His investment has paid off as he now is the owner of blue cheese (a whole new variety) which must certainly be worth more than the “immature” cream cheese. I’d buy some but our fridge is full……….
Mark, from what you’ve described here, it unfortunately sounds like your friend may need different help with his problem. Truly, no tracking or other system can help him if he doesn’t follow it and hold himself accountable. He is lucky to have a friend like you that is trying his best to help him “get it” and change his spending habits, even if it means a size 10 and a half (UK: 45?) in the backside now and then. I wish him success in turning things around soon for a better future.
In some respects, while taxes are the fuel for keeping things running (generally), I tend to believe there is far more angst over the way the money is purportedly used. Can’t say the volumous tax code thrills many taxpayers either. But like others, I have yet to submit my proposed tax code for consideration. To many, this is what taxes feel like: Line 1: How much did you make last year? ___________ Line 2: Tax due - copy the amount from Line 1 here. ____________ Submit the amount from Line 2 to the address provided below.
Thank you for your thoughtful reply. Indeed, an inheritance (bad news, good news) resets the basis to the new owner as of the date inherited. Gifting (still here) merely transfers the original basis to the new owner. Good news - I can still sell any or all of the items when I want. The current 28% tax on collectible items (includes PM’s) gain is hefty but it is what it is. I really enjoy your articles. Please keep em’ coming.
Hypothetically:
A couple of years ago, I purchased several new gold coins and bullion, tubes of silver dollars and platinum bullion - all through Costco at the mighty “discount” price of 4%. Plan was to eventually give the grandkids an equal share at a time when each metal was at what appeared to be at or near a peak, preferably while our clocks are still running. The thinking was to gift it at an appreciated value (documented) then let each decide what they want to do with it during their life, regardless of the value at that chosen time. Could be a loss, on paper. Once gifted, the base value is reestablished as of that date for each new owner(my understanding, not a fact). The money paid for the purchase of these precious metals (PM’s) was ‘written off” and not included in our asset base moving forward. Purely speculative move. And they sure are beautiful. Sadly, newer US currency is often quoted as melt value (lower price) if looking to sell these days, minus commission as well, of course. Beware. Even through this weeks drop, the total PM package value has more than doubled. WARNING: Pick the right baseline and timeline, and you can likely show just about any investment appear the way you want it to look - terrible or great. For the PM’s, over two years - good fortune (for now). Over the last two days, not so good (for now). Total asset portfolio - 256% gain over three years. Yay. YTD 2026 - wrong way! Such are the ways of the markets. Hang on tight. I have full faith in our leadership that their ongoing rhetoric and actions will help drive PM prices back up. Sorry. My bad. So, in this “hypothetical” situation, I sincerely would appreciate input on the “appreciated value gift/ new basis” plan. I have more homework to do, but even if not true, it’s still a gift. Best to all.
Honestly can’t say I know of anyone that gets excited about forking over more money for what seems like an uncontrolled yearly increase in healthcare premiums. On the flip side, if I never hit the deductible, I’d call it a damn fine year.
Perhaps this makes no sense to most Humblers, but for some it’s a big deal. Your money, spend it how you want. Fantastic if you can impart a positive, possibly once-in-a -lifetime experience to your loved ones or others, in whatever form it may be.
Comments
Insightful, enjoyable perspective. Thank you for sharing.
Post: Resist the Urge to Act
Link to comment from April 11, 2026
His investment has paid off as he now is the owner of blue cheese (a whole new variety) which must certainly be worth more than the “immature” cream cheese. I’d buy some but our fridge is full……….
Post: Quinn’s super frugal experiment. Are you up for a challenge?
Link to comment from April 1, 2026
And, if I recall correctly, you must (each) apply for a new PIN each January (although this year is was delayed a bit)
Post: A PIN to protect your tax return
Link to comment from February 28, 2026
Mark, from what you’ve described here, it unfortunately sounds like your friend may need different help with his problem. Truly, no tracking or other system can help him if he doesn’t follow it and hold himself accountable. He is lucky to have a friend like you that is trying his best to help him “get it” and change his spending habits, even if it means a size 10 and a half (UK: 45?) in the backside now and then. I wish him success in turning things around soon for a better future.
Post: The Monthly Mystery of the Vanishing Paycheck
Link to comment from February 11, 2026
In some respects, while taxes are the fuel for keeping things running (generally), I tend to believe there is far more angst over the way the money is purportedly used. Can’t say the volumous tax code thrills many taxpayers either. But like others, I have yet to submit my proposed tax code for consideration. To many, this is what taxes feel like: Line 1: How much did you make last year? ___________ Line 2: Tax due - copy the amount from Line 1 here. ____________ Submit the amount from Line 2 to the address provided below.
Post: Your effective tax rate
Link to comment from January 31, 2026
Thank you for your thoughtful reply. Indeed, an inheritance (bad news, good news) resets the basis to the new owner as of the date inherited. Gifting (still here) merely transfers the original basis to the new owner. Good news - I can still sell any or all of the items when I want. The current 28% tax on collectible items (includes PM’s) gain is hefty but it is what it is. I really enjoy your articles. Please keep em’ coming.
Post: The Playground Indicator
Link to comment from January 31, 2026
Hypothetically: A couple of years ago, I purchased several new gold coins and bullion, tubes of silver dollars and platinum bullion - all through Costco at the mighty “discount” price of 4%. Plan was to eventually give the grandkids an equal share at a time when each metal was at what appeared to be at or near a peak, preferably while our clocks are still running. The thinking was to gift it at an appreciated value (documented) then let each decide what they want to do with it during their life, regardless of the value at that chosen time. Could be a loss, on paper. Once gifted, the base value is reestablished as of that date for each new owner(my understanding, not a fact). The money paid for the purchase of these precious metals (PM’s) was ‘written off” and not included in our asset base moving forward. Purely speculative move. And they sure are beautiful. Sadly, newer US currency is often quoted as melt value (lower price) if looking to sell these days, minus commission as well, of course. Beware. Even through this weeks drop, the total PM package value has more than doubled. WARNING: Pick the right baseline and timeline, and you can likely show just about any investment appear the way you want it to look - terrible or great. For the PM’s, over two years - good fortune (for now). Over the last two days, not so good (for now). Total asset portfolio - 256% gain over three years. Yay. YTD 2026 - wrong way! Such are the ways of the markets. Hang on tight. I have full faith in our leadership that their ongoing rhetoric and actions will help drive PM prices back up. Sorry. My bad. So, in this “hypothetical” situation, I sincerely would appreciate input on the “appreciated value gift/ new basis” plan. I have more homework to do, but even if not true, it’s still a gift. Best to all.
Post: The Playground Indicator
Link to comment from January 31, 2026
Honestly can’t say I know of anyone that gets excited about forking over more money for what seems like an uncontrolled yearly increase in healthcare premiums. On the flip side, if I never hit the deductible, I’d call it a damn fine year.
Post: Money to burn?
Link to comment from January 27, 2026
Spot on. Unless you’re in the, “I have to be seen”, lifestyles, perhaps.
Post: Money to burn?
Link to comment from January 25, 2026
Perhaps this makes no sense to most Humblers, but for some it’s a big deal. Your money, spend it how you want. Fantastic if you can impart a positive, possibly once-in-a -lifetime experience to your loved ones or others, in whatever form it may be.
Post: Money to burn?
Link to comment from January 25, 2026