Wednesday, September 26, 2007

Everyone is going to Key West

Originally uploaded by good43.

so I thought I'd share a bit of the last time the wifey and I were in Key West. This was about 10 months before our son was born.

Ahhh, Sloppy Joes.

Monday, September 24, 2007

I'll blink

Its dead.

Oh sure there are a few gasps left, but its dead. It peaked just over a year ago. The halcyon days are long gone. The pace is not sustainable. 20 tournaments a week. The streams have dried up and the fish migrated back to the ocean.

Its not as easy. Its not as fun. Its not as profitable.

Forever are the friendships.

But god rest her soul.


Sunday, September 23, 2007

The Solo K

In talking to another blogger I realized that a financial planning tool that I have been using for the past four years isn't widely known about and could benefit all of you out there with significant self employed income. This may apply to gambling income, it may not but it definitely applies to your freelance writing gigs or anything that you are paid via a 1099. Again, I don't know if 1099-G income applies, check with an accountant. And no I am not an accountant or a lawyer so any of this will require you to get in touch with a professional.

The Solo 401(K) is a 401(K) for people that are self-employed, or own a business in which they are the only employee. There is some allowance for the spouse to qualify under the same Solo(K), but I don't know much about it.

Basically the Federal government allows everyone to defer $15,500 to a 401(k). If you have a regular corporate job you can defer $15,500 of your money to a Solo(K). If you change jobs mid year you can defer a total of $15,500 between the 401(k) plans at both of your employers. $15,500 is your EMPLOYEE contribution for 2007. You EMPLOYER may match this with something like 100% of the first 4% of income deferred.

If you have 1099 income you can set up a Solo 401(k). As an employee of said business you can defer $15,500. Or you can defer this self employed income and some of your regular job income for a total of $15,500 in Employee deferrals for 2007.

So whats the big deal?

The Solo 401 (k) also lets you make EMPLOYER deferrals as well.

You can defer a total of 25% of your income plus the $15,500 up to a maximum contribution of $40,000.

Thats $40,000 that you get to shield from taxes until you retire. You can make the employer contribution in to the Solo (K) without making your regular deferral there. So you can save $15,500 at work and 25% of your self employed income. Or you can defer just enough to max out your corporate 401 (k) match, like 4% and then defer the rest in your solo account.

You can't defer more than you make in 1099 income into a Solo (K).

Also since you get to set the plan with a company of your choosing you are likely to get better investment choices then you have at work. Also, you have until October of 2008 to make your 2007 employer contribution. Employee contributions have to be made by 12/31/07. So you can figure out how much you want to defer for 2007 and make periodic payments towards that amount until 10/2008. You may need to open the account a make a small contribution in 2007, I am not sure.

Solo (k) can also come with a loan provision. You can usually borrow 50% of your balance up to a total loan of $50,000. This year for instance I borrowed my 2007 employer contribution out of my Solo(k), paid it back and now have 5 years to pay off the loan. That make the cash flow a lot easier to handle, and makes me save a great deal more than I would if I had to lay out the cash now.

Also, If you already don't have one, spend the @$300 a year for $3,000,000 umbrella liability policy.

Thursday, September 20, 2007

Why I Won't Take F-Train's Bet

My back of the envelope calculation is that all you need to do is consume an average of 3500 calories/day over 10 weeks to gain 20 lbs. This is really just a math problem.

I assume that you have a twitchy metabolism and burn 2500 calories/day. This baseline should also compensate for your city walking. You should shoot for 20 pounds in 10 weeks.

1 lb = 3500 calories. However, don't forget about conservation of mass - you actually have to consume mass to gain mass.

Thats 70,000 extra calories in 10 weeks or an extra 1000 calories per day.

If all else fails take imodium a eat the difference in cheese hours before the weigh in.

Oh, and you all are suckers. You really think the F-Train is laying out a prop bet that isn't a lead pipe cinch?

Tuesday, September 18, 2007

Tour of Missouri

Originally uploaded by good43.

The ToM went right by our house ( 1 block away) on Sunday. They riders completed 7 laps.

Between passes we could go to Third Degree Glass factory and catch some live actions via internet feed, buy a beer and a hot dog and see some very cool hand blown glass.

More Hot Air

Originally uploaded by good43.

Hot Air Invasion

Originally uploaded by good43.

On the roof of our house Saturday, watching the Chase Park Plaza fend off a propane and nylon attack.