to provide them out of pocket. I'd deliver lunch to the police or fire department, complete with dessert. I'd have flowers delivered to a shut in and balloons and bubbles to a child in the hospital. I'd pay for a young college kid (who is working his way through) to get new tires on his car. I'd find that mom taking care of her husband or diabled child, and find a way to let her know people care. Pay for someone to get badly needed new glasses or a tuneup on their car or a new mailbox or to have their driveway plowed. I'd put money on the credit of the band kid who never has enough to go on the trips. I'd donate to fundraisers and help pay medical bills. I'd slip money into a card to pay for lunches or gas for that family running back and forth to the hospital. Not enough for any person to get out of debt or the consequences of their own choices but I'd use it to uplift and encourage and help someone who's otherwise trying very hard. I'd have a great time with $10,000!

You have a good heart!

 

[Lazy Gardener]

Are you debt free? Do you have 6 months of savings available to cover your expenses if you find yourself without a job? Do you have money saved up for the next car, the broken washer, other unexpected household expenses?

Consider going to a Dave Ramsey Financial Peace University work shop. Our church puts on this program on a regular basis and it has helped MANY families in our community work towards living a debt free life.

Becoming debt free should be your first priority, as well as having 6 months of savings readily available.

Do you have retirement funds set aside? 401K, traditional IRA, Roth IRA?

Charitable giving should be part of the budget, whether there is extra money available after paying bills and taxes or not.

 

[sumi]

I'm debt-free, thankfully, but although I own a car, I don't own a property, so anything extra will be tucked away to save for buying one

 

[Mini Horses]

@milkmansdaughter -- yes, excellent way to lift up and for those who NEED the little assist. It means so many times more than the actual amount! Sometimes that "free" tank of gas means everything -- elderly often just have no one to even check on them or their needs. Extra food for them, a ride to the store, yep it sounds so small and is so much larger to the receiver.

Even extra garden produce, fresh eggs, extra milk & cheese...I have found them very welcome to some households. For me, I often have a significant amount of fruits, cereals, crackers, spices, flour, sugar, toiletries, etc. from demos that are always happily accepted. I like to share. Plus, it has nothing to do with excess money or such with these excesses. And most people do not realize the firemen pay for the food they cook at the stations.

So -- maybe crealcritter just needs our addresses to solve his dilemma.

 

[Rammy]

Are you debt free? Do you have 6 months of savings available to cover your expenses if you find yourself without a job? Do you have money saved up for the next car, the broken washer, other unexpected household expenses?

Consider going to a Dave Ramsey Financial Peace University work shop. Our church puts on this program on a regular basis and it has helped MANY families in our community work towards living a debt free life.

Becoming debt free should be your first priority, as well as having 6 months of savings readily available.

Do you have retirement funds set aside? 401K, traditional IRA, Roth IRA?

Charitable giving should be part of the budget, whether there is extra money available after paying bills and taxes or not.

I love Dave Ramsey.

 

[CrealCritter]

I'm not debt free. I own three houses. My house in NC is rented to my daughter and her husband, so it's paying for it's self but it's not paid off. The house I own in the town of Creal Spring I paid cash for and it's also rented to another daughter and her husband and making a small profit.

The house we are living in now will be paid off Sept 2019. Once it's paid off, I'm going to be looking for a new place deeper in the woods and either rent this place or sell it. Its not that i dont like this place i really do. But I really want to be further out in the middle of nowhere. When we bought this place 7 years ago I could count the number of cars that would pass in front of the house every day on both hands. Rush hour was about 8:50 AM Sunday morning for church at the top of the road. 3 years ago they sold off 240 acres at the top of the road and carved it up into 3 acre parcel subdivision. That's 80 houses now my road is crazy busy.

It's not that I don't like people, it's just that I don't want to live with them My wife's car is paid off, same with my truck. The sawmill and all supporting equipment (bobcat, two trailers) are also paid off long time ago. My wood shop is paid off, we really don't need anything for the house that I can't build. But I don't want to build anything here, knowing we will be moving this fall.

I need some place to store a little money that the tax vampires won't get to. I already paid taxes on the money and I don't want to donate more of it to the vampires. I was thinking about a money market account. The return (2%) is hardly worth it... but I could withdraw it at anytime without paying a penalty or more tax.

I can say though... Living a self sufficient life style (expecially food). Has saved us a lot of money. I about freakout when I go to the grocery store and look at the price of food - it's crazy. Doing a little hunting, fishing, turkey and chicken raising has helped with meat. Heck we are still eating off chopper (pig). We can and freeze veggies from the garden so that helps alot also. We also make food in big batches and can it to eat later. The pressure canner is an amazing thing!