Do friends and relatives view you as a piggy bank now?

Just like we read about lottery winners having to deal with people wanting money. Has anyone experienced that with your new found gas/oil wealth? I'm dealing with that right now. They try to put you on a guilt trip while justifying (in their mind) why they are entitled to some of your "easy money". 

Views: 3941

▶ Reply to This

Replies to This Discussion

Permalink Reply by Bill Barnaby on June 7, 2015 at 3:02pm

"easy money" O&G and hitting the lottery are two different things. Lottery you spend $1 and have it given to you, most of the big money makers have worked hard lives with their land. Also, the lottery you win basically a minimum of 4 or 5 million (and way more). We have no idea how much these gas wells will pay out. 

If those folks like yourself start handing money over, next thing you know the money is gone(Not saying you're handing money out, I was just grouping the more fortunate mineral owners)..

Permalink Reply by Curt Sommers on June 7, 2015 at 3:14pm
I try to keep my mouth shut. But if someone asks me if "are they drilling up at your camp?", then I won't lie. But as of now no one asked for money. I don't want to feel I am bragging to tell friends/relatives that they are drilling the Marcellus shale on our property.
Permalink Reply by Martha Ann Murray on June 7, 2015 at 5:05pm

You sound like a smart man, Curt. 

I have some acreage in Greene County, but I've been failrly patient for the last 5 years, waiting, waiting, waiting for the drilling to begin.

Permalink Reply by Martha Ann Murray on June 7, 2015 at 5:07pm

oops

Permalink Reply by Tim Tarr on June 7, 2015 at 6:12pm
Hell, didn't have a lease and they were trying. For that matter been spending it to fix up the place so won't need anything done for 50 years. Than the man wants his due. Ever since went into production that bank account keeps going down. This last Tax year killed the joy.
Permalink Reply by Frank Walker on June 8, 2015 at 12:45am

Curt:

+1

Permalink Reply by Mickgyver on June 7, 2015 at 5:05pm

Zack it is sad that the relatives come out of the woodwork when they want to help you spend your new found wealth ,but it is easy to remember how many times they could have  just called to see how you are doing .I am sure you will have the wisdom to help those that really need you . I only have a small amount of property  in belmont county not far from the first good gulfport wells that were drilled . I hope I can be fortunate enough to gain enough if a future well is drilled near me  just to help my little 6 year old grandson as much as I can as we found  his near  future is uncertain after a trip to the  Cleveland Clinic . Besides making your life more comfortable  these are the special things some good fortune could be used wisely for that could make a difference in someones life and I feel if we can make a little difference while we are here that is all that is important .It is a shame that too many are willing to try to be your best friend only when they can profit from it rather that just to appreciate you for who you are . Many of the farmers have struggled for years just to keep their head above water and this new gas development will make them have  a little better retirement .I hope that some of the other workers affected by this new gas drilling will have enough time to transition into other good employment so they can maintain a good future for their families as well . Best Wishes with your future  .

Permalink Reply by mark on June 7, 2015 at 10:39pm

mick giver
very well said kudo's, Ron hale posted on another thread some where money brings out the absolute worst in people and; it seems painfully true from the above comments even without a well being drilled around our property the family seems to think we sleep on a bed of ben franklins  human nature I guess SAD human nature best of luck

Permalink Reply by Mickgyver on June 8, 2015 at 11:05am

 Yes you are so right about some folks thinking you have had something handed to you even without a well being drilled . It is hard for some to understand that even though some people were blessed with a small windfall ,a lot of the reason this money was able to be acquired was  because of the fact that the past property taxes and payments were made for many years before the leasing began . I know I figured a friends property lease and starting with $5000 per acre .minus the applicable taxes and the abnormally high tax filing bill ,they ended up with about $60 per acre per month for the remaining 5 year lease term . I would believe that a decent laying piece of property being properly tended by a  good farmer could actually make more than $60 per month per acre just from the crop they could raise .

I hope when the development gets going good, that they establish the way the local tax base is collected and distributed to the proper channels to benefit displaced workers with re-education and contribute to upgrading the schools to allow our future (the children ) to be better for the long haul by giving educational opportunities for them to learn how to make the drilling methods safer and to learn to use all of the products from the extracted oil and gas to make our country as strong as we used to be. If we can maintain the future drilling and not depend on our oil supply coming from overseas this will be one of the greatest blessing we could have . As long as we are careful enough and don't let the dollar signs displace our common sense to sign away too much of our property rights to foreign entities ,our pride will shine through again as the America we need to pass on to our children which will show respect for those that fought and gave us the rights and freedoms we still have . We still are very fortunate since many other areas take control of the minerals for their own government use. With best regards to all that may be affected one way or another by what the future holds .

0ym9x5ag7ury2Permalink Reply by 0ym9x5ag7ury2 on June 8, 2015 at 3:40am

Zack,

     I've had no problem with relatives, but the people I have had to hire to do the few things in life I can't do, due to government restrictions (handle home AC freon, we can still charge our vehicles without being certified) or lack of equipment like a backhoe (A $35 per hour job was changed to $125 after a 17 hour 90 foot trench was completed, but I hurt them so bad legally that they gave me back what they called an OVERCHARGE. I called it THEFT).

You have to watch anyone you invite to your home to do work. You need a contract that specifies what is to be done and for how much, no verbal contracts even though they are legal in Ohio. It tales a lot of time to put together evidence and notify the authorities, file 1099s to the state and IRS for amounts stolen/paid out over $600.

One AC man had just had heart surgery so he interviewed me while putting freon in my unit then charged me $300 plus for a half hour of work since he figured I could help pay his hospital bills.

I have had a dislike for contractors for some time, but it's a dislike they have well earned by betraying my trust for a dollar.

Permalink Reply by jb379 on June 9, 2015 at 3:47am

True friends would be happy for you...just my 2 cents.

Permalink Reply by Middlesex Resident on June 9, 2015 at 4:25am

Haven't had anyone try to borrow money from me but have found out who are true friends and those that are not. Have been told about some pretty nasty comments that were made by "friends" about the money my family received from gas lease and pipeline. It's been very interesting. I have cut off contact with these "friends" and I am not losing sleep over it.

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service