Planning for the reward and reaching the objectives. Saving for taxes
So I'm looking at my Porsche and I'm thinking about the stepping stones that I need to get there. It'll be a reward, certainly. Thing is, what do I do in the meantime? What will I drive in the mean time? Will I just carry on with the Miata? Drive that in Los Angeles? I guess I can. It's no big deal, since they're about the same size.
Perhaps I just need to keep the Miata until I can afford the Porsche, and have reached an objective, monetarily, so I can pay for it.
The 911 will be around 70 grand for a used model, about five years old. I'll have to be pretty wealthy for that, so it means writing books pretty much non stop, and acting, and doing all the great creative things until I drop. I'll be doing what I'm doing now, in fact, but I'll be paying out for car repairs and the like as the money comes in.
I guess there's little point in pulling the money out of this place. It's there for emergencies, for sure. It's money, but it's tied up. It's an asset, which is great, but since it's still what it is, there's little point in being clever with the money that's tied up in it. Maybe if things didn't work out with the writing then it's fall back money. It's a kind of insurance, you could say.
But the car is an extravagance. It will pay for itself since I will love it to death. But it's an extravagance, like the pilot's license and the Gibson and the Yamaha grand, once they come.
The Porsche will come when I have sold my best seller. When I know it's made me at least a million, then I'll get the Porsche. When I know that a million is in, or is coming in, and I can get one for a good Price. The bank balance will need to be clearly in the black, and all the credit cards will need to be paid up.
I will need to see all my bank balances looking healthy, with at least the minimum to cover the charges every month. I will need to see at least $20,000 in my Amex savings account, all the credit cards paid up, all my investments maxxed out for the IRAs, and the cash to pay for the car.
So I'm anticipating a first check for my book's earnings at being around $100,000. That'll be enough to pay off the cards, put money into the accounts for investments, and there should be enough to pay any taxes due, as well.
That's another thing: I'll need to put money aside for taxes. I think I'll keep a second savings account just for taxes, which I'll consider to be NOT MY MONEY.
That, in turn, will earn some income from the interest. But I think a high income savings account is ideal for taxes.
Then the Porsche will be easy to afford and maintain. And my new lifestyle, of being famous and creative, will bring the money in over the years.
The house in Los Angeles will cost around 1.5 million. That might have to be bought on a mortgage. All very doable, since this place will be the second home!
Thing is, this is a fun activity. It's not a race. It's fun. I enjoy these challenges now. Being creative is the thing. The Beatles, ironically, weren't competitive. They just had a lark, and the people couldn't see that.
Perhaps I just need to keep the Miata until I can afford the Porsche, and have reached an objective, monetarily, so I can pay for it.
The 911 will be around 70 grand for a used model, about five years old. I'll have to be pretty wealthy for that, so it means writing books pretty much non stop, and acting, and doing all the great creative things until I drop. I'll be doing what I'm doing now, in fact, but I'll be paying out for car repairs and the like as the money comes in.
I guess there's little point in pulling the money out of this place. It's there for emergencies, for sure. It's money, but it's tied up. It's an asset, which is great, but since it's still what it is, there's little point in being clever with the money that's tied up in it. Maybe if things didn't work out with the writing then it's fall back money. It's a kind of insurance, you could say.
But the car is an extravagance. It will pay for itself since I will love it to death. But it's an extravagance, like the pilot's license and the Gibson and the Yamaha grand, once they come.
The Porsche will come when I have sold my best seller. When I know it's made me at least a million, then I'll get the Porsche. When I know that a million is in, or is coming in, and I can get one for a good Price. The bank balance will need to be clearly in the black, and all the credit cards will need to be paid up.
I will need to see all my bank balances looking healthy, with at least the minimum to cover the charges every month. I will need to see at least $20,000 in my Amex savings account, all the credit cards paid up, all my investments maxxed out for the IRAs, and the cash to pay for the car.
So I'm anticipating a first check for my book's earnings at being around $100,000. That'll be enough to pay off the cards, put money into the accounts for investments, and there should be enough to pay any taxes due, as well.
That's another thing: I'll need to put money aside for taxes. I think I'll keep a second savings account just for taxes, which I'll consider to be NOT MY MONEY.
That, in turn, will earn some income from the interest. But I think a high income savings account is ideal for taxes.
Then the Porsche will be easy to afford and maintain. And my new lifestyle, of being famous and creative, will bring the money in over the years.
The house in Los Angeles will cost around 1.5 million. That might have to be bought on a mortgage. All very doable, since this place will be the second home!
Thing is, this is a fun activity. It's not a race. It's fun. I enjoy these challenges now. Being creative is the thing. The Beatles, ironically, weren't competitive. They just had a lark, and the people couldn't see that.
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