Senin, 09 September 2013

Some friends and I are planning on saving money to buy a vacation home. What kind of account should we open?

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Adam A


I've looked into savings accounts and money market accounts. Anymore recommendations? Our goal is to possibly purchase this home around five years down the road. There are four of us with steady incomes, so it should be feasible. We all plan on making monthly contributions to the pot.


Answer
Ha ha ha!

Are you kidding me? Owning real estate with friends?

True story here. This is what my father taught me...

My dad was a member of a "hunting camp". You know, he and his friends owned a small cabin in the wilderness. It was a disaster...

1) It was hard to get the other members to pitch-in and help with minor maintenance on the cabin before the hunting season. My dad would drive the 100 miles to the camp, and do most of the work himself. He'd have to take a chainsaw, lawnmower, tools, etc, and do most of the work himself. The others only wanted to USE the place and no do any of the upkeep.

2) One of his hunting buddies (members) was renting the cabin out to fishermen in the summers. This guy was getting $200 in cash from his fishing buddies, but not sharing that money (income) with the other members of the camp. The result? Higher than usual electric bills in the summer (the fishmern insisted on plugging in electric heaters when the temps dropped at night, so that ran-up the electric bills...the hunters always used a wood stove for the main heat source during the fall and winter hunting seasons).

3) With the fishrmen story above, not only did they lazily use the electric heaters, but they also left the place a mess. There were dishes left in the sink to sit for 2 months, which grew mold on them...some were actually stained black and had to be thrown-out. Cooking and eating utensils were left in the same way, and got rusty from neglect.

4) There were 3 different property tax bills that needed paid at different times throughout the year. Good luck getting everyone to pay their share on time.

So...this is what you are going to look forward to...

"Hey James...we're planning on going over to the summer house to spend the weekend to do some minor upkeep. Can you make it?" "Nah...sorry man. I have other things I gotta do this weekend. Wish I could, but I just can't this time. Maybe next time."

"Hey James. The property taxes are due at the end of the month. Do you think you can write me a check for your share this week?" "Oh, I wish I could, but I just had to pay for some major car repairs. I am a little short of cash right now. Can you spot me until next month? Huh?"

"Hey James. I went to go use the summer home that we own, and there were some other people staying there already. I mean, I got there pretty late, at like 1 AM and I was surprised to see the lights on...and when I went inside, there were a buch of teenagers sleeping in sleeping bags and on the couch and stuff. One of them had a baseball bat and was going to use it on me...he thought I was there to rob them...then I explained...I own this place! He was kindas suprised to see me. And of course, I was sure as heck surprised to see him too! He said he was a friend of yours. So, what's the deal with that?" "Oh yeah. I meant to tell you that. Um...that's my cousin's friends. They needed a place to stay for the weekend, so I said it would be ok to go ahead and stay there at the summer place. I didn't know anyone else would be going there."

"Hey James. I just got the electric bill from last month. It's 3 times what it normally is for the month. I think it's because those teens you let use the place for that weekend used some electric space heaters to keep the place warm. And, they also left a mess when they left. What gives?" "Ah...what do you want me to do about that man?"

How can I convince my mom to get a new lawnmower?




Philly Pha


Our current lawnmower is over 10 years old, you have to pull it AT LEAST 15 times before it starts, when it starts, it smells terrible, is real loud, and shakes a lot. When cutting grass, it fills up after walking 20 feet. It sucks in general, both my dad and I hate it, but my mom won't let us get a new one. How can I convince her that our current one needs to be replaced?


Answer
A good lawnmower requires a tune up, just like a car. Bring it to your local small engine repair shop for service.
If the blade is shot, replace or sharpen.
Consult your manual or set the height for a shorter cut. But not too short. The longer the blade, the longer the root.
Have someone local cut your lawn professionally, invest the money. Mom will see the results and get on board.




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