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dangling pointer posted:As someone who worker as a bartender before and clamed basically none of my cash tips I can't decide if this is GWM or bad. On one hand why would you not save your paycheck and use your cash tips for living expenses like everyone else in the service industry. In my opinion, this guy should contact a half-decent Accountant, and voluntarily begin a back-tax payment discussion with the IRS. Because from what I've been told ( anyone here can feel free to correct me), the IRS is more inclined to take it much easier on you if you come to them and volunteer to repay your taxes. Otherwise, if they catch you you're in for a world of hurt. I'm not sure HOW they would catch you in this type of scenario, but the tax man isn't someone who I'd want knocking on my door. Besides, keeping $100K in a safe is just foolish. Not only can the cash be stolen/lost in a house fire, but inflation is chipping away at it since this guy's earning 0% return on his savings. What good is $100K in savings if you can't spend/save any of it? melon cat fucked around with this message at 02:06 on Nov 3, 2015 |
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Nov 3, 2015 02:03
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Stacking $100k in untaxed money is GWM you goons
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Nov 3, 2015 04:18
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What about the cops and firemen and roads and food stamps and research and military and all that? Pretty Bad With Society.
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Nov 3, 2015 04:23
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District Selectman posted:Stacking $100k in untaxed money is GWM you goons Reporting the income and putting some or all of it in a tax advantaged index portfolio over the last 5-6 years would have been way BetterWM than putting unreported cash in your mattress
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Nov 3, 2015 04:25
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Vahakyla posted:What about the cops and firemen and roads and food stamps and research and military and all that? Pretty Bad With Society. Very little of tax money goes into the good parts of those things
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Nov 3, 2015 13:07
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BEHOLD: MY CAPE posted:Reporting the income and putting some or all of it in a tax advantaged index portfolio over the last 5-6 years would have been way BetterWM than putting unreported cash in your mattress His $100k would have been like $60-$70k had he paid taxes on it. He would have needed ~50% total returns to equal that, plus he wouldn't have access to it in an IRA type account. Who knows, maybe it would have worked out, someone can do the math. But this way he also gets to feel like Walter White! Yes I'm weight the monetary advantages/disadvantages of tax evasion.
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Nov 3, 2015 14:49
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District Selectman posted:His $100k would have been like $60-$70k had he paid taxes on it. He would have needed ~50% total returns to equal that, plus he wouldn't have access to it in an IRA type account. Who knows, maybe it would have worked out, someone can do the math. But this way he also gets to feel like Walter White! But in the case of an unexpected fire he could potentially lose $100k. I would rather have $60k that is mostly safe than $100k that could be seized by cops, caught in a fire or outright stolen in a break in.
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Nov 3, 2015 15:09
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Tax evasion has an incredible return on investment if you don't get caught Morally though, it's pretty lovely. Yeah, there's a lot of waste, but someone's gotta build the roads. And if you do get caught, that'll be enough to wipe out your gains and a lot more.
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Nov 3, 2015 15:09
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If wants that pile of cash to vanish, he should probably buy a horse.
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Nov 3, 2015 17:11
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Antifreeze Head posted:If wants that pile of cash to vanish, he should probably buy a horse. Get some horse equity
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Nov 3, 2015 17:16
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Dude should at least get a safety deposit box.
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Nov 3, 2015 17:32
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Despite reading this thread almost daily, I'm going on a date tonight with a girl that performs equestrian. I should add, she doesn't own any horses nor responsible for their upkeep. The horse owners have her ride for them.
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Nov 3, 2015 17:57
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nickutz posted:Despite reading this thread almost daily, I'm going on a date tonight with a girl that performs equestrian. Sounds like a free horse! That must be... Neutral With Money? All the good parts of horse and none of the upkeep, but exposure to horse people all day every day can't be a positive.
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Nov 3, 2015 18:05
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I can say with confidence, as a person who dated someone in the same situation, that she will be insanely good in bed and also batshit crazy if she treats the horses as anything more than a means to a paycheck. All horse people are the same.
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Nov 3, 2015 18:18
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Subjunctive posted:Dude should at least get a safety deposit box. still a bad idea, pretty sure they told me not to consider doing that when I recently signed up for one.
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Nov 3, 2015 18:45
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Not a Children posted:I can say with confidence, as a person who dated someone in the same situation, that she will be insanely good in bed and also batshit crazy if she treats the horses as anything more than a means to a paycheck. That's horse racist.
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Nov 3, 2015 19:23
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All horse people are not the same, though normal ones may be a rarity.
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Nov 3, 2015 19:44
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Speaking of horse people, my aunt recently purchased a hobby farm and I have no clue how she can afford it. Let me give you some backstory. She's been a horse person all her life, though she was only able to own one after she started her adult life in the mid 90s (her parents were smart enough to know what a money sink horses are). For a long time she was a wedding photographer, and a pretty successful one too, but due to burn out she has pretty much stopped doing it. Her husband does professional A/V setup for things like concerts and sports events as an independent contractor so he doesn't have the largest or most stable income and she was definitely the primary breadwinner while she was doing wedding photography. When she decided she didn't want to do wedding photography she decided instead to do horse photography, something I didn't even know was a thing. She does acknowledge that this career change has negatively impacted their income and to help compensate her husband started picking up work more regularly. If they had stayed in their house things probably would have been okay for them, even with their reduced income, but then she saw a hobby farm go up for sale nearby. I don't have too much insight into their thought process behind buying this place, I only found out when my mother (my aunt's sister) told me after they'd bought the place. One of the reasons I think my aunt wanted it was because then she wouldn't have to drive out of town to go see her horse (still the same one she bought in the 90s, now more than 20 years old). I think she might think it will also be good for her business in some way. I was also told that she planned on boarding a few horses at the farm to help pay for it (the farm alone cost $50k more than they sold their house for, let alone the increased maintenance costs). Fast forward to last week. My aunt invited the whole family up to see the new place. To be fair, everything went well and the place did seem nice and if that was the whole story I probably wouldn't be posting it here. So why am I posting? Well, it turns out both of the boarders who she was planning on keeping at her place dropped out at the last minute (go figure). Not only that but she was concerned her horse would get lonely by itself so she  bought another horse . I just... I don't even know how to react to that. They don't seem to be drowning yet, but I am extremely suspicious of how sustainable this will be in the long term. As long as she and her husband are happy, I guess.
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Nov 3, 2015 19:56
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Antifreeze Head posted:If wants that pile of cash to vanish, he should probably buy a horse. Once again, that's the only way to be good with money, until the feds catch you. http://www.huffingtonpost.com/news/rita-crundwell-horses/
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Nov 3, 2015 20:22
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Tomfoolery posted:Consumer Directed Healthcare Plans do have a visible effect on spending. For example, near the end of the calendar year medical expenses go up for people who've been holding off on medical care, passed their out of pocket maximums anyways and decide to go for broke. "Go for broke" meaning what, exactly? Just going to the doctor for fun? And I've got a CDHP with a OOP max that incentivizes me to do exactly that, so even in the world of "we actually have to service our patients with this money? ughhhh" it doesn't work.
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Nov 3, 2015 20:52
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Radbot posted:"Go for broke" meaning what, exactly? Just going to the doctor for fun? As an example, a friend of mine was up for some "important but not urgent" ACL surgery (i.e. "you don't have to do this now, but you'll have to do it eventually, and if you wait too long it will be very bad") which would have set him back about $13,000. After his wife and daughter both had issues pushing them past their maximum family out-of-pocket, his doctor coordinated with the hospital to make it to happen before the end of the year.
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Nov 3, 2015 21:01
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Yond Cassius posted:As an example, a friend of mine was up for some "important but not urgent" ACL surgery (i.e. "you don't have to do this now, but you'll have to do it eventually, and if you wait too long it will be very bad") which would have set him back about $13,000. After his wife and daughter both had issues pushing them past their maximum family out-of-pocket, his doctor coordinated with the hospital to make it to happen before the end of the year. So a person who needed an "important" surgery got helped, and CDHPs want to make sure this doesn't happen? I'm not seeing the "go for broke" here.
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Nov 3, 2015 21:16
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Radbot posted:So a person who needed an "important" surgery got helped, and CDHPs want to make sure this doesn't happen? I'm not seeing the "go for broke" here. Agreed, people rushing to try and get operated on during a time-limited couple of weeks at the end of the year due to BS requirements that have nothing to do with medical necessity or even what would be the best time for the person is a totally good outcome with no problems at all.
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Nov 3, 2015 22:21
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nickutz posted:Despite reading this thread almost daily, I'm going on a date tonight with a girl that performs equestrian.
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Nov 4, 2015 21:56
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Radbot posted:So a person who needed an "important" surgery got helped, and CDHPs want to make sure this doesn't happen? I'm not seeing the "go for broke" here. I don't think there's so much a problem with the "patient getting treatment" itself (though the insurance company probably disagrees), but the way it forces people to allocate their care gets really messed up. My friend had been putting that surgery off for years because of the large out-of-pocket it would have entailed otherwise. At the same time, hospitals get a lot of pressure on their resources towards the end of the year as people start hitting their caps or wanting to use their FSAs, and sometimes getting on that schedule just isn't viable; you get stuck either paying out the nose the next year or waiting for disaster to strike again.
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Nov 5, 2015 03:12
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Post your favorite nu-money tacky stories. I know someone invited to a one of her friend's birthday party, let's call her Jill. She and her husband both come from some money, but her husband has made a zillion dollars working in sales over the last 10 years. They own 3 houses, two of which they rent as investment properties. The house they live in is gigantic, and in a really nice neighborhood. They also just bought a rad ski boat and a truck to pull it with. I just want to make the point that they do not appear to be struggling. Many of the friends invited are people they knew from college or from early career, and nobody is even half as wealthy as they are. Jill's having her birthday party in a couple weeks. She's hosting it at her house, and is bringing in caterers and entertainment (a magician!). Big party in her big house, no kids allowed, fancy catering, etc. In her invitation and RSVP email she sent to all her friends, she's asking that if they RSVP that they pay $35 in the linked paypal account or bring cash. It's extra tacky because $35 is a lot of money to most of the guest list.
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Nov 5, 2015 19:10
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canyoneer posted:In her invitation and RSVP email she sent to all her friends, she's asking that if they RSVP that they pay $35 in the linked paypal account or bring cash. It's extra tacky because $35 is a lot of money to most of the guest list. Well you have her birthday gift already then.
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Nov 5, 2015 19:17
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I had a friend who was getting married. She sent out on Facebook that she was only inviting close family and friends to her wedding, which is cool, I respect that. She then went on to ask that everyone who was not invited just give her cash instead of gifts because she has student loans and other bills to pay. This might not be BWM, but me and everyone else that I know sent her exactly zero dollars because gently caress her.
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Nov 5, 2015 19:23
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Nocheez posted:I had a friend who was getting married. She sent out on Facebook that she was only inviting close family and friends to her wedding, which is cool, I respect that. She then went on to ask that everyone who was not invited just give her cash instead of gifts because she has student loans and other bills to pay. This might not be BWM, but me and everyone else that I know sent her exactly zero dollars because gently caress her. Send her money because no one else has debts to pay or any financial obligations.
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Nov 5, 2015 19:46
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Nocheez posted:I had a friend who was getting married. She sent out on Facebook that she was only inviting close family and friends to her wedding, which is cool, I respect that. She then went on to ask that everyone who was not invited just give her cash instead of gifts because she has student loans and other bills to pay. This might not be BWM, but me and everyone else that I know sent her exactly zero dollars because gently caress her. We had a friend do this. Specifically said any non-cash wedding gifts would be returned for money. I got her a monogrammed photo album.
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Nov 5, 2015 19:56
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Why would you say that out and out hahaha. If you're gonna return it for cash just do it on the DL.
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Nov 5, 2015 20:08
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Krispy Kareem posted:We had a friend do this. Specifically said any non-cash wedding gifts would be returned for money. I got her a monogrammed photo album. 
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Nov 5, 2015 20:08
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canyoneer posted:Post your favorite nu-money tacky stories.   EDIT: It comes up every so often here but there are entire cultures that shun wedding gifts and expect that the bride and groom get cash instead. Where I live, pretty much nobody registers unless they have family from elsewhere. Couples put "presentation" on the wedding invite and everyone knows you cut a cheque. Antifreeze Head fucked around with this message at 20:21 on Nov 5, 2015 |
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Nov 5, 2015 20:08
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Devian666 posted:Send her money because no one else has debts to pay or any financial obligations. I forgot to mention that this wasn't her first marriage. Also, specifically telling people they aren't invited to celebrate their marriage while simultaneously asking for cash is very low class. Gifts are supposed to be received gracefully, not with stipulations.
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Nov 5, 2015 21:55
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I know wedding chat is a little taboo in this thread but it sounds like you guys have never been to Asian weddings. Most everyone I know gives and receives money. On occasion, someone will give a gift, but its implied that the wedding gift is money for the couple.
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Nov 5, 2015 22:14
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I don't think it's tacky to give cash or to expect/hope for cash at a wedding, without even taking cultural tradition into it. It is, however, tacky to explicitly ask for it. Gifts shouldn't be demanded (even if they are culturally expected). It's tacky to show up at a wedding empty handed/not having given a gift or money, but it's also tacky for the bride and groom to call you out on it.
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Nov 5, 2015 22:25
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Shadowhand00 posted:I know wedding chat is a little taboo in this thread but it sounds like you guys have never been to Asian weddings. Most everyone I know gives and receives money. On occasion, someone will give a gift, but its implied that the wedding gift is money for the couple. Which is cool, but standard Western etiquette still dictates that one should never expect a gift for anything, therefore dictating what form that gift should take is super tacky. Granted, no one pays attention to this poo poo anymore, and I understand the reason for and mostly agree with the use of a registry, but some folks have forgotten the whole "you're not entitled to a gift" part of that equation. Yeah I read Miss Manners so what 
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Nov 5, 2015 22:27
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Aussie friends telling me I can afford property by getting an interest-only loan. Preeeeetty sure IO for your main property is bad with money.
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Nov 5, 2015 22:33
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When my sister got married she and her husband requested cash/gift cards. They both met when they were a little older and bot had fully decked out houses, so they didn't need anything. What they did need, however was money to do some renovations. They made a profit on their wedding.
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Nov 5, 2015 22:40
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CelestialScribe posted:Aussie friends telling me I can afford property by getting an interest-only loan. Yeah nah, mate, she'll be apples mate, you're buying the Aussie dream, cobber and your wage and your property value will only ever rise so why would you give the bank any more money early on, mate? You should also get a rental property as an investment mate, safe as houses, and set the rent real low so that you've got an even bigger impact from negative gearing, that's how that works, mate, it's free money, get (financially) rekt, oval office.
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Nov 5, 2015 22:45
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