I’m exhausted. I spent the entire weekend (from Thursday through Sunday) embracing my inner nerd, surrounded by tens of thousands of other nerds doing nerdy things. At the invitation of Adam Baker (who writes at Man vs. Debt and used to be a staff writer here), I flew to Indianapolis to spend four days at GenCon, an enormous gaming convention.
I woke early each morning to spend all day with Adam and Courtney (and their family and friends). We played games all morning, all afternoon, and all evening, often not getting to bed until 2am. It was a blast.
You can read more about GenCon 2011 at my new travel blog.
After several days of abuse, my body’s a wreck. I’ve averaged less than four hours of sleep each night over the past week, and my writing is beginning to suffer. I’m working on a post for Tuesday morning, but I may go to bed early instead. That’s okay. There are posts from Sierra Black and Robert Brokamp ready to go!
In the meantime, here are some other recent personal-finance stories from around the web:
First up, a couple of Get Rich Slowly readers posted follow-ups to the recent reader question about how much people spend on food. Cassie Featherston graphed our grocery budgets to see if there’s a pattern to our spending. The folks at the BuckTrak Budget Planner blog also harvested the data to get a feel for our spending. These views offer a little more enlightenment. It looks like there’s absolutely a per-person cost savings on groceries to having a bigger family. (Maybe that’s the way to cut your food costs: have more kids!)
In March, I wrote that the lottery is an investment for fools. But for some folks, the Massachusetts State Lottery may be an exception. The Boston Globe reports that because of glitches in the lottery’s algorithm, this lottery is a game with a windfall for a knowing few. The catch? You have to be able to pump about $100,000 into the system to make a profit. I’ve always wondered if this sort of thing were possible. But it’s not the sort of risk I’d take, even if I thought my math were correct (and I could risk that much money!).
Over at Organize My Affairs, Mark G. wrote about how much his car cost over time. We talk a lot about the theoretical costs of owning a car over time, but it’s rare to see somebody actually crunch the numbers. In Mark’s case, holding onto the car for eleven years (and nearly 180,000 miles) has made it almost cost effective. Almost.
Next, via the Matador Network, here’s an awesome story about some people who bought everything from a struggling store with $20,000 cash. Here’s a three-minute YouTube video documenting the event:
You can read more at StoreBuyout.com.
Finally, here’s something that’s not related to money at all. My wife recently discovered The Bloggess, and she loves this recent post about why you should pick your battles. The story involves hot pink beach towels, a shopping trip…and a giant metal chicken. It’s pretty darn funny.
More in the morning — if I can stay awake long enough to finish my post.
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Why do you say “almost” cost effective? What criteria did he “almost” reach? What do you consider cost effective?
Thanks!
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Hm. That was irony, which is difficult to convey in a blog post. To catch the irony, you have to realize that I’ve come to the conclusion that cars are almost never cost effective. They’re a necessary evil. So, when I say “almost cost effective”, I’m being tongue in cheek. I’m really saying that even by getting his costs down, Mark’s care is still pretty darn expensive.
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In comparison to what, walking? I don’t think people get cars in order to save money.
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Oh PS, I thought the sarcasm came across just fine. I actually assumed you had dropped the word “new” somewhere, and were snarking on the folly of buying new cars.
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Thanks!
It’s easy to miss irony when it comes so close to information you are looking for.
I noticed the vehicle wasn’t financed and was bought at a time where 0% was common. I was kind of surprised that you didn’t mention that money could have worked for him for 3-5 years. (I haven’t seen much discussion here about using debt as a tool as opposed to a crutch.)
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It was very surprising to see the numbers (purchase price plus repair costs divided by 137 months = $300.94 per month).
If you get great deals in the transactions, it’s not very different from leasing a car or even buying a new car every 4 years and selling it. However, Becka(5) and Russ (14) are probably right that different cars often have much better repair track records.
Thanks for mentioning this JD.
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Of all the things to be grateful for, THANK YOU for posting a link to the bloggess site. I’ve been linked to a couple of her posts and want to follow her, but could not remember the name!
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And YIKES. That car ownership post tells me DON’T BUY A VW. My Honda hasn’t cost nearly that much, and it was the very first model year of the CR-V.
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Yeah, I was shocked at the repair bill as well. I drive a 2002 Ford Focus and all I’ve needed to do to it is replace the tyres twice, fix the catalytic converter, and a handful of minor repairs. Total repair bill in 9 years is about $2500.
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Loved that Bloggess post about the chicken – and sent it to my hubby as a warning.
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The chicken from the The Bloggess’s post has it’s own Facebook page — funny stuff. http://www.facebook.com/pages/Beyonce-the-giant-metal-chicken/245571305466603?sk=wall
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Love the bloggess. She makes me laugh out loud.
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I will note that he didn’t include…the cost of gas or insurance with the car! Anyway, I do also track this – it started when I got the car, and I wanted a good way to evaluate my mpg, so I started putting receipts in. Then it seemed like a good place to also store my mechanics records (I also keep the paper receipts, but this is one easy place to look when I’m on the phone with my mechanic), and from all that, it’s kind of OCD fun to keep adding a few new bells and whistles here and there to track cost/day, cost/mile, etc, etc.
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Correct me if I’m wrong, but regarding the story about the small store owner having his entire inventory bought out. Didn’t that actually do his business more HARM than good?
http://cityroom.blogs.nytimes.com/2011/06/10/help-consumerism-mocking-artists-just-ate-my-store/
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We really appreciate your concern for Hercules; but, no. If anything that obfuscatory article only hindered our efforts to save Hercules’ store. He was trying to fight a landlord dispute, and we were trying to give him the much needed cash/exposure to make it happen. Hercules was really glad we bought out the store, and we are still trying to do everything we can to keep him in business.
http://youtu.be/5VaFKgX_C5o
Thanks for posting the video. Hercules is closing at the end of August, and would really appreciate any and all well wishes.
http://www.herculesfancygrocery.com
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We have been to GenCon before and are going to Board Game Geek Con in Dallas this November. It is like the lending library part of GenCon only larger. We are looking forward to it.
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Welcome back from GenCon! Hope you picked up some good games. I consider most games a good value when you look at $/hr played. Of course,this assumes you play them rather than just fantasize over them.
For the lottery hacking, Wired had a good article a few months ago: http://www.wired.com/magazine/2011/01/ff_lottery/all/1
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Any chance of a guest post from Beyonce?
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The grocery thing interests me. In the UK we have a small chain of stores called The 99p Store, where everything is 99p or less. Since they sell things like soup, bread (sometimes) and tinned vegetables – stuff that will last, as well as “luxuries” like crisps and chocolate, I’ve begun thinking about whether you could actually do a weekly shop there, and just pad it out with a few things from a regular supermarket. It’s something my fiancee and I are going to try soon!
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So glad you shared your posts about GenCon! I follow you for your financial advice (duh) and always get a kick out of discovering unexpected connections with internet “friends”
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I’m really interested to see the monthly “how much do you spend on x” posts. I’ve seen similar questions on other blogs, and I hope you spend a little time crafting the questions so that the answers are as informative as possible.
Generally speaking I think asking for information as a percentage of gross household income gives the readers the best shot at making some apples to apples comparisons, which is certainly what is of interest to me. Other demographic/locational information is useful as well; for example on the grocery question, it was most useful when people mentioned the size of the household and where they live.
When I’ve seen other blogs ask about retirement savings, I’d most like to know what the respondent’s age is and what percentage of their gross income the savings represents.
If you ask about people’s mortgages (and rent, please!), it would be great if it’s clear if they’re answering with mortgage only, or mortgage (+ any 2nd mortgage) + PITI; more importantly than that I’d like to know what % of gross household income peoples’ housing costs represent.
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JD,
I don’t think the storebuyout.com posting belongs on getrichslowly.org. If you check out the About section of storebuyout.com, they explain that the $20,000 came from credit card cash advances!
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