The expression that titles this blog has at least two different meanings. First, it could mean you have some sort of a cash windfall, so losing it would be less painful than if you earned the money doing hard labor. Second, it could mean that you have already exceeded expectations, so even if you don\u2019t win in the current situation, it\u2019s not so bad. An example of the second meaning was heard in the first round of the football playoffs between the Tampa Bay Buccaneers and the Philadelphia Eagles. It was said that nobody expected the Bucs to even make the playoffs, so they were playing with house money.<\/p>\n\n\n\n
In both meanings, the word \u201chouse\u201d refers to a casino — at least originally. <\/p>\n\n\n\n
Although the phrase is fairly common and is understood by most adults, I think it is based on an entirely false understanding of what \u201chouse money\u201d really is. The fact that this expression is used so frequently means that most people think of \u201chouse money\u201d incorrectly.<\/p>\n\n\n\n
Let\u2019s say there\u2019s a casino drawing and the winner receives $50,000 in cash. Lo and behold, this time you are the lucky winner! Congratulations! <\/p>\n\n\n\n
Now, after you\u2019ve won the drawing, does the fifty grand belong to you or the casino? I think it belongs to you. Whatever your wealth\/bankroll was before the drawing, it\u2019s now $50,000 greater. <\/p>\n\n\n\n
If you\u2019re a multimillionaire, the extra money is nice, but doesn\u2019t change your fiscal priorities very much. If you are struggling financially, that much money can literally be life-changing.<\/p>\n\n\n\n
Of those for whom the money is life-changing, it\u2019s prudent to think twice on what you wish to do with these funds. Seeking advice from an advisor might be a good idea. <\/p>\n\n\n\n
There are tax considerations to this win. If you want to think of this as $35,000 after taxes, it\u2019s probably smarter than thinking of it as $50,000. It\u2019s easy to spend however much you have in front of you, but next April 15, Uncle Sam will still be waiting with his hand out. Not preparing for that is an expensive mistake.<\/p>\n\n\n\n
It may well be that a new car is highest on your list of current needs, but just because you have $50,000 in your pocket doesn\u2019t mean you need to get a vehicle with all the bells and whistles. This $50,000 windfall is usually a one-time event. Helping yourself solve two or three financial problems is usually better than just solving one.<\/p>\n\n\n\n
Calling the windfall \u201chouse money\u201d takes away from recognizing the importance of making the correct decision. It\u2019s your money and you only have one life. Make the most of it!<\/p>\n\n\n\n
I heard a funny story recently — supposedly true. It\u2019s not exactly in line with what this column is about — but I have some extra space so here goes:<\/p>\n\n\n\n
A famous poker player won a $1,000,000 prize at a tournament. He was asked what he was going to do with the money.<\/p>\n\n\n\n
\u201cWell, I have some people I owe money to. I\u2019ll pay them off.\u201d<\/p>\n\n\n\n
\u201cBut what about the rest?\u201d<\/p>\n\n\n\n
\u201cThey\u2019ll just have to wait.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The expression that titles this blog has at least two different meanings. First, it could mean you have some sort of a cash windfall, so losing it would be less painful than if you earned the money doing hard labor. Second, it could mean that you have already exceeded expectations, so even if you don\u2019t […]<\/p>\n","protected":false},"author":15763,"featured_media":843442,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[558,557],"tags":[561,585],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.lasvegasadvisor.com\/shop\/wp-content\/uploads\/2023\/09\/spinach-2.png?fit=500%2C300&ssl=1","_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/852692"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/users\/15763"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/comments?post=852692"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/852692\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media\/843442"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=852692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=852692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=852692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}