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Need $500 in new assets by Dec. 31
Old 11-29-2004, 07:07 PM   #1
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Need $500 in new assets by Dec. 31

My end of year projections indicate that I will fall $500 short of my 2004 goal for net invested assets (which excludes personal property). This is an arbitrary number, but it would be nice if I could find some way to meet the target.

- I'm salaried, so no OT help there
- All out of extra electronics to ebay/pawn
- Working PT at UPS/Fedex for the holiday would probably interfere with my regular job, and at $9/hr it wouldn't be enough anyway
- Can't reduce expenses any more than I already have
- Don't want to hit the parents up

Is there anything I'm missing? Are there still places where you can sell blood?
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Re: Need $500 in new assets by Dec. 31
Old 11-29-2004, 07:13 PM   #2
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Re: Need $500 in new assets by Dec. 31

Quote:
...it would be nice if I could find some way to meet the target.
Soupcxcan, I have the solution - lower the target. Problem solved!
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Re: Need $500 in new assets by Dec. 31
Old 11-29-2004, 07:19 PM   #3
 
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Re: Need $500 in new assets by Dec. 31

Yep, when I was in accounting, I could make the numbers come right out to the projections about
100% of the time. Adjusting the "target" is an accepted
accounting technique. I believe our government
uses it frequently

John Galt
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Re: Need $500 in new assets by Dec. 31
Old 11-29-2004, 07:23 PM   #4
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Re: Need $500 in new assets by Dec. 31

Quote:
Soupcxcan, I have the solution - lower the target. Problem solved! *
Not an option - have you seen how wall street punishes those who miss their quarterly estimates? If my stock price tanks, I would be vulnerable to a hostile takeover by foreign interests (e.g. my girlfriend, who almost has 51% of my equity to begin with - and no poison pill provision is going to protect me from her).
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Re: Need $500 in new assets by Dec. 31
Old 11-30-2004, 04:33 AM   #5
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Re: Need $500 in new assets by Dec. 31

Keep your target. *Just create an asset called "accounts receivable" in the amount of $500. Just remember that the first $500 you add to your 2005 net assets counts to replace your 2004 receivable.

You will need to make up this shortfall by making your 2005 target plus $500. *It's easier to have 12 months to make this up than 1 month. Just make sure you don't fall into the same trap in future years.
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Re: Need $500 in new assets by Dec. 31
Old 11-30-2004, 06:33 AM   #6
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Re: Need $500 in new assets by Dec. 31

Might you have a surplus of books, cds, videos, dvds that are in need of decluttering? *I've had a blast over the last year getting rid of stuff on amazon.com. *I even made two extra mortgage payments this way. *Just a thought... *After all, you are sooooo close to your goal!
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Re: Need $500 in new assets by Dec. 31
Old 11-30-2004, 09:42 PM   #7
 
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Re: Need $500 in new assets by Dec. 31

You need to work on your tax return early, to give yourself that extra $500 in after tax dollars.

Let's say your brother in law (or someone else) has an old car. They could gift it to you and you could donate it to a worthy charity.

This could increase your effective income by enough that your net income would exceed your goal.

There are many similar options.

b.
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Re: Need $500 in new assets by Dec. 31
Old 11-30-2004, 10:35 PM   #8
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Re: Need $500 in new assets by Dec. 31

Quote:
Let's say your brother in law (or someone else) has an old car. They could gift it to you and you could donate it to a worthy charity.
As an aside, this is the last year for the great donating cars tax write-off windfall. Starting next year you are going to have wait until the charity sells the car and then only be able to claim what the charity got from the sale. If you have an old car to donate get rid of it this year.
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Re: Need $500 in new assets by Dec. 31
Old 12-01-2004, 05:55 AM   #9
 
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Re: Need $500 in new assets by Dec. 31

Yep, that deal on donated vehicles going away is a bummer (doesn't effect me of course). I do recall
in my high income years, I would search everywhere
for stuff to donate to get some extra deductions.
Since I switched to the standard deduction, it's one
more chore eliminated.

John Galt
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Re: Need $500 in new assets by Dec. 31
Old 12-02-2004, 07:54 AM   #10
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Re: Need $500 in new assets by Dec. 31

Actually, I realized that I may make my target after all...I have three paydays in the month of December! Nice.
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Re: Need $500 in new assets by Dec. 31
Old 12-02-2004, 08:32 AM   #11
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Re: Need $500 in new assets by Dec. 31

Rock-on soup. That extra 500 bones, and then some, should be gravy with the extra paycheck.

Feel free to send some my way.
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