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/biz/ - Business & Finance

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8599192 No.8599192 [Reply] [Original]

>Canada teen wins $1000 a week for life on 18th birthday
>Choice between C$1m or earning $1,000 a week for life
>Had to consult financial adviser because too stupid to make the choice
>"I want to study photography. One of my dreams would be to work for National Geographic"

lmfao

http://www.bbc.com/news/world-us-canada-43561379

>> No.8599232

>C$1m ($780,000; £550,000)

>> No.8599265

>op unironically thinks 1million in cash is a better choice than
holy shit why are there so many high time preference niggers on /biz/ now?

>> No.8599277

>>8599265
Are you fucking stupid? I said she had to consult someone, because it wasn't immediately obvious to her what the better choice was (which the 1000 obviously is).

>> No.8599286

$780 a week is comfy neet money

id take that too

>> No.8599288

She will still fuck it up somehow

>> No.8599303

>>8599265
>He unironically thinks it's better to get a (((promise)))) to 1k a week which will not be adjusted for inflation than it is to get 1million in your hand RIGHT NOW which you can easily invest to get comfy gains nearing 1k a week and still retain the flexibility to liquidate when a good investment opportunity comes up (eg: during the next market crash)
>the absolute state

>> No.8599345

yes, you will get more money
1) IF you live past 38
2)BUT will loose the chance to invest or to have a house pre 20 and work for mere pleasure
what i mean: 1000 per week it's the best only if u don't know how to manage money

>> No.8599347

>>8599265
>I don’t understand the time value of money, the post

>> No.8599350
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8599350

1000 dollars a week is the obvious option however there are other issues here.... what if the lotto company becomes bankrupt? What if the dollar collapses and thus deflates all currencies causing 1000 Canadian dollars the equivalent of 100?
If all stays the same for 60 years than you are correct, however thereally are scenarios where the 1 mil is a smarter choice....
I also wonder what type of returns you could receive by holding in a high interest savings fund or certain investment's.

>> No.8599353
File: 23 KB, 653x566, 1515783093875.png [View same] [iqdb] [saucenao] [google]
8599353

>a "promise" to get inflationary unstable ready for a crash currency
>taking anything but everything right now

>> No.8599369

>>8599192
>4 weeks a months 12 months
50k year
20 years for a mil
INFLATION
haha that bitch dun goofed

>> No.8599371

>>8599350
You also have to consider taxes

>> No.8599372

>takes one million
>puts it into link
>3 million link
>worth 300 million within 2 years.
>worth 3 billion within 5 years

>> No.8599374

>>8599350
>I also wonder what type of returns
Agreed. The leaf got raked

>> No.8599375

>take 1 million
>take half and annuities and other half as lump sum
>invest lump sum in indexes
>now you're making ton of cash

>> No.8599382

>>8599350
Exactly. I woulda gone for the $1M straight up

>> No.8599400

>>8599303
This, /thread

Biz is 99% retards who believe they have above average intelligence because they browse some obscure asian cartoon board. Y'all are gonna die poor, a considerable chunk of you will commit suicide

>> No.8599404

>>8599192
How much of that $1M would've been lost to (((taxes)))?

>> No.8599414

>>8599303
yup

>> No.8599425

>>8599404
Around 40%

>> No.8599431

>>8599303
agreed

>> No.8599446

>>8599350
When has a lottery company ever gone bankrupt? Any time there's a big jackpot or a good winning story like this one it drives up sales.

She would have to not expect to live her current age plus a year to come out ahead.

You take the lump sum and you waste it on garbage and everyone coming out of the woodwork and wind up worse off than you started.

>>8599353
>>8599369
If that level of inflation happened, having the million now wouldn't do shit because whatever you bought with it wouldn't be sustainable later on. Look at the people who "won" home makeovers so lavish they couldn't afford the higher utility bills and property taxes and had to sell.

>> No.8599463

>>8599277
no it isnt, with1MM you can buy 2 big houses, and rent them for 2K/month for life, and sell those houses after 5 years and repeat with a 3rd house

>> No.8599465

>taking the 1k over the 1m
Op you're such a dumb faggot

>> No.8599482

>>8599404
Nothing, we have exceptions for windfall winnings here as they aren't considered income. Interest is still taxed but she could max out her RRSPs and TFSAs to counter most of that as well, since TFSA earnings are post-tax and RRSP contributions get you a refund on your tax return.

>> No.8599500

>>8599265
Brainlet haahahabahahahab

>> No.8599511

>>8599347
agreed but an 18-year-old girl that is a negative trait

>> No.8599524

>>8599371
lottery winnings are not taxable in Canada

>> No.8599525

>>8599463
So you want her to spend a million dollars now, plus property taxes and upkeep and insurance so in a few years she can pay capital gains tax and hope the market hasn't shit the bed and the do it again, for $4000 a month if they are continually rented...

Or she could literally just take $4000 a month like she did and do nothing else for it and get it every month for the actual rest of her life.

>> No.8599526

>>8599465
"But I will live longer than another 19 years so the $1000 a week works out more in the long run"

Fucking retard. If you wouldn't take $1M now, you don't belong on /biz/. Also consulting a financial advisor is a good move, make sure he's Jewish then strongly consider doing the opposite of what he says. My financial advisor just told me to remortgage my house to fix the interest rate. Fuck that, now I'm free to make overpayments and reduce the capital debt much faster.

>> No.8599535

>>8599465
This

>> No.8599545

I'd take the 1 million and trade it for something that actually has value.

>> No.8599551

>>8599192
She was actually smart to consult a financial advisor and discuss all the options to find what suited her best.
I cant believe you'd be shitting on an 18yr girl with no experience, taking professional advice.

Personally id take the money up front, but thats because id wager on making quicker profits myself with the capital. She doesnt want to mess with that stuff so its a comfy income of 1k a week instead.

>> No.8599563

>>8599277
Op you need to learn the ways

>> No.8599580

>>8599500
>>8599347
>>8599303
hello brainlets, i see you don't understand the time value of money

>> No.8599587

>>8599192
>"stupid"
She absolutely made the right choice. I mean personally I'd have taken the C$1m and put it 50/50 into hrhr investments/safe investments but she made the smart safe choice particularly for someone her age.

$1k guaranteed per week for life is a safety net which makes otherwise typically stupid girl ambitions like "I want to study photography" fair enough.

>> No.8599600

If you take the $1m then you have 19 years to turn it into a sustainable passive income source that gives you over $1k a month.

>> No.8599607
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8599607

>take 1M
>all in link

>> No.8599626

Chads take the 1M and invest it wisely, Soy's take the 1K and live moderately

>> No.8599630

>>8599600
99% of the retards here on /biz/ would piss it away on retarded shit like women, cars and drugs

Just look at the catalog for proof.

>> No.8599633

>what is inflation
if she only knew about shitcoins
she could make tens of millions with a little luck

>> No.8599638

>>8599192
I would've taken the 1M and then I would've put 925k in REQ and then I would take a 2 year NEET-hiatus

>> No.8599649

1 mil in index fund for 8% compounded annually is 80k+ yearly

>> No.8599689

>>8599649
Implying you'll ever find more than 2%

>> No.8599702

>>8599265

1m now invested at 5% a year is 50k pa, throw in that if the company doing this goes insolvent in 10 years, you're fucked. Realized gains are the shit.

>> No.8599746

>>8599303
Good luck getting that through the taxman. Your 1MM will become 500k quickly enough.

Anons have a point though when it comes to reinvesting. Also forgot about inflation.

>> No.8599756

>>8599192
I'm always worried that the companies for these things will make sure you don't live too long

>> No.8599767

>>8599702
>throw in that if the company doing this goes insolvent in 10 years, y
lottery is run by the government in canada retarded brainlet

>> No.8599775

>>8599767
>implying canada won't be annexed by 2028

>> No.8599792

>>8599775
nice meme

>> No.8599796

>>8599746
No taxes on winnings in Canada.
Hell, if I go to Vegas and win, I get a little slip of paper when they give me my money and later they send me a cheque for the tax they had to take on-site because they can't verify at time of pay out.

>> No.8599799

>>8599746
She's in Canada so no taxes on this. Can none of you fucking burgers read?

>> No.8599815 [DELETED] 

>get 1MM now
>lotto winnings are tax free in canada so you get the whole 1 mil
>even if you earn just 1.2% interest p.a. you will make more than $1000/mo for the rest of your life
>(((financial adviser))) still advises going with the $1000/mo for life

I can't even. If she were a Syrian refugee would she have gotten better advice? Explain yourselves, leafs.

>> No.8599850

>>8599350
>>8599353

yall niggers changed my mind around, legit

>> No.8599873

>>8599580
just give it up, anon. you're a 105. many people here are much smarter than you. you should try to learn from them rather than get angry

$1M invested at 3% yearly ROI = extra $30k per year = extra $2.5k per month

>> No.8599879

>>8599446
>>If that level of inflation happened, having the million now wouldn't do shit because whatever you bought with it wouldn't be sustainable later on. Look at the people who "won" home makeovers so lavish they couldn't afford the higher utility bills and property taxes and had to sell.

a fucking grand a week won't be shit 10 years from now. it'll be closer to $480 a week at the rate we're going.

compared to a million?

look retards

a million in a CD account is like 6% per annum. That's $60,000 right there which is already more than the $52,000 she is already earning.

Here's the kicker tho. Taxes. Of that $1 mil, she's looking at maybe like $650,000 if she's lucky. seeing this is the UK it could be even higher.

a grand a week could really only count as salary or individual income and would be taxed at a much more fair rate.

adjusted for taxes, a grand a week maybe the right play. but for the most part, any man worth his grit would take the mil and invest it into long term gains and come out better.

>> No.8599890

The "for life" is just marketing. It is payments for 25 years.

>> No.8599896

>>8599796

oh shit yeah, then the 1MM upfront is the better play.

Here the deal niggers. as a dumb young woman, she's far, far, far better off with the grand a week. knowing she could fuck it up in a million different ways.

>> No.8599898

>>8599350
You'd get taxed out the asshole on any reasonable gains since $1mm is far beyond the limits of any tax exempt accounts.

Taking the drip feed allows you to slowly funnel it through channels that either don't get taxed on gains or get you a rebate against your income taxes, and lotto winnings themselves here are tax free.

Even if you invested it all and then moved it into registered accounts over time you'd be paying capital gains every time you did.

>> No.8599910

>>8599630
>Not Spending the $1000 on a new brapper every week

>> No.8599935

>>8599879
A grand a week now may be worth $500 intended years but she will still be getting a grand of ten year's from now money every week in ten years. A million now would only be $500,000 in ten years, less if her investments go bad or the housing bubble pops.

Once again for the slow Americans here:

CANADIANS DO NOT EVER PAY TAXES ON WINDFALL WINNINGS.
THIS IS NOW AND WILL ALWAYS BE COMPLETELY TAX FREE MONEY REGARDLESS OF HOW SHE GETS IT.

Interest on winnings IS taxed so investing a lump sum brings a higher tax burden.

>> No.8599936
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8599936

>>8599369
>4 weeks a months 12 months
>50k year
everyone is right, the stupid bitch shouldve taken the million.
even if it was 500k itd still be better to take the money up front

>> No.8599971

>>8599369
>>8599936
There are 52 weeks in a year.

>> No.8599998

>>8599890
I'd check the contract or terms to make sure it actually is life.

Anyway 1m into s&p would of been the best choice. Even just putting 500k into term deposit or bonds and the other 500k into s&p would still be better than taking 1k a week.

Australia also isn't taxed on windfalls but with the weekly thing I'm pretty sure that's taxable as its defined on the tax website that a windfall is once off not regular payments.

>> No.8600051

>>8599265
Holy shit, just because niggers can't handle money doesn't mean having the cash now is not the best move you can make. I could get the $1MM immediately, invest it and make $1k a week off that almost passively.

>> No.8600106

>>8599873
>many people here are much smarter than you. y
this board is full of literal brainlets such as yourself, what are you talking about?

>> No.8600204

>>8599935
>A grand a week now may be worth $500 intended years but she will still be getting a grand of ten year's from now money every week in ten years. A million now would only be $500,000 in ten years
Plz leave

>> No.8600337

Fuk i legit thought there were smart ppl on here. You idiots choosing the $1k will never make it in crypto.

I currently have $2mil in crypto from 6 months ago peak was 5mil. If you cant answer this question easily you should give up crypto.

>> No.8600358

>>8599746
did you even read the article?
>the absolute state of /biz/

>> No.8600398

>>8599192
>Get $1000 a week
>Get loan of a million dollars
>Make investments while paying it off

>> No.8600536

>>8600337

WTF why didn't you cash out? What is your end game?

>> No.8600556

>>8600337

1,000 a week u can live in a rich city p comfy honestly...

>> No.8600571

>>8600337
what are you talking about, you absolute brainlet? taking $1k weekly gives the best returns in the long-term

>> No.8600641

1k a week is a good choice, nothing is stopping you investing with it and it's stable income. I can imagine how you retards would make that 1 mil into 20k trying to daytrade your chuck e cheese tokens.

>> No.8600693
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8600693

>>8599192
>mfw neets here take the 1 million and gamble it all away on crypto

>> No.8600702

>>8600536
maybe because he has 1k dollar only invested and is just bullshitting?

>> No.8600819

>>8599265
1
—
x

>> No.8600983
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8600983

The obvious choice is 1m now but we are talking about 1m in the hands of a woman. They can't even spell investment. I can see it lost in dumb ways. Most parents would still be satisfied knowing their daughter has guaranteed minimum income for the next decade or two.

>> No.8601069

Lmao @ all these 1k a week brainlets. Is it a meme now to act fking retarded on /biz/ or is this the reason why half of u fkers literally have no chance to make it besides crypto

>> No.8601123

>>8599192
dumb bitch wants to work for national geographic. i seriously hope she gets gang raped by a pack of wild niggers and pajeets.

>> No.8601137

>>8600571
No it doesn't. I didn't read the article but I'm gonna assume no tax on the 1m as there is no tax on windfalls in most countries.

>shove 500k into a bond or term deposit 3%. That's 15k
>500k into s&p or any managed fund which invests in the top companies in the world, will vary in growth but for last last 3 years was 8-13% so 40k a year minimum
>55k total minimum but would probably be more and if you put the full 1m into s&p you are even better off but it poses more risk.

There is tax on lottery payments that aren't once off payments in Australia I imagine other countries may be similar. So tax argument isn't valid in either circumstance.

The 1k is only the better if you think you'll waste the money instead of investing it smartly

>> No.8601140
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8601140

>>8600983
as opposite to all the smart people on biz

>> No.8601159

>>8599400
this

>> No.8601167

if its not adjusted for inflation take the 1m

>> No.8601178

>>8599551
>Fiat currency in 50 years
>Comfy
Pick one

>> No.8601210

>>8601178
I pick FIAT

Reason:I have my own company and I am rising up my prices every year pretty much between 5 to 10% and since the last 6 years my company is still growing.

I guess if you area wage cuck then yeah FIAT isn't the best thing but if you are owning your own company its much more easy with FIAT.

>> No.8601219

>>8601069
Consider the age group of people here tho.

When you frame the question 1m or 1k for life, most young people just assume 1k will roll into your account like magic. No, it's a company that pays you out. If the company goes under so does your magical 1k/week payments. How can anyone assume the company won't be outcompeted or bankrupt? Then you have to worry about central bankers diminishing your purchasing power. I'd take the 1m even if the 1k/week was guaranteed by the state.

Besides what does 1k a week buy you anymore? That shit might have been great in the 90s. Now in current year you can live like a NEET in your parents' basement or live alone in low cost of living area, maybe overseas in a developing nation. You can't raise a family on that today with how expensive it is. With the 1m, at least you have a decent chance.

A (((friend))) told me that you can't retire off 1m anymore. I was shocked when he uttered it to me but the kike was absolutely correct. You need 2m now and I'm guessing in 15 years you'll need double that.

>> No.8601242

I don't think you guys take in consideration that 1 mil up front will fuck you with taxes.

>> No.8601248

>>8599277
$1000 a week for life is $52k a year. That’s it, done.

$1,000,000 is $1,000,000. A decent rental yeild will be about 5% a year, plus about 5% appreciation a year. So you’re earning $50k the first year, 52.5k the 2nd year, 55.125k the 3rd year. This is more than $1000 a week on the 2nd year.

>> No.8601262 [DELETED] 

>>8601219
>> 8599756
>>8599350
Lotteries are done by the government in Canada and it's tax free.

>> No.8601271

>>8600337
noone is going to make it in crypto you filthy pajeet. and good one about having 2m, i bet you dont even have 2k you fucking brainlet kys

>> No.8601275

>>8601262
send me a link on how to start living in canada, gimme tax free lotteries goddamnit.

>> No.8601280

>>8601219
>>8599756
>>8599350
Lotteries are done by the government in Canada and it's tax free.

>> No.8601311

>>8601275
https://www.gamingpost.ca/canadian-lottery-news/canadian-rules-for-winnings-taxes-and-lottery-support-for-american-players/amp/

>> No.8601317
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8601317

>>8601275
>ever playing the lottery

>> No.8601335

>>8601280
According to article it says she chose 1k CAD / week because it was tax free as opposed to the 1m because the latter is taxed.

>> No.8601356

>>8599192
Obviously 1 mill now > 1000$ a week for life
Fucking retarded
It would take almost 20 years to get to 1 mill at 1000$ a week, also that's not with adjusted inflation, if you bring inflation in you may never break to 1 mill today

>> No.8601374 [DELETED] 

God damnit /biz/.
http://www.ultimatecalculators.com/present_value_perpetuity_calculator.html

>> No.8601405

>>8601356
And as anons pointed out, you can immediately invest the 1M for further gains.

>> No.8601412 [DELETED] 

https://www.wallstreetmojo.com/perpetuity-formula/

>> No.8601413

>>8599192
......$12,000 per year.
You'd need to live 84 years just to get the $1,000,000 in cash. And even if taxes take a huge chunk of that, you'd still need like $50 years. And that's not considering the interest and growth of your million.

Fuck all the trolls in this thread $1,000,000 is the better choice.

>> No.8601423
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8601423

>>8601317
I did a test the other day. I bought 8x $5 scratch-offs for $40, game had 1:3.74 odds. I won every 4th ticket for $5 each, lost $30. Literally a scam, never doing it again but I HAD to know after reading a tutorial online about how to win scratch-offs being to:

1. Only play at low-traffic stores because there are only so many winners per roll
2. Chances are literal, 1 in 4
3. Lottery is a fool's game confirmed

>> No.8601424

>>8601413
oh per week. I'm fucking retarded. Nevermind.

>> No.8601436

>>8601413
its 1k PER WEEK

>> No.8601453

>>8601436
I would unironically take it per week just so I wouldn't buy stupid shit. I know of several lottery winners (20-50k) that just bought stupid shit, drugs, new car etc and was broke right after.

>> No.8601478

>>8601374
Except it's not a perpetuity, I don't think the rights to reserve 1K per week are transferred the moment she dies.

Suppose she lives 70 years and and the IRR is 5%:

http://www.wolframalpha.com/input/?i=52,000+*+(1+-+(1+%2B+.05)%5E-70)%2F.05

Guess what, the present value is 1 Million 500 USD

>> No.8601482

>>8601413
Nice 1st grade math skills

>> No.8601495

>>8599400
Most accurate post in this thread.

>> No.8601921

This very post is a testament on why /biz/ is full of dumbasses.

>> No.8602226

Probably the 1m. Assuming no inflation the break-even is about 20 years out, but in the real world that is of course a lot of inflation. You could also just put the 1m into a safe investment vehicle and get about 50k a year.

>> No.8602269

>>8599898
Even if it was taxed 50% it would take a decade to get 500k. And that would be when she's 28. Money now is worth far more because it can be invested. She could buy a house, or throw a dart at a crypto and make money.

>> No.8602291

U guys are dumb
1m taxed at 40% vs 52k * 50 years taxed at 15%

You do the math dummies

>> No.8602317

>>8602291
Inflation nigga

>> No.8602324

>be roasty
>Have life on literal easy mode
>Have everything in life given to you on a silver platter
>Win lottery making your already easy life even easier
Life is so unfair. I hope she gets murdered.

>> No.8602383

I'd take the $1000 a week. Fuck it, it'd feel like I'm winning every god damn week.

>> No.8602691

>>8599873

this also - what the hell guarantees you get the 1000 CAD / month in 5 - 25 years from now? nothing ... nothing

>> No.8602738

>>8602291

wins should be tax exempt in most places in the west you idiot

>> No.8602868

>/biz/ doesnt know a dollar today is worth more than a dollar tomorrow

>> No.8603717

>>8599192
Are you all fucking retarded.

Take the 1M, invest in an index fund. With a mere return of 10% year, you get roughly $2000 per week. With the compounding interest, you will be good by the time you hit 30.

Jesus christ, please help them.

>> No.8603733

>>8603717
Not only that, but you get fucked because obviously they don't account for inflation.


What a bunch of retards

>> No.8603738
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8603738

>>8599192
Yeah but if she only lives 70 more years that's only $7000 total she maked

>> No.8603750
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8603750

>>8603717
>guaranteed 10% a year investment
You're a retard larping underage piece of shit.
Please KYS immediately.

>> No.8603770

>>8603750
The risk engineering does make it converge to 10% overall bitch

Doesn't mean you locally get 10% everytime, not getting 10% overall is a tail event though

retard

>> No.8603886

>>8599463
With 4k guaranteed income a month, she'll have no trouble getting loans to buy rental properties.

It's always hilarious to watch you little boys get all mad at someone else and their money, I can smell the jealousy coming off you like stink off shit.

And, the article, which none of you read, said she took the weekly, because it's tax free. I'd rather take tax free, than hand over 30-40% of it to the government.

I'm just curious, my understanding was Canadians don't get taxed at all, unless it's a US lottery, then they have to pay US taxes. But, it doesn't matter - good for her. She has nothing to worry about, for a good long time. She can go to college, not work, and can afford the camera gear now. And, any bank will gladly offer her loans, car loans, and other lines of credit with guaranteed income. She won.

Now back to your get rich quick schemes, little boys. She's out of your league now.

>> No.8603941

>>8599935
She can invest 1k a month at a zero cost average. And any interest or gains won't be taxed, if she lumps sums, she pays taxes on gains.

Jesus fuck, how none of you can see that, is beyond me.

Oh, that's right, you're all a bunch of mealy mouthed little faggots who would throw it all into a shitcoin like Link and lose it all.

>> No.8604046

>>8603886
>rental properties.

Is this 1950? Are you ok grand-pa?

In the age of the SP500, you are a retard to think that returns on real-estate are superior to capital returns.

Even more so if you live in a G7 country (i.e you're not a pajeet) since there is a crackdown on real-estate (locks up capital, space).

> And any interest or gains won't be taxed

Go read a book cocksucker, we live in an era where everyone with a penny is chasing yield... and what you offer is buying fucking rental properties.

You literal baboon.

>> No.8604098

>>8599463
>only in Canada
>real state about to crash
lfmao

>> No.8604107

Holy fuck people are still arguing about this? 1 million now is a way better deal than the 1k a week in perpetuity. Why?
Forget about time value of money. Forget about tax. Forget about family pressuring you for a piece. Just think of it this way.
Will you put your fate in the hands of some company and trust they will just keep handing you 1k a week? Or
Do you want to control your own destiny with 1million sweetbux in your hand RIGHT NOW.
I know what I would choose
>the absolute state of /biz/

>> No.8604150

>>8604046
So angry. So angry, didn't bother to read the post I was responding to, that was talking about using the lump sum to buy properties, not that it's my idea.

Angry little man. LOL. Are you gonna stamp your little foot at me now?

>> No.8604165

>>8604107
>Thinks the Canadian lottery is a company backed lottery

Never change, 4chan, never change.

>> No.8604183
File: 3.76 MB, 3628x6760, jailfu.jpg [View same] [iqdb] [saucenao] [google]
8604183

Hard mode scenario for you smart guys: I am a NEET. I lucked into (with hard work) what is now worth $103k in ETH this year. At its peak it was worth over 200k but I stupidly thought it would go up forever.

Now I realize that living in a modest paid off home in my local area may be a far better option than holding this volatile shit. The cheapest non-beater house I see is listed for $65k. It's clearly a fixer upper but it's also very nice and doesn't appear to have major issues.

Should I cash out now, pay my 40% effective tax rate (fuck!), attempt to buy a cheap house, and be relatively set? I can easily get a minimum wage job and make up the utilities and even rent out the second bedroom. I could AirBnB it or whatever to help with bills. I assume property tax will run me a few thousand a year, and maintenance and improvements will cost something.

What are the downsides?

Or should I stay in crypto and pray?
Or is there another option?

Pic unrelated but fun.

>> No.8604187

>>8599400
/thread

>> No.8604290

>>8604165
>thinking the Canadian state will last another decade

>> No.8604441

>>8604183
Assuming you aren't American I wouldn't even pay tax. Just localethereum that shit. Also, you don't pay tax on fiat gains it's usually profit you made by disposal each time you sold your crypto for something else. Just buy gold with bitcoin then sell the gold. Done.

>> No.8604445

>>8604441
>Assuming you aren't American I wouldn't even pay tax. Just localethereum that shit. Also, you don't pay tax on fiat gains it's usually profit you made by disposal each time you sold your crypto for something else. Just buy gold with bitcoin then sell the gold. Done.
I can't buy a house with greenbacks lol

>> No.8604478
File: 317 KB, 1440x1278, 311BAC68-1DE5-46D6-98E3-3EDB8DB9EF01.jpg [View same] [iqdb] [saucenao] [google]
8604478

>Take the $1 Million
>Invest in small market cap shitcoin
>Manipulate the shit out of the price
>Make $50 Million

>> No.8604484

>>8604445
Where are these 65k houses? Also why can't you buy with cash? The only reason banks are involved is because people need loans to afford houses that are priced ridiculously at 600k-1m. You can can buy a house with cash and a lawyer.

>> No.8604511

>>8604484
>Where are these 65k houses? Also why can't you buy with cash? The only reason banks are involved is because people need loans to afford houses that are priced ridiculously at 600k-1m. You can can buy a house with cash and a lawyer.

What do you propose? I deposit a huge chunk of cash into an account and I get a SAR and CTR filed. Now the IRS knows random NEET with no money somehow has a shit ton moving through. Even if I'm smart and don't do that, I can't just roll up with a pile of cash and pay someone for their house lmao. Best case scenario is they actually take what looks like drug money and deposit it and now a CTR is filed with THEIR bank and if they get audited it points to me and now I'm under scrutiny yet again.

So tl;dr would love to hear your proposal but I don't think I can actually buy a house in actual cash

>> No.8604520

>>8604484
>>8604511
>Where are these 65k houses?

Midwestern USA, it's a tiny <1000 sqft home but it's in a working/middle class white area with little to no chance of the neighborhood going downhill

>> No.8604562

Cash definitely. Crypto teached me that you should always realize your profits.

>> No.8604624

>>8599192
> lotto company goes out of business
> can't continue paying her
> girl realises trusting them to pay her every week instead of just taking the lump sum all at once was fucking stupid
> girl khs

>> No.8604680

>>8599192
The average idiot would be better off taking the $1k a week. They'll just blow the million in the first year otherwise.

>> No.8604699

>>8599404
No taxes in Canada for lottery winnings

>> No.8604751

>>8600051
No you could not. There are no guaranteed rates of return exceeding 5% p.a. after taxes

>> No.8604793

>>8599265
1 Million is a better choice actually. Niggers can't help you're too stupid to see that.

>> No.8604851

>>8601137
>last 3 years was 8-13% so 40k a year minimum
>Using past returns of one index as predictor for future returns
What if you invest the full sum and the market does two -10% years in a row while you still need to withdraw.
People here have no actual knowledge about real investing

>> No.8604942

>>8599192
>inb4 this tiny amount of money destroys her life

>> No.8604983

>>8599265
$1mill / $1,000aweek = 1,000 weeks
1,000 weeks / 52weeksayear = ~19 years
Outright dumb to not take the money now

>> No.8605109

>>8599551
This. She picked the stress free comfy option. Most of the brainless here would loose half of it within 3 months gambling on shitcoins anyway

>> No.8605162

>>8604851
Thats as likely to happen as her not getting the 1k a week DESU

>> No.8605311

>>8604942
1k a week isn't life destroying though. It's enough to live comfortably though. Never worry about rent, food or bills. Do a photography degree and set up a nice comfy business, never needing to worry about being a poor artist. Think she made a good choice, that will give her a comfortable lifestyle.

>> No.8605432
File: 1.31 MB, 500x500, 1520906017617.gif [View same] [iqdb] [saucenao] [google]
8605432

>>8599303
Keep in mind she'll probably blow the money and is incapable of making good investments (like you guys and your cryptos kek)

>> No.8605448

>>8605162
two years of decline in a row are very likely, actually

>> No.8605539

>>8599345
>1)
what is inflation

>> No.8605679

>>8599524
It said the lump sum was taxable but the 1k wasn't.

>> No.8605684

>>8604511
Anon, because you are such a pussy...we do it like this...

Hold your ETH in wallet (do not trade it for 365 days). Make sure it is verifiable on blockchain. Then after 1 year your ETH should be more than 200k USD. Market sell that shit, get 50% discount on capital gains tax so your 200k fiat becomes roughly 155k or so, all taxed and legal money you can now use to buy that 65k home.

>> No.8605729

>>8605684
>Hold your ETH in wallet (do not trade it for 365 days). Make sure it is verifiable on blockchain
I have no purchase receipts therefore this is not valid. Taxes on mining are due at the time of receipt at fair market value. Your solution makes no sense

>> No.8605755

>>8604520
>Midwestern

America is so awesome. The essentials are so cheap. Free speech, guns. The only expensive shit now is women there. Repeal the 19th..

>> No.8605827

>>8605729
It's so simple I can do your taxes using cointracker.info.

You mined it. Fine. How long that ETH has been sitting on the blockchain is recorded. It tells you how many days, hours and minutes it has been sitting around. That is verifiable proof to any accountant or government agency you didn't sell your ETH. Because you mined it, you spend roughly 0 purchasing it. When you sell it all, it's 200k profit. Of that 200k, only half is taxable since you held it for over 1 year. IRS can only hold their dicks, it's verifiable.

>> No.8605845

>>8605729
So then shut up about it...don't mention it. You forgot. Pay the penalty next year. You still come out ahead.

>> No.8605860

>>8605827
>It's so simple I can do your taxes using cointracker.info.

Wrong. Last year I did a huge mix of trading, mining, buying, selling. This year I have ETH income from cryptokitty-style smart contracts. It's not as simple as you think it is. For one thing there's no demonstrable cost basis, which is fine, but that means I can't prove that this is long-term cap gains. I can lie, sure, and worst case scenario they call me out and make me pay 40% instead of 15%.

>>8605845
>So then shut up about it...don't mention it. You forgot. Pay the penalty next year. You still come out ahead.
Don't mention what? I can either claim it and pay short term cap gains with no cost basis or I can lie with nothing to back it up and hope they don't audit me or I can hold forever. Those are my choices.

>> No.8605898

>>8599265
you are the nigger here, nigger

>> No.8605944

but in 12 years 1k per week wont be worth shit

>> No.8605958

Why would they publish her name? If she doesn't end up dead in a ditch she'll keep getting hassled by conmen for years.

>> No.8606093

>>8605860
When are taxes/confessions due in burgerland?

Did you ever use coin base or any exchange that reports to IRS?

>> No.8606124

>>8606093
I did use coinbase but they didn't report to IRS (1099-K) due to not meeting legal thresholds

Taxes are due in about 2 weeks for 2017

>> No.8606148

>>8599265
because unless its inflation adjusted 1000 dollars a week is jack shit in the future

>> No.8606204

>>8599192

How many weeks of $1000 free money

>> No.8606259

>>8606124
A one off payment of 65k isn't going to be particularly significant. If you get queried by your government's tax office, simply say it is the accumulation of 10 years of gifts, and family members helping you out with a deposit for a new home.

Or get your parents to buy it. Give them the cash plus extra you got by selling it on local ethereum or local monero

>> No.8606280

>>8606259
>A one off payment of 65k isn't going to be particularly significant
I figured as much.
>Or get your parents to buy it. Give them the cash plus extra you got by selling it on local ethereum or local monero
Leaning toward this frankly, if they can swing it I can just pay them and this whole thing is a giant non-issue

>> No.8606326

>>8606259
Remember to take arms to every cash sale and watch out for sting operations by cops where they bait you into taking money they've gotten illegally. I've never done this but this is how people selling Bitcoin get busted.

>> No.8606341

>>8606326
Any reason not to just buy gold bullion or items from amazon using one of the services and then flip them for cash? Localbitcoins sounds shady

>> No.8606492

ahha Gagnant à vie... j'en ai acheté un à Noël.... pour rire, tabarnak !

>> No.8606496

>>8606341
My only issue is... You have to sell gold after you receive it eventually and when you sell gold to the gold buying places they report to the government. It's like banks and gold buying institutions are non-paid agents of the government.

Even when you buy it, whether locally or from websites they want your ID.

Local Bitcoin/monero/ETH works just stick to people with good records.

Most websites don't take crypto. Some websites like Peter Schiff's take Bitcoin but only because they have a third party that changes btc to fiat first. The website will obviously want your name and address and it is possible he may report if a significant amount of gold is bought with BTC

>> No.8606540

>>8606341
Another thing you can do is ethereum ATMs but I hear they take 5% for each transaction and I think there is kyc in America. For this reason people go abroad and do it or buy the ATM themselves and pay themselves the 5%

>> No.8606545

>>8606496
>when you sell gold to the gold buying places they report to the government
I can give it to family and we can worry about that in the future. Inherited gold from grandfather, sold it, problem solved. Yeah we have to pay tax, no biggie.

>> No.8606553

>>8606496
>Local Bitcoin/monero/ETH works just stick to people with good records.
Seems like this requires Paypal = same as cashing out through coinbase or anything else IMO.

>> No.8606556

>>8605432
I'm still up 40x on my crypto, sure I'm down from ATH but that's still a mind blowing return for one year, better than I ever did with stocks.

>> No.8606569

>>8599303
Taxes Anon. Also it will take less than 20 years to "earn" $1 Mil. Unless you're above the age of 40, or have an actual idea of what you want to invest in, why would you ever take the large chunk up front?

>> No.8606589

>>8606553
Uh no. Don't use PayPal. Not only will you not get paid once your crypto clears, PayPal will rat you out. Cash only

>> No.8606603

>>8599192
lump sum is a bad idea. your chances of being robbed will increase 100 fold. wont matter if its kept in a bank either. they will just cut off fingers and toes until you withdraw it.

>> No.8606624

>>8606589
Not seeing any cash buyers near me :(

>> No.8606649

>>8606589
>>8606496
>Even when you buy it, whether locally or from websites they want your ID.
Yeah but what is and is not reportable is pretty clear

>> No.8606667
File: 783 KB, 890x7233, j.jpg [View same] [iqdb] [saucenao] [google]
8606667

>>8606649

>> No.8606675

>>8606569
>Unless you're above the age of 40, or have an actual idea of what you want to invest in, why would you ever take the large chunk up front?
You'd only need an average of 4% annual gain to more than double your money and get more than $1 million within 20 years if you are taking the lump sum though which is easily achievable. The only real reason not to take the lump sum is the taxes.

>> No.8606759
File: 20 KB, 705x243, muh $1000.png [View same] [iqdb] [saucenao] [google]
8606759

>>8599265
hey hey hey

>>8599303
wasa wasa wasa waaasssssssuuuppp

>>8599350
iiinnnnnnnnffffflllatttttiiiionnnn

>> No.8606789

>>8606496
>>8606589
Also FWIW I think I can get a family member to simply give me enough to cover the cost of the house. I think this falls under untaxed gifts.

>> No.8606821

>>8606667
Exactly. The bullion dealers are government agents like the banks.

Local Bitcoin/ethereum is fool proof even if you have to fly to different states and back. I think 10k cash is the limit you can carry around? So that'll be 20 round trips?

>> No.8606839

>>8606821
>Local Bitcoin/ethereum is fool proof even if you have to fly to different states and back. I think 10k cash is the limit you can carry around? So that'll be 20 round trips?
The cost of doing this is pretty extreme both in terms of the premium (%) and the time involved

Are you sure there's a downside to simply buying bullion through a company like this? >>8606667

Worst case scenario is what—IRS subpoenas them for records?

>> No.8606872

>>8606839
From what Peter Schiff said on his podcast they are obligated to report anything. There's a paper trail.

I thought you were a NEET? Think of it as getting to travel Trump's America

>> No.8606876
File: 57 KB, 645x729, 11.jpg [View same] [iqdb] [saucenao] [google]
8606876

>>8599265

>> No.8606886

>>8606872
>From what Peter Schiff said on his podcast they are obligated to report anything. There's a paper trail.
Reporting requirements are simple, see this graphic: >>8606667

Additionally there are SARs and CTRs and I'm aware of those.

Yes there is a paper trail and that is not ideal, but that doesn't mean it will automatically trip the alarms. Just saying that this is a viable option

>> No.8606895

>>8606872
The IRS wont do that. The bullion place will report to the IRS that you bought a lot of gold.

>> No.8606907
File: 33 KB, 376x557, 97bf92ed07f44330ada0e1f3444c1824.jpg [View same] [iqdb] [saucenao] [google]
8606907

>>8599192
>1000 every week for life would take 20 years to pay off

>Implying you couldn't take 1million and make it earn more than 1k per week on interest almost immediately

>> No.8606923

>>8606895
>The IRS wont do that. The bullion place will report to the IRS that you bought a lot of gold.
It's called a 1099 and they report only if you sell an amount exceeding 10k or specific amounts of reportables in a 24-hour period.

See >>8606667

>> No.8606946

>>8599192
1 million today because the amount of inflation thats going to hit the economies. 1 million today will be worth much less in the coming years. Thank the central banks for this

>> No.8606961

>take $1million
>go onto bitmex
>100x leverage and manipulate market
>profit ??

>> No.8607044

>>8606923
If I were to go in this direction i would buy 9k worth of bullion once every 3 months and from 4 or 5 websites and use my parents and siblings as additional sleeves.

>> No.8607062

>the amount of people ITT that would take the weekly $1k

i really need to stop coming here

>> No.8607071

>>8607044
>If I were to go in this direction i would buy 9k worth of bullion once every 3 months and from 4 or 5 websites and use my parents and siblings as additional sleeves.
My family member who gifts me the money can buy it in his or her name I guess, and since it's not auto-reported I think it will basically be a non-issue

>> No.8607167

>>8607071

But now you have created a problem where you have to sell the gold for fiat. And selling your Bitcoin for fiat to buy gold is a reportable >>8607044
capital gains event. Who's to say that the third party that deals with BTC to fiat exchanges won't rat?

>> No.8607227

>>8607167
>And selling your Bitcoin for fiat to buy gold is a reportable >>8607044
It is reported in these circumstances
>>8606667

>Who's to say that the third party that deals with BTC to fiat exchanges won't rat?
Randomly, without cause? I'd have to be under investigation/audit and they (IRS) would have to specifically know about the transactions and go that route

>> No.8607247

>>8599277
You should consult an advisor before you shitpost again faggot
*Mic drop*

>> No.8607346
File: 36 KB, 600x346, chose-poorly.jpg [View same] [iqdb] [saucenao] [google]
8607346

she chose... poorly

>> No.8607354

>>8599873
You do realize the 1M is taxed right? So she would walk away with a bit over 500k. Meanwhile the 1k per week is not taxed, which is equivalent to having almost a six-figure salary in leafland.

>> No.8607438

>>8607354
>52k is 100k after tax.
>mfw 48% of your earnings is taken from you because you earned a measly 100k CAD.

>> No.8607467

>>8607227
Yeah I'm reaching now.

>> No.8607524

I'm really surprised a business forum thinks the 1k a week option is a good choice. it is if you're a brainlet and terrible with money.
if you're actually good with money, you'd take the lump sum and grow it.

>> No.8607614

>>8599372

>1 billion supply
>"no inflationary" currency

yeah sure. good luck with that

>> No.8607786

>>8599277
inflation?

>> No.8607873

>>8599192
She bought the ticket literally a 5 minute walk away from my house. I buy my beer from that Couche-Tard.

>> No.8607912

>capitalism will distribute the wealth among the most qualified
Lmao fucking kill me
No commie tho

>> No.8607948

>>8607524
This. Otherwise youre waiting 20 years to get to 1mil

>> No.8608035

If you take the $1,000 per week the government has an incentive to murder you. If you take the flat $1,000,000 your family has an incentive to murder you. Who do you trust, /biz/?

>> No.8608176

>>8599192
1000 a week, and if she lives to be 73. Is 55 years of life
at 52 weeks a year
it would be 2.8 mil
NOT including capital gains tax.

Now, if she took the 1 mil, she would have been taxed the following year. On capitol gains. say she put that 1 mil in the bank, earning 5% interest in a CD (certificate of deposit)
she would make 50K a year, minus capital gains, which we will assume (i do not know what her province gets) 20K yearly
that would leave her with 30K a year, which is less than 1k a week.

so yes, in the long run, if she lives that long. She will make more
and thats' assuming that company will be around to pay her in 70 years. Who knows what happens.

>> No.8608207

>>8608035
keked so hard

>> No.8608281

>>8599192
Depends on how she negotiated the contract. If she dies in a car accident in 3 years do the payments stop? Is her family compensated the remaining? What if she gets cancer does she have a call option? this question comes down to if you have a good lawyer not a financial advisor

>> No.8608335

>>8599192
This would be the best way to get an attractive gf for life if you won it. You’d just have to Hang out at a uni where girls are struggling to make it. Preferably around exam time when they are super stressed.

>> No.8608787
File: 9 KB, 813x163, 1490994291304.png [View same] [iqdb] [saucenao] [google]
8608787

>>8605539
with 2% inflation it takes 28 years to reach 1MM, the difference is just 8 years

>> No.8609248

>>8603717
>mere return of 10% a year

In what universe, unless you’re talking about collecting dividends AND cashing out your stock