Comments on: Trick I use when I make unexpected money http://www.iwillteachyoutoberich.com/blog/trick-i-use-when-i-make-unexpected-money/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sat, 21 Nov 2009 09:24:01 -0800 http://wordpress.org/?v=abc hourly 1 By: Verdant Green http://www.iwillteachyoutoberich.com/blog/trick-i-use-when-i-make-unexpected-money/comment-page-1/#comment-83984 Verdant Green Sun, 14 Dec 2008 02:27:08 +0000 http://www.iwillteachyoutoberich.com/blog/trick-i-use-when-i-make-unexpected-money#comment-83984 I am surprised that no one has mentioned so far of giving a small percentage of an unexpected windfall to charity. If the money is truly unexpected, then you won't miss it, but the impact this charity will have will last longer than a vacation or a special night out. This applies to businesses as well--if you own and operate a small business and you make a sudden windfall, your business can donate a portion of it to a charitable cause. Don't be surprised if more money comes your way as a result. This seems to be the case with our business. I am surprised that no one has mentioned so far of giving a small percentage of an unexpected windfall to charity. If the money is truly unexpected, then you won’t miss it, but the impact this charity will have will last longer than a vacation or a special night out. This applies to businesses as well–if you own and operate a small business and you make a sudden windfall, your business can donate a portion of it to a charitable cause.

Don’t be surprised if more money comes your way as a result. This seems to be the case with our business.

]]> By: ph2072 http://www.iwillteachyoutoberich.com/blog/trick-i-use-when-i-make-unexpected-money/comment-page-1/#comment-47157 ph2072 Fri, 11 Jan 2008 04:32:47 +0000 http://www.iwillteachyoutoberich.com/blog/trick-i-use-when-i-make-unexpected-money#comment-47157 I have a bad habit of not treating myself due to guilty feelings. I'm learning, slowly but surely, to change that thought pattern and treat myself from time to time. I have a bad habit of not treating myself due to guilty feelings. I’m learning, slowly but surely, to change that thought pattern and treat myself from time to time.

]]> By: Matt http://www.iwillteachyoutoberich.com/blog/trick-i-use-when-i-make-unexpected-money/comment-page-1/#comment-47122 Matt Thu, 10 Jan 2008 21:18:30 +0000 http://www.iwillteachyoutoberich.com/blog/trick-i-use-when-i-make-unexpected-money#comment-47122 Ramit has it right on the money with unexpected windfalls. I have seen folks do all sorts of stupid things with "free money" as I described here --> http://matthutter.com/2007/03/05/unexpected-cash-windfalls/ Ramit has it right on the money with unexpected windfalls. I have seen folks do all sorts of stupid things with “free money” as I described here –> http://matthutter.com/2007/03/05/unexpected-cash-windfalls/

]]> By: Cady http://www.iwillteachyoutoberich.com/blog/trick-i-use-when-i-make-unexpected-money/comment-page-1/#comment-47074 Cady Thu, 10 Jan 2008 18:18:08 +0000 http://www.iwillteachyoutoberich.com/blog/trick-i-use-when-i-make-unexpected-money#comment-47074 I do something similar - or try to. In Debtors Anonymous, (12-step program for dealing with any kind of issues with time or money), the informal rule of thumb is that with windfalls you spend 1/3 paying back debts, 1/3 goes to savings, and 1/3 is for fun. The idea as I understand it is that many of us tend to go to extremes with our money - we live in deprivation ourselves while paying it all to bills or debts, or we ignore debts and binge-spend on fun as a reaction to deprivation. Having a rule of thumb that says "no, some of it is for debt and most of it is for you" helps people practice balance. I suppose if I didn't have any debts left to pay back, I could just use 2/3 of it for fun :) As it stands now, I usually end up paying my living expenses with any windfalls, but that is changing. I do something similar – or try to. In Debtors Anonymous, (12-step program for dealing with any kind of issues with time or money), the informal rule of thumb is that with windfalls you spend 1/3 paying back debts, 1/3 goes to savings, and 1/3 is for fun. The idea as I understand it is that many of us tend to go to extremes with our money – we live in deprivation ourselves while paying it all to bills or debts, or we ignore debts and binge-spend on fun as a reaction to deprivation. Having a rule of thumb that says “no, some of it is for debt and most of it is for you” helps people practice balance.

I suppose if I didn’t have any debts left to pay back, I could just use 2/3 of it for fun :) As it stands now, I usually end up paying my living expenses with any windfalls, but that is changing.

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