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Stock Market/Investing/Day Trading/Speculative Trading Thread

You guys worrying about inflation and crypto crashing and the stock market… couldn’t be me.

My wealth management is rock solid, I bought 4 unlimited ride passes to the Missouri State Fair in March for $80. Now? They are selling for $100.

I am the worlds greatest investor.
a-heart-of-gold.jpg
 
Jim14510 said:
Tbh I'd rather have less and not have to deal with IRS audits. You know we're going to get the biggest dumbasses with stupid questions.
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I had a client last week who was convinced there was some “loophole” (hate that word) that if he owned a certain amount of land he could call himself a “farm” and pay no taxes and get subsidies.


Worst part was he was a Surgeon so he thinks he knows everything. Took every bit of my patience to explain to this retard that’s not how it works.


The sweet spot of: upper middle class client who makes enough money that they want to avoid taxes but their tax liabilities are not remotely big enough to make it worth it. Example: this dude wanted to spend like $400,000 to start a “Farm” just so he could save like $20,000 a year in taxes. Tail wagging the dog.
 
God is a Husker said:
I had a client last week who was convinced there was some “loophole” (hate that word) that if he owned a certain amount of land he could call himself a “farm” and pay no taxes and get subsidies.


Worst part was he was a Surgeon so he thinks he knows everything. Took every bit of my patience to explain to this retard that’s not how it works.


The sweet spot of: upper middle class client who makes enough money that they want to avoid taxes but their tax liabilities are not remotely big enough to make it worth it. Example: this dude wanted to spend like $400,000 to start a “Farm” just so he could save like $20,000 a year in taxes. Tail wagging the dog.
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One of the best securities clients I ever had was an ophthalmologist down in Missouri. Told me that “MD” stands for “Money Dumb”.
 
Jay Bilzerian said:
One of the best securities clients I ever had was an ophthalmologist down in Missouri. Told me that “MD” stands for “Money Dumb”
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So true.

I had a doctor whose wife was just getting out of med school.

Him - should my wife even work because of taxes?

Me - you expect her to make 300k so you'll still have 200k more per year.

Him - so it will cost us 100k?

Me - no you'll be gaining 200k

Him - maybe I'll just have her stay home with the kids

Me - ok 200k less what you'd save in daycare.

Him - oh we'd still have daycare. Sounds like working isn't worth it for her.

Me
Arnold Schwarzenegger I Give Up GIF by Jerology
 
Jim14510 said:
So true.

I had a doctor whose wife was just getting out of med school.

Him - should my wife even work because of taxes?

Me - you expect her to make 300k so you'll still have 200k more per year.

Him - so it will cost us 100k?

Me - no you'll be gaining 200k

Him - maybe I'll just have her stay home with the kids

Me - ok 200k less what you'd save in daycare.

Him - oh we'd still have daycare. Sounds like working isn't worth it for her.

Me
Arnold Schwarzenegger I Give Up GIF by Jerology
Click to expand...


The amount of people who don’t understand how a progressive tax system works never ceases to amaze me.

Well educated people too.

For example, my same Surgeon client once complained that all of his income was taxed at 37%… I had to explain to him that no, it’s just every $1 you make over $647,000 is taxed at 37% if after all your deductions you even still have income over that number.

Imagine having so little awareness on how much money you make/have to not notice the difference. It would have been like $80,000 difference in his insane 37% flat tax world vs. our system.

Doesn’t matter if you’re rich or poor, the average American is an idiot when it comes to the tax code and they complain about the system even tho they benefit greatly from it.


PS: just for fun I sometimes tell my clients how much taxes they would roughly pay in Canada or the UK. Makes them appreciate the US of A real quick.
 
God is a Husker said:
The amount of people who don’t understand how a progressive tax system works never ceases to amaze me.

Well educated people too.

For example, my same Surgeon client once complained that all of his income was taxed at 37%… I had to explain to him that no, it’s just every $1 you make over $647,000 is taxed at 37% if after all your deductions you even still have income over that number.

Imagine having so little awareness on how much money you make/have to not notice the difference. It would have been like $80,000 difference in his insane 37% flat tax world vs. our system.

Doesn’t matter if you’re rich or poor, the average American is an idiot when it comes to the tax code and they complain about the system even tho they benefit greatly from it.


PS: just for fun I sometimes tell my clients how much taxes they would roughly pay in Canada or the UK. Makes them appreciate the US of A real quick.
Click to expand...
Now compare healthcare costs per capita
 
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