How do you hide the cost of our hobby?

[Defiant]

Well before Covid, I would hobby fairly infrequently, perhaps 2 - 3 times a month. Since I mostly went to HR+ places, the cost was manageable. And of course I have two separate bank accounts that are mine only and she has no access to them. She has the same. I get roughly 30% of what I earn deposited to my account. 70% goes into the common account and is spent on boring things, such as mortgage, car payments, child care, etc...

My wife occasionally asks me how much money I have accumulated on my accounts. I tell her approximately and not surprisingly she always think I should have more. But since the differences are not that significant, I can get away with them...

 

[Hardhippy]

Put a sizable amount of money in a crypto that's on a dip(do your research etc, also I'm not a financial adviser. just my way of hobbying). When it goes up, pull your initial investment. Use the profits as your hobby fund. SO won't have a clue and you kinda go for free too

 

[Reachme.here091]

to sum it all up,


1. Petty Skimming in various forms.


All other stuff leaves too much paper trail or other evidence or risk of “gambling” loss. Or too many people knowing about your business.

 

[mrmoon]

Put a sizable amount of money in a crypto ... When it goes up, pull your initial investment. Use the profits as your hobby fund. ...

Doesn't the conversion back to dollars trigger a well documented taxable event with a long paper trail ... complete with end of year reporting?
Or is it different if you pay with Crypto and never convert back to dollars?
Or is it just plain untracable?

 

[jonmark1905]

Doesn't the conversion back to dollars trigger a well documented taxable event with a long paper trail ... complete with end of year reporting?
Or is it different if you pay with Crypto and never convert back to dollars?
Or is it just plain untracable?

Fully traceable.

 

[Hardhippy]

Doesn't the conversion back to dollars trigger a well documented taxable event with a long paper trail ... complete with end of year reporting?
Or is it different if you pay with Crypto and never convert back to dollars?
Or is it just plain untracable?

It depends on the length of time the profit investment has been sitting. I've had things building up for a few years. Pulling your initial investment won't have need for a report because it's like for like. For your profits, Anything pulled within a 12 month calendar cycle is reported to the IRS as earned income. Any investment after 12 months is reported differently. At that point making use of multiple wallets and a little "ingenuity" you can withdraw off the grid.

 

[mrmoon]

I almost understand. Thanks much for your reply.
and.... its official... I'm too old for this $%#@

 

[Reachme.here091]

It depends on the length of time the profit investment has been sitting. I've had things building up for a few years. Pulling your initial investment won't have need for a report because it's like for like. For your profits, Anything pulled within a 12 month calendar cycle is reported to the IRS as earned income. Any investment after 12 months is reported differently. At that point making use of multiple wallets and a little "ingenuity" you can withdraw off the grid.

Let’s stay off the ingenuity antics with crypto on this public board.

Let’s just say the less people know your business or less junk both physical and electronic in existence, the better it is in the long run.

 

[jonmark1905]

Let’s stay off the ingenuity antics with crypto on this public board.

Let’s just say the less people know your business or less junk both physical and electronic in existence, the better it is in the long run.

Word

 

[therave]

I thought I was watching CNBC.

 

[Porkchop]

Pay cash and squirrel away a couple bucks everytime.
Before you know it you have a couple hundred saved.

 

[nycityboy18]

Uber eats get a gobank card . Deposit some money in ur account to report to wife then stay with some...and u will be getting 200 then stay with 50 hard to keep track.

 

[Bill D]

My wife knows I looove Starbucks and spend $6 a day there during the work week. Only I don’t. $30 a week put aside gets me a nice session every six weeks.

 

[Reachme.here091]

My wife knows I looove Starbucks and spend $6 a day there during the work week. Only I don’t. $30 a week put aside gets me a nice session every six weeks.

Like I said. Petty skimming. 12 bucks for lunch, but only spending 6 on chicken over rice or 3 bucks for a slice. Or eating huge breakfast and skipping lunch altogether. Probably better for your weight. Just make sure you’re not spending too much money overall. Cause that will raise red flags and put you under a microscope.

 

[Indra]

So far on MongerKit episodes:

For time: Golf (weekends), Gym (weekdays). Working late? Work dinner?

For funds: cash back at groceries.
Spare cash at trading accounts with debt card.
Crypto?

For anonymity: Burner, burner app. Communicate with email.

More to think about:
Nowadays, the car and phone are location aware. GPS traces your journey.
What about smell in clothes?
There are other issues about taking precautions against STDs etc

 

[bonerdonor]

My accountant does a good job of hiding my expense

 

[garytemple6]

just say you are going to get a massage

 

[softball3]

That's what I have always done...it works...

 

[BestTwitterer]

I overpay on bills like the Cable. If it’s $150 I’ll pay $180. They become my bank account and when there’s a few hundred as overage I just call and ask them to refund the amount. As I do the bills, the Mail and the check is in my name. Found money!

 

[Jersey12345]

I overpay on bills like the Cable. If it’s $150 I’ll pay $180. They become my bank account and when there’s a few hundred as overage I just call and ask them to refund the amount. As I do the bills, the Mail and the check is in my name. Found money!

Wow, that is way too much work.