Truth Social stock circling the drain - time to admit Trump's business acumen sucks

Joe said:
Because I'm already retirement age and have had a conventional IRA for many years. I decided not to contribute to it the last couple of years and rather than using cash from my savings I can use a roth and make quick substantial gains without taxes when I withdraw it. There are no losses to write off. It was a gamble sort of but not really.

What's not to understand?
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All of it but whatever floats your boat. Buying and selling a single stock is inherently a huge gamble. And if you are close to retirement why wouldn’t you use the Roth for income generation. But whatever. Not the approach I’d take but we’re all different. I just don’t see how that would maximize your investments.
 
Joe said:
Because I'm already retirement age and have had a conventional IRA for many years. I decided not to contribute to it the last couple of years and rather than using cash from my savings I can use a roth and make quick substantial gains without taxes when I withdraw it. There are no losses to write off. It was a gamble sort of but not really.

What's not to understand?
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You still working?
 
Althea said:
What's up with Greece these days? Everyone is going there. I believe the kids were just on Santorini. You have cats sharing your digs?
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We’re on a cruise. Doing a private catamaran on Santorini I’ve heard the crowds are insane. Olympia was a hidden gem, the dig is amazing and the town is quiet. Cats everywhere. My wife tried to make friends with one. Cat was NOT having it.
 
Concart said:
We’re on a cruise. Doing a private catamaran on Santorini I’ve heard the crowds are insane. Olympia was a hidden gem, the dig is amazing and the town is quiet. Cats everywhere. My wife tried to make friends with one. Cat was NOT having it.
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The kids had an Air b/b and there were friendly cats everywhere. I'm guessing no rodents.
 
Althea said:
I wish I were in a position to invest back then. I'm sure after the crash there were opportunities for educated investors.
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I had some stuff get called before the fall, so was really lucky to have some cash. I gambled that the UK would not let Royal bank of Scotland default. I bought a ton of preferred with a par of 25 for 7 and then more at 11. They missed I think 6 quarters but the stick started rising. Offered 17 a share and I declined. After that it was a reliable payer and it eventually was called. It was a huge win. Luck and good intuition. I’m sure there were other opportunities like that out there.
 
Concart said:
All of it but whatever floats your boat. Buying and selling a single stock is inherently a huge gamble. And if you are close to retirement why wouldn’t you use the Roth for income generation. But whatever. Not the approach I’d take but we’re all different. I just don’t see how that would maximize your investments.
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Because the entire thing is pocket change in the big picture. I invested 15 and it returned over 40 and counting. It's like playing online poker to me. I can only contribute so much to my roth every year so it doesn't hold the potential to do much for me for retirement at this stage so I'm using it's tax advantage to my advantage for some small stakes investing. I have long since thought I could make money like this so I decided to dabble in it and guess what? I was right.

It's not an approach to retirement it's a passtime that's turned out to be pretty fun. My retirement is in an entirely different basket.
 
Althea said:
You still working?
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Not really. I hired a manager to do my job 3 years ago and turned most of the financials over to my wife who is a bit younger than I. I still go in every day but come and go as I please with no firm job requirements from me to make things run..

It's actually a pretty good life right now. Only health issues could sour my outlook but so far so good.
 
Joe said:
Not really. I hired a manager to do my job 3 years ago and turned most of the financials over to my wife who is a bit younger than I. I still go in every day but come and go as I please with no firm job requirements from me to make things run..

It's actually a pretty good life right now. Only health issues could sour my outlook but so far so good.
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I guess my question was, are you showing an income from a business/job? If not, you cannot contribute to a Roth.
 
Althea said:
I guess my question was, are you showing an income from a business/job? If not, you cannot contribute to a Roth.
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I think you are somehow mistaken. Roth IRAs are designed for the working man to save for retirement. How would you contribute without an income?

I had taxes filed by a CPA for 23 when I started it and heard no such news from her.
 
Joe said:
I think you are somehow mistaken. Roth IRAs are designed for the working man to save for retirement. How would you contribute without an income?
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I asked if you are working. You cannot contribute more than you show as income from a job on your taxes. Rental/investment income doesn't count. You said you are 'retirement age'. So am I. But I am still working by choice.

Each year I transfer the max from my other brokerage account into my Roth, but I have to show money on my tax return.
 
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Althea said:
I asked if you are working. You cannot contribute more than you show as income from a job on your taxes. Rental/investment income doesn't count. You said you are 'retirement age'. So am I. But I am still working by choice.

Each year I transfer the max from my other brokerage account into my Roth, but I have to show money on my tax return.
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I still draw a modest salary a bit under the SS limit for my non full retirement age. My business is an S corp

It's a tricky proposition because I am allowed to earn from my business but not if I'm working there. So I have to keep my actual hours in line with my much reduced salary otherwise the IRS could have a case that my earning from my business are due to my personal toiling.. So technically I am retired. And I must say if I knew working 6-8 hours a week was so nice of a life style I would have done it a decade ago. But I was content to come in and work long days until one day I just sort of hit the wall and said fuck this. And hired a manager.

I will be full retirement age in about 14 months and then I can do whatever more or less.
 
Althea said:
I guess my question was, are you showing an income from a business/job? If not, you cannot contribute to a Roth.
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lol I forgot he’s a big business owner 😂😂😂.

Dude is absolutely full of shit. And no investor would talk about a small play account and not mention his primary investment, I really don’t give a crap but not a thing he said made sense. I don’t care if my ‘on-line poker account’ is taxed or not.

1998 was the first year a Roth was available. I moved 250k from my IRA to open a Roth because you could spread the tax over five years. I never put another dime in because you can’t put a Roth in a trust. Joe is unsophisticated, it sticks out like a sore thumb. He is also a disgusting hateful homophonic scumbag, but that doesn’t mean he’s a bad investor. Some of us have been discussing actual investment strategies; his response is akin to bragging about winning a bet. Too funny.
 
Althea said:
I asked if you are working. You cannot contribute more than you show as income from a job on your taxes. Rental/investment income doesn't count. You said you are 'retirement age'. So am I. But I am still working by choice.

Each year I transfer the max from my other brokerage account into my Roth, but I have to show money on my tax return.
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You should have just quit while you were ahead. Most of what you said in this post is objectively incorrect. Carry on. And I’d venture to say that your entire post that follows is wrong. EVERYTHING. You should not pose to those who know better.
 
Joe said:
I still draw a modest salary a bit under the SS limit for my non full retirement age. My business is an S corp

It's a tricky proposition because I am allowed to earn from my business but not if I'm working there. So I have to keep my actual hours in line with my much reduced salary otherwise the IRS could have a case that my earning from my business are due to my personal toiling.. So technically I am retired. And I must say if I knew working 6-8 hours a week was so nice of a life style I would have done it a decade ago. But I was content to come in and work long days until one day I just sort of hit the wall and said fuck this. And hired a manager.

I will be full retirement age in about 14 months and then I can do whatever more or less.
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Where to start. If you draw a salary, you ARE working there. Lol. If you are ‘earning’ from your business it means you are paying yourself from the profit and by definition that is income which is taxable. I always paid myself a salary commensurate with what my business did and the title I held to stay safe from running afoul of the IRS. I never had more than a couple of employes, that was part of my exit strategy but that’s a different discussion. My goal was to maximize business expenses.

As far as full retirement, you can’t draw SS if you’re business makes more than the minimum because i\ts income. If that’s all you’re making it’s a hobby not a business. Don’t try to fool your intellectual superiors who have ACTUALLY done what you claim. You just look like an idiot. Btw, if you have a retirement account that earns income I’m pretty sure that counts against your as allowance as well. So what you claim is impossible for the situation you claim to be in.

Edit: retirement income doesn’t count so I was mistaken about that but it doesn’t change the rest. It’s just nonsense.
 
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Concart said:
You should have just quit while you were ahead. Most of what you said in this post is objectively incorrect. Carry on. And I’d venture to say that your entire post that follows is wrong. EVERYTHING. You should not pose to those who know better.
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I think you wanted to quote the other guy.
 
Concart said:
Edit: retirement income doesn’t count so I was mistaken about that but it doesn’t change the rest. It’s just nonsense.
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According to my accountant, rental income and dividends/interest don't count toward SS maximum allowable. Nor does it count toward income minimum for Roth contributions.
 
Althea said:
According to my accountant, rental income and dividends/interest don't count toward SS maximum allowable. Nor does it count toward income minimum for Roth contributions.
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Yep It doesn’t really make a difference. There are two ways for the owner of a business to move revenues to themselves in an s corp. one is salary the other is dividends. One is subject to payroll tax and one isn’t. The IRS will not let you work for free and take a massive dividend. Your salary must be reasonable. Anything not distributed after expenses is taxable at the corporate rate. If you are drawing social security early and you have almost no income that’s a giant red flag especially if your dividend is large. His story doesn’t pass the smell test. And I’m sorry but I can’t see Joe making sure he fulfills the requirement for maintaining a corporation. It is what it is. You don’t have have an S or C corp normally unless you expect significant revenue. Too damn much work.
 
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