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Being about the real world, does not mean that it is very well connected to the real world.
I think maybe some people get turned off by all the terms, numbers etc, but economics at the base is connected to the real world. If it wasn't nobody would hire economist. But perhaps given that you haven't studied the subject you should suspend your judgment of it until you know more?
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In my limited experiences talking with economists; it has been my observation that while they tend to have profound 'understanding's of the market, they seldom have a large Net Worth.
Huh? I'm not sure why their net worth is being mentioned. Perhaps you are thinking that all people do in economists is study the financial markets. There is a big difference between finance and economics. Economics is about all interactions we do as agents in the world. The financial markets are just a part of the subject. I would say most economists would be more interested in talking about why popcorn is so expensive at the movies vs which way the Dow is going to move this week.
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I once experienced an economist grad student 'in my face' insisting that I should dump my portfolio and put it into mutual funds.
This leads me to believe what I said above is true, you are thinking of finance not economics. Getting a Ph.d in economists does not make you an expert in personal finance, unless of course you focused on that topic.
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before market prices would finally effect my profit margin.
No all it would take is another person in your community that is willing to do it for less.
I think maybe some people get turned off by all the terms, numbers etc, but economics at the base is connected to the real world. If it wasn't nobody would hire economist. But perhaps given that you haven't studied the subject you should suspend your judgment of it until you know more?
So nobody without a degree in PolySci can have an opinion of politicians?
LOL
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... Huh? I'm not sure why their net worth is being mentioned. Perhaps you are thinking that all people do in economists is study the financial markets. There is a big difference between finance and economics. Economics is about all interactions we do as agents in the world. The financial markets are just a part of the subject. I would say most economists would be more interested in talking about why popcorn is so expensive at the movies vs which way the Dow is going to move this week.
And yet economists insist on telling folks how to invest.
You admit that you know nothing about investments, and yet, ...
forest, I love you ya know....but the tax man is going to get your heirs.
My dad shared many of your "theories" about taxation. Unfortunately, the IRS agreed with few of them after his death. Long story short, the estate took an IRS hit of over $2 million not counting legal fees.
I hope you appreciate us taxpaying suckers every month as you cash your military pension....
Uncle WILL settle up with you eventually....but like my dad, I guess it's easier to take post-mortem.
forest, I love you ya know....but the tax man is going to get your heirs.
My dad shared many of your "theories" about taxation. Unfortunately, the IRS agreed with few of them after his death. Long story short, the estate took an IRS hit of over $2 million not counting legal fees.
I hope you appreciate us taxpaying suckers every month as you cash your military pension....
Uncle WILL settle up with you eventually....but like my dad, I guess it's easier to take post-mortem.
Ouch was he never audited?
We have been through three audits. It has been my understanding that generally once they finish an audit the books are closed on that year.
And yes, I do appreciate American tax-payers. Tax-payers provide like 40% of the National budget, so 40cents of every pension dollar that I get comes from you guys. Thank you.
I have not paid money into that system since 1983, but thankfully someone does it.
We have been through three audits. It has been my understanding that generally once they finish an audit the books are closed on that year.
And yes, I do appreciate American tax-payers. Tax-payers provide like 40% of the National budget, so 40cents of every pension dollar that I get comes from you guys. Thank you.
I have not paid money into that system since 1983, but thankfully someone does it.
Thank you
Just watch what you say around those friendly "non farmers" in the 3/4 ton panel trucks. They may not be who they seem.
I have a marina owner buddy who never imagined that his drunken bottom painter was an IRS agent.
Just watch what you say around those friendly "non farmers" in the 3/4 ton panel trucks. They may not be who they seem.
I'd be afraid of the new laws they come up with to figure out how to take property away from people who worked their whole life for it. If you worked for it, you are entitled to keep it. By the way, the government produces nothing. Why they get all our money is one the biggest scams along with Wall Street, organized religion and Carrot Top.
Just watch what you say around those friendly "non farmers" in the 3/4 ton panel trucks. They may not be who they seem.
I have a marina owner buddy who never imagined that his drunken bottom painter was an IRS agent.
Dunno if you followed what FBK does/is doing. He is probably meeting every letter of every law. Geeezzz. He was a nuke sub guy. He probably can tell if you his shoelaces are left over right or vice versa. And how many buttons are on his shirt -- Both without looking.
He would not be talking this stuff on here if any of it were wrong, and put through his own "declassification" system. Probably his wife is laughing about this, too. Sorry to keep talking about you all rather than to you.
The technique is to not cheat the system, but beat the system. If there is no At-the-end-of-year Net Profit across All the businesses he runs, there is no tax on the Income due, as there is no net income. Totally legit. Just stays below the threshold for taxable income.
Before anyone starts the "you can only show a loss 2 out of 5 years . . . yada, yada, yada . . . That applies to where folks are disappearing a conventional employment based income into a hobby. That is not what FBK is doing. Each year he looks ahead at the set of businesses, and spends into some and gets money from others to combine it all into a less than taxable income.
I watched farmers do this back in the day. The common technique was to spend in one year, and get the income (sale of grain) in the next. That way they could expand the business and never have taxes due. Some guys would "roll" their money forward for 10 to 20 years and retire with a million dollars sitting out in front of them, with the farm fully paid for, and then pull it back a little every year. Totally within the law -- just takes good bookkeeping.
Always be fully honest and open with the IRS. Never ever lie to them.
Do your research and each time you try something different [which we generally try a new twist each year], we keep the pub which explains how to do that. I put thumb tabs on the pages, so I can flip the pub open to the exact page, and we highlight the critical portions.
It has been our experience when talking with an auditor, that you explain your understanding of a passage and have it open in front of you documenting where you got that understanding. And even if he 'dis-allows' the write-off every other day; he can't 'dis-allow' when you have the pub open and a full understanding of what you are doing. He will call the switchboard to find which cubicle focuses specifically on that facet, and he will then speak with the IRS' expert on that topic. He may have previously dis-allowed a hundred returns with that same write-off, but without the documentation in front of him, he would have never had cause to speak with that expert previously.
We were encouraged to talk with IRS auditors in this fashion, each time that we attended the IRS' VITA classes. Auditors explaining how to work the tax system.
Also keep in mind that multiple sets of books are okay too. That was really my hardest issue to get over.
Starting with one set of numbers; ten different accountants could each put together a set of books fully documenting what you are doing, and each set of books could be entirely different. Each set of books could be entirely correct too. And so it is with tax filing.
My Dw tends to have most of our taxes pretty much done by November. Of course she will wait until January / February to get all of the official copies of forms from banks and employers, etc. She will go through our filing, multiple times, trying different things with each filing, re-checking the pubs. Each time trying to see if she can get the big picture to come out better. Before she finally agrees to send it in.
To us this is how we keep our tax obligation below the 'exempt' line, and it is one facet of how we are still prospering even though faced with rising prices.
So you think that I can raise my prices for freerange eggs a bit?
Right now I have been getting $3/dozen, how about $3.50/dozen?
They run loose in the forest following my goats, feeding themselves all summer. One month of egg sales pays for the entire winter of feed bills. The rest is profit.
Maybe I should hatch some more chickens, increase my flock.
Honey prices are already going up
Maple syrup is going up too
Darn I do hate this economy
It just keeps making me more profits.
sounds like someone needs a bit of competition!
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