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06-17-2016, 09:50 AM
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#41
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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OK, call me dumb (no wait, don't!  ), but anyway here's what I think:
(1) FUEGO is right, this guy's an example of stealth wealth. I'm happy for the guy that he is making lots of money and even more, that he is employing lots of people. Jobs are pretty valuable today and I'm happy that so many people are working for this guy.
(2) Senator is right, that FUEGO should make sure the title transferred out of his name. In fact, that is something that most people should do for most informal car sales in the 21st century. None of us live in Mayberry RFD any more.
(3) I don't see what all of you are arguing about.  It must be the hot weather is getting to some of us.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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06-17-2016, 10:05 AM
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#42
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 17,241
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 Quote:
Originally Posted by Senator
I would be willing to be not many taxes are paid out of all of the 30 crews. He paid cash. I would also believe that 30 crews may be a exaggeration, or all 30 crews are somewhat independent and only loosely in the same company.
It is a huge red flag for a business to be in paying cash. I would doubt that he has any legitimate business. Transactions for many people that evade taxes is done in cash. He and/or his family may also be on public assistance and do not report the cash.
He did not have much money, maybe it was a negotiation tactic? That is the same way it is in Mexico. You almost need exact change even in a restaurant.
Make sure the transfers the registration to his name. You may find that it never gets transferred. In MN, not only is the buyer supposed to register the vehicle, the seller is required to report the transfer.
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What about the part of him working for the large home builders and doing most of the work  They do not work on cash... they file the 1099s and other required legal docs...
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06-17-2016, 10:07 AM
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#43
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2005
Posts: 17,241
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Quote:
Originally Posted by Senator
Maybe it is because I work for a mega-corp bank, and have a lot of interactions with the anti-money laundering area, the red flags pop up all over on this one.
Or maybe because I used to deal with many people in my low-income and section 8 landlord days that had many sources of 'tax free' income, that I jump to conclusions.
I applaud people that can do it and take home more. That is the natural way of business. Major US firms do it too, except they call it an inversion.
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Usually those of the workers of someone like the OP described... not the buyer of the van...
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06-17-2016, 10:20 AM
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#44
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Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,902
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Quote:
Originally Posted by rodi
Folks - the point of this post was that a guy who was buying the truck was more successful than he first appeared. Stealth wealth.
How this morphed to somehow this guy is sketchy shows how quick we are to judge when someone's image doesn't fit our preconceived stereotype.
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+1
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06-17-2016, 10:21 AM
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#45
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: St. Louis
Posts: 2,179
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Quote:
Originally Posted by W2R
(1) FUEGO is right, this guy's an example of stealth wealth. I'm happy for the guy that he is making lots of money and even more, that he is employing lots of people. Jobs are pretty valuable today and I'm happy that so many people are working for this guy.
...
(3) I don't see what all of you are arguing about. It must be the hot weather is getting to some of us. |
I find it inconceivable that this buyer has over 100 drywallers/painters working for him, and runs everything with cash. Therefore, I highly doubt he is making "lots of money" (or if he is, it's not in legitimate ways), and I highly doubt he is employing "lots of people". That is why I bothered to post.
It would be no different if a 9 year old went to school with some object they claimed to build, and everyone marveled at how ingenious and talented the child was....when, to another observer, it looks like a 99.9% chance that the child simply bought it off of ebay and never made it, due to a number of things that appear almost 'guaranteed obvious'.
Some people blindly extend credence beyond a reasonable doubt to many people they meet. Others are more reserved and cautious, and sometimes see obvious inconsistencies in some things.
__________________
Dryer sheets Schmyer sheets
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06-17-2016, 10:28 AM
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#46
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,969
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Quote:
Originally Posted by rodi
Folks - the point of this post was that a guy who was buying the truck was more successful than he first appeared. Stealth wealth.
How this morphed to somehow this guy is sketchy shows how quick we are to judge when someone's image doesn't fit our preconceived stereotype.
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It's called wisdom and experience. What good is knowledge and learning things if it never counts for anything? Prejudiced? You can also call it knowledge and experience or why bother?
Criminal and unethical behavior are responsible for as much wealth as "righteous" Smithian capitalism and hard work. Maybe more
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06-17-2016, 10:41 AM
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#47
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
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My god but you people are exhausting.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
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06-17-2016, 10:51 AM
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#48
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Thinks s/he gets paid by the post
Join Date: Jan 2014
Location: Bloomington, MN
Posts: 1,158
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Quote:
Originally Posted by Sarah in SC
My god but you people are exhausting.
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+1
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06-17-2016, 10:51 AM
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#49
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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Quote:
Originally Posted by Sarah in SC
My god but you people are exhausting.
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+2
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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06-17-2016, 10:53 AM
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#50
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2006
Posts: 11,401
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+3
I hate it when stereotypes are used to bolster prejudices. [mod edit]
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06-17-2016, 10:56 AM
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#51
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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It reminds me of the crew that framed our home built by a mid size semi custom builder. Only one guy on the crew was fluent in English. I was impressed how easily they dealt with our colonial measurement system when the USA failed/refused going metric. The prime contractor told us they were his most productive crew. When the other crews went home they kept working and used generators after dark. They were paid by the job, not by the hour. They all bought their bag lunches from one of the wives of the crew. Construction is strong right now but these guys probably won't work year round (here in the mid Atlantic) and may be looking for odd jobs in the Home Depot parking lot next month. I don't think you can extrapolate annual revenue so easily for a seasonal business. So much for stealth....we asked them to give us a quote to finish our basement and the guy rolls up in a $50k diesel pickup ( in 1999).
Sent from my iPhone using Early Retirement Forum
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...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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06-17-2016, 10:59 AM
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#52
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Recycles dryer sheets
Join Date: Sep 2011
Location: MSP
Posts: 304
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Quote:
Originally Posted by Meadbh
+3
I hate it when stereotypes are used to bolster prejudices. [mod edit]
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So soon? I just fired up the popcorn machine...
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06-17-2016, 11:00 AM
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#53
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
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Quote:
Originally Posted by Meadbh
+3
I hate it when stereotypes are used to bolster prejudices. [mod edit]
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What stereotypes are you referring to? It seems like you may have a bias?
I think the issue was cash transactions for a $10+ million dollar company, vs. someone that is truly stealthily wealthy.
Does a stealthily wealthy person act in the manner illustrated?
__________________
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06-17-2016, 01:25 PM
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#54
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Administrator
Join Date: Jan 2008
Location: Chicagoland
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