Follow-Up with My Fiscal Cliff Avoidance

[asphaltgambler]

Hi guys, so sometime time ago I posted that I had a accumulated a small $$$ sum over a period of 6 months from an inheritance (my parents) I had requested some sage advice from the peeps here with what direction / what to invest in and mostly received really great responses.

Ultimately, the best advice given here was "Invest in what you know" - "Make sure you maintain complete control of the investments as it IS your money"

So, in the last 2 years I worked to pay off short-term debt and 'down size' our style of living to work to become debt-free. Since my career was in the auto business and I had privately bought and sold many vehicles - that was my wheel house of knowledge to invest privately.

My new career as a Network/Telecom analyst with a large county agency is doing well and I have a solid future with real benifits and pay. Bye-Bye 'ol auto technician career. I now have time at work to hunt for my next 'investment' which is classic cars, trucks and hot-rods.

My progress thus far: This past Fall I purchased two vehicles 1) early Nova hardtop mostly original 2) '72 Chevy Cheyenne P/U. Both required some work and additional money.

Result is: I had invested a total of $14000, about 8 solid days of work and netted a total profit of $3700 for the two of tax free money. In early December I purchased a 1970 LS5 454 Chevelle with documentation for @$15K under current market I forcast that I will have another $1200-1500 and @7 full days of work ahead to get this to ready status by Spring.

[onewhippedpuppy]

Very cool. I do similar stuff, and find that it is a fun way to make a few extra bucks. You get to drive and wrench on some cool cars, which is really the appeal to me. My current project is an '88 Targa, I'm almost done with a mostly new interior and then have a lot of little loose ends to tie up. It's going to be a fantastic car when I'm done. The good thing about cars is that they won't depreciate to $0 overnight, unlike a stock that can drop to nearly nothing in a short time.

[Vintage Racer]

Originally Posted by asphaltgambler

...and netted a total profit of $3700 for the two of tax free money.

How do you yield tax free money from activities that are usually considered capital gains or earned income?

[vash]

some IRS guys is probably searching for threads like this..

i loved that NOVA!! if you ever find and do up another one like that..i would take it personal if you dont give me the heads up..even my wife liked that one! she of course, called it "cute".

[asphaltgambler]

All cash out - All cash back

[VincentVega]

Wouldnt advertise that too loudly.

Good luck with your enterprise, something I've done a little of that always interests me.

[asphaltgambler]

just answering the question m'am - no advertisement!

[on2wheels52]

Originally Posted by asphaltgambler

All cash out - All cash back

I've heard there's advantages to that.
Jim

[FrankyV]

Originally Posted by asphaltgambler

All cash out - All cash back

Originally Posted by on2wheels52

I've heard there's advantages to that.
Jim

That does not make it legal - just saying!

[ckelly78z]

I've done some of this and I try to keep a couple grand in mad money handy to buy something the piques my interest and needs some TLC and a little wrenching. It's amazing how many cars/trucks/bikes are disposed of at rock bottom prices because they have been slightly damaged, need a head gasket, or a transmission.

The money is there for the taking, you just need to work for it a bit, and I have a self followed rule.....I don't buy anything I can't double my investment on in a matter of weeks, it keeps me from buying on impulse, or paying too much.

I think your investment strategy is a very sound one.......you are in control of it.

[911boost]

That is a great deal for the LS.....

Let me know when you want to sell it.

Bll