Ok...so here I was in northern San Diego County, doing some picking, and hitting local antique malls for Gold and silver or other collectibles when after making a few purchases I realized that I had a free buffet and some free slot play at the local Harrah's Casino. So I ventured in dropped a couple $10 bills in some slot machines and got nothing so I went about my business and had a great meal. When I exit the buffet, I use my slot play and order myself a cup of coffee to relax before my hour and a half drive home. I lose my $20.00 slot play and figured ok... I'll drop another $20 and thats it. I walk over to one of my favorite types of $1.00 3 reel slot and put the $20 in.... after a few pulls, the picture tell you what happened. I cracked the S.O.B. for $5000.00 ...and seeing how money burns a hole in my pocket I want to put most of it towards PM's. So basically if you had about $4000.00 to spend on Gold and Silver how would u spend it?? (I paid some bills and made a few donations to my favorite charities)Cause I can't decide. I was thinking an ounce or ounce and a half of gold and the rest silver?? Get a one ounce piece of gold? or some quarter ounces?? If I don't buy something soon, i'll blow this money quickly, as other vices are in line.
Wow. $5,000. I'd put it towards an Abigail Adams first lady gold coin (don't even know the denomination). Or maybe my retirement. There are so many options!
Sweet lick. One time in Vegas I put the light on (with free play ) and asked for a check. When I returned home I bought my first $20 gold piece and a 3-legged Buffalo. Always ask for a check. Last time I took the cash and.. Dang, now I want to go to the boat.
Taking a check?? It never occured to me to ask for a check. Hopefully I'll have a chance do ask for a check one day. Luckily I grabbed my money and ran. I didn't give one cent back. I've made a few smart purchases. Even though I have the money I don't like to pay big premiums and will shop around. I picked up 4 quarter ounce gold Libertads. I bought them with a $10.00 premium on each coin, so basically $40.00 on an ounce. That was less than most 1 oz gold pieces had in premium. I shopped Krugs, Eagles, Phils, Maples and generic and brand name bars. I want to pick up some silver too, but havent decided yet on what. I will post pics when I get a bigger pile of goodies.
Don't forget this good luck will be reported, and will affect your tax return. You might want to keep some money back to pay taxes with. I know, not "fun" advice, but still.
I wonder how many (what %age) PM holders also gamble in casinos? Do these behaviors - spendthrift & hoarding - correlate in the same personality type(s)?
Right, don't forget to file the W2g at tax time. Save any proof you have of losses from the year to help offset your winnings. A slot club win/loss statement is good.
On a $5K win, you would have been given a W2G with your winnings. A copy went to the IRS, so don't forget to include it as income on your tax return. You can't offset your winnings with losses unless you itemize deductions using schedule-A. If you use the standard deduction, all of your W2G winnings are taxable. ETA, congratulations on your win!
Congrats! If it was me at least 2k would get invest in my portfolio and then 2k for coins. Of course assuming taxes were only 1k and were already deducted.
If you can itemize on your taxes, start going to the casino every week and cash a check for a few hundred dollars. You can claim that as gambling loss to offset the winnings. Nice win. I would be very tempted to spend several thousand on some slabbed high MS CC Morgans.
