SavvySugar

I'm Asking: What's Your Lotto Dream?

SavvySugar — Wed, 27 Jan 2010 04:00:49 -0800

Picture yourself on a boat on a river. Or a private island. Or in a Manhattan penthouse with a Carrie-closet filled with shoes. We all have a lotto fantasy, but when it comes down to it, most of you say you'd still work if you won a pot of gold.

What's your big lotto dream when you're fighting through a rough week or pondering what it would be like to be unconcerned with finances? Would you buy out the block, go back to school, buy your mom a new home, or slip away to a quiet paradise?

How The Amazing Race Winners Are Spending Their $1 Million

SavvySugar — Tue, 12 May 2009 08:30:10 -0700

California lawyers Victor and Tammy Jih form the brother-sister team who won The Amazing Race 14, and are now $1 million richer. When asked about the first thing they'd do with the million, Tammy responded:

I took my entire law school education out in loans so I will be paying that back. It would have taken me 10 years of working to pay those back so it will be nice to not be saddled with such an enormous debt. I have been coveting a pair of black peeptoe Christian Louboutins.

Victor will also use a portion of his share to pay down debt. What would you do with a $1 million prize?

Source

State Lotteries No Longer Recession-Proof

SavvySugar — Mon, 29 Dec 2008 04:30:14 -0800

Slim odds have prevented many of us from playing the lottery, and now the economy has more Americans resisting the urge to put $5 on the Super Lotto. With retirement savings down the drain and an uncertain job market, people aren't as willing to take a chance on the lottery.

Nationwide, state lottery sales fell about $215 million in the past few months compared to the same time last year. More specifically, they're down by about 10 percent in California and 4 percent in Texas. John W. Kindt, a gambling critic and business professor at the University of Illinois, said the decline in lottery sales "is an unusual phenomenon." Previously, state lotteries have not been affected by economic recessions.

While it's positive that Americans are being more cautious with their spending, the government programs that typically benefit from lottery sales will receive less money than in recent years. Education programs are the most common recipients of lottery proceeds - in states like CA and TX, these programs have seen about $1 billion in funding from lottery sales alone.

Source

I'm Asking: Would You Still Work If You Won the Lottery?

SavvySugar — Wed, 01 Oct 2008 11:00:28 -0700

I've fantasized about winning the lottery, especially on particularly tough days at work, but when it comes down to it I think that I'd still want to work after picking lucky numbers. When ilanac13 commented that it's hard to say whether or not her job is fulfilling but that she'd still work if she won the lottery, it made me curious to see how the rest of you would handle the situation. Would you keep your job, find another one that you'd like better and not have to worry about the salary, or quit altogether?

Source

Most Lottery Winners Blow Prizes in a Few Years: Surprising?

SavvySugar — Fri, 22 Aug 2008 06:30:34 -0700

We're constantly discussing preparation for the future around here - which doesn't mean we wouldn't know how to put a large amount of cash to use immediately - but I'd like to think most of us would use foresight and take steps to keep much of that money stored away in a safe place.

It seems that I've been giving people the benefit of the doubt, because I was surprised to learn that 70 percent of lottery winners and those who receive large amounts of cash from lawsuits and the like spend their stash within just a few years! Does this surprise you, too?

Source

Your Two Cents: Do You Play the Lottery?

SavvySugar — Sun, 13 Jan 2008 11:06:22 -0800

After a frustrating day at work, many of you have probably said something along the longing lines of, "If only I could win the lottery." But in reality, how many of you actually play the odds?

Source

If You Had Houses in Three Cities . . .

SavvySugar — Wed, 03 Feb 2010 06:00:10 -0800

We all have the "if I won the lottery" dream, but perhaps more realistic and attainable is the idea of saving up and owning a place to escape to on long weekends or for extended vacations.

I recently spent the weekend at a picturesque beach house with some gal pals, and we daydreamed about where we might lay our Summer hats if we had enough funds for multiple houses. My picks were anywhere on the water in Greece, Playa del Carmen, Mexico, and Napa, CA, because it is a stone's throw away from my home in San Francisco but tranquil enough that it feels like a vacation. So, if you could purchase houses in three cities anywhere in the world, where would you pick?

Get a Handle on Your Credit Card Debt With a "Clean Card"

SavvySugar — Mon, 04 Jan 2010 12:00:57 -0800

If you’re like millions of other Americans, one of your resolutions for 2010 is to get on top of your credit card debt. Paying it all off in one fell swoop would be the ideal way to go about it, but unless you also plan to win the lottery this year, that’s probably not an option. Author Bob Sullivan has a completely doable suggestion for wrapping your head around your credit card debt and paying it down quickly. To see his tips, read more.

Sullivan suggests keeping two credit cards: one "clean card," used for everyday purchases and paid off in full every month. This card will still allow you to take advantage of the 30-day grace period and keep boosting your credit score, without racking up interest on your balance. The other card is a line-of-credit card, only used for big, emergency purchases that you can’t pay off in full.

The real advantage to Sullivan’s strategy is eliminating "revolving debt" - balances that you’re constantly adding to and subtracting from, not to mention paying interest on. You’ll still be making monthly payments on your line-of-credit card, but you’ll be able to pay the balance off relatively quickly and you’ll always know exactly how much debt you have.

How do you plan to tackle your credit card debt in the new year?

Source: Flickr User Andres Rueda

Savvy Links: 10 Ways to Conquer Procrastination

SavvySugar — Mon, 05 Oct 2009 04:00:44 -0700

10 ways to conquer procrastination - Kiplinger
How the recession will lower your heating bill this Winter - Walletpop
Man wins lottery prize during embezzlement case - Yahoo News
Are consumers adopting greener behaviors or just cheap? - Consumerist
Yes, fake job references are a very bad idea - The Job Bored

Don't Charge These Purchases to Your Credit Card

SavvySugar — Fri, 10 Jul 2009 04:30:10 -0700

Whether we like it or not (and I can't imagine anybody likes it), credit card companies have gotten into the habit of monitoring the behavior of their customers based on the purchases they make. Yes, your card issuer might be watching you. And they're making conclusions about your credit worthiness based on your spending behavior.

Robert Manning, author of Credit Card Nation, partnered up with Marketplace to compile a list of the 10 things you shouldn't charge to your credit card if you don't want credit card companies to question the state of your finances.

Traffic tickets: "A lot of people who have charged traffic tickets have defaulted on their cards."
Retreading your tires: "If you've bought new tires in the past, this can look like a desperate move."
Bargain binges: "If you haven't used your credit card at a 99-cent store or at Wal-Mart, don't start now!"
Adult playthings: "Porn is seen as escapism by card companies. And guess what they're thinking you're trying to escape from? Financial worries."
Marriage counseling and therapy: "Divorce can destroy your finances. Needing therapy may also make it look like you're unstable."

See the five other purchases to avoid when you read more.

Lottery tickets: "You don't want your card company to think you're irresponsible - or a gambler."
Cash advances: "Tapping your card for cash? Or using a credit-card check to pay other bills? Not a good look."
Personal pampering: "If you don't normally splurge at the spa, don't put your facial or massage on your plastic."
Income taxes: "Whenever you rack up one bill (by using your credit card) to pay another bill (your taxes) it raises a red flag."
Booze: "Springing for too many drinks may be a sign of job stress, financial stress, or relationship stress."