Use Congressional Budgeting this Christmas! First, plan on spending $2,000. Buy (invest in) gifts using a credit card. These gifts can now be counted as assets. Give the gifts with the thought that the recipient will reciprocate. The expected return gift is now an accounts receivable. The gifts you gave are not counted as inventory since they are out of your possession although they are still assets. The gifts you expect to receive are assets but not yet taxable. The risk of loss is the recipients. The offsetting gift is not income. Spend (invest) only $1,500 dollars on gifts as you changed your definition of friends. You have now saved $500. Deduct this $500 from your total investment and you have now only spent $1,000. This represents a 50% reduction in spending! Pay your credit card bill with a bad check. Write a check to cash and deposit in the bank to cover the previous check. Write yourself an I.O.U. to cover the $1,000 you invested. You have now reduced the deficit to zero. Run for Congress. Repeat every two years.
Posted on: Thu, 25 Dec 2014 17:13:16 +0000