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Boston, Snow, Guitar Hero, Casinos, and Personal Finance links

January 19, 2009 by Lazy Man 3 Comments

My wife and I are wrapping up our trip in Boston today. Tomorrow we are on the road back to San Francisco. We had reservations to go to CBS Scene (I hear it’s similar to ESPN Zone), but the 6-8 inches of snow has put those plans on ice (excuse the pun).

Yesterday, we used up the last of our Circuit City gift card to get a complete Guitar Hero set (guitar, drums, microphone, etc.) I had to think a couple of times about it because we hadn’t planned on spending the nearly $200 that it costs. Even after the gift card, it was an $150 unplanned expense. We have the money, so it’s not a big deal, but I still like to research such purchases more. I only know that many, many, others seem to like it and it could be good entertainment if we have guests over. There are three Tool songs – so that will be great fun. We just have to figure out how to transport it back to San Francisco.

We went to a casino on Thursday. I know it’s not typically a smart use of money. I am a very conservative craps player and never lose much over the time I’m there. My wife and I gambled for 5 hours. She made $15 and I lost $15. I can’t complain about that.

We are pretty happy about the cost of this trip to Boston. We used frequent flier miles that my wife got from her work travel. We rented a car for around $30 a day using military discounts. We stayed at Hansom Air Force Base for $38 a night – it’s as good as places I’ve paid more than $100 a night for. It comes with a fridge and microwave, so breakfast was Lean Pockets from the commissary for about $1.25 a package (two breakfasts per package). So not including entertainment and gas to visit people, we spent about $500 for the two of us for the trip. I hope this doesn’t come across as boasting, but I hope to illustrate how it’s possible to take advantage of opportunities our situation. You may have similar situations.

Money Writers:

  • Frugal Dad presents emergency funds on steroids.
  • Learn how to roll over your 401(k) when you leave or lose your job – the 401k rollover at Generation X Finance.
  • Money Smart Life writes common tax forms to gather for your tax return.
  • The Sun’s Financial Diary reports 30-year fixed-rate mortgage rate fell to record low – chart of the day.
  • My Dollar Plan asks time to refinance?
  • Learn more about high interest tax free savings accounts (tfsa) at Million Dollar Journey.
  • Increase credit card savings by using debit and credit cards wisely posts Digerati Life.

Other Financial Posts:

  • Circuit City could provide some resale opportunities says Mighty Bargain Hunter.
  • 5 Cent Nickel blogs the penalty for paying quarterly estimated taxes late.
  • Consumer Commentary posts Wal-Mart: consumers have shifted fundamentally to frugality.

I was also included in these two carnivals.

Filed Under: Links Tagged With: circuit city, debit and credit, emergency funds, espn zone, fixed rate mortgage, guitar drums, guitar hero, mortgage rate, year fixed rate mortgage

Can You Plan for Unexpected Expenses?

October 7, 2008 by Lazy Man 8 Comments

When I think about the unexpected financial expenses the first thing that comes to mind is emergency funds. Most of the experts agree that having 6 months of income set aside for a financial emergency is necessary. In my head, that financial emergency is almost always the loss of a job. Perhaps that’s because I’ve been there when I lost my job in the dot com melt-down of 2001. (In many ways, I think that’s where the “work smarter, not harder” attitude of Lazy Man was born. I had worker pretty hard and rose up the ranks in the company – until the company was bought by another. All the social capital I created was worthless with the new management.)

While job loss is certainly a very valid reason to have an emergency fund (especially so in today’s economy), lately I’ve been thinking about bigger problems. What about health care? I have very good health insurance, but many aren’t so fortunate. What if my mom’s health care is lacking and I have to take care of her? What if my brother hasn’t listened to me about getting life insurance to ensure that his two newborns are provided for in the Worst Case Scenario? These costs can transcend the costs of 6 months of income.

Perhaps I’m becoming a worry-wart, trying to figure out all the ways that my hopes (and plans) for early retirement won’t be derailed. I can’t possibly cover every scenario, can I? I can’t have insurance for every possible occurrence, right? Yet, accepting defeat doesn’t right either. There are people who can withstand unexpected expenses.

I’m starting to realize that I not only have to plan for the security of myself and my family, but I have to plan for others as well. Does anyone else spend time thinking about this before it happens or do they simply react after the fact?

Filed Under: Insurance Tagged With: early retirement, emergency funds, financial emergency, health care, life insurance, worst case scenario

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