How many of you save anything?

[andrasnm]

Steve,

My wife is an enrolled agent(tax) and would be CPA candidate....
You were missing my point - in bad times taxes can kill you if you have some medical or other expenses due to some event unforeseen.
I have been running my own business for 17 years and I know many others who got a problem with the IRS due to poor cash management issues. Traders can befall into this very easily...

Quote from steve46:

I pay taxes on my business's earned income like any other businessman. I have no other business so I pay quarterly estimated taxes. I suggest you see a good accountant if you have questions.

Steve

 

[steve46]

Yes, i did misunderstand your comment, sorry

I agree with you. You really do have to plan both your business structure and tax status well in advance. I guess I have been lucky in that respect.

Thanks for pointing that out to me.

Steve

 

[Cheese]

Well first off you must have legal tax avoidance in place. You need a modicum of starting capital.

And next you do not withdraw from your capital and gains. This is the one big difference that makes the difference. 'Trading for a living' as it is humorously called is a treadmill .. most often it leads to the end of your trading prospects. The only professional reason to be in the market is to make a killing and to keep doing it day in and day out. You capital growth has an increasing position size to match.

 

[risktaker]

Save?

Hell, I just spent $95K on a new red Viper!

Check it out!

http://www.vidilife.com/index.cfm?f...gramIDCryp=1398BB66-F93A-4ED6-8E32-F&action=1

 

[PitchBlack]

Quote from risktaker:

Save?

Hell, I just spent $95K on a new red Viper!

Check it out!

http://www.vidilife.com/index.cfm?f...gramIDCryp=1398BB66-F93A-4ED6-8E32-F&action=1

I can save money this month because i kept my Porsche in 1 piece on the same track.


http://video.google.com/videoplay?docid=4032398102613055271&q=porsche

 

[Bitstream]

saving is a drug for me and highly addictive too.

 

[risktaker]

Damn! That guy is good.

Quote from spike500:

I can save money this month because i kept my Porsche in 1 piece on the same track.


http://video.google.com/videoplay?docid=4032398102613055271&q=porsche

 

[Free Thinker]

Quote from spike500:

I can save money this month because i kept my Porsche in 1 piece on the same track.


http://video.google.com/videoplay?docid=4032398102613055271&q=porsche

man thats a rush. i used to race and i can tell you there is noting like the rush you get from putting a car to its limits.
it doesnt look to safe for the spectators though.

 

[PitchBlack]

Quote from risktaker:

Damn! That guy is good.

Yes, i know i'm good.

 

[Free Thinker]

Quote from Cheese:

Well first off you must have legal tax avoidance in place. You need a modicum of starting capital.

And next you do not withdraw from your capital and gains. This is the one big difference that makes the difference. 'Trading for a living' as it is humorously called is a treadmill .. most often it leads to the end of your trading prospects. The only professional reason to be in the market is to make a killing and to keep doing it day in and day out. You capital growth has an increasing position size to match.

dam, i have been trading for a living in the market over ten years now. i didnt even know i was doing it all wrong. thanks for telling me.