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Post by Bob on Dec 29, 2020 16:19:07 GMT -6
Member when most of us got checks last spring and we went out to buy stuff? Member how lots of stuff sold out or skyrocketed in price? Member? if the $2,000 for 300M people happens, most of that cash will fall from the chopper at the same moment, to the tune of around maybe $400 billion of a $600 billion dollar winter stimulus thanks to the miracle of direct deposit, plus another few hundred billion in PPP as well. Will there be enough stuff to buy? Consider what these companies do for average sales in a month in Q1:
Q1 Monthly sales:
Walmart: $45 billion Amazon: $25 billion Ford: $12 billion GM: $10 billion Chevron: $10 billion Home Depot: $9 billion Proctor and Gamble: $6 billion Target: $6 billion Tyson: $4 billion Bestbuy: $3 billion Tesla: $2 billion Starbucks: $2 billion Polaris: $500 million
$124 billion dollars. That's what that list of companies does in revenue in one month. There's $400-$900 billion dollars getting injected in Q1. Who went out and bought TP and beef broth today?
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Post by Catscratch on Dec 29, 2020 17:40:26 GMT -6
Smart move would have been to buy $2k worth of .223 ammo and 10+ round mags a year ago and sell it this summer. I currently don't have what I call a surplus so that's out the window.
Might be a good time to watch Craigslist or Marketplace for stuff that got replaced. Jetski's, camera's, boats, dirtbikes, etc. Stuff that you don't need two of after buying the newest and greatest.
What will actually happen is it will go into the mortgage, an improvement to the house, or savings.
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Post by Sandbur on Dec 29, 2020 18:29:13 GMT -6
Smart move would have been to buy $2k worth of .223 ammo and 10+ round mags a year ago and sell it this summer. I currently don't have what I call a surplus so that's out the window. Might be a good time to watch Craigslist or Marketplace for stuff that got replaced. Jetski's, camera's, boats, dirtbikes, etc. Stuff that you don't need two of after buying the newest and greatest. [. And a cider press/ grinder.
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Post by smsmith on Dec 29, 2020 19:14:00 GMT -6
Another $4k in our household budget will likely just sit in the money market account for awhile. Maybe become vacation money for a month in FL in 2022...2021 FL trip is already paid for.
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Post by kooch on Dec 29, 2020 19:30:01 GMT -6
A fine problem to have is too much income to qualify.
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Post by nhmountains on Dec 30, 2020 6:58:57 GMT -6
A fine problem to have is too much income to qualify. Could you have a tree farm in northern Minnesota and write off all your trips north and expenses to manage it?
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Post by kooch on Dec 30, 2020 7:13:27 GMT -6
A fine problem to have is too much income to qualify. Could you have a tree farm in northern Minnesota and write off all your trips north and expenses to manage it? Not a bad question. I don’t know.
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Post by DoubleLiver on Dec 30, 2020 7:16:43 GMT -6
You can write anything off. Then worry about it if you get audited. If you get audited and have to pay tax on an extrx $5000 of income so be it. Get that tree farm going immediately if not sooner.s
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Post by nhmountains on Dec 30, 2020 7:25:21 GMT -6
Could you have a tree farm in northern Minnesota and write off all your trips north and expenses to manage it? Not a bad question. I don’t know. Or vacation rental? I’d talk to your accountant on possibilities for write offs for your property since that is where you’ve been putting your time in. Now I’ve owned my property for 12 years and traveled to it 45+ weeks a year and haven’t done that either. Lol
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Post by Sandbur on Dec 30, 2020 11:57:40 GMT -6
Not a bad question. I don’t know. Or vacation rental? I’d talk to your accountant on possibilities for write offs for your property since that is where you’ve been putting your time in. Now I’ve owned my property for 12 years and traveled to it 45+ weeks a year and haven’t done that either. Lol Start selling some firewood. I did it through college.
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Post by kooch on Dec 30, 2020 11:59:19 GMT -6
I can rent my place to SD. He can rent his place to me. We can write it all off as a business? I need to speak to my accountant.
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Post by honker on Dec 31, 2020 18:31:44 GMT -6
I get a couple hundred for selling hay and write off $20k in expenses. Farming is a tough gig.
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Post by kooch on Dec 31, 2020 19:21:34 GMT -6
If I ever buy that little SD farm and move out there I'm going to need to find myself a tax accountant that understands agriculture. I mean, I'll probably need some new equipment and a truck at a minimum, just to keep things rolling.
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Post by honker on Dec 31, 2020 19:28:26 GMT -6
If I ever buy that little SD farm and move out there I'm going to need to find myself a tax accountant that understands agriculture. I mean, I'll probably need some new equipment and a truck at a minimum, just to keep things rolling. I’ve got a good reference for you when you need it. Just the right level of flexibility
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Post by benmnwi on Dec 31, 2020 19:33:11 GMT -6
Your accountant won't be the one going to jail for tax evasion, so that's something to keep in mind as well!
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