Weekly Roundup – Patient Lottery Winner Edition

I read an interesting story over the weekend about an Australian lottery winner who decided to hang on to his ticket for six months before cashing in so he would be “psychologically ready.” He also wanted his four kids to continue living, and working, without expecting a handout from his winnings.

How many people would be able to wait six months to cash in on a couple million dollars? It’s an interesting idea, but I could help but think he’d be better off to take that money and park it in a few $100,000 CDs earning interest! Still, at least he didn’t burn through it in six months as others have been known to do.

The Frugal Roundup

This Is Why You Are In Debt. Ever wondered how and why you are deep in debt? Chances are you have engaged in at least a few of the behaviors described in this post. (@Marc and Angel)

101 Restaurants Where Kids Eat Free. Nothing beats a cheap meal, and free is in even better! Here’s a great resource for those planning a night out with the kids. (@Mr. Free Stuff)

Green Living: Ways to Recycle and Buy Used. In just the past month we have purchased a sofa and love seat used, gave away our old one to a family friend in need of furniture. We have tried to adopt a strategy of only acquiring something if we are willing to give up something else. Helps keep clutter down. (@The Digerati Life)

Kitchen Compost Bucket – DIY, Easy, and Frugal. As a fellow “do-it-yourselfer,” I was very curious to learn how to make your own kitchen kitchen compost bucket for very little money. (@Debt Free Adventure)

Should You Buy Disability Insurance. Not a particularly fun topic, but one that hits close to home for me. My mom became totally and permanently disabled after a stroke at 53 years young. She is now completely dependent on income from her disability policy – a financial lifesaver. (@Generation X Finance)

How to Save for Multiple Goals.  We actually save in separate accounts for each of our goals, but since I’m looking to consolidate and streamline, I think this single-account, spreadsheet tracking model. (@My Dollar Plan)

Best of the Rest

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  1. I can understand not wanting to cash the ticket in right away but I would be concerned about the risk of losing the ticket somehow. Or what if the lottery winner died and his relatives never found out about the ticket?

  2. That would be a good time to set up a revocable living trust and stash the ticket.

    I bet winning the lottery really changes how people treat you.

  3. @Leigh: Thanks for the feedback. I have a handful of favorites I’ll always include, but I’m trying to find a few nuggets buried out there and give them some exposure.

    Roundups are typically better if I can find posts that haven’t been regurgitated by 30 other bloggers. Of course, that success is often a function of time, and I’m always short on it!

    Thanks, again, for your comments.

  4. Wow, that IS some patience. I rarely, if ever, purchase a ticket but I have bought them before to give away as a “dirty Santa” type gift. A 10 draw lotto ticket is always more popular than 10 silver dollars.

    Thanks for the link BTW!

  5. I’d move immediately to a state w/o income tax, do everything necessary to establish domicile there, wait several months, then submit the winning ticket.

  6. Should I ever win big…. my tax man advised me that my first phone call should be to him, (to set up the trusts and distribution channels) … and then I should get an unlisted number 🙂

    It would take time to be psychologically ready to just ‘step away from it all’…. and decide where to move to/if at all, and what is really important to me.