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Some of my grandpa's house when I'm probably about 10 years old. We're watching daytime game

shows and like press your luck or the price is right or something like that. And somebody wins a car.

It's a car that would now be probably pretty stupid looking, but at the time I thought it was the most amazing thing ever, like an Oldsmobile Bayreuter or something like that.

I'm like, ah, I wish I would win a car, Grandpa.

And Grandpa apparently thought, well here's a teachable moment to help my grandson understand

how the world works and teach him some important principles about taxation

and the cost of ownership.

So rather than being like, yeah, isn't that great?

That guy want a car.

Instead, Grandpa was like, well, did you know you have to pay taxes on a car when you win it? I was like,

what? He's like, yeah, you wouldn't want to win a car. You'd be in a real tough spot if you want a car right now.

And he explained that that's viewed as income and I would have to pay a very high percentage of the total value of that car to the government for having won that car.

And I was like, but I don't have any money.

So what am I going to have to sell the car to pay for the taxes on the car

and he's like yeah that's exactly what people have to do when they win cards on game

shows they have to sell it to get the money to pay the taxes on the thing they got

and I was like oh oh, this is horrible.

And this is a very formative conversation for me.

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