Recent content by Dave Lyon

If you were my accountant, I'd fire you. If you make money, and you don't spend it, it's profit. If you spend it, it's gone.

Yes, but if you have no income, the deduction doesn't do you a lot of good. You'd get the exact same deduction if you just gave the money to charity.

Yes, it's nice, but it doesn't excuse a bad decision. If a 50k truck would do the job, why spend 80K for a tax write off? You'd be better off using the 50k truck and taking 30k as profit.

Yes, what you're missing is net worth. If your net worth is high enough that you can burn 100k without it damaging your retirement, then your yearly income is not important. In the US, it's pretty easy to become a millionaire without making 6 figures. You just have to be smart with your money.

My truck had a 70k sticker, and it's 10 years old. I'm not surprised by the sticker price. I figured that's about where they'd come in. My disappointment was the range, payload, and tow rating. At this point, I can't take delivery of the CT because it won't do the job I need it to. I won't be...

Your link says, "many millionaires have a significant percentage of their wealth tied up in their primary residence." It doesn't say the average. In fact, your link also says this, " In fact, 93% of millionaires polled by Ramsey Solutions claimed they did not become rich due to their salary but...

You're conflating two seperate facts into one. It is true that the average American has most of his wealth tied up in his home. However, the average American is not a millionaire. Median home value as of 2021 was about 357,000. Self made millionaires in the US have a large percentage of their...

This is a false dichotomy.

Because my argument is that 300 series stainless is not a hard steel. That was my only statement. I agree D2 would be a poor choice for a car body.

Why don't you look up the RC of "full hard" 304SS and let me know how it compares to hardened D2.

Of course many people don't have that good fortune. However, it's not because they're unlucky. It's because they are unwilling to make the sacrifices necessary to make it happen. The people on welfare in the United States have an income that puts them in the top 5% of earners in the world...

All of my discussions so far have been targeted at depreciating assets. Appreciating assets like your home muddies the water a bit. If the interest rate you're paying is about the same as inflation, some modest debt against a home may be a good idea. Especially if it saves you from paying rent...

LOL, right now they're just as easy to get as a new one. :)

Financing is great for an economy based on debt and inflation. If everyone took my advice, the world would be in serious financial trouble. However, debt is not good for the individual.

Yes. In my opinion, you should always pay cash for depreciating assets. That's the way I ran my business. It caused me to grow much slower than other businesses, but it made my business much more recession resistant. There is an argument to be made for financing a depreciating asset that is...