Last year, I purchased a mattress and box spring and soon after I wrote about the entire process. Today, Slate published a commentary about cutting through the marketing gimmicks and making a smart mattress purchase.
After reading the article, I still feel confident I made the right decision. After four months with the new mattress, my sleep has greatly improved. That’s all that matters to me. The price was also pretty good. I don’t feel a penny was wasted, as long as I don’t consider the fact that all mattresses are overpriced. Speaking relatively, I’m happy with the deal I got.
The article at Slate is a good introduction to shopping for a mattress and helps the new shopper cut through the heaps of BS the salespeople will try to feed you.
In a number of professions, the average salary for women is higher than the average for men. CNN is listing 39 of the 80 such professions discovered by the author of Why Men Earn More: The Startling Truth Behind the Pay Gap — and What Women Can Do About It
. If you look at the “female advantage” of each of these professions, the ones at the top are sales engineers (women earn 43% more than men), statisticians (35% more), and legislators (33% more).
The accompanying article makes some generalizations and justifications in order to determine the reason behind this situation.
* In a male-dominated field, a company may be willing to pay a premium to hire a qualified woman.
* The combination of people skills and technical skills is in demand.
* There are career programs designed to advance women.
Relatedly, I wrote about the differences between men and women in regards to salary negotiations last year.
The next Megamillions Jackpot is more than $250 million. If you happen to play, and if you’re really lucky, there’s a chance you might win it all. Let’s say you just realized you’re taking home the gold and you’re the only winner. Now what?
This article from bankrate.com via MSN Money will help you get into the proper mindset. Here’s the to-do list the authors suggest:
- Keep the ticket safe. You’re not turning the winning ticket in right away, but it’s your proof that you won. Hold on to it in a safe deposit box while you make the rest of your preparations.
- Think about your job. We just had this discussion in the office as I put my $1 into the pool. Most winners quit their jobs, even if a significant number say they won’t. But don’t jump the gun, and don’t make a scene.
- Find people you can trust. You’ll need a lawyer, accountant, and financial advisor. If you don’t have any currently, ask for referrals from friends.
- Decide on a lump sum or payments. When I was younger, I used to have this discussion with friends. In general, the thinking was that it was much better to take the payment option as the lump sum payout is significantly less than the sum of all the payments. But if you take the lump sum and are diligent about investing, you could end up with more in the end. In reality, most of the time the winners who choose the lump sum option are not diligent.
- Arrange for a special account at the bank. Although we’d love to get take an oversized cardboard check to the bank, your winnings are transferred by wire. You’ll need a special bank account to handle the deposits.
- Change your phone number. You never know how many relatives and long lost friends you have until you have come across a large sum of money. With a new unlisted number, you can be in control of those with the ability to contact you.
The article continues with more tips:
You’re about to become filthy rich, so splurge if you want to and arrive at lottery headquarters by limo, helicopter or elephant, if you are so inclined. But don’t take too much time. There’s always a deadline.
If you’re a person who is habitually late, watch out for this. Who wants to miss out on $250 million due to traffic or issues with the day-care?
The Tax Man cometh before you even get your money, immediately making you 28% poorer. And if you’re the kind of scoundrel who owes something called state-owned-debt, such as back taxes or child support, the lottery folks take that off the top as well.
That’s quite a bite for the government, but if you’re still coming out with $180 million after taxes, can you complain?
Finding a way to spend millions may seem insurmountable, but it’s really not that difficult. Many folks — lottery winners and insta-rock stars alike — have succeeded in finding solutions to this particular “problem.”
The article provides some tips for spending and saving large amounts of money responsibly.
You’ll probably want to help out your family and those who were friends before you were rich. You might be interested in leaving a legacy by helping your favorite cause in a major way… And you’ll probably want to have something at the end to leave to your heirs — ’cause then you get to play all kinds of mind games writing up your will different ways.
Congratulations to Emily! She is the randomly-selected winner of a free hardcover copy of The Automatic Millionaire Homeowner: A Powerful Plan to Finish Rich in Real Estate
by David Bach. Here’s her comment fron the entry:
I am saving for a down payment because I am tired of being awakened at night by the guy in the apartment above mine having sex. He is young and energetic and it just goes on and on and on. Even on weeknights. I am so ready for a detached home of my own.
I understand Emily’s frustrations. When I was an undergraduate finishing up my degree by student-teaching, I had an apartment directly below a very frisky couple. It helped to add to my frustrations at the time.
If there is any consolation for me it all, it is that my net-worth is slowly but steadily climbing in a world where others’ numbers are quickly declining. For example, here’s the latest gossip about Ken Lay, thanks to CNN Money:
His $1.9 million trust will be depleted by legal fees, which will probably total $30 million. His retirement holdings have fallen from $68 million to only $3.5 million. According to the New York Times, Lay’s net worth is now sitting at $650,000, down from $400 million at its peak.
If that isn’t financial defeat, I don’t know what is.
By the way, I’ve selected a winner for the latest giveaway and I’ve emailed the winner for confirmation. If everything’s cool, I’ll announce later today.
I recently increased my pre-tax 401(k) contribution from 4% to 6%. It’s not a huge jump, and my company only matches that first 4%, but I feel like I didn’t save as much for retirement last year as I would have liked. My first paycheck with the increased contribution will be this Friday. I’m realizing that I’m buying more of the stock market when it happens to be at a 4.5 year high. This goes against the belief that it’s better to buy low and sell high. Perhaps I should just keep cash for a while.
Sorry for the lack of posts lately. They keep requesting that I get work done in the office, the nerve.
When it comes to talking about retirement, there is often discussion about where in the country or the world to go to live out the rest of life after working responsibilities have ended. Where I live, it’s not uncommon for retirees to migrate to Florida. Lately, there have been more retirement communities being developed around the area as well. That’s an option for people who want to stay close to their families, friends, or whatever is keeping them in New Jersey. Cost conscious retirees may even consider moving outside of the country — such as Mexico or South America — to afford a better living for the money.
Scott Burns from MSN points out that another financially smart move might be to retire to an RV. The author’s experience:
I come across an Airstream flying American and Texas flags. The owners aren’t there, so I can’t ask if they homestead in Texas, with no state income tax, and wander at will from their post office box. Add a cell phone, a Yahoo e-mail address, and you can be at large in America with an investment of $40,000, possibly less, for a used tow vehicle and trailer.
In addition to the ability to move around to keep things interesting, the RV also gives a retiree the flexibility to go to work when necessary. This could be a big concern for those retiring now and in the future as people come to the realization that they may need additional income in retirement.
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