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What to spend new TSLA wealth on (out of main)

Discussion in 'TSLA Investor Discussions' started by SpaceCash, Feb 20, 2020.

  1. SpaceCash

    SpaceCash Intergalactic Planetary, Planetary Intergalactic

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    Everything is going super fantastic and, as even that one bearish analcyst admitted, there are no major plausible negative events that can really happen anytime soon. We're gonna bust 1000 by next week and we're gonna keep going. There is some psychological effect here where the (relatively, compared to the last few years) high price actually legitimizes higher prices in the mind of more basic, amateur investors. This thing is gonna snowball in a big way.
    @StealthP3D I've really been taking a lot of your advice to heart lately, decided to live a little with some of these outrageous profits and I bought a motorcycle today straight cash. I gotta have SOMETHING to haul around in my Cybertruck right?

    I'm super optimistic, you really can't get me down at this point
    Screenshot_2020-02-20-16-26-02~2.png
     
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  2. pz1975

    pz1975 Supporting Member

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    I feel like such a dork. I used some of my recent TSLA profits to completely pay off my med school loans. I thought that was pretty cool...until I read you bought a motorcycle.
     
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  3. tslagreen

    tslagreen Member

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    Just upgraded my 2015 Model S to Long Range Model S. Can't wait to pick it up!
     
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  4. InDaClub

    InDaClub Member

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    That better be electric!
     
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  5. SpaceCash

    SpaceCash Intergalactic Planetary, Planetary Intergalactic

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    I wish! Elon is already on record saying he'll never do a motorcycle though :confused:
     
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  6. JRP3

    JRP3 Hyperactive Member

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  7. Artful Dodger

    Artful Dodger Supportive Mentor

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    OT
    If only you'd have asked! The new Zero SR/S just came out days ago...

     
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  8. StealthP3D

    StealthP3D Well-Known Member

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    It looks like you used your glove to hide the gas filler cap! And is that an ignition key I see there? How quaint! ;)

    I have four of those I need to get rid of. Three of them have desmodromic 1000cc V-twin engines. Two of them were so quick the only thing that could beat them was another sporting street bike or an exotic car pushing 7 figures and getting around 10-17 MPG.

    Now that my lowly Stealth Performance Model 3 can beat them, and do it at a lower cost, they are not so compelling. Also, I noticed the engines put out a lot of heat which is not so welcome on a warm day. Where is all that heat coming from? :confused: Oh, that's right, it has one of those old-fashioned combustion engines.

    OK, enough ribbing! Congrats! Now it's time to spend another $1-2K on a padded mesh protective suit and some rider skills classes. We wouldn't want to lose our most bullish and reckless member! Those are two traits that don't go well with riding a powerful street bike. You get away with it until you don't! I never thought I would live past 29, but here I am! o_O

    Had Elon not almost died on a motorcycle, I might have a Tesla motorcycle by now.
     
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  9. keydiver

    keydiver Supporting Member

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    I've considered that too, but I love my color too much. If they would only bring back Titanium Metallic.
     
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  10. mickificki

    mickificki Member

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    I dream of a day where almost all cars are autonomous and we can ride bikes with almost zero worry...
     
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  11. MTL_HABS1909

    MTL_HABS1909 Member

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    That’s what wraps are for ;)
     
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  12. elasalle

    elasalle driVIN(188xx) it !!

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    buy a Virgin Galactic ticket :)
     
  13. eloder

    eloder Active Member

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    My mid-range and EAP/FSD package was pretty much purchased for <15k thanks to a combination of the tax credit, a lucky January call, and the amount I sold from TSLA for a large down payment.

    Unfortunately this means I'll probably be more open to upgrading unnecessarily in the future, since I won't have a car payment. Crap.

    Otherwise it's all going right back to a combination of Tesla and more diversified but risky plays.
     
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  14. adesai

    adesai Supporting Member

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    I've already donated $10k over a few years span thanks to earnings. Plan to add to that total with another $2-3k in 2020.
     
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  15. cbh03

    cbh03 Member

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    I'm very late to the game, but I'm hoping to snowball my current TSLA holdings (plus a few successful option plays) into a new Roadster.
     
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  16. Nocturnal

    Nocturnal Supporting Member

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    I haven't purchased anything really, but just my trading account has essentially paid off my 3 and my future CT.

    I'm 100% buying a roadster 2 when stock hits the 4-6k range.

    lol nerd ;)

    I love driving, but it would be nice to not worry about my kids getting hit in the street or t-boned in an intersection by a drunk driver.
     
  17. ggr

    ggr Expert in Dunning-Kruger Effect!

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    I/we have donated a lot to various charities over the last 8 years.

    On the good side: there is a perfectly legal tax break for donating long-term appreciated stock. Basically you get the full credit for the value of the donated stock, but don't ever pay the Long Term Capital Gains tax that would have been owing if you sold it.

    On the bad side: If we hadn't donated it all a few years ago, we'd have had a lot more to give now. It's a quality problem.
     
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  18. adesai

    adesai Supporting Member

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    Cool - I didn't know that at all. I'll look into the tax break! I'm hoping to make an annualized contribution to various charities going forward, but not sure if that's the right strategy or if a large lump sum is the better option. Thanks!
     
  19. ggr

    ggr Expert in Dunning-Kruger Effect!

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    Here's a letter I wrote for a Not-For-Profit I'm on the board of. Of course I am neither an accountant nor a tax lawyer, and it's a bit California-specific about the tax rates, but you can judge how it might apply to you.


    Suppose for a moment that you want to give some money to your favorite 501c3 (that is, tax deductible) charity. For sake of argument and easy calculation, let’s say $1000. Let’s also assume that you make enough money that you’re in the top tax bracket, live in California, and have some of it invested in stocks, and that you itemize your deductions. The IRS encourages people to give to charities, to the extent that they allow you to deduct that donation from your taxable income. So next year, when you file your taxes, the IRS/FTB will actually give you back about $505*1 of that money. They actually paid more to your charity than you did!

    But that $1000 had to come from somewhere. If you take it out of your work pay cheque, the IRS already deducted the same amount, so really when the dust settles it just means you paid your tax to the charity instead of the IRS and California. A more worthy cause, anyway.

    If you have stocks that you’ve held for more than one year, and sell them to raise the money, the profits from the sale are deemed Long Term Capital Gains, and are taxed at a lower rate (20%). At this point I need to use a concrete example. At the end of 2012 I bought some Intel stock for about $20 per share. Last week (2016 when I originally wrote this) Intel was about $33 per share. If I sell 30 of these shares of Intel, I raise $990 cash to give to ... errr, ummm, charity. Of that money, some of it is just my own capital back, but $13 per share is profit: that’s $390 profit taxed at about 27%, call it $105 tax. So you’ve paid a lot less tax, but the IRS still lets you deduct the whole amount for the full benefit.

    So far everything I have said about the tax you pay is just standard. But the IRS likes charities and has an even better benefit. If I just give the stock directly to the charity, without selling it first, the charity will send me a letter saying that the value of the stock was $990, and I still get to deduct that whole amount from next year’s income. But I never sold the stock, and don’t owe any capital gains tax! So I’m $105 better off than selling the stock and then donating the money. In case you’re wondering, this is perfectly legitimate and was the intent of the law. In fact, the 2017 tax law just increased the amount of charitable donations you’re allowed to deduct to 60% of your total income.*2

    My example of Intel is fine enough, but if you happen to have some 20 year old vintage Qualcomm in your portfolio, the advantage to you of giving the stock instead of cash becomes huge. Basically the more profit you are sitting on in the stock, the better off you are donating rather than selling. If you didn’t make a profit on the stock, though, you are conversely better off selling it to take the capital loss as a deduction too.

    Donating stock is a little bit more of a hassle than just writing a cheque, but the development staff of the charity will happily help you with the numbers you need. Then just fax a form to your stockbroker, and it will happen. It usually takes a week or two, so don’t wait to do it at the end of December.

    *1 Approximate numbers based on current (2017 after the Tax Cuts and Jobs Act) tax rates, including CA state tax. I am not an accountant.

    *2 I guess that’s because it mostly affects rich people. Sorry, can’t help but snark.
     
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  20. LN1_Casey

    LN1_Casey Draco dormiens nunquam titillandus

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    Ironically, I'll be possibly selling my motorcycle (Harley street) to pay for my Tesla. ;) With my TSLA gains, that'll allow me to keep some stocks to mature a bit after I purchase my Model S.

    IDK, though, maybe I'll spend the excess on a solar roof. I know it'd improve the value of my home. :p
     
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