Bernard is seriously my favorite cast member, im so glad he enjoys doing these recordings. It feels like if a university professor with a side gig as a youtuber decided to join a podcast with other youtubers that's completely unprofessional and basically just 3-4 guys having a conversation for an hour and a half. His time is literally money and he enjoys talking to these guys for a couple hours.
I agree, I think that the quality of the podcast goes way up when he's on it, I think he just really rounds out the discussions and makes them more interesting.
Dave Mustaine (who Bernard referred to at 36:40) actually fell asleep with his arm over the back of a chair, pinching a nerve and causing radial neuropathy. He needed physical therapy to be able to control the flex of his wrist and fingers to be able to play guitar again.
On the topic of misusing tools, I once felt the tip of my soldering iron to see if it has cooled down yet. About 30 seconds had passed since I turned it off, and it had not cooled down yet.
RESEARCH JOURNAL PRO TIP: Often you can email the author and they’ll send you a copy of the article for free. This is a great way to get access to research if your school’s journal access doesn’t cover it, or if you’re on a tight budget. I did it a number of times in school. Edit: they address this right after the part that made me say this, whoops!
Matt Parker did a video about the taxes of giving away a Tesla in his “The problem with infinite summations” video. In it he calculated the amount of cash your would need to give in addition to the car to pay the taxes... but, you have to also pay the taxes on the money you give as well.. and so on and so forth.
It sounds like the rocket problem where the bigger the rocket is the more fuel you need to get it to escape velocity but the more fuel you add to do so the more fuel you have to add to lift the fuel you added lol.
A friend of mine worked at a restaurant and poured herself a beer from the tap after a shift ended, only to wind up getting really sick from it because the person who disinfected the beer lines didn't flush them out completely so some detergent was left inside. She had to get her stomach pumped and was in pain for weeks, and now has a higher chance of getting stomach cancer. The guy who was responsible for clearing the lines didn't even apologize and blamed her for not testing her beer (even though testing the lines after cleaning is HIS job). She wound up suing the company but settled for like 20 grand.
Oh a friend lost 4 fingers three weeks before retirement, with a table saw. Complacency sucks! He owns and is the only employee of a woodworking shop, so he was alone. He picked his fingers up and _he drove to the hospital,_ with a stick shift car. He's a savage, lol They were able to reattach one of the fingers, I still can't comprehend how it can be done. Biology is amazing
100% correct on the scientific article stuff. My first primary authored paper cost $2K USD to publish and my second was $3.5K. It's money we have to scrounge for from the university or budget into grants (Fun fact: universities take out a standard ~60% of research grants for general administrative overhead already). If you don't have the money, your research is worthless; I've encountered that issue a couple times where we just don't have money to show our work sometimes. The money goes strictly to the journal, so the authors and even the reviewers who spend a lot of time working with the paper, don't see a cent. Granted, the editor, cataloguing, web services, etc. need to be paid for, but it can be excessive. What's gained is showing you're being productive so you can keep your job, graduate, or get a job/promotion. Publishing is honestly an act of masochism, as is grad school and academia as a whole... Anyways, We can give out our papers for free and love to do so, just can't publicly post it somewhere unless it is fully open-access through the journal already (this usually requires the authors to pay more up-front if the option is even offered). SciHub has questionable legality (not to say it's morally bad/wrong), but a great official channel is requesting full text from an author through the website ResearchGate. We get an email asking us to click a button to share a pdf with someone, it's super easy.
Just curious, can I ask what your field is? I am in the beginning of grad school, but my university bends over backwards for my department (cybersecurity).
@Garbage Trash Ecology, which isn't always the most well funded department of a university, but I'm in Florida and the environment is a large focus of the university. We recently expanded our program as well (its the biggest at the university), so there has been more money available for publishing if the research aligns with the university goals/mission in the past few years, but not always.
Are you publishing only in open access? It shouldn't be costing you money to publish. I've done it a few times and it's been free every time. If the journal isn't Open Acess and is still charging you, please check the reputation of the journal cause it might be predatory.
@Randa Lopez Morgan That's an excellent point. I do primarily publish in open access journals like Scientific Reports and Environmental Science and Technology. A lot of journals relevant to my research area have switched to an open access model, meaning the cost is usually required. There are still some older (non-predatory) journals kicking around that require payment even without open access. Thankfully they've largely shifted away from it though.
@@CasualCult okay good! I just didn't want you getting scammed. Predatory Journals can be so convincing and when you gotta publish or perish, it's easy to fall victim. Check with your academic library, they might have some funds to help with OA publishing fees.
1:06:07 I had an amazing experience as a student that came from contacting the author of a paper about writing graphics drivers. i asked him for advice on writing a modern driver for some hardware that never had a modern driver written for it. his response was "don't. you'll go insane"
Another usage of the early stock market is to spread out risk. If you own one ship and it sinks, which happens alot back in the wood and sail age, your losses will be huge. But if you own 10% of 10 ships and one of them sinks, your losses will be way smaller. And also like what Will said, it's also much easier to rise funds, instead of funding it all yourself or borrowing it all from banking families
@@taylordavis1543 That's the point. If you own one ship and it sinks, you lost 100% of your investment. But instead of investing all your money onto one ship, you own 10% of 10 ships and one sinks, then you are just losing 10% of your investment. You are spreading your risk out
Listening to this as I'm preparing tax returns as an accountant. Not all the way through the convo yet, but: 1) I'm not sure what pulling money out of the account and putting it back in does. I'm not sure of the advice you were given. If you are a sole-proprietor (meaning you haven't incorporated or formed a partnership), you are taxed on the net profits of the business. Cycling funds does nothing as an owner's draw isn't deductible, and owner's contributions aren't considered income. 2) As a sole-proprietor, you aren't an employee and can't be. You are the business, and the business is you. This is why you file the business return on your own individual income tax return. Even if you form a partnership, you cannot be an employee. It isn't until you incorporate do you become an employee of the business as only then is it considered a separate entity. 3) Regarding estimates and their complications with flexible income: There are safe-harbor regulations for estimated payments. Generally, if you pay estimated taxes of at least 90% of the current year's tax liability OR 110% of the prior year tax liability, you are not subject to underpayment of estimated tax penalties. This means windfall years and drought quarters shouldn't drastically affect your potential of penalty. Also, it seems you are talking about getting quarterly estimates in the beginning of the year (usually provided by the accountant when preparing the return) and being unable to pay them. Those estimates are not set in stone and can be adjusted. Technically, you can figure your estimate each quarter based on that quarter's profits and projected tax liability so long as you fall within the safe harbor values mentioned earlier for the year. Going to continue watching, and quick disclaimer, I'm a dude on the internet talking about people he's never met or consulted, please do not just take this advice and run with it, folks on Safety Third or viewers. Research and consult your accountant for personalized advice. Also, these items apply to US rules, and I have no idea what Canadian or other countries' rules are.
Made it to the end. Two things: 1) Nigel talked about people avoiding making money in order to not pay taxes. This is insanely common. It's less common to see them turn away money because they understand getting money is good. It's far more common to see them spending money unnecessarily, particularly if they've had an exceptionally profitable year. Now, there is something to spending money to lower income for a high year, but only if you spend it on things that will make you money in the future, things that you actually need. This is where people go wrong. They just start buying equipment like crazy, stuff they will never make money off of (mainly thinking of my construction guys right now). Sure, they typically have to rent the machine, but they do that so rarely that it would literally take decades to match the purchase price of the machine, let alone property taxes and insurance that increases because of ownership. Even then, unless your profit is so high that it's in another bracket compared to other years (nice quick breakdown on the tax brackets and how they work, btw... many many people do not understand that) there is no tax advantage to it. You are always better having a higher profit than spending unnecessarily just to keep it down because you aren't taxed at 100%, therefore, you will always make more money. 2) Leaping off number one and going all the way to the end of the vid about giving away Cokes (whatever soda): A company should definitely care about this for dollar reasons. Expensing those sodas only lowers their tax by their marginal rate. If it's 22%, then they save $0.22 on the dollar, losing the other $0.78. Now, there are definite positives that can come from employee benefits like this (free drinks, free food, etc.) like increased moral and simply feeling good about giving that kind of stuff to your staff which can make more money or just satisfy a moral desire. But in a strictly monetary sense, in the immediate, they still are out the percentage that isn't saved on taxes. This is the same for when people brush off companies that donate to charities saying things like "eh, they get to write it off, so it's not that big of a deal". If a company gives $100,000 to a charity and their marginal tax rate is 30%, they save $30,000 on taxes, but they are still out the other $70,000. They have still "lost" money.
@@malindemunich2883 large mega God level bigger-than-government corporations are notoriously law abiding and famously stick to high moral standards. They would never use charitable donations in a way that overvalued the true cost to them, thus netting them the insane tax deductions.....
Thank you! I'm about to take my CPA exams on a tax track and listening to these guys talk about taxes, will in particular, can be a little frustrating.
I love how NileRed's stories make him seem like he was almost completely an idiotic moron as a teenager, but he's literally one of the smartest people on RUclips. I don't mean this as an offense, it's just a weird compliment. Love you all, keep being you lol
"Presenting to the Emergency Room, BH complains of light headedness and difficulty breathing after using a pellet smoker indoors. Here's what happened to his lungs..."
The funniest fucking comment I've seen on Nigel's channel was "You can tell he's a brilliant chemist by the way he uses the table saw." Extra relevant here
In Italy we have mandatory retirement accounts and it's becoming more and more useless because the conditions to start getting the money out of it are mandated by the government and the time at which they start releasing them keeps getting later and later in your life so we often end up having to open additional retirement accounts with other companies to overcome the issue
It was saturday night palsy that happened to Dave Mustaine. He slept with his arm over the back of a chair for a few hours and woke up to his arm completely numb.
when i worked at a grocery store we gave bread to a local soup kitchen the day before it expired, produce to a local farm to feed to their animals, and non-perishable stuff to a charity. meat and seafood always went straight into the trash
1:10:25 - If you spill even a drop of dmso on your skin within an hour or so you will have a peculiar garlic taste in your mouth... THAT's how intense it is. Yes, DMSO itself is quite safe, but anything dissolved in it will go straight through your skin just like it will...
I've worked in restaurants for a long time and the vast majority of the time these cleaning chemicals come in a bag that requires a special seal to send the liquid through the bag into the pump which also usually adds the water automatically. However, they are not hard to cut open and some cleaners come in packets or are hooked up to pumps that aren't mixing water in. I've never, in over 11 years of working in restaurants, seen a situation where you could possibly put detergent in a cup on accident.
A similar thing about the detergent happened in Utah a few years ago... a barbecue restaurant served iced tea accidentally "sweetened" with lye to a woman. The lye was stored in an unmarked bag that looked very similar to the sugar bag. She survived and they reached a settlement.
56:06 yea that's molybdenum disulfide grease. it is a black powder suspended in grease. The grain size gets finer from use so it is, I think "selflubing" . Impossible to remove it's stains.
I have a shirt with a stain from industrial grease. That shirt has been washed and worn on and off for the last ten or twelve years. The stain hasn't even faded.
"They just pile it in there, it's a nasty soup". That description may be accurate for where Kevin worked, but I used to dumpster dive, and I never saw one like that. If I had found a dumpster as Kevin described, then I would have moved on to the next store, and if it was regularly like that, I would never return to that dumpster. I suggest doing what Bernard said, and watch videos to learn more about it. At stores, the last thing that get done at the end of the night is throwing the "expired" and damaged products in the dumpster, so anything worth taking was always on top. My best dumpster dive hauls came from apartment buildings at the start of the month, apparently a lot of rich idiots simply throw out their entire pantries when they move.
Nile nearly removing his fingers with a circular saw - My parent's, friend's son did this when renovating a house just before Christmas - Except it zipped about a quarter inch deep in 3 of his fingers, it spattered blood all over the newly painted walls lol... His dad had to drive him to 3 different hospitals before someone would do surgery on it for him. His tendons retracted into his wrist so he has limited movement in them but refused the surgery to reattach them because of the amount of time he'd have to have off work lol The pictures were grimmmm Then a guy at my old work accidentally fed both his hands through a roller (like for rolling sheet steel - Nimonic in this case) because he was wearing gloves! He obviously couldn't press the E-Stop button... He had to reverse them back out again with the foot switch. He had surgery, has most of his motion but has near zero feeling in them
I kind of have a story like this, but not nearly as crazy. My dad was chopping wood and sliced through his pointer fingertip almost to the bone. He lost most of the feeling in his fingertip, but luckily it healed back normally without too much scar tissue. Was definitely scary to see happening right in front of my eyes as a kid. Innocent little me grabbed bandaids, which did nothing helpful lol
Bernard talking about Legendary Guitarist Dave Mustane and no one else's neurons are firing makes me a bit sad but I appreciate Bernard's understanding of Mustane's injury
Does anyone else notice a weird timing thing during this podcast? It seems like kevin and nigel wait a second to respond, but bernard responds before the question is fully asked?
Wow, when Will talked about his Chinese friend who slept on a piece of plywood. I had a friend in my neighborhood growing up who was first-gen Chinese. I visited his house after school one day and sat on his bed...and it was a fucking piece of plywood on top of like a mattress foam thingy...I was like dude you sleep on a piece of wood, and he said yup, my entire family does. That guy had 0 posture issues lol.
Bernard, for the love of your own health, please don't use a smoker in your apartment, you'll have a very hard time getting the smell out and it gets annoying after a year 😂😂
Just to comment on the industrial detergent discussion. When I worked at a grocery store in the meat department we used industrial detergent to clean dishes.
I know a dude that wore a hoodie during workshop class. And working the lathe it's a common rule to not wear loose clothes. So, the smartass took it off and tied it around his waist. Say less, the hoodie got caught in the 2500 rpm lathe and it threw him over the bench slamming him in the ground. Dude was SO LUCKY not to join the hoodie around inside the lathe.
Love that I just happen to be watching this on Valentine's day 1 year later, 10 months after the episode came out, while also panicking about taxes this year. Never stop the tax talk.
The Walmart I work at donates anything that's not expired, they donate it frozen a few days before it's 'sell by'. It's not near expired at that point has at least 2 weeks usually. If it is expired we have compost for vegetables and breads and the meats that are a little old are sent to be made into dog food I think the manager said.
Daily Mail article about the wine detergent death. Article title: "Drinker dies from burns to his windpipe and stomach after Spanish cafe accidentally serves him detergent which had been stored in an empty white wine bottle" Andres Lorente was served a glass of undiluted, concentrated detergent. The industrial cleaner had been put inside an empty wine bottle and left in the fridge.
in the Uk, all pensions are linked to your NI (National insurance) number. It means you can always contact HMRC and track down all your pensions. All work places are also required to have a private pension scheme in place automatically. But you can opt out if you wish and pay into your own private pension. HMRC will also automatically reimburse any tax on that income you paid into the pension pot, as pensions are on an automatic system that relay information to HMRC thanks to the link to your NI.
Tax laws are written in the US so that they are as complicated as possible. Tax prep is a big industry and has lobbyists. AND the government can use the IRS as a cudgel on anyone they don't like.
An angle grinder is one of the most dangerous handheld tools. High rotational speed, lots of torque. A thick grinding disc isn't as bad as a cutting disc. Chainsaw/shaping disc or cups cause the most accidents and will gore you. A good bandsaw will cut through your finger before you realize its happening. Most scroll saws are pretty slow and weak. You will get nicked but not much else. Circular saws are pretty safe, most injuries from them are from it kicking back and hitting you. That said people do cut their fingers off by holding the material wrong. A full size lathe will rip your body to shreds. If you're lucky you'll just tear your arm off, and then die from the blood loss. A mini lathe will rip a finger off. Even the tiny cheap ones.
On break and did nothing productive today. thanks for talking about taxes and making it slightly more productive and valadating the little I have learned about taxes
"You know how there are like mechanical computers and water computers, could you make a chemistry computer?" "What do you mean, what's a water computer?" "I don't know either, I just thought you would know" ...Kevin, wtf?
many hospitals have tools spacifically for cutting off rings. It is basically a drimmel with a special guard that you can feed under the ring to keep from cutting the finger.
In the netherlands we have standard retirement for everyone above the age of 67 (a few hundred dollars eq. a month) and a separate retirement plan through your employer or union(or both).
I was kinda giddy to hear (I guess it was william?) ask about computing with chemistry... not only can you do it with chemistry, but with biology too. Search for DNA computing, the short of it is you have a couple of different strands and they can interact with each other in limited ways and grow crystal like structures with consistent spacing and can read off results either from where the mass is deposited or where different kinds of strands have landed (cant remember which), its pretty cool. We had some guy from Ireland that gave a talk at my department who spent his whole life on this, its easily my favourite seminar I've attended to date... (I'm kinda ashamed I haven't looked into this further, but its not really my area)
As a former university researcher, contacting a journal author will likely get forwarded to one of the research assistants and they will happily send you all the info and then some. Also, many of the journals charge a significant fee to publish in them.
So to prevent freegans becoming sick, a lot of supermarkets here will give away safe food to charities who distribute it to anyone who will take it. And a lot of bins for potentially contaminated foods are locked up carefully. But people still do it. We also have a lot of food banks here who will help people with a one off for almost any reason, and they also do regular vouchers for anyone on low income or in need. My friend is a chef and at their restaurant they use everything that is safe to use, and anything unsafe gets destroyed. The only time they have food to take home (outside of meals on shift) is at the end of the season (many places here close over winter) and then it’s common to get all kinds of frozen food and fresh vegetables and bread! It really helps at the start of winter when you have just lost your job to have some food at least!! One year we had some really nice beef for months in the freezer! It stopped my kids from missing their protein requirements at some points! It’s so hard to get by when the local economy is so seasonal and fragile (eg. Pandemics…).
Regarding the retirement fund conversation 22:00 We have something in Australia like that, as soon as you have your first part time/full time job you need a Superannuation Fund. If you don't have one, your employer will have a reccomended one and can set you up without much paperwork
Private savings/investments have been proposed in place of Social Security in the US for years, but then the government can't get its hands on that money and spend it all, so it never passes. Many people would love to be able to manage part or all of their own social security tax investment.
@@mgratk That isn't how Australian superannuation functions. Your contributions are managed as part of a collective investment fund. Individuals have latitude to select a preferred fund, and sometimes select from a range of investment profiles, but it is not analogous to a private investment portfolio. Many are run by industry unions for the membership of that field. Compulsory super annulation was established in 1992 in response to the financial challenges of supporting an aging population.
Usually when I listen to these my audio is connected via bluetooth, so when I start the video it takes a second to respond, which causes the intro to be cut off. My intro to these just becomes Will saying "...come"
I mean if you look at the history of the stock market there were people who would effectively trade flowers as stocks and would buy into it like the modern stock market. They also had the first bubble, because people realized that the flowers they were buying for thousands of dollars were completely useless...
This was particularly significant because it coincides with the establishment of the first formal futures market. So people weren't even just buying tulips, but trading on the speculative value of future tulips and their marketing rights. (Terry Pratchett fans might be reminded of the Pork Futures warehouses.)
Biggest posture issue when at a computer, at least in terms of non-wrist related issue, is mostly the type of chair you're sitting in. There's a reason Herman Miller office chairs are so widely loved, because they're really good for your back. They're expensive af new, but you can buy them for a quarter to a fifth of the price at a liquidator because they're so simple to refurbish, and offices are always selling off their older ones to make way for newer ones. Add in that they have like a 10-12 year warranty, and they're well worth the investment. Other brands are good as well, so by no means is Herman Miller the only one with skin in the game, but the worst offenders is ironically the ones you guys seem to have, the "gaming" chairs, which are basically knock-off car seats on an office chair bottom. The issue with them is mainly that, high quality car seats, i.e., the ones these are based off of, also cost like a thousand dollars for a reason. You're honestly better off getting a more generic office chair than a gaming one, which sucks, cuz there are some nice looking ones out there.
My teaching in carpentry and the sorts included using a skill saw since I was like 8. Might I say my instructor encouraged us to pull back the guard and cut into the board like that
Retirement account attached to you is what we have with superannuation in Australia. It’s a fund that will invest your mandatory employer contributions on your behalf and you can access it when you retire.
So the Schwab article Will mentioned is talking about an election you can make for any restricted grants. If you're given a stock grant, you can pay the tax on it as income tax when you get it, meaning that whatever has vested, either by the time you leave, or by the time the restricted period ends, you've paid the value of the stock when it was granted to you. If the stock is especially low, like if you're with a company prior to an IPO, or if you're certain you'll be at the company both to see it vest, and it's expected the stock will go up, that means you'll only have to pay whatever capital gains you might make on the stocks when you sell them. You could sell them immediately as they vest, or you could sell them ten years from now. The other option is to simply pay the taxes as income when the stock vests, which isn't exactly a surprise tax burden; you know how much you have, and you could very well have an idea of how much it might go up, depending on the history of the company or stocks in that sector. The main reason you might not make that election is if the stock could be volatile, and you don't want to pay more on the stock in taxes than what it's going to be worth in the future. There's also the possibility that, if for whatever reason, say you leave the company or are fired, that your restricted grant is revoked. If you make the election, you don't have any relief for those taxes you already paid; you're just stuck with them. So you can either pay the taxes ahead of time, taking one risk, or pay for them as they're granted, which is another risk. Thing is, people with these kinds of careers generally both are making enough they should be paying a tax accountant to handle their taxes and to guide them on these decisions, and realize that no matter what, if the stock ends up higher in value at either point of taxation, you're still going to make a fair bit of money since taxes on capital gains is going to be fairly low. So even if the stock raises in value, say, from $20 to $30, even if you choose not to make the election, assuming the stock keeps going up, to say, $50 or more, the difference on a grant of 10,000 shares (this math is coming from the article he seems to be mentioning), the difference at vestment over time when the stock gets valued to $30 is only about $25k. So if capital gains is set at around 15%, if you sold all of your shares value at, say, $50 a share, you'd net about $170k. This is especially useful if your stock vests prior to an IPO, which can sometimes lead to a fairly high jump in value. At the end of the day, the difference becomes minimal. And if the tax goes down and you decide to sell it to just get out, you may have technically lost money, but that sale would be considered a capital loss, meaning you wouldn't pay any taxes on it. So even if took the election and the stock is now worth $15 (so your taxes paid were ~$85k at the $20 share price), that's still $150k less $85k, or about $65k still left at the end of the day. It's one of those things that seems like a bigger issue than it is. And more importantly, unless you don't take the election and the price skyrockets (which your tax accountant or adviser would be able to help you determine that likelihood), as you said, you can just sell some of the stock to pay for that tax burden. If your stock skyrockets from $20 to $1000 by the time you pay income taxes on it, sure, it's going to suck to have to sell some just to pay the tax burden, but you'll still be stuck with a sizeable chunk of stock worth $1000. It's not as though somehow you're necessarily losing money, it's more like you're just making less than you thought you would and are kicking yourself in the pants for not paying the income tax on it earlier. The main issue with the election is really just if the stock crashes to zero, or the company is bought and the share terms are unfavorable. Then you might have literally paid income tax on something worth basically nothing.
When I was 15, I was the same way with thinking that the world loved me and nothing was going to hurt me, then I hiked a sketchy trail and almost fell down a cliff. This was not your average 15 ft cliff, this was like, a thousand foot drop down into a creek. Needless to say, this was when I realized that “hey, I can actually possibly die”. Delusion ended instantly.
That'd make a really good icebreaker when meeting new people, actually: "What was the moment when you realized that you can and will die of something someday. That it is an actual real event that will happen in your life."
About all that foodwaste stuff, lots of shops in the UK honestly offer a service called too good to go to remove foodwaste, I know that if people don't use that app and it's a tesco, it goes to a "colleague shop" which is just near the end of the day where we are literally about to bin the expired products. Whenever I finish a night shift I sometimes get frozen pizzas or pies for free because of it. It's really nice.
I work off Essex St in NYC and our market has a community fridge where any items we have that are close to exiration but are still good go for the homeless people in the area
Nigel's saw story reminds me of the stupid time when, I was cleaning a hand-held blender, with the blades still attached, blender still plugged into the wall, and the other hand thumb still nicely ready to press down the button for blending... Once I realized my mistake, I just left the kitchen for the evening haha.
![Stromae, Pomme - “Ma Meilleure Ennemie” (from Arcane Season 2) [Official Visualizer]](http://i.ytimg.com/vi/1F3OGIFnW1k/mqdefault.jpg)
good juice
how much ketamine can you take before you die
@@huh19298 about 4 ketamines
Thanks, I’ll buy 3.9
Lean😈💜?
I’ve quite enjoyed you as an addition to the podcast, good content
Bernard went from one off podcast guest to full time podcast host, what a chad.
Peter Sripol went from a full time podcast host to a podcast guest, what a virgin.
truly a king
And I approve
nvm he called “Megadeath a really good band” very unkingly
@@lettersnstuff you still love him
Bernard is seriously my favorite cast member, im so glad he enjoys doing these recordings. It feels like if a university professor with a side gig as a youtuber decided to join a podcast with other youtubers that's completely unprofessional and basically just 3-4 guys having a conversation for an hour and a half. His time is literally money and he enjoys talking to these guys for a couple hours.
I think Nigel is kinda professional as well, it’s just that he’s a full time RUclipsr now
@@iceblade019 most of these guys have some sort of degrees or higher which is quite different from most of youtube
@@CybersteelEx degrees doesn’t mean professional tho, explosions&fire for example
I agree, I think that the quality of the podcast goes way up when he's on it, I think he just really rounds out the discussions and makes them more interesting.
Obligatory comment about the gallon jug of water.
Bernard is such a great host and contributor, keep having him on. Having the medical stuff mixed in is really cool
Brings the biology that's missing from the current chemistry and physics that we have.
Bernard is so great.
I agree, he has been great every episode.
I think Nigel's right, he's the main character in our reality, and he's just protected by plot armour
I appreciate you spelling armour correctly
but you misspelled plawt
Quantum immortality.
Love when Bernard had to auto censor himself when the topic is too controversial but the conversation still goes on
I love having Barnard as a permanent podcast member.
Bernard has a trade offer.
resident doctor
I don’t 😢
We all love barn yard the science doctor
Dave Mustaine (who Bernard referred to at 36:40) actually fell asleep with his arm over the back of a chair, pinching a nerve and causing radial neuropathy. He needed physical therapy to be able to control the flex of his wrist and fingers to be able to play guitar again.
On the topic of misusing tools, I once felt the tip of my soldering iron to see if it has cooled down yet. About 30 seconds had passed since I turned it off, and it had not cooled down yet.
That smell is unforgettable.
hMMmM I WOnDer iF tHIs haS cOOleD ~1500 DegReES aFtER 30 SEcoNdS
(Not to make fun of you or anything)
RESEARCH JOURNAL PRO TIP: Often you can email the author and they’ll send you a copy of the article for free. This is a great way to get access to research if your school’s journal access doesn’t cover it, or if you’re on a tight budget. I did it a number of times in school.
Edit: they address this right after the part that made me say this, whoops!
That edit is exactly why you watch the whole video before you comment
Matt Parker did a video about the taxes of giving away a Tesla in his “The problem with infinite summations” video. In it he calculated the amount of cash your would need to give in addition to the car to pay the taxes... but, you have to also pay the taxes on the money you give as well.. and so on and so forth.
It sounds like the rocket problem where the bigger the rocket is the more fuel you need to get it to escape velocity but the more fuel you add to do so the more fuel you have to add to lift the fuel you added lol.
Also Matt Parker is awesome 😎
Bernard's facial expressions as they describe all their near misses.
Lol Bernard's facial expressions through the whole video🤣
Will: "it's valentine's day"
*checks date*
a little late, huh
Only a month or so
My friend, that's a little something I like to call, procrastination
Could you imagine its only a month but its already 'back then when the world was okay'?
literally
1:09:01 - the moment William guesses correctly, and the insane poker face / insane ping delay of Bernard
ikr? Just saw that and love his kinda "Holy shit he got it" masked reaction, very funny imo
I love Bernard talking about medical stuff and you can see the hamster in Williams head trying to keep up then just dies lol. William I love you man.
Get electroboom on, he probably will have a lot of stories to share
Would love to see Electroboom, I guarantee he would fit right in.
Mehdi eould steal the show
Yes please
This would be epic
A friend of mine worked at a restaurant and poured herself a beer from the tap after a shift ended, only to wind up getting really sick from it because the person who disinfected the beer lines didn't flush them out completely so some detergent was left inside.
She had to get her stomach pumped and was in pain for weeks, and now has a higher chance of getting stomach cancer. The guy who was responsible for clearing the lines didn't even apologize and blamed her for not testing her beer (even though testing the lines after cleaning is HIS job). She wound up suing the company but settled for like 20 grand.
Oh a friend lost 4 fingers three weeks before retirement, with a table saw. Complacency sucks!
He owns and is the only employee of a woodworking shop, so he was alone. He picked his fingers up and _he drove to the hospital,_ with a stick shift car. He's a savage, lol
They were able to reattach one of the fingers, I still can't comprehend how it can be done. Biology is amazing
100% correct on the scientific article stuff. My first primary authored paper cost $2K USD to publish and my second was $3.5K. It's money we have to scrounge for from the university or budget into grants (Fun fact: universities take out a standard ~60% of research grants for general administrative overhead already). If you don't have the money, your research is worthless; I've encountered that issue a couple times where we just don't have money to show our work sometimes. The money goes strictly to the journal, so the authors and even the reviewers who spend a lot of time working with the paper, don't see a cent. Granted, the editor, cataloguing, web services, etc. need to be paid for, but it can be excessive. What's gained is showing you're being productive so you can keep your job, graduate, or get a job/promotion. Publishing is honestly an act of masochism, as is grad school and academia as a whole...
Anyways, We can give out our papers for free and love to do so, just can't publicly post it somewhere unless it is fully open-access through the journal already (this usually requires the authors to pay more up-front if the option is even offered). SciHub has questionable legality (not to say it's morally bad/wrong), but a great official channel is requesting full text from an author through the website ResearchGate. We get an email asking us to click a button to share a pdf with someone, it's super easy.
Just curious, can I ask what your field is? I am in the beginning of grad school, but my university bends over backwards for my department (cybersecurity).
@Garbage Trash Ecology, which isn't always the most well funded department of a university, but I'm in Florida and the environment is a large focus of the university. We recently expanded our program as well (its the biggest at the university), so there has been more money available for publishing if the research aligns with the university goals/mission in the past few years, but not always.
Are you publishing only in open access? It shouldn't be costing you money to publish. I've done it a few times and it's been free every time. If the journal isn't Open Acess and is still charging you, please check the reputation of the journal cause it might be predatory.
@Randa Lopez Morgan That's an excellent point. I do primarily publish in open access journals like Scientific Reports and Environmental Science and Technology. A lot of journals relevant to my research area have switched to an open access model, meaning the cost is usually required. There are still some older (non-predatory) journals kicking around that require payment even without open access. Thankfully they've largely shifted away from it though.
@@CasualCult okay good! I just didn't want you getting scammed. Predatory Journals can be so convincing and when you gotta publish or perish, it's easy to fall victim. Check with your academic library, they might have some funds to help with OA publishing fees.
1:06:07 I had an amazing experience as a student that came from contacting the author of a paper about writing graphics drivers. i asked him for advice on writing a modern driver for some hardware that never had a modern driver written for it. his response was "don't. you'll go insane"
Another usage of the early stock market is to spread out risk. If you own one ship and it sinks, which happens alot back in the wood and sail age, your losses will be huge. But if you own 10% of 10 ships and one of them sinks, your losses will be way smaller. And also like what Will said, it's also much easier to rise funds, instead of funding it all yourself or borrowing it all from banking families
Your analogy makes sense except for the fact that owning 10% of 10 ships sounds a lot like owning 1 ship.
@@taylordavis1543 That's the point. If you own one ship and it sinks, you lost 100% of your investment. But instead of investing all your money onto one ship, you own 10% of 10 ships and one sinks, then you are just losing 10% of your investment. You are spreading your risk out
Bros also in AP world history
Listening to this as I'm preparing tax returns as an accountant. Not all the way through the convo yet, but:
1) I'm not sure what pulling money out of the account and putting it back in does. I'm not sure of the advice you were given. If you are a sole-proprietor (meaning you haven't incorporated or formed a partnership), you are taxed on the net profits of the business. Cycling funds does nothing as an owner's draw isn't deductible, and owner's contributions aren't considered income.
2) As a sole-proprietor, you aren't an employee and can't be. You are the business, and the business is you. This is why you file the business return on your own individual income tax return. Even if you form a partnership, you cannot be an employee. It isn't until you incorporate do you become an employee of the business as only then is it considered a separate entity.
3) Regarding estimates and their complications with flexible income: There are safe-harbor regulations for estimated payments. Generally, if you pay estimated taxes of at least 90% of the current year's tax liability OR 110% of the prior year tax liability, you are not subject to underpayment of estimated tax penalties. This means windfall years and drought quarters shouldn't drastically affect your potential of penalty. Also, it seems you are talking about getting quarterly estimates in the beginning of the year (usually provided by the accountant when preparing the return) and being unable to pay them. Those estimates are not set in stone and can be adjusted. Technically, you can figure your estimate each quarter based on that quarter's profits and projected tax liability so long as you fall within the safe harbor values mentioned earlier for the year.
Going to continue watching, and quick disclaimer, I'm a dude on the internet talking about people he's never met or consulted, please do not just take this advice and run with it, folks on Safety Third or viewers. Research and consult your accountant for personalized advice. Also, these items apply to US rules, and I have no idea what Canadian or other countries' rules are.
Made it to the end. Two things:
1) Nigel talked about people avoiding making money in order to not pay taxes. This is insanely common. It's less common to see them turn away money because they understand getting money is good. It's far more common to see them spending money unnecessarily, particularly if they've had an exceptionally profitable year. Now, there is something to spending money to lower income for a high year, but only if you spend it on things that will make you money in the future, things that you actually need. This is where people go wrong. They just start buying equipment like crazy, stuff they will never make money off of (mainly thinking of my construction guys right now). Sure, they typically have to rent the machine, but they do that so rarely that it would literally take decades to match the purchase price of the machine, let alone property taxes and insurance that increases because of ownership. Even then, unless your profit is so high that it's in another bracket compared to other years (nice quick breakdown on the tax brackets and how they work, btw... many many people do not understand that) there is no tax advantage to it. You are always better having a higher profit than spending unnecessarily just to keep it down because you aren't taxed at 100%, therefore, you will always make more money.
2) Leaping off number one and going all the way to the end of the vid about giving away Cokes (whatever soda): A company should definitely care about this for dollar reasons. Expensing those sodas only lowers their tax by their marginal rate. If it's 22%, then they save $0.22 on the dollar, losing the other $0.78. Now, there are definite positives that can come from employee benefits like this (free drinks, free food, etc.) like increased moral and simply feeling good about giving that kind of stuff to your staff which can make more money or just satisfy a moral desire. But in a strictly monetary sense, in the immediate, they still are out the percentage that isn't saved on taxes. This is the same for when people brush off companies that donate to charities saying things like "eh, they get to write it off, so it's not that big of a deal". If a company gives $100,000 to a charity and their marginal tax rate is 30%, they save $30,000 on taxes, but they are still out the other $70,000. They have still "lost" money.
@@malindemunich2883 large mega God level bigger-than-government corporations are notoriously law abiding and famously stick to high moral standards.
They would never use charitable donations in a way that overvalued the true cost to them, thus netting them the insane tax deductions.....
@@wisersamson9000 - Now explain how that is done, or are you just assuming?
@@wisersamson9000 charitable contribution deductions are limited to ten percent of pre-contribution taxable income, so not really.
Thank you! I'm about to take my CPA exams on a tax track and listening to these guys talk about taxes, will in particular, can be a little frustrating.
Love Bernards face when everyone is talking about saw guards
He just has the best facial expressions😂
I like how nigel though at 16 "I can't lose my fingers" as a lite version of quantum immortality.
You need to get electroboom on this podcast, the amount of times that man electrocuted himself would definitely qualify him for safety third
I love how NileRed's stories make him seem like he was almost completely an idiotic moron as a teenager, but he's literally one of the smartest people on RUclips.
I don't mean this as an offense, it's just a weird compliment. Love you all, keep being you lol
Barnard is way too polite in letting the others speak :( he always stops when it gets most interesting
"Presenting to the Emergency Room, BH complains of light headedness and difficulty breathing after using a pellet smoker indoors. Here's what happened to his lungs..."
The funniest fucking comment I've seen on Nigel's channel was "You can tell he's a brilliant chemist by the way he uses the table saw." Extra relevant here
In Italy we have mandatory retirement accounts and it's becoming more and more useless because the conditions to start getting the money out of it are mandated by the government and the time at which they start releasing them keeps getting later and later in your life so we often end up having to open additional retirement accounts with other companies to overcome the issue
Anybody else getting a weird audio de-sync? Nigel keeps answering questions before they're asked. Maybe he can sense the future...
Yeah, I've now noticed it too. Also Nigel talking over other people and then awkward silences
It was saturday night palsy that happened to Dave Mustaine. He slept with his arm over the back of a chair for a few hours and woke up to his arm completely numb.
I'm so glad to keep seeing Bernard with this group. Try to get Tom to participate more often!
Man I need this podcast more often for real lol.
Finally, nilered teaches us how to make lean
Nilelean
Nilepurp
@DannyDevitoIs77 he actually only told us what it is not how to make it lol
He does teach you how to make a psychedelic drug on Hamilton's show of drugs tho
I'm always impressed at how quickly Willy drops really high-level intelligent puns and it seems like no one else notices them. I love the humor.
when i worked at a grocery store we gave bread to a local soup kitchen the day before it expired, produce to a local farm to feed to their animals, and non-perishable stuff to a charity. meat and seafood always went straight into the trash
Please keep making these podcasts even if they get low views. I am always looking forward to an upload.
i'd like to reassure you bernard that yes some of us safety third viewers do listen to metal
1:10:25 - If you spill even a drop of dmso on your skin within an hour or so you will have a peculiar garlic taste in your mouth... THAT's how intense it is. Yes, DMSO itself is quite safe, but anything dissolved in it will go straight through your skin just like it will...
Making gas could be a good video to do right now since everyones talking about gas prices. "gas prices are too high so i made my own"
I've worked in restaurants for a long time and the vast majority of the time these cleaning chemicals come in a bag that requires a special seal to send the liquid through the bag into the pump which also usually adds the water automatically. However, they are not hard to cut open and some cleaners come in packets or are hooked up to pumps that aren't mixing water in. I've never, in over 11 years of working in restaurants, seen a situation where you could possibly put detergent in a cup on accident.
If it's the case I think it is, they were storing bleach in a wine bottle.
A similar thing about the detergent happened in Utah a few years ago... a barbecue restaurant served iced tea accidentally "sweetened" with lye to a woman. The lye was stored in an unmarked bag that looked very similar to the sugar bag. She survived and they reached a settlement.
56:06 yea that's molybdenum disulfide grease.
it is a black powder suspended in grease.
The grain size gets finer from use so it is, I think "selflubing" .
Impossible to remove it's stains.
I have a shirt with a stain from industrial grease. That shirt has been washed and worn on and off for the last ten or twelve years. The stain hasn't even faded.
"They just pile it in there, it's a nasty soup".
That description may be accurate for where Kevin worked, but I used to dumpster dive, and I never saw one like that.
If I had found a dumpster as Kevin described, then I would have moved on to the next store, and if it was regularly like that, I would never return to that dumpster.
I suggest doing what Bernard said, and watch videos to learn more about it.
At stores, the last thing that get done at the end of the night is throwing the "expired" and damaged products in the dumpster, so anything worth taking was always on top.
My best dumpster dive hauls came from apartment buildings at the start of the month, apparently a lot of rich idiots simply throw out their entire pantries when they move.
Nile nearly removing his fingers with a circular saw - My parent's, friend's son did this when renovating a house just before Christmas - Except it zipped about a quarter inch deep in 3 of his fingers, it spattered blood all over the newly painted walls lol... His dad had to drive him to 3 different hospitals before someone would do surgery on it for him. His tendons retracted into his wrist so he has limited movement in them but refused the surgery to reattach them because of the amount of time he'd have to have off work lol
The pictures were grimmmm
Then a guy at my old work accidentally fed both his hands through a roller (like for rolling sheet steel - Nimonic in this case) because he was wearing gloves! He obviously couldn't press the E-Stop button... He had to reverse them back out again with the foot switch. He had surgery, has most of his motion but has near zero feeling in them
I kind of have a story like this, but not nearly as crazy. My dad was chopping wood and sliced through his pointer fingertip almost to the bone. He lost most of the feeling in his fingertip, but luckily it healed back normally without too much scar tissue. Was definitely scary to see happening right in front of my eyes as a kid. Innocent little me grabbed bandaids, which did nothing helpful lol
Bernard talking about Legendary Guitarist Dave Mustane and no one else's neurons are firing makes me a bit sad but I appreciate Bernard's understanding of Mustane's injury
Does anyone else notice a weird timing thing during this podcast? It seems like kevin and nigel wait a second to respond, but bernard responds before the question is fully asked?
Might be slightly mismatched video timing
Probably due to latency leading to different response times leading to mismatched video timing in an attempt to make it as watchable as possible
Wow, when Will talked about his Chinese friend who slept on a piece of plywood. I had a friend in my neighborhood growing up who was first-gen Chinese. I visited his house after school one day and sat on his bed...and it was a fucking piece of plywood on top of like a mattress foam thingy...I was like dude you sleep on a piece of wood, and he said yup, my entire family does. That guy had 0 posture issues lol.
Knowing Bernard is a metal head makes me like him even more! Please have him on more!
Bernard, for the love of your own health, please don't use a smoker in your apartment, you'll have a very hard time getting the smell out and it gets annoying after a year 😂😂
No I’ve been doing it for years and I’m fine
Yeah dawg lossen to patty
It's fine
Just to comment on the industrial detergent discussion. When I worked at a grocery store in the meat department we used industrial detergent to clean dishes.
I know a dude that wore a hoodie during workshop class. And working the lathe it's a common rule to not wear loose clothes. So, the smartass took it off and tied it around his waist. Say less, the hoodie got caught in the 2500 rpm lathe and it threw him over the bench slamming him in the ground. Dude was SO LUCKY not to join the hoodie around inside the lathe.
I love the look of horror in Bernards face during some of their stories
Love that I just happen to be watching this on Valentine's day 1 year later, 10 months after the episode came out, while also panicking about taxes this year. Never stop the tax talk.
The Walmart I work at donates anything that's not expired, they donate it frozen a few days before it's 'sell by'. It's not near expired at that point has at least 2 weeks usually. If it is expired we have compost for vegetables and breads and the meats that are a little old are sent to be made into dog food I think the manager said.
Daily Mail article about the wine detergent death. Article title: "Drinker dies from burns to his windpipe and stomach after Spanish cafe accidentally serves him detergent which had been stored in an empty white wine bottle"
Andres Lorente was served a glass of undiluted, concentrated detergent. The industrial cleaner had been put inside an empty wine bottle and left in the fridge.
The apartment inspector after Bernard leaves will say that Bernard smoked 30 years worth of smoke in his 1 year lease
in the Uk, all pensions are linked to your NI (National insurance) number. It means you can always contact HMRC and track down all your pensions. All work places are also required to have a private pension scheme in place automatically. But you can opt out if you wish and pay into your own private pension.
HMRC will also automatically reimburse any tax on that income you paid into the pension pot, as pensions are on an automatic system that relay information to HMRC thanks to the link to your NI.
The more I hear about tax in America the more happy I am with the VAT system in the UK
Man it's crazy you have to do you own taxes. All we in Ireland have to do is request a Ballance incase the government made a mistake.
Tax laws are written in the US so that they are as complicated as possible. Tax prep is a big industry and has lobbyists. AND the government can use the IRS as a cudgel on anyone they don't like.
An angle grinder is one of the most dangerous handheld tools. High rotational speed, lots of torque. A thick grinding disc isn't as bad as a cutting disc. Chainsaw/shaping disc or cups cause the most accidents and will gore you.
A good bandsaw will cut through your finger before you realize its happening.
Most scroll saws are pretty slow and weak. You will get nicked but not much else.
Circular saws are pretty safe, most injuries from them are from it kicking back and hitting you. That said people do cut their fingers off by holding the material wrong.
A full size lathe will rip your body to shreds. If you're lucky you'll just tear your arm off, and then die from the blood loss. A mini lathe will rip a finger off. Even the tiny cheap ones.
On break and did nothing productive today. thanks for talking about taxes and making it slightly more productive and valadating the little I have learned about taxes
I love how William always ends up going to socialist ideas in almost every video
"You know how there are like mechanical computers and water computers, could you make a chemistry computer?"
"What do you mean, what's a water computer?"
"I don't know either, I just thought you would know"
...Kevin, wtf?
many hospitals have tools spacifically for cutting off rings. It is basically a drimmel with a special guard that you can feed under the ring to keep from cutting the finger.
40:25 Bernard looking for reassurance after that absolute baller joke really got me man
the conversation desync is real.
In the netherlands we have standard retirement for everyone above the age of 67 (a few hundred dollars eq. a month) and a separate retirement plan through your employer or union(or both).
Chelsea in the back laughing at presumably the cat in the background is hilarious.
I was kinda giddy to hear (I guess it was william?) ask about computing with chemistry... not only can you do it with chemistry, but with biology too. Search for DNA computing, the short of it is you have a couple of different strands and they can interact with each other in limited ways and grow crystal like structures with consistent spacing and can read off results either from where the mass is deposited or where different kinds of strands have landed (cant remember which), its pretty cool. We had some guy from Ireland that gave a talk at my department who spent his whole life on this, its easily my favourite seminar I've attended to date... (I'm kinda ashamed I haven't looked into this further, but its not really my area)
As a former university researcher, contacting a journal author will likely get forwarded to one of the research assistants and they will happily send you all the info and then some. Also, many of the journals charge a significant fee to publish in them.
these episodes are the best, all four of you together on the podcast is great！
So to prevent freegans becoming sick, a lot of supermarkets here will give away safe food to charities who distribute it to anyone who will take it.
And a lot of bins for potentially contaminated foods are locked up carefully.
But people still do it. We also have a lot of food banks here who will help people with a one off for almost any reason, and they also do regular vouchers for anyone on low income or in need.
My friend is a chef and at their restaurant they use everything that is safe to use, and anything unsafe gets destroyed. The only time they have food to take home (outside of meals on shift) is at the end of the season (many places here close over winter) and then it’s common to get all kinds of frozen food and fresh vegetables and bread! It really helps at the start of winter when you have just lost your job to have some food at least!! One year we had some really nice beef for months in the freezer! It stopped my kids from missing their protein requirements at some points!
It’s so hard to get by when the local economy is so seasonal and fragile (eg. Pandemics…).
I love how on top of the pod cast they are "happy valentines day" but it's mid march
Regarding the retirement fund conversation 22:00 We have something in Australia like that, as soon as you have your first part time/full time job you need a Superannuation Fund. If you don't have one, your employer will have a reccomended one and can set you up without much paperwork
Private savings/investments have been proposed in place of Social Security in the US for years, but then the government can't get its hands on that money and spend it all, so it never passes. Many people would love to be able to manage part or all of their own social security tax investment.
@@mgratk That isn't how Australian superannuation functions. Your contributions are managed as part of a collective investment fund. Individuals have latitude to select a preferred fund, and sometimes select from a range of investment profiles, but it is not analogous to a private investment portfolio. Many are run by industry unions for the membership of that field. Compulsory super annulation was established in 1992 in response to the financial challenges of supporting an aging population.
Bernard being on makes me happy. I have nothing more to add
My dad made gasoline (and other petroliates) via distillation for his middle school science fair. Ah, safety in the 1960's...
Chubby emu isn’t a channel I regularly visit but I regularly visit this podcast whenever he’s featured 👍
Usually when I listen to these my audio is connected via bluetooth, so when I start the video it takes a second to respond, which causes the intro to be cut off. My intro to these just becomes Will saying "...come"
My fav podcast is this and the yard
I mean if you look at the history of the stock market there were people who would effectively trade flowers as stocks and would buy into it like the modern stock market. They also had the first bubble, because people realized that the flowers they were buying for thousands of dollars were completely useless...
Wasn't that tulips/tulip bulbs? Pretty crazy.
This was particularly significant because it coincides with the establishment of the first formal futures market. So people weren't even just buying tulips, but trading on the speculative value of future tulips and their marketing rights.
(Terry Pratchett fans might be reminded of the Pork Futures warehouses.)
Food waste is a big logistical problem. Everyone should strive to buy local. The larger mass production, the larger the mass waste.
Biggest posture issue when at a computer, at least in terms of non-wrist related issue, is mostly the type of chair you're sitting in. There's a reason Herman Miller office chairs are so widely loved, because they're really good for your back. They're expensive af new, but you can buy them for a quarter to a fifth of the price at a liquidator because they're so simple to refurbish, and offices are always selling off their older ones to make way for newer ones. Add in that they have like a 10-12 year warranty, and they're well worth the investment. Other brands are good as well, so by no means is Herman Miller the only one with skin in the game, but the worst offenders is ironically the ones you guys seem to have, the "gaming" chairs, which are basically knock-off car seats on an office chair bottom. The issue with them is mainly that, high quality car seats, i.e., the ones these are based off of, also cost like a thousand dollars for a reason. You're honestly better off getting a more generic office chair than a gaming one, which sucks, cuz there are some nice looking ones out there.
me eating lunch and Bernard starts casually talking about shredding a hand in a paper shredder 😭😭
My teaching in carpentry and the sorts included using a skill saw since I was like 8. Might I say my instructor encouraged us to pull back the guard and cut into the board like that
Retirement account attached to you is what we have with superannuation in Australia. It’s a fund that will invest your mandatory employer contributions on your behalf and you can access it when you retire.
So the Schwab article Will mentioned is talking about an election you can make for any restricted grants. If you're given a stock grant, you can pay the tax on it as income tax when you get it, meaning that whatever has vested, either by the time you leave, or by the time the restricted period ends, you've paid the value of the stock when it was granted to you. If the stock is especially low, like if you're with a company prior to an IPO, or if you're certain you'll be at the company both to see it vest, and it's expected the stock will go up, that means you'll only have to pay whatever capital gains you might make on the stocks when you sell them. You could sell them immediately as they vest, or you could sell them ten years from now. The other option is to simply pay the taxes as income when the stock vests, which isn't exactly a surprise tax burden; you know how much you have, and you could very well have an idea of how much it might go up, depending on the history of the company or stocks in that sector. The main reason you might not make that election is if the stock could be volatile, and you don't want to pay more on the stock in taxes than what it's going to be worth in the future. There's also the possibility that, if for whatever reason, say you leave the company or are fired, that your restricted grant is revoked. If you make the election, you don't have any relief for those taxes you already paid; you're just stuck with them. So you can either pay the taxes ahead of time, taking one risk, or pay for them as they're granted, which is another risk. Thing is, people with these kinds of careers generally both are making enough they should be paying a tax accountant to handle their taxes and to guide them on these decisions, and realize that no matter what, if the stock ends up higher in value at either point of taxation, you're still going to make a fair bit of money since taxes on capital gains is going to be fairly low. So even if the stock raises in value, say, from $20 to $30, even if you choose not to make the election, assuming the stock keeps going up, to say, $50 or more, the difference on a grant of 10,000 shares (this math is coming from the article he seems to be mentioning), the difference at vestment over time when the stock gets valued to $30 is only about $25k. So if capital gains is set at around 15%, if you sold all of your shares value at, say, $50 a share, you'd net about $170k. This is especially useful if your stock vests prior to an IPO, which can sometimes lead to a fairly high jump in value. At the end of the day, the difference becomes minimal. And if the tax goes down and you decide to sell it to just get out, you may have technically lost money, but that sale would be considered a capital loss, meaning you wouldn't pay any taxes on it. So even if took the election and the stock is now worth $15 (so your taxes paid were ~$85k at the $20 share price), that's still $150k less $85k, or about $65k still left at the end of the day. It's one of those things that seems like a bigger issue than it is. And more importantly, unless you don't take the election and the price skyrockets (which your tax accountant or adviser would be able to help you determine that likelihood), as you said, you can just sell some of the stock to pay for that tax burden. If your stock skyrockets from $20 to $1000 by the time you pay income taxes on it, sure, it's going to suck to have to sell some just to pay the tax burden, but you'll still be stuck with a sizeable chunk of stock worth $1000. It's not as though somehow you're necessarily losing money, it's more like you're just making less than you thought you would and are kicking yourself in the pants for not paying the income tax on it earlier. The main issue with the election is really just if the stock crashes to zero, or the company is bought and the share terms are unfavorable. Then you might have literally paid income tax on something worth basically nothing.
Ah excellent. Had an evening planned watching some yellowstone season 4. But then get this notification. Yellowstone can wait!
When I was 15, I was the same way with thinking that the world loved me and nothing was going to hurt me, then I hiked a sketchy trail and almost fell down a cliff. This was not your average 15 ft cliff, this was like, a thousand foot drop down into a creek. Needless to say, this was when I realized that “hey, I can actually possibly die”. Delusion ended instantly.
That'd make a really good icebreaker when meeting new people, actually: "What was the moment when you realized that you can and will die of something someday. That it is an actual real event that will happen in your life."
Love the podcast guys! Bernard is a certified host at this point. Keep em coming please!
Megadeath, one of the all time greatest bands, Bernard thanks for the memories
Nile should synthesize a meth computer, obviously
I love How they all just ramble over each other is amazing sometime feel like a fever dream
About all that foodwaste stuff, lots of shops in the UK honestly offer a service called too good to go to remove foodwaste, I know that if people don't use that app and it's a tesco, it goes to a "colleague shop" which is just near the end of the day where we are literally about to bin the expired products. Whenever I finish a night shift I sometimes get frozen pizzas or pies for free because of it. It's really nice.
I work off Essex St in NYC and our market has a community fridge where any items we have that are close to exiration but are still good go for the homeless people in the area
Nigel's saw story reminds me of the stupid time when, I was cleaning a hand-held blender, with the blades still attached, blender still plugged into the wall, and the other hand thumb still nicely ready to press down the button for blending... Once I realized my mistake, I just left the kitchen for the evening haha.
Did anyone else notice that Bernard's video and audio is delayed so it sound like he's interrupting every time he speaks?
So nice to see everyone showing up for work today
(Nigel)
Finally, they brought my favorite nuclear throne youtuber on the podcast