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Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

Discussion in 'Trading Diaries and Journals' started by darkhorse70, Aug 27, 2014.

  1. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Thanks john, I guess for the first few months ill trade as an individual. Once I become abit more consistant at trading ill speak to an account soley because currently I have no savings. God knows how much these white collared individuals charge per hour loll.
     
  2. John Swift

    John Swift

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Not sure of your personal circumstances, but this just reminded me of an article in Forbes (? not sure, but it was right next to the Economist and TIME) that I was browsing at the airport on Thursday. It was talking about how to get $54000 free of tax through a family trust structure. Good as a basic primer if you're wandering the aisles of the newsagent in the next week or so.
     
  3. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Im starting a new job this week so I can start earning something. I was getting 11$ an hour, working 25hrs a week as a 22yr old so I had no way of saving. I wouldn't even hit the first tax bracket at that rate haha.
     
  4. pinkboy

    pinkboy

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    How do they get away with that? Minimum wage is more than that surely?

    pinkboy
     
  5. pinkboy

    pinkboy

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Without reading it, sounds like distributing income from a DFT to 3+ people who are not working to sneak under the first tax bracket ($18,200 x 3 = $54,600).


    pinkboy
     
  6. John Swift

    John Swift

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)


    Yep. Mum and dad as directors of a corporate trustee with three children as beneficiaries. May or may not be relevant, but the way the article explains the concept of trusts is a good primer.
     
  7. McLovin

    McLovin

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    If the children are under 18 the tax free threshold is $416 for most passive income, which most definitely includes family trust income. The rate goes to 66% for income up to $1,307. If the child earns more than $1,307 then the entire amount is taxed at 45%.
     
  8. pinkboy

    pinkboy

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Yeah, I know because it was a question I asked when setting my (few too many) DFTs up. Cant pay Miss. 9 much out of the distributions. I divert funds to another company that is a beneficiary and that gets taxed at 30%. Not much else you can do really.


    pinkboy
     
  9. McLovin

    McLovin

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    The problem with the corporate bene is that since they bought in the Div 7A rules you have to physically pay the money out to the corporate. It was much simpler when you just created a distribution declared but not paid.
     
  10. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Pinkboy minimum wage I think is 18 dollars an hour. Its a food business so its all cash in hand. I took what I could get but yeah its slave labour in simple terms.
     
  11. pinkboy

    pinkboy

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    You would have been better off earning minimum wage and paying (little) tax than the cash in hand.

    What job are you in now, is it full time and are you being paid legit?


    pinkboy
     
  12. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    I'd be far better off ppaying a tiny tax but minimum wage. I think that's how they saved so much money. Im going to work at a nursing home, in the kitchen serving food to old people. My mum, uncles, 2 x aunties and my aunties sister (manager loll) all work in the kitchen.

    It's not a dream job but working 25hrs a week with a wage of 22$ an hour plus 33$ on weekends should make ends meet.

    I told my current employers I dislocated my knee and wont be able to walk for 12 weeks. It was the gutless way out but I felt bad contemplating about telling my boss I found a better paying job.

    On another note, I was filling out the online stuff for Interactive broker. It said minimum net asset worth has to be above 25K. Also net liquidity worth over 25K. What could happen if I don't meet those criteria and I say I do. Im not trading with any leveraged tools. Only going to trade in equities. I don't understand why its a requirement other than the law says that's the way it is.
     
  13. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    I plan on adding 2k per month or so to the trading account indefinitely hence I should meet those requirements soon enough. I said I met the requirements but worst case scenario I just claim it was up to personal interpretation. I have bikes in my garage which I value at x amount of dollars and MAYBE I have a stash of money under my bed.

    I also had to have made atleast a 100 trades to be eligible to sign up for an account. My brother pointed out ' you have, on the simulator'. Haha, on a serious note is there anything serious which could result?
     
  14. DJG

    DJG

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Are you applying for an individual account? I assume not..
     
  15. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    I am DJG.
     
  16. burglar

    burglar

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    How long have you been DJG?
     
  17. rb250660

    rb250660

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Hmm, yes, I am interested to know too. :D
     
  18. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Haha, on another note if Twitter hits 50$, and my account is setup by then I might enter, set a stop loss at 49$ and aim for first target 55$, then 65$ and move the trail stop to 65$ for a potential target of 73$.

    That is if the overall markets dont break their uptrend.

    I only have currently $7000 but Interactive broker claims on their site that 100 shares cost a dollar brokerage fee.

    That makes it a very low risk set up, assuming I can get out at the price I intend. I have wrote pages of analysis work in my diary aboit TWTR. More so on why I believe its a good trade. Nuthing based fundamentally but I will maybe post up a photo as itll take forever to type up.

    I believe that its confirmed its upward trend.if you lookat activity its greatly increased since its low, and most likely was accumilated by big players when the weak players were flushed out during the date when ingernal shareholders were legally allowed to sell.

    Ive lost some edge as the price has climbed from its 30's to its 50s. However overhanging supply has been absorbed. Only one major spot left to absorb.
     
  19. darkhorse70

    darkhorse70

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    Another point of entry would be $55.
     
  20. pixel

    pixel DIY Trader

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    Re: Darkhorse's "REAL MONEY" trading diary (noob friendly haha)

    After the latest 3% rise in June, the minimum wage is $16.87 an hour.
     
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