How to spend your legacy?

[Citydude]

On that note, does anyone use a written budget?

We never had one written down, but somehow managed to always be cognizant of what we had to spend each month and save accordingly. We kind of had an oral history of family finances that we handed down frequently over the years.

I keep a monthly budget since year 2000. As a side note, insurance, utilities and food have gone steadily up 14.8% since 1/1/20 to 1/1/23.

 

[Hay Dude]

Having a business means the business can do/buy whatever it needs. No need to ask anyone!
I always tell my “SO” (my wife) that I don’t own any tractors or equipment, my corp and my LLC do!

She gets that kind of stymied look on her face. Kinda funny actually

 

[goeduck]

On that note, does anyone use a written budget?

We never had one written down, but somehow managed to always be cognizant of what we had to spend each month and save accordingly. We kind of had an oral history of family finances that we handed down frequently over the years.

Once a year I do an Excel spreadsheet if that counts as written. The month by month allows for high months (like when property taxes are due) without skewing the average.

 

[2manyrocks]

Let's get to the real question. Exactly how much closet space do you need???

 

[5030]

Having a business means the business can do/buy whatever it needs. No need to ask anyone!
I always tell my “SO” (my wife) that I don’t own any tractors or equipment, my corp and my LLC do!

She gets that kind of stymied look on her face. Kinda funny actually

Same here. I'm an employee just like my wife is and EVERYTHING goes through the farm.

 

[71bronco]

Local man died and split 1 million dollars between his church, the township, and the local school system. Not what I would do but it's his money.

Jeff

 

[ovrszd]

Local man died and split 1 million dollars between his church, the township, and the local school system. Not what I would do but it's his money.

Jeff

Which part?

 

[71bronco]

Which part?

All parts. School and township has received enough of my money thru taxes over the years. The church is not my thing. I like some the thought of local things and people getting help. Me personally, I have 3 kids and not enough money to worry about other people getting some of it.

 

[ovrszd]

All parts. School and township has received enough of my money thru taxes over the years. The church is not my thing. I like some the thought of local things and people getting help. Me personally, I have 3 kids and not enough money to worry about other people getting some of it.

If you had a Mil to give away you would most certainly feel differently. I was just curious, if you were in that position, what you would do?

 

[JasperFrank]

Financial power is a dynamic thing. Entered my marriage with way more assets than the wife, she has more far more than I personally have now, after land titles were joined with, and her earlier retirement investments included. So Wills are an issue, as we have no children. Is it your family that gets stuff, or is it mine?