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  1. #51
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    Quote Originally Posted by ptgatsby View Post
    Can't argue with logical statements that include all cases... however, it's rare enough that I'd assume that no one can.

    (Obviously exploiting information gaps, etc. does not apply. I'm talking tea leaves only.)
    Some people, myself included, read the pre-2008 tea leaves (and profited from it) pretty damn well.

  2. #52
    ^He pronks, too! Magic Poriferan's Avatar
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    Where I'm at, I don't see any reason to make more than $40k a year individually. From that point on I'd trade any additional income in for time (not that I will get such an option).
    Go to sleep, iguana.


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  3. #53
    Emperor/Dictator kyuuei's Avatar
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    Quote Originally Posted by OrangeAppled View Post
    I have a feeling we'd get along quite swimmingly if we were roommates.

    Where are you living?
    This is exactly what I thought.. Though, entirely unrelated, I posted this in the dishwasher thread. It's a dishwasher I'm going to get in my tiny house, because I loathe them that much.. It's about $200 new, but I'm negotiating with a guy on craigslist for a $75 used one currently.



    Just a thought! Someone's usually getting rid of the bigger portable ones on craigslist too and they're so easy to pick up and take with you!

    But let's give the kid a break He's young and dreaming of a big life.. and he can have it if he really does want it. I do believe that.. But this is one of those things where everyone says be careful what you wish for.. and the story just isn't fun and exciting if people listen to all the advice they're given.
    Kantgirl: Just say "I'm feminine and I'll punch anyone who says otherwise!"
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  4. #54
    pathwise dependent FDG's Avatar
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    Quote Originally Posted by DiscoBiscuit View Post
    The earlier you start, the less you have to save as a percentage of income.

    And compound interest. If you don't fuck it up and start young, there's no reason your Roth IRA can't be worth 7 million by the time you retire.

    To build an empire it helps to start young.
    Ok, yeah, if you want to become wealthy in a step-by-step fashion then surely it's much better if you start young (and you're also more likely to hit and ride a boom).
    ENTj 7-3-8 sx/sp

  5. #55
    pathwise dependent FDG's Avatar
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    Quote Originally Posted by OrangeAppled View Post
    I also advise having your own business which shows a LOSS. Write-off as much as you honestly can. Tie business up in everything. Out to eat? Talk about that business a bit. It doesn't matter if you have a job elsewhere. Always have a side business or two, and LOSE money on it. This comes in handy for making more & working less, because less is eaten by taxes. You can make less than someone with a higher income & live the same because you actually do bring home the same cash.
    Well technically this is fraud, lol (especially if you write off your own income as a "business expense" - which I don't think can be done either, tbh).
    ENTj 7-3-8 sx/sp

  6. #56
    Senior Member SensEye's Avatar
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    Quote Originally Posted by OptoGypsy View Post
    Housing: Build my own place: 3 Bedrooms, Kitchen, 2 Bathrooms, Laundry Room, Home Entertainment room: Cost $360,000 Break that down to 30 years, Each year= 12,000 Each Month: $1,000
    Dream on my friend, assuming you are planning to borrow most of that $360K it's going to cost you much more that $1K/month.

    Mortage Caluculator
    Loan amount $360,000.00
    Term 30 years
    Interest rate 6.250%
    Monthly payment $2,216.58
    Total payments $797,970.72
    Total interest $437,970.72

  7. #57
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    Quote Originally Posted by Zarathustra View Post
    Some people, myself included, read the pre-2008 tea leaves (and profited from it) pretty damn well.
    I was still in college, and not entirely in charge of my finances to do so unfortunately.

    I'm riding the shit out of the natural gas boom though, and a few other market sectors.

  8. #58

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    Depends on what makes you comfortable. A bottle of vodka is pretty cheap.

  9. #59
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    Quote Originally Posted by FDG View Post
    Well technically this is fraud, lol (especially if you write off your own income as a "business expense" - which I don't think can be done either, tbh).
    Tax deductions are a thing. I can deduct business expenses including food/entertainment and the gas (mileage on my car) used to get there.

    Now you have to be careful (cognizant of legal implications) when deducting this kind of stuff, but by no means is deducting a business lunch fraud.

    In fact depending on the structure of the side business, you can apply losses in the side business to the income from your main business. But that only occurs if your main business is of a similar nature to the side business. IE if you are a limited partner in an LLC for your side business, your main business (in order to deduct losses from taxable income) needs to also be an LLC.

    You can do the same thing with investment profits and losses up to $3000 I think.

    If you post more losses in a year than you are allowed to deduct, say $4000, you can roll that extra $1000 forward to the next year to deduct from future gains.

    It's interesting figuring out how most effectively to diminish ones tax burden.

  10. #60
    pathwise dependent FDG's Avatar
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    Quote Originally Posted by DiscoBiscuit View Post
    Tax deductions are a thing. I can deduct business expenses including food/entertainment and the gas (mileage on my car) used to get there.

    Now you have to be careful (cognizant of legal implications) when deducting this kind of stuff, but by no means is deducting a business lunch fraud.
    Setting up a business just as a way to deduct taxes from your primary income can indeed be a fraud, especially if you're making your business run at loss while you're pillaging its cash flow to finance your own living expense and the business ends up being bankrupt. Of course you can be good at if you're careful, if everything looks legal you may get away with it (until bankruptcy). I would still not recommend this strategy unless you have a real reason to start a business.

    It's interesting figuring out how most effectively to diminish ones tax burden.
    If you have a real business then I think it's cool to set everything up so that you can pay the lowest possible amount of taxes. Starting a business as a way to pay lower income taxes is a bit different and riskier.
    ENTj 7-3-8 sx/sp

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