never counted. $$$100,000 what do i do?

blackchipjim

blackchipjim

Well-Known Member
#41
#41
advice

Listen grasshopper of lessons learned for the road before you lies many dangers. If you got money but no brains or brains and no money you risk losing both if you are not cautious. P.T. Barnum said "there is a sucker born every minute" thus he made his money off suckers. You may be the badiest one on the block or even your neighbor hood but there's always someone badder. Learn to walk before you try running just like you crawled before you walked. If are really as young as you say learn to work so you know what the value of money is before you blow it away on gambling. blackchipjim
 
zengrifter

zengrifter

Banned
#42
#42
MAZ said:
I'll tell you what kid, why don't you invest that money with a seasoned pro until you're ready to use it yourself. I happen to know one, who will be willing to do that for ya and maybe teach you something along the way. You seem like a trusting soul, wattaya say pal?
Click to expand...
Hey I already called dibs. Or did you want to go partners - we'll dice the bunny. zgzg
 
The Stork

The Stork

Well-Known Member
#43
#43
oh god

The film 21 is causing all those kids thinking that going to win in Vegas is a peace of cake. I think Barkingstork is going to borrow his limo service for all those kids losing all their money, so their parents can call me the return price. I need some more bankroll you see. And than I am really going to be Mister johanson from Danmark. :laugh:
 
B

bdawg8527

Member
#44
#44
The Stork said:
The film 21 is causing all those kids thinking that going to win in Vegas is a peace of cake. I think Barkingstork is going to borrow his limo service for all those kids losing all their money, so their parents can call me the return price. I need some more bankroll you see. And than I am really going to be Mister johanson from Danmark. :laugh:
Click to expand...
ive thought of this way before 21 the movie.
 
R

rollem411

Well-Known Member
#47
#47
You make a lot more selling drugs than card counting so why make the switch??....Unless he's thinking of selling drugs AND AP'ing it. EV booster
 
moo321

moo321

Well-Known Member
#48
#48
rollem411 said:
You make a lot more selling drugs than card counting so why make the switch??....Unless he's thinking of selling drugs AND AP'ing it. EV booster
Click to expand...
I don't agree. Selling drugs is actually a really bad business. Have you ever read freakanomics?
 
S

Stylee

Active Member
#51
#51
Anyone correct me if I'm wrong please, but if you need to go to a web site to ask what to do with $100,000, you probably aren't smart enough to win any money from any casino.
 
N

NewbCounter

New Member
#53
#53
Are you kids native? I ask because one tribe around here gets $50,000 when they hit 18. They have a huge casino with only 360 tribal members. If this is the case, i can see you and 10 kids on your team having a bankroll that big. Though that wouldnt make sense because i think you stated you had the money now. If i was in your position, i would put the money into an IRA for hte next 5 years, practice everyday, and then gamble with the money earned from the IRA, and keep the 500,000 for university. I had some money right out of high school and thought about not going to college. I went to please my grandmother and it was the best decision i have made. Either way, good luck.
 
moo321

moo321

Well-Known Member
#54
#54
NewbCounter said:
Are you kids native? I ask because one tribe around here gets $50,000 when they hit 18. They have a huge casino with only 360 tribal members. If this is the case, i can see you and 10 kids on your team having a bankroll that big. Though that wouldnt make sense because i think you stated you had the money now. If i was in your position, i would put the money into an IRA for hte next 5 years, practice everyday, and then gamble with the money earned from the IRA, and keep the 500,000 for university. I had some money right out of high school and thought about not going to college. I went to please my grandmother and it was the best decision i have made. Either way, good luck.
Click to expand...
You can't withdraw money from an IRA without paying penalties. It's an "individual retirement account". I hope you mean a mutual fund or something.
 
N

NewbCounter

New Member
#56
#56
You are right MOO, though if he used a ROTH IRA, he could use the interest to go to college, penalty free, and take out the original 100,000 for Blackjack...at least he would get a good amount of his schooling for basically free.
 
EasyRhino

EasyRhino

Well-Known Member
#57
#57
Note that deductible contribution limits for IRAs are only $5k a year, and in the case of a Roth (and maybe a Traditional) IRA, they can only be in the amount up to your earned income, which this drug money may or may not count as. Depends if the drug money is reported as income from illegal activities.
 
moo321

moo321

Well-Known Member
#59
#59
callipygian said:
I believe Al Capone settled this question for us.
Click to expand...
No, Capone didn't report it. Actually, if you just report on your taxes that the money was gained through "sales of personal items" or something like that, and hide the evidence that you're a dealer, you're good to go. Your usually much better off getting caught selling drugs than evading taxes.
 
C

callipygian

Well-Known Member
#60
#60
moo321 said:
No, Capone didn't report it. Actually, if you just report on your taxes that the money was gained through "sales of personal items" or something like that, and hide the evidence that you're a dealer, you're good to go. Your usually much better off getting caught selling drugs than evading taxes.
Click to expand...
That's what I meant. Al Capone settled the issue of whether it's worthwhile to report illegal income or not. It's damn easy to prove you were evading taxes, and they can really nail you for it.
 
You must log in or register to reply here.
Top