Post Your Wins

[disneysteve]

DD needed to add money to her iTunes account yesterday. I headed over to GiftcardGranny.com and got her a $50 card for 6.5% off face value, so only paid $46.75.

I really wish I had kept track of how much I've saved over the past few years buying discounted gift cards online. I'm sure the total is up to a few hundred dollars by now.

[GoodSteward]

I'm currently in Las Vegas.

The label has it right. You might have 1000$ but if you are gambling you have no cents.

[scfr]

In the midwest we have a problem with the Emerald Ash Borer bug killing all of the ash trees. There are standing dead and dying trees everywhere that nobody is doing much of anything about. I have a wood lot on the property and sold a bunch of mine to a saw mill for a nice $6500 win. Many of the neighbors ash trees will just rot and fall down.

Now that is an awesome win. Talk about making lemonade when life gives you lemons!

[bjl584]

In the midwest we have a problem with the Emerald Ash Borer bug killing all of the ash trees. There are standing dead and dying trees everywhere that nobody is doing much of anything about. I have a wood lot on the property and sold a bunch of mine to a saw mill for a nice $6500 win. Many of the neighbors ash trees will just rot and fall down.

We had the same thing happen here in PA.

We didn't sell any wood, but we have been able to get an almost endless supply of free firewood from people in the area the past few years.

[QuarterMillionMan]

Gambling takes discipline. It can be entertaining and sometimes profitable. If one has the means to gamble such as maxing out his 401(k) at $24,000 per year allowed by the IRS and maxing out his Roth IRA at $6500, has no debts, has almost 2 years of EF, and can afford to do so by not using rent money, blowing the food budget, or other necessities, and has budgeted for it, I say go for it such as in my case

On the other hand if someone is wagering money that they cannot afford to lose then it is a problem. I once heard a guy who said he was on SSI and he couldn't wait to receive his check to go to the casino. LMAO.

[TexasHusker]

True. I wasn't thinking along those lines. I was thinking more of all the folks who say, "I'm not paying off my mortgage because I'll lose the tax deduction."

That is so true. I got cornered by an Edward Jones rep today trying to get me to start "investing for retirement" in an IRA. I told him I tried that for 23 years and it didn't work, and that if I'm going to invest in someone's business, it will from now on be my own business.

He said "but you're missing out on the tax advantages of an IRA".

I replied "So I'm supposed to go back to buying suck-ass investments so I can save a few bucks on taxes? No thanks. I'll pay to Uncle Sam what is his and move on."

Buying investments for the primary purpose of reducing taxes is pretty whacked out.

[GoodSteward]

That is so true. I got cornered by an Edward Jones rep today trying to get me to start "investing for retirement" in an IRA. I told him I tried that for 23 years and it didn't work, and that if I'm going to invest in someone's business, it will from now on be my own business.

He said "but you're missing out on the tax advantages of an IRA".

I replied "So I'm supposed to go back to buying suck-ass investments so I can save a few bucks on taxes? No thanks. I'll pay to Uncle Sam what is his and move on."

Buying investments for the primary purpose of reducing taxes is pretty whacked out.

I know someone who had the money to buy a couple investment properties, but instead took out loans on both for tax savings. I felt really bad, but I wasn't going to try to tell her how to do her business.

[TexasHusker]

I know someone who had the money to buy a couple investment properties, but instead took out loans on both for tax savings. I felt really bad, but I wasn't going to try to tell her how to do her business.

Actually there's nothing wrong with that at all - it's called leverage and its how you get rich. Tax savings are often a side benefit.

My point was that tax savings should be a negligible component to one's investing strategy. It's the proverbial "tail wagging the dog" deal.

[GoodSteward]

Actually there's nothing wrong with that at all - it's called leverage and its how you get rich. Tax savings are often a side benefit.

My point was that tax savings should be a negligible component to one's investing strategy. It's the proverbial "tail wagging the dog" deal.

You get rich by spending twice as much in interest compared to what you may save on taxes? I have heard this argued before. Can you do the math on that one for me?

In this case, the point of financing was the tax savings.

[LivingAlmostLarge]

Most people buy property leveraged because they aren't willing to cash out their investments. Not because of the tax break. But rentals I think also get the depreciation factor. I'm not a landlord but so I've heard. There are reasons for everything.

[TexasHusker]

You get rich by spending twice as much in interest compared to what you may save on taxes? I have heard this argued before. Can you do the math on that one for me?

Absolutely!

In 2005 I purchased a home for $150K to rent out. But I only invested $30,000 of my own money and financed $120K for 30 years.

I averaged $240 per month positive cash flow over the 10 years I owned it, translating into $29,000 profit.

The renters paid down another $22,000 in principal on the note.

I then sold the house in April of this year for $173K, for a capital gain of $23,000.

So from a $30,000 investment in 2005, I made $74,000 in profit for my efforts.

Yes, I could have paid cash for the home, but my profit would have only increased by the interest that I paid - instead I bought some other properties n leverage the same way.

Someone point me to another investment where I can invest $30,000 and walk away with $104,000 in 10 years. That's the power of leverage.

[Thrif-t]

I won a $500 Visa Gift Card in June by entering a contest on FB for College Loans. When I got the email I won, I didn't believe it. I did all kinds of due diligence before I believed that email and contacted them to give them my address to send the gift card. But it was legit and we used it on vacation for meals out

[Tabs]

Hmm, I am a bit reluctant to post stuff like this, if only because many on this site are struggling, and financially-speaking, I am now doing really, really well. My cashflow is net-positive, budget is holding, car paid off, house paid off, and net worth is at a level where I would have never even dared imagine ten years ago....

I am at a point where my overall wins are to make sure nothing catastrophic happens. Having started from a point where my financial life (as well as personal life) did in fact crater when I first arrived here at SA, I am painfully aware that such event could happen again.

So, that's my financial goal right now. To keep trucking and make sure nothing else bad happens. No news is good news. But no news isn't all that exciting to report.

[creditcardfree]

Earned a $5 Amazon gift card from Swagbucks after doing a couple surveys. I did have some accumulated points from referrals that counted. That $5 gift card was used to pay for part of a birthday gift for my niece.

I also sold an item on eBay this week. I don't think I made much money on it, but it I like cash better than stuff taking up space in my house!

[kork13]

Not so much an event as a "win", as it is a milestone.... but I realized over the weekend that my wife & I (31 & 30y/o) just crossed over the $250k mark in our retirement accounts! ..... baby steps.....