Quote:
Originally Posted by Exhibitman
Yeah, like Wall Street has such a pristine record of honesty.
Honestly, we can all go in circles over this forever, but the truth is that all this investment crap is the same, just a way to make some money into more money, if it works out. Doesn't matter what form it takes (as long as it is legal); it is all about the Benjamins, and the rest is just marketing and hot air. There is no hierarchy of 'goodness' among investments and there are no absolutes; the suggestion is a fallacy. It just depends on the deal. If some idiot offered me a T206 Wagner at 10% of the going price I would happily drain my retirement accounts to make the deal and screw the taxes, conventional wisdom, etc.; I will make it up on the back end when I flip the card, preferably during the same tax year. Conversely, if someone offered me enough money for my collection, I would not only sell it without a second thought, I would help carry it to their car if they wanted.
Losing both my parents in less than three months this summer really made me think about this stuff. The only things we have that are truly valuable are time and health. Why waste an iota of time or energy being judgmental, envious or resentful?
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Great points and well said.
But if you ever did luck out on a deal like that for a T206 Wagner, try to make sure hold onto the card for at least one full year before selling it. That long term capital gains federal tax rate is currently capped at 28%. Selling it in less than one full year gets you short term capital gain tax treatment, which is treated more like ordinary income (think W-2 wages) with a max federal tax rate of 37%. If you end up profiting $1M on such a deal, waiting a little longer to sell the card could easily mean an extra $90K in your pocket.
