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The Billion-Dollar Divorce, and What You Can Learn From It

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The Billion-Dollar Divorce

In our reality TV age, there are many billion dollar divorce lessons we can learn, without spending a penny.

Many of us are keyed into the lives of our favorite celebrities, and we make note of their offscreen dramas even more closely than we follow the characters they portray.

And since the source of all drama is conflict, we pay particularly close attention to celebrity divorces. Maybe it’s schadenfreude, a glee in watching titans of industry melt down thanks to love gone wrong, or maybe watching the super-rich being brought low through relationships with the wrong person makes us feel less alone in some of our own bad romantic decisions.

Most Expensive Divorce Settlements of All Time

Some of the most expensive divorces have resulted in billion dollar payouts.

  • Socialite Jocelyn Wildenstein made headlines recently for her Catwoman-style attack on fashion designer boyfriend Lloyd Klein. But she made her biggest splash in 1999, thanks to her decidedly un-amicable divorce from billionaire businessman Alec Wildenstein. Her settlement included a payout of a whopping $2.5 billion, as well as an additional $100 million for each of the next 13 years. She also sold the estate she shared with him for an additional $13 million.
  • Rupert Murdoch has lost a fair amount in multiple divorces. His second wife Anna Torv was awarded $1.7 billion, mostly in Newscorp stock, when their 31-year marriage was annulled. And Wendi Deng, whom Murdoch married 17 days after his divorce from Torv, got to keep the $44 million apartment they shared after their amicable divorce in 2013.
  • Oil tycoon and Donald Trump hanger-on Harold Hamm paid just shy of $1 billion to ex-wife Sue Ann Hamm. (Considering the lack of pre-nuptial agreement, this was considered far less than she could have taken in the agreement.)
  • Hotel mogul Steve Wynn‘s fifty-year relationship with ex-wife Elaine Wynn had remained startlingly cordial through two divorces. Although they were able to divvy up their considerable art collection without a fuss, Elaine turned to litigation to retain her control of $1 billion in Wynn Resorts stock, finally souring the peace of their long and close relationship.
  • Former Forumla One CEO Bernie Ecclestone divorced his third wife, former model Slavica Radić, in 2009, for which she received a $1 billion payout. But the couple’s finances turn out to be freakishly complex, as he has been receiving $100 million per year from her assets.

Billion Dollar Divorce Lessons

These dollar amounts are staggering, obviously, and feel light years away from our own day-to-day lives.

Indeed, being in love with our soulmates and gearing up to get married, we may feel that our own emotional lives are untouchable by this degree of conflict and this level of financial repercussions.

What makes these divorces so fraught and messy is the number of assets involved in each. If two people simply decide they’ve grown apart, that’s one thing. But if they’ve built a life together that includes children, pets, and assets (homes, cars, businesses, and so on) then that’s where things get complicated.

The No-Fault Divorce

Unlike the examples cited above, many couples who have simply grown apart can opt for a no-fault divorce. If the couple don’t have assets to divvy up and simply want out, they need only cite “irreconcilable difference” or “incompatibility.” Each state will handle it differently, but after a period of living apart the state will grant the couple a no-fault divorce.

The Dreaded Prenup

Doesn’t that abbreviation (for “prenuptial agreement”) sound ghastly?  In simplest terms a prenuptial agreement is a contract by which a couple determines division of property and funds in the event of a divorce.

We’ve previously given you a list of reasons why signing a prenuptial agreement is a good idea, but admittedly it’s a difficult thing to discuss, particularly in the early, rose-colored days of a relationship.

It can be challenging to convey that such agreements are worthwhile for both parties in a relationship. And it’s actually no guarantee of cut-and-dried legal proceedings during a potential divorce.

Put It In A Trust

If you really want to make sure your assets are protected from a potential divorce, put them in a trust.

Trusts aren’t just for funds: you can put all kinds of assets into a trust (including your home) and still be able to use them — possibly with reduced tax consequences to boot.

The legal paperwork for a trust will only set you back a couple hundred dollars, but that’s a small price to pay for peace of mind.

No Real Guarantees, Except One

Seriously, no one enters a legitimate marriage expecting it to end. Sure, some people might get married for ethically questionably reasons, but presumably few expect it to fail. But even for two perfectly compatible people, there’s no guarantee of happily ever after.

The only thing that is absolutely certain is this: It costs more to get divorced than to get married.

Even if you do a simple city hall wedding and realize after two years of thrifty living that you’re not compatible and get the easiest no-fault divorce, your legal fees for the latter are going to outweigh the costs of the former. (Don’t believe it? Go look up how much it costs to get a marriage license on your local government’s website, and then compare that figure with the divorce petition filing fee at your local family courthouse — it’s higher, right?)

“But hey,” you might argue, “my wedding is a deluxe, catered affair, which will surely cost more than a no-fault divorce. If you’re pulling out all the stops on a lush wedding ceremony (mazel tov, by the way), you’re determined to build a life with your partner.

That will include a comfortable home, children, multiple vehicles, and kids — all of which will later inspire divorce lawyers billing multiple hours (today that’s about $300 to $500 per hour if you don’t want to end up like the image at the top of this story) to disposition in the event your marriage becomes less perfect than you imagine.

A Final Thought

No judgement here, but if you want to ensure a blissful, litigation-free marriage, take a hint from the pattern evident in the pictures above: don’t marry someone old enough to be your father, no matter how rich he is — or, conversely, young enough to be your daughter, no matter how pretty she is. Just a thought.

Do you have any costly divorce stories to share? Have you found litigation-free bliss with a billionaire? Tell us all about it in the comments section beneath this post.

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Uh, Oh, Identity Theft by a Friend or Relative — What to Do?

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identity theft by a friend or relative

According to a 2018 survey, nearly 60 million Americans have dealt with identity theft at some point in their lives. While many people assume that strangers are the only threat, some people have their identities stolen by someone they know.

Since friends and family typically have access to intimate details about your life, it’s easier for them to accomplish identity theft than many would like to believe.

Being a victim of identity fraud is always hard, but, when the identity theft is by a friend or relative, the blow is crushing. Luckily, you can move forward from this event by following the steps below.

1. Get Your Credit Reports

One of the first things you need to do is review your credit reports from all three bureaus. The easiest way is through AnnualCreditReport.com.

The process is fairly easy. You’ll need to confirm your identity and request your report from each bureau. You’re entitled to one free credit report from each bureau per year.

2. Set up a Fraud Alert

You’ll also need to contact at least one of the three credit bureaus and add a fraud alert. This locks down your account for 30 days, during which time no one can open new credit in your name.

However, if you can provide a police report documenting the issue, you can get a longer-lasting fraud alert; alternatively, you could just set up a reminder on your phone to renew the alert every 30 days.

Even if you aren’t sure if you’re a victim yet, a fraud alert gives you time to sort out the situation safely.

3. Notify the FTC

While federal authorities only pursue larger cases, the FTC monitors all incidents of identity theft. Let the agency know about your situation by filling out an ID theft complaint and affidavit form.

Doing so helps the government spot patterns and find ways to create a more robust system.

4. Call Creditors

Once you know which companies have fraudulent accounts or activity, you need to reach out quickly. Ask to speak with their fraud department and let them know your identity was stolen.

You can request they close or freeze the accounts, ensuring no new charges will occur. In some cases, they’ll require an FTC identity theft report to document your case, so you want to handle that first.

5. Change Your Passwords

Regardless of whether you can confirm any fraudulent activity taking place using your identity or accounts, you’ll want to be proactive about security.

Change all of your online passwords, along with personal identification numbers associated with any cards you might have.

6. File a Police Report

The person who stole your identity isn’t automatically pursued by law enforcement. For that to happen, you need to file a police report.

Bring a copy of your FTC report along with your identification, proof of address (like a utility bill), and any evidence of the theft to your local police department and ask to file a report.

Once the report is complete, make a copy. That way, if a creditor requires that document, you have it available.

7. Monitor Your Credit Report

Signs of identity theft might not show up in any of your credit reports right away — so you’ll want to check them on a regular basis and follow up on anything you dispute.

Consider signing up for any of the free services that enable you to keep tabs on all three bureaus’ reports in one place.

Carefully read your credit reports to see whether any information changes and notify the bureaus of anything that’s amiss.

Provide them with a copy of your FTC identity theft report (if you haven’t done so already). Once they have this document, they have to block any new changes to your records.

8. Contact the Social Security Administration

In some cases, an identity thief uses a person’s Social Security Number to secure employment. If that happened to you, contact your local Social Security Office for assistance.

9. Watch for Crimes in Your Name

Unfortunately, it’s not uncommon that an identity thief might supply your identifying information after being arrested for a crime.

This is why it’s a good idea to file that police report as soon as you learn of the identity theft — but if you learn of additional crimes being perpetrated with your contact information, you should file an additional report regarding the impersonation.

Provide law enforcement with copies of your ID, a photograph, and your fingerprints. Request that officers compare your information to the criminal’s and remove your name from the records once they confirm you didn’t commit the crime.

With each visit to the police department, make a point of recording the name and contact information of every officer you speak to while resolving the issue.

Request a clearance letter or certificate of release as well. This document says you were innocent. Keep the letter in a safe place.

10. Watch for Tax Theft

Be prepared for the possibility that the identity thief might try to file a fraudulent tax return on your behalf and attempt to claim your refund — file your taxes early so that no one else can horn in on what’s yours.

It’s also a good idea to complete an IRS identity theft affidavit to further prevent any would-be thief from claiming your return.

11. Watch for New Account Openings

Identity thieves may try to open new accounts in your name. They could be credit cards or utilities, for instance.

You can find a comprehensive list of steps to take in these scenarios at IdentityTheft.gov.

Identity Theft by a Friend or Relative

While you typically have to deal with a lot of red tape when trying to minimize the damage caused by identity theft, don’t take any shortcuts: You might not be able to see the full effects of this crime until it’s way too late — because someone who already knows you can cause a lot more problems than a stranger.

When the perpetrator’s a friend or relative, you really need to put in more effort to tamp out the crime. If you can stay the course and be thorough about following all of the steps listed above, you’ll eventually get it taken care of.

Readers, have you ever been a victim of identity theft or fraud — if so, what were your experiences in combatting it? If you haven’t experienced it, what sorts of things are you doing to protect yourself, if anything?

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Looking for more information about identity theft? Give these articles a try:

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Romancing Your Sweetheart on a Budget

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how to romance your sweetheart on a budget
Valentine’s Day is right around the corner.

This day is designed to celebrate love, and being so intensely connected and devoted to someone makes you want to buy them a fancy dinner, a show, and a beautiful set of jewelry. But maybe your budget allows for cheap fast food, Netflix, and fake jewelry from a mall kiosk.

Or maybe you’re just looking to mind your pennies and stick to your budget, but you still want to make that special someone feel, just that, special.

I’m here to help. Below are several tips on how to romance your sweetheart while sticking to your budget.

Cook a romantic dinner

Cooking your significant other a special dinner will pay off two-fold. One, it will save you a bunch of money on going out. And two, they will notice and appreciate how much work you put into the meal. It’ll make dinner even more special.

If you are looking to eat healthy this Valentine’s day, visit this post on how to eat healthy on a budget.

Give a full body massage

Once again, you are going to save loads of money on this. Massage parlors, especially good ones, will cost you a couple hundred bucks, easy. By giving the massage yourself, you save all that money, less the price of massage oil.

Like the dinner, your significant other will notice and definitely appreciate all your effort.

Pack a sunset picnic

If you live where it’s cold, hopefully, it’s warmer than normal. If you live in a warm climate, this will be perfect. A sunset is always a beautiful sight and is a wonder to watch with your love. Pack a picnic filled with their favorites to make them feel special.

If the weather sucks, watch the sunset from your car. Or you can try another tip from this list.

Leave love notes

This is free but will make them feel so special. Write cute things like what you love about them, something they do that you find endearing, or a special memory. It’ll make them feel good and won’t cost you a thing.

Take a walk

Walk through your neighborhood or through the local park hand in hand. I love walking around with my wife. It gives us a chance to talk, enjoy the weather, and enjoy each other’s company.

Visit special places from your past

I love this one. Go to the location of your first date, where you first kissed, where you proposed, or where you got married. You will both reflect on that special day and how much that day meant to one another.

Plus side of this, if you don’t go inside, it won’t cost a penny.

Snuggle and watch romantic movies

Long periods of intimate contacts, like cuddling, release the hormone oxytocin, which will lower your heart rate and reduce stress. Cuddling and watching a romantic movie will surely give you some quality time together. My wife’s two favorites are the Notebook and Love Actually. Give one of those a shot.

Slow dance to some romantic music

This music could be found on a Spotify or Pandora playlist, or it could be one that you both declared as your song. Pick a few songs, hold each other close, and enjoy the moment.

Write a love letter

This is also one of my favorites. I love writing, so putting pen to paper and telling my wife how I feel is something I try to do every few months. It gives you a chance to really let that special person know what they mean to you.

Find a fun and free local attraction

Look on the web for a free event or attraction that’s going on near you. It could be an event at the park or theater, or it could be free admission to the art museum. Make it something that you both enjoy.

Box up some memories

Find special items that you’ve kept over the years. Put them in a box, wrap it, and gift it. A nice touch, write a little note for each item about what it is, why it’s in there, and where it came from. They will love the thoughtfulness of this gift.

Burn a CD of shared favorite songs

This could be a song that the both of you enjoy together, it could be “your song,” or it could be a song that just makes you think of them. If there are a couple of slow songs in the mix, take her hand and dance with her during those.

Conclusion

Valentine’s Day can be a very special one, and it doesn’t have to be expensive. Sure, going to dinner and splurging on a nice gift would be nice, but it might not be as intimate, as thoughtful, or as special as using some of the tips in this post.

Have a beautiful Valentine’s Day. I hope it’s one to remember!

Why I Enjoy Being Poor

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Being Poor
If you had asked me a year ago if I would like being poor, I would have called you crazy. Both my husband and I had just lost our jobs and we were just coming to the realization that we were no longer going to be able to live the life of luxury that we had been living up until that point. In one fell swoop, we had gone from being able to afford basically anything we wanted to being poor.

I must admit that the first 6 months weren’t pretty. There was a lot of resentment and complaining deep inside that came out much too often. It wasn’t fair that I couldn’t have everything that I wanted or that I had to make sacrifices that I never had to make before. It was a rough period and there was a lot of shouting, accusing and bad attitude as we were adjusting to our new financial circumstances.

Why I Enjoy Being Poor

But a funny thing happened after that. Once we began to adjust to not having the money we used to have, being poor wasn’t nearly as terrible as I had imagined. In fact, there were times that I downright enjoyed it.

  • I get to spend more time with my family: Since we no longer have the money to pay for entertainment that used to occupy our time, we now entertain ourselves. That entertainment has come by spending more time together.
  • Life has slowed down: When we had a lot of money, there always seemed to be a rush about everything. We needed to go there, we couldn’tmiss that. The lack of money has made me (and my entire family) a lot more relaxed and easy going.
  • We have a lot more family projects: When we had money, we were more of a group of individuals that a family unit. We each did what we wanted and often ignored the other members of the family. Now that we are all required to stay home a lot more often than in the past, we have come together and do family projects. We recently repainted my daughter’s room together. In the past, we would have hired out this work to others.
  • We play a lot more games: We do play more games as a family like scrabble and cards, but we also turn a lot of the ways we save money into games. For example, we now have a contest where we see if we can cut the amount we pay on our utility bills each month. If we succeed, 50% of the savings we manage to save is used to go out for a meal, ice-cream or some other treat.
  • I now know our needs: I thought I knew our needs when we had money, but I had been greatly mistaken. Technology and habit blinded me from reality. The fact is that there is very little that we actually need: shelter, clothing, healthy food and water, a safe neighborhood. A lot of the gadgets and toys that I once thought I would die without turned out to not be necessary at all.
  • We eat better and together: Meals used to be on the run, usually prepackaged and often eaten outside the house. When we could no longer afford to do this, it was surprising how much better we began to eat. I cook a lot more from scratch and we have a lot more meals as a family unit than we used to.
  • We waste less: When I look back to when we had money, I am shocked at the amount that we used to waste. I didn’t think I was wasteful then, but now that we must use as much as we can, I realise that we were incredibly wasteful.
  • Life is more fun: I can honestly say that life is a lot more fun that it was when we had more money. There is a lot less stress now that we have learned to live with the amount that we make and knowing that even if we don’t have a lot of money, we can still get by.

This is not to say that I hope to always live this way. it can be tough being poor and having to make decisions about how to spend a limited amount of money that I would rather not. However, I do hope that when we are making more money and can afford a lot more than we can today that I can remember the new found attitude that I have and the joys that I may have never found had I never been poor.

This story was written by Maureen K.

Photo: CafeCredit.com

Who Should Pay When Eating Out?

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Who Should Pay
I just enjoyed a delightful lunch with an old friend. I drove to her office and we walked to a nearby seafood restaurant where we were able to relax and catch up. It was quite a pleasure and I had a completely and thoroughly entertaining meal with her.

After we had finished our lunch, the server brought the bill over to our booth and presented it directly and undeniably to me. The server let there be no doubt as to who she expected to pay and it was clearly the male in attendance. On the one hand, I did not mind receiving the bill because I had fully intended to buy lunch since my friend had paid the last time we got together (and I don’t forget these things). On the other hand, I really felt that the server’s implied sexism was a bit out of date.

After my friend and I negotiated for a moment over who would pay — my friend arguing that the employed person should pay and me arguing that the person with custody of the tab should pay — I paid the bill (since possession always wins), and we strolled back to my friend’s office. As I drove home, I recalled a few amusing anecdotes that my friend had shared but my thoughts kept drifting back to the restaurant bill.

As a person who is supposed to be thinking about ways to save money, was I foolish to turn down my friend’s offer to pay? No — I did the right thing, but there are plenty of scenarios in which I would have allowed a friend to buy me lunch. If you have never thought through your strategy of “who pays?” here is how I break down payment obligations when two or more people dine out.

The Business Lunch

This is an easy scenario. Each party should pay his or her own way unless one party expresses otherwise. A service provider trying to court a potential client should certainly offer to pay and can probably justify the cost as a client development expense. A client who wants to reward a service provider for a job well done might also offer to buy lunch (or dinner) as a reward for a job well done. The assumption going into any business meal, however, should be that both parties pay their own way.

The Date

This is another easy one. Whoever asks another person to dine out as part of an established or desired romance should also bear the cost of paying. Personally, I understand that philosophy but I have never lived by it. I am perhaps a bit old-fashioned (and some would say sexist) in that regard but any time I went out on a date, I always insisted on paying. Fortunately, it has been twenty years since I was in the dating world so my attitude in this regard, even if it is old fashioned, can only get me into trouble on these pages.

Friends Getting Together

When friends get together for dinner or drinks or whatever, they need to find the payment model that works best for them. When I was in school, I ate at the same diner every night. My room-mate and I got the same meal every night and we took turns paying. If some nights one of us ordered a little more or a little less (appetizers, drinks or whatever), it did not matter, as we knew it would wash out in the end. At the same time, I had a famously cheap friend who (despite being wealthier than any of my other friends) always found a way to avoid paying when it came time to pay a bill. After about three months of his payment avoidance, I learned that we needed to ask for separate checks or I was going to be feeding him for the rest of his life.

Parents and their Children

Parents should pay for their kids until the kids can support themselves and then they should treat the meal as they would treat it among friends. I love to be able to buy things for my Dad but I know that he also likes to pay my way, too. When we golf — about 8 times per year — we alternate payment. Of course, he would like to pay every time, but at 82 years of age, he can’t beat me up the hill to the pro shop anymore.

What other scenarios do you encounter when you dine out? Have you ever been “stung” by friends and forced to pay for a bill that you had not expected — or wanted — to pay? When do you expect someone else to pick up the tab and when should you pay?

Photo: Martin Cathrae

Top 5 Dying Regrets, Why I Won’t Have Them and Neither Should You

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dying regrets
One of the most important life lessons that we can all learn is to seriously listen to and consider the advice from those who have more experience than we do. When it comes to the end of our life, most of us are going to have some regrets. A nurse, Bronnie Ware, who spent years tending to patients that were living the last weeks of their lives recently came out with a book titled The Top Five Regrets of the Dying: A Life Transformed by the Dearly Departing. While not all of these regrets are directly related to finances, they do all have some type of money aspect to them. These are the five most common regrets for people at the end of their life and why I won’t have them (and neither should you) when I do die:

#1 Dying Regret: Not Having The Courage To Live True To Yourself

My first job out of college was working for Hallmark Cards. One of the things that became readily apparent from the beginning was that if you stayed with the company, you were going to leave with well over $1 million at retirement. I also began to see that because of this, there were more than a few people that were stuck doing a job that they didn’t really enjoy, but had convinced themselves they couldn’t afford to leave.

When I decided to leave a couple of years later, it happened to be during a difficult economic time and I had no other job lined up. There were quite a few people that said I was crazy to leave such a secure job. Most couldn’t understand why I was willing to leave just because I didn’t enjoy being there. I ended up quitting, traveling to Alaska with the goal of making my way all the way to the southern most point of South America. I made it to Central America before another adventure interrupted that plan and I found myself in the middle of the countryside of Japan.

It was a difficult decision and there was a lot of pressure not only from acquaintances, but also friends, to stick with the Hallmark job for the security. I have never regretted the decision to leave or to pursue the things that make me happiest no matter what others may say. I know that I have disappointed others with my decisions from time to time, but I can safely say that not having the courage to live true to myself will not be one of my dying regrets.

While this may not seem like something that has much to do with money, for me it certainly has over the years. The reason that I have been able to summon the courage to do many of the things that I have done is because I know I can survive on very little money and still be happy. I know myself well and if I lost all of my possessions tomorrow, I wouldn’t be happy about it, but it wouldn’t be devastating either. Knowing that I can survive happily on very little makes it much easier to take chances that others would be more reluctant to take. Being debt free and confident in your finances (no matter how meager) goes a long way to help gain the courage to be true to yourself.

#2 Dying Regret: Having Worked Too Hard

I think that this regret needs to be qualified. I work hard. Really hard. Some people would say that I work too hard, but I work hard at something that I truly enjoy. I also don’t work to the detriment of other things that I would like to be doing. In fact, I have created it so that my work includes doing some of my favorite things. For example, I enjoy hiking, exploring and being outdoors. So as part of my work, I now visit as many National Parks as I can each year and write about them. If hiking all day in some of the most beautiful places in the U.S. constitutes having worked too hard, then I plead guilty as charged.

It’s not the working hard that I think that most people regret, but it’s spending too much time at work (and other activities) that they didn’t really enjoy to the detriment of relationships and other important things in their lives. This is illustrated by Ware who writes, “All of the men I nursed deeply regretted spending so much of their lives on the treadmill of a work existence.”

Again, this may not seem like it’s money related, but often the excuse for working all those hours is to earn more money (ironically so that you can do the things that you really enjoy). By understanding how much money I need to do the things that I want to do most and not having to try to create any more wealth than that, I feel secure that having worked too hard (at things I didn’t enjoy) will not be on my list of dying regrets.

#3 Dying Regret: The Courage To Better Express Your Feelings

This is probably the closest regret I may have that is on this top five list, but not for the reasons that others do. Ware says that this regret comes from those that ended up settling for mediocrity (with many developing illness from the bitterness and resentment) from not expressing their true feelings to others and failing to become what they believed they could be. I have never felt that I was unable to express my feelings in this way to any of my family or friends.

I’m not sure how financial related this regret is, but I have the feeling that both emotional and financial dependence have a role to play with this regret. I think that those who are financially stable and can remain so on their own are in a position that makes it easier for them to express their true feelings than those that are dependent on others.

Where I think I do fail is letting those close to me know how much I love and care for them. I tend to assume that those around me know that by me choosing to spend my time with them, this means that they are special people in my life. I’m not sure this is always a good assumption to make and I know that I could (and will continue to work on) letting those that I care about know how much I truly do value them. Seeing this regret has been a good reminder that I need work harder on this.

#4 Dying Regret: Stayed In Better Touch With Friends

I don’t think that Ware could have summed it up better than the line “Everyone misses their friends when they are dying.” This is one of the potential regrets that I am actively working on today to make sure that it doesn’t turn into a regret when I am dying.

I spent nearly 15 years in Japan, and although I did make friends there, I lost contact with a lot of my good friends in the US while I was gone. When I returned back to the US, I made the conscious decision to not purchase a home even though I could afford one. Instead, I decided to be a digital nomad and travel full time. One of the many benefits of doing this is that I am able to visit and catch up on old friendships and spend a lot more time with my family than I would have ever been able to if I owned a home. Most people can’t leave their job without a fair amount of planning, but most can welcome someone who happens to be visiting the area where they live. I have chosen to be a person that can easily be the person visiting.

Although I haven’t reached the point where I would feel that this wouldn’t be a regret at all if I were to die in the near future, I do believe I continue to make a great effort in this area to the extent that this will not be on my regret list when my time does come. I also feel that I was able to set this potential regret on the correct path by having my finances in order and knowing how I wanted to spend the money I had versus taking the typical financial advice of buying a home.

#5 Dying Regret: To Let Yourself Be Happier

The author says, “Many did not realise until the end that happiness is a choice.” I don’t think that this can be overstated and the earlier that one learns this, the better. The problem that I often see is that there are still so many people that believe that money will buy them happiness. The truth is (even though it is difficult for many to comprehend) that making $250,000 a year won’t make you any happier than making $75,000 a year. While $75,000 is the mark for most people, it’s actually a lot less for me (but I have always been strange in that way).

I become more and more convinced that many people never take the time to really figure out what makes them happy, and if you don’t know what makes you happy, it is difficult to find that happiness. I learned long ago that things don’t make me nearly as happy as experiences. I spend almost all of my income toward gaining more experiences rather than gathering more things. This is the opposite of most people I know, and while some things may bring some people happiness, I can say with a good amount of confidence that what the advertisers say will bring you happiness and what really will bring you happiness are probably not the same.

Understanding what makes you happy will greatly influence your finances. First, and foremost, you can stop spending your money on things that the advertisers say are supposed to make you happy, but really don’t. Surprisingly to most, it also often shows that you don’t need nearly as much money as you thought to be happy. Above all else, it gives you a solid goal to go after that is what you really should be striving toward.

Final Thoughts

Just because I don’t plan to have any of the top 5 dying regrets when my life comes to an end doesn’t mean that I am anywhere near finished when it comes to making sure that they aren’t regrets. I think that it takes constant vigilance to be true to yourself and to live a life the way that brings happiness and few regrets. One of the best reasons to get your finances in order is that doing so makes these challenges so much easier to accomplish so that you do have fewer regrets during life.

You now know the top 5 regrets for the vast majority of people as they near death. What are you going to do starting today to make sure that none of these are on your list?

just do it
(Photo courtesy of NatalieMaynor)