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Top Personal Finance Posts Of The Week – Mega Millions Edition

Posted April 1st, 2012 in Blog Carnival by Jeremy Waller

Three extraordinarily lucky people have split the largest lottery jackpot in U.S. history – a whopping $656 million. Each winning ticket is worth a $154,031,359 lump-sum payout or $8.2 million annually over 26 years.

If you were one of the millions that played and didn’t win, don’t take it too hard. You were 20,000 more likely to die in a car accident. You also had better odds of getting struck by lightning 6 times and surviving.

Top Posts of the Week

Paul Vachon @ The Frugal Toad writes How Peer-to-Peer Car Sharing Could Revolutionize Travel – The average automobile sits idle 92% of the day and costs an average of $7319 to own, operate, and maintain each year according to the AAA. Peer-to-peer car share allows people to rent their own vehicles to others when they are not being used.

J.P. @ Novel Investor writes First-Time Home Buyer Credit – Is It Time To Repay? – The first-time home buyer credit provided tax help to anyone who was eligible. The bad news is, it may have to be repaid.

Steve @ The Loonie Bin writes Predicting The Future Of Your Investments – Will the companies you invest in now be around in the future?

Roger the Amateur Financier @ The Amateur Financier writes It’s Tax Time, Yet Again! – A look at several different approaches to filing your taxes, as we approach prime tax season

Dividend Growth Investor @ Dividend Growth Investor writes 17 Cheap Dividend Aristocrats on Sale – I identified 17 attractively valued dividend stocks, which offer above average yields and grow dividends over time above rate of inflation.

MMD @ MyMoneyDesign writes Why I Finally Sold My Apple Stock – After its recent rapid price increase, I finally sold my shares of Apple. Was I insane? Or was I just removing emotion from the situation and taking advantage of a terrific opportunity to lock into those capital gains?

Sean Bryant @ One Smart Dollar writes $4.00 Gas Prices Will Bring New Recession – This articles talks about the effects the $4.00 and above gasoline will have on the US economy is it continues for an extended period of time.

Dr. Dean @ The Millionaire Nurse Blog writes Adding A Gas Efficient Car: Does It Ever Make Sense? – With gas prices where they are, when is it a good time to go fuel efficient? I ran the numbers, you’ll be surprised to see the results.

Shilpan @ Street Smart Finance writes A Surefire Way to Secure Your Retirement – Are you on a financial treadmill? I talked to a friend recently, and the conversation made me think about why most Americans depend on social security for their retirement. Social security income represents about 41% of income of elderly. And, 15% of our seniors depend entirely on the social security income.

Jeremy @ Modest Money writes Starting A Side Business – Have you ever considered starting a side business to earn some extra money. Read Jeremy’s story of what led him to start his own side business.

Kraig @ Young, Cheap Living writes Are You Personally Accountable? – I take a look at a tough subject to a lot of us, personal accountability and do an honest analysis of myself. I give myself a C+. I also reference my favorite book on the topic, QBQ by John G. Miller and wouldn’t you know it, he stopped by to pay this post a visit!

Earth and Money @ Earth and Money writes Can Frugality Trump Honesty? – Have you ever lied to get a deal? Even just a little white lie or a fib? In the end, human nature sets us up for self-preservation.

Karl @ CultOfMoney writes Can snowboarding help you master your money? – Learning to snowboard and managing your money have many similar aspects. Both require dedication and effort in order to master. At times, you’ll fall in both, and it will hurt. You need some equipment in both cases, and may not know what is best when you’re starting out. Both have ways to protect you in case of an emergency or catastrophe.

The Top Personal Finance Post of The Week

And my pick of the week is……

Boomer & Echo’s post Why Leasing A Car Makes Sense For Young Families

But it’s not pick of the week because I liked it. It’s pick of the week because I’m dumbfounded at advice this post gives.

For young families looking for a safe new vehicle to get around in, leasing can help in the first few years while you get a handle on your finances.

No. Leasing is one of the worst financial decisions you can make and is a great way to set yourself up for failure!

That’s like saying – using credit cards can help in the first few years while you get a handle on your finances. What?!

They offer other golden pieces of advice such as:

Leasing a car can be a smart short term strategy for young families if you can’t afford to buy today.

If you can’t afford to buy today then you need to find a cheaper car. Even if you have to finance it, financing a car is always cheaper than leasing a car.

You have three big things working against you when you lease a car. First, you’re driving a brand new car off the lot. That means you’re the lucky one that gets to bear the bulk of the depreciation. Second, there’s a 99% chance that the money factor used to calculate your lease payment is higher than the interest rate you would have gotten if you financed the car. Third, when your lease is up, you’ll most likely owe a sizable chunk of cash for mileage overages and damages (they are extremely picky when they inspect your car.)

Leasing a car makes sense for young families? Seriously?

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9 Responses so far.

  1. Thanks a bunch for the mention.

    I know there was a reason I forgot to buy my lottery ticket….the horrible odds of winning :-)

  2. Shilpan says:

    Jeremy, thank you for the link love. I really appreciate it. Keep up the good work my friend.

  3. Thanks for including my post.

    The odds of winning are terrible but you can’t beat the return on investment.

  4. Thanks for the mention! I have to say I agree with you re: leasing vs. buying. I just don’t see the point in permanently renting a car.

  5. Dr Dean says:

    Thanks for including my post and for the carnival. The odds of winning are so terrible-just no way to justify that sort of spending.

  6. Thanks for including me in the group!

  7. Thanks for the mention! Have a great week!

  8. Modest Money says:

    Sorry, a little late finding this mention. Thanks Jeremy.

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