Comments on: Found Money and the Prisoner’s Dilemma http://www.canajunfinances.com/2008/04/16/found-money-and-the-prisoners-dilemma/ Personal Finances and Consumer Concerns, essays, stories, examples and how to articles with a distinctly Canadian Point of View Mon, 13 Oct 2008 06:10:37 +0000 http://wordpress.org/?v=2.6.2 By: Canadian Personal Finance Blog » Blog Archive » Random Thoughts http://www.canajunfinances.com/2008/04/16/found-money-and-the-prisoners-dilemma/#comment-1483 Canadian Personal Finance Blog » Blog Archive » Random Thoughts Fri, 02 May 2008 10:46:59 +0000 http://www.canajunfinances.com/?p=870#comment-1483 [...] article on Found Money The Prisoner’s Dilemma was showcased in the Carnival of Financial [...] [...] article on Found Money The Prisoner’s Dilemma was showcased in the Carnival of Financial [...]

]]> By: AJC @ 7million7years http://www.canajunfinances.com/2008/04/16/found-money-and-the-prisoners-dilemma/#comment-1374 AJC @ 7million7years Fri, 18 Apr 2008 23:00:00 +0000 http://www.canajunfinances.com/?p=870#comment-1374 You're right ... compromise is required, but so are some upfront 'rules' to live by (i.e. follow the Rules, where there are some, and compromise on the rest). Two examples: 1. In the case that you outlined, there is a simple Rule: save (e.g. put it into the mortage) 50+% of any 'found money' and spend UP TO 50% ... money is to be saved AND enjoyed! 2. We just bought a new house and broke our own 20% Rule [ http://7million7years.com/2008/04/11/applying-the-20-rule-part-i-your-house/ ]; how will we fix: The compromise was that we could buy the house for cash (actually, we did) BUT we would subsequently use 50% of the equity to help fund other CONSERVATIVE long-term buy/hold investments (to be decided). A great post ... thanks for the opportunity to comment! AJC. You’re right … compromise is required, but so are some upfront ‘rules’ to live by (i.e. follow the Rules, where there are some, and compromise on the rest). Two examples:

1. In the case that you outlined, there is a simple Rule: save (e.g. put it into the mortage) 50+% of any ‘found money’ and spend UP TO 50% … money is to be saved AND enjoyed!

2. We just bought a new house and broke our own 20% Rule [ http://7million7years.com/2008/04/11/applying-the-20-rule-part-i-your-house/ ]; how will we fix:

The compromise was that we could buy the house for cash (actually, we did) BUT we would subsequently use 50% of the equity to help fund other CONSERVATIVE long-term buy/hold investments (to be decided).

A great post … thanks for the opportunity to comment! AJC.

]]> By: Rachel @ Master Your Card http://www.canajunfinances.com/2008/04/16/found-money-and-the-prisoners-dilemma/#comment-1365 Rachel @ Master Your Card Wed, 16 Apr 2008 14:15:45 +0000 http://www.canajunfinances.com/?p=870#comment-1365 It can be tricky - getting a fair compromise. I have managed to convince my husband that paying off our mortgage early is a good plan. I think once we do this we may not agree on what we do with our extra income as I think he already has a list of things he wants to buy. It can be tricky - getting a fair compromise. I have managed to convince my husband that paying off our mortgage early is a good plan. I think once we do this we may not agree on what we do with our extra income as I think he already has a list of things he wants to buy.

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