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re: My 20 year old son will be bringing in 40-50k per month for the foreseeable future.
Posted on 6/9/25 at 8:39 am to Asleepinthecove
Posted on 6/9/25 at 8:39 am to Asleepinthecove
How many times did you tell him he was wasting his time in the past 
0
Posted on 6/9/25 at 8:41 am to frankthetank
quote:
I was in a similar position when I was your son
Where were these gaming sons when I was a dad
Posted on 6/10/25 at 3:16 pm to Asleepinthecove
I have no financial advice for you but congrats to your son. That is awesome.
Posted on 6/10/25 at 3:59 pm to tiggerthetooth
quote:
Doctors should pay 0 taxes, nurses should pay 0 taxes, people who work materially beneficial jobs should be taxed 0.
Insert im retarded gif
Posted on 6/10/25 at 4:58 pm to Asleepinthecove
A BIG congratulations to your son!
That is fricking Awesome and I wish him all the best in turning his income into more in his future!
That is fricking Awesome and I wish him all the best in turning his income into more in his future!
Posted on 6/10/25 at 5:22 pm to Asleepinthecove
Talk to your accountant and advisor about adding a cash balance plan to the Solo 401k. This is a huge benefit that many advisors don’t understand so they’re scared to advise it. It’s basically a Defined Benefit plan.
Posted on 6/10/25 at 5:24 pm to Asleepinthecove
quote:The advice to find highly competent legal, structuring and tax help is key. Worry about the investments AFTER making sure the proper machinery is in place.
I’m sure they will be giving him good financial advice going forward but I wanting to pick the brains of those in this forum to see what steps you would take if you had a kid in a similar situation and how it may differ from the advice we will be given.
I don't know where you live, but you should probably not use local people. Get Silicon Valley type of counsel that is used to seeing every nook and cranny.
Congrats to you and him! (but also realize this could be fleeting)
Posted on 6/11/25 at 7:35 am to Asleepinthecove
The games been top 5 for months now? That is very impressive and means it might have staying power. Some of those games drop out of top 5 after a few days, that’s a good sign. Congrats to your son
Posted on 6/11/25 at 8:36 am to tiggerthetooth
quote:
useless entertainment shite should be taxed?
In the grand scheme of the universe, what makes entertainment more useless than whatever you do for work?
Posted on 6/11/25 at 8:41 am to Big Scrub TX
quote:
Get Silicon Valley type of counsel that is used to seeing every nook and cranny.
There’s nothing complicated about what they’re selling. There’s no point in overpaying for Silicon Valley council. We have Silicon Valley clients, we love them, they think the more they pay the better advice they’re getting. I can assure you that’s not true, they pay 30%-50% more for the same shite for no reason at all.
Posted on 6/11/25 at 8:43 am to tiggerthetooth
quote:
Honestly the same. Congrats to this guys son but i wish we would tax the frick out of useless shite like roblox and remove all taxes for people who put out real work. Again, not trying to take away anything but this is a joke.
This makes no sense lol
Posted on 6/11/25 at 9:10 am to Mingo Was His NameO
quote:It's not about what they're selling - it's about the particular structure of his deal, as it's almost certainly a venture type situation.
There’s nothing complicated about what they’re selling. There’s no point in overpaying for Silicon Valley council. We have Silicon Valley clients, we love them, they think the more they pay the better advice they’re getting. I can assure you that’s not true, they pay 30%-50% more for the same shite for no reason at all.
Posted on 6/11/25 at 9:17 am to Big Scrub TX
quote:
as it's almost certainly a venture type situation.
It’s almost certainly not. They’re not developing any kind of technology. There’s nothing complicated about the model, which is what its already so profitable.
Posted on 6/11/25 at 9:56 am to FortunateSon
quote:
I am no expert, but I'd strongly consider maxing out a Roth 401k. I know it's post tax, but he'll have at least 40 years of tax free growth.
Y’all are insane.
Do the pre tax 401k now while the kid is grossing $400k.
Convert it to Roth when he’s making money at a much lower clip.
Posted on 6/11/25 at 10:00 am to Mingo Was His NameO
quote:In my recommendation, how many total extra dollars are we talking about spending?
It’s almost certainly not. They’re not developing any kind of technology. There’s nothing complicated about the model, which is what its already so profitable.
Posted on 6/11/25 at 10:08 am to Big Scrub TX
quote:
In my recommendation, how many total extra dollars are we talking about spending?
In absolute dollars, starting from scratch? Probably somewhere between $15k and $40k. As a percentage, probably nearly double.
I have clients in Silicon Valley that I charge 150% of what I charge clients in other metros because that’s the going rate out there. And it’s administrative, it’s the exact same work
Posted on 6/11/25 at 12:15 pm to Mingo Was His NameO
quote:All of that sounds way too high no matter what.
In absolute dollars, starting from scratch? Probably somewhere between $15k and $40k. As a percentage, probably nearly double.
I have clients in Silicon Valley that I charge 150% of what I charge clients in other metros because that’s the going rate out there. And it’s administrative, it’s the exact same work
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