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JUST FOUND OUT I WON MY BVA APPEAL SINCE 2017, NOW WHAT?


pctinc2001

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Glad it's over. Don't know the %'s just yet, but i hope it takes me to 100% schedular. I was at 80% unemployable.

Screenshot 2022-11-04 at 9.59.24 AM.png

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  • HadIt.com Elder

congratulations! -well, relatively. Im sure you'd rather be hale and healthy, but under the circumstances I am happy to hear it! 

Do something nice for you and yours, then stash the rest somewhere and forget you have it for awhile, if you can. If you don't follow the propensity to consume economic curve (gradually increasing spending to match new income-eco theory of how people act) you'll probably have some money stashed for 'oh shoot' moments. If you hit 100% p&t don't forget to ask your state/county about Tax exemptions for homestead and vehicles- that can add up. And CHAMP VA for your dependents, and DEA eligibility as well. 

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Congratulations! 

Broken, took a psych course in deviant behavior and we discussed the fact that as soon as the average person gets money, they spend money and for those that were lacking funds for quite some time they pretty much do some catching up and some to the point that it is gone before they knew it. Just look at the many lottery winners that end up broke. They never learned how to make new money work for them or to make new money turn into old money.

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  • HadIt.com Elder

Pretty much, yup. It can become generationally ingrained among lower income households, too, and because of pattern recognition the kids see and learn the same behaviors. Plus, the underlying psychological effects that linger even AFTER they may have 'gotten out' and done better for themselves than they had been growing up. 

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help me make old money! i need it lol i am paying bills and watching all my money dwindle away...im not going to have anything left to do anything fun with lol

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Yea, fortunately my father taught me about saving and investing back in 1970.  One very sound principal may well help.  

Example:  You get a retro check for $100,000.  (It similar with other amounts).  Dont spend it.  Invest it, instead, and spend the dividends (interest).  Keep your "principal" spend the interest.  

Your 100,000 will/should/can earn you "about" $600 to $1000 per month extra to live on indefinitely.  

There are conservative dividend paying stocks or ETF's which pay around 7 to 12 percent per year in dividends.  Many are paid quarterly, a few are paid monthly.  You probably should "not" have all your eggs in one basket but maybe 4 or 5 different (stocks/ETF's) probably in different industries, such as Oil and Gas, ETF's such as QYLD, and maybe one of your favorites.  

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47 minutes ago, broncovet said:

Yea, fortunately my father taught me about saving and investing back in 1970.  One very sound principal may well help.  

Example:  You get a retro check for $100,000.  (It similar with other amounts).  Dont spend it.  Invest it, instead, and spend the dividends (interest).  Keep your "principal" spend the interest.  

Your 100,000 will/should/can earn you "about" $600 to $1000 per month extra to live on indefinitely.  

There are conservative dividend paying stocks or ETF's which pay around 7 to 12 percent per year in dividends.  Many are paid quarterly, a few are paid monthly.  You probably should "not" have all your eggs in one basket but maybe 4 or 5 different (stocks/ETF's) probably in different industries, such as Oil and Gas, ETF's such as QYLD, and maybe one of your favorites.  

Good advice.. I payed off bills and still have it in the bank.  The VA still owes me back pay going back to 1993 and 1982.  Passably 1977 depending on how the court does there decision.

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The 

14 hours ago, blahsaysme2u said:

help me make old money! I need it lol I am paying bills and watching all my money dwindle away...Im not going to have anything left to do anything fun with lol

The two main things about making money are investments and budgets. We can find investments through our banks, but we have to learn not to spend all our money.  Sure, we get a surplus in our retroactive pay or back pay but we have to learn that that money should be used for some type of investments. Yes, we should pay our bills but make sure we pay ourselves. Lump sums and back pays don’t happen that often, so we have to treat them special. There is a major difference between needs and wants. We need/want a new car, but we still owe on our current car, so we trade it in without paying off our old car which we tact on extra payments by not paying off our old car. Pay off the old car and use that money to lower the cost of the new car even before you buy the new car. Live within your means, set a monthly budget and try to stick to it. It is fine to go over it every now and then but keep to your budget and invest wisely.

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  • HadIt.com Elder

No truer words have been said to think about needs and wants.  Wants are unlimited while needs are finite.  You don't have to be smart to be a good investor.  Just some simple rules to follow: Invest in what you know is a good one.

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Exactly.  Some, if not most, is self discipline.  Being able to say, "no" (to expensive overpriced stuf) is necessary, no matter how large the retro check is.  

And, the secret sauce?  "Small drops of water fill the pond".  So, dont piss it away "just because its only 4 bucks".  Instead my father taught me that each dollar is a "worker" in your employ.  There job is to earn you a dime each year.  If you fire them, well they cant produce.  

So, be real cautious of "killing the goose which lays the golden eggs", because you wont get any more eggs.  

Understanding the "rule of 72" and the magic of compound interest helps.  The rule of 72 tells you how many years it takes to double.  

Example:  I get 12 percent interest.  Divide it "into" 72 and get 6.  Thus my investment doubles in 6 years at 12 percent.  

Of course, the best time to start saving and investing is when you are a child, but its never to late to get smart and prepare for a better future.  

 

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all solid advice guys-i was going to post more in addition to this but thought against it in respect for OP.

this is way off topic of OP so i moved this to separate question
 

 

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