Buying 20 acres of recreational property in Trumbull County, Ohio was the best superfluousness purchase I ever made because it went from a burden on my cash resources to a long term cash cow.
In 2007 my finances were flourishing and it looked like it would never end so I decided to purchase a 20 acre recreational property that I really did not need. Then in the middle of 2011 my income took a turn for the worst and would have led to bankruptcy by late 2012 if it were not for BP and their passion to frack the Utica shale for wet gas in Trumbull county, Ohio. Signing that contract with the oil company to lease my mineral rights saved my life and my family from starving and potentially living in the street.
The bonus payment my family received in November of 2012 helped us buy a good used car because our other one just broke down, catch up our utility payments that were three months overdue, pay down back taxes and other debt that were past due, put long needed food back on the table, buy a new refrigerator and stove because our other ones were on their last days of use. The money was also used to send my wife to truck driving school because I wanted a backup income so I would never have to feel helpless again.
According to the landowners group my family used to sign the contract, the bonus payment is just the beginning and the real money will come from the royalties after they start drilling. However, I am not going to use that as a excuse to buy things I don’t need again. I did buy myself a new computer and a Playstation, but I figured that would save us money in the long term by having a source of at home entertainment for the family.
No more casinos, bars and high priced restaurants for this family every week. That’s a sure way to drain a bank account.
This experience has taught me a great deal about keeping savings for a rainy day and I am now using my experience in finances to help consumers at no cost to them at my website called Bad Credit MD. Hopefully I can educate the consumers on the importance of saving and help them by teaching about the importance of not spending money on extravagant items that they will have to pay back in the future. I wanted to pay it forward by helping people not get in the same situation I was in that almost led to my demise.
I keep hearing the bad that comes with fracking our natural resources, but I want people to know what good comes out it. In my opinion and from talking with other owners that live in the county, it saved them too. You will hear no complaints when you go to the diner in our county about large oil companies coming into town.
For those who own land in a potential fracking area and have not been contacted by interested parties that lease mineral rights, my advice to you would be to search the newspapers and internet for land groups in your area. Make sure you find out all the facts about the land group or oil company that you may be dealing with to get the best possible upfront bonus payment and long term royalty payments.