Plessinger - Class Act

seth505
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SD, CA, USA
9/28/2023 10:25am
seth505 wrote:

It's $10k, not 1 million, back it down with the 3rd grade accountant advice.

PhunnyGuy wrote:
Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in...

Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in 14 years that $10k becomes $40k. in 28 years that same principal becomes $160k. Still think its insignificant? Throwing around money?

Every penny you spend is on investing?  People give to charities and friends/family who need help, it's part of being a human with empathy.  Not much more needs to be explained.

3
LocalMB
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Cary, NC, USA
9/28/2023 11:10am

This guy faulting AP for donating money to this cause is actually unbelievable…if you guys want to know how much this race means to those of us that had the pleasure of knowing Cody and chris gragg skip to 11:30 in this video, AP could not be more top notch just like the Gragg’s were 

 

 

 

10
PhunnyGuy
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Boulder City, NV, USA
9/28/2023 11:40am
LocalMB wrote:
This guy faulting AP for donating money to this cause is actually unbelievable…if you guys want to know how much this race means to those of...

This guy faulting AP for donating money to this cause is actually unbelievable…if you guys want to know how much this race means to those of us that had the pleasure of knowing Cody and chris gragg skip to 11:30 in this video, AP could not be more top notch just like the Gragg’s were 

 

 

 

How much did you contribute to the purse then? 

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29
9/28/2023 1:43pm
seth505 wrote:

It's $10k, not 1 million, back it down with the 3rd grade accountant advice.

PhunnyGuy wrote:
Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in...

Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in 14 years that $10k becomes $40k. in 28 years that same principal becomes $160k. Still think its insignificant? Throwing around money?

You keep digging your hole deeper, maybe it's time to stop digging?

2

The Shop

APLMAN99
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Tualatin, OR, USA
Fantasy
9/28/2023 4:27pm
Meister wrote:

A shame more wealthy pros arent like him and pour into the sport that way. Instead they buy stupid cars n shit they hardly drive. 

I doubt that there are all that many ‘wealthy’ pro racers. The top guys may make a very good income for a relatively short period of time, but it isn’t the generational wealth that some of the larger team sports athletes can amass. $10,000 is a LOT of money for 99.9% of the top MX pros. That isn’t the drop in the bucket that it might seem like, even from a guy who’s made some decent money like Plessinger. That’s a very significant donation that he is making. 

3
APLMAN99
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Location
Tualatin, OR, USA
Fantasy
9/28/2023 4:35pm
seth505 wrote:

It's $10k, not 1 million, back it down with the 3rd grade accountant advice.

PhunnyGuy wrote:
Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in...

Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in 14 years that $10k becomes $40k. in 28 years that same principal becomes $160k. Still think its insignificant? Throwing around money?

I think you are confusing concepts that you may have heard. Rule of 7s?  You are probably confusing that with the Rule of 72. To double every 7 years, you’d need to average over 10% annual returns (72/7= 10.3%). 

But it really doesn’t matter as it’s Plessinger’s money and if he chooses to use it to honor the memory of a friend, good on him. $10K is a serious amount of money for most anyone, especially those with relatively short careers of high income, but not every decision in life is a transaction that requires a payback. 
 

 

3
9/28/2023 4:41pm
LocalMB wrote:
This guy faulting AP for donating money to this cause is actually unbelievable…if you guys want to know how much this race means to those of...

This guy faulting AP for donating money to this cause is actually unbelievable…if you guys want to know how much this race means to those of us that had the pleasure of knowing Cody and chris gragg skip to 11:30 in this video, AP could not be more top notch just like the Gragg’s were 

 

 

 

PhunnyGuy wrote:

How much did you contribute to the purse then? 

Lets see your tax returns. Quite the prick you are. Must be a blast at parties. 🖕

4
1
9/28/2023 8:35pm

                 PhunnyGuy , you are neither .

2
wreckitrandy
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Location
Granite Falls, NC, USA
9/28/2023 9:07pm
seth505 wrote:

It's $10k, not 1 million, back it down with the 3rd grade accountant advice.

PhunnyGuy wrote:
Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in...

Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in 14 years that $10k becomes $40k. in 28 years that same principal becomes $160k. Still think its insignificant? Throwing around money?

In the south, we tend to adhere to the rule of 'mind your own business'. There are a number of benefits to this philosophy not the least of which is, not making a fool of oneself offering unsolicited financial advice. To quote the very under appreciated Sugarloaf, "Don't call us child, we'll call you.."

5
ned.
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EC, WI, USA
9/29/2023 5:19am Edited Date/Time 9/29/2023 5:30am
seth505 wrote:

It's $10k, not 1 million, back it down with the 3rd grade accountant advice.

PhunnyGuy wrote:
Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in...

Going by the rule of 7's at a standard compounding discount rate, that money will double roughly every 7 years invested in corporate stocks/bonds. So in 14 years that $10k becomes $40k. in 28 years that same principal becomes $160k. Still think its insignificant? Throwing around money?

APLMAN99 wrote:
I think you are confusing concepts that you may have heard. Rule of 7s?  You are probably confusing that with the Rule of 72. To double...

I think you are confusing concepts that you may have heard. Rule of 7s?  You are probably confusing that with the Rule of 72. To double every 7 years, you’d need to average over 10% annual returns (72/7= 10.3%). 

But it really doesn’t matter as it’s Plessinger’s money and if he chooses to use it to honor the memory of a friend, good on him. $10K is a serious amount of money for most anyone, especially those with relatively short careers of high income, but not every decision in life is a transaction that requires a payback. 
 

 

Came here to say this and feel like it’s bad enough to point out again. The misinformation in that post is crrrrazy. But it would be nice.

The rule of 72 also is not as simple as 72 years (or 72 months for that matter) to double your money. The number 72 used because of math stuff (that you can read about here) to quantify the amount of years it will take to double your money in an investment that pays an annual fixed interest rate.

For that matter, an interest rate of 10% annually on the large majority of investments is unheard of, and as APLMAN pointed out, that is what it would take to double your money in 7 years (roughly).

Beyond 10% and below 5% interest the accuracy of the rule of 72 wanes. 72 is used because of the amount of easy factors that number has. The more accurate rule is the Rule of 69.3, which is much more difficult to do in your head.

Don’t get me wrong a “rule of 7” as described by OP here would be absolutely awesome, but it’s not a reality of the world most of us live in. Maybe it is in theirs, and if that’s the case, I would like an invite!

EDIT: To keep this somewhat on topic, AP is a top G for this donation. He’s a family man. He wouldn’t donate that amount if he had any worries about how it would impact his ability to take care of his own. The fact of the matter is we have no idea what these guys are making, or what their expenses are like. To speculate that he’s out over his skis on a donation of this size, as one of the top guys in our sport, is just goofy to me. That’s 1/100th of a million dollars. How many millions has AP made? I’d wager more than a couple.

3
PhunnyGuy
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Location
Boulder City, NV, USA
9/29/2023 1:17pm
In the south, we tend to adhere to the rule of 'mind your own business'. There are a number of benefits to this philosophy not the...

In the south, we tend to adhere to the rule of 'mind your own business'. There are a number of benefits to this philosophy not the least of which is, not making a fool of oneself offering unsolicited financial advice. To quote the very under appreciated Sugarloaf, "Don't call us child, we'll call you.."

well you listen here green horn, in muh part of the country we don't go around strokin dudes off just on account of them pissing money into the wind . . don't matter how yeller yer belly is. can u understand me now, punk

1
23
JustMX
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9/29/2023 1:46pm
PhunnyGuy wrote:
well you listen here green horn, in muh part of the country we don't go around strokin dudes off just on account of them pissing money...

well you listen here green horn, in muh part of the country we don't go around strokin dudes off just on account of them pissing money into the wind . . don't matter how yeller yer belly is. can u understand me now, punk

An obvious troll looking for attention.

Let's just ignore him and maybe he will go away.

Go team USA!

3
9/29/2023 1:54pm Edited Date/Time 9/29/2023 1:55pm
LocalMB wrote:
This guy faulting AP for donating money to this cause is actually unbelievable…if you guys want to know how much this race means to those of...

This guy faulting AP for donating money to this cause is actually unbelievable…if you guys want to know how much this race means to those of us that had the pleasure of knowing Cody and chris gragg skip to 11:30 in this video, AP could not be more top notch just like the Gragg’s were 

 

 

 

PhunnyGuy wrote:

How much did you contribute to the purse then? 

@ML why hasn't this idiot been banned yet? Clearly a troll account started by a pathetic fucking loser. 

Can vital do IP bans so we don't have to deal with this shit every time some fat burnout gets sad enough with their own life they feel obligated to start an account and tell millionaires that donating $10k in honor of a fallen brother of our sport is "pissing away" their money? (as if this fucking moron makes more than $50k a year lol). 

4
2
9/29/2023 1:55pm
GrapeApe wrote:
"Giving" never makes financial sense, but thankfully most Americans "give" to causes close to their heart whether it results in a tax deduction or not. Also...

"Giving" never makes financial sense, but thankfully most Americans "give" to causes close to their heart whether it results in a tax deduction or not.

Also I'm sure you know the highest tax rate is 37% and that is only on adjusted income over $578K.

PhunnyGuy wrote:
If he has to pay 13% california tax and then add the self employment payroll type deductions, in fact an independent contractor can owe more than...

If he has to pay 13% california tax and then add the self employment payroll type deductions, in fact an independent contractor can owe more than 50% of his earnings to the state. 

Except he lives in Florida, and pays taxes in what ever state he’s racing in. It’s a lot more complicated than you think. 

2
TalinH112
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Location
Belgrade, MT, USA
9/29/2023 2:05pm
In the south, we tend to adhere to the rule of 'mind your own business'. There are a number of benefits to this philosophy not the...

In the south, we tend to adhere to the rule of 'mind your own business'. There are a number of benefits to this philosophy not the least of which is, not making a fool of oneself offering unsolicited financial advice. To quote the very under appreciated Sugarloaf, "Don't call us child, we'll call you.."

PhunnyGuy wrote:
well you listen here green horn, in muh part of the country we don't go around strokin dudes off just on account of them pissing money...

well you listen here green horn, in muh part of the country we don't go around strokin dudes off just on account of them pissing money into the wind . . don't matter how yeller yer belly is. can u understand me now, punk

Nah, where you come from you just stroke dudes off cause you enjoy it. 

PhunnyGuy
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Location
Boulder City, NV, USA
9/29/2023 2:23pm
@ML why hasn't this idiot been banned yet? Clearly a troll account started by a pathetic fucking loser.  Can vital do IP bans so we don't...

@ML why hasn't this idiot been banned yet? Clearly a troll account started by a pathetic fucking loser. 

Can vital do IP bans so we don't have to deal with this shit every time some fat burnout gets sad enough with their own life they feel obligated to start an account and tell millionaires that donating $10k in honor of a fallen brother of our sport is "pissing away" their money? (as if this fucking moron makes more than $50k a year lol). 

don't like what someone has to say, complain to the authorities and accuse them of thought-crimes, wrongthink, bad-thought. How easy to tell you are from California, and not the nice part . . . Compton?

1
22
mtl
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USA
9/29/2023 2:54pm
GrapeApe wrote:
"Giving" never makes financial sense, but thankfully most Americans "give" to causes close to their heart whether it results in a tax deduction or not. Also...

"Giving" never makes financial sense, but thankfully most Americans "give" to causes close to their heart whether it results in a tax deduction or not.

Also I'm sure you know the highest tax rate is 37% and that is only on adjusted income over $578K.

PhunnyGuy wrote:
If he has to pay 13% california tax and then add the self employment payroll type deductions, in fact an independent contractor can owe more than...

If he has to pay 13% california tax and then add the self employment payroll type deductions, in fact an independent contractor can owe more than 50% of his earnings to the state. 

UpTiTe wrote:

Except he lives in Florida, and pays taxes in what ever state he’s racing in. It’s a lot more complicated than you think. 

Sadly, It does not appear that the thinking part of thinking is a strength of not-so-Phunny.

10/2/2023 4:27pm
UpTiTe wrote:

Except he lives in Florida, and pays taxes in what ever state he’s racing in. It’s a lot more complicated than you think. 

So I don't know if they are independent contractors or employees. So having to pay taxes on the money they made in each state, is that just the prize money or contract money? Back when I rode a dinosaur to work and I had to travel to other states or even countries, I don't recall my tax guy having to calc taxes in all the states I worked in.

1
-MAVERICK-
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10/14/2023 1:48pm
 
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-MAVERICK-
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10/14/2023 1:49pm
 
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Chris_Buehler
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PORTLAND, CT, USA
10/14/2023 4:41pm
PhunnyGuy wrote:
Its always sad to lose a friend, but I'm not sure forking over $10k a year is the right move by plessinger. He probably earns well...

Its always sad to lose a friend, but I'm not sure forking over $10k a year is the right move by plessinger. He probably earns well but I don't think he's making Jett or Sexton money. Tough because the guy probably pays 50% in tax and doesn't get any type of break for doing something like this. Maybe Cody would have preferred he donate the money to a dog shelter and get a write off

I realize $10k seems like an impossible amount to you because you've never been able to save that much up. Plenty of people don't lose sleep over $10K

2
mb60
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10/14/2023 6:17pm

I'm confused on this topic. AP donates 10k and someone is bagging on him that it's really not a big deal ? You think he could donate more or it's not really from heart ? 5 dollars is charitable in my opinion if it's from the heart. 

Chris_Buehler
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10/14/2023 7:00pm
mb60 wrote:
I'm confused on this topic. AP donates 10k and someone is bagging on him that it's really not a big deal ? You think he could...

I'm confused on this topic. AP donates 10k and someone is bagging on him that it's really not a big deal ? You think he could donate more or it's not really from heart ? 5 dollars is charitable in my opinion if it's from the heart. 

No, they said he was being irresponsible with his money by donating that much

Radical
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San Diego, CA, USA
10/14/2023 8:26pm
PhunnyGuy wrote:
Its always sad to lose a friend, but I'm not sure forking over $10k a year is the right move by plessinger. He probably earns well...

Its always sad to lose a friend, but I'm not sure forking over $10k a year is the right move by plessinger. He probably earns well but I don't think he's making Jett or Sexton money. Tough because the guy probably pays 50% in tax and doesn't get any type of break for doing something like this. Maybe Cody would have preferred he donate the money to a dog shelter and get a write off

If he owns a house, he pretty much needs to itemize.  My understanding is that if he itemizes, he can donate up to 50% of his income and deduct every penny of it.

Either way, it's way cool that he's donating.

 

-MAVERICK-
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10/15/2023 12:23am
1
-MAVERICK-
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10/15/2023 7:44am
10/15/2023 8:42am
UpTiTe wrote:

Except he lives in Florida, and pays taxes in what ever state he’s racing in. It’s a lot more complicated than you think. 

ToolMaker wrote:
So I don't know if they are independent contractors or employees. So having to pay taxes on the money they made in each state, is that...

So I don't know if they are independent contractors or employees. So having to pay taxes on the money they made in each state, is that just the prize money or contract money? Back when I rode a dinosaur to work and I had to travel to other states or even countries, I don't recall my tax guy having to calc taxes in all the states I worked in.

This has to be the best memorial race.  Thx AP7. Cody & Chris was he the Dad ?  For both to get killed in a wreck that’s Really horrible.  I,m sure it wasn’t a preventable accident obviously.  But for those driving a lot to races. Look up the smith system . It trains you to get a bigger picture when driving. It would help with not getting into a bad situation. Us exp drivers thought it was silly at 1st but applied the techniques. It works I hv ovr 2 mil accident free miles. The 1099 run  hard like Ga. To up st Ny. 997 mi straight in winter weather. After the Nationals I said there’s some Really big pro am races coming up. This is one the 125 class was really big last yr. Riders from all ovr that Ky. Kid on the cr125 won 1 of the days.  Riders r Ic,s they would do taxes like a trucker . St income would only b your home st but it’s on all the gross for the yr.  Pipeline co I worked for I had to claim in ever st I worked in. I had 13 states 1 yr.  

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OleTex
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10/15/2023 9:37am
-MAVERICK- wrote:

Man look at those two strokes eat! Awesome video. I highly recommend watching. 

1

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